February 22, 2012 (Vietnamica) – The country’s oil minister expelled the head of Chinese-Malaysian oil consortium Petrodar (Reuters)amid rising tensions between Juba and Chinese oil firms. South Sudan, which recently shut down its oil output, has accused the firms of helping neighboring Sudan steal its oil.
February 22, 2012 (Vietnamica) — U.S. dollar gold prices held steady just off $1760 an ounce during Wednesday morning trading in London, after a rally in Tuesday’s US session saw gold climb 1.3%. Silver prices softened slightly but held above $34 per ounce – having through that level on Tuesday following the Greek bailout announcement. Stocks and commodities edged lower this morning, while government bond prices gained.
February 21, 2012 (Vietnamica) — Iran warned today of a preemptive attack against its perceived enemies if the country feels its national interests are in jeopardy (NYT), amid rising tensions with the West over its controversial nuclear program. A day earlier, UN nuclear investigators visiting Tehran were barred from Iranian nuclear facilities.
February 21, 2012 (Vietnamica) — The military-backed civilian government lifted restrictions on political campaigning (AP) for the country’s upcoming by-elections after complaints by opposition leader Aung San Suu Kyi’s National League for Democracy.
February 21, 2012 (Vietnamica) — Eurozone finance ministers agreed to a new $172 billion bailout package (WSJ) for Greece early this morning, along with a 53 percent write-down of Greek debt by the country’s private sector creditors. The plan is expected to reduce Greece’s debt burden from 160 percent to 120.5 percent of GDP by 2020. The European Central Bank also agreed to indirectly help Greece by distributing future profits on its holdings of Greek bonds bought on the secondary market. Under the agreement, the European Commission would have an “enhanced and permanent presence” in Athens to monitor the...
February 21, 2012 (Vietnamica) — Amidst the long darkness of the so-called ‘Great Recession,’ China has been one of the global economy’s few bright lights. So successfully has Beijing weathered the current economic storm, that many in the West are hoping that China can be the engine of global demand that propels a global economic recovery. Hopes that China can provide the impetus for a global economic resurgence are predicated on a profound misunderstanding of the intrinsic contradictions of the Chinese economy, however.
