Paul Maidment
By the Blouin News Business staff

Posts By: Paul Maidment

Egypt ratings downgrade brings devaluation nearer

by in Middle East.
Continuing political strife in Egypt threatens a further credit downgrading.
Protest rally in Alexandria. AFP/Getty Images/MAHMUD HAMS

Standard & Poor’s cut of Egypt’s long-term credit rating to ‘B-‘ from ‘B’ bodes ill for the country’s ability to finalize a $4.8 billion IMF loan–one purpose of which was to forestall a ratings downgrade–and increases the likelihood of a devaluation in the new year.
The aid is needed to prop up an economy that has seen tourists and foreign investors desert the country since…

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Abe gives Shirakawa his marching orders

by in Asia-Pacific.
Japan's conservative Liberal Democratic Party's (LDP) leader and next Prime Minister Shinzo Abe points during a news conference at the LDP headquarters in Tokyo December 17, 2012.
Japan’s next prime minister Shinzo Abe

It is scarcely a secret that Shinzo Abe, who will become Japan’s prime minister this week, hasn’t much time for Masaaki Shirakawa, governor of the Bank of Japan. Abe has already said he will replace Shirakawa when the central banker’s term of office expires in April. In the meantime he is threatening to resort to law to get Shirakawa to adopt the 2% inflation target…

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Private investment finds Brazil less welcoming

by in Americas.
Brazilian President Dilma Rousseff seen on November 19, 2012.
Brazilian President Dilma Rousseff. AFP PHOTO / DOMINIQUE FAGET

Brazil’s economy is sputtering. Two years ago it was one of the fastest growing in the world. This year, GDP growth will likely be barely 1%. A scattershot of measures from an increasingly interventionist government to stimulate growth is stoking inflation more than output. Third quarter GDP growth, at 0.6% quarter-on-quarter, was well below expectations while prices are rising at their fastest…

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Derivatives trading is a young company’s game

by in Europe, U.S..
Traders work the floor at the New York Stock Exchange in New York.
Traders work the floor at the New York Stock Exchange in New York December 20, 2012. REUTERS/Andrew Kelly

There is something symbolic to the changing nature of financial markets that it is a 12-year old operator of energy and commodities futures contracts that will end more than two centuries of independence of the icon of American stock markets, the New York Stock Exchange. IntercontinentalExchange (ICE) has agreed to buy NYSE Euronext…

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The $6 trillion heist

by in Global Economy.
GFI Illicit Capital Flight

If you were to steal, say, Sweden or Switzerland or Saudi Arabia, all economies with an annual GDP of around $600 billion, somebody would notice. And they’d likely do something about it. Especially if there was one such theft every year for a decade. Which would be the cumulative equivalent of tea-leafing Japan. Yet that is what gets stolen from developing nations every year as the proceeds of crime, corruption and tax evasion get illegally spirited…

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