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Archive for 1. April 2010

Great exportations

Posted by hkarner - 1. April 2010

   Date: 01-04-2010
 Source: The Economist

China overtakes Germany to become the biggest exporter of all

CHINA’S rise has long appeared inexorable. Despite a decline in total world trade, China has seen its exports fall less than those of other big powers. A new report by the World Trade Organisation calculates that the total value of merchandise exports fell by a staggering 23% in 2009.

Among the top ten exporters, Japan’s shipments were worst affected (falling by 26%). Although China’s exports also fell (by 16%), the contraction was less painful than in Germany (down by 22%). As a result China is now the single largest exporter.

The global downturn has helped to reduce global imbalances; the leading three exporters accounted for 26.7% of total world exports in 2009 down from a third of the total in 2008. The WTO expects trade to rebound by nearly 10% this year. 

 

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NAMA Draft Legislation: Irish ‘Bad Bank’ Acquires Property Loans at 47% Discount

Posted by hkarner - 1. April 2010

Ireland Finance Minister Brian Lenihan on March 30 said that Ireland’s banks transferring assets to the National Asset Management Agency (NAMA) may need at least €31.8 billion in additional capital to account for the writedowns. If additional capital cannot be raised, the banks may have to call on the government to backstop them. The banks, now faced with a 47% haircut instead of the initially expected 30% and stricter regulatory requirements, have 30 days to present a recapitalization plan. Lenihan on March 29 introduced draft legislation on the establishment of the NAMA, to be debated in September 2010 after the EU Commission approves the scheme. The first loan transfers among the largest banks have already started and include “over 1,200 individual loans with nominal value of €16 billion for a consideration of €8.5 billion, an average discount of 47%,” Lenihan stated in a press release.

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