Connect to share and comment

ADB chief Nakao expresses concern over Japan's "twin deficits"

Asian Development Bank chief Takehiko Nakao on Tuesday expressed concern about Japan's worsening current account balance and its budget deficit, saying "twin deficits are unhealthy." The ADB president said such a situation may erode the credibility of Japanese government bonds in the future. His remarks came as the world's third-largest economy recorded a current account deficit in January for the fourth straight month, while the nation's fiscal health is the worst among major developed countries.

Eurozone current account surplus grows

The eurozone's current account surplus grew to 25.3 billion euros ($35 billion) in January, European Central Bank data showed Friday, incorporating new eurozone member Latvia for the first time. The monthly figure compared to a surplus of 20 billion euros for December, according to revised data. The current account on the balance of payments, which includes payments for imports and exports in both goods and services plus all other current transfers, is a closely tracked indicator of the ability of a country or area to pay its way in the world.

ECB's Weidmann says German surpluses "here to stay"

By Jan Schwartz KIEL, Germany (Reuters) - Boosting Germany's growth potential will help with its current account but Europe's largest economy will nonetheless retain its large surpluses, European Central Bank Governing Council member Jens Weidmann said on Monday. Foreign trade has traditionally propelled the German economy but Berlin has been sharply criticized, including by Washington, for over-reliance on exports for growth and not fostering domestic demand which would help struggling euro zone countries.

U.S. to publish GDP by industry data next month

WASHINGTON (Reuters) - The U.S. government will unveil a new data series next month that will offer deeper insight into how the nation's industries impact the broader economy, and provide more timely data on the business cycle. The quarterly gross domestic product by industry report will make its debut on April 25, the Bureau of Economic Analysis said on Tuesday. It will cover the first quarter of 2005 through the fourth quarter of 2013.

Japan posts record current account deficit in Jan.

Japan posted a record current account deficit in January, marking four straight months of red ink for the first time, as soaring demand for energy and the depreciation of the yen triggered a surge in import costs, the Finance Ministry said Monday. The deficit in the balance, one of the widest gauges of international trade for a country, stood at 1,589.0 billion yen ($15.4 billion), the largest since comparable data became available in 1985, highlighting Japan's diminishing ability to earn money from abroad.

Japan seen posting record Jan c/a deficit on higher import costs

By Kaori Kaneko TOKYO (Reuters) - Japan is expected to log a record current account deficit in January and any rebound in core machinery orders is thought likely to be modest, a Reuters poll of economists has found, pointing to a subdued economic outlook. Economic growth for October-December is expected to remain unchanged from an initial estimate of 0.3 percent, but poll respondents believe capital spending may be revised down slightly, with firms apprehensive about the impact of a sales tax hike on April 1.

Indian rupee, shares surge as deficit woes ease

India's currency soared to its highest level this year as shares hit a lifetime peak Thursday, buoyed by an improvement in the nation's finances and optimism a more business-friendly government may be elected. The currency gained two-thirds of a rupee to 61.11 against the dollar, its best showing since December 10, while the benchmark Bombay Stock Exchange index jumped 1.11 percent to a record 21,513.87 points.

S.Africa trade returns to deficit

South Africa turned in a trade deficit in January with a jump in imports, after posting a surplus the month before, official data showed on Friday. The South African Revenue Service reported the $15.9 deficit (17.06 billion rand) against a 26.3 percent increase in imports while exports improved slightly by 0.1 percent from December. The biggest rises in imports were in vehicle components and plastics and rubber. The rand currency lost nearly 18 percent against the dollar last year.

Loonie dips, Fed chair says too early to tell how weather has depressed economy

TORONTO - The Canadian dollar closed lower Thursday as an important gauge of the country's trade deficit increased less than expected during the fourth quarter. The currency dipped 0.06 of a cent to 89.8 cents US as Statistics Canada reported that the current account deficit increased $1.2 billion to $16 billion in the fourth quarter. The agency said the increase was mostly because of a larger deficit on trade in goods. However, the reading was less than the $16.8-billion deficit analysts had expected.

S. Korea's current account surplus hits 11-month low in Jan.

By Kim Soo-yeon SEOUL, Feb. 27 (Yonhap) -- South Korea's current account surplus narrowed to its smallest amount in 11 months in January due to a fall in exports and increased spending on overseas travel, the central bank said Thursday. The current account surplus reached US$3.61 billion in January, down from $6.41 billion in December, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The January data marked the smallest surplus since February last year when it logged $2.71 billion.
Syndicate content