China: China withdraws USD 8 billion from money markets to control lending
Following recent concerns regarding the development of shadow banking in China, the Central Bank has removed nearly USD 8bn from the money markets in a bid to control the amount of credit in the country’s financial system. As the BBC News reports, by reducing the amount of money available, the government makes it harder for banks to borrow and move the money into risky investments.
Australia: Australia pushes infrastructure as G20 growth driver
As Bloomberg reports, Australia’s bid to sell state-owned infrastructure to help fund new projects will form a centerpiece of its Group of 20 agenda. The Australian Government is working on a sales program to channel money into new projects and buoy business investment.
United Kingdom: UK unemployment jumps to 7.2%
The Independent reports that the unemployment rate in the UK rose unexpectedly to 7.2% in the three months to December, up from the 7.1% rate recorded in the three months up to November. The figure marked the first rise in 10 months and it eases the pressure on Bank of England to rise interest rates.
Argentina: Slow painful ending for ‘trial of the century’
Beyondbrics by FT analyzes three possible scenarios as to how things could go for Argentina at the Supreme Court after the country filed a petition seeking a US Supreme Court review of an order to pay USD 1.33 billion to “holdout” bondholders who refused to accept restructured debt after Argentina’s 2001 debt default.
Thailand: Thailand police and protesters clash fatally in Bangkok
BBC reports that the protests in Thailand became more violent when the police tried to retake official sites that have been blocked by demonstrators since late last year. The clashes left at least four dead people. Meanwhile, the anti-corruption body in Thailand said it would file charges against Prime Minister Yingluck Shinawatra over the controversial rice subsidy scheme.