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   | | | | Business this week Jul 15th 2010 From The Economist print edition Greece raised €1.6 billion ($2 billion) in six-month treasury bills, its first auction since a bail-out in May. It will pay a 4.65% yield and the sale was oversubscribed. The national debt-management agency was forced to drop plans to auction one-year papers because of fears that yields would have been too high. See article Moody’s cut Portugal’s credit rating by two notches, after similar moves by other ratings agencies, warning that stimulus measures had caused Portuguese national debt to rise sharply relative to GDP.
Singapore’s export-based economy grew by 19.3% in the second quarter year on year, partly because manufacturing expanded by 45.5% on an annual basis. Such impressive growth is unlikely to last: the economy is projected to slow down in the second half of 2010 as austerity measures and a curb in spending take a toll on demand in the European Union and America. The second quarter saw a slowdown of Chinese economic growth to 10.3%, from 11.9% in the first. Over the same period the growth of factory output also declined. Consumer price inflation was 2.9% in June, down from 3.1% in the previous month. The Chinese government, which has taken measures over the past few months to dampen the heated economy, was pleased with the figures. See article In a delayed report on the exchange-rate policies of key trade partners, the American Treasury Department did not label China a “currency manipulator”, but reiterated its view that the yuan is undervalued. The semi-annual report came a few weeks after China had decided to let the yuan fluctuate more flexibly. China renewed Google’s licence to operate in the country, after a stand-off between the two over Chinese censorship policy. The search giant had redirected its users in China to a server in Hong Kong, which eluded official monitoring. It has now cancelled this policy, and visitors have to click one extra button to access the unfiltered website. In its licence-renewal application Google pledged to “abide by Chinese law”. Harvey Golub resigned as chairman of American International Group after a protracted power struggle with the group’s chief executive, Robert Benmosche. The relationship, described by Mr Benmosche as “ineffective and unsustainable”, had come under strain after the failure to sell AIG’s Asian arm, AIA, to fellow insurer Prudential. Mr Golub’s successor is Steve Miller, who previously led Delphi, a car-parts maker. The European Commission gave BA and Iberia the green light to proceed with a merger, ruling that the deal would not infringe competition rules. BA, Iberia and American Airlines also won clearance to form their Oneworld alliance, but had to make concessions, such as giving up some lucrative transatlantic slots. Naspers, Africa’s biggest media group, said it would take a 28.7% stake in Digital Sky Technologies, a Russian internet company that also owns a share of Facebook. Intel reported its best-ever quarter, as businesses increased their spending on IT. Second-quarter net profit was $2.9 billion, compared with a $398m loss a year ago. The earnings from the world’s biggest chipmaker cheered the markets. As America’s financial-reform bill, which restricts bank investment in private equity, moved closer to becoming law, Citigroup announced the sale of its private-equity fund of funds to Lexington Partners. The deal would reduce the bank’s assets by $1.1 billion and is part of a drive to shed some $500 billion in non-core assets. In June Citigroup completed the sale of its fund-of-hedge- In the latest in a series of takeovers in the management-consulti Nakheel, a property developer owned by Dubai World, met creditors as part of its attempts to renegotiate $10.5 billion in bank debt. Dubai World spooked markets in November after announcing a standstill on debt repayments. Britain’s Financial Services Authority put forward proposals to curb what it described as excessive mortgage lending. The FSA wants banks to check that borrowers are not artificially inflating their income. It estimated that between 2005 and 2008, 46% of borrowers had no money or an income shortfall after stripping out mortgage payments and living expenses. Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroup
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