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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Exports collapsing, deficit soaring, but at least we’ll get 4G

Japanese exports collapsed by almost three time more than what had been expected. Economists predicted 2.9% less exports year-on-year in July, but the actual data shows a slump of 8.1%. This is the largest fall in exports in the past six months. Japan is hoping for domestic demand from China to crawl out of the hole it fell into, but China is having issues of its ownDemand is stalling, while domestic companies oversupply the market. In other words, there’s little hope for Japan unless we’re nearing an unexpected growth boost.

Speaking of ailing economies.. rising spending and falling tax proceeds have led the British deficit to increase in comparison to last year, leaving public borrowing at £600m in July alone. read article

On September 11, the UK is getting 4G mobile internet services, which will first be available to customers of Orange and T-Mobile and hosted on Ofcom’s 1800MHz airwave frequency. Relevance or choice of date have not been discussed publicly. Orange and T-Mobile are both owned by Everything Everywhere, which stroke the deal with Ofcom, holding other mobile network providers back until the new data network is completely rolled out around the end of 2012.

Glencore made a public statement alluding to the possible abandoning of its $90bn merger with Xstrata, which otherwise would create one of the largest natural resource conglomerates in the world. The Qatari Sovereign Wealth Fund, another shareholder, is asking Glencore to increase its offer bid. At this point, Glencore is holding 34% of Xstrata, while Qatar’s SWF only holds 12%, enough to block the merger. In response, Glencore’s CEO Ivan Glasenberg said it wouldn’t be the end of the world if the deal didn’t happen and something to the extent of many more fish in the searead article

Otherwise, RBS is now also being probed for potentially having violated Iranian sanction agreements, and PSA Peugeot Citroen, “battered and bleeding cash” according to WSJ, has lost so much in value57%, that it is now in danger to lose its place in the French CAC40 index.

And finally, for some light and little infuriating lunch time reading (…), the first of potentially many opinion pieces on what should and will(!) happen with the whole Julian Assange situationread article

So long.

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