Russia Unexpectedly Increases Refinancing Rate for First Time in Two Years

Russia’s central bank unexpectedly lifted the refinancing rate from a record low, the first increase since December 2008, and boosted reserve requirements for a second month to curb inflation.

Election Will Herald a New Era in Ireland

When the Irish vote in the country's general election on Friday, they will be keen to punish those politicians they see as responsible for the country's sorry state. But the hands of the next government will be tied by the European Union, whose multi-billion bailout gives it power over the nation's fate.

Procter & Gamble to Raise Prices as Costs Increase

Procter & Gamble Co will raise some prices as it absorbs higher commodity costs and its sales goal may be under pressure if business does not improve in the United States and other developed markets, Chief Financial Officer Jon Moeller said.

Is this the start of the second dotcom bubble?

Loss-making Twitter has been valued at $10bn. Facebook is said to be worth more than Ford. Now, for some investors, the alarm bells are starting to ring

Is the oil price heading for $200 a barrel?

Oil prices are well into 'danger' territory already. This morning, Brent crude is around $115 a barrel. WTI – the US benchmark – is trading at around $100. And small wonder. With the situation in Libya continuing to deteriorate, analysts are getting worried about the potential for civil war. Oil production in the country has already fallen in half according to some reports. All-out civil war could see it stop altogether. So how bad could it get?

Saudi ruler offers $36bn to stave off uprising amid warning oil price could double

The king of Saudi Arabia last night announced $36bn (£22bn) of extra benefits for his people in an attempt to stop the wave of Arab uprisings spreading to the world’s biggest oil exporter, as experts warned Brent crude could hit $220 a barrel.

Oil could hit $220 a barrel on Libya and Algeria fears, warns Nomura

Libya's descent into civil war has led to drastic cuts in oil shipments and prompted warnings that an escalation of the crisis could see Brent crude prices double to $220 a barrel.

Embry (CIS at Sprott Asset management) - Short Squeeze in Silver, Manipulators Getting Overrun

With gold and silver pulling back, King World News interviewed John Embry, Chief Investment Strategist at Sprott Asset Management. When asked about the move in gold and silver Embry stated, “We have been anticipating this for some time which is why we have had such high price targets for both gold and silver. Without exception everybody is saying that demand is off the charts for both metals.”

Economists Warn Greece May Have to Quit Euro

Greece's debts are rising rapidly despite radical austerity measures. Now a group of leading European economists has warned that creditors might have to write off more than 30 percent of their loans. Greece might even have to reintroduce the drachma to overcome its debt crisis, they argue.

Mass withdrawals made at savings banks despite government’s assurances

A total of 490 billion won was withdrawn from 98 savings banks Monday, despite the financial regulator’s assurance that there will be no more shutdowns of such institutions. The amount is up 60 billion won compared with Friday, when the Financial Services Commission (FSC) suspended operations of four savings banks. Regulators are looking to see whether the mass withdrawals will continue today. The withdrawals came after the FSC confirmed that it will avoid suspending operations of additional savings banks unless in an emergency, such as a bank run.

Federal Stimulus Should Keep Stock Market Bulls Happy

Stocks rose fitfully last week in a typically strange, exciting, exasperating options-expiration week. The Dow Jones Industrial Average, Standard & Poor's 500 Index and the Nasdaq Composite Index all ended roughly 1% higher, while the Russell 2000 small-caps rose 1.5% Treasurys enjoyed their firmest session of the past month in part due to an unexpected rise in unemployment claims. Bonds love misery because it suggests that inflation -- their arch enemy -- will remain under control. Inflation will be a problem as long as home prices retreat, jobs are scarce and wage hikes are a far-off dream. But most importantly: U.S. President Barack Obama's new fiscal 2012 budget was sent to Congress. Here's my quick take: Expect more deficits, and false promises to erase them.

Message to Brussels regulators: if it’s not broken it does not need fixing

While much attention in recent months has been focused on calls for controls on bankers’ pay and new taxes on the financial sector, in Brussels officials have been steadily pushing a potentially more significant piece of regulatory reform.

Pensions and health care pledges put UK at 'extreme risk' of another economic crisis

The UK is at "extreme risk" of another economic crisis due to the pension and health care-related pledges made to its ageing population, according to a new report.

Save money with Twitter and Facebook

Social networking used to be just about connecting with friends and sharing photos, but now these sites can also save you money.

All eyes on Bahrain as Gulf tremors frighten oil markets

Oil analysts are paying very close attention to fast-moving events in Bahrain, fearing that clashes between the island’s Sunni elite and an aggrieved Shi’ite majority could embroil the two Gulf giants of Iran and Saudi Arabia.

Oil price shock: Pandora's Box is opened

The last time the oil price lost all sense of gravity, as it threatens to again with the price of Brent crude now well north of $100 a barrel, it helped tip the world economy into the deepest recession since the 1930s.

A correction is coming – here's how to trade it

Good news, bad news – it doesn't matter. The stock market just keeps going up. Despite a slight dip on Friday, the FTSE 100 index is up by 26% since mid-2010. And the main US market, the S&P 500, has done even better. It's up by almost a third over the same period. And everyone, it seems, thinks there's more of the same in store. Take a look at the latest investor 'sentiment' surveys. There's hardly a bear to be found. They've all gone into hiding – or turned bullish. Which is exactly when you should start to worry.

To help UK exporters' sterling work we need a competitive pound

The pound is back in the spotlight because of its role in both the recovery of the economy and the uncomfortable rise in inflation.

The West is deluding itself over the extent of China's growth

The Middle East could be heading for a game-changing implosion. US bond yields are surging and Western central banks, despite growing tension within their ranks, remain in ostrich mode.

London Stock Exchange merger is far from a done deal

It has been a dismal decade for beleaguered shareholders in the London Stock Exchange.

Why Angela Merkel and David Cameron see eye to eye

The British and German leaders have forged a seemingly unlikely alliance, writes Jeremy Warner.

Germany must choose EMU fusion or fission

For the sake of peripheral nations, Mrs Merkel has to stop paying lip-service to monetary union.

The countries with the largest gold reserves

With gold prices remaining stubbornly high, here are the ten countries holding all the cards when it comes to gold reserves, according to the World Gold Council.

Long term growth of Egipt and China

Gold: the ultimate inflation hedge

Is gold the ultimate hedge against inflation? Many investors clearly think so and with inflation now running at twice the Government's target it is not surprising that gold hasn't lost its lustre.

What Is Wrong With The U.S. Economy? Here Are 10 Economic Charts That Will Blow Your Mind

The 10 economic charts that you are about to see are completely and totally shocking.

G20 Paris: Bernanke defends easy money policy and calls for currency reform

US Federal Reserve Chairman Ben Bernanke defended his country's easy money policy ahead of the G20 leaders meeting in Paris, and joined Bank of England Governor Mervyn King in calling for currency reform.

The Real Reason for Rising Commodity Prices

An article today in The Wall Street Journal highlights the latest rise in the price of wheat. Blaming bad weather, it notes that the “global wheat market is caught between freezing winds and a sirocco.” The WSJ therefore warns that “investors should beware of whiplash as weather normalizes.” Given that wheat is “up 13% since the start of December”, it is good advice – if weather were to blame. The reality is that wheat is being driven higher by more than bad weather.

Germany promised U.S. in 1967 not to convert dollars to gold

Thanks to GATA consultant Dimitri Speck and U.S. economist James K. Galbraith, a copy of the so-called Blessing letter, written on March 30, 1967, can be published for the first time on the Internet. The letter's text refutes the widespread assumption among German gold bugs that the letter promised the U.S. government that the German central bank, the Bundesbank, would never relocate the German gold reserve from New York to Germany as long as U.S. troops were stationed in Germany. The letter has nothing to do with the location of the German gold reserve. Instead, the letter, written by the Bundesbank's president at the time, Karl Blessing, and sent to the then-chairman of Board of Governors of the U.S. Federal Reserve System, William McChesney Martin Jr., made this important promise on behalf of the Bundesbank: "By refraining from dollar conversions into gold from the United States Treasury, the Bundesbank has intended to contribute to international monetary cooperation and to avoid any disturbing effects on the foreign exchange and gold markets. You may be assured that also in the future the Bundesbank intends to continue this policy and to play its full part in contributing to international monetary cooperation."

China Central Bank Advisor Urges Increase In Official Gold And Silver Reserves

And so the long anticipated incursion by the PBOC, whose holdings of gold are behind even those of GLD, begins. Bloomberg has just reported, that "China central bank adviser Xia Bin said the country should increase its gold and silver reserves, the Economic Information Daily reported today, citing an interview with Xia." But how can this be: after all China has trillions in USD-denominated reserves, and any indication that it believes these are based on a currency that may actually be impaired will be an act of Mutual Assured Destruction. Well, yes and no. China is merely taking the next defection step in what is already failed Nash equilibrium. The first? The Fed's gross monetization of all US debt. The observant ones will realize that Chinese holdings in November were lower than they were in June of 2009! Who has picked up the slack? Why the Federal Reserve of course. Simply said, the Fed is explicitly making China's creditor status increasingly less relevant. Zero Hedge has long been wondering how much longer China will take this direct defection in what previously had been a stable equilibrium balance in which China provides the US vendor financing, while the US imports China's crap. As the Criminal Reserve is increasingly taking away the leverage that China used to enjoy as Creditor numero uno, it is only a matter of time before China fires back. And it may have just done that.

Beat the BRICS: The Three Latin America Markets You Can’t Afford to Ignore

The stock exchanges of Colombia, Peru and Chile agreed last November to merge their trading, giving international investors access to roughly 600 stocks - more than any single country in Latin America. Earlier this month, the trio demonstrated just how serious they were, with the Peruvian and Colombian stock exchanges entering into a full-blown merger agreement. These are the three best-run countries in Latin America, with a combined gross domestic product (GDP) of more than $500 billion. If they get their act together, it'll be these three countries - and not Brazil, that much-ballyhooed "BRIC" country - that are the "must-have" havens for our money. Let me show you why...

Junk Bond Outlook: Why You Should Beware of the High-Yield-Debt Market

Junk bonds got issued at record rates in 2009 and again in 2010. And that pace has carried over into the New Year. While the ability to raise money in the less-than-investment- grade bond market indicates that the market is getting back to where it used to be, there are reasons to be worried. Investors chasing income in the form of high-yield debt - the technical term for junk bonds - are increasingly accepting lower returns and fewer protective covenants, even as they take on increased risk. Even if you're not a junk-bond investor, it's important to study and understand these recent developments in the high-yield debt market. The reason: They can serve as an early warning signal for trouble to come in the stock and bond markets. And if you are heavily weighted in junk bonds, now may be a good time to take some profits off the table.

Zero Job Growth: Low Rates and High Deficits Aren't Helping U.S. Workers

When the government released its latest jobs report last week, economists were initially cheered because it showed that the nation's unemployment level had dropped much more sharply than anyone expected. But that cheer immediately turned into concern when the report also revealed that the U.S. economy created only 36,000 new jobs in January. That's so far below the norm for this stage of an economic recovery that it would take us 10 years to put back to work all the folks who have lost their jobs since 2007. In short, it's going to take a decade - and probably more - for normalized job growth to return to the U.S. economy. Something has gone very wrong with the U.S. job-creation machine. Economists have been trying to solve this puzzle for more than 30 years. And we found the answer.

Bahrain killings bring Mid-East turmoil to epicentre of world oil supply

Escalating violence in the oil states of the Persian Gulf and North Africa have pushed Brent crude prices to a 30-month high of $104 a barrel, and raised widespread concerns over the stability of global oil supplies for the first time since the Mid-East turmoil began.

IMF raises spectre of civil wars as global inequalities worsen

The International Monetary Fund (IMF) has warned that "dangerous" imbalances have emerged that threaten to derail global recovery and stoke tensions that may ultimately set off civil wars in deeply unequal countries.

The commodities bull market has a long way to run

Anyone buying precious metals and commodities now is coming late to the party. They've missed the champagne cocktails, the nibbles and the polite conversation. They've missed the DJ playing any song he can think of to get people off their seats. They've missed the first dance. Now the thing's in full swing. It's midnight. There are gate-crashers at the door. The girls are all declaring they will survive and – cringe – even Dad's dancing. But that's not to say the party can't go on a lot longer – till dawn, perhaps, and even into tomorrow. Ordinary bull markets in commodities tend to last 15 or 20 years, after all. Today I wanted to take a step back at look at the bigger picture – at supercycles…

Einstein was right - honey bee collapse threatens global food security

The bee crisis has been treated as a niche concern until now, but as the UN's index of food prices hits an all time-high, it is becoming urgent to know whether the plight of the honey bee risks further exhausting our food security.

ECB president Jean-Claude Trichet's rate retreat on commodity spike

The European Central Bank (ECB) has taken a strategic gamble that the current surge in food and commodity prices is not a repeat of the inflation virus of the 1970s and will subside without the need for a monetary squeeze.

How much further will house prices fall?

We've seen two very different sides of the UK economy this week. Britain's manufacturers are going from strength to strength. According to the latest surveys, activity is growing at its fastest rate since records began 19 years ago. Even the construction industry bounced back in January. The weather got better and Britain's builders also saw more new business. But then there's the UK housing market. Here the news wasn't so good, as we'll see below. And what's more, it could be about to get some way worse.

The long and tragic history of the pound

I was lucky enough to be at Cheviot Asset Management's conference on sound money last week. As a result of what I heard there, I've begun reading Andrew Dickson White's Fiat Money Inflation In France, a short but utterly compelling history of the monetary events leading up the French Revolution. The whole process has turned me into even more of a gold bug, if such a thing were possible. In fact, it's put me in one of those frames of mind where I want to get rid of every last pound, dollar and euro I have, buy bullion, and make a run for it. One thing in particular was really rammed home to me – what an absolute, complete and utter dog the pound has been for the last 97 years. Even by the standards of other Western government currencies – most of which, ultimately, will be worth little more than the paper they're printed on – it has been awful. Let me explain.

Danger signal as UK services optimism plunges

Confidence among British companies tumbled in January as fiscal tightening began to bite and stagflation fears took hold, raising the spectre of a double-dip downturn.

Vibrant exports will save Spain, and perhaps the euro

Nestled in the lush hills of the Basque Country – literally amid birdsong and Pyrennean lambs – a very young company called Industria de Turbo Propulsores (ITP) makes low-pressure turbine engines for half the world’s big passenger jets.

Spain orders drastic caja clean-up to win confidence and fight off EMU debt contagion

Spain has imposed draconian rules on its saving banks and is preparing for part-nationalisation of the industry to restore confidence and boost the country’s defences against contagion from the debt crisis in Portugal.

Irish bank flight quickens despite EU rescue

Deposit flight from Irish banks accelerated sharply at the end of last year on fears of political turmoil, suggesting that the EU-IMF rescue package for Ireland failed to restore confidence.