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Tag Archives: budget deficit
North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse
North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse Yesterday, on the way to documenting the malaise China’s hard landing has inflicted on Minnesota’s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches. Take Texas, for instance, where a year of crude carnage has wreaked havoc […]
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up Having urged “don’t panic” just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in […]
Italian Banks Sink As “Bad Bank” Plan Underwhelms
Italian Banks Sink As “Bad Bank” Plan Underwhelms Last week, we noted that Italy is rushing to defuse a €200 billion time bomb in the country’s banking sector as investors fret over banks’ exposure to souring loans. “Italian banks’ share prices have been volatile YTD, given the market’s renewed fears over asset quality and potential developments on […]
China’s Hard Landing To Trigger Meltdown In India: “We Will See Another Crisis”
China’s Hard Landing To Trigger Meltdown In India: “We Will See Another Crisis” In late September, India “surprised” 51 out of 52 economists by cutting rates a larger than expected 50 bps. Despite RBI Governor Raghuram Rajan’s penchant for catching markets off guard and despite the fact that exports had fallen for eight consecutive months, […]
Saudis Boost Gas Prices by 40%, Dismantle Welfare State To Wage War With U.S. Shale
Saudis Boost Gas Prices by 40%, Dismantle Welfare State To Wage War With U.S. Shale Earlier today, we parsed Saudi Arabia’s budget report in order to determine if the kingdom’s fiscal nightmare was better or worse than market expectations. As it turns out, it was better. This year’s deficit is expected to come in at around 15-16% […]
Egypt budget and current account deficits – can Saudi Arabia bail out Cairo?
Egypt budget and current account deficits – can Saudi Arabia bail out Cairo? Arab News reports: KSA pledges SR 30bn Egypt aid 17/12/2015 “JEDDAH: Custodian of the Two Holy Mosques King Salman has ordered that Saudi Arabia’s aid and investment package to Egypt should be increased to SR30 billion (US$ 8 bn) in the next […]
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails In late October, we noted that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China. Russia also took the top spot in May, marking the first time in history that Moscow beat out […]
Brazil Devolves Into Full-Blown Political Crisis With Launch Of Impeachment Proceedings Against President Rouseff
Brazil Devolves Into Full-Blown Political Crisis With Launch Of Impeachment Proceedings Against President Rouseff Moments ago Brazil lower house chief Eduardo Cunha announced that he has accepted an impeachment request filed by Helio Bicudo. Cunha told reporters in Brasilia that the decision is not political, and while one can debate that, the implications will have […]
Presenting BofA’s “Number One Black Swan Event For The Global Oil Market In 2016”
Presenting BofA’s “Number One Black Swan Event For The Global Oil Market In 2016” We’ve spent quite a bit of time this year talking about Saudi Arabia’s rather precarious financial situation. To be sure, the move to artificially suppress crude prices has at least partly served the kingdom’s interests in terms of market share and […]
Saudis Poke The Russian Bear, Start Oil War In Eastern Europe
Saudis Poke The Russian Bear, Start Oil War In Eastern Europe Any weakening of Russian support for Mr. Assad could be one of the first signs that the recent tumult in the oil market is having an impact on global statecraft. Saudi officials have said publicly that the price of oil reflects only global supply […]
Japan readies record $800 billion 2015-16 budget: sources
Japan readies record $800 billion 2015-16 budget: sources (Reuters) – Japan’s government will propose a record budget for next fiscal year of more than $800 billion but cut borrowing for a third year, government officials said on Sunday, as Prime Minister Shinzo Abe seeks to maintain growth while curbing the heaviest debt burden in the […]
Climate, Environment Boards and Foreign Aid slashed by Joe Hockey in #MYEFO | Climate Citizen
Climate, Environment Boards and Foreign Aid slashed by Joe Hockey in #MYEFO | Climate Citizen. The Abbott Government slashing of climate change infrastructure continues in the latest Midyear Economic Forecast by the Treasurer Joe Hockey, where it was announced the Commonwealth deficit blows out to more than $40 billion and forecast not to return to […]
MYEFO: Budget deficit forecast for 2014-15 increases $10 billion to $40.4 billion – ABC News (Australian Broadcasting Corporation)
MYEFO: Budget deficit forecast for 2014-15 increases $10 billion to $40.4 billion – ABC News (Australian Broadcasting Corporation). The Federal Government says it is “on the right track” to put the budget back in the black in 2019-20. It means the budget would return to surplus in a third term of a Coalition government. The […]
