Forex News and Rumors – Afternoon Update

Fed Beige Book Says Recession Could Be Easing

In its Beige Book update which summarizes economic conditions for each region serviced by a Federal Reserve Bank, the US Federal Reserve said that while there have been improvements in overall economic conditions, a meaningful recovery is still several months away.

“Contacts from several districts said that their expectations have improved, though they do not see a substantial increase in economic activity through the end of the year,” the central bank said in the report. More

US Government Wants SEC To Have Say on How Executives Paid

The Obama administration has proposed wide-ranging new powers for the Securities and Exchange Commission (SEC) that would have a great impact on executive compensation packages. While the administration has said that it does now wish to set pay limits, it does want the SEC to provide regulations on ensuring that shareholders have input on bonuses, salaries, and severance packages. More

Germany to Create “Bad Bank”

Draft legislation of a bill to create a “bad bank” has been approved by Germany’s Cabinet. If moved into law, the bill establishes a facility to take so-called “toxic assets” off the books of state-owned banks and also consolidate seven of the troubled banks into just three new entities. More

Canada’ Falls Into Trade Deficit

Further evidence that Canada is still in the grips of a recession came in the form of a Statistics Canada report indicating that Canada is now running a trade deficit after two straight months of a trade surplus. More

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