Today's Headlines:
ECB move on Greek banks hits euro confidence
17.5.12 (Reuters) – The European Central Bank has stopped offering liquidity to some Greek banks it does not consider solvent.
International concern about the Eurozone rose as Athens called new elections that look set to be won by parties opposing austerity measures.
East Africa is the next big gas source
16.5.12 (Reuters) – Western companies announced finds of huge additional quantities of gas off the coast of Mozambique and Tanzania, cementing the future of East Africa as a major new supplier exporting liquefied natural gas to energy-hungry Asia.
The discoveries have boosted prospects for the region’s development, paving the way for energy-intensive industries to emerge there if some of the gas is made available for domestic use.
Rebuilding spurs Japan economy
17.5.12 (BBC) – Japan’s economy grew 1% between January and March compared with the previous three months, as government spending helped fuel a gradual recovery from last year’s earthquake and tsunami.
That translates to annualised growth of 4.1%, the Cabinet Office said.
A recovery in private consumption has also helped boost the economy.