Drop in Germany's investor confidence
THE eurozone debt crisis and concerns about a global slump sent investor confidence in Germany to a three-year low yesterday, fuelling fears of recession in Europe's largest economy, analysts said. The ZEW economic think-tank said its economic expectations index fell by 5.7 points to stand at -43.3 points in September, its lowest level since December 2008. The index plummeted by 22.5 points the previous month.
Swiss cut growth forecast to 0.9pc
THE Swiss government yesterday cut its growth forecast for 2012 to 0.9pc, citing a worsening world economic environment and the strength of the franc. "The federal government's expert group is projecting GDP growth in 2012 to be 0.9pc, after 1.9pc in 2011," compared with a previous estimate of 1.5pc for 2012 and 2.1pc for 2011, the economy ministry said.
Offshore banks in US grand jury probe
EIGHT offshore banks are under federal grand jury investigation in the US for facilitating tax evasion by American citizens as part of a probe the Justice Department said dealt "fabled Swiss bank secrecy a devastating blow". In 2009, prosecutors charged UBS AG, the largest Swiss bank, with aiding tax evasion by US clients. UBS avoided prosecution by paying $780m (€570m), admitting it fostered tax evasion and giving the US Internal Revenue Service data on more than 250 accounts. It later turned over data on 4,450 other accounts. Prosecutors opened 150 grand jury probes of offshore-banking clients, charging 30 people, and indicting 13 others who facilitated the hiding of assets offshore.
Libya to export one million barrels of oil
LIBYA'S Arabian Gulf Oil Company will be ready to export one million barrels of crude within one week as its marketing department evaluates several offers for shipments, a company official said yesterday. "The marketing division will, within the next days, make a decision on the offers for loading crude," Hassan Bolifa, a management committee member, said. The crude will be loaded at Marsa El-Hariga export terminal in the eastern city of Tobruk.