USA - Faced with a stubbornly slow and uneven global economic recovery, more countries are likely to resort to cutting the value of their currencies in order to gain a competitive edge. Japan has set the stage for a potential global currency war, announcing plans to create money and buy bonds as the government of Prime Minister Shinzo Abe looks to stimulate the moribund growth pace. Economists in turn are expecting others to follow that lead, setting off a battle that would benefit those that get out of the gate quickest but likely hamper the nascent global recovery and the relatively robust stock market.
USA - US President Barack Obama has unveiled the most sweeping gun control proposals in two decades, setting up a showdown with firearms rights advocates. He called for a ban on assault weapons and high-capacity magazines and wider background checks on gun buyers. The Democratic president also signed 23 executive actions, which do not require congressional approval. A month after the school massacre in Connecticut, he said gun-control reforms could wait no longer.
EUROPE - The world is edging closer to all out currency conflict as Europe’s politicians join a chorus of policy-makers across the globe pushing for devaluations to fight for market share. Jean-Claude Juncker, EuroGroup chief, has signalled that Europe is no longer willing to be the last economic player holding the toxic parcel of an over-valued exchange rate, describing the euro as “dangerously high” after its three-month surge against the dollar, yuan and yen. The comments follow warnings by two French ministers this month that the strong euro is holding back efforts to pull France out of deep industrial slump.
IRAN - Iranian Economy Minister Seyed Shamseddin Hosseini said Monday that Tehran plans to exclude the currencies of the Western states, specially US dollar and euro, from its foreign trade transactions, semi-official Fars news agency reported. "According to the decision made by the cabinet workgroup, dollar and euro will be gradually put aside from Iran's trade with other countries," Hosseini was quoted as saying. In June 2010, Press TV reported that since October 2007 Iran had received 85 percent of its oil revenues in currencies other than dollar.
GERMANY - Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris.
USA - There can no longer be any doubt – the forces of tyranny are running wild across our once great Republic. The time has come for all good men and women to rally to the aid of their country. We have now entered a historic crossroads that will decide the destiny of the United States.
GERMANY - The German economy contracted by a larger-than-expected 0.5 per cent in the final quarter of 2012, a preliminary estimate from the Federal Statistics office showed on Tuesday, as the euro zone crisis weighed on exports and corporate investment. "The German economy might not be an island of happiness any longer but it remains at least an island of growth in a still recessionary eurozone sea," said Carsten Brzeski, an economist at ING. Germany has been a pillar of strength in the eurozone debt crisis but its economy slowed in the second half of last year. German exports and imports slid in November and industry orders fell more than expected, compounding expectations that the eurozone debt crisis is hitting the German economy with full force.
USA - 70-year-old private pilot Robin Fleming, who belongs to the Bermuda High Soaring aviation club in Lancaster, South Carolina, went for an afternoon glider flight last July in Darlington County. His course briefly took him over the HB Robinson Nuclear Generating Station near Lake Robinson.
USA - The New York Senate has passed a gun bill following governor Andrew Cuomo’s attack on the Second Amendment during his state of the state address earlier this month. The legislation now moves on to the Assembly for passage. If enacted, owners of firearms classified as “assault weapons” by the state will be forced to register them with the police.
UK - Horse DNA has been found in some beef burgers being sold in UK and Irish supermarkets, the Republic of Ireland's food safety authority (FSAI) has said. The FSAI said the meat came from two processing plants in Ireland, Liffey Meats and Silvercrest Foods, and the Dalepak Hambleton plant in Yorkshire. It said there was no risk to health. The burgers were on sale in Tesco and Iceland in the UK and Ireland. In the Republic of Ireland they were on sale in Dunnes Stores, Lidl and Aldi.
UK - Whenever matters European come to a head, you tend to get a great outpouring of angst from those claiming to speak for business on the supposed economic dangers for Britain if we kick too vigorously against further EU integration. We had another example of it last week in a letter to the Financial Times.
BERLIN, GERMANY/ABU DHABI, UNITED ARAB EMIRATES - The German Bundeswehr is intensifying its combat exercises with dictatorships on the Arabian Peninsular. The German Air Force just concluded, at the end of the year, two major training manoeuvres in the United Arab Emirates (UAE), each exercising joint combat operations. Participating alongside Emirati troops were also troops from Saudi Arabia, Qatar and NATO countries.
EGYPT - An Egyptian mother and her seven children have been given lengthy jail sentences for illegally changing their names on official documents. The family wanted to use their Christian names again after a conversion following their Muslim father's death.
MALI - Al Qaeda-linked Islamist rebels launched a counter-offensive on Monday in central Mali after four days of air strikes by French warplanes on their strongholds in the desert north, promising to drag France into a long and brutal Afghanistan-style ground war. France intensified its air raids on Sunday using Rafale aircraft and Gazelle attack helicopters to pummel training camps at the heart of the vast area seized by rebels in April, while pouring hundreds of troops into the capital Bamako.
MALI - A military offensive to reclaim Mali’s north from Islamist forces entered a fourth day on Monday, as al Qaeda-linked rebels promised to launch attacks on French soil in retaliation for the government’s decision to intervene in the unstable West African country. "France has attacked Islam. We will strike at the heart of France," Abou Dardar, a leader of Movement for Oneness and Jihad in West Africa, one of the Mali-based groups with ties to al Qaeda, told the AFP news agency. According to FRANCE 24’s Matthieu Mabin, who was in the city of Sevare, residents eagerly awaited the arrival of French troops and supported a ground offensive into rebel-controlled areas. “We have not come across a single Malian who is against France’s intervention,” Mabin said.