South Africa: Fourth quarter current account deficit narrows to 6.5% of GDP from 6.8% in Q3

South Africa: Fourth quarter current account deficit narrows to 6.5% of GDP from 6.8% in Q3

South Africa’s current account deficit narrowed slightly in the fourth quarter of 2012, falling to R212.6bn from R215bn in Q3. Coupled with the q/q increase of R91.9bn in fourth quarter GDP, the result was that the current account deficit as a percentage of GDP narrowed from 6.8% in Q3 (revised up from 6.4%) to 6.5%. In addition to the trade deficit narrowing from R87.3bn in the third quarter to R86bn, net service, income and current transfer payments also declined in the final quarter, declining from R127.7bn in Q3 to R126.6bn. The net result of these declines was a R2.4bn reduction in the current account deficit in the fourth quarter. Expressed as a percentage of GDP, the current account deficit averaged 6.3% in 2012, a considerable deterioration from 3.4% in 2011.

Japan to Begin Test Production for Frozen Gas Locked in Seabed

Japan to Begin Test Production for Frozen Gas Locked in Seabed
By Tsuyoshi Inajima & Yuji Okada - Mar 11, 2013

Japan, which has almost no natural energy resources of its own, will begin the world’s first offshore drilling operation this week to extract frozen natural gas locked under the seabed.

http://www.bloomberg.com/news/2013-03-11/japan-to-begin-test-production-for-frozen-gas-locked-in-seabed.html

The Paper World of Brookfield Asset Management

http://sirf-online.org/2013/03/11/paper-world-of-brookfield-asset-management/

The Paper World of Brookfield Asset Management
By: Roddy Boyd | March 11, 2013

Enter the name of Toronto-based public company Brookfield Asset Management into a search engine and it delivers more than 1 million results. The global conglomerate, whose annual sales exceed $18 billion, controls ports in England, owns Manhattan’s prestigious World Financial Center and sells Chicago a fair measure of its electricity. Yet the massive enterprise is better known for what it owns than how it operates.

Would You Please Yield?

JOURNAL REPORTS Updated March 11, 2013, 5:23 pm ET
Would You Please Yield?
Amid Low Returns From Bonds, Sovereign Wealth Funds Move Aggressively Into Real Estate

By PETER EVANS

At the start of 2010, the world's largest sovereign wealth fund had no property investments to speak of.

Three years later, Norway's Government Pension Fund Global, which manages the oil-rich nation's wealth through Norges Bank Investment Management, has committed around $6.7 billion to property. The investments are mainly focused on prime office and retail space in major European capitals, and Norges Bank has said it plans to spend billions more over the next decade.

http://online.wsj.com/article/SB10001424127887324678604578340630485929040.html

Oil, Copper Are the Short-Term Commodity Plays: Goldman

Oil, Copper Are the Short-Term Commodity Plays: Goldman

Published: Monday, 11 Mar 2013 | 2:57 PM ET
By: Patti Domm
CNBC Executive News Editor

Goldman Sachs analysts see a robust near-term outlook for commodities, saying they think the selloff in February amid concerns about China's growth was overdone.

http://www.cnbc.com/id/100543022

Eco Analysis - China's recovery is more gradual than expected (W. Yao)

Eco Analysis - China's recovery is more gradual than expected (W. Yao)

■ China's food-fuelled inflation and housing-driven growth

China's February CPI increased more than expected by 3.2%yoy, but will most likely fall back again in March. Money and credit growth moderated in February but remained accommodative. Meanwhile, growth data for January and February combined were mixed. Industrial production disappointed, while fixed asset investment powered ahead, thanks to the incredibly buoyant property market. Retail sales weakened considerably, but the main cause was probably the laudable anti-corruption campaign waged by the new leaders. Overall, the data still suggest that the recovery is on track, albeit more gradual than initially anticipated.

Wei YAO

China's ragtag shale army a long way from revolution

China's ragtag shale army a long way from revolution

By Chen Aizhu
BEIJING | Sun Mar 10, 2013 6:36pm EDT

(Reuters) - China's plans to unlock what could be the world's biggest shale gas reserves risk running further off track after 16 firms awarded exploration rights in the latest auction lacked one core skill - not one has drilled a gas well before.

http://www.reuters.com/article/2013/03/10/us-china-shale-idUSBRE9290GR20130310

Turkey: Signs of Life in IP

Turkey: Signs of Life in IP

January's industrial production was 2.1% y/y, slightly below the market and our expectations of 2.5%. On a seasonally and calendar adjusted basis, IP increased by 2.3% m/m, following a decline of 3.5% m/m in December. January industrial production index shows that CBRT's monetary easing has started to reflect on manufacturing activity. Strong January IP figure combined with robust credit growth, confidence indices and PMI, points that the pickup in the economic activity will continue in Q1.

Chile: All quite on the inflation front

Chile: All quite on the inflation front

Nader Nazmi - Market Economics
Latam Macro Snapshot | 08 Mar 2013 13:37 |

Consumer prices rose only 0.1% m/m in February, less than the consensus 0.3% m/m call and our own 0.2% m/m projection. Annual inflation dropped to 1.3% y/y, sinking further below the 2% floor of BCCh's target band (Chart 1).

Unemployment rate falls to lowest level since 2008

AMERICA'S COMEBACK
Unemployment rate falls to lowest level since 2008
By Annalyn Kurtz @CNNMoney March 8, 2013: 12:33 PM ET

NEW YORK (CNNMoney)

Hiring picked up in February, helping to bring the unemployment rate down to its lowest level since December 2008.

The U.S. economy added 236,000 jobs in February, according to a Labor Department report released Friday. That's much stronger growth than in January, when employers hired a revised 119,000 workers.

http://money.cnn.com/2013/03/08/news/economy/february-jobs-report/index.html