South Korean banks' loan delinquency rate rose to the highest level in 15 months in August as more corporate borrowers fell behind their repayment. Again, no raging fire, but smoke is visible in South Korea.
The cost of insuring peripheral euro-zone government debt against default continued to rise Thursday, with the spread on Ireland credit default swaps, or CDS, widening further into record territory. .... The spread on Portuguese CDS widened to 419 from 391.2, CMA said, while Italy widened to 204.8 from 195.3. The Spain five-year CDS spread was at 242.5 basis points versus 234.3 on Wednesday, while Greece widened to 828.6 from 813.6.
China Blocks Vital Exports to Japan - Note, I think China already has restored shipments, but this highlights the tension between China and Japan. Each country has detained nationals from each other's countries. Also highlights how the world can be bullied by China, as it controls manufacturing and natural resources the world wants.
Norway's Central Bank sues Citigroup on $835 Million Stock, Bond Losses - What struck me is a central bank is suing, until now, I don't remember a central bank breaking rank and file on the financial games going on.
Latvia PM says International Monetary Fund support still vital - Translation, the country would be under immense financial pressure without subsidized loans.
A complaint has been filed with the antitrust division of the U.S. Department of Justice claiming that the top credit-rating services in the United States, which control an estimated 90 percent of the industry, are complicit in hiding billions of dollars of China's debt. What nice timing, now that William Buffet of Berkshire sold most of Moody's. I am sure it is just coincidence that just days ago Mr. Buffet dumped more shares before the government filed charges. Must be nice to be so lucky.
European Central Banks Halt Gold Sales - what? gold is at all time high, from from 200 to 1300 an ounce from 2001 to today. SELL SELL! Or maybe the demand is high enough that banks selling won't suppress prices. Time to hold onto the emergency funds.
Head of Vatican Bank Caught in Money Laundering Probe - Looks like world religion is joining into the financial games.