Today's ReadsInteresting readings from today
The World Bank lowered its 2012 growth forecast to 2.5% (down from 3.6% forecast in June). Developing countries should expect 5.4% growth (from 6.2%) and developed countries 1.4% (from 2.7%). Euro Area will be in a recession with -0.3% (from +1.8%) growth and China's growth will be at a "dismal" 8.4%.
The IEA is also lowering its global demand forecast for oil for 2012 to 1.1 MBD (from 1.3 MBD). Growth in emerging markets (+3.2%) will offset decline (-0.7%) in developed countries bringing the aggregate growth to 1.2%. China's growth is cut to 4.3% (from 5.2%) but still accounts for 40% global increase.
The FDIC now requires 37 banks with more than $50 billion assets (total $4.14 trillion) to provide "living will" for dismantling them if they collapse. Banks with excess of $10 billion are required to conduct regular "stress test".
The National Science Board released a new report where it outlines trends in U.S. global competitiveness in Science and Technology (S&T). The interesting takeaway is that between 1999 and 2009, the U.S. share of global R&D dropped to 31% (from 38%), whereas Asian share grew to 35% (from 24%). China's R&A grew 28% just in one yar (2008 to 2009) to propell it to the 2nd position behind the US.
Among the bizarre news, imagine travelling on BA Flight 206 from Miami to London, and 3 hours into the flight, you hear the announcement, "This is an emergency. We will shortly be making an emergency landing on water". The good news was that it was a pre-recorded message that activated in error.
