Job-starved Algeria values growth more than FDI

(Reuters) - Job-producing economic growth is a higher priority than foreign direct investment (FDI) for OPEC-member Algeria, which has little need of financing thanks to high oil revenues, a government minister said on Saturday.

Industry and Investment Promotion Minister Abdelhamid Temmar added in a speech to a business seminar that foreign investors preparing proposals for ventures should emphasise the transfer of skills and knowledge rather than provision of financing.


Read more at Reuters Africa

Yen Tumbles Versus Dollar, Euro as Bank of Japan Rate Spurs Carry Trades

(Bloomberg) -- The yen dropped to a record low
against the euro as Japanese interest rates, the lowest
among major economies, encouraged global investors to buy
higher-yielding assets funded by loans in the currency.

Japan's yen also touched the lowest level in more than
four years versus the dollar on the so-called carry trades.
It may extend its losses next week as reports are forecast
to show consumer prices declined and spending weakened,
which may keep the Bank of Japan from lifting borrowing
costs at a faster pace.


Read more at Bloomberg Currencies News

Nigerian unions dig in for a long strike

(Reuters) - Nigerian unions dug in for a long battle with the government on Friday after the collapse of talks on the third day of a general strike over fuel prices.

Unions threatened to extend the strike, which has already crippled most sectors of the economy, to essential services such as water and power.


Read more at Reuters Africa

European Government Bonds Post Weekly Gain as Reports Show Slowing Economy

(Bloomberg) -- European government bonds rallied
this week after a report showed business confidence in Germany,
the region's largest economy, fell more than expected in June.

Benchmark two-year notes posted a weekly gain after the Ifo
institute yesterday said its German sentiment index fell to 107
from 108.6 in May. Economists had expected a reading of 108.4.
Separate reports this week showed worsening optimism among German
investors and Italian consumers, damping the chances of interest-
rate increases by the European Central Bank.


Read more at Bloomberg Bonds News