Tom Byrne News
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Chinese Premier Li Keqiang told German business leaders his country is confronted by “huge challenges” as it seeks 7 percent annual growth this decade, down from more than 10 percent in the previous 10 years.
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J. Kyle Bass, whose Hayman Advisors LP made $500 million amid the U.S. subprime crisis, said the Bank of Japan will have to “dramatically” increase bond-buying efforts that have been “overwhelmed” by investors selling.
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The drop in China’s exports caused by Europe’s debt crisis may affect whether Moody’s Investors Service raises the nation’s sovereign debt rating, said Tom Byrne, a senior vice president at the company.
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South Korea’s economic fundamentals are “very sound,” with their strength coming from foreign- exchange reserves, Moody’s Investors Service Senior Vice- President Tom Byrne said. Asian bonds are regarded as a “safe haven” for global investors because of their fiscal strength, Byrne said at a conference in Seoul today.
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Japan’s incoming prime minister Shinzo Abe risks action by rating companies unless he implements a sales tax rise to limit the world’s largest public debt.
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Japan may “at some point” reach a fiscal “tipping point” if investors lose confidence in the soundness of government finances and demand a risk premium on the nation’s bonds, Moody’s Investors Service said.
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China led a slowdown in manufacturing across Asia that adds to risks for the global economy as Europe’s sovereign-debt crisis roils markets and drags down confidence.
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The escalation in violence stemming from a political stand-off in Thailand threatens to undermine investor confidence and see the nation’s economy slip behind neighbors that are helping Asia lead the global recovery.
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China’s local-government financing vehicles won’t create a “severe” problem based on initial analysis by Moody’s Investors Service, said Tom Byrne, a senior vice president of the rating company’s sovereign risk unit.
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The Bank of Japan is increasing its purchases of government debt because it probably won’t meet its inflation goal in 2013, Moody’s Investors Service said.
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