In 2013, possibilities for stability from Somalia to South China Sea

The international news of any year is a disparate affair, a global chronicle of courage, calamity, and close calls. The interconnectedness of events is not always clear.But looking ahead to 2013, whether in Syria, South America, or the South China Sea, policymakers have a common New Year's wish: for unity to usher in and consolidate political and economic stability.EUROPE TURNS TOWARD INTEGRATIONAfter...

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China academics warn of "violent revolution" if no political reform

A prominent group of Chinese academics has warned in a bold open letter that the country risks "violent revolution" if the government does not respond to public pressure and allow long-stalled political reforms.The 73 scholars, including well-known current and retired legal experts at top universities and lawyers, said political reform had not matched the quick pace of economic expansion."If reforms...

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Gold ticks higher; on track for 12th annual gain

 Gold ticked up to around $1,660 an ounce on Monday after the euro firmed against the dollar, but wary investors stayed on the sidelines as last-ditch attempts by U.S. lawmakers to resolve a fiscal crisis seemed to be getting nowhere.Lawmakers pushed the United States to the edge of the "fiscal cliff" as they struggled to reach a last-minute deal that could prevent the world's largest economy...

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Zambia extends deadline for new bank capital rules

Zambia's central bank has extended a deadline for commercial banks to meet new minimum capital requirements by a year to December 31, 2013, saying it was satisfied with progress made so far.Zambia raised its capital requirements for foreign banks to $100 million from $2 million this year to insulate its banking sector from the effects of a weak global economy.The capital requirement for local banks...

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S.Africa stocks up 22 pct in 2012 on retail surge

 South African stocks ended the year near record highs on Monday, after a 22 percent surge that marks their best annual return since 2009, lifted by a runaway performance from the booming retailing industry.Equities in Africa's biggest economy have confounded market watchers this year, as shares largely shrugged off lacklustre economic growth and three months of crippling strikes in the crucial...

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China to keep prudent monetary policy in 2013: central bank

 China will stick to a prudent monetary policy next year and keep consumer prices stable, its outgoing central bank governor, Zhou Xiaochuan, said on Monday, in fresh sign that Beijing won't be changing direction when the new government takes over in 2013.Reiterating China's long-stated vow to reduce the level of central planning in its economy and make room for more market forces, Zhou also...

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British retailers start online sales early

British retailers have brought forward their Christmas clearance sales online in the hope that shoppers will log on to buy bargains and offset lackluster spending in stores.Marks & Spencer launched its sale online at midday on Monday, it said on its website, while department store John Lewis said it would cut online prices when its stores close at 1700 GMT. Debenhams has already started its online...

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