The United States announced sanctions against the DPRK senior officials and bank

Following four days ago to impose sanctions on three North Korean individuals in the United States in the 11th and then the four North Korean government officials and the Foreign Trade Bank of Korea as the object of sanctions.

The date of the U.S. Department of State Bulletin, for the implementation of the March 7, the United Nations [microblogging] Security Council resolution condemning North Korea's third nuclear test, the United States decided the WPK Central Committee Political Bureau member, in charge of munitions affairs Pudao Chun, the Workers' Party of Korea Mechanical Industry Ministry Minister Wu Ke column of Zhu Kuichang vice chairman of the DPRK National Defense Commission sanctions.

The U.S. Treasury Department said in a separate announcement, sanctions decided on the second chairman of the Economic Commission of Korea (DPRK), Bai Shifeng and the DPRK Foreign Trade Bank (Foreign Trade Bank), prohibits U.S. citizens or entities to trade with them, and freeze them in the U.S. Department of Justice within the jurisdiction of all assets.

March 7, the introduction of the United Nations Security Council resolution condemning North Korea's third nuclear test, the United States announced that North Korea Tanchon Commercial Bank's representative in Beijing, North Korea Mining Development Trading Corporation in Dalian representative and deputy representative to the implementation of the sanctions, claiming that North Korea Mining Development Trading Corporation Department of "primary arms dealer, Tanchon commercial Bank to provide financing support.

1 at the end of this year, after the Security Council passed a resolution demanding that North Korea could no longer use the ballistic missile technology to launch two Korean Tanchon Commercial Bank of China on behalf of two North Korean space officials, the Technical Committee of the Korean space and one in Hong Kong The trading company as the object of sanctions.

The face of UN Security Council resolutions, the DPRK Foreign Ministry said that over the past eight years, the Security Council five times through the DPRK-related sanctions resolution, the results fell short of our expectations, but the North Korean nuclear deterrence has been strengthened, and now nuclear deterrence has become a smash U.S. nuclear war in the Korean provocations conspiracy ahead of time to achieve the reunification of the motherland "universal sword.

North Korea announced that the Korean Armistice Agreement with effect from March 11 is completely invalid, total termination of the activities of the Department of the representatives of the Korean People's Army Panmunjom, while the total abolition of all agreements on non-aggression between the two Koreas, stressed that North Korea will be completely free from the armistice Agreement constraints, "any object at any time to take defensive military action."

Portugal plunged into 37 years of the most severe economic recession

The data show that 11 released by the National Bureau of Statistics of Portugal, the Portuguese economy shrank by 3.2% in 2012, lost since 1975, the most serious economic recession.

2011 the Portuguese economy has shrunk by 1.6%, the accelerated decline mainly due to last year's economic export growth decelerating private consumption is significantly reduced. 2012 Portuguese exports grew by only 3.3%, while the substantial growth of 7.2% in the previous year; private consumption contracted 6.8% in the past year, compared with the 5.8% decline the previous year to further expand.

Analysts believe that the severe tightening of fiscal policy is the main reason for the reduction of domestic consumption. Portugal EU in May 2011, the IMF [microblogging] as well as the European Central Bank to provide 78 billion euros in aid, as the the exchange conditions Portuguese government must perform painful debt reduction measures, including raising taxes and cut wages and pensions.

Portugal, the unemployment rate up to 17.6%, ranked third in the EU member states, after Greece and Spain. The Portuguese government expects the economy will continue to shrink this year by 1.9%.

The Federal Reserve reported that the slow growth of the U.S. economy

The country's economic situation survey report released by the U.S. Federal Reserve Board, in January of this year to early February, the U.S. economy continues to grow at a "slow to moderate" pace.

This is referred to as the "Beige Book" report, the Fed judgment of the overall economic situation in the United States and a report in the keynote similar.

Compiled from reports released that day according to the latest findings of the 12 regional Reserve Bank of the U.S. Federal Reserve belongs. The Fed said, although there are several areas of the retail industry slowdown in the pace of expansion, the nation's most personal consumption continues to grow. Consumer spending accounts for 70% of the U.S. gross domestic product, is the main engine of economic growth in the United States.

The report shows that the nation's most robust auto sales, demand of science and technology and other service enterprises, tourism performance boost of more than one region; Although parts of the recruitment program momentum weakened job market in most regions of the nation continued to improve.

The report also pointed out that, despite the recent part of the raw material prices, overall inflation pressure is moderate; most of the residential real estate continued to improve parts of the commercial real estate situation boost.

Fed released eight times a year "Beige Book", through the the region Reserve Bank on the nation's economic situation thoroughly. The report is an important reference for the regular meeting of the Fed's monetary policy decisions. Fed next monetary policy decision-making regular meeting will be held on March 19 to 20

Abe economics

Shinzo Abe in the United States, declared: "The Japanese came back. Japan is not really back, "is never second-rate country", only time can answer. But Abe Economics (Abenomics) impact to the market, it is immediate. Abe's U.S. trip a week after, I landed on the U.S. road show, a fund manager familiar with the author, continuous Several mentioned that: "Today, the most concern is Japan, China has become the second overall. This situation in the past 10 years there has never been hard to imagine six months ago.

   Abe economics three tricks. Stare inflation rate this unconventional monetary policy, driving down the yen to stimulate exports, while manufacturing inflation is expected to change the situation of companies sitting on cash are reluctant to invest. Abe "Mr. Yen" Kuroda onto the throne of the central bank governor, become independent status has been achieved by the Bank of Japan in 1998, the first from the financial system, the bureaucrats in charge of BOJ helm. Kuroda has always been known for outspoken and divergent thinking, has consistently criticized the Bank of Japan's cautious. Kuroda won the support of the Prime Minister and the Government will definitely include the implementation of the time of conventional monetary policy ahead of this year, expanded the range of risk asset purchase, the normalization of the weak yen policy to develop in depth.

   Abe economics initiatives in the huge public expenditure. His ten trillion yen spending plan, also rare in the experience of the Japanese government rely on to survive on debt. In the case of deflation, an aging population and shrinking domestic demand, the delay can only sit still. Abe made a surprising reverse thinking, desperate to spend money, hoping to break the growth, employment, consumer backspin vicious cycle.

   Unconventional monetary policy, fiscal policy, strange, strange men, to attract the eye, have short-term impact on the market, Abe economics success depends on the third string to his bow - structural reform. Abe's high popularity in the summer in the House of Lords in the general election, the Liberal Democratic Party to regain the majority of seats in winning percentage is not small. Once control of the upper and lower houses, Abe to amend the law, and to promote reform will have to rely on.

   Advantage of the natural with the public opinion and the proposed meeting is a good thing, but when Koizumi was to hold the ultra-high public opinion, final was anticlimactic reform, the reason, the interests of the dislocation, institutional inertia also. The reason why Japan can not get out of the shadow of recession for more than twenty years, because structural reforms hesitant.

   Abe the economics will face four exams. The first game of the exam, unconventional monetary policy can really bring inflation expectations. The second game of the exam, if true inflation, consumption, investment and employment, the possibility of increasing. The third game of the exam, If the inflation, the yen will not disorderly decline in government debt issuance costs will not rise. The fourth game of the exam, so crazy government spending and debt, the Japanese government bond market will collapse. Every exam are heavy bodies, and each exam inclusive of Murder.

   Abe economics success lies in the ability to create employment opportunities through inflation expectations and institutional breakthrough to change the behavior of corporate investment and consumer confidence. After walking a wire the crazy economics revert to conventional economics. Abe economics, words easier said than done.

Statistics said that in 2013 the United States rich tax rate is the highest in over 30 years

The statistics show that the average federal income tax rate of 20% paid in 2013 ranked U.S. based Fortune will be 27.2%. The average tax rate of the average annual income of $ 1.4 million of the nation's top 1% of the rich, compared with 35.5%. Analysis, the the wealthy Americans average federal taxes paid to the highest since 1979.

According to reports, on January 1 this year, the U.S. Congress voted a provisional agreement to solve the problem of the "financial cliff" raise tax rates on the rich families of the annual income of more than $ 450,000 on the American family income is below the level remains low taxation.

Since 1979 up to this agreement led to the American wealthy paid federal taxes in 2013, and compared, in the low-income tax rate is the lowest in the history.

In addition, the income of the lowest 20% of poor families, in addition to not pay any federal taxes, also refund. They get tax rebates from the federal government more than a tax, and therefore a negative tax rate phenomenon.

U.S. Tax Policy Center, researchers said Williams, the rich always be assessable goals, "I think they have a been a 'tax abuse' feeling that they can understand the feelings.

It is reported that the annual income of more than 100 million U.S. households average tax rate is 37.2%. The average annual income of 46,600 yuan, 20% of U.S. middle-income families, the 2013 average federal income tax rate was 13.8%. Over the past 34 years, the federal tax of about 16% on average.

Senate Democratic lawmakers last week, is intended to promote enhance the rich tax rate again, but were advocates fail. It is reported that the White House and Democrats would like to take to improve the rich tax to avoid automatic cut public spending to start, but was rejected by the Republicans. Republican deficit reduction program requires cuts in social welfare and health care and relief projects, also failed to be passed in Congress.

The Fed Mengshengtuiyi foggy haze enveloped the U.S. monetary policy

The Fed's policy of "exit" to become one of the topics of greatest concern in the recent market. Not long ago, the Fed's last meeting on interest rates should not only documents show that more decision-makers of the Fed's policy-making body - the Federal Open Market Committee began the current ultra-loose monetary policy, worried about the side effects, and that may be required in the job market significantly reduce or stop the recovery of the debt purchase plan. Fed Chairman Ben Bernanke quantitative easing (QE) policy defense in last week's congressional hearings, but still difficult to quell the speculation of the outside world.

UBS analyst pointed out that the latest report released inside the Fed further escalation of the debate on QE, the Although QE controversies may eventually will lead the Fed to slightly reduce the scale of the asset purchase before the end of the year, but the internal position difficult to unify policy inertia , could mean years in the U.S. monetary policy is in fact difficult to substantial adjustments. UBS also pointed out that there should not be too much to exaggerate the negative impact on the U.S. economy of the United States automatically cut public spending program started on March 1.

Fed internal QE polemic upgrade

The Federal Reserve recently announced 29 to 30 January FOMC meeting minutes show that, compared with last December's meeting, Fed officials on the economic outlook will remain basically unchanged or slightly improved the (modestly improved). The vast majority of officials judge to reduce the downside risks facing the economy. On one hand, the easing of the global financial market, "financial cliff" to partially circumvent; Second, in support of the extremely loose monetary policy, the U.S. real estate sector is a strong recovery, the unemployment rate will continue to gradually decline. Especially in real estate, last week introduced a series of data, and accelerate the recovery of the U.S. housing market. U.S. new home sales soared by 15.6 percent in January of this year, to a high of more than four years, the largest monthly rise and the highest in 20 years; 20 cities in the United States in December last year, house prices rose by 6.8% to record more than six years maximum gains.

UBS noted that the Fed's meeting minutes show that "the vast majority of (most)" officials confirmed the positive effect of the Fed's asset purchase program to ease financial conditions to support the real estate and durable goods consumption, improving the outlook for the job market. However, many (many) "officials of the potential costs and risks of further asset purchase program expressed concern.

But some other officials pointed out that there will be some countervailing factors, a decision-making officials pointed out that this will not necessarily affect Fed policy operations; "Some (a few)" officials fear that further asset purchases may affect the normal operation of the particular financial markets. However, several other (a couple) officials pointed out that this evidence is not clear so far.

UBS analyst pointed out that, from the wording of view, inside the Fed QE exit the controversy, compared to December last year, further warming. Compared with the detailed minutes of the Fed's December 11, 2012 meeting, the officials argue QE pros and cons "Some (a number)," Some (various) "increased" many (many) ", and officials concerns more specific discussion of more refined. Further that the officials for Fed QE pace and time frame of the discussion more clear and direct.

Which several (several) "officials of the clearly presented, based on the assessment of the economic situation and outlook of the change and the pros and cons of asset purchases, the Fed should be prepared to adjust the pace of asset purchases.

"Some (a number) officials directly pointed out: the ongoing evaluation of the pros and cons of the assets purchased and the risks may cause the Fed on the slowing down before a significant improvement in the outlook for the job market, and even the end of the asset purchase program.

Of course, there are "some (a few) and officials from the perspective of historical experience, pointed out that the policy of premature exit may give a negative impact on economic growth, employment and price stability.

Short-term policy of large steering is unlikely

From another perspective, UBS economists said, the Fed earlier exit the QE market expectations, margin is expected to guide foreign capital from emerging markets back to the U.S. and developed economies. However, the exit extremely accommodative policy itself should be confirmed that the momentum of the recovery of the U.S. real economy is better, which means that the emerging markets, including China, export prospects.

Overall, UBS still think the U.S. central bank dramatically reverse the policy direction in the short term is unlikely.

First, according to UBS, the FOMC hawks, neutral, doves vote, the number of officials this year, showing a 1:5:6 structure, means to maintain QE stand there is still a very solid foundation, it is difficult to easily shake. The FOMC voting officials, only George immediately stop QE, stand neutral Brad, the Fed should be slowing down the pace of asset purchases; the same stance neutral Stern recently joined the camp questioned QE. Stance neutral officials to secure, but the hawkish camp questioned QE officials hold voting rights this year is still not enough, Prosser and Fisher, for example, this year the FOMC are no voting rights. The FOMC Committee as a whole and the FOMC voting officials stand tendencies difference means the Fed this year, or difficult to implement significant policy shift.

There is an important point, as one of the core members of the Fed, Ben Bernanke still resolutely support the ongoing QE, this policy may become largely weathervane.

Second, the implementation of monetary policy, there is inertia. The change of policy is always much more difficult than the continuation of policies, but also easier to market impact and volatility. The previous policy actions and comments FOMC dovish camp tend to tighten up policies "to reduce the size of the asset purchase" regarded as "directly" instead of "loose weakened", which means that even if buy less scale. " so that a more moderate pace of adjustment will lead to large concerns in the dovish camp.

UBS analysts say, in the context of division of opinion, the Fed FOMC may follow the path of least resistance in physics, it is difficult to be tilted to any party. UBS American macro team believes that the Fed's internal balance sheet expansion growing concerns may eventually promote its slightly reduce the scale of the asset purchase before the end of this year, but the above factors mean that, to make this decision still needs time. Fed internal controversy is expected to continue to heat up, but the Fed really take a series of substantive measures to exit QE have to wait until at least 2014.

Automatically cut public spending impact should not be exaggerated

Like Bernanke said in congressional testimony last week, the current Fed is more worried about the financial considerations. On March 1, the United States ushered in the large-scale automatic cut public spending. In this regard, UBS believes that there should not be exaggerated the negative impact of this event.

UBS pointed out, even automatically cut public spending to start the actual impact does not imagine as disastrous. From the current situation, the U.S. consumer confidence in the performance is much better than the 2011 debt ceiling impasse in the negotiations, the enterprise level, confidence has improved.

UBS said that the line on the U.S. economy in 2013, an increase of 2.3%, 2014 growth forecast of 3%, in fact, have been taken into account automatically cut public spending half. Expected 2013 automatic cut public spending will be a drag on U.S. economic growth of 0.4 to 0.5 percent, dragged down growth by 0.8 to 0.9 percentage points in 2014. UBS is still expected in the coming months, the White House and Congress will eventually reach a long overdue compromise agreement in order to effectively reduce the short-term impact of the automatic spending cuts.

Even in the case of automatic cut public spending take place entirely, UBS believes that the negative impact should not be exaggerated. First, UBS said investors should distinguish between "authorized" and "Allocation. Actual funding to lag behind budget authorization, fiscal year 2013, the actual expenditure incurred to downsize, will only "budget authority (budget authority) about half of the $ 85 billion under.

In addition, from the current situation, the U.S. consumer confidence in the performance of the overall sound, did not show a sharp decline in the U.S. debt ceiling impasse in the negotiations in 2011, the enterprise level of confidence has improved. These are expected to be partially offset by the negative impact of massive spending cuts bring.

Bernanke as quantitative easing defend, implied stimulus unchanged

According to Reuters, February 26, the U.S. Federal Reserve Board (Fed) Chairman Ben Bernanke, monetary policy hearings in Congress on the Fed's monetary stimulus strong defense that maintain an accommodative monetary policy benefits greater than its risks, easing concerns about the financial markets debt purchase plan the Fed may be early exit.

Boosted by the news Tuesday, the three major U.S. stock indexes rose, gold prices also rose 1.8%, to return above $ 1,600 / ounce, marking the biggest one-day gain this year.

Bernanke said in testimony at the hearing, said Fed policy makers are aware of the potential costs and risks of highly accommodative monetary policy could trigger inflation or asset bubbles, but these risks do not seem serious, and the Federal Reserve have the confidence and ability to promptly withdraw the monetary stimulus at the appropriate time.

When asked about the Fed's easing policy will push global currency devaluation, Bernanke is clearly replied, "We did not participate in the currency war!"

Bernanke argued that since July last year, the U.S. non-farm jobs average monthly increase of 175,000, the unemployment rate fell by 0.3 percentage points over the same period to 7.9 percent, the private sector created 6.1 million jobs in the past three years, unemployment peak rate in 2009 fell by two percentage points, but the U.S. unemployment rate is still higher than the normal level, and there are still 4.7 million people of more than six months of unemployment, which will damage the vitality and growth of the U.S. economy, driving down the fiscal revenue expenditure, resulting in the current budget deficit and substantial government liabilities.

On the inflation front, despite the recent gasoline price increases affect the family budget, but the overall level of inflation in the United States is still very low. In the second half of 2012, the U.S. personal consumption expenditure price index, the annualized growth rate of 1% to 1.5%, consistent with the growth rate in the first half. Taking into account the fluctuation range of longer-term inflation expectations in the United States over the past few years are not large, the Federal Open Market Committee is expected medium-term inflation rate will be 2% of the first-line fluctuations, even below the 2% target, which also provides for a loose monetary policy a certain amount of space.

SW macroeconomic researcher Xie Weiyu to the "Daily Economic News" reporter, said, "From the current point of view, at least within this year, the possibility of the Fed exit QE is not large, because the U.S. job market is still very weak, but not much to raise the possibility in the future. risk-based fiscal policy, the U.S. economy will be subject to a certain extent, drag Therefore, we will this year, the expected value of the U.S. GDP from 2.2% down to 1.6%, but the overall recovery trend is still not change. "

Automatic cut public spending into the next focus /

In his testimony, Bernanke with optimism for the future of the U.S. economy reported, but he also warned that, although monetary policy is to promote a more robust recovery, but you can not take on the responsibility to ensure that the economy recover faster, regardless of from short-term or long-term point of view, the performance of the economy still depends on the process of fiscal policy. It also makes automatic cut public spending to become the next focus of attention in the market.

The end of last year, Democrats and Republicans reached a temporary agreement on "fiscal cliff, cut public spending will be fully automatically postponed to March 1 this year, but as the deadline approaches, the attitude and position of the two parties are still firm, the Republicans do not accept any The tax increase proposal, while the Democratic Party is opposed to relying solely on cuts in government spending to reduce the deficit.

Bernanke board budget cuts will harm the recovery, it is recommended that the installments to reduce the deficit, short-term easing of long-term efforts to strengthen.