10-Dec-2010

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Around the World

+ International Energy Agency increased its forecast for 2011 global oil demand by 260,000 barrels, to 88.8 million barrels a day.

+ The national apartment vacancy rate decreased to 2.6% (near-record low). Canadian apartment-building construction has stalled due to expensive land and high construction costs. Experts say it is cheaper to buy an existing building with CMHC insurance than to arrange financing to build a new one.

+ In Germany BASF and Siemens have granted jobs for life to a total of 161,000 workers. Since 1990 both reduced their workforces by just over 1/3.

+ China increased bank reserve requirements by 0.50%, the third increase in the past month.

+ Bank of America is resuming foreclosures.

+ In the third quarter US Household net worth climbed $1.2 trillion to $54.9 trillion.