Morning in brief: Obama calls for further debt ceiling increase, Apple suspends China sales

13 January 2012 | By fundweb staff

International

President Obama has notified Congress of a need to again raise the debt ceiling, by $1.2 trillion (£0.78 trillion), reports Reuters. The proposal is expected to, once again, be met with fierce resistance from opponents in a repeat of last year’s stand-off which cost the US its AAA credit rating.

Markets

China’s official foreign currency reserves have made their first quarterly decline since 1998, in a move which analysts say may be an indicator that the yuan is about to fall against the dollar, writes the BBC.

Companies

Apple iPhone sales have been suspended in all five of its China outlets, leading to angry protests, according to Bloomberg. A spokesperson for Apple indicated the suspension would remain in place “for the time being.”

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