Large Bankrupcy of Bulgarian Building Companies
The bankruptcies in Bulgarian building companies had grown with 31% in the previous year, announced in Wednesday on press-conference Kamelia Popova, director of "Kofas Bulgaria", which is part of the world company of management of claims and credit insurance.
In 2007 are registered 115 bankruptcies, which is turning back to the level of 2005, while in 2006 their count was just 88. In her words the percentage of bankrupted companies is still too low in comparison of registered and working companies in Bulgaria, which is 1.2 millions of 240 thousands. The main reason of restricted count of bankrupcies is getting into debt between companies of more than 50 billions BGN and also the too slow legal procedure in proscribing of bankrupcy.
Labels: Business News
Alan Greenspan about countries from Persian bay
Countries from Persian bay, where is the main place of producing petrol, may decrease their inflation hardly if they refuse binding with US Dollars. This was recommended by ex-central banker of USA Alan Greenspan in Sauditian town - Dgeda.
According to Alan Greenspan tieing down of currencies with the dollar "is restricting the possibility of the countries from the region to keep the inflation, and constrain them to dublicate the monetary politic of USA in period, when FED is decresing the main interests, to prevent the economy decreasing", commented the ex-chief of FED. According to datas of Al Jasiras in Saudi Arabia the inflation has level of 7%, which is the highest level of last 26 years, and in OAE it is 9.3%, which is the highest level from previous 19 years. Greenspan also told that countreies from the region may bring in floating rate of their currencies.
Labels: Financial News
Bernanke will continue the fight with inflation
The economy risks are still the top-priority of the monetary politic of FED, commented Bernanke, just minutes ago. The negative of property market is quickly taking a large sector is real economy, which make the financial markets to act without direction, and users to decrease hardly their resources. The last datas od USA economy, are confirming the predictions of FED for weak development, commented Marketwatch.
"The outgoing indicators for bad weeks, absolutely support the previously made from us, predictions for weak economy development in short term", told Bernanke in front of the bank comitee today.
Bernanke comfirrmed previous expectings for repairing the economy in the half part of the year, which is an evidence from hard decreasing of interest levels. In the period from Septembet 2007 to February 2008, the monetary comitee of FED voted total decreasing of federal interest with 2.25%.
"The risks for the economy, come mostly from the weak market of real estates and the employment market", continued Bernanke. "The financial sector may continue its bad presentation, which will be a negative for liquidatation", also told Bernanke.
Labels: Financial News
The scandal between Lichtenstein and Germany, takes more victims
Hard times for the off-shore zones and teritories with status of tax paradise. Against all of them started a preasure for more limpidity. This campaign was started from Great Britain, USA and Germany, in reflection of the scandaloust between Germany and Lihtenstein, for hidden taxes of more than 900 German citizens from the idustry, sport, show business and so on...
Ex employee of the large Lichtenstein Group LGT, ruled by the local princely familly, sold of about 5 million Euro CD with similar datas for 750 Germans on high posts. The investigation already started in North America, France and Australia. The north European coutries, like Finland and Sweeden also will start investigation about thei citizes charged in hiding a taxes. The list of coutries that fill the list of tax paradise in Europe are Luxemburg, Switzerland, Austria, Monaco, Andora and Gibraltar, but according to the Organization of Economy Cooperation and Development it is a little bit bigger.
Labels: Business News
The PMI index with 1.7 points.
The advantage PMI index of activity in the sphere of services for the Eurozone had increased unexpected in February 2008, for the first time after October 2007. The level for January of the index is 52.3, with 1.7 points more from the level of January, which was 50.6 points. This is very much over the expected level of 50.2 points. Datas for productional sector show decreasing to 52.3 points in February, from 52.8 in January.
So the general PMI index of the Eurozone is reaching 52.7 in comparison with 51.8 in January, again over the expected from the market 51.4.
Labels: Financial News
Industial orders in the Eurozone with 3.6% less
Industial orders in the Eurozone had decreased with 3.6% in December in comparison with November, and had increased with 2.1% on yearly base, announced from Eurostat. From the statistic company revised the datas from November with yearly increasment to 2.0%, from the previous announced 2.7%, but they left the yearly datas unchanged with growing of 11.9%. The market expected decreasing of 1.4% in December and predicted growing on yearly base of about 7.8%.
Excluding the sectors which are directed in producing an equipment for ship, rail and mobile trasport, industrial orders had decreased with 0.8% in December in comparison with November and had increased with 3.3% on yearly base. Production of mail metals and fabric metal products had decreased with 4.0%, while trasport equipment is signing decreasment of 10.0%.
The new orders for electrical and electronic equipment had grown with 1.6% in Eurozone in December, while the production of chemicals and chemical products had decreased with 0.6%.
Labels: Financial News
US Dollars in low levels
American Dollar continued to be on its 2-week bottom, in comparison with almost all world's currencies. This happened because of the weak american datas for productional activity, which increased the possibility for new interest level decreasment of FED. The Filadelfian index of business moods had decreased with 24 points in February, which is the hardest decreasment from 2001. This made brokers to start calculation of new decreasment of interest level with 50 basic points of March meeting of FED. Analyzers commented, that there are a little possibility Bernanke, to make one more agressive correction with 75 basic points to the level ot 2.25%.
The comments of Jean-Claude Trichet that European Central Bank should fight with the raising inflation in the Eurozone, made the situation for the US Dollar even harder. In latest datas, the inflation in the Eurozone is 32% on yearly base, but the Bank always trys to keep it under 2%.
"The US Dollar is getting hits from everywhere, and yeasterday's economy datas jjust finished the curent session", commented Danish analyzer in intervue in Reuters. "As a difference from USA, in Eurozone we don't expect soon decreasment of the interest level, which is signal for conitnues US Dollar's weakness", continued he.
At the moment 1 EUR is 1.4830 USD, when earlier today it was 1.4854 USD. JPY is at price of 107.10 per USD and 158.85 per EUR.
Labels: Financial News
70 working hours per week in new factory of Nokia in Romania
The new factory of Nokia in Romanian town Cluj, on first place should be cheap. It really realized its top idea with decreasing of the expences for working hand, but it was really too much even for Romania, commented Spiegel. Finish company wanted to make the working time longer in the factory to 70 hours per week.
Romanian politics in Bokurest met Nokia with open arms. The new factory should make new working places and to bring technologies and also to make the poor region a little bit more rich. As a difference from the previous place of the factory in Bochum, the new investment in Romania should be without any borders. But even the poorer workers in ROmania were a little bit nervous to decision of such working time. The syndicate Cartel Alfa reproach Nokia that in the new factory in Jucu want to exceed the maximum working time, permited in Romania.
Labels: Business News
The petrol at price of 98 US Dollars
The price of petrol decreased under 98 US Dollars per barel in Friday, after the yesterday's serious going back from the top l;evels of over 101 US Dollars per barel. The reserves of fuels and oil of USA were larger than expected and hardened the affraids of weak use because of tghe comming recesion in the country.
American light petrol with delivery in April decreased with 31 cents to the level ot 97.92 US Dollars per barel, and lengthened the yeasterday's decreasing of 1.5 US Dollars. The prices are already 3.4% lower from reached highest price of 101.32 nUS Dollars per barel.
"Markets reacted hardly of good weekly reserves, and there is nothing that can keep the price of petrol to more than 100 US Dollars for a long time", commented Australian analyzer.
According to report of American Energy Agency, petrol reserves in USA had inmcreased with 4.2 million barels, which is 6th serial week of growing. In spite of lower production levels of refinery, reserves of fuel had increased with 1.1 million barels to its 14 years top of 230.3 million barels.
Labels: Business News
Petrol started with price of 101 USD
Petrol started the the day with a level of over 100 USD per barel. The American late session finished with over 101 USD per barel. The large flow of capitals from the hedge funds, also the continuous apprehensions for soon decreasing of daily rate of OPEC, supported the price to new top level.
This morning, American light petrol was trading with increasment of 44 cents to the level ot 100.14 USD per barel. The same reached its top level yeasterday to the level of 101.32 USD. In spite of high prices of the petrol, they are still under the top from April 1980, which was 101.70 USD per barel calculated with inflation. Then the news for Iran's revolution, brought to petrol shock and unbelievable high prices of the crude oil.
London's brent petrol increased with 46 cents to 99.03 USD per barel.
According to analyzers, growing inflation in world measure and extremely in USA, is making the funds to hedge the market risk and to invest in petrol and gold futurers. "In the moment the price is absolutely unjustified.The people are buying, because other players are buying and there is such magic circle", commented Australian analyzer.
Labels: Business News
Mortgage Crisis in Great Britain
The swirl, which is leading to decreasing of real estate's prices, and also the decreasing of mortgage loans, are the biggest risks for the economy of Great Britain in short term. Kate Barket, who is a member of monetary politic of the Central Bank, warned, that the Bank of England maybe will not spot this is short term, reported BBC.
The committee of monetary politic will pay attention of financial markets and real estate markets. It will be hard for them to exculpate the decreasing of the interests in front of the face of inflational preasure.
"I believe, that the preasure, which is the biggest problem, is about interaction between market of real estates and financial sector in the conditions of credit crisis", told Barker in speech in front of Trade parliament in North Stafordsheer.
If assigning of credits tighten in harder way, than predictions in the Comitee, and homes and companies will not be able to get loans, may realize a decreasing of real estates' prices.
It will be hard to compensate quickly the negative effect over the increasing of economy, so that first there may have a low increasment of the economy and inflation. The counsel of creditors in the previous year had some doubts about the possibility of shock of property markets followed from credit shortage. The crisis of financial markets may almost spot the mortgages, because the banks should get loans from nearly 30% from the count of 90 billions GBP, which is expected to be assigned as credits, this year.
Labels: Comments
The European Indexes on "RED"
European capital markets are in negative direction at all, just some hours from the beginning of exchange session. The investors prefer to sell or to stay a side, when the Credit Suisse announced the news for additional striked off activities for 2.85 billions US Dollars. Thje shares of the Swiss Bank are on trade with 7% less. The French BNP Paribas is making a loss, when the analyzers repaired their predictions for increasing of shares prices with 18% this year. The British Credit industry Barclays finished the negative series, and its shares are selling today due to weak financial reuslts.
The Asian Stock Exchanges closed on Green the trade session, and the leading regional indexes increased to their 2-week top level. USA markets didn't open door yeasterday, because of the Day of the President, but the Index Futurers are increasing in expecting of the first weekly session of Wall Street.
The Index Dow Jones Stoxx 600 decreased with 0.7% to the level ot 321.41 points, and the narrower Stoxx 50 decreased with 0.7%. Euro Stoxx 50 is also down, but with only 0.4%.
Labels: Financial News
Chinese realized inflation of 7.1% for January
The index of users' prices in China, basic feature for inflation in the country, for January realized 7.1%, reported "Sinhua". According to Chinese experts, the government will catch the ways to solve the inflational problem. The datas for January are signing the highest monthly increasing of the pr4ices for more than 10 years. The high CPI Index was expected from market analyzers, and the largest Chinese State Bank predicted 7.5% for January.
The statistic bureau of the country explained that the prices of the foods had increased with 18.2% in January in comparison with the previous year, grain foods with 5.7%, the vegetable oil with 37.1% and the meat with 58.8%.
The important role had also the heavy snow gale, which paralized more the the half states of the country. The other important feature is that in January was the Sping Festival, most known as Chinese New Year, which increases the prices by itself.
Labels: Financial News
Largest meat quantity stopped from USDA
The ministry of agricultural economy in USA - USDA, ordered to be drew out nearly 65 thousand tons veal from the market, announced BBC. This is the largest similar action in the history of American trade market, which is because of destroing the rules of veterinarian inspection of cattle, larger part from which come from California.
According to the ministry, risks for the health of population are minimal. More from the meat had bought from schools and other Federal programs for feeding. Other part had been for the fast food restaurants. Freezen veal, which USDA stopped, was produced to 1st of February, 2006 from the company Westland/Hallmark Meat Co. The announced for unuseful meat cost nearly 280 millions US Dollars but larger part from the meat had already been eaten.
Labels: Business News
US Dollar is increasing easily
US Dollar stayed on stable levels today, when in the end of the previous week started its decreasing because of poor economy datas of USA. Expecings for future interest increasments from the Australian Central Bank, supported the price of Australian Dollar. Series from worst then expectings from American datas, including those of users' support, strted again the apprehensions for American recesion and opened the route for new interest decreasments of FED. In spite of todays good level of US Dollar, currency analyzers are predicting bad week for "green money".
"While the US Dollar doesn't get harder evidences for successful appling of American monetary politic, the US Dollar will continue to be weak",commented American analyzer. Today America is in holliday due to the President's day, which is a facor for poor trading.Later that week we will expect of more interesing movements, when the FED will make a official report for inflaion.
On the mid-day, EUR decreased with 0.4% to 1.4630 US Dollars per 1 EUR, and is spite of that is close to its two-months top level of 1.4710 US Dollars per 1 EUR, signed in Friday. To the JEN, USD is increasing with 0.4% to 108.24 JEN. In comparison with high rated curencies of Austranian and New Zeland's Dollars, American Dolar is going weaker very much. The price of the Petrol is increasing with 45 cents to 95.94 US Dollars per barel, because of problems betweek Exxon Mobil and Venezuela.
Labels: Financial News
1000 Germans investigated about tax frauds
The affair wih tax frauds in Germany is speeding up and threatens to become one of biggest scandals in the history of the Fedral Republic. After the arest of presidet of Deutsche Post - Klaus Zumvinkiel, suspected in concealing of nearly 1 millions EUR taxes in Lichtenshein, the rumour is talking that the same thing may happen to more than a thousand Germans. In datas from "Zuddeutsche zautung", the Administrative Court of Bochum printed 900 orders for house seaches, and the whole count of frauds is about 3.4 billions EUR. According to Spiegel Magazine, unpaid taxed are about 4 billions EUR.
Zumvinkiel, who is president of Deutsche Telekom supervision, was arrested in Thursday, and his house and office were searched from the financial police. The autorities claim, that 64 years old manager, one of the most powerfull and rich supreme managers in Germany, had go rounded from taxes, investing in Lichtenstein foundations. Later Zumvinkiel was set free on bail.
Most probabli the manager is only the top of the iceberg. In Friday the ministry of finances announced, that in the moment there are investigations versus "many well known" persons. The financial minister Peer Zainbruck even summoned citizens that hide taxes, to give up by themselves.
Labels: Business News
Plan for economy stimulates broke in the Senate
Presented in the American Senate republications, had blocked supported from democrats plan with economy stimulates, because it was more expensive than one voted in the chamber of deputies. High price is the result of additional financial measure, including larger public circuit.
The democrats had introduced an alternative for the economy plan of the President George Bush, which will cost 158 billions of US Dollars and also has the idea for averting the recesion and possible consequences from it. Last week, president administration and the Congress, had negotiated a packet of economy stimulates at a price of 146 billions US Dollars. The plan includes tax reliefs to separate townspeople at price of $600, and for maried couples of $1200. For every of their children working Americans will get additional 300 US Dollars.
Labels: Financial News
Petrol price going down again
Price of the petrol continued to decrease in Wednesday, after the decision of the investors to close their possitions. The largest investrors were scared from soon decreasing of economy activity. The dependence between the red colours of American stock markets and the price of the petrol is very hard.
American light petrol with delivery in March decreased with 70 cents to the level of 87.71 US Dollars per barel. Yesterday it reached its lowest prices at nearly 87 US Dollars. During the late session yeasterday, the stuff decreased with nearly 2%.
London's brent petrol decreased with 60 cents to the level of 88.20 US Dollars per barel.
Labels: Business News
BHP Billiton give nearly $148 billions for Rio Tinto
Largest mining company in the world BHP Billiton, had increased its offer for getting a company Rio Tinto Group for the price of 147.4 billions of US Dollars. This happened just a days, after the largest Chinese company for revision of aluminium Chinalco, became a part of the deal, with buying a percentage from Rio. Two months ago Australian-British BHP Billiton, offered nearly 100 billions US Dollars for Rio Tinto, but the offer was rejected as too low.
Shares of BHP Billiton decreased hardly in the stock market in Sidney tonight, followed by increasing of the offer with 13%.
Labels: Business News
Petrol finished the week with big decreasing.
Price of petrol crashed with 3% in Friday, after weaker economy datas from USA and ignoring possibilities OPEC to decrease daily production rates on the next meeting in March.
American ligh petrol finished the trade with full daily drop of 2.79% to the level of 88.96$ per barel. London Brent Petrol los 2.77$ from its price to the level of 89.44$ per barel.
Labels: Business News
