Great Britan's economy with largest drop
The UK economy got more narrow in the first quarter more strongly than expected, showed preliminary data of the National Statistical Office in London. Gross domestic product declined by 1.9 percent compared to last quarter of 2008, which was reported a decline in gross domestic product by 1.6 percent. Contraction of the British economy, significantly higher than market expectations for a fall of 1.5 percent. According to today's report from the collapse of UK GDP on an annual basis during the first three months of 2009 reached 4.1 percent after a revised decline in today's report by 2.0 percent in the last quarter of 2008. Economic downturn, reported a third consecutive quarter is the biggest on a quarterly basis from the third quarter of 1979. And on an annual basis is the strongest of 1980. Decrease in production is a comprehensive industrial production decreased by 5.5% compared with 4.5 percent decline for the last three months of 2008, a decline in the services sector was 1.2 percent after a 0.8 percent decrease for the previous reporting period. Industrial production fell by 6.2 percent during the first three months of the year, this is the largest of its decline in 1948.
Labels: Business News, Financial News
Asian Markets finished the session poor
Today most of the indexes of the Asian markets fell under pressure from concerns about increased revenue for companies such as the Tokyo market was supported by Yesterday strong growth in the U.S. stock indexes, such as pressure were shares of financial companies after Standard & Poor Takefuji yesterday put its competitors and Promise, Acom, and Sanyo Shinpan Finance list of companies under review with negative outlook because of concerns that the costs of refinancing obligations will increase as their credit ratings may drop because of declining profits them. According to many analysts during this week will be a downward adjustment in world markets after the rally from the previous 5 weeks. Regional index for Asia and Oceania MSCI Asia Pacific in Tokyo fell by 0.4 percent to 87.98 points, about five shares for every four cheapen that appreciation. Today the main market indicator Japanese Nikkei-225 Stock Average, rose to 0.18 percent, to 8 727.30 points, after the Japanese currency fell to ¥ 98.77 against the dollar. In Hong Kong index of top companies Hang Seng is lower by 2.67 per cent to 14 878.45 points. The main stock index in China CSI 300 fell by 3.71 percent to 2 576.28 points. Australia S & P / ASX 200 is lower by 0.25 percent to 3 668.20 points, while New Zealand NZX 50 FF GROSS decreased by 0.07 percent to 2 662.94 points. In South Korea, the KOSPI stock indicator has increased by 1.44 percent to 1 356.02 points. In Indonesia Jakarta Stock Price went today to 0.84 percent, to 1 615.23 points, Straits Times in Singapore decreased by 2.32 percent to 1 843.41 points, in India Bombay Sensitive decreased by 0.74 per cent to 10 817.54 points.
Labels: Business News, Financial News
Report of US financial losts for 2008
2008 was the last U.S. citizens brought losses of 11 trln. dollars, the data show the Ministry of Finance in the U.S. The amount represents about 18 percent of the overall situation of households in the country. First year of recession showed that total losses of U.S. families are most golemite of World War II. The housing crisis and the failure to be paid mortgage loans, along with declining stock market are the main reason for the reduction of the total equity of households. Reduction of the total equity of households happened primarily because of housing crisis and the collapse of prices of real estate, but also as a result of declining stock market. Despite these data, recently published in Forbes ranking shows that 45 percent of the richest people on Earth live exactly in the USA. They are owners of more than 40 percent by the billionaire, but measured 2.4 trln. dollars.
Labels: Business News, Financial News
United Technologies will relieve 11 thousand emplyees
The largest producer of air conditioners and elevators in the world, United Technologies announced it will cut 11 thousand, or about 5 percent of staff as no longer expected economic recovery this year, transmit Reuters. What we expected to happen in the second half of 2009 now seems delayed further in time, said Lewis sacking, Executive Director, based in the U.S. state of Connecticut company. Agency recalls that in December 2008 the total number of employees in the corporation reached 220 000. Release of the workforce, among other measures, restructuring costs of United Technologies about 750 million dollars this year. They will be partially offset by two one-off revenues, respectively 200 million and 350 million dollars.
The company, which produces more helicopters and jet engines, announced lower expectations for earnings this year by 2 billion dollars to 55 billion dollars. News about reducing the cost of United Technologies was taken positively by the market, its shares rose by 5.7 percent to 39.70 dollars in early trading on the New York Stock Exchange.
Labels: Business News
According to Hayman Advisors the Eurozone is in front of colapse
From Hayman Advisors, a company that managed to win 500 million dollars, pledging to collapse in the secondary mortgage market in the U.S., announced that the European Monetary Union is about to collapse, said Bloomberg. According to Hovard Richard, managing director for global markets of Hayman based in Dallas, said that in Germany will probably finance the restoration of its economy than to help countries such as Austria, Italy and Spain, if their banks are not in difficulty as a result of bad debts. Thus Hayman joins other investors who see opportunity serious monetary union whose total gross product is estimated at over 12 trillion dollars, being unable to pass through the crisis.
Last week by Societe Generale analysts also claimed that managers weaken German economy, which is the largest in Europe will refuse to save the other member countries of the euro as this have an impact and the upcoming elections in the country. At the same time, European banks lending to Eastern Europe have exceeded 1.3 trillion dollars in the third quarter of last year, which is about 9 percent of EU GDP, according to data published by the ING Group of February 18. Irish banks' debts are 11 times greater than the GDP of the country, Dutch - 7 times, and the Belgian 4 times greater.
Labels: Business News, Financial News
Citigroup reached agreement with the government
Today the U.S. government agreed to rescue Citigroup, which would reduce the share of current shareholders of the bank by 74 percent as a result of which the shares of financial institutions are thrown down by 37 percent. By the Finance Ministry said it would change the preference shares for 25 billion dollars in common, such as private shareholders will have to agree to the same conditions. Changing share of the U.S. government in the New York-based company will reach 36 percents.
Today the bank, which last year reduced its dividend for the fourth quarter by 1 cent per share, said it ultimately will not pay a dividend for the period. Also, the company reported additional losses related to the impairment of assets that the deficit for 2008 reached 27.7 billion dollars or 48 percent more than reported a month ago. Today, shares of the Bank are under increased pressure as if converted to any preference shares into ordinary Citi, it will leave current shareholders with a share of 26 percent. Moreover swap of shares, the bank has agreed to change the board of directors to be more "new and independent" according to Finance Ministry.
Labels: Business News
2009 will be weak year for the IT sector
Continuous decline of the global economy, including the prospect of negative GDP growth in many major countries had prompted IDC to revise its forecast for IT spending worldwide in 2009. In the Black Book of IDC now estimates for IT spending worldwide have increased by only 0.5 percent a year in 2009 versus a previous forecast increase of 2.6 percent. If current trends in the movement of exchange rates continue, this will lead to a significant decline in revenues of U.S. based IT providers.
The greatest impact of the crisis will be felt on the hardware market, where the overall cost will decrease by 3.6 percent this year, led by sharply reducing the cost of servers, PCs and printers. In contrast, the worldwide cost of software and IT services is expected to rise by 3.4 percent in 2009, with previous expectations for growth by 4.6% and 3.7%. The total volume of IT expenditure in 2009 will be 1.44 trillion dollars. For the United States, IDC has forecast annual growth of 0.1 percent of total IT spending over the November forecast for an increase of 0.9 percent. In the fourth quarter data from a number of key markets, and clearly shows that companies very quickly narrowed its costs, "said John Gantz, chief director of research at IDC. According to him, investing in software and services are supported in pursuit of productivity and efficiency gains, while hardware costs are reduced in an attempt to make the most of existing assets. IT spending in Western Europe is expected to increase by 0.1 percent in 2009, as in France and Italy there is a likelihood of decline. IT spending in China is expected to increase by 6.5 percent under a previous forecast of 9.1 percent and India with 5.7 percent when 10 percent expected previously. In Japan the cost will decrease by 1.8 percent in 2009, with previous expectations of 1.0 percent growth. IT spending in Brazil will increase by 6 percent in 2009, with previous expectations of 9% growth. In Central and Eastern Europe, IT spending will decrease by 7.5 percent in 2009 due to worsening economic conditions and instability of the business climate.
Labels: Business News
5.112 millions of US citizens are getting unemployment benefits
During the week to February 21 in the U.S. have made a total of 667 000 applications for unemployment benefits, according to today's report from the U.S. Department of Labor. This is an increase of 32 000 of the requests to the previous reporting period, the number of applications was 631 000 according to revised data in today's report. Consensus expectations of the market were the number of claims to decline to 625 000, initially reported 627 to 000. The total number of Americans receiving unemployment benefits, increased by 114 000 and reached a record 5.112 million last week. Data for the last four weeks showed a decline in the number of Americans who have submitted the first applications for unemployment benefits up to 625 000 to 627 000 in the previous week.
The level of Americans with insurance against unemployment, to receive benefits increased to 3.8 percent, the highest from 1983 onwards, against 3.7 percent the previous week. The average number of requests for benefits over the past four weeks was 639 000. Data show that U.S. companies continue to reduce costs and reduce its staff, a process that erosion consumption and growth of the country's economy, as probably this month unemployment rate will rise to 7.9 percent.
Labels: Business News, Politic News
Alessandro Profumo is not affraid from financial crisis
CEO of UniCredit Group - Alessandro Profumo said he is not worried about Eastern Europe, although the crisis in the region. "Eastern Europe is not our concern," he told reporters in the business conference this weekend. "We have a clear idea of the situation in the region, but we believe that there is considerable exaggeration," he added. UniCredit Bank is the largest lender in Central and Eastern Europe in recent days shares of the bank 12 years to destroy the bottom part because of investor concerns about exposure of the banking group in the region and developing economies.
Labels: Business News
London Stock Exchange (LSE) announced today that it will appoint its CEO Xavier Role, reported Reuters. He is a former director of the division of bankrupt Lehman Brothers in France. Role will join the board of directors of the exchange of 16 March and will take the post of CEO on May 20. He has made significant connections with the London Stock Exchange during the 9-year career at Lehman. U.S. investment bank was among the largest customers of the London exchange to September, as soon as a bankruptcy.
Labels: Business News, Financial News
Will GMAC start working?
Day after the expiry of the deadline for the financial division of General Motors, GMAC to fulfill the conditions to debt and capital base to be converted into a bank holding company, the company maintained silence on how to develop negotiations swap transaction exchange the company's debt worth 38 billions dollars against its shares. Since the company must obtain approval of its creditors for 75 percent of the debt in order to enforce being converted into a bank holding company. On Wednesday Fed GMAC gave permission to be converted into a bank, on Sunday as the company announced that give information about the process as soon as possible. Majority share of 51 percent in GMAC is owned by investment fund Cerberus, which is the main investor in Chrysler, the remainder of the shares of the company are owned by General Motors.
Financial company whose main activities lending and consumer loans for the purchase of cars hopes on the support of the U.S. government, but under the program to stabilize the banking sector worth 700 billion dollars. For this purpose, however, the company must meet certain conditions for the debt ratio and capital base to its assets, as to implement them GMAC wants to take the redemption of bonds with maturity expiring over the next five months. The company will offer price of 55 dollars for the price, if holders of the bonds are not satisfied with this offer will be able to exchange the debt against an equivalent value preferred shares or bonds. ResCap of creditors will receive 20 price of the dollar value of debt held by them. GMAC is united with losing CIT, whose main activity is commercial lending in an effort to ease access to financing and to obtain the status of bank holding company. Currently the company is facing bankruptcy, as has debts of 52 billion dollars with maturity, expiring in 2009. The last deadline for fulfilling the conditions for transformation into a bank holding company of the financial company was Friday, last week. GMAC, which provides funding and dealers of automobiles General Motors, difficult situation falls under the pressure of the collapse of mortgage markets in the U.S. brought its losses amounted to 7.9 billion dollars.
Labels: Business News
Moody's dropped the Ford Motors rating
The credit rating of Ford Motors was reduced by the investment office of Moody's, where alleged that the manufacturer of cars will have to restructure its debt in order to achieve concessions from the unions as its U.S. competitors.
The rating was lowered to Caa3 or five degrees below the historical status by Moody's announced yesterday by the change affects about 26 billion of debt based on Diarborn, Michigan company.
Reduction reflects the increased risks that Ford will have to undertake a restructuring of part of my balance "to obtain concessions such as General Motors and Chrysler can achieve in negotiations with the United Automobile Workers to unionize (UAW), within Federal plan to help companies as Moody's. Ford is not part of the government plan for emergency financial package of 13.4 billion dollars for the other two leading U.S. companies in the sector. Second largest producer of cars across the ocean "must reach equivalent to GM and Chrysler agreement with the UAW", according to Moody's, but rating agencies believe that the unions will not make concessions unless creditors and the company does not do so. Yesterday shares Ford to be thrown down by 12.20 percent to 2.59 dollars.
Labels: Business News
Deutsche Bank made Chinese mad
Investors in bank debt threatened to boycott the creditors who are, Deutsche Bank and infringe unwritten rule, as have the first call option for secondary debt. In coordinated action, angry investors contractual wrote to the banks that any failure to exercise the call option will be considered a breach of trust, which could lead to denial of new purchases of debt of the issuer. The decision of the German bank hitted debt markets last week after the financial institution chose not to redeem debt for secondary 1 billion euros in bonds structured Pillar 2 since it went on its cheaper than the refund.
But even though save of the biggest bank in Germany nearly 150 million, this move led to the fury of the debt buyers that operate based on the assumption that the bonds will be redeemed on the first call date. In a letter to which he has managed to get the English daily The Independent, says that the bank took the decision for or institution is in such difficult situations, it is impossible to comply with the unwritten rule or bank feels in such strong position that can afford to renounce the support of a wide part of its institutional investors. Bank of China, a major buyer of bank debt, has gone further in communication with issuers. Giant Chinese lender said that "any refusal from the call option by an institution will lead to withdrawal from future investments in the debt of this institution.
Labels: Business News
Drops in productional activity of US companies
Manufacturing activity in the Philadelphia region of Notes in December fall under the pressure of deepening recession in the U.S., but the reduction is less than expected. The main economic index, the Federal Reserve Bank of Philadelphia rose during this month to minus 32.9 points in November after the value of the indicator was minus 39.3 points.
In 2007 the average index of manufacturing activity was 5.1 percentage points. Consolidated market expectations were for the index to drop to minus 40 points. Fed index of manufacturing activity in Philadelphia presents the outcome of the inquiry producers in the fifth largest city in the U.S. attitude towards the current economic information, such as values below 0 indicator slowing pace of economic development.
According to the study supporting new orders index in Philadelphia fell to minus 25.2 points after 31.4 points in November. Auxiliary index for the transport of goods decreased to minus 28.7 points in December, this being its lowest level since February 2001 onwards to minus 18.8 points in November. The index of prices paid fell to minus 33.2 points in November after they were registered 30.7 points. The index of producer prices received in Philadelphia in October decreased to minus 33.2 points to minus 30.7 points in November, while the employment index decreased to minus 28.7 points, its lowest level since September 1982 to minus 25.2 points in November. The Indicator of economic expectations of business in Philadelphia for the next six months has increased to pessimism, as its value fell to minus 14.5 points in December to minus 10.4 points in November.
Overall, despite the slight rise in its value indicator remained negative, most of auxiliary indexes signing decreases as the decline in economic expectations shows that likely contraction in economic activity will continue in coming months.
Labels: Business News, Financial News, Politic News
Unemployment Benefits had been decreased last week
Applications for unemployment benefits in the U.S. fell last week after the top of its rise to 575 000 in the first seven days of December. The number of Americans who receive unemployment benefits decreased by 21 000, to the level of 554 000 during the week to December 13 after the previous reporting period reached their highest level for the past 26 years, showing that the labor market in the U.S. continues to weaken and the country is in recession deepens.
As the market consensus expectations were for a decrease in applications to 558 000. Average last four weeks the number of applications for unemployment benefits is 543 750, which is 26 years of peak average of the indicator.
In November the average was 507 000, as today's data indicate that the situation in the labor market in the U.S. continues to deteriorate despite the reduction in applications for unemployment benefits. The country's economy lost 1.9 million jobs during the first 11 months of this year, the number of short positions in November reached 533 000, which is the largest drop in employment by 1974. U.S. unemployment last month reached over 6.7 percent, this being the highest level of 15 years.
Labels: Business News, Politic News
OPEC decreased yield, but the price still goes down
The General Secretary of the Organization of petroleum exporting countries Slem Abdala El Bardi said today that overloaded oil market needs greater reduction of quotas for extraction of oil, Iranian daily reported. A little earlier today, the oil minister of Saudi Arabia Ali al Naimi said that the cartel have reached consensus around a decision to reduce quotas early next year by 2 million barrels per day. Baked today held a regular meeting to determine its policy in Oran, Algeria.
At 15:00, despite the expected decision to reduce quotas for oil extraction got cheaper with 0.53 percent to 43.37 dollars for a barrel. Venezuelan oil minister Rafael Ramirez said the organization will decrease by at least 1 million barrels per day. Russia expressed readiness to provide joint support of the cartel, the lower the yield by 320 000 barrels per day, said Deputy Prime Minister Igor Sechin country. Russia, which is the largest producer of oil outside OPEK, does not consider to accede to the cartel. Azerbaijan, whose representative also attended the meeting as an observer in Oran again considering lowering the yield by 300 000 barrels per day.
Labels: Business News
Clasical pyramid for 2 European banks
Two major European banks, Santander Spanish and French BNP Paribas, have made investments in billions of dollars in American broker who is accused of illegal scheme for 50 billion dollars, reported BBC.
Spanish bank announced that its investment in the company, run by Bernard Medoff amounted to 3.1 billions U.S. dollars and the French reported more than 460 U.S. dollars million Medoff is accused of fraud, perhaps one of the biggest in history. According aware, this case may submit even greater uncertainty throughout the industry of hedge funds. Business editor of BBC claims: that big failure accelerates the disappearance of hedge funds. Medoff is practicing classical pyramid - is using the money into his hedge fund from new investors to pay the outstanding contributions of older investors.
Prosecutors allege that Medoff has admitted to fraud, which is by its hedge fund business and investment advisory services Bernard Madoff Investment Services. The thief is a former head of the exchange Nasdaq. 70 years man has been put under the guarantee of 10 million dollars, a federal judge has appointed a check of client accounts and assets of the company Medoff. Entirely appropriate question how European banks are looking to such investor. By BNP Paribas explained that no personal investment in the fund run by Bernard Medoff but have risky holdings through its commercial business and guaranteed lending to hedge funds.
Labels: Business News
European Union with plan for beating the crisis
The European Commission announced economic recovery plan worth 200 billion euros, which hopes it will be able to retain millions of jobs. The idea is to stimulate spending and increase consumer confidence by injection of funds for more purchases in the region.
The Commission President Jose Manuel Barroso said the plan was "timely and targeted. European Commission expects member states to contribute 170 billion euros and the European Union will give 30 billion euros.
Barroso said it was important that EU Member States to work together in a period of extreme crisis. "This is the best way to restore confidence and counter fears of a long and deep recession," he added. The President of the European Commission said that most of the incentives to come into force in 2009, while some measures will continue in 2010.
The proposed plan will have to be approved at the next summit of EU in December. The plan provides for reduction of VAT rates across the Union, speculation, which appeared after the British government announced a step in the draft budget for next year. The 27 members must decide whether to sign the plan before it is operational.
"Measures should be identical in all countries, but they must be coordinated," said Barroso.
Previously, German Chancellor Merkel expressed concern over the incursion in the race for billions for opening packages of incentives. "We must follow a moderate approach made to order for the situation in Germany," she said before the Bundestag, the lower chamber of parliament.
Labels: Business News, Financial News
Positive start for U.S. markets
U.S. markets rise in early session, led by IT companies after leading manufacturer of personal computers worldwide Hewlett-Packard announced better than expected financial results for the fourth quarter of the fiscal year. The company will publish a full report on November 24th announced a preliminary net profit for the three months to October 31 from 84 cents, or 1.03 dollars per share if excluding depreciation expenses and restructuring. Consensus expectations were for earnings of $ 1 per share. Revenue for the fourth quarter grew by 19 percent to 33.6 billion dollars. Taking into account the effects of movements in exchange rates of revenue growth was 16 percent.
For HP expects fiscal 2009 earnings by an amount between 127.5 and 130.0 billion dollars and profit of between 3.38 to 3.53 dollars per share. Today securities company to get 12.47 percent to 33.00 dollars in opening level of 33.56 dollars.
Positive impact on the market and news emerged that the Executive Director of Yahoo! Jerry Yang has resigned, which increased speculation of renewed negotiations for a merger with Mirosoft.
Labels: Business News, Financial News
2 million barels of petrol hijacked
The crew of captivity by Somali pirates supertanker "Sirius Star", owned by Saudi Arabia, is not threatened by anything - said on the Website of its operator company Vela International.
25 people were on board the tanker - RIA Novosti reported. According to a representative of the maritime forces of the United States, the board has the citizens of Britain, Croatia, Poland, Saudi Arabia and the Philippines.
To save people were operating groups working on safe release of people and the tanker. Representatives of command of the 5th fleet VMS U.S. located in the Gulf on Monday announced the capture of a Saudi ship of pirates of 450 sea miles east of the Kenyan city of Mombasa. Court was still imprisoned on Sunday, specifying the company - operator. According to local authorities for maritime assistance, pirates got the tanker in its main base on the coast of Somalia - the port Eyl.
Tanker was carrying 2 million barrels per oil, or nearly a quarter of Oil of Saudi Arabia for the day. The value of the cargo is estimated at over 100 million dollars. Tanker was bound for the U.S. on route circumfluous Africa and avoid the Suez Canal.
Labels: Business News
Bush is trying to change the ecological regulations
Before the final denouement of a candidate - in the U.S. presidential race, Bush administration seeks as soon as possible to bring as many policy changes in the environment, says Reuters.
About decisions by removing the wolf from the list of protected species permits detection of power near the natural parks, loosen regulation of waste from factories and farms, to facilitate the mining companies that gain in the high mountains. What defenders of nature in SSHTA want most, mandatory program to reduce emissions of greenhouse gases is not called. "Regulations at midnight. Even some business organizations have joined aco-activities and insist on a moratorium on decisions from the Bush administration taken at the last minute. It is the initiative of the interior ministry - but the state Agency for Nature.
Labels: Business News
Commerzbank will require support from the government
The second largest German bank is interested to recruit fresh capital Rescue Fund, the government says "Handelsblat" Decision will be taken at a meeting of the board of the bank. Will be discussed possibility of 480 billion euros. If the bank decides that capital injection, the government will receive a direct impact on the trade policy of the vault. Spokesman of Commerzbank stressed that the bank would put the package of measures the government. The Bank is interested in all the instruments of the Fund as the option of recapitalization, said experts from the bank. The background remains the ongoing crisis and absorption of Dresdner Bank. In the third quarter to accumulate a lot of commitments to bankrupted partnership for Lehman Brothers and loans to Iceland, argue domestic sources. This is one more reason to monitor the bank's capital base. In Wednesday the bank will announce its results for the quarter.
Commercial banks in Germany discuss universal use of the fund guarantees.
The plan will help Germany to overcome "serious problems" in its economy, avoid excessive distortion of the competitive environment, clarifying the Commission. Regional bank BayernLB this week was the first to state that he will benefit from the fund and bank WestLB and HSH Nordbank announced that likely will follow the example "Komertsbank) buy" Drezdner Bank for 9.8 billion euros from "Allianz", creating a leading competitor in Germany, "Deutsche Bank. The acquisition will become twice - this year 60 percent of the shares and the rest - next year. The majority of the cost will be paid to Allianz 'shares by insurance company will continue to hold a share of nearly 30 percent in the new "Komertsbank." Komertsbank announced it plans to reduce its costs by around 2 billion euros, 9 obscured thousand jobs after the acquisition.
Labels: Business News
When the markets are going down, buy Champagne
When the market is demolish and investors no certainty for investment in shares and the prices of industrial raw materials fall under the pressure of slowing global economy and reducing consumption. At a time when the shock of the crisis banking system desperately seeking resources to ensure its liquidity, where one can put their money. As with any crisis and for that investors find salvation in the market of luxury and unusual goods that are available to fewer people and less susceptible to speculation and volatility.
Gold and oil futures are no longer exit, Andy Pik, 49 years his father in Atlanta recently invested money in liquid assets - 400 bottles of champagne for 120 000 dollars, reported Wall Street Journal. According to him, this is a deal that beat forecasts as security for the monthly financial statements of Merrill Lynch and the worst that can happen is just to have to have investment. He plans to wait several years and then sell vintage champagne in 1996 with good profits. More and more investors towards the market of products related to the fashion industry as a wave of alapaka received from animals such as llama living in the region around Peru. In pure form is used very rarely because it is quite expensive, and vicuna, called Vigo, which is very strong and excellent insulation qualities. This soft and fine wool is the most expensive natural fiber in the world.
Investors shift assets from uncertain to actual products with a high price, which will remain expensive no matter what happens to capital markets and how cost liter gasoline. Typical of this type until recently securing assets such as property is no longer considered safe after the average price of new housing decreased by 6.2 percent in August on an annual basis to 221 U.S. dollars 900, which is the lowest level since September 2004.
In July reduction in prices is greatest in Las Vegas with 30 percent and in Phoenix by 29 percent as compared to the same month in 2006 the value of U.S. homes fell an average of 19.5 percent. According to the National Register of alapakite in Lincoln, registrations of new animals grew by 7 percent to 140 297 this year. The price of one of those inhabiting Andes in South America, animals with long hair very fine hair, may reach 10 000 dollars and will probably grow in coming years. Financial firms report, to increase the number of people who invest their money in unusual assets, avoiding the standard used by industrial raw materials futures, stocks, bonds and mutual funds.
But the market offers a wide variety of options. Silver Age Comic Book Pricing Index, an indicator to assess the movement of prices of 32 of the traded comic magazines from 60 years increased by 14.2 percent over 18 months to July, while the Standard & Poor's 500 lost 11 of percent of its value for the same period.
Labels: Business News
Second large merging of German Banks
German credit system is in the fever of merger and conversion, writes "Handelsblat". Deutsche Bank confirmed for the first time the news led to talks with Deutsche Post to share participation in the Postbank. Negotiations are at an advanced stage. It is clear that this is an appropriate strategic step, but the question is whether it will lead to consensus on the price, said the director of Deutsche Bank Josef Akerman a forum of "Handelblat" in Frankfurt.
Today evening meet the management board of Deutsche Post, which must decide. Clear about what options remain for share participation will choose the director of "Deutsche Post" Frank Appeal. "Deutsche Post" hold 50 plus 1 share in "Postbank". Akerman reject the offer led by its institution to take over completely "Postbank". Major restructuring processes are something on which we do not need and do not strive, said Akerman. "Handelsblat" learned from financial circles that "Deutsche Bank intends to hold 30 percent of the capital of Postbank. Akerman rejected proposals to shareholders of Postbank to 100% - selling. Postbank is one of the few opportunities for sales, which remained vacant. "It fit very well to Deutsche Bank because Akerman wants to develop better not only investment banking but also private banking, experts say." Postbank has 850 subsidiaries and 14 million customers. A little time earlier "Deutsche Bank joined the ride for filiara of Citibank in Germany, but ultimately the French bank Credit Mutuel buy. So far Doche Bank made a small banking transactions in the retail purchase of Norisbank and affiliates der Berliner Bank. The Government will support the introduction of Deutsche Bank in the Postbank. This will be an important step in further consolidating the German banking sector, said Finance Minister Per Shtaynbruk.
Labels: Business News
Siement and E.ON singed a framework agreement
Munich's concern division of Siemens Energy will supply 500 wind turbines of German energy giant E. ON, announced today by the German Stock Exchange. The total wind power plants is 1,150 MW, they will be built in the U.S. and Europe. On Monday the two groups have signed a framework agreement, which is among the largest of its kind, the delivery of equipment for wind power by 2010 and 2011 on Siemens and E. ON also have agreed to work together on various competitive wind energy projects worldwide.
From the upcoming supply capacity of wind energy at a rate of 600 MW is envisaged for the United States and the remaining 550 MW will extend the European capacity. It also provides for E. ON to make individualised contracts Siemens based on the conditions set out in the framework agreement. Financial companies do not provide details.
Labels: Business News
Australia with plans for global change in energy policy
Australian scientists have calculated that only one percent of unused geothermal energy in the country can produce clean electricity that will meet the needs for the next 26 thousand years, Reuters reported. Australian government announced that it will put 50 million Australian dollars in a project to develop technology for geothermal energy.
Geothermal energy, sometimes called "hot rocks", there is huge potential in Australia - both in terms of combating climate change, and for national energy security, indicates the Minister of the resources of the South continent - Martin Fergusan. Currently 77% of electricity in Australia is produced from coal, but aims for 20% renewable energy by 2020 remain. While Australia is not the largest global pollutant and contributes to 1.5% of global emissions of greenhouse gases per capita, it is number one with five times more emissions from China.
To create electricity from geothermal energy is inserting water under the earth where water is hetting hotter, and a heat energy is used to generate electricity. Governmental organization Geoscience Australia already created a maps of geothermal energy in the country, using data from mining and energy companies, collected over the decades. On Wednesday a representative of Geoscience for Reuters said that only one percent of reserves equal to 26,000 years energy supplies.
In order to produce electricity, "hot rocks" must have a temperature of 150 degrees Celsius. Such is the temperature at depths of 1 to 5 km., Degrees in earth near the center increased. Estimates of the Association for geothermal energy in Australia show that by 2020 the country will be able to cover 40% (2200 mW) from the requirement of energy from renewable energy sources through the use of hot stones. To do this, however, needed investment from 12 billion Australian Dollars. However prices for electricity production from the ground will be significantly lower after the release of the first plant for commercial purposes.
Labels: Business News
The merge between Commerzbank and Dresdner Bank may be stopped
Strengthen signals are received that in August will be decided for unification between Commerzbank and Dresdner Bank, wrote "Handelsblat. The deal between the two financial institutions is not impossible but would be difficult to implement, say internal sources. However, there is a large speculation in this direction.
Two months both banks carefully checked each other trade reports. Commerzbank, Drezdner Bank and the concern parent Allianz is the refusal of official statements. Inside sources claim that the merger will be completed after 31 August.
Dresdner Bank intends by the end of the month to split from the company's consumer business and to be entered in the commercial register. In recent months, shares of Allianz lost 30 percent of its value, which led to losses for Drezdner Bank. Allianz expectations after the purchase of Drezdner Bank for 24 billion euros in 2001 have crash. Apart from Commerzbank, Drezdner Bank is interested in the Chinese and Russian Development Bank and Sberbank.
Commerzbank and Drezdner Bank faces a problem of valuation of the shares to the financial crisis. At the same time they can not extend the time for negotiations.
Labels: Business News
Leman Bothers is selling properties for 40 billions USD
Investment Bank Leman Bothers started negotiations for sale of its portfolio of property and papers relating to the property market at a cost of up to 40 billion dollars, informed Journal Financial Times. The financial company wants to improve its balance sheet. According to experts requested price is likely different with views of potential buyers.
This was the reason that tis year the bank has proposed to take up to 5 billion dollars loss if the properties continue to get cheaper. If the sale of properties not give any effect, "Leman" may release department for commercial properties and to place on the exchange as a separate company. The pace hardly will recruit many new capital, but will increase confidence in the health of balance. In November last year the bank evaluate its portfolio of properties by 52 billion dollars.
Labels: Business News
Kerosene with lower prices in Russia after intervention of Vladimir Putin
The production prices of Russian enterprises for aviation fuel decrised on average by 1.8% in the last week, reported in the newspaper "Vzglyad". This is the first cheaper kerosene in Russia one year here, and from August 2007 until now airplane fuel in the country got more expensive with 89%. Irrespective of fluctuations in the price of oil in recent months, the cost of kerosene was going up. Although during the last week oil prices on world markets are lower, experts are confident that without the personal intervention of Prime Minister Vladimir Putin reduction in the prices of kerosene would not be possible.
The movement of the price actually is not determined by the market because of the monopol situation of raffineries. Major companies with a vertical structure made all the activities of extraction of oil to the supply of kerosene in bulk and therefore dictate prices. In the recently held meeting with the leadership of the Federal Antimonopol Service (FAS) Putin has set the matter to take appropriate measures regarding the price of kerosene, otherwise it will "take appropriate personnel decisions. As a result, FAS is immediately commenced an investigation against the main producers of aviation fuel in Russia - Lukoil, Gazprom oil, TNK-VR Holding, Rosneft and Surgutneftegaz, in connection with the abuse of top position in the market.
Labels: Business News
Midori, the new generation operating system from Microsoft
From Microsoft started developing a new kind of operating system, called Midori. This software product differs significantly from Windows and probably will not provide compatibility with operating systems from previous generations. Although the information to develop a new operating system has a lot of time, but in Software Development Times first published more details once they have gained access to internal documents of Microsoft. Since the software giant comment that the new operating system is currently in the incubation period of development, which means that phase of the research project has already crossed. With the increasing popularity of network services and technology for virtualisation, sooner or later operating systems Windows from the series will lose its actuality.
Official information about Midori is still not there, but the report of Microsoft confirmed the existence of the project. Midori for the time being can know that Internet-based operating system, which excludes the relationship between applications and hardware required for their work. According to unofficial information from the company, Midori is the next step in the evolution of Microsoft Research's Singularity OS, which involves the creation of network software-isolated processes that decrease dependence of individual applications from one another, thus saving time and protsesorno increase productivity. According Analyst Brian Meydan, the new approach is very promising for the development of innovative OS. The purpose of the new software is to take place the operating system (OS) Windows, when it is pulled from the market. The focus of the new OS will be on browsing the Internet, since Microsoft will try to meet the competing products, leaving the market.
Labels: Business News
FAS is investigating Cartel agreement in Russia
Federal Antimonopol Service (FAS) of Russia prevent several large insurance companies to share the risks for the forthcoming Olympic games in Sochi in June 2014reported newspaper "Komersant". FAS began proceedings on suspicion of limiting competition in the market and cartel agreement against seven insurance companies, united in Sochinski insurance pool. If found guilty they may got a total of 7.2 billion rubles.
In the words of Chief of the management control of financial markets in FAS, in a letter from 24 June to a representative government, the seven insurers write to the creation of a special pool of insurers, with the aim of establishing "business liaison" with the state company "Olimpstroy" which offered to hold a public competition for selecting underwriters of the Olympic sites, which are included only seven companies.
Sochinskiyat insurance pool was established in May. It will enter companies: SOGAZ, "AlyfaStrahovanie", "Gefest", "Ingosstrah", "RESO-Garantiya", "Rosgosstrah", "Soglasie". The total amount of their own capital amounted to 49 billion rubles.
Labels: Business News
Decrease of unemplyed persons in Germany
Slight decrease in the number of unemployed in Germany for July. The number of unemplyed persons is with 20 thousand lower not lead to the level of unemployment for the second serial month, as it proved too little. The total unemployment of rude base in Germany in July was 3.210 million units, while expectations were for rising to 3.20 million units. In June it was 3.16 million units.
The level of unemployment in Germany for July rise to 7.8 percent of the average base (7.7 percent of rude basis) to 7.5 percent in June. Changing of unemployed averaged base in Germany for July coincided with expectations for a reduction by 20 thousands as in May was reduced by 38 thousand units. According to Bundes Bank of unemployed in Germany averaged base is lower at 3.250 million in July to 3.270 million in June.
Labels: Business News
Arcelor Mital with great profit
The shares of Arcelor Mittal, the largest producer of steel in the world, take note seriously slumping today after the company's profits for the second quarter were over the prior expectations. Furthermore, the Executive Director of the company Lakshmi Mital predicts continued growth in the third quarter.
For the first six months of the year the steel producing giant has net income amounted to 8.2 billion dollars, or an increase of 31% on annual basis. As a profit in the second quarter reached $ 5.84 billion, or $ 4.19, to $ 2.72 billion, or $ 1.97 per share, year earlier, reported today by the Luxembourg based company.
Sales increased by 39% on an annual basis, to $ 37.8 billion, since the company expected profits in the third quarter, before tax to reach $ 8.5 billion.
For the first six months of the year the increase in sales amounted to 31%, to $ 67.6 billion, as production increased to 59 million tonnes to 55.7 million tons for the same period in 2007. According to Lakshmi Mital company continues to seek opportunities to further increase its own raw materials, as the prices of the Iron ore rising on world markets. Until 2014 on the company wants to produce itself to 80% of Iron ore, which used to 45% now, as that provided for investment in production and yield of Arcelor Mittal are about $ 7 billion.
Labels: Business News
Lufthansa in protest
Day second of the strike in the biggest German company a plane Lufthansa:
The labour-union Ver.di and claimed on Tuesday. Not only employees in Frankfurt and Hamburg are not working - now stopped and the staff at both airports, Tegel and Berlin Shyonefeld and in Stuttgart and Nuremberg, reported "Shpigel.
On Monday the striker actions of employees of "Lufthansa" not led to changes of schedule, but on Tuesday morning and was first postponed flights - as in the inner lines, and for European flights. 70 Total aircraft company is expected to not fly off today.
In Hamburg were suspended seven fields to Munich and Frankfurt. In Berlin also has suspended flights, late flights are to Brussels, Dusseldorf, Cologne and others. Reported to be postponed flights in Hanover and Bremen, in Dusseldorf, Munich and other cities. A total of at least 18 flights of Lufthanza are deferred. In this connection, the company points out that it is ready for negotiations with the strikers. Agreement with Ver.di lies on the table "and" signature is possible at any moment. Trade unions on Monday explained that the success of actions entered the staff for maintenance of machinery, without which such longer period flights are impossible. "A little exaggerated, but one light in the aircraft may cause the crash of the machine".
Labels: Business News
The demand of long term goods higher in June
The demand for long term goods unexpectedly go up in June, which in turn is an indicator for better development of the industrial sector. Orders for durable goods are up by 0.8% in June to the middle for the season 215.43 U.S. dollars billion as reported by the Ministry of Labour, as the market expected decrease by 0.5% in June. Durable goods that are produced to last more than three years go up by 0.1% in May as previous data was that they were unchanged. Displayed data proved better than market expectations.
But since the beginning of the year, orders for durable goods have increased only three times, which indicates that the delay of economy influences of industry. Until now the demand for expensive goods were weak as it was supporting exports.
Contracts to produce goods mainly for production, which are a major indicator of business spending and do not include those for aviation and defense go up by 1.4% monthly base and 3.8 percent on yearly base.
The deliveries in June for industrial goods excluding those for aviation is lower by 0.7% after the May rose by 0.2%. Supplies are reported, as used in calculating the GDP of the country.
The demand for durable goods in the transport sector decreased by 2.6% in May after having increased by 1.9 percent. The trade aircraft orders rose by 25.1% and military aviation, they are lower by 8.6%.
Orders for motor vehicles and parts go up by 1.8% in June this appears to be looking for more cars to spend more efficiently the fuel themselves. On an annual basis the orders of cars is lower by 15.2%.
Orders for goods with long-term use without their transport rise with 2.0% in June as orders of machines go up by 2.3%, 5.1 for primary metals and 5.0% for electrical equipment and by 1.7% to fabrichnimetali.
Demand without the transport in May decreased 0.5%.
Labels: Business News
Light crude oil of Nymex price is going down
The price of light crude oil of Nymex continues with its decrease as a solid hit bottom yesterday to seven a week in bed for $ 123.90 per barel after data for strong rise in weekly stocks of gasoline in the U.S. and another decrease in consumption of petrol, although a noted oil stocks downturn.
In support of this continued strong drops in oil prices remain concerns about a slowdown in global consumption of petroleum and petroleum products to the economic slowdown in the U.S. and other major consumers of oil and the fact that Hurricane Dolly is not affected the important oil infrastructure in Mexico Bay. Only 5% of the oil companies working in the Gulf temporarily closed their plants.
Now price of loght crude oil is traded around $ 124.40/50 per barel after yeasterday's new fall with about $ 4, as oil is now down more than $ 23 for a barrel from its peak of $147.27 for a barrel on 11.07.08, which represents the strongest decrease in oil prices in history for such a short period (expressed in dollars) and represented 15% - ten drop - the largest since the beginning of 2007 here.
Labels: Business News
Investment of 325 million USD of Elena Baturina in Morocco
The company Inteco founded by Elena Baturina, which is the richest woman in Russia and wife of the Mayor of Moscow - Yuri Luzhkov, will invest in the creation of a resort complex in Morocco, writes Journal Comersant.
Inteco, through its subsidiary company Kudla Group will invest $325 million and will build resort complex on the surface of 2 million square meters. On an area of 48 hectares will be built hotels, sports centres, entertainment Houses, golf course and many more interestin tourist attractions.
The company will implement three projects in Morocco. From Inteco explained that Kudla has five projects in the north African country, the overall area of 1500 hectares.
Inteco was founded in 1991 by Elena and Victor Baturini. Since 1996 its sole owner is Elena Baturina. In Kudla Group has participation and businessman, dependent to a Moroccan government.
Experts note that the choice of Morocco as a place to invest in luxury resort projects is not random. The country has shown positive growth and high nedvizhimostite indicators yield on lease.
Labels: Business News
Breaking of Fannie Mae and Freddie Mac balloon
The two American mortgage agencies Fannie Mae and Freddie Mac looked stable. But on the 10th July, publication in New York Times, told that two companies may be taken under Government rule. And this was followed by panic and selling of shares on half price. On the next day, from the government and spokesmen of Fannie Mae and Freddie Mac announced that they are not in crysis situation and have pretty good practises for fighting with the crysis. For the brake of the shares the main guilty have newpapers and speculations from them. The minister of finances Henry Polson hurried to announce, that government rule of the companies probably will not be done.
In all cases the situation around two giants, created years ago with decision of USA Congress, is still keeping unsure.They has left mortgages for nearly 5 trilions USD, or nearly half of the American mortgage market is in their hands. From the middle of 2007 to the end of March 2008 the loses of Fannie and Freddie is about 12 billions USD. From the begining of the year to 10th July the shares of Freddie Mac felt with more than 75%, and those of Fannie Mae with 64%. During the trade in Friday, 11th July, the shares of Fannie Mae got cheaper with 45% to 8.53 USD, and those of Freddie Mac with 27% to 4,74 USD, reaching 17 years bottom.
Labels: Business News
Lehman Brothers dismissed two directors
Two of the top-rated employees of the American Bank Lehman Brothers were sacked from their work. The prime financial director and the manager director should leave their offices.
Lehman Brothers was seriously hurt by the crash of American Mortgage Market and Global Credit Crysis. For the first quarter od this year the company lost 2.8 billions US DOllars and wrote plans for taking of 6 billions US DOllars additional capital.
That is the first lose from 14 years history of the company and signed a strong contrast with the result of the previous year, when in the same period Lehman took more than 1.3 billions profits.
According to the executive director of Lehman Brothers, Richard Fuld, the result is too poor. During this year Lehman should find 4 billions US Dollars, external funds for improving the accounting ballances, valued in red due to poor ectivities and losts linked to the mortgage market.
Labels: Business News
Enel Group announced the financial results for the quarter of 2008
The board of Directors of Enel, approved financial results for the first quarted of the year 2008. The incomes had increased with 55% in comparison with the same period of the previous year.
Due to the financial results of the company, Fluvio Conti, the director of Enel, commented: "The continuous growing of indexes on Italian market, as the developing of international operations, allowed us to predict, that operational results for 2008 will be higher than thos in 2007."
For the first quarter of 2008, the electricity producted from Enel Group is 57.9 TWh, as from them 16.2% are from Nuclear Central, 27.5% are from renewed sources (water, wind, geotermal and biomass).
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Greenpeace rated the electronical companies
Greenpeace published today, the rating of producers of Hi-Fi for the view point of nature. In this rating the companies Samsung and Toshiba were rated on the first places and the worst company was Nintendo.
Toshiba rated before the previous leaders Samsung and Sony Ericsson, because of its program for remake of the old products and trashes. Nokia lost its positions, because the service centeres in India and Russia are still not taking phones for remaking. The too low rating of Nintendo is because its managers refuse to give any information about ecological programs and ideas of the company.
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Visa with record IPO in USA
The company operator of credit cards Visa, made nearly 17 billions USD in Tuesday in the largest primary public offering in American history. The investors bought all offered shares, in searching of good possibility to invest their free funds in the conditions of world credit crisis.
Visa sold 406 000 000 shares with a price of 44 USD per share and collected 17.9 billions USD before the start of the exchange session today. The company will take a exchange code “V”, with with will be listed on the New York Stock Exchange. The price of shares was better than expected in the range of 38 to 42 USD per share, and this showed hos strong was the request of the investors.
Visa is expecting net incomes after paying of taxes of emission of 17.3 billions USD. Today;s IPO is the top in the history of American capital markets, and till that moment the largest funds was of AT&T Wireless in 2000 for 10.6 billions USD. In spite of that, the public offering of Visa, did not won the competition with Chinese bank ICBC, which realized 21.9 billions USD in October 2006.
Labels: Business News
Business of Real Estates become dangerous
Buying of real estates was the easiest and profitablity invest. You don't need a hard knowledges about finances, business or economy, to realize a big profit. You just needed a little cash and wish to invest in quickly getting more expensive quare meters living area. After years of raising prices and high persentage, more of European countries started to feel the first signals for overturn of the trend. Ireland for example, for 2007 is signing a hard decreasing oif the prices with more than 7%.
COuntries from Eastern Europe, like Poland aand Bulgaria, are still getting good with high persentage of returning, but there the market is dependent from foregn invests. In conditions of world economy delay, foreigners may become a little bit more reserved to invest their money in second home, and with this the raising of the price will delay.
Labels: Business News
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
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
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.
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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
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
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.
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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
More than 1 million households in front of bankruptcy
More than 1 million people will have problems with their payings on
mortgage trusts, if due to economy delay, banks continue to tighten up the criterias for giving of loans. This was announced by FSA, the agency for financial supervision in Great Britain.
In the 6th yearly report for economy risk, Agency for financial services claim, that datas for sellings of busy trade streets in Great Britain are terrible. Thius happens in the vicinity where the prices of properties continue to go down.
FSA registered three risk factors, which can make a bankruptcy of property owner: long term of mortgage, big part of credit is sold price and big part of payments for the credit in structure of the income. Nerarly 1 per 3 for all the 5.7 millions of people that got mortgage credits between April 2005 and September 2007
have at least 1 risk factor.
Labels: Business News
Price of Petrol again round 90$ per barel
The price of petrol started this week with negative results, because the investors started to take the winnings from the previous week. The expectings are that OPEC will not increase the daily extractive rates will stop the future decreasing of the petrol's price.
American light petrol with delivery in March, is trading with 84 cents lower this morning in the level of 89.87 US DOllars. Last week contract was reached the bottom of 86.11 US Dollars per barel, but after decreasing of interest level of FED, speculants started to buy petrol futures and increased the price to over 90 US dollars per barel. London's brent petrol is trading with 76 cents less on the price of 90.14 US Dollars per barel.
Investors will go out from their possitions before the meeting of OPEC, so that it is normal to see one more attempt for braking the bottom of 86 US Dollars per barel.", commented Japanese analysers.
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