U.S. is going to tighten control over bank operations to the maximum block the way of funding international terrorists. As announced on the eve of the government, he prepared the proposal to require U.S. banks to report to the authorities on all transfers of funds abroad and from abroad, regardless of the size of transactions.
According to current rules, like the ITAR-TASS, banks are required to report tax and law enforcement agencies only those transactions that exceed 10 thousand dollars, and store in their own data on transfers in excess of 3 thousand
"The proposed plan seriously help law enforcement agencies in the identification and investigation of transnational organized crime, the multinational drug cartels, terrorist financing and tax evasion" - U.S. Treasury Department spokesman James Frace. According to him, the new proposals will be published in the so-called Federal Register - a collection of official documents of the U.S. government that it was available to the population.
The first reaction of American banks for the Government's initiative has been very cautious. For example, representatives of Bank of America said that the Treasury proposal will be carefully studied and analyzed to determine how they may affect the operation of the bank and its clientele. Meanwhile, social and human rights organizations expressed concern over the fact that the new measures threatens to further encroachment of the state to the private lives of its citizens.
9/28/10
Obama will help ensure that millions of loans of small business owners
President Barack Obama signed into law the Small Business Support. The law provides for the allocation of $ 30 billion for lending to small businesses.
According to the President, the new measures will help ensure that millions of loans of small business owners in the country and create jobs, reports Associated Press.
Note that the official U.S. unemployment rate now stands at 9.7% of the population. However, unemployment in the broad sense (eg, taking into account those people who stopped to look for work, and those who were forced to work part-time) in the U.S. are much higher and, according to some economists, more than 20%.
The law was signed by Obama after the approval of both houses of Congress. Prior to this bill for several months passed by representatives of the Republican Party, which opposed the establishment of the fund, comparing it to aid the financial sector in 2008. According to Republicans, such a move would have pushed banks to make loans to borrowers with a high degree of risk. With the assistance of two Republicans senators resistance was broken, and the bill was approved.
According to the President, the new measures will help ensure that millions of loans of small business owners in the country and create jobs, reports Associated Press.
Note that the official U.S. unemployment rate now stands at 9.7% of the population. However, unemployment in the broad sense (eg, taking into account those people who stopped to look for work, and those who were forced to work part-time) in the U.S. are much higher and, according to some economists, more than 20%.
The law was signed by Obama after the approval of both houses of Congress. Prior to this bill for several months passed by representatives of the Republican Party, which opposed the establishment of the fund, comparing it to aid the financial sector in 2008. According to Republicans, such a move would have pushed banks to make loans to borrowers with a high degree of risk. With the assistance of two Republicans senators resistance was broken, and the bill was approved.
Nobel laureate: U.S. pressure on China to revalue the yuan will result in a catastrophe
Possible adoption of the U.S. legislative measures to encourage China to strengthen the yuan, would have disastrous consequences and would not help reduce the trade deficit between the two countries, says Nobel laureate in economics Robert Mundell (Robert Mundell), which opinion lead agency Bloomberg. "It does not help Americans - Mandell said in an interview televised Bloomberg. - This will not create jobs for Americans. It's just a recipe for disaster. "
As expected, U.S. lawmakers in two days to vote for an initiative that could allow U.S. companies to apply for the introduction of import duties on Chinese goods to offset the effect of the low rate of yuan to the dollar. The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision, the yuan has appreciated against the dollar by only 2%.
This law "cause serious damage to the world economy and stability in Asia, I'm sure the Nobel laureate. "This will affect the stability of international relations - says Mandell. - Never before in economic history has there been such that the country due to legislative initiatives in other parts of the country was forced to revalue its currency against the currency of this country "
As expected, U.S. lawmakers in two days to vote for an initiative that could allow U.S. companies to apply for the introduction of import duties on Chinese goods to offset the effect of the low rate of yuan to the dollar. The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision, the yuan has appreciated against the dollar by only 2%.
This law "cause serious damage to the world economy and stability in Asia, I'm sure the Nobel laureate. "This will affect the stability of international relations - says Mandell. - Never before in economic history has there been such that the country due to legislative initiatives in other parts of the country was forced to revalue its currency against the currency of this country "
Germany supports sanctions against the European Union, unable to control budget deficits
Germany supports the Commission's proposal on the application of sanctions against states - members of the European Union, unable to hold back their debts and budget deficits within the statutory limits. This statement was made by German Finance Minister Wolfgang Schäuble in a letter to his colleagues from EU countries. The main task of such measures - impact on states that fail to control costs and thereby jeopardize the EU as a whole. According to Schäuble, the "strong motivation" to keeping debt and deficits within the permissible limits must take a central place in the economic management of the EU.
The European Commission officially announced its proposals on this matter on September 29. These initiatives are designed to prevent future crises, debt, similar to the Greek, when the fiscal problems of one EU member state questioned the very existence of the single European currency.
According to Eurostat, in 2009 the average budget deficit of the euro area has increased from 2% to 6.3% of GDP, while the norms of the Maastricht Treaty, this figure should not exceed 3% of GDP. Ireland's budget deficit for the year has doubled and now stands at 14,3% in the next UK - 11,5%. The norm of public debt is formally limited to the level of 60% of GDP. However, the debts of some member countries exceed this figure almost doubled. The volume of public debt in Italy is 115.8% of GDP, slightly less than in Greece - 115.1%, the Belgian debt has grown over the year to 96,7% of GDP.
The European Commission officially announced its proposals on this matter on September 29. These initiatives are designed to prevent future crises, debt, similar to the Greek, when the fiscal problems of one EU member state questioned the very existence of the single European currency.
According to Eurostat, in 2009 the average budget deficit of the euro area has increased from 2% to 6.3% of GDP, while the norms of the Maastricht Treaty, this figure should not exceed 3% of GDP. Ireland's budget deficit for the year has doubled and now stands at 14,3% in the next UK - 11,5%. The norm of public debt is formally limited to the level of 60% of GDP. However, the debts of some member countries exceed this figure almost doubled. The volume of public debt in Italy is 115.8% of GDP, slightly less than in Greece - 115.1%, the Belgian debt has grown over the year to 96,7% of GDP.
BBC: Taxpayers in 22 countries unhappy with the way governments spend money
BBC News Agency in conjunction with research firm Globescan and the University of Maryland (USA) conducted a study in 22 countries around the world about how taxpayers are happy with how their government spends tax revenues. Interviewed were more than 22 thousand people. The study found that in most countries, citizens are not completely satisfied with the actions of governments, and would like to see the state take a more active economic position.
Thus, two-thirds of Colombia and Pakistan believe that tax revenues are spent without regard to national interests. In general, none of the countries the share of respondents also were less than one-third. The lowest rate dissatisfied - 34% - in Spain.
The study's authors also note that in most countries, citizens would like a more active government involvement in economic life - in particular, this applies to food subsidies. For subsidies voted 78% of all respondents. Thus, in the Philippines for it acted as more than 95% of respondents in the U.S. - more than half. Against gosdotatsy powered only by residents of Germany, but the number of respondents "against" is only slightly outweighs those who advocate in favor.
With regard to state regulation of the economy as a whole, do not want to only citizens of the United States, Spain, Turkey and Australia.
Another trend - dissatisfaction with the size of government borrowing. More than half of those surveyed were in favor of lowering taxes and reducing the state apparatus. Particularly active in tax cuts favor the people of Brazil, China, France, Germany and Azerbaijan. The exception was Egypt, where the majority of citizens approve a tax policy of the state.
The index of consumer confidence are not very tall. Compared to the year 2009 it grew by only 2% to 28% in the 17 countries that participated in last year's survey.
Poll results reflect the trend towards economic growth in developing countries, while in the richest state of the economy has stagnated (with some exceptions).
Living in China, India, Nigeria and Brazil are optimistic about the future, while the citizens of the United States, Britain and France are pessimistic.
Thus, two-thirds of Colombia and Pakistan believe that tax revenues are spent without regard to national interests. In general, none of the countries the share of respondents also were less than one-third. The lowest rate dissatisfied - 34% - in Spain.
The study's authors also note that in most countries, citizens would like a more active government involvement in economic life - in particular, this applies to food subsidies. For subsidies voted 78% of all respondents. Thus, in the Philippines for it acted as more than 95% of respondents in the U.S. - more than half. Against gosdotatsy powered only by residents of Germany, but the number of respondents "against" is only slightly outweighs those who advocate in favor.
With regard to state regulation of the economy as a whole, do not want to only citizens of the United States, Spain, Turkey and Australia.
Another trend - dissatisfaction with the size of government borrowing. More than half of those surveyed were in favor of lowering taxes and reducing the state apparatus. Particularly active in tax cuts favor the people of Brazil, China, France, Germany and Azerbaijan. The exception was Egypt, where the majority of citizens approve a tax policy of the state.
The index of consumer confidence are not very tall. Compared to the year 2009 it grew by only 2% to 28% in the 17 countries that participated in last year's survey.
Poll results reflect the trend towards economic growth in developing countries, while in the richest state of the economy has stagnated (with some exceptions).
Living in China, India, Nigeria and Brazil are optimistic about the future, while the citizens of the United States, Britain and France are pessimistic.
China will go down in three of the most weighty of votes at the IMF
China on the basis of the forthcoming reform of quotas and votes at the IMF could take a third or even second place in the organization in terms of power after the main "shareholder" of the IMF - the U.S., reports Reuters referring to the working materials fund.
In such a scenario, which has not yet been approved, China will leave behind the "old" economic powers have traditionally been in the fund on the first cast - Germany, France and Britain.
Future redistribution of voting rights in the IMF will take a more prominent position in the fund of many developing countries, including Brazil, Russia, India, South Korea and Turkey, should be of document fund at the disposal of Reuters. The agency said that the developers have prepared four scenarios for reform of the redistribution of votes, three of which suggest that China will move into third place for "weight" in the IMF's current sixth position - more of the voting rights will be only in the U.S. and Japan.
According to one of the options for reform, China bypasses the volume of the voting rights in the IMF Japan and occupies second place behind the United States.
The relative weight in the IMF's other emerging powers will also increase. Thus, India has moved from the 11-th line on the 9 th, and Brazil - from 14 th to 11 th. On what kind of place will be after the redistribution of quotas Russia, the agency does not disclose.
On Tuesday, Russia and China after talks between the two leaders, Dmitry Medvedev and Hu Jintao called on the G20 countries to agree on a specific mechanism of the reform of quotas and votes in the IMF before the next summit of the Twenties, "which will be held in Seoul from November 11-12. «G20 should make sure that the goals of reform IMF quotas set by the summit of Pittsburgh, have been made to hold a summit in Seoul", - said in a joint statement, Medvedev and Hu Jintao.
Summit in Pittsburgh in September last year, the country's "Twenty" agreed on the reallocation of IMF quotas by 5% in favor of developing countries. At the same time, the BRIC countries (Brazil, Russia, India and China) proposed to increase the quotas of developing countries in the IMF by 7%.
In such a scenario, which has not yet been approved, China will leave behind the "old" economic powers have traditionally been in the fund on the first cast - Germany, France and Britain.
Future redistribution of voting rights in the IMF will take a more prominent position in the fund of many developing countries, including Brazil, Russia, India, South Korea and Turkey, should be of document fund at the disposal of Reuters. The agency said that the developers have prepared four scenarios for reform of the redistribution of votes, three of which suggest that China will move into third place for "weight" in the IMF's current sixth position - more of the voting rights will be only in the U.S. and Japan.
According to one of the options for reform, China bypasses the volume of the voting rights in the IMF Japan and occupies second place behind the United States.
The relative weight in the IMF's other emerging powers will also increase. Thus, India has moved from the 11-th line on the 9 th, and Brazil - from 14 th to 11 th. On what kind of place will be after the redistribution of quotas Russia, the agency does not disclose.
On Tuesday, Russia and China after talks between the two leaders, Dmitry Medvedev and Hu Jintao called on the G20 countries to agree on a specific mechanism of the reform of quotas and votes in the IMF before the next summit of the Twenties, "which will be held in Seoul from November 11-12. «G20 should make sure that the goals of reform IMF quotas set by the summit of Pittsburgh, have been made to hold a summit in Seoul", - said in a joint statement, Medvedev and Hu Jintao.
Summit in Pittsburgh in September last year, the country's "Twenty" agreed on the reallocation of IMF quotas by 5% in favor of developing countries. At the same time, the BRIC countries (Brazil, Russia, India and China) proposed to increase the quotas of developing countries in the IMF by 7%.
Europe's stock exchanges were closed in different directions because of fears of debt crisis
Leading European stock indexes finished trading on Tuesday in different directions amid fears over worsening crisis in the debt market in the region and the weak statistical data on consumer confidence in the U.S. economy. This is evidenced by data exchanges. By the close of trading the British FTSE 100 index dipped 0.09% - up to 5 marks 578.44 points. The German DAX fell 0.05% - 6 278.89. The French CAC 40 index on the trading results has lost 0,10% and dropped to 3 762.35.
"We see growing concerns related to the peripheral countries of Europe, which deals with the banking sector - said to Bloomberg managing funds Storebrand ASA Ispen Fernes (Espen Furnes). - Investors have become a little more sensitive, especially after good growth in the market, which had previously been observed in September. "
Pressure on stock indicators Old World had concerns about the economic situation in Ireland. The country's authorities have this week to report the money spent to save the Anglo Irish Bank. According to statements by the authorities, this amounted to 22 billion euros. However, a credit analyst at Standard & Poor's Trevor Cullinan (Trevor Cullinan) believes that it can surpass even the previously predicted 35 billion euros agency that represents 20% of the GDP of Ireland.
On the background of such statements the cost of credit default swaps on the Irish two-year government bonds, which is essentially insurance against default of the country, increased to a maximum value of at least 2003.
Nevertheless, before sale in Europe took place in a weak positive territory on the background information that the European Central Bank (ECB) conducted an operation to buy government bonds from the market of Ireland. This was reported by sources close to the regulator. Earlier Tuesday, the Brussels online newspaper EUobserver reported that the ECB intends to activate a mechanism for emergency financial assistance from the EU to support Ireland.
In addition to the regional news negative impact on the trading floors of Europe has also provided statistics from the ocean. The index of consumer confidence in the U.S. economy in September fell to the lowest since February of this year marks 48.5% from the revised figure for August at 53.2%, while analysts polled by the information-analytical Internet portal dailyFX.com, predicted a decline index over the period only up to 52,1%.
"We see growing concerns related to the peripheral countries of Europe, which deals with the banking sector - said to Bloomberg managing funds Storebrand ASA Ispen Fernes (Espen Furnes). - Investors have become a little more sensitive, especially after good growth in the market, which had previously been observed in September. "
Pressure on stock indicators Old World had concerns about the economic situation in Ireland. The country's authorities have this week to report the money spent to save the Anglo Irish Bank. According to statements by the authorities, this amounted to 22 billion euros. However, a credit analyst at Standard & Poor's Trevor Cullinan (Trevor Cullinan) believes that it can surpass even the previously predicted 35 billion euros agency that represents 20% of the GDP of Ireland.
On the background of such statements the cost of credit default swaps on the Irish two-year government bonds, which is essentially insurance against default of the country, increased to a maximum value of at least 2003.
Nevertheless, before sale in Europe took place in a weak positive territory on the background information that the European Central Bank (ECB) conducted an operation to buy government bonds from the market of Ireland. This was reported by sources close to the regulator. Earlier Tuesday, the Brussels online newspaper EUobserver reported that the ECB intends to activate a mechanism for emergency financial assistance from the EU to support Ireland.
In addition to the regional news negative impact on the trading floors of Europe has also provided statistics from the ocean. The index of consumer confidence in the U.S. economy in September fell to the lowest since February of this year marks 48.5% from the revised figure for August at 53.2%, while analysts polled by the information-analytical Internet portal dailyFX.com, predicted a decline index over the period only up to 52,1%.
Fitch Affirms Moscow at the level «BBB», the forecast - "positive"
International rating agency Fitch on Tuesday confirmed the investment ratings of Moscow took place against the backdrop of the resignation of Mayor Yuri Luzhkov - long-term ratings in foreign and local currency «BBB», and short-term foreign currency rating to «F3», the forecast on long-term ratings of global scale - "positive". This is stated in the report of the agency. Also, Fitch affirmed the long-term rating of Moscow on national scale «AAA (rus)» from "stable" outlook.
According to Fitch, a change of mayor of Moscow will have no material impact on fiscal and debt policies of the city in the short and medium term. Fitch expects that "Moscow will continue to demonstrate strong fiscal performance against the backdrop of economic recovery."
The ratings of Moscow, said in a statement Fitch, reflects the strong economy of the city, good performance of the operating margin, the flexibility of capital expenditure and high rates of secured debt. The ratings also take into account the growing line of duty, and temporary worsening budgetary performance in 2009 due to lower tax revenue due to slower growth of national economy.
According to Fitch, a change of mayor of Moscow will have no material impact on fiscal and debt policies of the city in the short and medium term. Fitch expects that "Moscow will continue to demonstrate strong fiscal performance against the backdrop of economic recovery."
The ratings of Moscow, said in a statement Fitch, reflects the strong economy of the city, good performance of the operating margin, the flexibility of capital expenditure and high rates of secured debt. The ratings also take into account the growing line of duty, and temporary worsening budgetary performance in 2009 due to lower tax revenue due to slower growth of national economy.
Japanese leader potrebkreditovaniya Takefuji declared bankruptcy
The Japanese company Takefuji Corp., Holds leading positions in the national market for consumer credit, declared bankruptcy, as was not able to cover the debt of 433.6 billion yen (5.1 billion dollars). This amount the company owes the borrowers due to the fact that, according to court ruling in 2006, provided funds for an overvalued rate, reports Reuters referring to a message posted on Tuesday, the company.
It is known that the company president Akira Kiyokava and vice president of Tucker Takei, son of the founder Yasuo Takei, resigned. The document also notes that the Takefuji, which failed to enlist the support of any one of the largest Japanese bank, went to court with a request to Tokyo to protect it from creditors, citing including tightening lending rules and strong competition.
Bidding on the company's shares this week were not carried out because of an abundance of applications to sell them. Since the beginning of this year quotations Takefuji declined by 56%.
Competitors Takefuji, mostly smaller companies, are concerned that the bankruptcy of such a large company will force borrowers to doubt their good faith and take preventive legal action. However, according to Japanese analysts, bankruptcy Takefuji not pose a threat to the entire system, because it does not compromise the deposits of individual clients. "Income Takefuji largely accounted for bonds, mostly owned by foreign investors, including hedge funds, so bankruptcy is not able to have a sizeable impact on the entire financial system", - experts believe.
Takefuji, like many other representatives of the consumer finance sector, strive to make to stay afloat after the 2006 Japanese court ruled that the interest rates on loans that they offered were too high, and therefore they should return to its creditors unfairly collected from these funds.
Takefuji company was founded in 1966. Of the credit institution's local value for several decades, the company has become a market leader in consumer lending. In its best years, company had 530 offices throughout Japan and provided loans for 29% per annum. In 2005, the company's founder, Yasuo Takei, who died a year later, won second place in the ranking of the richest people in Japan, according to the magazine Forbes. Then, his fortune was estimated at 5.6 billion dollars. The crisis at the company began long before the global recession, namely in 2004, when Yasuo Takei was convicted of illegal installation of eavesdropping devices, which greatly undermined the reputation of the lender.
It is known that the company president Akira Kiyokava and vice president of Tucker Takei, son of the founder Yasuo Takei, resigned. The document also notes that the Takefuji, which failed to enlist the support of any one of the largest Japanese bank, went to court with a request to Tokyo to protect it from creditors, citing including tightening lending rules and strong competition.
Bidding on the company's shares this week were not carried out because of an abundance of applications to sell them. Since the beginning of this year quotations Takefuji declined by 56%.
Competitors Takefuji, mostly smaller companies, are concerned that the bankruptcy of such a large company will force borrowers to doubt their good faith and take preventive legal action. However, according to Japanese analysts, bankruptcy Takefuji not pose a threat to the entire system, because it does not compromise the deposits of individual clients. "Income Takefuji largely accounted for bonds, mostly owned by foreign investors, including hedge funds, so bankruptcy is not able to have a sizeable impact on the entire financial system", - experts believe.
Takefuji, like many other representatives of the consumer finance sector, strive to make to stay afloat after the 2006 Japanese court ruled that the interest rates on loans that they offered were too high, and therefore they should return to its creditors unfairly collected from these funds.
Takefuji company was founded in 1966. Of the credit institution's local value for several decades, the company has become a market leader in consumer lending. In its best years, company had 530 offices throughout Japan and provided loans for 29% per annum. In 2005, the company's founder, Yasuo Takei, who died a year later, won second place in the ranking of the richest people in Japan, according to the magazine Forbes. Then, his fortune was estimated at 5.6 billion dollars. The crisis at the company began long before the global recession, namely in 2004, when Yasuo Takei was convicted of illegal installation of eavesdropping devices, which greatly undermined the reputation of the lender.
Ukrainian government plans in 2011 to direct the development of the economy 100 billion hryvnia
The Government of Ukraine plans to direct economic development in 2011 of 100 billion hryvnia ($ 1 - 7.9 hryvnia). This was announced on Tuesday the Prime Minister Mykola Azarov during the conference "Ukraine: Reform, competitiveness, investments".
"If we estimate the investment share of about 20-25 billion hryvnia, if you evaluate the possibility of attracting credit resources of 50 billion a year - both internal and external loans in the aggregate - and assess (in total) about 30 billion budget resources, which we can to allocate for development, we get a figure of about 100 billion hryvnia in the year. Here's the real figure, which we expect in the next year "-" Azarov said. However, he noted that given the challenges posed in front of the government, "it's not a very large sum."
According to the head of government, if that amount would be held, the state will receive GDP growth of 10%. "This is a very good indicator, and we are in late 2011 will reach the level of 2007", - Azarov said.
He also noted that all these funds primarily will be sent in an industry where you can get the maximum short-term returns. In particular, he mentioned industries such as agriculture, construction, aviation, shipbuilding, energy-saving technologies.
"If we estimate the investment share of about 20-25 billion hryvnia, if you evaluate the possibility of attracting credit resources of 50 billion a year - both internal and external loans in the aggregate - and assess (in total) about 30 billion budget resources, which we can to allocate for development, we get a figure of about 100 billion hryvnia in the year. Here's the real figure, which we expect in the next year "-" Azarov said. However, he noted that given the challenges posed in front of the government, "it's not a very large sum."
According to the head of government, if that amount would be held, the state will receive GDP growth of 10%. "This is a very good indicator, and we are in late 2011 will reach the level of 2007", - Azarov said.
He also noted that all these funds primarily will be sent in an industry where you can get the maximum short-term returns. In particular, he mentioned industries such as agriculture, construction, aviation, shipbuilding, energy-saving technologies.
Gates supported the idea of additional taxes for the rich
The richest man in the world, Bill Gates endorsed the decision of U.S. authorities to introduce an additional income tax for wealthy people, says The Daily Mail.
Thus, the 54-year-old philanthropist, whose fortune is estimated at 54 billion dollars, has opposed the current Microsoft CEO Steve Ballmer and Amazon.com founder Jeff Bezos and market magnate John Nordstrom. These businessmen are ardent opponents of the additional payments.
Gates said the funds raised through the surcharge, you can invest in need of money, educational institutions. "Everything must be done to help the next generations. We see that the budget cuts threatened the future of children. We must not sit idle, "- said Gates.
He also noted that if every resident of Washington, earning over 200 thousand dollars a year would pay an additional tax, it would bring States 2 billion
On raising taxes for people with high incomes Barack Obama said in May this year. In addition, in early September, he accused Republicans of fiscal irresponsibility, and said that the U.S. can not afford to keep tax breaks for wealthy individuals. He also said that taxes for the middle class in the U.S. may be reduced in September.
Thus, the 54-year-old philanthropist, whose fortune is estimated at 54 billion dollars, has opposed the current Microsoft CEO Steve Ballmer and Amazon.com founder Jeff Bezos and market magnate John Nordstrom. These businessmen are ardent opponents of the additional payments.
Gates said the funds raised through the surcharge, you can invest in need of money, educational institutions. "Everything must be done to help the next generations. We see that the budget cuts threatened the future of children. We must not sit idle, "- said Gates.
He also noted that if every resident of Washington, earning over 200 thousand dollars a year would pay an additional tax, it would bring States 2 billion
On raising taxes for people with high incomes Barack Obama said in May this year. In addition, in early September, he accused Republicans of fiscal irresponsibility, and said that the U.S. can not afford to keep tax breaks for wealthy individuals. He also said that taxes for the middle class in the U.S. may be reduced in September.
9/27/10
Britain's Barclays opens accounts release detainees
Starting in October, the British Barclays will open accounts for prisoners whose sentences of punishment coming to an end. According to the newspaper The Daily Mail, the first major bank in the UK, who introduced a similar service. Starting the project will take place in prisons in eastern England.
In cooperation with the Unlock - National Association for the prisoners - the credit institution will offer assistance to release detainees in the opening of accounts, as well as training on the basics of handling finances. Potential customers will look for volunteers of charitable organizations.
Mark Parsons, head of current accounts by Barclays, commenting on the new project, said: "Quite often, prisoners do not possess even the basics of financial literacy and do not feel confident enough to hike in the bank. Our affiliate program is designed to help them get back on their feet. "
"The bank account - not a luxury but a necessity - highlights, in turn, the head of ongoing projects Unlock Chris Bath. - He needs to start a new life after prison. "
One in five reported crime in the UK, according to the publication, by the former prisoners, and the content of criminals in prisons costing taxpayers 13 billion pounds annually.
To return to the law-abiding life, ex-prisoners have to get a job and find housing, but this requires a bank account. However, according to a study conducted by Unlock, the majority of inmates are difficult to open even the simplest account.
Unlock will bring to their program and other credit organizations, the report said The Daily Mail.
In cooperation with the Unlock - National Association for the prisoners - the credit institution will offer assistance to release detainees in the opening of accounts, as well as training on the basics of handling finances. Potential customers will look for volunteers of charitable organizations.
Mark Parsons, head of current accounts by Barclays, commenting on the new project, said: "Quite often, prisoners do not possess even the basics of financial literacy and do not feel confident enough to hike in the bank. Our affiliate program is designed to help them get back on their feet. "
"The bank account - not a luxury but a necessity - highlights, in turn, the head of ongoing projects Unlock Chris Bath. - He needs to start a new life after prison. "
One in five reported crime in the UK, according to the publication, by the former prisoners, and the content of criminals in prisons costing taxpayers 13 billion pounds annually.
To return to the law-abiding life, ex-prisoners have to get a job and find housing, but this requires a bank account. However, according to a study conducted by Unlock, the majority of inmates are difficult to open even the simplest account.
Unlock will bring to their program and other credit organizations, the report said The Daily Mail.
Economists expect inflation in the euro area
Inflation in the eurozone in September, likely rose against the backdrop of rising prices for food and fuel after the unexpected slowdown in August, according to Dow Jones Newswires.
"We are all more we observe the influence of the recent price shocks in the sector on the price of raw food in the coming months" - note the economists at BNP Paribas in a weekly research note to clients.
Index of confidence in business circles and the final consumer confidence index for September will also be published in the week. It is expected that the index of confidence in the business community will decline. "Given the weak purchasing managers' index of the eurozone, we expect that the index of confidence in the business community in September, slightly below" - economists say HSBC.
Data on unemployment is also expected this week. Germany will publish the September data, and the euro zone published by the August figure. It is expected that these data show stable values compared with the previous month. Data on retail sales in Germany will also be published in the week. According to the forecast, they should show growth in August compared with the previous month after the July decline, economists say.
"We are all more we observe the influence of the recent price shocks in the sector on the price of raw food in the coming months" - note the economists at BNP Paribas in a weekly research note to clients.
Index of confidence in business circles and the final consumer confidence index for September will also be published in the week. It is expected that the index of confidence in the business community will decline. "Given the weak purchasing managers' index of the eurozone, we expect that the index of confidence in the business community in September, slightly below" - economists say HSBC.
Data on unemployment is also expected this week. Germany will publish the September data, and the euro zone published by the August figure. It is expected that these data show stable values compared with the previous month. Data on retail sales in Germany will also be published in the week. According to the forecast, they should show growth in August compared with the previous month after the July decline, economists say.
Berlin allowed to provide Hypo Real Estate more government guarantees up to 40 billion euros
The European Commission has previously allowed the German government to provide investment bank Hypo Real Estate additional government guarantees worth 40 billion euros. The Commission considered that such a measure is consistent with the requirements of the EU. In addition, Brussels authorized the deployment of "toxic" securities Hypo Real Estate worth about 191 billion euros in the so-called "bad bank", reports Deutsche Welle referring to the German media. Earlier, Hypo Real Estate received from the state guarantee for 103.5 billion euros, as well as the capital of $ 7.7 billion
Meanwhile it is reported that European Commission's decision is not final. Currently, experts continue to test the concept of restructuring of Hypo Real Estate. EU Commissioner Joaquin Almunia competition is skeptical about the chances of the bank's rescue. "I still have doubts about the viability of the bank in the long run," - said the Commissioner.
Recall, Hypo Real Estate was among the seven banks that do not cope with the stress tests by the European Committee for Banking Regulation (CEBS). The audit analyzed the financial prospects of companies in the context of global economic turmoil.
Meanwhile it is reported that European Commission's decision is not final. Currently, experts continue to test the concept of restructuring of Hypo Real Estate. EU Commissioner Joaquin Almunia competition is skeptical about the chances of the bank's rescue. "I still have doubts about the viability of the bank in the long run," - said the Commissioner.
Recall, Hypo Real Estate was among the seven banks that do not cope with the stress tests by the European Committee for Banking Regulation (CEBS). The audit analyzed the financial prospects of companies in the context of global economic turmoil.
Bernanke: U.S. economy still needs the help of the Fed
Recovery rates of the U.S. economy after a deep and prolonged recession lower than expected, therefore, the economy is still in need of assistance by the Federal Reserve System, said Fed chief Ben Bernanke.
Despite the fact that the Fed kept key interest rates at record low level for two years, U.S. economic growth is just beginning to gain momentum, and the unemployment rate remains high. "The economy recovered in the order of magnitude slower than we would like" - quoted by Associated Press Bernanke.
Speaking at a conference at Princeton University, where the head of the Federal Reserve taught economics, he noted that the Fed's attempts to rebuild the economy and reduce unemployment to achieve their goals.
The Fed chief also said that the need to establish additional research mechanism aimed at studying the artificial inflation of the so-called "bubbles" in the economy. According to him, the study of such questions will enable authorities in determining financial policy, to avoid steps that would inevitably lead to crisis.
Despite the fact that the Fed kept key interest rates at record low level for two years, U.S. economic growth is just beginning to gain momentum, and the unemployment rate remains high. "The economy recovered in the order of magnitude slower than we would like" - quoted by Associated Press Bernanke.
Speaking at a conference at Princeton University, where the head of the Federal Reserve taught economics, he noted that the Fed's attempts to rebuild the economy and reduce unemployment to achieve their goals.
The Fed chief also said that the need to establish additional research mechanism aimed at studying the artificial inflation of the so-called "bubbles" in the economy. According to him, the study of such questions will enable authorities in determining financial policy, to avoid steps that would inevitably lead to crisis.
SEC refused Chinese Dagong Global Credit Rating in the license for assigning ratings of bonds in the U.S.
Commission on the Securities and Exchange Commission (SEC) has refused Chinese Dagong Global Credit Rating in the license for assigning ratings of bonds in the U.S., wrote on Monday, the newspaper Vedomosti.
The decision was taken because the Chinese control agencies are entitled to limit his correspondence with the SEC and is obliged to remove all "state secrets" from the documents Dagong, before they can be sent to the SEC, told the commission.
This is the first time that SEC denies the agency the status of "nationally recognized statistical-rating organization", the newspaper notes. The fact that Dagong - not an American company, no matter what, says SEC. Dagong were not registered as "currently not possible to keep records, the production process and meet the requirements of inspection in accordance with federal securities laws," notes the SEC. The Commission requires that the rating agencies have kept the details of who pays for the rating, according to records of supervisory requirements and the names of credit analysts.
"As a Chinese credit rating agency Dagong has the right to protect the interests of his country's credit in the U.S. through the rating operations", - said in a response statement Dagong. Chinese agency also reported that the SEC believes the decision and was considering discriminatory application of legal measures.
Beijing Dagong Global Credit Rating, founded in 1994, has more than two dozen offices in China. The agency, which employs more than 500 people, "seeks to create a national brand worldwide." Dagong not disclose the composition of shareholders, but it is known that the agency relies on support from the Chinese government.
The decision was taken because the Chinese control agencies are entitled to limit his correspondence with the SEC and is obliged to remove all "state secrets" from the documents Dagong, before they can be sent to the SEC, told the commission.
This is the first time that SEC denies the agency the status of "nationally recognized statistical-rating organization", the newspaper notes. The fact that Dagong - not an American company, no matter what, says SEC. Dagong were not registered as "currently not possible to keep records, the production process and meet the requirements of inspection in accordance with federal securities laws," notes the SEC. The Commission requires that the rating agencies have kept the details of who pays for the rating, according to records of supervisory requirements and the names of credit analysts.
"As a Chinese credit rating agency Dagong has the right to protect the interests of his country's credit in the U.S. through the rating operations", - said in a response statement Dagong. Chinese agency also reported that the SEC believes the decision and was considering discriminatory application of legal measures.
Beijing Dagong Global Credit Rating, founded in 1994, has more than two dozen offices in China. The agency, which employs more than 500 people, "seeks to create a national brand worldwide." Dagong not disclose the composition of shareholders, but it is known that the agency relies on support from the Chinese government.
9/25/10
Company Shades Of Cyprus asks the court to re-review the claim to the Savings Bank of 3 billion rubles
Cyprus company Shades Of Cyprus Ltd. - Minority shareholders of Voskresensk Mineral Fertilizers (VMF) - re-apply to the Supreme Arbitration Court (IAC) of the Russian Federation on the supervisory review of cases concerning the refusal to recover from the Savings Bank of 3 billion rubles. The announcement was made Friday, the Russian news agency the legal and judicial information (RAPS), the representative of the court, RIA Novosti reported.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
Company Shades Of Cyprus asks the court to re-review the claim to the Savings Bank of 3 billion rubles
Cyprus company Shades Of Cyprus Ltd. - Minority shareholders of Voskresensk Mineral Fertilizers (VMF) - re-apply to the Supreme Arbitration Court (IAC) of the Russian Federation on the supervisory review of cases concerning the refusal to recover from the Savings Bank of 3 billion rubles. The announcement was made Friday, the Russian news agency the legal and judicial information (RAPS), the representative of the court, RIA Novosti reported.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
Bank of Japan may once again pumped money into the economy
Bank of Japan closer to a resumption of pumping money into the economy, allowing the bank reserves placed on its accounts, increased to a level comparable to the levels achieved in the midst of the practice seven years ago.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
The congress of the USA prepares the bill of sanctions against exporters of China for a manipulation a yuan exchange rate
The U.S. Congress is preparing a bill to impose sanctions over the course of China's currency manipulation. On this, as Vedomosti said Thursday the chairman of the lower house of Sander Levin. According to him, responsible for exchange rate policy in Beijing will be exporting Chinese goods.
The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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Western Union and DHL expand cooperation in Europe
Company Western Union, one of world leaders in sphere of global payment services, and DHL Express, the world leader in the field of express delivery, declared intention to expand cooperation and to offer enterprise customers DHL of service of international money transfers Western Union between juridical persons. Service will be accessible in 5 thousand own and partner departments DHL in Europe. Also money transfers Western Union in service centers DHL Express in Europe can perform and physical persons. About it the parties have reported in the joint press release.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Vatican has explained investigation concerning the bankers "misunderstanding"
The investigation begun by the Italian authorities concerning top-managers of Bank of Vatican, including its head Ettore Gotti Tedeski (Ettore Gotti Tedeschi), is caused by "misunderstanding". So have commented on a situation in official Vatican, The Financial Times newspaper writes.
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
The Dutch investment company Hertensteegh has redeemed a part of issue of Odessa SotsKomBanka
The Odessa SotsKomBank entering into group small in the Odessa area of Ukraine, has increased authorized capital on 78,5 million grivnas (1 dollar — 7,9 grivnas), or 50,6 %, — to 233,727 million As have reported on Thursday of the Prime-TASS in bank board, the closed placing of additional issue in volume of 78,5 million shares by face value 1 grivna is finished.
Their owners became investment company Hertensteegh (Netherlands) — on 56 million grivnas and Open Company "Аверс" (Odessa) — on 22,5 million Decision on authorized capital increase is accepted at shareholders general meeting on September, 20th. On it also are selected the chairman of the supervisory board Konstantin Tkach instead of Oleg Grazhdana who is appointed by the vice-president набсовета. In it the weaver represents the enterprise with Open Company "Аверс" foreign investments.
СоцКомБанк it is registered in 2003, for July, 1st, 2010 it didn't have the shareholders owning more than 10 % of shares. In March 2009 Natsbank of Ukraine has appointed SotsKomBanku of the curator in connection with high borrowings (four Odessa banks have received and should return in the beginning of 2009 to Natsbank of 200 million the grivnas received within the limits of refinancing).
In March, 2010 the Antimonopoly committee of Ukraine has permitted private limited company Hertensteegh to purchase a packet of securities of SotsKomBanka that provided more than 50 % of voices in its board.
Their owners became investment company Hertensteegh (Netherlands) — on 56 million grivnas and Open Company "Аверс" (Odessa) — on 22,5 million Decision on authorized capital increase is accepted at shareholders general meeting on September, 20th. On it also are selected the chairman of the supervisory board Konstantin Tkach instead of Oleg Grazhdana who is appointed by the vice-president набсовета. In it the weaver represents the enterprise with Open Company "Аверс" foreign investments.
СоцКомБанк it is registered in 2003, for July, 1st, 2010 it didn't have the shareholders owning more than 10 % of shares. In March 2009 Natsbank of Ukraine has appointed SotsKomBanku of the curator in connection with high borrowings (four Odessa banks have received and should return in the beginning of 2009 to Natsbank of 200 million the grivnas received within the limits of refinancing).
In March, 2010 the Antimonopoly committee of Ukraine has permitted private limited company Hertensteegh to purchase a packet of securities of SotsKomBanka that provided more than 50 % of voices in its board.
Баффет has reduced the share in Moody’s almost twice
The American billionaire and the investor Warren Baffet has once again sold a part of shares of international rating agency Moody's belonging to it. About it reports Reuters. As a result the share of Baffeta in the company since July, 2009 was reduced almost twice.
For last week holding Baffeta Berkshire Hathaway sold securities Moody’s twice: at first 1,35 million shares, and now — 560 thousand more
As a result under control Berkshire Hathaway still had 28,87 million shares Moody’s, or 12,3 %. Till July, 2009 when Baffet began to sell gradually securities Moody’s, it posessed to 48 million shares of agency, or approximately 20 %.
For last week holding Baffeta Berkshire Hathaway sold securities Moody’s twice: at first 1,35 million shares, and now — 560 thousand more
As a result under control Berkshire Hathaway still had 28,87 million shares Moody’s, or 12,3 %. Till July, 2009 when Baffet began to sell gradually securities Moody’s, it posessed to 48 million shares of agency, or approximately 20 %.
Bill Gates has headed again the list of the richest Americans under version Forbes
The founder of Microsoft Bill Gates has headed again the list of 400 richest Americans under magazine Forbes version. Its condition this year has constituted 54 млрд dollars, having increased in comparison with previous year on 4 млрд, transfers Associated Press.
The second place has got to the investor to Warren Baffetu who have increased the condition on 5 млрд of dollars — to 45 billion On the third place — the owner of a 27-milliard condition, the founder of the software company of Oracle Larri Allison.
The second place has got to the investor to Warren Baffetu who have increased the condition on 5 млрд of dollars — to 45 billion On the third place — the owner of a 27-milliard condition, the founder of the software company of Oracle Larri Allison.
In the USA the woman who has plundered bank has had time to take away children from school, disappearing from a scene of crime
The inhabitant of the State of Oregon whom charge of a bank robbery, on road from a scene of crime has had time to take away children from school, reports Associated Press. Incident has occurred in a southern part of staff.
According to police, the robber was included into department Umpqua Bank nearby 14:00 local time. Then it has transferred to the cashier a note with the requirement to transfer to it money. As soon as the woman has received cash (what sum to it managed to be received, it is not specified), it left a building of monetary institution, village in the machine, at the wheel which the young man sat, and has left.
Having received the description of the machine from witnesses of a crime, police left on a trace certain Eriki Anderson. Soon the 37-year-old woman and its companion has been arrested on charge in robbery fulfillment. Criminals managed to be detained, when they have returned from elementary school, whence the woman of a visor of the daughters.
According to police, the robber was included into department Umpqua Bank nearby 14:00 local time. Then it has transferred to the cashier a note with the requirement to transfer to it money. As soon as the woman has received cash (what sum to it managed to be received, it is not specified), it left a building of monetary institution, village in the machine, at the wheel which the young man sat, and has left.
Having received the description of the machine from witnesses of a crime, police left on a trace certain Eriki Anderson. Soon the 37-year-old woman and its companion has been arrested on charge in robbery fulfillment. Criminals managed to be detained, when they have returned from elementary school, whence the woman of a visor of the daughters.
Morgan Stanley plans to expand capital management in Asia
Morgan Stanley has made business development on management of the private capital of the priority purpose in Asia as the challenge is going to throw down to leaders of the industry, such as UBS AG, the head of regional division of the company has declared.
Invariably heading the Asian ratings in the field of merges and absorption Morgan Stanley this year actively hired advisers for the division on management of the private capital, the head of the Asian division Thomas Owen in interview Reuters has noticed.
«If to look at capital creation in Asia it is clear that it is very important, — he has told. — with increase in number of well-to-do persons in all territory of Asia, obviously, the territory of" operations »grows also. I don't think that we the unique company concentrated to it».
Business development on capital management in Asia is a part of plan Morgan Stanley directed on expansion of retail operations. Morgan Stanley Smith Barney became the largest American retail broker company after has been created last year.
Morgan Stanley intend will double number of persons employed in Asia, taken by capital management within the next three years, the basic attention to be given to the top segment of the market.
Global private banks this year even more often addressed to Asia where — except for Japan — the welfare can exceed twice almost world level, by estimations Boston Consulting Group.
Morgan Stanley in 2008 has started investment business projects in India, and through Smith Barney possesses private bank business in Australia.
Invariably heading the Asian ratings in the field of merges and absorption Morgan Stanley this year actively hired advisers for the division on management of the private capital, the head of the Asian division Thomas Owen in interview Reuters has noticed.
«If to look at capital creation in Asia it is clear that it is very important, — he has told. — with increase in number of well-to-do persons in all territory of Asia, obviously, the territory of" operations »grows also. I don't think that we the unique company concentrated to it».
Business development on capital management in Asia is a part of plan Morgan Stanley directed on expansion of retail operations. Morgan Stanley Smith Barney became the largest American retail broker company after has been created last year.
Morgan Stanley intend will double number of persons employed in Asia, taken by capital management within the next three years, the basic attention to be given to the top segment of the market.
Global private banks this year even more often addressed to Asia where — except for Japan — the welfare can exceed twice almost world level, by estimations Boston Consulting Group.
Morgan Stanley in 2008 has started investment business projects in India, and through Smith Barney possesses private bank business in Australia.
Volume M&A comes back to pre-crisis levels
The world sector of merges and absorption (M&A) managed the best quarter for all postcrisis period — since III quarter 2008. Its volume in III quarter 2010 has reached 599 млрд dollars, follows from data Thomson Reuters.
In total volume of declared transactions M&A from the beginning of year has reached 1,678 трлн dollars. Growth is observed the third quarter successively. The greatest volume of transactions has thus had on electric power industry sector.
In III quarter activity M&A has been concentrated in the USA where she has grown on 65 % in comparison with the similar period of 2009.
Besides, growth of activity of transactions M&A with participation of private equity funds was marked, it was maximum for all period from II quarter 2008. In total in the world from the beginning of 2010 it has been declared such transactions for the sum in 140,5 млрд dollars, that is volumes more than were doubled in comparison with the similar period of 2009.
Activity of transboundary transactions has considerably increased: from the beginning of their year it has been declared on 878 млрд dollars, or on 79 %, more than year before.
Three largest declared transactions of this year Thomson Reuters names offer BHP Billiton 43,18 млрд dollars for packet Potash Corp., 27,5 млрд American Movil for Carso Global Telecom, 25 млрд International Power for GDF Suez.
In total volume of declared transactions M&A from the beginning of year has reached 1,678 трлн dollars. Growth is observed the third quarter successively. The greatest volume of transactions has thus had on electric power industry sector.
In III quarter activity M&A has been concentrated in the USA where she has grown on 65 % in comparison with the similar period of 2009.
Besides, growth of activity of transactions M&A with participation of private equity funds was marked, it was maximum for all period from II quarter 2008. In total in the world from the beginning of 2010 it has been declared such transactions for the sum in 140,5 млрд dollars, that is volumes more than were doubled in comparison with the similar period of 2009.
Activity of transboundary transactions has considerably increased: from the beginning of their year it has been declared on 878 млрд dollars, or on 79 %, more than year before.
Three largest declared transactions of this year Thomson Reuters names offer BHP Billiton 43,18 млрд dollars for packet Potash Corp., 27,5 млрд American Movil for Carso Global Telecom, 25 млрд International Power for GDF Suez.
US authorities unify the request for reception of a mortgage for citizens
The Presidential Administration of the USA intends to facilitate for citizens process of official registration of papers at giving of requests for reception of mortgage loans, reports Associated Press.
The adviser of the president of Elizabeth Uorren and the head of the Ministry of Finance of the USA Timoti Gejtner, acting the day before at ministry session, have declared that intend to simplify the commitment form on mortgage reception. «It is one of concrete steps which we undertake within the limits of realization of the program of financial reforms», — has underlined Gejtner.
Now in the USA there are two questionnaires of the borrower duplicating each other: one from the Ministry of housing construction and city development, another — from the Federal Reserve System. Attempts of unification of requests were undertaken by the country authorities within a decade, but borrowers still should fill two questionnaires.
Warren has noticed that simplification of process of document feeding «will help the American families to choose the best offers». During the present time, as she said, «the small print prevents to calculate cost of a mortgage and complicates selection process of credit products».
The adviser of the president of Elizabeth Uorren and the head of the Ministry of Finance of the USA Timoti Gejtner, acting the day before at ministry session, have declared that intend to simplify the commitment form on mortgage reception. «It is one of concrete steps which we undertake within the limits of realization of the program of financial reforms», — has underlined Gejtner.
Now in the USA there are two questionnaires of the borrower duplicating each other: one from the Ministry of housing construction and city development, another — from the Federal Reserve System. Attempts of unification of requests were undertaken by the country authorities within a decade, but borrowers still should fill two questionnaires.
Warren has noticed that simplification of process of document feeding «will help the American families to choose the best offers». During the present time, as she said, «the small print prevents to calculate cost of a mortgage and complicates selection process of credit products».
UBS supports creation of the infrastructural State Bank in the USA
Chief executive officer UBS Americas Robert Volf has declared the day before, addressing to bank committee of the senate of the USA that supports the offer of president Barack Obama to found in the country infrastructural state bank. The State Bank will receive 50-milliard financing from the government and will be responsible for renovation of a transport infrastructure — highways, tracks and the airports, reports Bloomberg.
Volf has underlined that now it "is a high time" for state structure creation. However, it has continued, the bank should be financed by exclusively government, «to avoid destiny Fannie Mae and Freddie Mac, receiving financing both from state, and from private structures». According to Volf, the state control will help to do without investment losses which nearly haven't led the specified mortgage agencies to death in crisis 2008.
Obama has suggested to create the infrastructural State Bank for repair of national significant transport ways even during the election campaign in 2008. Then the congress of the USA hasn't supported this idea, but in September of this year Obama has submitted it again for consideration.
Volf has underlined that now it "is a high time" for state structure creation. However, it has continued, the bank should be financed by exclusively government, «to avoid destiny Fannie Mae and Freddie Mac, receiving financing both from state, and from private structures». According to Volf, the state control will help to do without investment losses which nearly haven't led the specified mortgage agencies to death in crisis 2008.
Obama has suggested to create the infrastructural State Bank for repair of national significant transport ways even during the election campaign in 2008. Then the congress of the USA hasn't supported this idea, but in September of this year Obama has submitted it again for consideration.
London Christie’s has exposed on sale property Lehman Brothers
The London auction Christie’s has exposed on sale property of American bank Lehman Brothers, failed in 2008. It is planned to sell 300 prizes, including the pictures of modern artists representing sea landscapes and scenes of sports events, and also office "knickknacks", in particular, antiquarian boxes for tea, models of the ships, cigaret cases, bronze figures of animals and the Chinese ceramics. For all property it is supposed to gain approximately 3,1 million dollars which will go on a covering of debts of the credit organization. The auctions will take place in London on September, 29th, transfers Associated Press.
Besides works of art, luxury goods and antiques, on the auctions of 3 meters will be exposed the tablet in length, other tablet, appeared on its wall in 2004 when solemn ceremony building opening has taken place is no time decorating a building of the European headquarters of the American bankrupt, and. At a rough guess, from sale of the first prize it will be possible to gain 3-5 thousand dollars, and the second will leave approximately for 1,5-2,3 thousand Top price appraisers Christie’s have appointed for the photo which executed by Andreas Gursky and has embodied a crowd of New York mercantile exchange — it can cost from 150 to 240 thousand Auctions on the given prize will pass separately next month.
Other part of property of bank will be sold at auction Sotheby’s in New York. It is estimated approximately in 10 million dollars. Debts of the American bank at the moment of bankruptcy constituted 613 billion
As it was reported, on September, 15th, 2008 one of the largest investment banks of world Lehman Brothers with assets 639 млрд dollars declared bankruptcy and has brought an action the application on protection against creditors. Bankruptcy Lehman Brothers became the largest in the history of the American business. After crash Lehman Brothers financial crisis has acquired global scale, the panic on Uoll-strit was threw on all trading platforms of the world. Economists are assured that the history of financial markets henceforth shares on "to" and "after" bankruptcy Lehman Brothers.
Besides works of art, luxury goods and antiques, on the auctions of 3 meters will be exposed the tablet in length, other tablet, appeared on its wall in 2004 when solemn ceremony building opening has taken place is no time decorating a building of the European headquarters of the American bankrupt, and. At a rough guess, from sale of the first prize it will be possible to gain 3-5 thousand dollars, and the second will leave approximately for 1,5-2,3 thousand Top price appraisers Christie’s have appointed for the photo which executed by Andreas Gursky and has embodied a crowd of New York mercantile exchange — it can cost from 150 to 240 thousand Auctions on the given prize will pass separately next month.
Other part of property of bank will be sold at auction Sotheby’s in New York. It is estimated approximately in 10 million dollars. Debts of the American bank at the moment of bankruptcy constituted 613 billion
As it was reported, on September, 15th, 2008 one of the largest investment banks of world Lehman Brothers with assets 639 млрд dollars declared bankruptcy and has brought an action the application on protection against creditors. Bankruptcy Lehman Brothers became the largest in the history of the American business. After crash Lehman Brothers financial crisis has acquired global scale, the panic on Uoll-strit was threw on all trading platforms of the world. Economists are assured that the history of financial markets henceforth shares on "to" and "after" bankruptcy Lehman Brothers.
The European stock exchanges on Friday were closed by growth
Leading European stock indexes following the results of the auctions on Friday have grown against the macroeconomic data from Germany which have appeared much better forecasts of analysts, the data of stock exchanges testifies.
To closing of the auctions the British index FTSE 100 has grown on 0,93 % — to a mark 5 598,48 points. German DAX has increased by 1,84 % — to 6 298,30. French CAC 40 following the results of the auctions has added 1,94 %, having risen to 3 782,48.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany — in August to 106,8 points against 106,7 month before. Analysts predicted decrease in an index to 106,4 points.
Also support to the markets was rendered by internal corporate news. In particular, participants of the auctions have positively apprehended increase by analysts Deutsche Bank of the forecast on a stock value of the manufacturer of automobile tire covers Continental and the telecommunication company of Alcatel-Lucent SA.
The important factor for the European platforms was growth of stock markets in the USA at opening. The American stock exchanges as of 19:28 have increased Moscow time by 1,7—1,9 %, having reacted to the message that orders for consumer durables in the USA for August, except for transport sector, have grown on 2 % in monthly calculation. Analysts predicted growth of the given indicator on 1 %.
Not too optimistical there was data on the American real estate market. Sales of new houses in August haven't changed in comparison with the reviewed July indicator, having constituted 288 thousand Analytics assumed that the indicator of sales of new houses will grow to 295 thousand «In the markets still there are fears concerning the second wave of recession in the USA, however we believe that it won't occur», — results agency Bloomberg opinion of economist Raiffeisen Capital Management of Herbert Perusa.
To closing of the auctions the British index FTSE 100 has grown on 0,93 % — to a mark 5 598,48 points. German DAX has increased by 1,84 % — to 6 298,30. French CAC 40 following the results of the auctions has added 1,94 %, having risen to 3 782,48.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany — in August to 106,8 points against 106,7 month before. Analysts predicted decrease in an index to 106,4 points.
Also support to the markets was rendered by internal corporate news. In particular, participants of the auctions have positively apprehended increase by analysts Deutsche Bank of the forecast on a stock value of the manufacturer of automobile tire covers Continental and the telecommunication company of Alcatel-Lucent SA.
The important factor for the European platforms was growth of stock markets in the USA at opening. The American stock exchanges as of 19:28 have increased Moscow time by 1,7—1,9 %, having reacted to the message that orders for consumer durables in the USA for August, except for transport sector, have grown on 2 % in monthly calculation. Analysts predicted growth of the given indicator on 1 %.
Not too optimistical there was data on the American real estate market. Sales of new houses in August haven't changed in comparison with the reviewed July indicator, having constituted 288 thousand Analytics assumed that the indicator of sales of new houses will grow to 295 thousand «In the markets still there are fears concerning the second wave of recession in the USA, however we believe that it won't occur», — results agency Bloomberg opinion of economist Raiffeisen Capital Management of Herbert Perusa.
Stock exchanges of the USA have opened growth on corporate news and статданных from Germany
The American stock markets show growth at opening of the auctions against статданных on economy of Germany and positive corporate news from the USA, the data of stock exchanges testifies.
Index DJIA at the auctions in New York as of 18:15 has grown Moscow time on 1,53 % and has constituted 10 825,14 points. The index of wide market S&P 500 has risen on 1,68 % — to 1 143,61. The index of hi-tech companies Nasdaq has added 1,59 % and has constituted 2 364,04.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany. In August it has risen on 0,1 percentage points — to 106,8 against 106,7 points month before. Analysts predicted decrease in an index to 106,4.
Have pleased participants of the auctions and the message from the American manufacturer of sports goods Nike. The company Net profit in I quarter 2010-2011 which has come to the end on August, 31st, has grown on 9 % — to 559 million dollars.
At the same time the left macroeconomic data in the USA has appeared worse forecasts of analysts that renders restraining influence on growth of indexes. So, on Friday it became known that the volume of orders for consumer durables in the USA in August in comparison with July was reduced to 1,3 % — to 191,2 млрд dollars. Analysts expected reduction of an indicator by 1 %.
Besides, the sales volume of new houses in the USA in August, 2010 in comparison with July hasn't changed and has constituted 288 thousand Analytics assumed that the indicator of sales of new houses will increase to 295 thousand
Index DJIA at the auctions in New York as of 18:15 has grown Moscow time on 1,53 % and has constituted 10 825,14 points. The index of wide market S&P 500 has risen on 1,68 % — to 1 143,61. The index of hi-tech companies Nasdaq has added 1,59 % and has constituted 2 364,04.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany. In August it has risen on 0,1 percentage points — to 106,8 against 106,7 points month before. Analysts predicted decrease in an index to 106,4.
Have pleased participants of the auctions and the message from the American manufacturer of sports goods Nike. The company Net profit in I quarter 2010-2011 which has come to the end on August, 31st, has grown on 9 % — to 559 million dollars.
At the same time the left macroeconomic data in the USA has appeared worse forecasts of analysts that renders restraining influence on growth of indexes. So, on Friday it became known that the volume of orders for consumer durables in the USA in August in comparison with July was reduced to 1,3 % — to 191,2 млрд dollars. Analysts expected reduction of an indicator by 1 %.
Besides, the sales volume of new houses in the USA in August, 2010 in comparison with July hasn't changed and has constituted 288 thousand Analytics assumed that the indicator of sales of new houses will increase to 295 thousand
9/21/10
Japan may further reduce monetary policy
Member of the Board of the Bank of Japan Ryuji Miyao said Wednesday that the Central Bank further soften monetary policy, if implemented the downside risks to the Japanese economy and exacerbated fears about the prospects for the U.S. economy, reports Dow Jones Newswires.
"Because of uncertainty about the prospects, mainly the U.S. economy grows, we must be vigilant in regard to the downside risks to our economy", - said Miyao, speaking to the heads of companies in Tokushima Prefecture in southern Japan. "Very carefully monitoring the economic and price developments in Japan, we will promptly take appropriate action when necessary", - he said.
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"Because of uncertainty about the prospects, mainly the U.S. economy grows, we must be vigilant in regard to the downside risks to our economy", - said Miyao, speaking to the heads of companies in Tokushima Prefecture in southern Japan. "Very carefully monitoring the economic and price developments in Japan, we will promptly take appropriate action when necessary", - he said.
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Deutsche Bank announced the expected loss in connection with the absorption of Deutsche Postbank
The biggest German bank Deutsche Bank AG expects losses in connection with the planned absorption of Deutsche Postbank AG, the Associated Press reported citing an official statement of the credit institution.
Deutsche Bank shares lost dramatically in value (about 4.5%) against the declaration of the deal, as published on the official website of the company, and stood at 44.75 euros at the close of stock market session on 21 September on the ground in Frankfurt.
Currently, Deutsche Bank AG owns just under 30% of assets Postbank. Application for full absorption was formalized on 12 September and supported the intention to issue additional shares in order to attract 10.2 billion euros. The credit institution plans to sell 308.6 million new shares at the price of 33 euros apiece.
Deutsche Bank shares lost dramatically in value (about 4.5%) against the declaration of the deal, as published on the official website of the company, and stood at 44.75 euros at the close of stock market session on 21 September on the ground in Frankfurt.
Currently, Deutsche Bank AG owns just under 30% of assets Postbank. Application for full absorption was formalized on 12 September and supported the intention to issue additional shares in order to attract 10.2 billion euros. The credit institution plans to sell 308.6 million new shares at the price of 33 euros apiece.
U.S. Federal Reserve once again left its key interest rate unchanged
Open Market Committee Federal Reserve System (FRS) the USA on Tuesday once again left the base interest rate unchanged at a record low level - in the range of 0-0,25% per annum. This decision was fully expected and coincided with forecasts of analysts. Fed holds the basic discount rate at the minimum level for almost two years. In September 2007 the rate was 5.25%, later it gradually decreased. In December 2008 the rate was reduced from 1% to the current record low levels and has since remained unchanged.
As a result of the meeting on Tuesday the Federal Reserve Board also noted that the U.S. economy recovers slowly. However, the regulator refrains from taking drastic measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. "The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support economic recovery and the return of inflation over time" at a proper level, the Fed said in a statement.
Fed forecasts slower than the previous estimate, the rate of economic recovery in the medium term. Moreover, given the current economic conditions, the Fed plans to keep the base interest rate at a record low level for a long period of time, the report said American finregulyatora. To support the economic recovery in the context of price stability committee plans to maintain the current level of portfolio securities the Fed with the reinvestment of principal payment of mortgage bonds in the long-term Treasury securities.
As a result of the meeting on Tuesday the Federal Reserve Board also noted that the U.S. economy recovers slowly. However, the regulator refrains from taking drastic measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. "The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support economic recovery and the return of inflation over time" at a proper level, the Fed said in a statement.
Fed forecasts slower than the previous estimate, the rate of economic recovery in the medium term. Moreover, given the current economic conditions, the Fed plans to keep the base interest rate at a record low level for a long period of time, the report said American finregulyatora. To support the economic recovery in the context of price stability committee plans to maintain the current level of portfolio securities the Fed with the reinvestment of principal payment of mortgage bonds in the long-term Treasury securities.
Exchanges in Europe were closed recession against a background of speculation about the U.S. Fed meeting
Trading on major European stock markets ended on Tuesday recession against the backdrop of speculation around the upcoming application of the Federal Reserve System (FRS), the United States in the field of monetary policy, according to the Agency France Presse.
By the closing of the auctions the British index FTSE 100 fell by 0.47% - up to a mark 5 576.19 points. Deutsch DAX fell by 0.30% - 6 275.98. The French CAC 40 up trading down on 0,10% - to 3 784.40.
Speculation around the U.S. Federal Reserve meeting to be held later on Tuesday, were able to overpower the overall positive background in the European region, including reports of successful placement of government bond Ireland and Spain, and short-term treasury bills Greece.
By the closing of the auctions the British index FTSE 100 fell by 0.47% - up to a mark 5 576.19 points. Deutsch DAX fell by 0.30% - 6 275.98. The French CAC 40 up trading down on 0,10% - to 3 784.40.
Speculation around the U.S. Federal Reserve meeting to be held later on Tuesday, were able to overpower the overall positive background in the European region, including reports of successful placement of government bond Ireland and Spain, and short-term treasury bills Greece.
Fitch affirmed the ratings of Ukrainian Ukreksimbanka and Oschadbanka level «B»
International rating agency Fitch on Tuesday confirmed long-term issuer default ratings (IDR) and the Ukrainian state Ukreximbank Oschadbanka level «B» from "stable outlook on the background of a high probability of support from the Ukrainian authorities, RIA Novosti reported.
In addition, Fitch raised the individual rating Oschadbanka to «D / E» to «E» the reduction of uncertainty about the dependence of the credit institution of "Naftogaz Ukraine". "Stable" projections coincide with the prediction of long-term IDR of the sovereign Ukraine, which, in turn, is at the level «B».
Last week, Fitch affirmed the long-term issuer default rating of Ukraine's foreign and local currency «B», forecast the long-term issuer default rating - "Stable". The agency has also affirmed and short-term IDR at level «B» and the country ceiling of Ukraine at the level «B».
At present JSC "Ukreximbank" remains one of the few major local financial institutions that actively support the real sector of the economy and are the stabilizers of the banking system of Ukraine.
Oschadbank, the site says the credit institution, is a universal commercial bank. On the territory of Ukraine has 25 regional offices, 400 branches and 5,751 thousand offices, 592 of which as at 1 October 2006 were in Kiev. As of 1 November 2006 the number of bank customers exceeded 94.9 million people.
In addition, Fitch raised the individual rating Oschadbanka to «D / E» to «E» the reduction of uncertainty about the dependence of the credit institution of "Naftogaz Ukraine". "Stable" projections coincide with the prediction of long-term IDR of the sovereign Ukraine, which, in turn, is at the level «B».
Last week, Fitch affirmed the long-term issuer default rating of Ukraine's foreign and local currency «B», forecast the long-term issuer default rating - "Stable". The agency has also affirmed and short-term IDR at level «B» and the country ceiling of Ukraine at the level «B».
At present JSC "Ukreximbank" remains one of the few major local financial institutions that actively support the real sector of the economy and are the stabilizers of the banking system of Ukraine.
Oschadbank, the site says the credit institution, is a universal commercial bank. On the territory of Ukraine has 25 regional offices, 400 branches and 5,751 thousand offices, 592 of which as at 1 October 2006 were in Kiev. As of 1 November 2006 the number of bank customers exceeded 94.9 million people.
In France, treatment release new silver coins of 10 euro
In France, published a series of silver coins of 10 euro, reports France Info. According to the representative of the Paris Mint Christophe Beau, the aim of the action is the improvement of citizens' attitudes to the euro.
Total court has issued four million coins. For their design used coats of arms and map historical areas of France - Normandy, Brittany and some others. Sold currency, whose cost amounted to 4.5 euros, will be at 3 thousand post offices in the country.
Previously, France had already coined such coins. For example, in 2008, was issued 2 million of the coins in denominations of 5 euros, and in 2009 - the same number of 10-evrovyh coins. All of these banknotes have been implemented in a few weeks.
The practice of minting coins of precious metals is widespread in Germany, which produced 8 million silver coins in denominations of 10 euros each year.
Total court has issued four million coins. For their design used coats of arms and map historical areas of France - Normandy, Brittany and some others. Sold currency, whose cost amounted to 4.5 euros, will be at 3 thousand post offices in the country.
Previously, France had already coined such coins. For example, in 2008, was issued 2 million of the coins in denominations of 5 euros, and in 2009 - the same number of 10-evrovyh coins. All of these banknotes have been implemented in a few weeks.
The practice of minting coins of precious metals is widespread in Germany, which produced 8 million silver coins in denominations of 10 euros each year.
Chinese Foreign Ministry has asked the U.S. to focus on maintaining the stability of the dollar
China's foreign ministry appealed to the U.S. government to concentrate on restoring the national economy after the financial crisis and efforts to stabilize the dollar. This statement was made in response to nestihayuschuyu criticism of the authorities of the United States of America to the Chinese legislature, exercising tight control over the fluctuations of the yuan. "Since the U.S. is not too wise to point the finger at the RMB exchange rate and seek to strengthen it", - said in a statement today the Ministry, reports Reuters. The paper also notes that the yuan against the dollar is hardly grow significantly, but even more powerful China's currency would not be able to balance observed in the present US-China trade imbalance.
Yuan strengthened nine days in a row against the discontent of the U.S. government monetary policy of the Chinese authorities.
Recall, 19 June, a week before the summit, G20, which was held in Canada on June 26-27, People's Bank of China announced a return to the reform of exchange rate policy, suspended in mid-2008, against the backdrop of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time. However, since the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some politicians promote trade sanctions against the yuan.
We also note that in September, the U.S. asked the World Trade Organization (WTO) to assist in resolving the trade dispute with China. According to statements by U.S. representative at the negotiations in the WTO Ron Kirk, Beijing artificially creates a disadvantage for American companies that supply to China from the U.S. ploskokatanuyu electrical steel, as well as companies providing services in the electronic payments market.
Meanwhile, governments of both countries are equally dissatisfied with conditions of access to national markets for steel, tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States bird.
Over the past few years, Chinese companies have invested billions of dollars, with major capital flows were directed to the development of mining and oil assets in Africa, Central Asia and other regions. The growing presence of Chinese companies in the world market has caused discomfort in some countries, hastened to partially block the access of public enterprises from China in the strategically important industry.
Yuan strengthened nine days in a row against the discontent of the U.S. government monetary policy of the Chinese authorities.
Recall, 19 June, a week before the summit, G20, which was held in Canada on June 26-27, People's Bank of China announced a return to the reform of exchange rate policy, suspended in mid-2008, against the backdrop of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time. However, since the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some politicians promote trade sanctions against the yuan.
We also note that in September, the U.S. asked the World Trade Organization (WTO) to assist in resolving the trade dispute with China. According to statements by U.S. representative at the negotiations in the WTO Ron Kirk, Beijing artificially creates a disadvantage for American companies that supply to China from the U.S. ploskokatanuyu electrical steel, as well as companies providing services in the electronic payments market.
Meanwhile, governments of both countries are equally dissatisfied with conditions of access to national markets for steel, tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States bird.
Over the past few years, Chinese companies have invested billions of dollars, with major capital flows were directed to the development of mining and oil assets in Africa, Central Asia and other regions. The growing presence of Chinese companies in the world market has caused discomfort in some countries, hastened to partially block the access of public enterprises from China in the strategically important industry.
9/20/10
Banks without oxygen
JPMorgan Chase CEO James Dimon unhappy with the reform of the U.S. financial sector and the requirements of Basel III ». He even threatened to withdrawal from the Board of Directors of the Federal Reserve Bank of New York.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Banks without oxygen
JPMorgan Chase CEO James Dimon unhappy with the reform of the U.S. financial sector and the requirements of Basel III ». He even threatened to withdrawal from the Board of Directors of the Federal Reserve Bank of New York.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
9/19/10
Obama has decided to create the Bureau of Consumer Protection
During the period from 2001 to 2009 middle-class incomes in the U.S. declined by 5%. By definition, the newspaper The Wall Street Journal, is a "lost decade" was the worst for U.S. households over the past half century. Such figures led Barack Obama, we would add that the decade "ended with a disastrous recession, further aggravating the situation."
According to ITAR-TASS, Obama argued that the middle class - the reliance of American society - in need of protection, including from the financial fraud that contributed to the origin and development crisis. Therefore, as part of an overall package of reforms on Wall Street, he decided to establish a Bureau of Consumer Protection. On Friday, the head of administration in Washington has announced that work on the actual creation of this new agency will Elizabeth Warren in the rank of assistant to the president and spetssovetnika U.S. Treasury. Permanent office director will be selected and appointed later.
According to ITAR-TASS, Obama argued that the middle class - the reliance of American society - in need of protection, including from the financial fraud that contributed to the origin and development crisis. Therefore, as part of an overall package of reforms on Wall Street, he decided to establish a Bureau of Consumer Protection. On Friday, the head of administration in Washington has announced that work on the actual creation of this new agency will Elizabeth Warren in the rank of assistant to the president and spetssovetnika U.S. Treasury. Permanent office director will be selected and appointed later.
The Economist: the U.S. finally emerge from the crisis until 2014
U.S. finally emerge from the current financial crisis is not earlier than 2014. According to ITAR-TASS, with the forecast made by the British weekly The Economist.
Hitting the United States in the summer of 2007, and then spread to the entire global economy crisis was the strongest with a 30-ies of the last century. Its peculiarity is that in the midst of turmoil have been the world's financial and banking markets.
"An analysis of past crises shows that, in case of defeat of financial institutions to overcome difficulties to about seven years" - the newspaper notes. As a result, the U.S. can overcome the current crisis is not earlier than 2014. According to forecasts of the weekly, the next four years will be for the world economy is very complex, continued high levels of unemployment and economic activity will remain low.
Hitting the United States in the summer of 2007, and then spread to the entire global economy crisis was the strongest with a 30-ies of the last century. Its peculiarity is that in the midst of turmoil have been the world's financial and banking markets.
"An analysis of past crises shows that, in case of defeat of financial institutions to overcome difficulties to about seven years" - the newspaper notes. As a result, the U.S. can overcome the current crisis is not earlier than 2014. According to forecasts of the weekly, the next four years will be for the world economy is very complex, continued high levels of unemployment and economic activity will remain low.
9/18/10
China will remain committed to a proactive financial and moderately loose monetary policy - the Central Bank of China
China in the nearest future will remain committed to a proactive financial and moderately loose monetary policy, strengthen its targeted focus and flexibility based on the new situation and new developments. About it, says a September 17 People's Bank of China / Central / report.
The report, entitled "Financial stabilization of China in 2010," notes that in 2009 thanks to this policy and a package of measures to stimulate the economy China has a relatively short time to reverse the significant economic downturn and to ensure the growth of the economy. In the future tense should continue to pursue a moderately loose monetary policy, to build a balance between maintaining a relatively fast and sustainable economic development, economic restructuring and management of inflation.
The banking sector, the report said, should continue to implement macroeconomic policies to provide greater support to the economic restructuring and transformation of models of economic development, prevent and mitigate hidden risks, optimize the structure of earnings to further increase capacity, market competitiveness and ability to resist risks.
The report, entitled "Financial stabilization of China in 2010," notes that in 2009 thanks to this policy and a package of measures to stimulate the economy China has a relatively short time to reverse the significant economic downturn and to ensure the growth of the economy. In the future tense should continue to pursue a moderately loose monetary policy, to build a balance between maintaining a relatively fast and sustainable economic development, economic restructuring and management of inflation.
The banking sector, the report said, should continue to implement macroeconomic policies to provide greater support to the economic restructuring and transformation of models of economic development, prevent and mitigate hidden risks, optimize the structure of earnings to further increase capacity, market competitiveness and ability to resist risks.
6 other U.S. banks went bankrupt. What will happen with the dollar?
As reported by Market Leader (USA), 6 more American banks declared bankrupt by the U.S. authorities. This three banks in Georgia and one each in New Jersey, Ohio and Wisconsin. Thereby add to the list for 125 U.S. banks went bankrupt due to the inability to return to the commitments they have loans. About this on his website announced on Friday 17 September the Federal Deposit Insurance Corporation (FDIC) U.S..
FDIC fund most federal bankruptcy given a cost of 347.6 million dollars. Total Federal Deposit Insurance Corporation insures deposits of 7,830 banks in America, worth $ 13.2 trillion. A growing number of bank failures has devastated the U.S. budget dollars to several billion dollars, and the federal deposit insurance fund the U.S. since 2009. is in the so-called "red zone" where the number of payments to depositors of bankrupt banks exceed receipts for insurance from the existing U.S. banks. The total deficit of the state insurance fund reached U.S. investors at June 30, 2010, $ 20.7 billion.
According to the forecasts of the federal deposit insurance fund FDIC U.S. series of bankruptcies of U.S. banks will not stop and the total amount of payments from 2010 to 2014 may total about $ 60 billion.
However, the FDIC is optimistic, because
* The number of bankruptcies of U.S. banks declined markedly in 2010 compared with the previous year in which regulators closed the 140 North American banks (125 in 2010) year.
* U.S. Government and the FDIC continues to guarantee the return of 100% of depositors, whose deposits do not exceed 250,000 dollars, the Market Leader and Bloomberg.
How does the U.S. dollar to continue a series of bankruptcies of U.S. banks?
Certainly, the ongoing series of bankruptcies of U.S. banks will not add to investor confidence in U.S. banks, analysts say Trading Academy Masterforex-V
According to the Department DFVA Academy Masterforex-V of the euro against the dollar is in a corrective movement of the medium-term range. Next month significant trend movements do not expect, though sharp plohoprognoziruemye traffic in both directions are possible. Couple found itself in the resistance level of 1.3010 and fluctuating corrective waves will show whether the euro rise to the next level of 1.39.
FDIC fund most federal bankruptcy given a cost of 347.6 million dollars. Total Federal Deposit Insurance Corporation insures deposits of 7,830 banks in America, worth $ 13.2 trillion. A growing number of bank failures has devastated the U.S. budget dollars to several billion dollars, and the federal deposit insurance fund the U.S. since 2009. is in the so-called "red zone" where the number of payments to depositors of bankrupt banks exceed receipts for insurance from the existing U.S. banks. The total deficit of the state insurance fund reached U.S. investors at June 30, 2010, $ 20.7 billion.
According to the forecasts of the federal deposit insurance fund FDIC U.S. series of bankruptcies of U.S. banks will not stop and the total amount of payments from 2010 to 2014 may total about $ 60 billion.
However, the FDIC is optimistic, because
* The number of bankruptcies of U.S. banks declined markedly in 2010 compared with the previous year in which regulators closed the 140 North American banks (125 in 2010) year.
* U.S. Government and the FDIC continues to guarantee the return of 100% of depositors, whose deposits do not exceed 250,000 dollars, the Market Leader and Bloomberg.
How does the U.S. dollar to continue a series of bankruptcies of U.S. banks?
Certainly, the ongoing series of bankruptcies of U.S. banks will not add to investor confidence in U.S. banks, analysts say Trading Academy Masterforex-V
According to the Department DFVA Academy Masterforex-V of the euro against the dollar is in a corrective movement of the medium-term range. Next month significant trend movements do not expect, though sharp plohoprognoziruemye traffic in both directions are possible. Couple found itself in the resistance level of 1.3010 and fluctuating corrective waves will show whether the euro rise to the next level of 1.39.
In August, the U.S. recorded low inflation
With the exception of gasoline prices, inflation in the last month of summer was low. Judging by the report of the Ministry of Labour, published on Friday 17 September, prices in August as in July, grew on average by three tenths of a percent.
These data indicate that the U.S. Federal Reserve Bank, probably for some time to keep the current low interest rate. Next week, the American leadership of the Central Bank will meet in Washington to address the level of interest rates and other economic problems.
The interest rate is maintained at a low level in order to stimulate economic growth. With increasing inflation the Federal Reserve Bank raises interest rates to support the economy and prevent a sharp rise in prices.
These data indicate that the U.S. Federal Reserve Bank, probably for some time to keep the current low interest rate. Next week, the American leadership of the Central Bank will meet in Washington to address the level of interest rates and other economic problems.
The interest rate is maintained at a low level in order to stimulate economic growth. With increasing inflation the Federal Reserve Bank raises interest rates to support the economy and prevent a sharp rise in prices.
The review of the stock market: results of a week in the U.S.
Middle of the week was marked by multi-directional movements of the indices. The market found support in anticipation of the beginning of the iPad sales of Apple Inc. in China, which has favorably affected the technology sector. The company's shares rose 2.2%, so the technology sector has shown very strong growth in the S & P 500.
Shares of automaker Ford Motor Co. grew by 4.9% expense of raising recommendations thereon from the bank Barclays Plc.
Paper FedEx, the second-largest U.S. company to deliver goods, by contrast, have lost 4%.
The success of the technology sector due to the fact that the shares appear cheap and investors understand that these companies can provide income to holders of its securities.
Technology stocks in the index S & P 500 showed an increase for seven consecutive days. Shares of Microsoft Corp. soared this week after reports of a possible sale of the company's debt to return cash to holders of securities. Stock quotes, Cisco Systems Inc. also went up after the announcement of the dividend payments to shareholders.
S & P 500: 1,124.66 points, losing 0.036%
DJIA: 10594,83 points, the addition of 0.209%
Nasdaq Composite: 2301,32 points, the addition of 0.084%
Shares of automaker Ford Motor Co. grew by 4.9% expense of raising recommendations thereon from the bank Barclays Plc.
Paper FedEx, the second-largest U.S. company to deliver goods, by contrast, have lost 4%.
The success of the technology sector due to the fact that the shares appear cheap and investors understand that these companies can provide income to holders of its securities.
Technology stocks in the index S & P 500 showed an increase for seven consecutive days. Shares of Microsoft Corp. soared this week after reports of a possible sale of the company's debt to return cash to holders of securities. Stock quotes, Cisco Systems Inc. also went up after the announcement of the dividend payments to shareholders.
S & P 500: 1,124.66 points, losing 0.036%
DJIA: 10594,83 points, the addition of 0.209%
Nasdaq Composite: 2301,32 points, the addition of 0.084%
9/17/10
The volume of remittances to Georgia in August increased by 8.8%
Remittances from abroad to Georgia in August 2010 in comparison with the same period last year grew by 6.6 million dollars, or 8.8%, to $ 81.6 million
According to the National Bank of Georgia, first in terms of remittances continues to occupy Russia, where in August, received 48.9 million dollars. This is 8.8 million more than in August 2009.
The second place United States: 6.1 million dollars, 0.1 million more than the same period last year. In third place Greece with exponent 4.7 million dollars and remittances from there dropped by 1 million
Remittances from abroad of Georgia in August 2010 totaled 6.3 million dollars. This is 0.7 million, or 12.5% more than in August last year. There is also the first place Russia - 2.34 million dollars, 0.05 million less than the same period last year. Second place is occupied Ukraine: 1.3 million dollars - to 0.3 million more than in August last year.
According to the National Bank of Georgia, first in terms of remittances continues to occupy Russia, where in August, received 48.9 million dollars. This is 8.8 million more than in August 2009.
The second place United States: 6.1 million dollars, 0.1 million more than the same period last year. In third place Greece with exponent 4.7 million dollars and remittances from there dropped by 1 million
Remittances from abroad of Georgia in August 2010 totaled 6.3 million dollars. This is 0.7 million, or 12.5% more than in August last year. There is also the first place Russia - 2.34 million dollars, 0.05 million less than the same period last year. Second place is occupied Ukraine: 1.3 million dollars - to 0.3 million more than in August last year.
Fitch Assigns Eurobond Ukraine rating to «B»
International rating agency Fitch Assigns Eurobond Ukraine - a decade at 1.5 billion dollars and a five-year 500 million - the rating «B», RIA Novosti reported.
The ratings are assigned in accordance with long-term issuer default rating «B», which has a stable outlook.
Ukraine on Thursday, the placement of external public borrowing. The interest rate on loans was 6.875% for the five-year bonds, and 7.775% - for a decade.
"Implementation of the bond issue is unprecedented in the history of foreign loans, the history of Ukraine's independence, both in volume and the number of instruments," - told journalists on Friday, Prime Minister Mykola Azarov. He also added that after a failed attempt to issue Eurobonds in 2008, this edition was the first successful one.
The proceeds from the Eurobond may be partly repaid loan of a Russian bank VTB's $ 2 billion, told the minister of finance of Ukraine Fedor Yaroshenko.
The ratings are assigned in accordance with long-term issuer default rating «B», which has a stable outlook.
Ukraine on Thursday, the placement of external public borrowing. The interest rate on loans was 6.875% for the five-year bonds, and 7.775% - for a decade.
"Implementation of the bond issue is unprecedented in the history of foreign loans, the history of Ukraine's independence, both in volume and the number of instruments," - told journalists on Friday, Prime Minister Mykola Azarov. He also added that after a failed attempt to issue Eurobonds in 2008, this edition was the first successful one.
The proceeds from the Eurobond may be partly repaid loan of a Russian bank VTB's $ 2 billion, told the minister of finance of Ukraine Fedor Yaroshenko.
U.S. asked the WTO to do the conflict Visa c Chinese authorities
U.S. Trade Representative requested the WTO to protest the actions of Chinese authorities in respect of one of the largest global payment systems Visa. About this newspaper The Financial Times.
Since 2009, China is blocking all new projects Visa because of its conflict with the local payment system UnionPay. The U.S. side believes that monopoly UnionPay violates the obligation to make Beijing's financial services market more open.
Visa last year UnionPay accused of unfair competition, pointing out that often cross-border payments using Visa cards in China is actually carried through UnionPay. However, the Chinese company refused to cooperate with Visa on this issue.
China UnionPay, founded in 2002, is the only nationwide company in China, servicing credit cards. Company now has all the financial institutions are issuing debit cards.
Since 2009, China is blocking all new projects Visa because of its conflict with the local payment system UnionPay. The U.S. side believes that monopoly UnionPay violates the obligation to make Beijing's financial services market more open.
Visa last year UnionPay accused of unfair competition, pointing out that often cross-border payments using Visa cards in China is actually carried through UnionPay. However, the Chinese company refused to cooperate with Visa on this issue.
China UnionPay, founded in 2002, is the only nationwide company in China, servicing credit cards. Company now has all the financial institutions are issuing debit cards.
The World Bank began to develop new country strategy for Belarus for 2012-2015
The World Bank began to develop new country strategy for Belarus for 2012-2015. This was stated by Director of World Bank for Ukraine, Belarus and Moldova Martin Raiser at a press conference in Minsk on Friday.
"While we are at the very beginning of this discussion. The recently held World Bank capital increase, but the amount that will be available to each country, yet determined. Therefore, to talk about any particular level of funding early "- said Reiser.
"But I believe that our goal in Belarus should be the development of the successful results that were achieved under the current strategy. I think this should take the form of a very intensive dialogue on structural reforms. And if these reforms will take place, we will be ready to support these reforms as part of our development loans "- he added.
Reiser also said that the World Bank has a number of successful investments in the modernization of social and economic infrastructure of Belarus, under which the bank also plans to develop cooperation.
According to him, the next phase of economic growth in Belarus has "a much greater reliance on the dynamic development of private entrepreneurship and the growth of foreign direct investment, which will attract new technology and gain access to new markets."
As stated permanent representative of the World Bank in the country, Ivan Velev, the general direction the country strategy for Belarus for 2012-2015 will remain the same. Particular attention will be given to structural reforms and government programs for infrastructure development.
As previously reported, the World Bank under the revised strategy for cooperation with Belarus for 2008-2011 has increased the possibility of providing annual financial support the country with 100 million to $ 250 million.
"While we are at the very beginning of this discussion. The recently held World Bank capital increase, but the amount that will be available to each country, yet determined. Therefore, to talk about any particular level of funding early "- said Reiser.
"But I believe that our goal in Belarus should be the development of the successful results that were achieved under the current strategy. I think this should take the form of a very intensive dialogue on structural reforms. And if these reforms will take place, we will be ready to support these reforms as part of our development loans "- he added.
Reiser also said that the World Bank has a number of successful investments in the modernization of social and economic infrastructure of Belarus, under which the bank also plans to develop cooperation.
According to him, the next phase of economic growth in Belarus has "a much greater reliance on the dynamic development of private entrepreneurship and the growth of foreign direct investment, which will attract new technology and gain access to new markets."
As stated permanent representative of the World Bank in the country, Ivan Velev, the general direction the country strategy for Belarus for 2012-2015 will remain the same. Particular attention will be given to structural reforms and government programs for infrastructure development.
As previously reported, the World Bank under the revised strategy for cooperation with Belarus for 2008-2011 has increased the possibility of providing annual financial support the country with 100 million to $ 250 million.
Annual inflation in the U.S. in August slowed to 1.1%
Inflation in the U.S. in August of this year slowed to 0.1 percentage points - up 1.1% year on year from 1.2% in July, figures from the Bureau of Labor Statistics U.S. Department of Labor.
Published data coincided with expectations of analysts surveyed by the information-analytical Internet portal dailyFX.com.
According to the report, the main factors of inflation on an annualized basis in the country are raising prices for used cars and fuel. At the same time on a monthly basis, consumer prices in the U.S. last month rose by 0.3% compared with July.
Meanwhile, consumer prices, excluding food and energy industries, remained unchanged in August on a monthly basis. Annualised growth rate amounted to 0,9%. Analysts believed that consumer prices excluding food and energy industry, rose in August by 1.0% over the same period last year.
U.S. Labor Department prepares and publishes a monthly basis relating to the most important indicators of U.S. economic report on the consumer price index (CPI, the cost of a fixed market basket of goods and services - 40% and 60%). This index is used for cost accounting in constant prices and is the main measure of inflation in the country: it was to him "tied" contracts for possible changes in the cost of living, employment contracts, payment of social security and tax benefits.
Published data coincided with expectations of analysts surveyed by the information-analytical Internet portal dailyFX.com.
According to the report, the main factors of inflation on an annualized basis in the country are raising prices for used cars and fuel. At the same time on a monthly basis, consumer prices in the U.S. last month rose by 0.3% compared with July.
Meanwhile, consumer prices, excluding food and energy industries, remained unchanged in August on a monthly basis. Annualised growth rate amounted to 0,9%. Analysts believed that consumer prices excluding food and energy industry, rose in August by 1.0% over the same period last year.
U.S. Labor Department prepares and publishes a monthly basis relating to the most important indicators of U.S. economic report on the consumer price index (CPI, the cost of a fixed market basket of goods and services - 40% and 60%). This index is used for cost accounting in constant prices and is the main measure of inflation in the country: it was to him "tied" contracts for possible changes in the cost of living, employment contracts, payment of social security and tax benefits.
WB to support the Finance Ministry of Belarus in the development of domestic securities market
The World Bank stands ready to support the Ministry of Finance of Belarus in the development of domestic securities market. This was stated by Director of World Bank for Ukraine, Belarus and Moldova Martin Raiser at a press conference in Minsk on Friday.
"We are at the beginning of this work. Ministry of Finance is willing to develop domestic securities markets, so we are negotiating. In addition, we have some experience in this sphere ", - said Reiser.
Belarus joined the World Bank in 1992. Since that time the country had allocated 643 million dollars for nine projects, about 30 national programs have received grant support totaling $ 18 million now Belarus uses World Bank funds to finance four projects related to infrastructure development.
"We are at the beginning of this work. Ministry of Finance is willing to develop domestic securities markets, so we are negotiating. In addition, we have some experience in this sphere ", - said Reiser.
Belarus joined the World Bank in 1992. Since that time the country had allocated 643 million dollars for nine projects, about 30 national programs have received grant support totaling $ 18 million now Belarus uses World Bank funds to finance four projects related to infrastructure development.
Greece will not restructure the debt and try to return to financial markets during 2011
Greece will not restructure their debts and try to return to financial markets during 2011. This was stated before, speaking to investors, Finance Minister Giorgos Papaconstantinou.
According to him, "the restructuring will not be because such a move would have far-reaching implications for the euro zone."
According to ITAR-TASS, Papaconstantinou said that currently being implemented in Greece, the reform program was "very strongly initiated and established on the basis of this trust would allow Athens to regain access to capital markets. "By 2012 we can stay out of markets", - he said, explaining that a large-scale financial aid from the EU and the IMF.
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According to him, "the restructuring will not be because such a move would have far-reaching implications for the euro zone."
According to ITAR-TASS, Papaconstantinou said that currently being implemented in Greece, the reform program was "very strongly initiated and established on the basis of this trust would allow Athens to regain access to capital markets. "By 2012 we can stay out of markets", - he said, explaining that a large-scale financial aid from the EU and the IMF.
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Obama: gloomy economic indicators, the U.S. could be even more bleak
President Barack Obama believes that, despite not being too optimistic economic indicators, America will be able to overcome the most serious since the Great Depression of the economic crisis.
United States Census Bureau on Thursday released new data for 2009, which suggests that the proportion of Americans living in poverty increased from 13.2% in 2008 to 14,3% (ie one in every seven is living below the poverty line) and the number of people without health insurance increased from 15.4% in 2008 to 16,7% (50,7 million).
"Data published today remind us that historical in its scope recession does not necessarily lead to the same historic drop in the welfare of families. Thanks to the anti-crisis package of measures and many other programs that provide tax incentives and financial support for most working families, and especially those most in need, millions of Americans last year were saved from poverty, "- said in a press the White House a written statement, Obama.
"Even before the recession, income middle class families have not increased and the number of people living in poverty in America, was unacceptably high, and today's figures demonstrate that our work has just begun", - continued the President.
"Despite all the difficulties I continue to be inspired by the zeal and optimism of the American working population and is confident that we will emerge from this storm with a much stronger economy," - Obama said.
United States Census Bureau on Thursday released new data for 2009, which suggests that the proportion of Americans living in poverty increased from 13.2% in 2008 to 14,3% (ie one in every seven is living below the poverty line) and the number of people without health insurance increased from 15.4% in 2008 to 16,7% (50,7 million).
"Data published today remind us that historical in its scope recession does not necessarily lead to the same historic drop in the welfare of families. Thanks to the anti-crisis package of measures and many other programs that provide tax incentives and financial support for most working families, and especially those most in need, millions of Americans last year were saved from poverty, "- said in a press the White House a written statement, Obama.
"Even before the recession, income middle class families have not increased and the number of people living in poverty in America, was unacceptably high, and today's figures demonstrate that our work has just begun", - continued the President.
"Despite all the difficulties I continue to be inspired by the zeal and optimism of the American working population and is confident that we will emerge from this storm with a much stronger economy," - Obama said.
The U.S. Senate approved a bill to support small businesses worth $ 30 billion
The U.S. Senate approved Thursday a bill on supporting small businesses $ 30 billion. For this document to U.S. bank lending to entrepreneurs, the senator voted in 1961, including two Republicans, while 38 members of the upper house of parliament voted against, reports Associated Press.
Under the new program of small business financing in the U.S., the bill will not only support banks in granting loans, but also provide various business tax breaks. In this case, the main goal of Washington - creating jobs and fighting unemployment by encouraging small businesses.
After approval in the Senate bill will be sent back to a vote in the House of Representatives, and then - the President for signature Barack Obama.
Under the new program of small business financing in the U.S., the bill will not only support banks in granting loans, but also provide various business tax breaks. In this case, the main goal of Washington - creating jobs and fighting unemployment by encouraging small businesses.
After approval in the Senate bill will be sent back to a vote in the House of Representatives, and then - the President for signature Barack Obama.
9/16/10
Stock Europe gone on closing in minus on data from UK
Leading European stock indexes declined on the basis of trading on Thursday against the backdrop of weak statistical data on retail sales in the UK, as well as negative trends on U.S. exchanges, according to data exchanges.
The British FTSE 100 has fallen on 0,28% to 5 540.14 points, the German DAX - on 0,20% to 6 249.65 points, the French CAC 40 - on 0,52% to 3 736.30.
"The second wave of crisis in the foreseeable future will not happen, but economic growth will be weak, - told the news agency Bloomberg strategist at Deutsche Postbank AG shares of Heinz-Gerd Zonenshain (Heinz-Gerd Sonnenschein). - Financial results for the III and IV quarters will not be as strong as in the previous two quarters, and the shares will be difficult to find support for growth. Market participants have taken a wait and see position. "
According to experts, the European stock indicators in early trading were under pressure from negative statistics from the UK. Retail sales in the country in August this year increased by 0,4% compared with August of 2009, but decreased to the previous month by 0,5%, which was much worse than expected. Analysts had expected growth in August on 0,3% compared with July and by 2% - in annualized.
In this case, a more significant compared to experts' forecasts growth of foreign trade balance surplus in the euro zone in July, as well as the successful placement of the Spanish government bonds with various maturities totaling $ 4 billion could not support the investor sentiment.
Later on Thursday a negative impact on the dynamics of the stock market indicator of the Old World had an opening of U.S. exchanges in the red zone against the backdrop of fears of low rates of recovery of the largest in the world economy. Market not reacted on moderately positive statistics by number primary nominations dole and prices producers United States.
The British FTSE 100 has fallen on 0,28% to 5 540.14 points, the German DAX - on 0,20% to 6 249.65 points, the French CAC 40 - on 0,52% to 3 736.30.
"The second wave of crisis in the foreseeable future will not happen, but economic growth will be weak, - told the news agency Bloomberg strategist at Deutsche Postbank AG shares of Heinz-Gerd Zonenshain (Heinz-Gerd Sonnenschein). - Financial results for the III and IV quarters will not be as strong as in the previous two quarters, and the shares will be difficult to find support for growth. Market participants have taken a wait and see position. "
According to experts, the European stock indicators in early trading were under pressure from negative statistics from the UK. Retail sales in the country in August this year increased by 0,4% compared with August of 2009, but decreased to the previous month by 0,5%, which was much worse than expected. Analysts had expected growth in August on 0,3% compared with July and by 2% - in annualized.
In this case, a more significant compared to experts' forecasts growth of foreign trade balance surplus in the euro zone in July, as well as the successful placement of the Spanish government bonds with various maturities totaling $ 4 billion could not support the investor sentiment.
Later on Thursday a negative impact on the dynamics of the stock market indicator of the Old World had an opening of U.S. exchanges in the red zone against the backdrop of fears of low rates of recovery of the largest in the world economy. Market not reacted on moderately positive statistics by number primary nominations dole and prices producers United States.
U.S. Treasury: Russia in July increased its investments in US Treasuries at 6.1%
Russia, in July increased its investments in U.S. government bonds (US Treasuries) at 6.08% - up to 130.9 billion dollars from 123.4 billion at end-June, according to the Ministry of Finance of the United States.
Since the end of November 2009 to late April 2010, the volume belonging to Russia of U.S. debt fell to 113.1 billion dollars from 151.4 billion in May, the Russian Federation has increased investment in US Treasuries to 126.8 billion dollars, and in June fell back .
On an annualized basis (the end of July 2009 to the end of July of 2010) the volume of Russian-owned US Treasuries fell on the balance sheet date at 7.36%.
As of July 2010 the main holders of US Treasuries serve mainland China (846.7 billion U.S. dollars), Japan (821.0 billion) and Britain (374300000000). All of them have built up their investments in U.S. Treasuries in July compared with June - on 0,36%, 2,17% and 3.34% respectively.
US Treasuries - the main instrument for financing U.S. government debt. Their value in the auctions held depends on the level of profitability, which in turn is determined by forecasts of investors concerning the further development of economy of the United States and the world at large.
Instability in the global economy, as a rule leads to an increase in the value of government bonds the U.S., whereas in the absence of crisis investors prefer to invest in riskier assets with higher returns.
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Since the end of November 2009 to late April 2010, the volume belonging to Russia of U.S. debt fell to 113.1 billion dollars from 151.4 billion in May, the Russian Federation has increased investment in US Treasuries to 126.8 billion dollars, and in June fell back .
On an annualized basis (the end of July 2009 to the end of July of 2010) the volume of Russian-owned US Treasuries fell on the balance sheet date at 7.36%.
As of July 2010 the main holders of US Treasuries serve mainland China (846.7 billion U.S. dollars), Japan (821.0 billion) and Britain (374300000000). All of them have built up their investments in U.S. Treasuries in July compared with June - on 0,36%, 2,17% and 3.34% respectively.
US Treasuries - the main instrument for financing U.S. government debt. Their value in the auctions held depends on the level of profitability, which in turn is determined by forecasts of investors concerning the further development of economy of the United States and the world at large.
Instability in the global economy, as a rule leads to an increase in the value of government bonds the U.S., whereas in the absence of crisis investors prefer to invest in riskier assets with higher returns.
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Producer prices in the U.S. in August grew stronger expectations
Producer prices in the U.S. in August this year, after eliminating seasonal fluctuations have increased by 0,4% compared with July, according to a press release from the Ministry of Labour.
Annualised growth rate in August was 3.1%.
Analysts polled by information-analytical Internet portal dailyFX.com, expected growth in producer prices in the reporting period only 0.3% compared with July and 3% annualized.
In July the index showed slightly smaller gains - by 0,2% in June - a decline of 0.5%.
The main factor for the upward dynamics of the index has increased over the period producer prices for energy - they rose in August by 2.2% compared with July.
The index of producer prices, excluding energy and food, in the U.S. in August grew by 0,1% compared with July, which coincided with the expectations of analysts.
Producer price index reflects the average change in prices for raw materials and goods of intermediate consumption and is formed from the prices of intermediate and finished products. The final indicator, which includes labor costs, gives an idea of inflation caused by changes in labor costs.
Some analysts prefer to track changes in producer prices excluding energy and food, believing this figure to be more reliable indicator of the increased cost of goods of intermediate consumption.
Annualised growth rate in August was 3.1%.
Analysts polled by information-analytical Internet portal dailyFX.com, expected growth in producer prices in the reporting period only 0.3% compared with July and 3% annualized.
In July the index showed slightly smaller gains - by 0,2% in June - a decline of 0.5%.
The main factor for the upward dynamics of the index has increased over the period producer prices for energy - they rose in August by 2.2% compared with July.
The index of producer prices, excluding energy and food, in the U.S. in August grew by 0,1% compared with July, which coincided with the expectations of analysts.
Producer price index reflects the average change in prices for raw materials and goods of intermediate consumption and is formed from the prices of intermediate and finished products. The final indicator, which includes labor costs, gives an idea of inflation caused by changes in labor costs.
Some analysts prefer to track changes in producer prices excluding energy and food, believing this figure to be more reliable indicator of the increased cost of goods of intermediate consumption.
Fitch upgraded its outlook on Moscow and St. Petersburg to "positive" from "stable"
International rating agency Fitch on Thursday improved its outlook on Moscow and St. Petersburg to the "positive" from "stable" and affirmed the long-term ratings of cities in national and foreign currencies at level «BBB», the agency said in a statement.
This action reflects the recent revision of forecasts of long-term issuer default rating of Russia to "positive" from "stable" against the backdrop of recovery of the domestic economy, as well as confirmation of long-term IDR of Russia in foreign and national currencies at the level «BBB».
In addition, according to a release, increase forecast reflects expectations of analysts Fitch, which both Moscow and St. Petersburg will continue to demonstrate strong operating results amid economic development.
Also confirmed by short-term foreign currency ratings of Moscow and St. Petersburg - at the level «F3» and long-term ratings of cities on a national scale - «AAA (rus)» from "stable" outlook.
The outlook revision on the ratings of the Russian Federation to "positive» Fitch explain analysts' expectations that the decrease in inflation, the transition to a policy of more flexible exchange rate, a significant repayment of private external debt, the stabilization of the banking sector and increased foreign exchange reserves will reduce the financial vulnerability of Russia.
This action reflects the recent revision of forecasts of long-term issuer default rating of Russia to "positive" from "stable" against the backdrop of recovery of the domestic economy, as well as confirmation of long-term IDR of Russia in foreign and national currencies at the level «BBB».
In addition, according to a release, increase forecast reflects expectations of analysts Fitch, which both Moscow and St. Petersburg will continue to demonstrate strong operating results amid economic development.
Also confirmed by short-term foreign currency ratings of Moscow and St. Petersburg - at the level «F3» and long-term ratings of cities on a national scale - «AAA (rus)» from "stable" outlook.
The outlook revision on the ratings of the Russian Federation to "positive» Fitch explain analysts' expectations that the decrease in inflation, the transition to a policy of more flexible exchange rate, a significant repayment of private external debt, the stabilization of the banking sector and increased foreign exchange reserves will reduce the financial vulnerability of Russia.
U.S. intends to increase exports to 1.57 trillion dollars in 2009 to 3.14 trillion in 2015
U.S. intends to seriously increase the volumes of exports of goods and services, thereby accelerating the pace of economic growth. According to ITAR-TASS reported, this conclusion is contained in the new report published today, prepared by a number of federal ministries and departments.
The document was prepared within the framework of the declared U.S. President Barack Obama's National Export initiative to double exports by 2015. "The volume of exports should rise from 1.57 trillion dollars in 2009 to 3.14 trillion in 2015. This task will be feasible only if the American companies, farmers, small and medium businesses, which are the engine of economic growth, will receive encouragement and support in finding new markets for their goods and services "- the report says.
It deals with "increasing number of trade missions of the U.S. abroad, especially under the leadership of the U.S. government's highest rank, as well as on the invitation of the same foreign delegations in the country."
"As Americans began to spend a little less and save a little more now than ever, it is important to connect U.S. businesses with 95% of consumers who live outside of our country", - explained the problem of U.S. Commerce Secretary Gary Locke, whose department has made a significant contribution to development report.
The document was prepared within the framework of the declared U.S. President Barack Obama's National Export initiative to double exports by 2015. "The volume of exports should rise from 1.57 trillion dollars in 2009 to 3.14 trillion in 2015. This task will be feasible only if the American companies, farmers, small and medium businesses, which are the engine of economic growth, will receive encouragement and support in finding new markets for their goods and services "- the report says.
It deals with "increasing number of trade missions of the U.S. abroad, especially under the leadership of the U.S. government's highest rank, as well as on the invitation of the same foreign delegations in the country."
"As Americans began to spend a little less and save a little more now than ever, it is important to connect U.S. businesses with 95% of consumers who live outside of our country", - explained the problem of U.S. Commerce Secretary Gary Locke, whose department has made a significant contribution to development report.
Japan is ready to again intervene in the foreign exchange market
Prime Minister of Japan, Naoto Kan has hinted on Thursday that the authorities are ready to continue the intervention in the foreign exchange market to stop the rapid growth of the yen threatens economic recovery. Kahn will take decisive action if needed to loosen the yen, the news agency quoted Prime Minister Jiji.
Yesterday the government for the first time in six years, intervened in the foreign exchange market and sold about 2 trillion yen, making Japanese currency began to fall rapidly to a maximum of 15 years against the U.S. dollar.
However, the Asian currency trading session on Thursday morning, the yen began to rise again. Several players are waiting for a new intervention from the Japanese government, if the dollar falls to the Japanese currency to a level below 85 yen.
Analysts believe that Kahn wants to show initiative in the matter of increasing the yen, after he won election as leader of the ruling Democratic Party on Tuesday and intends to make clear that the government can put pressure on the central bank, that he eased monetary policy .
"Kahn tries send signal that his party solidary. He emphasizes intention Japan take resolute measures through intervention "- notes strategist Sumitomo Trust & Banking Ayako Sera.
Bank of Japan has no plans to support government intervention to new mitigation of monetary policy, but expressed the willingness to step in early October, if the economic recovery will remain under threat, sources said.
CB Chairman Masaaki Shirakawa said on Thursday that the saturation of the economy the money supply - the so-called quantitative easing - leads to low prices and stimulate the economy.
Yesterday the government for the first time in six years, intervened in the foreign exchange market and sold about 2 trillion yen, making Japanese currency began to fall rapidly to a maximum of 15 years against the U.S. dollar.
However, the Asian currency trading session on Thursday morning, the yen began to rise again. Several players are waiting for a new intervention from the Japanese government, if the dollar falls to the Japanese currency to a level below 85 yen.
Analysts believe that Kahn wants to show initiative in the matter of increasing the yen, after he won election as leader of the ruling Democratic Party on Tuesday and intends to make clear that the government can put pressure on the central bank, that he eased monetary policy .
"Kahn tries send signal that his party solidary. He emphasizes intention Japan take resolute measures through intervention "- notes strategist Sumitomo Trust & Banking Ayako Sera.
Bank of Japan has no plans to support government intervention to new mitigation of monetary policy, but expressed the willingness to step in early October, if the economic recovery will remain under threat, sources said.
CB Chairman Masaaki Shirakawa said on Thursday that the saturation of the economy the money supply - the so-called quantitative easing - leads to low prices and stimulate the economy.
Hungary cut the budget deficit
The Hungarian Government has approved a plan to cut next year, the country's budget deficit to below 3% of GDP, told reporters after a meeting of the Government Economics Minister Gyorgy Matolcsy.
Matolcsy said that Hungary would not sign a new loan agreement with the International Monetary Fund and the European Union after it expires in October and November of the current agreements.
In addition, the Minister of Economy said that economic growth in 2,5-3% make public administration more affordable and will provide financial transparency of public companies. Achieve the target rate this year the budget deficit by 3,8% will only be if they received the planned 200 billion forints (692.57 million euros) of bank tax and if government spending this year will be reduced by 120 billion forints.
In addition, Matolcsy told reporters that the official date of introduction of the euro in Hungary does not exist, but since joining the euro zone, Hungary took on this responsibility, it will continue to move in this direction.
Matolcsy said that Hungary would not sign a new loan agreement with the International Monetary Fund and the European Union after it expires in October and November of the current agreements.
In addition, the Minister of Economy said that economic growth in 2,5-3% make public administration more affordable and will provide financial transparency of public companies. Achieve the target rate this year the budget deficit by 3,8% will only be if they received the planned 200 billion forints (692.57 million euros) of bank tax and if government spending this year will be reduced by 120 billion forints.
In addition, Matolcsy told reporters that the official date of introduction of the euro in Hungary does not exist, but since joining the euro zone, Hungary took on this responsibility, it will continue to move in this direction.
Geithner: U.S. study opportunities to influence China to accelerate the strengthening of the yuan
U.S. authorities are dissatisfied with the pace of the yuan, and considering various options for the impact on China to speed up the process, said U.S. Treasury Secretary Timothy Geithner, as quoted by agency Bloomberg.
Union officials and the U.S. has repeatedly advocated the strengthening of the renminbi, because the relative weakness of China's currency led to a negative for western trade surplus with China, and also reduces the competitiveness of American and European products in the Chinese domestic market.
"The pace of strengthening the yuan too low, and the extent of its capacity is too limited - said Geithner. - We consider the important question as to what different combinations of measures available to the U.S. and internationally, may encourage the Chinese authorities to accelerate the process. "
"Power of intervention" still contribute to the preservation of an undervalued renminbi, even after the adoption in June, China's government decision to abandon the currency peg to the dollar, said the U.S. Treasury.
The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision the yuan has appreciated against the dollar by only 1%.
Given the approach of November's congressional elections, U.S. lawmakers have scheduled hearings on the issue of monetary policy in China and can pass a law providing for a mechanism that compensates for U.S. companies to the negative impact of cheap yuan, which makes Chinese goods more attractive in foreign markets.
Such statements Geithner became the most serious on this issue since its entry into the position of finance minister in January 2009. Previously, he has been repeatedly criticized by some U.S. lawmakers for not doing enough tough stance against Beijing on the exchange rate.According to the U.S. Treasury, the strengthening of the yuan would help rebalance its economy, but does not change the situation with a deficit of U.S. trade with China.
Union officials and the U.S. has repeatedly advocated the strengthening of the renminbi, because the relative weakness of China's currency led to a negative for western trade surplus with China, and also reduces the competitiveness of American and European products in the Chinese domestic market.
"The pace of strengthening the yuan too low, and the extent of its capacity is too limited - said Geithner. - We consider the important question as to what different combinations of measures available to the U.S. and internationally, may encourage the Chinese authorities to accelerate the process. "
"Power of intervention" still contribute to the preservation of an undervalued renminbi, even after the adoption in June, China's government decision to abandon the currency peg to the dollar, said the U.S. Treasury.
The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision the yuan has appreciated against the dollar by only 1%.
Given the approach of November's congressional elections, U.S. lawmakers have scheduled hearings on the issue of monetary policy in China and can pass a law providing for a mechanism that compensates for U.S. companies to the negative impact of cheap yuan, which makes Chinese goods more attractive in foreign markets.
Such statements Geithner became the most serious on this issue since its entry into the position of finance minister in January 2009. Previously, he has been repeatedly criticized by some U.S. lawmakers for not doing enough tough stance against Beijing on the exchange rate.According to the U.S. Treasury, the strengthening of the yuan would help rebalance its economy, but does not change the situation with a deficit of U.S. trade with China.
Foreign Ministry: the appreciation of the yuan will not solve the U.S. deficit in trade with China
Appreciation of the national currency of China did not solve the problem of the U.S. deficit in trade with China. According to ITAR-TASS news agency, a position expressed at the briefing, Foreign Ministry Spokeswoman Jiang Yu.
Her words came in response to a request by journalists to comment on the recent statement by the head of U.S. Treasury Secretary Timothy Geithner that the revaluation of the yuan is too slow.
"The appreciation of national currency does not solve the problem of the U.S. trade deficit and the issue of unemployment in the country - said Jiang. - Sino-US economic and trade cooperation is mutually beneficial. "
"With regard to existing problems, China has always advocated for their decision on the basis of equal consultation," - she said. Pressure, stressed the representative of the Chinese Foreign Ministry, not only will allow the existing difficulties, but also lead to the opposite result.
RMB exchange rate - one of the most acute problems in the relationship between the U.S. and China. The position of the American side, the course of China's currency is strongly underestimated, which leads to the formation of the huge U.S. deficit in trade with China.
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Her words came in response to a request by journalists to comment on the recent statement by the head of U.S. Treasury Secretary Timothy Geithner that the revaluation of the yuan is too slow.
"The appreciation of national currency does not solve the problem of the U.S. trade deficit and the issue of unemployment in the country - said Jiang. - Sino-US economic and trade cooperation is mutually beneficial. "
"With regard to existing problems, China has always advocated for their decision on the basis of equal consultation," - she said. Pressure, stressed the representative of the Chinese Foreign Ministry, not only will allow the existing difficulties, but also lead to the opposite result.
RMB exchange rate - one of the most acute problems in the relationship between the U.S. and China. The position of the American side, the course of China's currency is strongly underestimated, which leads to the formation of the huge U.S. deficit in trade with China.
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Merkel: Germany will demand at the EU summit tough sanctions against states - violators of budgetary discipline
Germany will demand at the EU summit as tough sanctions against states - the EU budget discipline violators. According to ITAR-Tass said today Chancellor Angela Merkel's arrival at the EU summit.
"Germany will support the most severe sanctions", - she said.
At the last EU summit in June, just after the peak of the financial crisis, the euro area, community leaders agreed on the need to agree on a clear set of measures that would compel states to comply with EU fiscal discipline. At the same time to the present moment a compromise is not found.
On the negotiating table only two real proposals. The first of them developed by Germany and the deprivation of offending the right to vote in the EU Council to rectify the situation. This option, however, met stiff resistance of the majority of the community. The second option - the proposal of the task force to develop measures of fiscal discipline under the direction of EU president Herman van Rompuy providing funding cuts of the violator from the funds of the EU. A serious drawback of this project is that it puts the state community at a disadvantage because the amounts of their European subsidies varies significantly.
Basic economic document community - Stability and Growth Pact - set limit budget deficits of EU countries at 3% of GDP, but this rule is violated everywhere. Original record was set in 2009, when the global financial crisis, these norms are violated 20 of the 27 EU states.
Compliance with the Stability and Growth Pact today is based solely on the goodwill of EU member states. There is only so-called "procedure to eliminate violations, which initiates EU Commission, however, it is solely in the preparation of perspective plan of action for 6-18 months to rectify the situation and has no real sanctions that can be applied to the country of the offender.
"Germany will support the most severe sanctions", - she said.
At the last EU summit in June, just after the peak of the financial crisis, the euro area, community leaders agreed on the need to agree on a clear set of measures that would compel states to comply with EU fiscal discipline. At the same time to the present moment a compromise is not found.
On the negotiating table only two real proposals. The first of them developed by Germany and the deprivation of offending the right to vote in the EU Council to rectify the situation. This option, however, met stiff resistance of the majority of the community. The second option - the proposal of the task force to develop measures of fiscal discipline under the direction of EU president Herman van Rompuy providing funding cuts of the violator from the funds of the EU. A serious drawback of this project is that it puts the state community at a disadvantage because the amounts of their European subsidies varies significantly.
Basic economic document community - Stability and Growth Pact - set limit budget deficits of EU countries at 3% of GDP, but this rule is violated everywhere. Original record was set in 2009, when the global financial crisis, these norms are violated 20 of the 27 EU states.
Compliance with the Stability and Growth Pact today is based solely on the goodwill of EU member states. There is only so-called "procedure to eliminate violations, which initiates EU Commission, however, it is solely in the preparation of perspective plan of action for 6-18 months to rectify the situation and has no real sanctions that can be applied to the country of the offender.
U.S. Congress: TARP program has not reached its goals
Program for the release of their troubled assets (TARP - Troubled Asset Relief Program) has provided crucial support to financial markets during the fall of confidence in the U.S. economy, but it was much less effective in achieving other goals such as promoting economic growth, increase retirement savings and support residential real estate market, according to the report of the Commission for Supervision of the U.S. Congress (Congressional Oversight Panel).
"The change in strategy from the TARP to acquire assets at a capital injection, as well as the deployment of many unrelated to each other programs, along with poor information support for the argument taken action led to the ambiguous attitude of the population to the program and undermined its credibility" - the report says.
"Among the population remains negative attitude to the program due to the fact that the support of major U.S. banks are taxpayer funds, and this negativity is only strengthened amid continuing economic problems", - believes the agency.
Supervisory Commission of the U.S. Congress also believed that the unpopularity of the program may mean that in future the government will probably refuse such measures. "Thus, the most important consequence of the TARP was the loss of government capacity to counter the financial crisis" - the document says.
TARP program totaling $ 700 billion was adopted in October 2008, shortly after the bankruptcy of investment bank Lehman Brothers. The objective of the program was to prevent the collapse of the U.S. financial system. The program, which began operation in 2008, originally was to be completed at the end of 2009, however, the government approved its extension until October 3, 2010.
"The change in strategy from the TARP to acquire assets at a capital injection, as well as the deployment of many unrelated to each other programs, along with poor information support for the argument taken action led to the ambiguous attitude of the population to the program and undermined its credibility" - the report says.
"Among the population remains negative attitude to the program due to the fact that the support of major U.S. banks are taxpayer funds, and this negativity is only strengthened amid continuing economic problems", - believes the agency.
Supervisory Commission of the U.S. Congress also believed that the unpopularity of the program may mean that in future the government will probably refuse such measures. "Thus, the most important consequence of the TARP was the loss of government capacity to counter the financial crisis" - the document says.
TARP program totaling $ 700 billion was adopted in October 2008, shortly after the bankruptcy of investment bank Lehman Brothers. The objective of the program was to prevent the collapse of the U.S. financial system. The program, which began operation in 2008, originally was to be completed at the end of 2009, however, the government approved its extension until October 3, 2010.
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