The U.S. was left without funds to guarantee bank deposits for the massive bank failure

After the break of 95 banks, the U.S. agency responsible for supporting the depositors' money was a drop in funding of $ S35 billion. Propose that the entities advance payments for three years to recover commission.
The Federal Deposit Insurance Corporation (FDIC under its English acronym) seeks to urgently bring more liquidity to address the collapse generated by the collapse of 95 banks in the U.S..
The FDIC will likely seek prepayment of $ 12 billion per year in taxes, for a total of $ S36 billion, as reported by The Chronicle.

Among the alternatives that manages the FDIC, is the creation of an emergency commission to keep the insurance balance reaches zero. Meanwhile, the financial industry ensures that the payment of commissions can harm banks at a time when their balance sheets are beginning to show signs of recovery.
This year saw the collapse of 95 banks in the United States, compared with 25 that closed its doors in 2008 and three in 2007. These breaks crushed the fund balance, which recorded a total drop of $ S35 billion.

The Euribor is a year of declines and reduces the mortgage almost 4,000 euros

The Euribor today met its first year of uninterrupted declines and closed September at 1.261 percent, the seventh straight record low, making the mortgages underwritten a year ago this month a review will become cheaper to nearly 4,000 per year.
The September rate of the indicator, the most used for calculating mortgages in Spain, located more than four percentage points lower than that marked in September 2008 (5,384 percent), representing the biggest gap year of your history.
Once the Bank of Spain in the coming days to confirm this finding, a mortgage contract in September 2008 for an average of 150,000 euros, a repayment term of 25 years and a spread of 0.25 percent to review this months will experience a cut in the monthly fee of 327 euros less per month or 3924 euros less a year.
If the loan was 300,000 euros, the discount rises to 655 euros less per month or 7860 per year.

The Euribor for one year, which is actually the rate at which banks lend money in the euro area began to decline in October last year, coinciding with the collapse of the U.S. private banking firm Lehman Brothers and the immediate change of monetary policy by the European Central Bank (ECB).Analysts polled by EFE estimate that the Euribor will continue in the current minimum until the market finds that the ECB intends to raise interest rates, which will only happen when it see clear signs of economic recovery in the euro area.
At the moment it does not seem likely since last Monday, the ECB president Jean-Claude Trichet, said he has not time to withdraw the monetary policy measures implemented to revive the financial system and credit, and reiterated that the current level of interest rates in the euro area-the 1 percent-is still appropriate.

In Spain, the Bank of Spain shares this view and in its September economic bulletin released today, indicates that there are still doubts about the strength of recovery and the ability of some sectors to sustain itself without public support.
Analysts and investors estimate the Euribor could start up around February or March, anticipating a possible increase in the price of money in April or May.
After switching over the entire month September light ups and downs, minimum daily and always between 1.2 and 1.3 percent, the Euribor rate today repeated yesterday (1,236 percent).

Of the twelve consecutive months of declines has beaten the last seven historic lows of 1.909 percent in March, from 1.771 percent in April, from 1.644 percent in May of 1610 per cent in June, from 1.412 percent in July, and 1.334 percent in August.

IMF forecast for low losses at $ 3.4 BLNS banking

The International Monetary Fund said Wednesday it has lowered its estimate for global bank losses to 3.4 billion from $ 4 billion estimated in April, but warned that credit losses could rise if unemployment increases.
This reduction of $ 600,000 million reflects a revaluation of securities and the new methodology for calculating depreciation.
"The improvement is welcome but there are still significant challenges, particularly for banks," said Jose Viñals, head of the division of capital and money markets by the IMF.
In the latest report on global financial stability, it said that it "has improved, but risks remain high, with a significant risk of suffering a setback."
As for the different geographical areas, the IMF said that U.S. financial institutions have made nearly 60 percent of the necessary write-offs, while the euro zone and UK in 2010 would have recognized only 40 percent of losses.
The report said that although banks have enough capital to survive, their earnings do not exceed the expected depreciation in the next 18 months.

Viñals said banks had begun to make money after heavy losses in the toughest part of the financial crisis, but urged financial institutions to retain their profits and not pay dividends.

"There is a temptation to take profits when you return to pay for share buybacks and dividends," he told a news conference in Estamubl before the start of the semiannual meetings of the World Bank and IMF."Preserving capital is very important at this stage," he said.
He added that although the balance sheets of banks have been stabilized with the help of governments, lacked sufficient capital to meet credit demands at the beginning of economic recovery.

It will take stronger measures to strengthen bank capital and the ability to generate profits to ensure that banks contribute to the recovery process.
The fund said that while the growth of private sector credit has shrunk in the major economies, the overall requirements of nonperforming loans has slowed down so quickly by the fattening of deficits.According to the IMF, insolvencies in credits could be the cause of two to three thirds of depreciation between 2007 and 2010, with the property sector as a major cause of those in the U.S. and abroad credits in the case of the eurozone and the UK.

The IMF urged the authorities to address the problem of bad assets that are still on the books of banks.
The report also added that one of the risks to the banking world is not yet seen the end of a weakening in the business assets of the estate."The property sector shifted to the later than others, but its decline is now in full swing," he said.
Outside the U.S., a market where more risk for the bank would this is why Europe is Spain.

"The European property markets are also under pressure, especially in Spain, Ireland and the UK, where prices have shown some significant declines.
However, according to IMF Restructuring Fund Banking Ordinance (frob) could "contain systemic risks" in Spanish banking in case of fall of any size.

"The Frob can also trigger the merger between the boxes, in fact, some mergers are under way," he added.
Since the creation of Frob in June, alliances have emerged among the boxes of Sabadell in Catalonia, Girona, Terrassa and Manlleu, and between the Andalusian Unicaja, Caja Jaen and CajaSur.

The WB president sees the influence of the dollar fall

"America would be wrong to assume the place of the dollar as the dominant reserve currency in the world," said Robert Zoellick.
United States will face a decline in the influence of its currency to the changes in the global economy, which inevitably reinforce other currencies, said World Bank President Robert Zoellick, in a speech inWashington.
"America would be wrong to assume the place of the dollar as the dominant reserve currency in the world," Zoellick said in his speech at the School of Advanced International Studies at John Hopkins University.

"Looking ahead, there will be more alternatives to dollar," said highlighting the emergence of the euro and slowly, the Chinese renminbi.
Overlooking the annual meeting of the World Bank and International Monetary Fund (IMF) this week in Istanbul, Zoellick said the financial crisis is This amendment to "power relations" and urged that greater voice to developing countries in multilateral institutions.
Zoellick welcomed the decision to promote the Group of 20 (G20) as the main block for international economic cooperation, as decided by those attending the meeting in Pittsburgh, Pennsylvania, on Friday.
They also agreed to establish a framework to monitor the economic policies of other countries in an attempt to make growth more "balanced" in the future.

European stock markets retreat for energy firms

The minimum recorded European markets fall about 0.5 percent. Investors remain attentive to a number of key facts about the world economy to be known in coming days.
European shares fell in early trading today after a sharp rebound the previous day, with the weakness of the values associated with raw materials, especially energy, neutralizing the progress of the financial sector, supported by BNP Paribas.
The FTSEurofirst 300 was down 0.26 percent, to 998.79 points, after rising 1.8 percent in the previous session. For the year to the selective has risen 20 percent and 55 percent from the March lows, and is on track to close its best quarter in nearly a decade.
Energy issues were under pressure from falling oil prices, which shed 0.4 percent. Shares of BP, Royal Dutch Shell, BG Group, Tullow Oil, Repsol and Total lost between 0.2 percent and 1.25 percent."The market has come a long way in a relatively short period, but there are some concerns and the investor still nervous," said Kevin Bowman, an analyst at Hargreaves Lansdown.

"We have critical data that will be released this week and will be important for market direction from here on," he added. Investors will look at consumer confidence report for September in the United States.
Before the weekend the focus will be on employment data in that country. Miners also fell in tandem with drops of 0 percent in the price of copper and 0.8 percent in the price of aluminum. BHP Billiton, Anglo American, Rio Tinto, Xstrata and Eurasian Natural Resources fell between 0.8 and 2 per cent.

Financial stocks were among the defendants. The DJ Stoxx banking sector rose 0.6 percent, accumulating a gain of 173 percent from lows in March.BNP Paribas rose 2.3 percent because investors were welcomed its intention to launch a capital increase of 4,300 million and its debt to the French state for financial assistance received.
In addition, Standard Chartered, Barclays, Lloyds, Royal Bank of Scotland and Societe Generale rose between 1.3 and 1.6 percent. Local indexes, Britain's FTSE 100 lost 0.27 percent, Germany's DAX, 0.45 per cent and the French CAC 40 0.39 percent.

Russian economy would fall below 8% in 2009

Russian Prime Minister Vladimir Putin said Thursday that the economy would fall below 8% in 2009.
"According to estimates at mid-year the economy should suffer a contraction of 8.5% at year-end. But there are grounds for stating that the setback would be 0.5% lower under 8%," said Putin on Tuesday to intervene in the investment forum "Up, Russia.
Putin planned the objective of recovering the contraction in the coming years and at the same time, insisted to the forefront in promoting quality."The recovery should be from a new conceptual basis for growth and new agents," he said.
Putin also admitted that the country could end the year with inflation below 11%.
"According to forecasts, the country will end the year with inflation at 11% versus 12% initially forecast," Putin said, adding that the Government establishes the objective of reducing inflationary pressures to 5-7% for 2012.

U.S. STOCKS-Futures fall awaiting housing and consumption data

The future of U.S. stocks down slightly on Tuesday as investors awaited data on home prices and consumer confidence, after strong gains the previous session.
Economists expect the Consumer Confidence Index Conference Board show a reading of 57 in September, up from 54.1 in August, according to Reuters.
Despite the improvement, the reading is still considered far from being healthy, since it suggests that there is continuing concern among consumers for any economic problems. The data will be published at 1400 GMT. The S & P / Case-Shiller Home Price U.S. for July is scheduled for 1300 GMT. Economists estimate that prices rose 0.5 percent in July compared to 1.4 percent in the previous month.
The energy sector is likely to recede, after the fall of crude oil futures. A weak demand picture that could be reinforced by weekly inventory data on U.S. fuel, condemning the crude to yield 0.3 percent.
Stock futures in the S & P 500 and Dow Jones industrial average fell 2 units and the Nasdaq 100 fell 6.25 points.

The financial balance with the EU Spain increased almost fivefold in 2010

The financial relations between Spain and the European Union recorded a surplus in 2010 for Spain to 2730.86 million, 2153.11 million more than the 577.74 million expected for this year , so that the balance increased almost fivefold.

Under the bill the State Budget presented today in Congress, this increase is justified by the increase in transfers to get from the Union in 2211.44 million, while Spain's contribution to the EU accounts rises at only 58.32 million euros.

As regards the Structural Funds, the main instrument of EU cohesion policy, Spain will receive 5170.06 million euros, 44.46% more than planned for 2009.

Of these, 4027.33 million from the European Regional Development Fund (ERDF), while the remaining $ 1142.73 will come from the European Social Fund (ESF), with increases of 62.3% and 4%, respectively.

Within regional policies, Spain will receive in respect of the Cohesion Fund 1845.09 million euros, 37.61% more.

Furthermore, Spain will also receive other 7407.04 million for various agricultural and fisheries funds.

Thus, the Agricultural Guarantee Fund (EAGF) and the European Agricultural Fund for Rural Development (EAFRD), which since October 2006, replacing the former European Agricultural Guidance and Guarantee Fund (EAGGF) for Spain 6075.04 and 1.332 million respectively.

The European Fisheries Fund (EFF), which also replaced two years ago the Financial Instrument for Fisheries Guidance (FIFG), will provide an allocation of 140 million, 40 more than this year.

As for the Spanish contribution to EU coffers, rising 0.47% to 12,421.34 million euros, most, 12,200 million, is dedicated to the general EU budget.

European Development Fund (EDF), which channels aid to development cooperation, Spain allocated 218.42 million, 3.52% more.

Within the Spanish contribution to the EU budget, the largest item, 9,000 million euros, corresponding to the Gross National Income (GNI), which increases to 16.13% for this exercise.

Another 1,600 million will be contributed by way of traditional own resources (based mainly on customs duties), which decrease 20% compared to 2009, while the contribution of the VAT resource also sum of 1,600 million euros, 33.33 % less.

For the third time, under Article 228.2 of the Treaty on European Union (TEU), is incorporated into the budget a contribution to finance the expected penalty payments that Spain must pay for not implementing certain decisions of the Court, a sum which sum 0, 01 million euros.

The Spanish contribution to EU coffers are full with 2.31 million to finance the provision of interpretation services at the various meetings of the Council of Ministers of the EU.

Glaxo vaccines and Brazil sign agreement for 1,500 mln euros: medium

GlaxoSmithKline PLC sealed an agreement of 1,500 million euros (1,380 million pounds) in Brazil which guarantees the sale of its pneumococcal vaccine for the entire legal life of the product, said on Monday the Financial Times.

GSK will receive an initial price of the vaccine designed to prevent neumonia and meningitis, 11.5 euros, a value will fall to 5 euros in future years, the newspaper said.

The agreement is seen as a milestone, since most drugs are sold for shorter periods and have a price structure more uncertain, the newspaper added.

We also face competition from cheaper rivals.

GSK said earlier this month that he was forming an alliance with Brazil's Fiocruz for vaccine development Synflorix

OIL-barrel round of 66 DLRS, weak demand in focus

The oil was around $ 66 a barrel on Monday after last week losing 8.4 percent, with investors watching for high inventories and weak demand.

U.S. crude traded at $ 66.02 a barrel by 1146 GMT, after climbing to $ 66.66. The contract closed Friday up 13 cents to $ 66.02. London Brent crude lost 0.06 cents to $ 65.05.

Oil prices posted their biggest weekly decline in about 2-3 months last week, pressured by U.S. government data showing crude stocks rose, suggesting that demand is still weak.

Orders for U.S. durable goods fell the most in seven months, as increased sales of new homes was less than expected, according to Commerce Department data from the U.S. on Friday.

PRECIOUS-Gold holds near DLRS 1010 by rising U.S. dollars

Gold held near $ 1010 an ounce in Europe on Friday as the dollar's recovery from lows of a year against the euro weakens the upward trend in precious metal.

However, prices are supported by strong buying in times of low, as investors are betting that the metal will exceed its historical mark of $ 1,030.80 signed in March last year.

Spot gold rose to $ 1012.90 an ounce at 1115 GMT from $ 1011.45 the day before in New York. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange advanced $ 1.40 to $ 1014.90 an ounce.

Saxo Bank manager Ole Hansen said the impetus that gold has gained on its way to a new record, you need a stronger dollar to spark a downtrend.

"There has been strong buying activity of speculative long positions hit record highs, investments in exchange-traded funds are at record levels, so we need to see a break above the highs of last year," he said. If this is successful, he added, there is the possibility that gold set a new trading range between 1,000 and 1,300 dollars.

Among other precious metals, silver, platinum and palladium also slipped after hitting multi-month highs on Thursday, following gold's gains.

Palladium was at $ 302.50 from $ 301.50 Thursday, while platinum was at $ 1336.50 as an ounce from $ 1335.50. Silver was trading at $ 17.12 an ounce from $ 17.18.

"The good news is that the crisis is over"

This was stated by head of Morgan Stanley, John Mack. He noted also ended fears that conditioned the financial world

The global economic crisis is over but the risks still remain, said the outgoing chief executive of Morgan Stanley.

"The good news is that I believe that the economic fears, the crisis ended," said John Mack at a conference of investors in the Russian resort of Sochi, Black Sea.

"We still have problems, yes, but the attention of governments and regulators around the world clearly avoided what could have been the demise of the financial system," he added.

Zapatero will see Obama in the White House in October

The Prime Minister, José Luis Rodríguez Zapatero, will meet on Oct. 13 at the White House with U.S. President, Barack Obama, said on Friday the newspaper El Mundo.

Be the first time a U.S. president held a meeting with Zapatero in the White House since he took office in 2004 as they had no bilateral meeting with Obama's predecessor, George W. Bush.

No one was available on Presidency of the Government to confirm.

China says economy is improving, but recovery is not stable

China will maintain its pro-growth policies, as the economic recovery is still not stable, said Friday the ruling Communist Party.

The statement with this statement appeared in a summary of a plenary meeting of party's Central Committee that ended Friday, according to state radio.

The official summary of the meeting said that "the overall economic situation is improving," but warned that "the foundations for economic recovery of our country is not yet stable, solid and balanced."

The heart of the community argued that the national and international economic situation remains under the shadow of uncertainty and that the Chinese economy faces "a critical stage to ensure growth.

In the meeting said that China will "make a stable and relatively fast growth the priority in economic work.

These statements are in line with recent comments of top Chinese leaders and Prime Minister Wen Jiabao.

(Reporting by Chris Buckley and Ben Blanchard, editing by Teresa Larraz in Madrid Writing)

Eurozone registers surplus cte cta EUR 6,600 mln in July

The euro zone ended July with a current account surplus of 6,600 million euros, considering a seasonally adjusted estimate, reported Friday the European Central Bank (ECB).

Without adjustment, the surplus was 8,800 million euros.

In June, the current account recorded a deficit of 4,300 million euros according to adjusted data and a surplus of 800 million euros, without adjustments.

The trade balance recorded a surplus of 12,600 million euros, up from 5,100 million in June.

United Kingdom recorded a record deficit in August

United Kingdom on Friday posted a record budget deficit for August last month, due to the continuing impact of recession on government tax revenues, according to figures released Friday.

The Office for National Statistics said that the needs of public sector net cash (PSNCR, for its acronym in English) came to 10.379 million pounds in August.

The figure was less than the 12,000 million pounds expected by analysts, but double the same month last year and a record for the month of August. The figure for July PSNCR was revised up by about 1,500 million pounds.

The public sector net debt (PSNB, for its acronym in English) came to 16.119 million pounds, also lower than expected and a record for the eighth month of the year, compared to 9.876 million pounds a year ago.

"The August figure PSNB not as bad as we thought, but the fiscal situation remains very serious," said Philip Shaw, chief economist at Investec.

Public finances in Britain have deteriorated sharply in recent months as the country has to pay the cost of the worst recession in decades and the government has been forced to inject millions to rescue the banking sector, while tax revenues fell.

The public sector net debt now represents 57.5 percent of gross domestic product (GDP), a record that may go higher up, bringing the fiscal deficit is a key issue for the next election, where the two major parties are under pressure to reveal how much they are willing to cut spending

So far this fiscal year, the PSNB is at 65.256 million pounds, up from 26.122 million in the same period last year.

The government forecast an annual deficit of 175,000 million pounds, more than 12 per cent of GDP.

"The numbers today (Friday) are in line with our budget forecast," a British Treasury spokesman. "They reflect the impact of the global financial crisis on tax revenue and the steps we have taken to support the economy," he said.

The tax revenues in the period from April to August fell more than 12 percent year over year, while corporate taxes were down 33 percent.

The Bank of Japan keeps interest rates at 0.1%

The Bank of Japan (BOJ) has held rates at 0.1%, a level where they have been since last December, and has improved its assessment of the condition of the second world economy, which already "there are signs of recovery .

The board of governors of the Bank of Japan has assured the end of their monthly meeting that the Japanese economy is improving thanks to increasing investment, exports and production, while the crisis in other countries begin to be corrected.

However, the central bank has qualified as private consumption remains low, although slightly improved thanks to incentives to Executive earlier tested by Liberal Democratic Party (LDP).

Similarly, the institution responsible for monetary policy reiterated in its statement that the fall in prices continues to accelerate and deflation persists.

The Bank of Japan believes that Japan's economy starts to recover at the end of the second half of fiscal 2009 which ends in April next year, "thanks to measures to stabilize the financial system and monetary and fiscal measures.

It is expected that the recovery of other industrialized economies in emerging markets and consolidate the growth of Gross Domestic Product (GDP) of Japan in the second quarter rose 3.7% a year, ending a year of contraction.

"If the improvement continues, there are prospects that the Japanese economy back to sustainable growth and price stability in the future (beyond the fiscal year 2010)," he says in a statement.

The agency has therefore reiterated this month that the situation is conditioned by "significant levels of uncertainty in other economies and global financial markets."

France revises 2009 GDP projection of 2.25 percent contraction

France revised its forecast for gross domestic product (GDP) contracted by 2.25 percent in 2009, versus an earlier forecast of a drop of 3 percent, said Friday Villepin, Francois Fillon.

Fillon said the GDP growth forecast for next year will be increased to 0.75 percent, compared with a previous target of 0.5 percent growth.

"The recovery is taking shape, is fragile but beginning to grow," said the prime minister at a ceremony in Paris.

"We will review our economic forecasts after the rebound observed in the second quarter," he added.

France reported a surprising jump in the second quarter as defied forecasts with an expansion of 0.3 percent after shrinking 1.3 percent in the first quarter.

Early U.S. housing construction increases in August

New housing starts in U.S. homes rose in August to its highest level since November, driven by a rebound in multifamily housing, a report showed on Thursday the government.

The Commerce Department said housing starts for homes rose 1.5 percent to a seasonally adjusted annual 598,000 units, almost the mark of analyst expectations of 600,000.

European markets go up and accumulate firm in September alone earned more than 7 percent

The main European operating again today with widespread gains. The first two weeks of the month is marked by the clear upward trend and progress on the annual maximum

European markets operate on Thursday, with moderate gains and continue the generalized climate of optimism amid signs of recovery and the imminent end to global recession.

The Ibex 35 Spain 0.47% gain to 11,802 points, the CAC 40 in France, 0.47%, to 3830, and Germany's DAX, 0.51% to 5729 points, reported Reuters news agency.

The first two weeks of September was marked by strong gains in the streets of the Old Continent, which position their indicators at their highest levels since mid-2008, when he shot the international financial crisis.

The bags piled up in the first half of the month generalized increases over 7% on average. The main indicator rose 793 points Spanish, French, 259 points, and Germany, 403 points.

UK retail sales, flat in August

Retail sales in Britain stagnated in August, countering expectations for a small increase, sales of clothing and exerted the greatest impact to the bottom, showed the official data on Thursday.

Analysts had predicted an increase of 0.1 percent per month and the Office for National Statistics said the August reading unchanged lowered the annual growth rate of retail sales to 2.1 percent from 2.9 percent in July.

Additionally, the previously reported increase in July, 0.4 percent was revised downward to an increase of only 0.2 percent.

The pound fell nearly half a cent against the dollar, as the figures reinforced expectations that the Bank of England will keep the ultra-loose policy for some time.

Last week, the central bank kept interest rates at a record low of 0.5 percent and said it would maintain its current program of asset purchases of 175,000 million pounds as it struggles to pull Britain out of the worst recession in decades.

Despite a sluggish final reading, sales in the three months to August rose 1.2 percent, the biggest increase since May 2008.

"It's an impressive performance given the weak economy," said Philip Shaw, economist at Investec.

The official measure of retail sales has been unusually strong during much of the year, prompting analysts to question the accuracy of the weakness of the survey data and complaints from retailers, of poor demand and the obligation to cut prices aggressively.

Oil continues to rise and is traded around the $ s73

U.S. crude l-type WTI traded to $ 72.50 in early trading session. Its value registered a rise of 5% so far this week

Oil prices ranging around $ 72.50 a barrel Thursday after jumping more than 5 percent this week, due to which large U.S. inventories of distillates such as diesel offset the positive outlook in other markets.

U.S. crude fell 14 cents to $ 72.37 a barrel, after starting the week to below $ 70 a barrel.

London Brent futures fell 13 cents to $ 71.54 a barrel.

European stock markets climbed in early trading and the benchmark FTSEurofirst 300 is held above his mark of 1,000 points, while gold touched an 18-month, adding to signs that investors are willing to take more risks.

But analysts said the weak bases neutralize these potentially positive news, because high inventories of distillates could limit any gains during the period of maximum heating demand.

Data from the Energy Information Administration showed U.S. distillates rose 2.2 million barrels last week, exceeding by far the increase expected by analysts of 1.3 million barrels.

And while crude oil inventories fell more than expected last week, analysts said this was due to higher refinery utilization rates rather than a genuine increase in demand.

"Currently we see no physical tightness and even an imminent appearance of a deficit supply / demand to help the market to rise," said Citi analyst Timothy Evans in a research note.

By the crisis, more than 1,000 million people suffer from hunger

On the international economic crisis, food aid is on the lowest level of the last 20 years. Therefore, the number of hungry people is critically share highest known in history

Of the 6,791,511,711 people when inhabit the planet, almost one sixth is hungry. According to data managed by the World Food Program (WFP), there is a serious budget deficit to deal with the situation.

To date, this program has confirmed 2,600 million dollars of funding for its 2009 budget, which expected to be 6,700 million.

"Millions of people have been hit by the global financial crisis and its capacity limited to buy food because prices remain high," he says in this regard the UN program.

From Mexico, the UN Special Rapporteur on the Right to Food, Olivier de Schutter, has said at a forum organized by several NGOs in the past two years increased "significantly" and that world hunger is already over 1,000 million people.

This situation is "alarming" and states must develop "effective programs" that address this problem which is becoming increasingly acute with factors such as population growth

ArcelorMittal sees Chinese demand growth, not in Europe and USA

ArcelorMittal, the world's biggest steelmaker, on Wednesday raised its forecast for demand growth in China this year but believes that the U.S. markets and Europe will continue to suffer from the financial crisis through 2010.

"No market is expected to normalize in Europe and the United States in 2010," said Chief Executive Lakshmi Mittal said in a document to be presented to investors later on Wednesday.

However, Mittal, whose company produced more than 7 percent of the world's steel last year, said China emerging regions and represent about 80 percent of the global market in 2009.

China's domestic demand would increase by more than 15 percent this year and would cool in 2010, Mittal said in the presentation posted on the website of ArcelorMittal.

Previously projected growth of 10 percent this year.

The global economic crisis that affected customers in the key steel automotive and construction market, has forced his rivals ArcelorMittal operating at half capacity during the first half of 2009, down from 60 percent in prices spot, while the divestiture exacerbated the problem.

The global steel demand, which fell by nearly 2 percent in 2008, would fall again this year, according to World Steel Association (WSA for its acronym in English).

Mittal previously forecast a decline of between 15 and 20 percent in global steel demand, recognized as a general indicator of economic health.

Once termindada the worst crisis in the developed world since the 1930s, Mittal expects demand to return to trend growth of between 3 and 5 percent, led by emerging markets.

"Chinese demand took by surprise some people, largely through the stimulus package and infrastructure construction. That's what's sustaining the steel market," said a London analyst who declined to be identified.

Chinese steel production jumped by 22 percent year to a record 52.3 million tonnes in August, posting its fifth consecutive monthly rise.

Dollar trims losses against the yen after U.S. inflation data

The dollar pared losses against the yen on Wednesday after a government report showed a rise in consumer prices in the U.S..

Against the yen, the dollar rose to 90.44 units from the previous 90.34, but still down 0.67 percent on the day. The euro fell to 1.4661 per dollar from 1.4676 before knowing the data, and haunted the session low of 1.4655.

U.S. consumer prices rise 0.4 pct in August

WASHINGTON, Sept. 16. - Consumer prices in the U.S. rose faster than expected in August against July by an acceleration in gasoline costs, data showed on Wednesday the Government, although the underlying trend pointed to contained inflation.

The Labor Department said its consumer price index (CPI) rose 0.4 percent last month, slightly above market expectations of a rise of 0.3 percent.

Gasoline prices rose 9.1 per cent stronger after falling 0.8 percent in July. Compared with the same period in 2008, consumer prices fell 1.5 percent. Prices have been falling on the year since March this year.

Excluding volatile food prices and energy, core inflation measured by consumer rose 0.1 percent in August after a similar increase of 0.1 percent in July.

This was because the prices of new cars fell 1.3 percent, the steepest decline since October 1972.

This in turn reflected the incentives promoted by the Government, which offered discounts to customers to change their old cars for new ones, with a more efficient use of fuel.

The markets anticipated core CPI to an increase of 0.1 percent last month.

ArcelorMittal sees Chinese demand growth, not in Europe and USA

ArcelorMittal, the world's biggest steelmaker, on Wednesday raised its forecast for demand growth in China this year but believes that the U.S. markets and Europe will continue to suffer from the financial crisis through 2010.

"No market is expected to normalize in Europe and the United States in 2010," said Chief Executive Lakshmi Mittal said in a document to be presented to investors later on Wednesday.

However, Mittal, whose company produced more than 7 percent of the world's steel last year, said China emerging regions and represent about 80 percent of the global market in 2009.

China's domestic demand would increase by more than 15 percent this year and would cool in 2010, Mittal said in the presentation posted on the website of ArcelorMittal.

Eurozone inflation low energy prices in August

Prices for the euro area in its annual measure remained in negative territory in August, the drop in energy costs, strengthening the idea that the European Central Bank (ECB) kept interest rates steady despite a tentative recovery economic.

Consumer prices in the area of 16 countries rose 0.3 percent in the monthly comparison and fell by 0.2 percent per year, said Wednesday the statistics office of the European Union, which confirmed its year figure reported two weeks ago.

The numbers were in line with analyst expectations.

This was the third consecutive month that prices fall on-year, but officials said they see no danger of deflation, or a prolonged fall in prices accompanied by consumer expectations of additional casualties. In July, prices fell a record 0.7 percent.

"It seems highly likely that July marked the deepest deflation in the euro area and consumer prices could again be positive at the year as early as this month," said Howard Archer, chief European economist at IHS Global Insight.

OIL-barrel rise, profit slows some concern for distillates

Oil prices were trading on Tuesday above $ 69 a barrel because of an expected decline in crude inventories in the United States.

But the concern that U.S. stocks of distillates have grown, capping gains. The oil market was expecting a weekly inventory report from the American Petroleum Institute (API) to be released at 2030 GMT. Analysts have predicted a fall of 2.7 million barrels in crude stocks and a 1.5 million rise in distillate inventories. Gasoline stocks would rise by 800,000 barrels.

Prices barely moved after the Organization of Petroleum Exporting Countries (OPEC) left its forecast for demand as of 2010, and said signs of an upturn in the global economy continue to grow, but that recovery will be slow and gradual.

Prices of U.S. oil contract for October delivery gained 447centavos dollar, to $ 69.33 at 1208 GMT, while Brent crude rose to $ 67.50.

"There is concern about rising inventories," the analyst told Reuters Christophe Barret, at Calyon.

The government's Energy Information Administration (EIA) will release inventory data on Wednesday.

There is also concern in the market on news that the main U.S. stock market would increase the application of limits on the size of positions in the futures markets since 14 September.

But a source told Reuters on Monday that the CME Group, which operates the New York Mercantile Exchange (NYMEX) applications will not raise limits on positions and that the warning on Friday about it was "routine".

Citigroup explores the reduction of U.S. government involvement

New York, Sep 15 (MarketWatch) .- Citigroup, eager to remove the stigma of being a subsidiary of the U.S. government is drafting a plan to reduce 34% stake that the state keeps the financial giant.

Senior executives from Citigroup have been drawing up plans for a possible public stock sale of billions of dollars, while the Treasury would sell at least a portion of the stake in Citigroup, according to sources close to the deal told The Wall Street Journal.

Negotiations are at a preliminary stage, sources said, and Citigroup has not yet officially submitted this operation to the U.S. Treasury, but expect it soon.

Representatives of the entity and have discussed their plans with bank regulators, financial sources said.

Last week, the Treasury Department purchased 7,700 million shares of Citigroup.

The federal government got that participation in exchange for a portion of its preferred stock group, which the Treasury received when injected 45,000 million dollars in Citigroup.

The conversion of preferred shares into common stock agreed to in the second quarter, when rumors swirled about the health of Citigroup's capital levels.

The advance request from Citigroup to start reducing government involvement reflects the rapid rebound in Wall Street about the dark days of financial crisis.

It could also provide a preliminary test of how the government of President Barack Obama combines his desire to begin to reverse the major interventions in the financial system with the concern still exists about the health of the banking industry in general and in particular Citigroup .

Although Citigroup has reported net profits in the last two quarters, the company still has to deal with an increase in loan defaults and still tens of billions of dollars of risky assets.

Even before the Treasury Department obtained the shares of Citigroup, its officers were examining how to reduce government involvement.

The aim is a joint sale of shares and Citigroup would issue up to 5.000 million in new shares, while the government simultaneously sell an undetermined number of shares it controls, sources said.

Executives hope that a sale of this type may occur in the fourth quarter of this year.

Citigroup could use the capital gains from the sale of shares to buy some of the preferred stock that controls the government, sources said, while bank executives argue that the company would issue shares only if the Treasury also agreed to sell shares.

Spokesmen for Citigroup and the Treasury Department declined comment.

If the U.S. sells some of its shares of Citigroup, taxpayers could make a profit.

The government converted its preferred stock into common shares at $ 3.25 per share, while Citigroup shares closed yesterday at $ 4.52, which means that the 7,700 million shares of government have increased in value 9,800 million dollars.

Russia will emerge from the recession in the third quarter, according to Minister

Russia will begin to emerge fully from the recession in the third quarter of 2009, said Tuesday the Russian Finance Minister Alexei Kudrin was quoted by local agencies.

"June was the first month of the start of the crisis in Russian output. But the total home from the recession will be observed in the third quarter," said Kudrin was quoted by Ria Novosti.

Kudrin said that the monthly rate of GDP increased by 0.4% in June and 0.5% in July, adding that the measures taken by the government against the crisis are being realized.

However, the Minister considered that there must be "vigilant," highlighting the many risks that lurk, including many "credit risk" in the U.S., Europe and Russia itself.

The Gross Domestic Product (GDP) shrank Russia by 10.9% in the second quarter of 2009. On the whole this year, the government forecasts a decline in GDP of 8.5%.

Russian President Dmitry Medvedev and his prime minister, Vladimir Putin, said in recent days that is showing the beginnings of economic recovery.

Wall Street Obama says his government's measures to overcome recession

The U.S. president, Barack Obama, said today on Wall Street the "aggressive measures" already taken by his government to restore health to the economy of this country, while setting out its plans to reduce the presence of his administration in the sector Financial.

Obama "will discuss the aggressive steps the Administration has taken to return the economy to its path, and its commitment to reduce the role of government in the U.S. financial sector," said White House today.

The U.S. president will address the U.S. financial sector from 1615 GMT in one of the branch in New York from the Treasury Department, Federal Hall, in the heart of American financial and before the banks were placed a year ago the brink of collapse.

Obama's intervention to Wall Street occurs also when the first anniversary of the bankruptcy of U.S. investment bank Lehman Brothers, which precipitated the financial crisis that had begun in 2007.

Following the bankruptcy of Lehman Brothers on 14 September 2008 the U.S. Congress approved a rescue plan for the financial sector endowed with 700,000 million.

The bankruptcy of the giant Lehman Brothers, which was assisted by the Administration under President George W. Bush also resulted in the death of the big U.S. investment banks, as its competitors, Goldman Sachs and Morgan Stanley, were converted into commercial banks pear avoid a similar situation.

A week ago, Treasury Secretary Tim Geithner, banks reported that return in the next 18 months about 50,000 million dollars of aid received in the rescue plan, which will join the 70,000 million dollars have already repaid over this year.

Geithner also said that the financial sector has entered the path of stability, while they were no longer considered necessary government support measures.

Obama, the American media, could also address his views on making regulatory measures, currently stalled, while he would ask for large financial firms that face their responsibility to avoid situations which put the financial system near collapse in the last year.

In addition, the U.S. president will present "the measures that the White House and the world community should take to prevent a crisis like this never happen again," said the White House.

Obama's statement also comes days before the summit of the Group of Twenty (G20), which he chaired in Pittsburgh (Ohio) 24 and 25 September.

At that meeting Heads of State or Government of the nations discuss global measures already in place to deal with the recession and seek new ones to revive the global economy.

OIL-Barrel DLRS falls to 68 per dollar, position limits

Oil fell on Monday to $ 68 a barrel after the decision of a major U.S. stock exchanges to set limits on long positions increased uncertainty.

U.S. crude for October fell 59 cents to $ 68.70 at 1243 GMT after touching a low of $ 68.02. Brent crude was at $ 67.5.

The Chicago Mercantile Exchange on Friday pledged to enforce the current limits of positions in the New York Mercantile Exchange in the plaza and other financial markets since Sept. 14.

Operators are on position limits could face fines or could be found guilty of price manipulation, unless they obtain a waiver, according to a notification of the Chicago Mercantile Exchange.

Oil fell nearly 4 percent on Friday, towards $ 69 a barrel, giving most of the week's gains after U.S. stocks fell after a five-day rally, raising questions about the sustainability of its recent recovery and the strength of the U.S. economic recovery.

The crisis has not caused widespread restrictions on international trade

The World Trade Organization (WTO) today presented a nuanced picture of the evolution of international trade amid the global crisis, in which there are no widespread restrictions on trade, though several countries have adopted defensive measures of various kinds.

In a report focused on the G-20 (developed and emerging economies), the body reveals that some of these nations have increased tariffs, introduced new non-tariff measures and "most of them have continued to use trade defense mechanisms" .

This is critical in an economic environment, with a projected decline in world trade from 10 percent in 2009 and from 30 to 40 percent in FDI.

On economic and tax package launched in several countries to address the crisis, the report clearly states that they promote international trade, although "some contain elements that favor domestic products and services in over imported.

"It is urgent that governments begin to plan coordinated strategies to break this scheme as soon as possible," says the study, prepared by the WTO in collaboration with the Organization for Economic Cooperation Development (OECD) and the Conference of the UN Trade and Development (UNCTAD).

The G20 has commissioned three agencies assess whether protectionism has increased as a result of the crisis and present its findings ahead of its meeting this month in Pittsburgh (USA).

The analysis result is ambivalent because, on one hand, the investment policies of the G-20 make up a table "calming" measures to increase openness and transparency for foreign investors.

However, some countries in this group applied at one time "layout from drawing entities that discriminate or serve as a barrier to investment."

Therefore, WTO, OECD and UNCTAD call on the leaders of the G-20 to "remain vigilant" and to not fall into the trap of believing that the crisis is over, despite the positive signs of economic recovery in some parts of the world.

"The increase in unemployment due to the crisis will continue to fuel protectionist pressures in the years ahead," it warned.

He even warns that this could exacerbate the contraction in trade and investment, and affect confidence in recovery.

In terms of decisions to protect jobs and corporate profits in this time of crisis, the risk would "create a legacy of uncompetitive industries and over capacity in certain sectors, thereby generating protectionist pressures continue, even after economic activity has improved. "

For the authors of the study, a collective decision of the G-20 of early conclusion of trade negotiations of the Doha Round would be a clear signal to the world that protectionism is not the solution to the crisis.

This is because the rules would be established in any agreement that would reduce the possibilities of setting new restrictions on trade or to increase existing ones.

As an indicator of the level of protectionism among the G-20, the evaluation notes that the number of investigations on anti-dumping (unfair competition) were the same level from January to July this year than the same period of 2008 .

With the largest number of investigations initiated in that period were the European Union (15), Argentina and the United States, with 14 each, Turkey (12), India (13) and Brazil (9).

China denounces U.S. before the WTO by Chinese tires Tariffs

China denounced the United States today at the World Trade Organization (WTO) would be "unfair" tariffs imposed by Washington on imports of Chinese tires.

Said today the Chinese mission to the multilateral trade body, Beijing regards the new U.S. measures as "abusive practices" that "go against WTO rules.

The U.S. president, Barack Obama, signed a decree last Friday that includes a rate increase import of tires for passenger cars and light vehicles from China.

This measure, which will run three years and aims to protect U.S. companies in this sector, is viewed by China as a "grave" of protectionism that "weakens" the economic relations between the two countries.

The complaint filed by China opened a consultation process between the two parties that, if after 60 days will not reach an agreement, gives way to the Dispute Settlement Body of the WTO, which is responsible for the matter.

China said Saturday that "hopes that all parties understand our determination

Russian Central Bank cut its main interest rate to 10.50%

The Russian central bank announced Monday the cut by a quarter percentage point from its main refinancing rate that will remain at 10.50%, using the stabilization of inflation and with the aim of supporting an economy in recession.

"This move is made possible by macroeconomic trends, which have allowed the Bank of Russia to maintain the pace of interest rate cut," the institution said in a statement.

The cut will take effect on Tuesday, said the central bank.

This is the sixth rate reduction making the central bank since April, in an attempt to facilitate the flow of credit in the Russian economy.

Inflation fell sharply in Russia in recent months, and in August held steady at 8.1%.

China gives more signs of recovery and encourages investors

The Chinese authorities reported that industrial production, investment and credit in this country took power in August. Only exports plummeted 23.4%. The data generated optimism

Industrial production, investment and credit in China took power in August, suggesting that economic recovery is underway, but it is unlikely that Beijing abruptly reversed his economic policies for fear of undermining the recovery.

The only blemish on the August data was trade. Exports fell by 23.4 percent over the previous year, a steeper drop than expected and accelerating since the contraction of 23 percent in July.

Industrial production rose in August to a maximum of 12 months by 12.3 percent over the previous year, up from 10.8 percent in July and exceeding expectations of an advance of 12 percent, as shown Friday data from the National Agency of Statistics.

The annual growth of investment in urban fixed assets intended to also accelerated, reaching 33 percent during the first eight months, climbing from 32.9 percent in January-July period and above expectations of 32 , 5 percent.

"The data show that China's economy continues to grow globally," said Rob Subbaraman, chief Asia economist at Nomura in Hong Kong.

"There is a very positive configuration data: on the side of the activity and there is a further strengthening in the aspect of inflation is still negative inflation, so do not think there's a real urgency of an aggressive adjustment policy," said Subbaraman .

Despite signs of strength, analysts expect that policy makers proceed with caution to avoid a hasty abandonment of their control over monetary and fiscal policy, following a series of assurances from Beijing that will not cut too early measures stimulus.

The figures for money supply and credit growth surprised by his rise, potentially offering the consolation that credit flows will not be closed abruptly.

The dollar fell to its lowest annual

The dollar fell on Friday to one-year lows against a basket of currencies, because of continuing concerns about its future value back to cloud the short-term technical picture, preventing a brake on sales of the greenback.

The dollar index, which measures its value against six major currencies, headed for its weekly fall deeper in nearly four months and the euro headed for its biggest weekly gain in the same period, after reaching the maximum of 2009 of 1 , $ 4627.

Strengthening China's economic data also fed the hopes of global recovery, which tempts investors to exit the dollar to move to riskier currencies.

On Friday, an official with the U.S. Treasury said it makes sense that China diversify its huge foreign reserves, which, at least marginally, fueled the feeling pessimistic about the dollar strengthened this week.

"It does not help the dollar, but he (the official) ties him to the idea of the creation of new reserve currencies, which, as we know, take a long time," said Paul Mackel, currency strategist at HSBC in London.

David Dollar, emissary for economic and financial affairs of the U.S. Treasury in China, said that greater diversification of China's international reserves, and the internationalization of the yuan, are meaningless.

"The general theme is that China has a huge amount of reserves and diversify makes some sense" these reservations, Dollar said at a meeting of World Economic Forum in the Chinese city of Dalian.

"It's healthy to have a wide variety of different types of reserve currencies," he added. The dollar index was down 0.25 percent to 76.63 daily, even after falling earlier to 76.511, its lowest since September 2008.

The euro rose 0.2 percent on the day at $ 1.4600, accumulating a rise of 2 percent in the week. The dollar declined by 0.9 percent a day against the yen at 90.90 units from Japan, after earlier falling to its lowest in seven months of 90.69 yen according to Reuters data.

European stock markets opened its sixth day with gains

The main squares in the region recorded increases of between 0.5 and 1 percent. Shares of banks trendsetters. In Asia, the China market gained 2.22 percent

European shares opened higher on Friday for the sixth straight day and hit a new high in 11 months, with financial stocks extending their recent highs and the energy to rise in line with rising oil prices.
The FTSEurofirst 300 was up 0.48 percent at 993.07 points, having earlier touched a peak at 995.37 points. The index, which lost 45 percent in 2008, has risen 20 percent this year and has climbed 54 percent from a record low in March.

The bank stocks were among the top gainers. Barclays, Lloyds, Royal Bank of Scotland, BNP Paribas and Societe Generale gained between 0.5 and 1.8 percent, while Commerzbank rose 2.8 percent.

"The fall has been hard, and recovery has been equally impressive, but I'm sure many traders prefer softer movements than the effect we saw in the last 12 months," said John Murphy, an analyst at ODL Securities.

"As we near highs for the year and the anniversary of the collapse of Lehman Brothers, will be interesting to see if there is a cooling off period next week," he added.

An improvement in the macroeconomic worldwide generated optimism. Industrial production, investment and credit increased in China in August, suggesting that economic recovery is under way.

The dollar hit minimum of one year after the economic data in China, which prompted investors to sell their holdings of U.S. currency for riskier assets. Mining stocks were applied to signs of a global economic recovery that improved the sector's perspective.

BHP Billiton, Anglo American, Antofagasta, Rio Tinto and Xstrata were up between 0.75 and 2.5 percent. In Europe, Britain's FTSE 100 rose 0.64 percent, Germany's DAX, up 0.5 per cent and the French CAC40, 0.75 percent.

Russian-Venezuelan bank building to start operations before year-end

Russian President Dmitri Medvedev, accompanied by his colleague from Venezuela, Hugo Chávez, said today the end of the year should complete the formalities for the creation of Russian-Venezuelan bank to finance joint development projects.

"The Russian-Venezuelan bank be set up before year end," the Kremlin chief, said prtensa.cnia conference in

Earlier, Russian Deputy Finance Dmitry Pankin, said the bank's authorized capital reached $ 4,000 million and that Russian banks VTB and Gasprombank would own 51% of the shares.

According to Chavez, delegations from both countries work in the final stages of the establishment of the bank to commence operations towards the end of 2009 or early 2010, so that the new bank to finance projects including oil and gas .

Japan revises down economic growth forecast for 2009

The Government of Japan revised down from 3.7% to 2.3%, forecasts on growth of gross domestic product (GDP) for 2009, said sources from the Executive.

Between April and June the Japanese GDP grew by 0.6% over the previous quarter which means the growth rate of 2.3% yoy, or 1.4% less than originally planned.

The sources attributed the decline to the fall in investment in fixed assets and to increased unemployment in the country.

At the same time, the sources stressed that despite the downward revision of forecasts, GDP recorded an increase for the first time in 15 months, thanks to measures taken by the Government.

Geithner said the U.S. economy grows again

"The economy grows again." This emphatically expressed yesterday before the U.S. Congress the Treasury secretary, Timothy Geithner, shortly after the White House confirmed that thanks to the stimulus package were created or saved up to 1.1 million jobs. The impact of incentives for growth is estimated at 2.3 percentage points of GDP.

According to these calculations, without this package and other measures that took effect in February, the economy would have contracted by 3.8% in the second quarter and the destruction of jobs would have exceeded 3.5 million. To date, mobilized 151,400 million 787,000 million dollars budgeted.

President Barack Obama pledged to create or save up to 3.5 million jobs in two years thanks to his stimulus plan. And according to initial estimates, this would avoid the overstepping of an unemployment rate of 8%. But unemployment is already affecting nearly 15 million Americans, 9.7% of the workforce, "an unacceptably high figure."

Geithner reiterated that the measures are yielding tangible results and therefore believes that it is time to change strategy, crisis management to one that ground you this emerging growth. This, he explained, involves "dismantle" the programs that are no longer useful and keep those essential to encourage lending and stabilize housing.

Russia will end the year with international reserves at around U.S. $ 400,000 million

Vice President of Central Bank of Russia, Alexei Uliukaev, today announced that the amount of international reserves will not undergo substantial changes in the remainder of the year.

"The reserves will remain at the current level of order of 400,000 million dollars," said the banker told Reuters.

A 4 September the countr

Subaru achieved record sales worldwide

Subaru has achieved new sales records worldwide, especially in the U.S. market, where the positive numbers have occurred in the past two months, and in China, where he leads and 50 consecutive months of growth.

As reported by the automaker, sold 28,683 American units in August, 52 percent of sales over the same month in 2008, while cumulative sales in the year totaled 143,828 units, representing an increase of 11 percent compared to 129,297 last year.

These good results are attributed to the change in the range of Subaru, which is beginning to bear fruit as well as sales of its models Impreza, Forester and the new Family Legacy / Outback still beating historical milestones.

Also attributed to the aid of the Obama Administration, which provided generally good results in the U.S. market, while cumulative sales in 2009 continue to show a decline of 27.9% in this market.

In Canada, August was also a record month of sales in the history of the brand and models Legacy / Outback, Forester and Impreza are still the mainstay for this growth, an increase of 4.2% over the same month last year .

Another example of Subaru growth in the world is the complex Chinese market, which was introduced four years ago, since which time sales have recorded consecutive monthly increases, a fact unprecedented in the automotive industry.

In the European Union, the cumulative sales of the Japanese fell 5.5% (19,424 units versus 18,362) when the market throws a few drops of 9.4%.

Meanwhile in Spain, Subaru sales are 17% decline from the year 2008, when the overall market has fallen 31%.

Subaru said in a note to be taken into account also that the pace of orders for the new Legacy / Outback by dealers can be very optimistic about their deliveries to final customers which will make the sales pace brand will increase, further strengthening its market position.

The agency experts deny that U.S. clean energy jobs destroyed

The study by a professor at the Universidad Rey Juan Carlos, who accused the renewable energies that destroy jobs and had a great impact in the U.S. has been answered by the experts of the National Renewable Energy Laboratory U.S. (NREL, in its acronym in English). The Spanish study was used by Republicans to whip Obama and his commitment to renewable energy. Its author is Gabriel Calzada, member of the FAES Foundation and member of a school that denies climate change, was interviewed on U.S. television after concluding, contrary to most previous studies that for every job created by the renewable are left to create another 2.2 jobs. The U.S. report said that the study of Calzada has "technical limitations", "does not take into account the export potential" for renewables, is not transparent and statistics fail to support it.


The renewables sector in Spain and the Secretariat of State for Climate Change and had responded strongly to the study of Calzada. In summary, Calzada said that if all the public investment that renewables have received what they had spent much companies would have created more jobs. The report was used against Obama for his commitment to "green jobs" out of economic crisis. The U.S. president had previously encountered in Spain as a model renewable energy.

Now, experts satirize NREL on the findings of Calzada's emphasis that "create jobs for lawyers, medical costs more to create jobs for clerical and administrative professionals. used a similar argument for months the president of Wind Energy Association, Jose Donoso: "If you try to see how much each job, the State will give us all a piece of wood and a knife and make clogs. So every job comes very cheap. " The study commissioned by the Obama Administration should consider queCalzada compare job creation in renewable energy sector losdel, not all jobs.

The wind industry in Spain last year received 900 million euros in export subsidies but the amount of 2,550 million, covering 11.5% of electricity demand, avoided fossil fuel imports by 1200 million and generated 40,000 jobs, according the Wind Energy Association. U.S. experts agree that Calzada was wrong to not "have export potential," and notes that "the early Spanish investment could to capitalize on a global market for renewables, which will contribute more to the Spanish economy. Also remember that all the energy in the U.S. received grants in its early stages and are currently receiving grants.

Another point is that Calzada critics ignore that reduce dependence on foreign energy has important implications for energy and economic security, since each kilowatt produced with renewable permits less dependent on imported oil or gas.

Recommend emerging currencies appreciate

Analysts advise that developing countries allow their currencies to appreciate to curb inflation freely in the region, rather than raise interest rates

With high food prices and energy threatening to return inflation to uncomfortable levels, many managers of monetary policy in emerging economies have started to raise rates or at least indicated that they are ready.

But most of them shows an unwillingness to allow their currencies to strengthen freely. On the contrary, central banks continue to buy dollars in the foreign exchange market, increasing reserves at approximately $ s850.000 million in 2007, according to JP Morgan.

The bank estimates that foreign currency reserves of emerging economies to expand at $ s390.000 million more this year.

"Emerging markets have a simple answer (to the threat of inflation): what to do all of them is to stop buying dollars, then the currencies will rise and the inflation problem will be solved," he told Reuters on Tuesday in New York Jerome Booth, head of research at Ashmore Investment Management.

So far, prices of agricultural commodities like corn, wheat and soybeans are trading at or near record highs.




The internal pressure from exporters, which become less competitive with a stronger currency, it is certainly playing a role in the persistent accumulation of dollars, despite the obvious financial costs of accumulating reserves in a currency that is depreciating.

But the time will come when the monetary authorities will have to pay the political price of stopping their purchases of dollars, according to Booth.

"I think we are observing each other to see who will move first," he said after speaking at a forum on emerging markets organized by Institutional Investor Events.

Poland on Wednesday raised interest rates for a second month and -25 basis points, said there would be more hikes in the future.

Colombia last week surprised the market with an unexpected 25 basis point hike in its key interest rate. Meanwhile, inflation concerns have been expressed recently by monetary authorities in several emerging countries, including Brazil, Mexico and Turkey.
"Inflation was a surprise in emerging markets," said Joyce Chang, head of emerging markets research at JP Morgan, investors in the same seminar.

Spain : Technology consumption of households grew by 8.3, despite the crisis

The use of services information technology and communication in the first quarter of the year was 3.497 million euros, or 8.3% over the same period last year, to Despite the economic crisis, according to Secretary of State stressed Telecommunications, Francisco Ros.

The head of Telecommunications and Information Society Francisco Ros, today presented the annual report of the Information Society in Spain 2008, edition 2009 and the first comprehensive analysis of the ICT sector activities since the Civil Service.

According to the report, most of the spending on technology services in the homes in the first quarter, fell to the mobile phone at 1570 million, 44.9 percent of the total, 1.8 points higher than a year ago when the company 1.397 million consumer.

Spending on fixed telephony services grew marginally to 1056, the Internet rose from 76 million to 550 and pay TV in 11 to 321 million.

Francisco Ros said the strength of the mobile phone that despite its high penetration in the population continues to grow (by 6% at 31 March 2009) and increased Internet use.

The report on the Network Society shows that 24.3 million people over ten years were Internet users by March 2009, 60.5 percent of the population, which is ten points higher than the European average.

However, the number of households connected to the Internet was still below the EU average by 9 points since the Internet had only 51 per cent.

The positive is that 88 percent of the Internet connections were broadband households, 8 points more than the EU average.

The secretary of state explained that the low figure of Internet in households may be affected by the fact that the percentage of older people who are connected to the network is still very low.

Regarding the field of Information Technology and Communication's first study indicates that the administration continues to grow with an increase of 1.5 percent in 2008 and a turnover of 114,320 million.

Ros explained that this turnover is increasing the weight of information technology with a 53% off telecoms with 34% (the rest are other services) and called it a "sound and consistent with the more advanced countries .

In 2008 the weight of the sector of Information Technology and Communications accounted for 5.9 percent of GDP compared to 5.2% in 2005.

In late 2008 the number of employees in the ICT sector was more than 407,295 people from 386,131 to 2007. Regarding business, the last data from 2007 and is 28,259, an increase of 27% in 2005-2006.

Counting The benefit for the other economic sectors, the total gross added value would be 246,160 million, or 22.5% of GDP and will rise to 1.5 million people working in the field, 7 , 5% of total employment.

Labor productivity in the sector rose 26% in the last three years, according to Secretary of State stressed.

The reports also reflect the state of eGovernment in Spain, an activity in which the country is in a good position and that 21 percent of the population over 15 years has interacted with the public administration through network occasion.

Regarding electronic signatures, Spain leads the world in the number of identifications issued 12 million electronic identity card and 2 million certificates and digital signatures.

General Motors agreed that Magna buys its European subsidiary Opel

The U.S. auto complete secrecy defined in the future of his company in Germany. As reported in the Wall Street Journal, described the Canadian company made the sale

The board of General Motors builder recommend the sale of its German subsidiary Opel in the Canadian company Magna, the newspaper reported Thursday The Wall Street Journal reported on its Internet edition.

"It will be Magna, but under some conditions," said one source. GM is preparing to end months of suspense about the future of its German unit Opel and announce whether it plans to sell one of their two parties, Magna or RHJ Belgian financial group.

GM Europe has not commented. In any case, a board of trustees which controls a majority stake in Opel has the final say on who acquires the company.

Europe operates with ups and downs despite signs of recovery

The main places of that region have minimal changes compared to yesterday's close. Investors began to bet on riskier assets to forecasts that anticipate the imminent end of the crisis

European markets operate on Thursday, with almost no variations from the previous close in the climate of caution among investors governing.

The Spain's Ibex 35 index fell 1%, the CAC 40 in France, 0.35% and Germany's DAX, 0.13%, after opening with minimal upload, this morning reported the Reuters news agency.

European stocks went into negative territory on Thursday mid-session, with the weakness of the banking and retail shares offsetting
technological gains, with investors awaiting a decision on the Bank of England rates.

U.S. trade deficit rises 16.3% in July, up 32,000 million

Washington, Sept 10 (Thomson Financial) .- The U.S. trade deficit rose 16.3 percent in July and was placed at 32,000 million dollars, the highest level of the last six months, reported the Commerce Department today.

Most analysts expect the figure is located about 28,000 million dollars.

The upturn was largely due to increased oil imports and vehicles.

Total imports rose by 4.7 percent, while exports rebounded a slight 2.2 percent.

For countries and regions, the trade imbalance with China, the second largest U.S. trading partner after Canada, reached 20,420 million in July compared to 25,010 million for the same month last year.

Audi expects strong growth in China

The German manufacturer Audi believes its growth in China will be more dynamic than expected and may reach its goal of selling 200,000 cars in that market by 2015.

This was stated in remarks published today by the German specialist journal "auto motor und sport", the head of marketing for Audi, Peter Schwarzenbauer.

The executive noted that the dynamism of the Chinese market is already evident this year, which will allow Audi to sell more cars than expected.

Audi sold 13,180 vehicles in August, representing a growth of 36 percent over the previous month.

So far this year, the German automaker sold 92,600 cars in China by 17.7 percent during that period the previous year.

Schwarzenbauer ventured that in the light of how this market evolves, the number of sales in China this year will exceed the 130,000 units the first time.

Audi has in China a market share of 42 per cent in the premium segment.

World markets move against American optimism

Global markets enjoyed an uptrend on Thursday amid growing optimism about the U.S. economy, while oil prices continued their advance after report that OPEC production levels would remain the same.

The optimism continued through the night on Wall Street after the Federal Reserve reported the world's biggest economy showed signs of stability in recent months.

But although there were improvements in manufacturing and other sectors of the economy, the Fed reports suggested that the weakness in retail sales and the labor market could further limit consumer spending.

Some analysts believe this is reason enough to remain on high alert.

"The bottom line is better but still not enough support for a sustained recovery," said Peter Lai, investment manager at DBS Vickers in Hong Kong. "These numbers are not cause for celebration. Unemployment continues to rise and consumers are still concerned. The higher the market is more afraid of me."

In Europe, gains were modest, the British FTSE 100 index added 0.2%, Germany's DAX was up 0.5% and France's CAC-40 added 0.5%.

In Asia gains were more substantial. The Japanese Nikkei 225 index added 201.53 points, 2.0%, to 10,513.67, the Hong Kong Hang Seng gained 218.52, or 1.1%, to 21,069.56, and the Kospi in Korea advanced 2.3% to 1644.68. The exception was the Shanghai of China lost 0.7%.

During the night the U.S. Dow Jones industrial average added 49.88 points, or 0.5%, to 9547.22. The Dow has recovered 267 units, 2.9% in four days. It was the second highest closing price of the index in the year.

The benchmark crude for October delivery added 79 cents to $ 72.10, after the Organization of Petroleum Exporting Countries decided to keep the same production levels.

Applications for mortgages in the U.S. grows at record high in three months

Applications for U.S. mortgages increased last week as consumers sought to take advantage of lower interest rates in months, data showed on Wednesday the Mortgage Bankers Association.

While applications for refinancing loans carry more weight in the total activity, appetite of orders to buy a home reached its highest since early January.

The general trend in the data of the association, known as the MBA for its acronym in English, is a good omen for the beleaguered U.S. housing market, which has shown other signs of stabilization.

The MBA said its seasonally adjusted index of total mortgage applications, which includes both refinancing and purchases, rose 17.0 percent in the week ended Sept. 4, to 648.3, a record since the week ended May 29.

Cameron Findlay, chief economist at LendingTree.com in Charlotte, North Carolina, said that while the increased demand is positive for the sector still faces many obstacles.

"It's hard to think people will move into the home of your dreams when wages fall and unemployment rises," he said.

Further, as a special tax credit to buy homes due within a few months, and indeed much of the residential home sales are surmounted, the recovery might be hiding some uncertainty over the long term.

"The inventory of existing homes for sale remains high," said Findlay.

Besides, a series of upcoming interest rate adjustments on adjustable rate mortgages could negatively impact the market, he added.

The 30-year mortgage fixed rate, excluding fees, averaged 5.02 percent, down 0.13 percentage points from the previous week, reaching the lowest level since the week ended May 22.

The subindex rose shopping MBA 9.5 percent to 304.1, the highest rise since early April, and this component reached its highest since the week of Jan. 2.

The subscript refinancing rose 22.5 percent to 2651.2, the biggest rise since mid-March, reaching the highest since the week of May 29.

Gold remains below 1,000 DLRS / oz

Gold held near $ 1,000 an ounce on Wednesday, bolstered by a weak dollar and concerns about the sustainability of the rally in stocks this year and some key raw materials prices seen ahead of fundamentals.

An announcement of the world's largest gold miner, Barrick Gold, which plans to eliminate its future gold sales also led to new support prices, analysts said.

Spot gold was operating at $ 997.25 an ounce at 1205 GMT compared with $ 995.20 in New York on Tuesday. Gold futures in the U.S. for December delivery on the COMEX division of the New York Mercantile Exchange fell $ 1 to $ 998.80 an ounce.

Gold on Tuesday crossed the $ 1,000 mark for the first time since February and rose to a maximum of 18 months, underpinned by technical buying and a sharp dollar decline.

"Clearly part of this is concern about further weakness in the dollar," said Daniel Smith, an analyst at Standard Chartered. "People are accumulating gold in all sorts of different ways, both consumers and investors," he added.

Among other precious metals, silver was operating at $ 16.45 an ounce against $ 16.41.

Platinum was trading at $ 1286 an ounce versus $ 1283 while palladium was at $ 291 versus $ 294.

Algeria has sold 27,000 million dollars to August in oil and gas

Algiers, Sept. 9 (Thomson Financial) .- Revenues from sales of Algerian oil and gas in the world market amounted to 27,000 million dollars between January and August this year, informed the president of state oil company Sonatrach, Mohamed Meziane.

Until April, Algeria had joined 13,370 million dollars from the sale of oil and gas, representing a 46.48 percent less than last year.

The 27,000 million recorded through August represent more than 67 percent of revenue for the year of 2009, Algerian Energy Minister Chakib Khelil, stood at 40,000 million dollars.

If confirmed those estimates, oil revenues this year will fall nearly 50 percent as in 2008 were higher than the 79,000 million.

The decrease in revenue is due to falling oil prices on the world market, currently around $ 70 a barrel compared to $ 140 a year ago.

According to official data, Algeria currently has a capacity of oil production of 1.45 million barrels a day, but cash is pumping 1.2 million barrels a day in implementing the decisions of OPEC about cutting production.

Reservations Algerian oil and gas are at about 40,000 million barrels, of which only a small part is operated.

Moody's highlights rising arrears assets backing mortgage bonds

The risk measurement agency Moody's notes that during the second quarter increased delinquencies of assets backing the Spanish mortgage bonds, due to rising unemployment.

In a note, Moody's notes that mortgage defaults after 60 days have passed presumably 1.5% of the portfolio of all the bonds-securities guaranteed by mortgage loans granted by the CA, in June 2008 to 2.8% in the same month this year.

Meanwhile, defaults accounted for 90 days after the close of the second quarter by 1.9% compared to 0.7% from a year earlier.

"Rising unemployment and low employment are affecting the mortgage, which is directly reflected in the delinquency rate," the agency reported.

Furthermore, he notes, housing prices continue to fall in Spain, which will continue down the value of the mortgaged property.

Rebound in weekly sales at U.S. chain stores

Sales at chain stores in the United States rebounded in the week ended September 5, at 0.6% compared to the previous one, according to the weekly index published by the International Council of Shopping Centers (ICSC).

The index stood at 494.4 points against 491.5 points the previous week, when he had fallen 0.5%, the organization said in a statement.

The evolution of ups and downs of ICSC data confirm the weakness of U.S. consumption, engine of growth in the country.

G-20 recommended to continue for a long anti-crisis measures to stabilize the global economy

Finance ministers of the G-20, the twenty countries with the strongest economies in the world today continue to apply the recommended anti-crisis measures because there is still much to stabilize the global economy.

"All participants agreed that it has not undertaken all necessary measures, and that much remains to be done," said the British Minister of Finances Alistair Darling, to discuss the results of the G-20 press conference.

He added that the suspension of anti-crisis program (exit strategies) will be agreed in consultation with the International Monetary Fund (IMF), the Council for Financial Stability installment coordinated and individual countries according to the specific conditions of each.

According to the British minister, the G-20 stressed the need to establish a transparent and trustworthy when governments decide to suspend the anti-crisis measures to support monetary and financial stabilization as each country is real and stable.

The official said the anti-crisis measures taken by countries with strong economies have certain results, but there are still weak economic sectors where there is still no signs of recovery.

"Our coordinated, bold and unprecedented helped stem the decline of the economy and stimulate global growth. The financial markets stabilized, the global economy recovers, but we are cautious in making predictions regarding the growth of jobs "stressed the British minister host.

Moreover, the IMF managing director, Dominique Strauss-Kahn said the G-20 met its promises to increase IMF resources to 750.000 million dollars

"In addition to achieving the goals envisaged could also overcome", Strauss-Kahn said in a press conference at the end of the summit of finance ministers from the G-20.

He added that the most sensitive social consequences of the crisis is the rise in unemployment which will reach higher levels in 2010.

"I think the crisis has passed, we are in the center and one of the biggest problems is unemployment, the executive said, explaining that the increase in unemployment always precedes other negative developments in the economy."

He explained that this is why this and next year could increase unemployment in most countries.

U.S. remains world's largest supplier of arms despite the crisis

U.S. last year strengthened its position as a leading global supplier of military equipment despite the global economic crisis, writes today The New York Times.
Washington in 2008 was awarded contracts worth 37.8 billion dollars on arms exports, which exceeds U.S. $ 12.4 billion the previous year's result and is equivalent to 68.4% of the total of these transactions on a global scale, reflected in a report by the U.S. Congress.
The biggest contracts of 2008 were the sale of U.S. anti-aircraft systems to UAE, for 6.5 billion dollars; supply fighters to Morocco, 2.1 billion dollars, and export of helicopters to support Taiwan, for two billion dollars.
Italy became the second largest exporter of arms, closing in 2008 contracts worth 3.7 billion dollars. Russia takes third place, with 3.5 billion dollars.

Russian defense industry will have to work looking to the West.

The growing presence of imported material in the Russian Army makes the local defense industry to work looking to the West, writes Izvestia newspaper today.
Vice Minister Vladimir Popovkin, who oversees arms purchases Defense, believes it is a logical trend: "International cooperation and some basis of imports are necessary because we can not always make do with domestic components today," he said.
Popovkin said the Russian military will be equipped imported materials if domestic industry can not offer quality products. He also mentioned that Russian weapons and often are offered at prices similar to those of Western equipment. "Given the differences in the level of remuneration, this suggests that the money will go to overhead," he said.
The importation of firearms gives the country access to modern technologies. Thus, Russia is currently negotiating with France to purchase a helicopter Mistral but also emphasizes the local co-production of three other ships of the same class, which involves the construction of new shipyards, technical training and acquisition of brand new machinery. Holland also hopes to sell to Russia, a Rotterdam-class helicopter carrier, so the military will have to convene a contest likely to determine the best offer.
Vadim Koziulin, professor of the Academy of Military Sciences, notes "the real emergence of a competitive environment in the Russian market for weapons and materiel, before fully closed and monopolized by single companies. "I could not even call market, as everything was decided in the corridors. Now, the Russian defense industry will have to work looking to the West and cooperating with Western companies to improve quality," said the expert.
Chavez proposes to enter Turkmenistan 'gas OPEC'


Venezuelan President Hugo Chávez, who is serving his first official visit to Turkmenistan, today advised his Turkmen counterpart, Gurbanguly Berdimujamédov examine the possible entry of this Central Asian country in the 'gas OPEC' promoting Russia, Iran and Venezuela.
Chavez called his historic visit to stress that contribute to closer ties between Venezuela and Turkmenistan, as well as between Latin America and the Caribbean, on the one hand, and the ancient civilization of Central Asia, who remained hidden in Soviet times, on the other .
Berdimujamédov, in turn, stressed that it is a pleasure and an honor to receive in Turkmenistan Chavez. He also recalled that his country, according to expert evaluations, in fourth position worldwide in terms of gas reserves after Russia, Iran and Qatar. Only South Yeleten Turkmen field, has 14 trillion cubic meters, he said.

Venezuela exported to Iran 20,000 barrels of gasoline a day from next October

The president of Venezuela, Hugo Chávez announced Sunday that his country will export 20,000 barrels of gasoline a day to Iran, IRNA agency reported.

"Venezuela will export 20,000 barrels of gasoline a day to Iran from October, under the terms of an agreement worth 800 million dollars," Chavez said at Machhad northeast Iran, quoted today as saying.

The Venezuelan president also reported that the parties agreed to "inject in the next 30 days $ 100 million in banking binational Venezuela-Iran."

Being second-largest oil exporter after Saudi Arabia in the Organization of Petroleum Exporting Countries (OPEC), Iran is forced to import 40% of petrol consumed by lack of sufficient refining capacity for oil.

Chavez visited Iran as part of its course through the eastern hemisphere which has taken him to Libya, Algeria and Syria. On September 9, near the Venezuelan official program will begin his visit to Russia.

There is consensus in OPEC to hold steady pumping: Kuwait

There is general consensus among OPEC members to leave unchanged the oil production when they meet this week in Vienna, said on Monday Kuwait's oil minister.

The Organization of Petroleum Exporting Countries (OPEC) meets on Wednesday to decide on production policy.

"There is a general consensus to not make more cuts," said the minister, Sheikh Ahmad al-Abdullah al-Sabah.

Kuwait and other Arab Gulf states producers within OPEC press for better compliance in the production goals for the meeting, he said.

"Kuwait and the Arab Gulf States (GCC as its English acronym) will push for greater compliance," said the sheikh.

The enforcement of discipline has fallen from highs of 80 percent to less than 70 percent since crude oil prices rebounded from lows of $ 32.40 in December to $ 75 in August this year.

The minister added that the oil price forecast for the year would be between $ 60 and $ 75

Ssince the crisis broke banks withdrew from toxic assets amounting to one trillion dollars

Russian Finance Minister Alexei Kudrin said today that since the crisis broke banks withdrew from toxic assets amounting to one trillion dollars, while the International Monetary Fund estimated $ 1.5 trillion in assets such remain in credit institutions.

"The withdrawal (of toxic assets) is an unusual phenomenon for the world economy, but according to IMF data, banks still have $ 1.5 trillion in toxic assets," Kudrin told the Russian television channel Vesti.

The minister indicated that the acute phase of the crisis was not allowed to detect all the toxic assets that is still uncertainty around the bank.

So countries should reserve the budgetary resources to support credit institutions "to avoid a second wave of the banking crisis.

"Russia, in its program for next year, also plans to allocate resources where necessary for the purposes of the capitalization of the banking system," Kudrin said.

The Central Bank of Russia estimated at 900 billion dollars (approximately 28 billion dollars at current exchange rates) of toxic assets in banking in the country.

The Tokyo stock market advances thanks to the strong dollar

The Tokyo stock market gains resumed today after three days down, thanks to the strong dollar and rises in other Asian markets, although the turnover was lower because it is a holiday in the U.S..

The Nikkei gained 133.83 points, 1.31% to 10,320.94 points while the broader Topix index, which groups all the values of the first section, rose 8.86 points, 0.94%, 944.60 to the whole.

The gains were greater among real estate companies, shipping and steel, while losses stressed the values of consumer finance, retail and electricity and gas.

At the beginning of the session, the strength of the dollar encouraged investors.

The U.S. currency was stabilized in the range of 93 yen, which favored the major exporters Nipponese, very influenced by the currency markets.

Also, the upward closure Friday on Wall Street gains favored the floor tokiota the absence of new indicators on the progress of the economy.

"Stocks in Tokyo seem to be below its real value, after falling more than 4% from the peak reached in eleven months on 26 August," said HIROICHI Nishi, an analyst at Nikko Cordial, a local agency Kyodo.

Analysts say it is too early to know the effects they may have on the economy the reforms proposed by the elected Prime Minister Yukio Hatoyama of the Democratic Party (PD), so that investors are guided by signals from outside markets.

The DP won the general election on 30 August to Liberal Democratic Party (LDP), the party that dominated Japan's politics for more than half a century.

This was the day with little activity since Jan. 19 because it is a holiday in America for Labor Day, celebrated the first Monday in September.

Turnover was 1517.07 million shares, down from 1924.27 million Friday.

In the first section, 862 securities advanced while 644 fell and 180 were unchanged.

Technology stocks followed the trend of the sector on Wall Street and posted gains, such as Toshiba and Sony, which was up 3%.

Nomura Holdings, which rose five tenths of a percent, was the day's value leader, while the volume leader, Mizuho Financial, showed no variation at the end of the day.

IMF projects global growth of 2.9% by 2010

Agency's director general, Dominique Strauss-Kahn said the global economy is emerging from the worst financial and economic crisis of the postwar period.
The International Monetary Fund (IMF) has revised upwards its forecast for gross domestic product (GDP) in 2009 and 2010, according to a document seen by Reuters.

Now, the IMF projected that world economy will shrink by 1.3% in 2009, against a previous estimate of a fall of 1% and that in 2010 will grow by 2.9%, an upward revision from the calculation previous +2.5%.

Unemployment rises to 8.7% in Canada despite the creation of jobs in August

The Canadian economy created 27,100 jobs in August, but despite this the unemployment rate rose to 8.7 percent by the increase in job seekers, said government agency Statistics Canada (EC).

In July, unemployment was located at 8.6 percent.
Although job creation is good news for Canada, EC noted that all new jobs were part time, a category that is seen by economists as less positive in terms of economic health, that full time jobs .

EC said that since the number of people employed in Canada reached its highest point in October 2008, the number of workers has fallen by 387,000 persons, 2.3 per cent of the country.

But in the past five months, the job loss has been limited to 31,000 jobs, a much slower rate than that experienced during the five months following October 2008, which may mark the beginning of the end of the recession in Canada.

From this month, the number of full-time jobs destroyed 486,000 sum. In the same period, the number of part-time jobs increased by 99,000.

The Canadian figures contrast with the U.S., the country's main trading partner, also announced today that unemployment rose in August to 9.7 percent with the disappearance of 216,000 jobs.

Iran oil minister to attend OPEC meeting: report

The new Iranian Oil Minister will attend the OPEC meeting to be held next week in Vienna, was quoted as saying the Iranian representative to the group.

Minister Massoud Mirkazemi attending the Sept. 9 meeting of the Organization of Petroleum Exporting Countries (OPEC), said the Iranian mission to the organization's governor, Mohammad Ali Khatibi, the semi-official Mehr agency.

Khatibi also said that one of the objectives of the minister is to hold the position of the Islamic state as the second largest producer within OPEC.

Iran, traditionally one of the members within OPEC to suggest measures to increase oil prices, is the fifth largest oil exporter in the world.

The IMF calls for maintaining the incentives to grow jobs

Managing Director International Monetary Fund (IMF), Dominique Strauss-Kahn, warned today that the stimulus measures taken to combat the current economic crisis should be withdrawn "only when the economic recovery has occurred and unemployment falls.
As part of an event held at the Bundesbank, Strauss-Kahn spoke of renewed stability, but has remained cautious about global economic recovery and has defended the need for further policy support for the system.
Although they recognized that the global economy appears to be emerging "from the worst financial and economic crisis since the war" has emphasized the risks that the recovery will be slow, not accompanied by an improvement in the labor market.
"I am concerned about the economic and social costs of high unemployment, which will persist even when financial markets and stabilize production," said the managing director of the institution.
It has also warned of the "fragility" of recovery and has warned that governments could wander "on the side of caution" regarding the timing of beginning to reverse their policies in response to the crisis. And the coordination of international policies have been an essential part of the answer to the crisis, the exit strategies "will be equally important," he explained.
Strauss-Kahn has also conducted an analysis of the economic situation and has revealed new sources of growth. From the demand side, spoke of "a global rebalancing between countries" that requires strong government action, including fixing the financial system in advanced economies and the momentum of domestic consumption in emerging Asia.

On the supply side has called for reforms to boost productivity by increasing labor flexibility and competitiveness in product markets.
With regard to economic policies, the IMF Managing Director has stressed the importance of addressing concerns about fiscal sustainability, an issue "tier" that includes spending by aging, that is "ten times greater" than the tax costs of the crisis. With regard to inflation, has explained that they expected to be a problem "until the recovery is firmly on track".

The IMF has expressed concern that the improvement of financial markets "is leading to complacency in addressing outstanding and difficult problems in the banking system, has therefore urged governments to remain vigilant to the agenda response to the crisis, including a diagnosis of banking systems and launching management programs to address the toxic assets of banks.
Side of regulation, has warned that the reforms are not being made as fast as you need and has spoken of increasing capital requirements and relate more to the risk. "The operational framework for macro-prudential supervision remains a work in progress," he explained.
With regard to compensation for the financial sector, Strauss-Kahn has stressed that the culture of risk in most financial firms has been a major factor in the crisis and warned that the recovery of the sector may lead to a return to these patterns. Therefore, the international community must stand united to make "significant progress in this area."
On the international monetary system, Strauss-Kahn has stressed that the current system is working better than it is said "in spite of their problems" and mentioned the example of the strengthening dollar during the crisis, reflecting their status as "a safe-haven asset unrivaled. "
However, to make more stable international monetary system, has emerged as essential to cut demand for reserves by the countries and a strengthening of the security mechanisms.
In this sense, the IMF can play a big role with ideas such as making access to more predictable funding, allocating their placements of special drawing rights (SDR) much closer to world events and increase their resource base.