UK growth revised up its economy in the fourth quarter of 2009, after revelations that the services sector rose at a rate five times higher than originally estimated.
The statistics office said Friday that gross domestic product grew 0.3 percent in the last three months of last year, up from the initial estimate of a 0.1 percent expansion.
The review also exceeded the 0.2 percent rise expected by analysts polled by Reuters.
However, the figure leaves the annual GDP contracted by 3.3 percent, down somewhat higher than originally estimated by a downward revision from the previous figures.
This means that the British economy has accumulated a 6.2 percent contraction during the recession, it was from the second quarter of 2008 until the third from 2009 inclusive. The figure is higher than the 6.0 percent initially estimated, and converts the current into the deepest recession in more than 50 years.
The central bank would not be impressed by the figure upward in the fourth quarter because it had already anticipated a revision upwards in a report in February.
The Finance Ministry said after the data that the economic recovery still faced risks.
"While it is good to see an upward revision, the latest data in the European Union and elsewhere have indicated that there are risks and uncertainties about the recovery, and no room for complacency," said a Treasury spokesman.
"Remove the support that has helped us reach this point would put the recovery at risk," he said.
In the same vein, the Finance Minister Alistair Darling said that despite the positive data of the fourth quarter, the economy faces a period of uncertainty.
"We are overcoming the recession. We're getting closer to recovery, but it is absolutely essential that we maintain support for the economy," said Darling.
The upward revision was mainly due to strong December figures, particularly in the service sector, where growth in the fourth quarter was revised to 0.5 percent from 0.1 percent, the report showed.
"In the sense that growth was supported by government spending and inventories, there is reason for concern for the future. But we feel that the fiscal and monetary stimulus will help repair the economy," said Amit Kara, an analyst at UBS .
viernes, 26 de febrero de 2010
jueves, 25 de febrero de 2010
80% of the secondary Greek workers strike
Trade unions in Greece have made Wednesday a show of force with a general strike, supported by workers for 80% of employees of public and private sector.
The protest at the measures announced by the Government of Giorgos Papandreou has coincided with the latest announcement from the European Commission, which considered 'incomplete' for his clarifications on the use of financial instruments to make up their debt.
The work stoppage that have supported three million workers paralyzed the country for much of the day, on a day marked by large protests and some violent incidents between protesters and riot police.
Two major events have filled the center of Athens, with particular strength of the Communist Workers who do not lull the government of Prime Minister of Greece. A banner of Civil Employees Union (ADEDY) read "say no to the austerity and unemployment", which touches 10% and can be doubled, as acknowledged by the executive itself socialist.
In others could read slogans like "Do not be us who pay for the crisis of the rich" or "The people and their needs are more important than the markets." During one of the marches, some 150 masked militants broke the windows of some shops and riot police fired tear gas to disperse them.
Greek police estimated that participation in the demonstrations in Athens has haunted the 20,000 people, although unions have raised attendance at least twice. According to Greek media, the unions expected a greater participation in demonstrations and strikes.
Unemployment in most sectors
All government offices, universities and much of the urban public transport have not worked in Greece, while the services of trains and planes have been suspended until 6:00 am. In public hospitals, doctors treated only the most urgent cases, while television and radio news have not delivered.
However, there has been no strike in the tourism sector, while some supermarkets and other stores have opened their doors.
Since the unions were satisfied with the "very high participation" in the strike, and announced more protests against the socialist executive measures for the coming weeks.
The aim is that the government "understands that it can not suppress labor rights," said Stathis Anestis, a spokesman for the General Confederation of Workers (GSEE), the union that brings together private sector workers.
Protests by the austerity plan
The strike, called by GSEE and ADEDY, goes against the strict austerity measures imposed on Greece by the European Union (EU) for its overwhelming debt.
Papandreou, elected last October, wants to cut the salaries of civil servants, lower social spending by 10% and increase some taxes to reduce the deficit by 4 percentage points this year.
Before the strike, the prime minister had expressed his understanding for popular unrest, but insisted that the Greek state simply "has no more money." For its part, the unions claim that the government saves in the wrong areas.
Moreover, the credit rating agency Standard & Poor's has maintained its note 'BBB +' Greek public debt in the long term but warned that his 'rating' continues to be subject to negative watch, which keeps open the possibility of a reduction within a month.
The EU sees 'incomplete' their arguments
On the same day of the strike, the European Commission has described as "incomplete" clarification which it has sent Greece on the use made with the help of investment bank Goldman Sachs, financial instruments to disguise their real level of public debt.
The explanations of Athens came to Brussels on Tuesday night, as confirmed by the Economic Affairs spokesman, Amadeu Altafaj, four days after the deadline he had demanded the EU executive. The Greek authorities are shielded in a four-day strike that affected the finance ministry to justify the delay.
Greece has reported to Eurostat that the repayment of this debt began in 2004. Consequently, the statistical office will have to determine, in cooperation with the Greek authorities, which will be the increase in debt due to the specific operation of Trade from 2004 onwards, so to request additional information "as soon as possible."
The Hellenic authorities have claimed that in 2001, when resorted to currency swaps to make up their debt, these transactions were not breaking EU rules.
The protest at the measures announced by the Government of Giorgos Papandreou has coincided with the latest announcement from the European Commission, which considered 'incomplete' for his clarifications on the use of financial instruments to make up their debt.
The work stoppage that have supported three million workers paralyzed the country for much of the day, on a day marked by large protests and some violent incidents between protesters and riot police.
Two major events have filled the center of Athens, with particular strength of the Communist Workers who do not lull the government of Prime Minister of Greece. A banner of Civil Employees Union (ADEDY) read "say no to the austerity and unemployment", which touches 10% and can be doubled, as acknowledged by the executive itself socialist.
In others could read slogans like "Do not be us who pay for the crisis of the rich" or "The people and their needs are more important than the markets." During one of the marches, some 150 masked militants broke the windows of some shops and riot police fired tear gas to disperse them.
Greek police estimated that participation in the demonstrations in Athens has haunted the 20,000 people, although unions have raised attendance at least twice. According to Greek media, the unions expected a greater participation in demonstrations and strikes.
Unemployment in most sectors
All government offices, universities and much of the urban public transport have not worked in Greece, while the services of trains and planes have been suspended until 6:00 am. In public hospitals, doctors treated only the most urgent cases, while television and radio news have not delivered.
However, there has been no strike in the tourism sector, while some supermarkets and other stores have opened their doors.
Since the unions were satisfied with the "very high participation" in the strike, and announced more protests against the socialist executive measures for the coming weeks.
The aim is that the government "understands that it can not suppress labor rights," said Stathis Anestis, a spokesman for the General Confederation of Workers (GSEE), the union that brings together private sector workers.
Protests by the austerity plan
The strike, called by GSEE and ADEDY, goes against the strict austerity measures imposed on Greece by the European Union (EU) for its overwhelming debt.
Papandreou, elected last October, wants to cut the salaries of civil servants, lower social spending by 10% and increase some taxes to reduce the deficit by 4 percentage points this year.
Before the strike, the prime minister had expressed his understanding for popular unrest, but insisted that the Greek state simply "has no more money." For its part, the unions claim that the government saves in the wrong areas.
Moreover, the credit rating agency Standard & Poor's has maintained its note 'BBB +' Greek public debt in the long term but warned that his 'rating' continues to be subject to negative watch, which keeps open the possibility of a reduction within a month.
The EU sees 'incomplete' their arguments
On the same day of the strike, the European Commission has described as "incomplete" clarification which it has sent Greece on the use made with the help of investment bank Goldman Sachs, financial instruments to disguise their real level of public debt.
The explanations of Athens came to Brussels on Tuesday night, as confirmed by the Economic Affairs spokesman, Amadeu Altafaj, four days after the deadline he had demanded the EU executive. The Greek authorities are shielded in a four-day strike that affected the finance ministry to justify the delay.
Greece has reported to Eurostat that the repayment of this debt began in 2004. Consequently, the statistical office will have to determine, in cooperation with the Greek authorities, which will be the increase in debt due to the specific operation of Trade from 2004 onwards, so to request additional information "as soon as possible."
The Hellenic authorities have claimed that in 2001, when resorted to currency swaps to make up their debt, these transactions were not breaking EU rules.
BASIC METALS-Copper falls on doubts about recovery, dollar
Copper fell on Thursday as growing investor caution about the prospects of recovery after recent comments by the chairman of the U.S. Federal Reserve, Ben Bernanke.
The metal also fell by a firmer dollar against the euro due to the resurgence of fears about Greek debt.
The benchmark copper for delivery in three months on the London Metal Exchange (LME, for its acronym in English) was trading at $ 7105 a tonne at 1019 GMT from a close of $ 7155 on Wednesday.
Bernanke pledged Wednesday to keep interest rates low, leading to copper and other risky assets a brief boost. However, other statements about an uncertain economic recovery began to hit market confidence on Thursday.
A report on new home sales in the United States on Wednesday said the economic weakness. Sales fell more than 11 percent to a record low, suggesting the sector, at the epicenter of the financial crisis has yet to recover fully.
"The market is very nervous about what is happening in the world economy. This floor we saw recently in the trading euro / dollar could continue. There are fears that Europe will fall behind in this recovery," said Arne Rasmussen, analyst at Danske Bank.
Investors were on the lookout for economic data in the U.S. will later in the day, such as requests weekly unemployment insurance and durable goods orders, besides the second day of testimony by Bernanke.
The stronger dollar also weighed on metals, strongly encouraging them to investors who have other currencies.
The euro traded near the lowest in nine months against the dollar on Thursday after comments from Standard and Poor's, that could cut Greece's debt rating by one or two levels within a month.
Among other industrial metals, aluminum was $ 2102 a tonne against $ 2137.
Zinc traded at $ 2186 from $ 2204, while lead was at $ 2182 from $ 2215.
The tin was quoted at $ 16,950 from $ 16,975, and nickel from $ 20,450 to $ 20,470
The metal also fell by a firmer dollar against the euro due to the resurgence of fears about Greek debt.
The benchmark copper for delivery in three months on the London Metal Exchange (LME, for its acronym in English) was trading at $ 7105 a tonne at 1019 GMT from a close of $ 7155 on Wednesday.
Bernanke pledged Wednesday to keep interest rates low, leading to copper and other risky assets a brief boost. However, other statements about an uncertain economic recovery began to hit market confidence on Thursday.
A report on new home sales in the United States on Wednesday said the economic weakness. Sales fell more than 11 percent to a record low, suggesting the sector, at the epicenter of the financial crisis has yet to recover fully.
"The market is very nervous about what is happening in the world economy. This floor we saw recently in the trading euro / dollar could continue. There are fears that Europe will fall behind in this recovery," said Arne Rasmussen, analyst at Danske Bank.
Investors were on the lookout for economic data in the U.S. will later in the day, such as requests weekly unemployment insurance and durable goods orders, besides the second day of testimony by Bernanke.
The stronger dollar also weighed on metals, strongly encouraging them to investors who have other currencies.
The euro traded near the lowest in nine months against the dollar on Thursday after comments from Standard and Poor's, that could cut Greece's debt rating by one or two levels within a month.
Among other industrial metals, aluminum was $ 2102 a tonne against $ 2137.
Zinc traded at $ 2186 from $ 2204, while lead was at $ 2182 from $ 2215.
The tin was quoted at $ 16,950 from $ 16,975, and nickel from $ 20,450 to $ 20,470
GM closes Hummer sale after failing to Chinese Tengzhong
Copper fell on Thursday as growing investor caution about the prospects of recovery after recent comments by the chairman of the U.S. Federal Reserve, Ben Bernanke.
The metal also fell by a firmer dollar against the euro due to the resurgence of fears about Greek debt.
The benchmark copper for delivery in three months on the London Metal Exchange (LME, for its acronym in English) was trading at $ 7105 a tonne at 1019 GMT from a close of $ 7155 on Wednesday.
Bernanke pledged Wednesday to keep interest rates low, leading to copper and other risky assets a brief boost. However, other statements about an uncertain economic recovery began to hit market confidence on Thursday.
A report on new home sales in the United States on Wednesday said the economic weakness. Sales fell more than 11 percent to a record low, suggesting the sector, at the epicenter of the financial crisis has yet to recover fully.
"The market is very nervous about what is happening in the world economy. This floor we saw recently in the trading euro / dollar could continue. There are fears that Europe will fall behind in this recovery," said Arne Rasmussen, analyst at Danske Bank.
Investors were on the lookout for economic data in the U.S. will later in the day, such as requests weekly unemployment insurance and durable goods orders, besides the second day of testimony by Bernanke.
The stronger dollar also weighed on metals, strongly encouraging them to investors who have other currencies.
The euro traded near the lowest in nine months against the dollar on Thursday after comments from Standard and Poor's, that could cut Greece's debt rating by one or two levels within a month.
Among other industrial metals, aluminum was $ 2102 a tonne against $ 2137.
Zinc traded at $ 2186 from $ 2204, while lead was at $ 2182 from $ 2215.
The tin was quoted at $ 16,950 from $ 16,975, and nickel from $ 20,450 to $ 20,470.
The metal also fell by a firmer dollar against the euro due to the resurgence of fears about Greek debt.
The benchmark copper for delivery in three months on the London Metal Exchange (LME, for its acronym in English) was trading at $ 7105 a tonne at 1019 GMT from a close of $ 7155 on Wednesday.
Bernanke pledged Wednesday to keep interest rates low, leading to copper and other risky assets a brief boost. However, other statements about an uncertain economic recovery began to hit market confidence on Thursday.
A report on new home sales in the United States on Wednesday said the economic weakness. Sales fell more than 11 percent to a record low, suggesting the sector, at the epicenter of the financial crisis has yet to recover fully.
"The market is very nervous about what is happening in the world economy. This floor we saw recently in the trading euro / dollar could continue. There are fears that Europe will fall behind in this recovery," said Arne Rasmussen, analyst at Danske Bank.
Investors were on the lookout for economic data in the U.S. will later in the day, such as requests weekly unemployment insurance and durable goods orders, besides the second day of testimony by Bernanke.
The stronger dollar also weighed on metals, strongly encouraging them to investors who have other currencies.
The euro traded near the lowest in nine months against the dollar on Thursday after comments from Standard and Poor's, that could cut Greece's debt rating by one or two levels within a month.
Among other industrial metals, aluminum was $ 2102 a tonne against $ 2137.
Zinc traded at $ 2186 from $ 2204, while lead was at $ 2182 from $ 2215.
The tin was quoted at $ 16,950 from $ 16,975, and nickel from $ 20,450 to $ 20,470.
miércoles, 24 de febrero de 2010
Dollar opens higher following foreign markets fall
The dollar opened higher on Wednesday, pressured by a fall in international stock markets after they met at the previous session an item of consumer confidence in U.S. worse than expected, traders said.
At 0830 local time (1130 GMT), the spot rate reached 531.00 pesos buyer and seller 531.50, up by 0.4 percent, compared with 528.90 and 529.20 pesos Tuesday's close.
"The decline in weight is the continuation of a trend that began on Tuesday as a fact of consumer confidence in the U.S., which was worst than expected, dragged most global stock markets and so far still operating in negative, "said one trader.
A report on Tuesday showed U.S. consumer confidence fell in February to its lowest level since April 2009, to worsen the outlook on the labor market.
Managers also mentioned the falling copper prices in London as another factor that is influencing the decline of the Chilean currency, since after the U.S. data worsened the prospects for a rebound in Chinese demand for metal.
At 0830 local time (1130 GMT), the spot rate reached 531.00 pesos buyer and seller 531.50, up by 0.4 percent, compared with 528.90 and 529.20 pesos Tuesday's close.
"The decline in weight is the continuation of a trend that began on Tuesday as a fact of consumer confidence in the U.S., which was worst than expected, dragged most global stock markets and so far still operating in negative, "said one trader.
A report on Tuesday showed U.S. consumer confidence fell in February to its lowest level since April 2009, to worsen the outlook on the labor market.
Managers also mentioned the falling copper prices in London as another factor that is influencing the decline of the Chilean currency, since after the U.S. data worsened the prospects for a rebound in Chinese demand for metal.
martes, 23 de febrero de 2010
OIL-Market about 80 DLRS, Seventh-day strike in France
Oil cut on Tuesday a five-day bull run, although prices were supported near $ 80 a strike of French oil workers, which could close more than half the nation's refining capacity.
U.S. crude futures for April down 37 cents to $ 79.94 a barrel by 0934 GMT. The March contract, which expired on Monday, marked $ 80.51 during the day for a maximum contract next month from 13 January.Brent crude fell 36 cents to $ 78.25.
Strikes at refineries Total has entered its seventh day. The workers are protesting against the French company's plan to close one of its six refineries permanently by weak demand for fuel.
In all refineries, production has been suspended.Workers at both Exxon French refineries have approved suspension of work in solidarity with their counterparts from Total.
The generalization of the measures of force has led to the intervention of President Nicolas Sarkozy, who met with the CEO of Total Christophe de Margerie on Tuesday morning. Earlier, the Government asked motorists to remain calm.
Motorists flocked to the stations, while the oil sector group UFIP said Monday that France was about seven days of fuel supply.Analysts said the strike raised concerns about a potential shortage of gasoline, raising prices of petroleum products and crude oil futures supported, although refinery outages generally translate into lower demand for physical crude oil .
"I see that the market will remain relatively high due to this fear by a strike in France," said Andy Sommer, an energy analyst at Swiss EGL. "We know how quickly they adjusted the basics, or how long.
Later in the day the market's attention will go to the weekly inventory data from the American Petroleum Institute, at 2130 GMT.
U.S. crude futures for April down 37 cents to $ 79.94 a barrel by 0934 GMT. The March contract, which expired on Monday, marked $ 80.51 during the day for a maximum contract next month from 13 January.Brent crude fell 36 cents to $ 78.25.
Strikes at refineries Total has entered its seventh day. The workers are protesting against the French company's plan to close one of its six refineries permanently by weak demand for fuel.
In all refineries, production has been suspended.Workers at both Exxon French refineries have approved suspension of work in solidarity with their counterparts from Total.
The generalization of the measures of force has led to the intervention of President Nicolas Sarkozy, who met with the CEO of Total Christophe de Margerie on Tuesday morning. Earlier, the Government asked motorists to remain calm.
Motorists flocked to the stations, while the oil sector group UFIP said Monday that France was about seven days of fuel supply.Analysts said the strike raised concerns about a potential shortage of gasoline, raising prices of petroleum products and crude oil futures supported, although refinery outages generally translate into lower demand for physical crude oil .
"I see that the market will remain relatively high due to this fear by a strike in France," said Andy Sommer, an energy analyst at Swiss EGL. "We know how quickly they adjusted the basics, or how long.
Later in the day the market's attention will go to the weekly inventory data from the American Petroleum Institute, at 2130 GMT.
HSBC and pushing up real estate to the Stock Exchange of Hong Kong
The Hong Kong Stock Exchange closed today with an increase of 1.21 percent in the benchmark Hang Seng index, adding its second day upwards, in a session environment for HSBC, real estate and construction.
The trading volume, rather improved compared to recent days, stood at 60.131 million dollars (5,700 million euros/7.700 million).The main index rose 245.73 integers, to close at 20,623.
The four sub-indexes closed higher, with the real estate experienced the most gains, adding 2.49 percent, or 631.69 points, to 25,988.86.
In this sector, the choices of Henderson Land rose 4.19 percent, to $ 52.25 in Hong Kong, those of SHK Properties, 3.43%, to 105.6, and one Sino Land 3.61%, to 13.78.
The commercial and industrial sub-index gained 1.13 percent, or 124.88 points, up to 11,202.18.
In this sector, the values of China Mobile advanced 0.92 percent, to $ 77 Hong Kong's CNOOC 1.64% to 12.42, and CITIC Pacific, the one 2 , 45% to 17.56.
The financial sub-index rose 339.51 points, or 1.09 percent, to close at 31,379.04 integers, and the service gained 0.45 percent, or 167.03 points, after which stood at 37,021, 69.
Among financial shares, HSBC gained 1.97 percent, to $ 85.3 in Hong Kong, CCB rose 1.19 percent, to 5.93, while Ping An was down 1.97 percent , to 59.7.
Among the services, CLP Holdings added 0.47 percent, to 53.55.
Outside the Hang Seng, the Hang Seng China Enterprises Index, which groups major Chinese state, recorded a rise of 0.87 percent, or 100.12 points, to 11,619.68.
In the day one euro was changed to 10.6 Hong Kong dollars and one dollar to 7.8 Hong Kong dollars. MarketWatch mch / mz / ltm
The trading volume, rather improved compared to recent days, stood at 60.131 million dollars (5,700 million euros/7.700 million).The main index rose 245.73 integers, to close at 20,623.
The four sub-indexes closed higher, with the real estate experienced the most gains, adding 2.49 percent, or 631.69 points, to 25,988.86.
In this sector, the choices of Henderson Land rose 4.19 percent, to $ 52.25 in Hong Kong, those of SHK Properties, 3.43%, to 105.6, and one Sino Land 3.61%, to 13.78.
The commercial and industrial sub-index gained 1.13 percent, or 124.88 points, up to 11,202.18.
In this sector, the values of China Mobile advanced 0.92 percent, to $ 77 Hong Kong's CNOOC 1.64% to 12.42, and CITIC Pacific, the one 2 , 45% to 17.56.
The financial sub-index rose 339.51 points, or 1.09 percent, to close at 31,379.04 integers, and the service gained 0.45 percent, or 167.03 points, after which stood at 37,021, 69.
Among financial shares, HSBC gained 1.97 percent, to $ 85.3 in Hong Kong, CCB rose 1.19 percent, to 5.93, while Ping An was down 1.97 percent , to 59.7.
Among the services, CLP Holdings added 0.47 percent, to 53.55.
Outside the Hang Seng, the Hang Seng China Enterprises Index, which groups major Chinese state, recorded a rise of 0.87 percent, or 100.12 points, to 11,619.68.
In the day one euro was changed to 10.6 Hong Kong dollars and one dollar to 7.8 Hong Kong dollars. MarketWatch mch / mz / ltm
French group Carrefour deleted more than 1,600 jobs in Belgium
The French distribution group Carrefour announced Tuesday its intention to eliminate 1672 jobs in Belgium, a total of 15,000 and close 21 stores, representing a second restructuring plan in three years.
A trade union official, Myriam Delmée, told AFP the decision was announced by the works council, which stated that part of the 21 affected stores will be resumed by the Belgian group Mestdagh.
In 2007, Carrefour and abolished 900 jobs and close 16 stores in the small kingdom.
The French distribution group, world number two behind Wal-Mart said earlier this month that it plans to break into the Indian market, after years of delays.
Carrefour Net income in 2009 plummeted 74.2% to 327 million euros (505 million).
A trade union official, Myriam Delmée, told AFP the decision was announced by the works council, which stated that part of the 21 affected stores will be resumed by the Belgian group Mestdagh.
In 2007, Carrefour and abolished 900 jobs and close 16 stores in the small kingdom.
The French distribution group, world number two behind Wal-Mart said earlier this month that it plans to break into the Indian market, after years of delays.
Carrefour Net income in 2009 plummeted 74.2% to 327 million euros (505 million).
martes, 16 de febrero de 2010
Netherlands plans to improve economic growth to 2% in 2011
Netherlands recorded an economic growth of 2% in 2011, slightly above the 1.5% forecast for this year, was announced today by Economic Planning Office (CPB) of the Government.
This improvement in growth will reduce the public deficit from 6.1% of GDP in 2010 to 4.7% next year.
In contrast, employment is expected to remain stable, which means that economic improvement will not result in a reduction in unemployment, while Holland-with unemployment at 4% last December is one of the EU countries least affected by this problem.
The forecast presented today the CPB are provisional and final figures are released in March
This improvement in growth will reduce the public deficit from 6.1% of GDP in 2010 to 4.7% next year.
In contrast, employment is expected to remain stable, which means that economic improvement will not result in a reduction in unemployment, while Holland-with unemployment at 4% last December is one of the EU countries least affected by this problem.
The forecast presented today the CPB are provisional and final figures are released in March
lunes, 15 de febrero de 2010
BNP Paribas reduces its participation in Banco Santander to 2.49%
The French bank BNP Paribas has reduced its holding in Banco Santander of 3.12 percent to 2.49 percent, as recorded in the records of the Commission Nacional del Mercado de Valores ( CNMV) today consulted by Efe.
With this divestiture, the balance of the portfolio itself BNP Paribas has gone from 0.96 to 0.25 percent, while for third parties has increased to 2.23 from 2.16 percent previously.
At 1300 hours the Santander shares were traded at 9.73 euros, or 1.85 percent more than that marked the end of last week. MarketWatch mbr / mdo
With this divestiture, the balance of the portfolio itself BNP Paribas has gone from 0.96 to 0.25 percent, while for third parties has increased to 2.23 from 2.16 percent previously.
At 1300 hours the Santander shares were traded at 9.73 euros, or 1.85 percent more than that marked the end of last week. MarketWatch mbr / mdo
viernes, 12 de febrero de 2010
The German economy is stagnating and France is growing
The two countries have emerged as saviors of Greece ended 2009 with a fall in growth never seen before.
The GDP of France recorded the largest fall since the war, after falling 2.2%. The German scored the worst recession in U.S. history, contracting by 5%.
And what's worse for the German economy. In the last quarter, GDP stagnated. In this period, the Gross Domestic Product (GDP) grew from the previous quarter, when it rose by 0.7%, according to federal statistics office, Destatis.
The German Central Bank (Bundesbank) predicts that the economy registered a growth of 1.6%, one tenth more than expected by the International Monetary Fund (IMF).
However, between October and December showed the French economy grew active and triple that in the previous quarter, to increase GDP by 0.6% according to the National Statistics Institute, INSEE.
The household consumption and changes in stored products companies were the main contributors to gross domestic product growth in the fourth quarter.
European growth slows
The economic downturn has not affected only France and Germany, but also marked the evolution of European Union countries and the Eurozone in the year 2009.
Gross domestic product (GDP) in the EU fell 4.1% last year, while in the euro area fell by 4%, according to data provided by Eurostat statistics office in Luxembourg.
In the last quarter of 2009, GDP in the euro zone rose 0.1% over the previous quarter, and fell three tenths below the growth recorded in the third quarter (0.4%).
The GDP of France recorded the largest fall since the war, after falling 2.2%. The German scored the worst recession in U.S. history, contracting by 5%.
And what's worse for the German economy. In the last quarter, GDP stagnated. In this period, the Gross Domestic Product (GDP) grew from the previous quarter, when it rose by 0.7%, according to federal statistics office, Destatis.
The German Central Bank (Bundesbank) predicts that the economy registered a growth of 1.6%, one tenth more than expected by the International Monetary Fund (IMF).
However, between October and December showed the French economy grew active and triple that in the previous quarter, to increase GDP by 0.6% according to the National Statistics Institute, INSEE.
The household consumption and changes in stored products companies were the main contributors to gross domestic product growth in the fourth quarter.
European growth slows
The economic downturn has not affected only France and Germany, but also marked the evolution of European Union countries and the Eurozone in the year 2009.
Gross domestic product (GDP) in the EU fell 4.1% last year, while in the euro area fell by 4%, according to data provided by Eurostat statistics office in Luxembourg.
In the last quarter of 2009, GDP in the euro zone rose 0.1% over the previous quarter, and fell three tenths below the growth recorded in the third quarter (0.4%).
lunes, 8 de febrero de 2010
Demanded the former president of Bank of America for fraud
The New York Attorney General Andrew Cuomo reported that sued the former president of the U.S. bank Bank of America (BofA), Ken Lewis, and two of its former executives for fraud and "manipulate" the authorities to receive federal aid mass in 2008.The charges are framed in the purchase of investment bank Merrill Lynch by Bank of America.
According to Cuomo, supported by the head of the Treasury responsible for monitoring the proper use of funds released in autumn 2008 to save the financial system, the leadership of Bank of America conducted a "maneuver arrogant" and made "a huge fraud."
The lawsuit contends that the direction of BofA voluntarily hid massive losses from investment bank Merrill Lynch, which had decided to buy in September 2008, "so that its shareholders voted for the merger."
Moreover, the Bank of America spokesman Bob Stickler said the bank believed "regrettable" that Cuomo filed the charges, since they lacked merit.
"The evidence shows that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acuta in good faith and consistent with its legal and fiduciary obligations," he said.
With this demand, the Bank of America fell to session lows levels on Wall Street, losing 3.6% to U.S. $ 14.97.
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