Australia's central bank raises rates, anticipates further tightening

Australia's central bank raised its key interest rate by 25 basis points to 3.25 percent and anticipate further monetary tightening, saying that now that the greatest danger to the economy is over, it is safe to remove the monetary stimulus.
The Australian dollar rose the most in 14 months as investors were quick to discount at least one more rate increase around Christmas, with a rise in official borrowing costs above the 4 percent within a year.
Asian markets also moved to discount expectations of further monetary tightening on the part of central banks.
The decision by the Reserve Bank of Australia (NGA) makes this organism is the first of the central banks of the Group of 20 countries in raising rates as it eases the global financial crisis. The initiative of the USA was a surprise to many analysts.
However, the markets had been full of speculation about a move of the entity, given the strength of recent economic data.
"The USA had become known that was coming to raise rates from their lows a little extraordinary, and now he has done," said Rory Robertson, interest rate strategist at Macquarie.

"It will be a gradual move from an emergency rate of 3.0 percent to 4 percent, still expanding," he added.It was the first increase of the USA since March 2008, but only removes a small part of the incentive of 425 basis points applied when the global credit crisis was at its worst.

Tax havens: French banks will close branches and subsidiaries in 2010

The French banks closed in March 2010 its subsidiaries and branches in countries regarded as tax havens and included in the "gray" the OECD said the skipper of one of these establishments, François Pearl, following a meeting with President the Republic Nicolas Sarkozy.
"The French banks took the decision to start closing their branches and subsidiaries in tax havens which remain on the list called 'gray' OECD in March 2010," said the group pattern Banque Populaire, Caisse d'Epargne (BPCE), François Perot.
"From that date, we have begun the end of our operations through subsidiaries and branches in these tax havens," said Pearl.
"It's a decision that was adopted by all French banks and shows that, from that standpoint, things change and change fast," he said.
On Monday the French bank BNB Paribas announced that by 2010 close its subsidiaries and branches in Panama and the Bahamas, two tax havens listed in the "gray list" of the Organization for Economic Cooperation and Development (OECD) .
Last week, the summit of industrialized and emerging countries of the G20 meeting in Pittsburgh (USA) reiterated his desire to put an end to tax havens.

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.

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.

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.

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%.