Ireland officially out of recession in the first quarter

Ireland officially out of recession in the first quarter of 2010, when its economy grew for the first time after two years of contraction, according to official figures announced on Wednesday.

The Irish economy grew by 2.7% over the previous quarter of 2009 and shrank by 0.7% in the first quarter of 2009, said the Central Statistical Office (CSO) of Ireland.

Ireland, which has long been the leader of the euro area growth, was the first country in the bloc into recession in early 2008, after the credit crisis prick a housing bubble.

Among developed countries, Ireland was one of the hardest hit during the crisis and his record falls recorded Gross Domestic Product (GDP) in 2008 and 2009.

The EU decides to limit bonuses of bankers and brokers

The countries of the European Union (EU) and European Parliament reached an agreement to limit next year from premiums brokers and bankers in Europe, the excessive amounts caused a controversy during the financial crisis, said Wednesday the European parliament .

This agreement provides that brokers will in future receive 60% of variable pay (bonuses) immediately, and "a substantial part of at least 40%," after a period of at least three years, so taking into account the long-term risks, according to the text of the agreement.

"The European Parliament hopes that the agreement will provide tough and effective rules that will cover all premiums made or paid after 2011," the institution said in a statement.

Eurozone inflation, below forecasts, is controlled

Inflation in the euro zone of 16 countries was lower than expected in June, according to a first estimate released Wednesday, suggesting that rising prices remain controlled despite economic improvement.

The statistical office of the European Union said that inflation in the currency bloc stood at 1.4 percent annual rate, down from 1.6 percent in May and 1.5 percent forecast by economists in a Reuters poll.

"There is no threat of inflation on the horizon," said Clemente De Lucia, an economist at BNP Paribas.

"The decline in core inflation will limit the upward pressures on overall inflation coming from the most volatile components as the prices of energy and food," he said.

China and Taiwan sign historic trade agreement

China and Taiwan on Tuesday signed an historic trade agreement will strengthen economic ties between the mainland and the island, separated for 60 years, and would bring them politically.

The economic cooperation framework agreement (TDCA), signed in Chongqing (southwest China), could unlock the massive business opportunities between the two parties is currently very limited, and is the fruit of two years of negotiations.

"This signing marks a turning point in economic relations between the two parties. It is also a major step forward for both the general trend in regional economic integration and globalization", said Taiwan's chief negotiator, Chiang Pin-kung .
The ACCE only talks about trade and customs duties, but some in Taiwan, especially the opposition, fear for progress towards a dangerous political era on the island and pave the way for reunification.

"This could make the island a step closer to the continent (...) To the extent that Taipei will become more dependent economically, their political choices are reduced," he said Yang Yung-ming, a political science specialist at the University Taipei's Soochow.

On Saturday, tens of thousands of people marched in the streets of Taipei to protest against this agreement, convened by the Democratic Progressive Party (independence), and defend democracy have been economically prosperous.

Taiwan is de facto independent since the arrival of the Communists to power in Beijing in 1949, although China believes that this island belongs to them and intends to reintegrate in the mother country, if necessary using force.

Bilateral relations have improved considerably since 2008, when Ma Ying-jeou, favorable to a rapprochement with Beijing, was elected president of Taiwan.

In late 2008, the two parties had already taken a historic step in opening its first direct flight connections daily.

"The tension of the past became peace. The confrontation turned into cooperation," he said on Monday Chiang Pin-kung.

The ACCE provides preferential customs duties for 539 Taiwanese products, from petrochemicals to automotive parts, which represent 16% of the island's exports to mainland China.

Similar measures shall apply to 267 Chinese products.

The improving economic climate in Portugal and falls consumer confidence

The economic sentiment indicator improved in Portugal in June and reached the highest value since September 2008, while consumer confidence fell in the same month, as reported today by the National Institute of Statistics Luso.

The INE said the economic sentiment indicator stood at 0.1 percent in June, and extended, thus continuing the recovery that began in May 2009.

For its part, the indicator of consumer confidence fell to -38.3 points in May to negative 40.1 points in June, the lowest value since a year ago.
Also expectations about economic developments in the country declined "expressly" in the past seven months, and the prospects for saving the profile observed negative lasted since November.

The Japanese economy deflated and become doubts about his recovery

The industrial production and domestic consumption in Japan fell in May while unemployment rose, suggesting that the economic recovery of the archipelago may slow due to the problems of global demand.

Industrial production fell 0.1% in May over April, said Tuesday the Japanese Ministry of Economy, Trade and Industry, after two months of rises. However, annual measure, this indicator remains solid increase of 20.2%.
Indeed, Japan's economy was revived in the second half of 2009 after one year recession, the longest since World War II.
"These figures clearly indicate that the recovery is slowing down," said economist Hiroshi Watanabe, Daiwa Institute of Education.

However, Watanabe said the economy will fall into a "new recession," noting that the Japanese government expected increases in industrial production in June (+0.4%) and July (+1%).
"But the pace of recovery will be slow to make a temporary pause, as exports were reduced by the global economic slowdown due to factors like China's decision to tighten monetary policy and lower deficits in Europe "he said.

The second largest economy saw strong growth of 5% annual pace in the first quarter thanks to strong exports to Asia and emerging countries, especially China.

But the Japanese domestic demand fails to take off, as evidenced by the further decline of 0.7% in the consumption of households recorded in May last year and announced Tuesday by the Ministry of Internal Affairs.

Purchases of appliances and furniture, one of the main drivers of consumption for months thanks to government incentives, deflated, falling 9.3% in annual pace.

Another concern is the rise in unemployment, which rose to 5.2% in May versus 5.1% in April, with 3.47 million job seekers.

According to the Ministry of Health, Labour and Social Affairs, this figure is not so bad, because in May there were 50 vacancies for every 100 claims against 48 in April.

In order to Yoshiki Shinke, an economist at the research institute, Dai-ichi Life, labor market conditions "have not materially altered."

Some analysts have noted that some people discouraged during the recession have returned to find work, which could explain the increase in official unemployment rate.

European shares rise after four sessions of losses

European stocks ended the four sessions of losses and closed higher on Monday, driven by banking stocks and a good thing for U.S. consumption, but failed to rise above a key technical level. The FTSEurofirst 300 index of top European shares rose 1.3 percent to 1026.68 points, while the Euro Stoxx 50 index rose 1.5 percent to 2668.67 points. Shares of Barclays, Deutsche Bank and BNP Paribas rose between 1.5 and 3.6 per cent, thanks to the Group of 20 relaxed the deadlines for complying with new rules of capital. Shares of Standard Chartered broke the trend, falling 1.8 percent after the lender said the recent economic uncertainty, hurt his business. Spending by U.S. consumers rose slightly in May, but something more than expected, although the savings of people peaked in eight months, suggesting that the recovery is on firm. "This week could be pretty good after the decline that we saw last week. People will continue to focus on data, especially in the price index for housing at Standard & Poor's / Case Shiller tomorrow (Tuesday) and the creation non-agricultural employment in the United States on Friday, "said Heino Ruland, strategist at Ruland Research. But the Euro STOXX 50 index failed to close on a key technical level, in a sign that the shares could resume their recent fall. "We are still trading below the 200 day moving average (the Euro STOXX 50), reflecting the weakness of the rebound. If the markets go that level the impetus for the market seem more solid," said Mike Lenhoff, chief strategist Brewin Dolphin. Among the individual increases, Telenor shares gained 4.9 percent after Merrill Lynch BofA raised its rating to "buy 'from' neutral ', noting that the telecommunications company is exposed to the best trends. (By Harpreet Bhal

G-20 currency more flexible and calls for more social spending to emerging

"We pledge to take coordinated actions to sustain growth, create jobs and achieve stronger growth, sustainable and balanced," says the draft statement.
TORONTO, June 27 .- The emerging countries with surpluses should take to loosen its currency reform, strengthen social spending and increase spending in infrastructure, according to the final report of the summit of the G20.

"We pledge to take coordinated actions to sustain growth, create jobs and achieve stronger growth, sustainable and balanced," says the draft statement.But these actions "will be different and tailored to national circumstances", recognizes the leaders of industrial and emerging countries.

In the case of emerging surplus in their current accounts, these reforms "adjusted" should serve to "increase the flexibility of the exchange rate", to "strengthen social safety nets" and "increase spending on infrastructure."

This statement comes a week after China announced its intention to loosen its exchange rate regime, taking off the yuan of trading unchanged against the dollar maintaining for nearly two years since.

France will review the taxes of the richest woman in Europe

The fiscal problems of Liliane Bettencourt, heir to the cosmetics group L'Oreal, have reached Labour Minister Eric Woerth, who is in charge of a crucial state pension reform is one of the greatest talents of the cabinet of French President Nicolas Sarkozy.
PARIS, June 27 .- France will conduct a complete review of tax returns of the wealthiest women in Europe, Liliane Bettencourt, today announced the budget minister, while a financial scandal of the heiress affect the Government.

Fiscal problems Bettencourt, heir to the cosmetics group L'Oreal, have reached Labour Minister Eric Woerth, who is in charge of a crucial state pension reform is one of the greatest talents of the cabinet of French President Nicolas Sarkozy .

Woerth's wife Bettencourt used to help manage their accounts and the minister has been accused of a conflict of interest by not ordering an investigation into taxes on multimillion old when he was budget minister, between 2007 and March 2010.

His successor in the Ministry of Budget, Francois Baroin, said the investigation would be conducted now, after one of his advisers Bettencourt told reporters that he had discovered an old bank account in Switzerland that had not been declared to the tax.

"The tax authorities will investigate all their revenues following revelations of his counsel," Baroin to Europe 1 radio.

"Get to the bottom of this.'ll Take the world to find what and where is (...) the law is equal for all and will be applied with force," he said.

Bettencourt, 87, has an estimated wealth well above the 10.000 billion euros (12.400 billion), which is managed by a team of experts.

The heiress has already said it will cooperate with the inquiry and that there were suggestions that he had broken the law knowingly.

The story came to the fore this week, after the French press published the transcript of conversations between Bettencourt and his advisers, who were secretly recorded by his butler.

Newspapers said those talks referred to shares in the Seychelles and Switzerland.

The butler made the recordings for Bettencourt's estranged daughter, who accused a photographer to take advantage of the "fragility" of his mother and deceive to strip it of 1,000 million euros. Bettencourt both the photographer and deny the accusations.

That case will go to trial next week, but the impact of family feud extended beyond the court and Woerth left fighting for his political career.

Recognized as one of the most competent ministers in the Government, Woerth received from the hands of Sarkozy's mission to reform the pension system, crucial par save the state's finances.

Opposition politicians have questioned the permanence of Woerth in a sensitive position due to his wife's connection with the ownership of Bettencourt and his own failure to investigate the heiress.

U.S. Congress agrees to historical financial reform

U.S. lawmakers forged a historic reform of financial regulation at dawn on Friday, which is a great local victory to President Barack Obama just before a global summit on the theme.

In a marathon session of more than 21 hours, lawmakers agreed to rewrite the rules of the market that will put pressure on Wall Street profits and will charge more supervisación and tighter restrictions.

The reform has yet to obtain final approval of both houses of Congress before Obama can sign it into law, which gives Wall Street one last chance to deploy his army of negotiators in Congress.
Quick approval was expected and the reform could go to Obama for signature on 4 July.

The project really has become heavier during his year of comings and goings in Congress. Drilled Democrats a wave of public disgust with the industry itself was granted big bonuses while much of the country was suffering a deep recession caused by their actions.

"We are concerned about great wealth. I worry that the great wealth have a corrupting influence, but it is satisfying to know that when public opinion is involved, will succeed," said Rep. Barney Frank, who headed the panel.

In the last hour of the meeting, lawmakers reached agreement on the most controversial sections of the project, which restrict derivatives intermediation of banks and limit their operations in an effort to protect the deposits riskier activities supported by taxpayers .

But industry won significant concessions that could loosen the rope.

The most comprehensive rewrite financial laws since the 1930s seeks to avoid a repetition of the financial crisis from 2007 to 2009, the recession and led to taxpayer bailouts of financial giants desperate.

Financial institutions will have to pay 19,000 million dollars to cover their costs.

"There is no way to see this law as a positive for the financial sector," wrote Jaret Seiberg, an analyst at Capital Concept, who nevertheless said it could have been much worse.

OPERATIONS OF RISKY LIMITS

The compromise allows banks to continue operations with exchange rates and interest rates, which represent the bulk of the direct derivatives market of 615 billion dollars.

Banks could also participate in exchanges of gold and silver and derivatives designed to cover its own risks.

They would have to separate the brokering activities engaged in agricultural trade, energy and metals, equity swaps and debt swaps unregulated certificates.

Lawmakers resolved another controversial point of the project around midnight, when they agreed that banks should face restrictions on their risky intermediation.

The project will dramatically transform the U.S. financial landscape.

Creates a new consumer protection authority and gives regulators new powers to control troubled financial companies before they can harm the economy.

While leaving intact the patched patchwork of federal regulators who failed to stop the last crisis, establishing an interagency council to monitor systemic risks to stability.

The project also requires much of the direct derivatives market, worsening the financial crisis and led to the bailout of insurer AIG by 182 000 million dollars, more accountable channels such as settlement agencies and markets.

The larger banks will have to raise more capital that will eventually help them deal with other crises.

The credit rating agencies like Moody's Corp, could see its business models in vertical positions by regulators who want to resolve conflicts of interest.

The credit card issuers such as Bank of America, are likely to reduce transaction fees charged to merchants who use their cards.

Shares of HSBC and energy led the Hang Seng relapse

Hong Kong's stock market closed today with a drop of 0.59 percent in the benchmark index on a negative day for the financial and energy shares, and in which the main component, HSBC Holdings, suffered the largest declines.

The Hang Seng fell 123.12 integers, to close at 20733.49.

The trading volume contracted again and stood at 47.786 million Hong Kong dollars, equivalent to approximately 6,100 million dollars, about 5000 million euros.

Two of the four sub-indices ended lower, with the financial which suffered further decline, by subtracting 0.80 percent, equivalent to 252.83 points and stay at 31347.69.

The commercial and industrial sub-index closed at 11166.52 points (after dropping 0.64%, 71.55 units), whereas the service ended in 40921.19 (0.28% climbing, 116.13 units) , and real estate stood at 26600.50 (up 0.08%, 20.31 whole).

Among the components of the financial sector, HSBC lost 1.51 percent, to $ 75.25 in Hong Kong. It also ended down Bank of East Asia (1.19% to 29.10) and China Life (1.11% to 35.50).

Among the signatures of the industrial and commercial sector, CNOOC fell 1.89 percent, to $ 13.52 in Hong Kong. Securities also fell PetroChina (1.10%, to 9) and China Unicom (0.97% to 10.26).

Three of the four service components finished higher, with China at the head Res Power (1.54% to 17.14).

In the property sector, Hang Lung Properties added 0.82 percent, to $ 30.90 in Hong Kong. The Bull also ended Sino Land (0.70% to 14.40), while China Overseas lost 0.76 percent to 15.76.

The Hang Seng China Enterprises Index, which groups major Chinese state, a decrease of 84.43 points, equivalent to 0.70 percent, which stood at 11935.95 integers.

China removes export incentives included 406 steel products

China announced the first elimination of export incentives from global crisis broke out in 2008, which will affect 406 products from steel to corn starch, Chinese media reported Monday.
The Ministry of Finance and State Administration of Taxation announced the end of the tax refund of such exports as of July 15 after its introduction in September 2008 to cushion the impact of the crisis and economic recession in some sectors.

This is the second bad news this week for Chinese exporters, after Saturday's Bank of China (PBOC, central) to announce a more flexible yuan could lead to a slight revaluation of Chinese currency and, consequently, affect exporters with lower margins.
However, many of the affected exports are key products of the steel industry, but also non-ferrous metals, silver powder, ethanol, corn starch, pesticides, pharmaceuticals, chemicals, plastics, rubber and glass.

These products enjoyed a rebate of between 5 and 17 per cent and most of it is raw materials or goods whose production requires high energy consumption, so the decision is in line with those announced by Beijing's efforts protect the environment.

In the steel sector will be affected at least 48 products that enjoyed a tax return of 9 percent.

Analysts say Beijing's decision was expected after its exports increased for seven consecutive months in his recovery from the crisis.
But it has caused nervousness among the mills, because one of the affected products, rolled steel, was a 25 per cent of the sector's exports in the first four months of the year and affect the larger companies.

The Chinese steel industry, which suffers from overcapacity, has undergone a series of measures against unfair competition or anti-dumping "by the United States, so that the elimination of export incentives to ditch voltages face to the G20 summit this weekend in Toronto (Canada).

PRECIOUS METALS-Gold rises to low stocks at dlrs 1240

Gold prices rose above the $ 1,245 an ounce in Europe on Wednesday by the weak U.S. currency and also for the second consecutive decline in the global stock markets, factors that led investors to seek refuge from risk.

Investment flows soared  the fund's largest holdings in gold-backed exchange-traded, the SPDR Gold Trust of New York, to a record high of 1313.135 tonnes.

Spot gold traded at $ 1,245.65 an ounce at 1124 GMT, against 1239.00 on Tuesday in New York. U.S. gold futures for August delivery rose $ 5.80 to $ 1,246.70 an ounce.

"In general, (gold) is fairly good and the renewed risk aversion continue to ensure that the market demanded, but it seems a little tired, so there is a fear they may need a further correction to attract new buyers," Saxo Bank said the manager Ole Hansen.

European shares moved away from recent seven-week high as investors doubted global economic growth after an unexpected drop in home sales in the United States was reported Tuesday.

The drop followed a decline in Asian stocks and the loss of 1 percent suffered by U.S. stocks on Tuesday.

The gold market

In currency markets, the euro rose against the dollar while the U.S. currency fell 0.2 percent against a basket of major currencies.

The weakness of the U.S. unit normally raises the attractiveness of gold as an asset alternative and cheaper raw materials denominated in U.S. dollars for holders of other currencies.

The inverse relationship between the dollar and gold is resurfacing after a decline of that relationship at the beginning of the year, when both assets benefited from risk aversion.

Silver was trading at $ 18.92 an ounce from 18.74, to 1578.40 from platinum and palladium 1582.50 from $ 481.50 to 484.

European stocks boosted by positive pass mining

European shares turned positive on Wednesday, led by the mining sector, after announcing that the Prime Minister of Australia, Kevin Rudd, would give a press conference.
At 1217 GMT, the pan-European index FTSEurofirst 300 was up 0.1 percent to 1052.05 points.

The European index STOXX 600 raw materials climbed 0.5 percent.
The Australian Government is faced with mining companies for a proposal to raise royalties in the industry.

LatAm Shares plunge as weak U.S. housing data

Latin American stocks fell on Tuesday, by an unexpected drop in sales of U.S. homes that had been added to concerns about a possible loss of momentum in the global economic recovery. Investors seized upon as safe assets such as Treasuries United States, provoking a fall of 0.81 percent of the MSCI Latin American stock index to 3928.35 points. Brazil was the best performing market in the region and its benchmark stock index closed slightly lower, supported by optimistic outlook for the steel mills.

Juan Jose Resendiz, head of research at Arka in Mexico City, said that risk aversion is growing and that when the Treasury 10-year 3.20 per cent exceeded the stock market fell. Sales of second hand houses in the U.S. fell unexpectedly in May, which was a bad sign for a sustained recovery of the world's largest economy.
The United States is Mexico's main trading partner and a key economic influence in Latin America. Brazil's Bovespa index closed down 0.03 percent, while Mexico's IPC index sank 1.25 percent. The Chilean stock index, the IPSA, yielded 0.95 percent, after reaching a record high on Monday.

Analysts are concerned by signs that the U.S. recovery may be moderating. That could add to concerns about the debt crisis of Europe, and the slow movements of China to adjust its money supply growth and cool. After being beaten in April and May, Latin American shares have risen steadily since 20 May, and the MSCI Latin American index on Monday reached a maximum of seven weeks.

Before reversing the gains, the Bovespa reached its highest intraday level since May 10, leaning on the rise in steel shares. It is expected that Brazilian steel mills benefit of a new round of price hikes of some steel products, according to analysts at Banco Bradesco.
The robust growth of Latin America's biggest economy is fueling demand for building materials. CSN's shares rose 0.85 percent, while shares of Usiminas gained 0.89 percent. Shares of state-owned Brazilian energy company Petrobras fell 0.99 percent. In Mexico, America Movil's shares lost more than 1 percent, and the Cemex cement fell 2.28 percent after a surprise drop in home sales in the U.S.

OIL-Market falls below 77 dlrs, yuan effect fades

U.S. crude fell on Tuesday below $ 77 a barrel on the stock down by expectations that a gradual rise of the yuan, the Chinese currency would have a more limited impact on global demand than previously thought.

The Chinese yuan rose on Tuesday after the central bank set the daily mid-point of the currency at its highest against the dollar since a revaluation in July 2005.

The move, which followed an announcement by the Chinese authorities to allow a slow appreciation of the currency, raised hopes that China would import more goods, including raw materials.

But the yuan went down as they advanced business Tuesday, and analysts said the impact of changes would be limited, at least for some time.

"The immediate positive reaction and the euphoria associated with the news of the yuan were definitely exaggerated. So it is logical to see that the markets back yesterday's gains," said Eugen Weinberg, head of commodities at Commerzbank.

"The commodity markets again show they are under the spell and the fate of the markets (stock), which are receding. The weakness of the euro also contributes to the bottom", he added.

Exchanges in Asia and Europe fell on Tuesday. Traders said optimism about China's initiative was gone, and in addition, equity investors took profits from a peak in weeks.

The July contract for U.S. crude, which expires on Tuesday, was down to a low of $ 76.65 a barrel, down $ 1.17, before rebounding slightly, trading at 76.66 at 1000 GMT.

Crude oil for August, which will become the contract for the next month on Wednesday, decreased from 1.21 to 77.40 dollars.

August Brent crude declined $ 1.10 to $ 77.72.

On Tuesday at 4:30 p.m. Eastern Time U.S. (2030 GMT) data are reported weekly crude inventories American Petroleum Institute. A Reuters poll of analysts showed an average expectation of a fall of 1.3 million barrels.

New strike in China affects Toyota supplier

A strike at a parts supplier for Japanese cars in southern China forced Toyota Motor Corp to suspend production at an assembly plant on Tuesday, the latest in a series of interruptions on labor issues in foreign manufacturing in the country.
Since Tuesday morning, is suspended work at the Toyota plant, which has an annual capacity of 360,000 units and which makes models such as Camry and Yaris, said a company spokesman.

"No decision on when production will resume," said Toyota spokeswoman, Ririko Takeuchi.

The auto parts supplier, Denso (Guangzhou Nansha) Co. Ltd, is owned by Japan's Denso Corp, and is affiliated with Toyota Motor Corp.
The strike at the Denso plant, located in the booming Chinese province of Guangdong, is the latest in a series of industrial actions in the country that present a complex challenge for the Communist Party government, which has pledged to improve revenues, but he has fear of protests.

The plant supplies fuel injection equipment and other products to customers such as Toyota and Honda Motor Co and has stopped sending parties since Monday, Denso spokeswoman, Yoko Suga.

Honda spokesman in China, Takayuki Fujii, said that if the cessation of production stood at Denso, also could end the inventory on suppliers of parts for Honda auto factories.
In recent weeks, strikes have broken out in a Honda supplier of locks in Gosei plant that makes parts for Toyota, and in Chongqing Brewery Co Ltd, among others. All have been resolved.

STRIKE will be maintained

The cessation of activities continue for the rest of the week, said a worker in the flat Denso, adding that employees are demanding a salary hike of between 1,100 and 1,300 yuan (161-191 dollars) per month between 1800 and 1,900 yuan.
"We have a good life here, but we believe that our pay should be linked to company performance," said one employee, who declined to be named for fear of reprisals. "The company makes a lot of money and should share the profit," he added.

The direction of the Denso plant was negotiating with the workers' demands for higher salaries and better benefits, Suga said. The firm has about 1,100 employees.

Euro yields since more than one month against the dollar, pound falls

The euro eased from a peak a month against the dollar on Tuesday, the yuan at a low a day after China's pledge to loosen its currency risk encouraged demand, while the pound fell to a session low following the announcement of its new fiscal budget.

The rally Monday at the sight of the euro and the currencies of high risk, including the Australian dollar was sold as investors recognized that a more flexible yuan would not lead to a sharp appreciation of Chinese currency.

"A moderate appreciation of the yuan will not change the situation of China's current account and does not mean the end of global imbalances," said Ulrich Leuchtmann, currency strategist at Commerzbank in Frankfurt.

"Therefore, no need for a significant impact on the euro / dollar and dollar / yen. There should be a reassessment to have a big impact on," he said.

The midpoint of the yuan was set at 6.7980 per dollar on Tuesday, the highest since its revaluation in July 2005, but the Chinese currency Monday's gains erased by large purchases of dollars from state banks.

At 1134 GMT, the euro was down 0.2 percent at $ 1.2271, after falling to 1.2259. The single currency back from its peak of $ 1.2490 Monday, its highest level since May 24 after failing to pass the $ 1.25 level.

Dealers said the euro would face more losses, but technical analysts argued that the level of short-term support is at $ 1.2253.

The euro reacted little to the index of German Ifo business climate, which rose slightly to its maximum of two years in June.

"The positive surprise Ifo index did not change the negative tone of the market. The fact that the expectations component was bassist did not help to support the single currency," said analysts at Credit Agricole CIB in a note.

The euro was down 0.6 percent against the Japanese currency to 111.29 yen.

The Swiss franc extended gains to a record high against the euro, after the Swiss central bank vice president argued that the institution did not have to intervene in the market for now.

The euro slipped to a low of 1.3618 francs, according to Reuters data.

The pound fell to a session low of $ 1.4692, after the British Finance Minister, George Osborne, announced the first budget the new government, expected to be the tightest in decades because of the promise of reduce the fiscal deficit.

The dollar index was up 0.2 percent to 86.129, rebounding from a one-month low on Monday. Analysts said this suggested further progress in the short term.

But the dollar lost almost 0.3 percent to 90.55 yen.

Berlin warns against growing economic espionage

The German government expected the foreseeable future industrial espionage becomes a "new center of gravity" of organized crime, said today Interior Minister Thomas de Maizière in the annual report of the Office for the Defence of the Constitution .
De Maizière noted that computer attacks with networks and systems, industrial espionage is a major concern for the Office of Defense of the Constitution.

Therefore, the minister called on German businessmen to join in the search of technical security and in setting up a common strategy.
"Data protection (...) should be central for German manufacturers," said the minister.

De Mazière suggested that "countries like Russia and China promote their secret services with espionage in the economy, science and research."

Ireland left behind by the recession and will grow more than expected

The Irish economy has left behind the recession and is recovering at a pace faster than expected by experts earlier this year, according to a report issued today by the financial firm Bloxham Stockbrokers.

However, the study warns that the growth prospects of the economy of the Republic of Ireland for the next twelve months depend in large part on the evolution of the crisis in the euro area.

"If the debt problems in the eurozone will not become a large-scale crisis, Ireland should return to the top of the table of growth of Gross Domestic Product (GDP), driven mainly by strong exports" says the study.
In this context, means Bloxham, the national economy during 2010 will grow 0.5 percent, compared to 0.75 percent contraction expected last March, while in 2011 and 2012 come to 3.5 and 4 percent, respectively.

Irish exports are being benefited, said the signing by the devaluation of the euro against the dollar and the British pound, a situation that continue to do so in the coming months.

Compared with other countries in the euro area, Ireland has traditionally had a greater market penetration of the neighboring United Kingdom and the United States.
In contrast, the construction sector, one of the engines of national economy during the years of the Celtic Tiger, now remain a drag on recovery.

For example, says the firm, during 2010 and 2011 between 10,000 and 15,000 completed real estate projects, a figure that contrasts with the 93 000 that were undertaken in 2006, when it reached the top of the boom in construction.
A brick crisis is joined by the banking sector, whose lack of credibility in international markets requires to impose "normal lending practices" as soon as possible, stresses Bloxham Stockbrokers.

With all these pieces in order, the study predicts, the Irish labor market, beset by an unemployment rate of 13.2 percent, could be showing signs of recovery later this year

Chinese shares open higher after posting yuan with

The index of Shanghai Stock Exchange was up marginally by 0.2 percent on Monday after the central bank's announcement that he was ready to break with the rate of 23 months the yuan against the dollar.

An early appreciation of the yuan could boost long-term sectors such as airlines, banks, real estate, but the Chinese authorities await a gradual movement and left unchanged on Monday the daily reference rate for the yuan against the dollar.

A long-term appreciation of the yuan would boost the value of Chinese firms whose assets are denominated in that currency.

The Shanghai Composite Index opened at 2517.3 points. The index ended down 1.8 percent on Friday, its worst daily fall in nearly three weeks, concerns about the economic outlook.

"It is a positive factor for the market, but not growing much because negative factors such as IPO of the Agricultural Bank of China still weighing on the market," said Xu Yinhui, an analyst at Guotai Junan Securities.

The Chinese market share is one that has had the worst performance in the year, down from more than 23 percent after China announced a series of measures to ease speculation in real estate.

Swiss National Bank considers "fragile" situation of UBS and Credit Suisse

 The Swiss National Bank (SNB) held today in its latest financial stability report that the situation of the two largest banks, UBS and Credit Suisse, remains "fragile" despite the "significant growth" of their allocations to funds own.

This increase in allocations has been particularly notable in the case of UBS, which declined in 2009 to 7 per cent exposure to equity markets, one of the main risks facing the Swiss bank, according to the monetary institution Switzerland.

By contrast, Credit Suisse rose 17 per cent exposure to equity markets last year.

The BNS highlights both entities decreased in 2009 to 20 percent of its total lending, although they improved their quality.

Regarding the first quarter of 2010, the Swiss central bank considers that the "uncertainties are still present," which for the two largest banks translates into an increased risk.

Therefore, the SNB said that the new capital requirements required of the large Swiss banks are "necessary", while admitting that they are "elevated."

The prospect of profitability for the sector remains limited by as much as, according to the monetary institution, even despite the fact that UBS has returned to profitability in its latest quarterly results.

The Swiss central bank stressed that UBS and Credit Suisse have indirect exposure to Portugal, Italy, Greece, Spain and Ireland 60 300 million Swiss francs (43.416 million euros)

BP shares rise, spill fund provides certainty

(Reuters) - Shares in BP rose on Thursday more than 8 percent in its first session in London since the great oil agreed a fund of 20,000 million dollars for claims related to oil spills and suspended its dividend.

"A significant part of uncertainty is already resolved," said Evgeny Solovyov, an analyst at Societe Generale.

"Now they have the political agreement and now we have much more visibility for potential costs. This is the most important factor, so no one can speak of apocalyptic scenarios," he added.
At 1204 GMT. the titles of BP rose 7.8 percent and was one of the main thrust of the British benchmark index responded to the positive performance of New York, where the previous session closed with a gain of 1.5 percent.

"The dividend cut is probably not good news, but (...) I think what it shows is that BP will not explode on it and it should relieve some of the political pressure," said Peter Hitchens, analyst at Panmure Gordon.

The company has been under increasing pressure from the United States government while the huge oil spill in the Gulf of Mexico and meets 59 days.
BP Chief Executive will be presented at a hearing of the U.S. Congress on Thursday to explain the events that led to the spill and to answer questions about attempts to clean up the mess.

European shares rise, bonds auction helps Spain

European shares rose on Thursday for the seventh straight day and is approaching its highest level in five weeks, after a key auction of bonds in Spain dilute worries about the debt crisis in the euro zone and boost banks' roles .

The index of pan-European FTSEurofirst 300 was up 0.7 percent to 1046.95 points.
Shares in BP jumped 7.7 percent after saying it would establish a fund of 20,000 million dollars for the damage of the spill in the Gulf of Mexico, sell assets and pay dividends deleted, thus eliminating the uncertainties about the size of the fund.

BP shares have fallen 45 percent since it began in mid-April release.

Spain has placed at mid-morning almost 3,500 million euros (4,300 billion) of debt to 10 and 30 years that was aimed at an auction that analysts said was well despite the Spanish Treasury has had to raise the cost.

The roles of the Spanish banks Santander and BBVA rose 1.3 and 1.4 percent respectively. For its part, shares of financial groups Lloyds and Barclays advanced between 3 and 4 per cent.

Meanwhile the British finance minister, George Osborne, said the biggest change the regulatory landscape in 13 years on Wednesday, the Bank of England to give ultimate control of financial supervision.
Spanish Economy Minister, Elena Salgado, said Spain will publish the results of resistance testing bank by bank and may use at most 30 000 million euros from a bank restructuring fund to meet the needs of banks.

"We have seen some decisions of the European political, although problems will not disappear, there is the impression they will do something," said David Buik, senior partner

BGC.

UBS shares rose 1.9 percent after the Swiss Parliament gave its backing to a Swiss-US tax treaty crucial for the future of the bank.
Throughout Europe, Britain's FTSE 100 rose 1 percent, Germany's DAX gained 0.6 percent and France's CAC 40 was up 1 percent.

France will delay the retirement age from 60 to 62 years in 2018

The French Government has dismantled the taboo of retirement. Mitterrand had installed in over 60 years in 1983 and no president had dared to contradict him, but Nicolas Sarkozy considered unsustainable for the privilege. Not only because of the inability of government accounts. Also because the European average of 65 rounds.

It is the reason why this morning has announced a reform according to which French workers may not be withdrawn before age 62. So definitely happen in 2018, so the slope term will gradually tweak the myth of 60 years.

It is not the only novelty. Labor Minister, Eric Woerth, also announced that will raise the contribution period entitling to a full retirement. Was set so far in 41 years, but Sarkozy has seen fit to increase three months in 2013 and five months of 2020.

The measures have been accelerated by the economic crisis and provide an added tax on large fortunes. It is estimated that 350,000 households in the French elite must contribute between 1% and 2% more than they did until now protected by the tax shield.

In addition, there will be increases in deductions for movable and immovable property gains, on dividends and interest, as well as deductions stock options (stock options).

It promises a hot summer and a fall in France, especially as the opposition Socialists and trade unions have already expressed opposition to pension reform and pledged to mobilize all levels to derail the project.

In fact, the six main unions have called a general strike on Thursday June 24 to protest the reform.

Aware of the pressure, Sarkozy himself has not dared to go too far.

Spain should make adjustments "as soon as possible"

Spain should implement adjustment measures "as soon as possible" to deal with the crisis, said Wednesday the central bank governor of Spain, Miguel Angel Fernandez Ordonez.

"There are still major outstanding adjustments have to complete as soon as possible, to avoid involving a drag on the recovery," Fernandez Ordonez said in a speech he could obtain a copy of which AFP.

"I refer in particular to the need to complete the absorption of excess capacity in residential construction, further consolidating assets in the private sector and improve the competitive position of the Spanish economy," he said.

"And this has to do to while dealing with the problems that have arisen with the development of the economic crisis: the decline in employment and deterioration of public finances," continued the governor of the Bank of Spain.

Spain is in economic crisis, with an unemployment rate exceeding 20% of the workforce, and have since 2008 the effects of the bursting of the housing bubble.

International concerns accumulate some days before the country's poor financial health and its ability to reactivate the economy, despite having established a plan of austerity and structural reforms in the labor market, announced on Wednesday, and industry banking.

"It is essential that the fiscal consolidation program is accompanied by structural measures aimed at strengthening the growth potential of the economy, which depends very much on the sustainability of public finances," said Fernando Ordóñez.

"Signs of recovery are still very weak and are based largely on factors of a temporary nature that will tend to run out in the coming months," he noted.

"It is expected that the recovery is gradual and can take some time to reach a growth rate sufficient to generate employment," he added.

In its 2009 annual report presented on Wednesday, the Bank of Spain also claims a "fundamental reform of professional recruitment mechanisms."

The socialist government tried Wednesday to reform the labor market, considered essential to boost employment.

"The correction of the inefficiencies that have emerged in the labor market is of paramount importance, since its reform depends largely on the ability to increase competitiveness and generate employment," he said Fernandez Ordonez.

German confidence index fell in June for fear debt Europe

The analysts and investor confidence in Germany fell in June to its highest level since the start of the financial crisis in 2008, hit by concerns about debt problems in the euro area. The survey found Germany ZEW research center, based in Mannheim, fell more than expected to 28.7 from 45.8 in May, their worst drop since October 2008. The forecast in a Reuters poll of analysts pointed to a dip to 42.0.
"The ZEW index illustrates the uncertainty of the current sovereign debt crisis and the latest market turmoil that has generated," said Carsten Brzeski at ING Financial Markets. "The rescue package from euro zone and the latest European Central Bank's measures to support the bond and currency markets was not yet sufficient to stabilize confidence," he said.
A separate indicator of current conditions rose to -7.9 from -21.6 in May, according to the ZEW survey of 279 analysts and investors held between 31 May and 14 June. He had expected a reading of -15.0. "The prospects are much more volatile than a month ago despite an improvement in the economic situation," said economist Peter Westerheide ZEW.

Manufacturing activity in New York state grows in June

An indicator of manufacturing activity in the state of New York showed that the sector continued to grow in June, while employment fell sharply, a report said Tuesday the Federal Reserve in the state. The index "Empire State" of the New York Fed on general business conditions in the state in June rose to 19.57 from 19.11 in May, but well below the 31.86 April.
Economists polled by Reuters had expected the index showed a reading of 20.00 in June. Measuring employment fell, but remained in positive territory this month.
The index on the number of employees dropped to 12.35 in June from 22.37 in May. The survey of manufacturing plants in the state is one of the first monthly indicators of the conditions of the U.S. industrial sector.

The EU will develop new indicators to help overcome the crisis

The need to develop new indicators to measure the effectiveness of decisions taken by governments to end the crisis, has been put in evidence at the ministerial meeting on Policies and Metrics on Information Society, held in Madrid.

The meeting was organized by the Spanish presidency of the European Union attended by representatives of the EU, OECD and the International Telecommunication Union, ECLAC (Economic Commission for Latin America and the Caribbean) and experts in metrics that have adopted " Madrid Document "which sets international cooperation for the development of economic indicators.

In a press conference, the head of the Unit of Economic Analysis and Statistics of the Directorate General Information Society and Media EU, Lucilla Sioli, the office manager for the development of ITU Telecom, Sami Al Basherer and division chief of integrity and innovation in the OECD, Cristian Vergez, highlighted the timeliness of this meeting.

They explained that at this time of economic crisis indicators are an essential tool for policy making to help overcome the crisis.

A journalists' questions, noted that measurements performed in different countries are fully comparable as they are reflected always the same data, although there are some difficulties in new subjects such as mobile internet, networks or green technologies, where need to refine procedures.

Secretary of State for Telecommunications and Information Society Francisco Ros, said that in the Madrid Declaration states that governments shall meet at least once a year to further coordinate measuring systems and development of new indicators.

Collected is used primarily official statistical sources, but, where necessary, officers will not be used with particular attention to the reliability and quality of results.

At the meeting, reminded the new European Digital Agenda just to approve the EU and Francisco Ros noted that its development is a priority for Europe despite the economic situation.

Euro rises vs dollar, plus reduced risk appetite for short bets

The euro rose on Monday as an improvement in the attractiveness of risky assets and the dollar hitting attack triggered a short hedges in the single currency, away from their recent lows of four years.

European shares rose sharply after rising in Asia. The U.S. stock futures were up 0.7 percent.

"The dollar was weaker overnight against the euro on the stability of the trust, which helped the currency recover more risk," said Geoffrey Yu, currency strategist at UBS.

"Equity markets globally are performing strongly, especially for supporting the expectation that the relatively expansionary policy will be maintained for a prolonged period globally," he added.

At 1115 GMT, the euro was up around 1 percent against the dollar at $ 1.2231, after touching an intraday high of 1.2258, according to Reuters data.

European shares gained 0.8 percent in early afternoon trading.

But analysts said it was unlikely that the recovery of the euro would take it out of its downtrend, as the structural problems in the euro area, which have impacted the currency has not changed.

"We've seen a good session for stocks. This is favorable to risk, driven by higher-yielding currencies like the Australian dollar. But fundamentally, nothing has changed against the euro," said Kenneth Broux, market economist at Lloyds Banking Group.

Traders said hedge funds have been reducing their short positions on a level of 1.2150 / $ 60 in Asia and across the 1.2220 in Europe.

The euro has lost 15 percent against the dollar so far this year, but gained 1.6 percent last week after hitting a floor of $ 1.1876, its lowest level since March 2006.

Some commented that the appetite for risk was also supported by the authorities such as the chairman of the Federal Reserve Bank of St. Louis Federal, James Bullard, who said he is running a strong global economic recovery.

The Australian dollar advanced almost 1 percent against the dollar to more than 0.8600, its highest level in a month.

The euro was up 1.4 percent to more than 112 yen for the first time in a week.

The dollar fell more than 1 percent against a basket of currencies to 86.446.

Analysts said the dollar could be undermined by so-called U.S. President Barack Obama and his advisers for more incentives to support the economy.

The pound sterling was up 1.2 percent against the dollar at $ 1.4718.

European shares at maximum of four weeks for the banking

European shares reached a maximum of four weeks late on Monday after a strong industrial production data in the eurozone to revive the optimism in the economic prospects of the region, while the insurer AXA rose on news that talks to sell British assets to Resolution.
At 11:43 GMT the pan-European FTSEurofirst 300 index rose about 1 percent to 1027.40 points, stringing together four consecutive sessions of gains.

The benchmark is down 7.5 percent since mid-April, when intensified rumors that the Greek debt crisis would plague other countries in the euro zone and slow global economic recovery.
"The titles have become a bit cheaper (after recent falls) and everything was a bit oversold," said David Bulk, senior partner at BGC Partners.

"The second quarter results will be somewhat better than people expected and could be run at current rally"

Banks were among the players on the rise. Barclays, HSBC, Société Générale, BNP Paribas and Deutsche Bank advanced between 0.9 percent and 2.6 percent.

The volatility index VDAX-NEW, principal Eurobarometer to measure the anxiety of investors, fell 4.1 percent to its lowest level in a month, which highlights a greater appetite for risk.

Regarding the evolution of specific values, AXA amounted to 3.4 percent after it confirmed it was negotiating to sell its life insurance business in the United Kingdom to Resolution Group in a deal valued at 2,750 million pounds.

Clegg: The volatility of the euro area is the biggest threat to United Kingdom

British Deputy Prime Minister, the Liberal Democrat Nick Clegg said today in Madrid that the current economic instability in the euro zone represents the "biggest threat" to the recovery of the UK economy.

"The very success of Britain depends in many ways, the larger success in Europe. Our economies are interconnected," Clegg said at a briefing held in a Madrid hotel during his first official visit to Spain.

The "number two" of the coalition government led by the conservative David Cameron stressed that "other European Union countries are by far the largest trading partners of the United Kingdom", because half of British exports go to EU."That," he continued, "means that the difficulties in the euro area directly affect Britain. Moreover, the continued instability and lack of growth on our doorstep is the greatest threat to our own economic recovery."

The leader of Britain's Liberal-Democratic Party believes that the "slow growth in the euro area" mean "less British exports less growth and fewer jobs UK British."
Therefore, he continued, "affects our vital national interest to succeed in Spain and in the entire euro area."

In addition, Clegg, a convinced European who paradoxically integrates an Executive headed by a Eurosceptic as Cameron, said the coalition government "will be a tireless supporter of the euro area and EU prosperous and strong."

However, Deputy Prime Minister recalled that the conservative-liberal government "will not seek to join the euro" in the next five years, or transfer "new powers from Westminster to Brussels"

On this crisis, Liberal Democrat politician said it was "the most challenging of a generation" and requires European governments to implement plans "courageous" to balance public finances.

"In the UK, we have taken action to lower the budget deficit we inherited (from the previous Labour government), which is the highest since World War II," said Clegg, stating that his country has the "largest deficit" public the EU, which amounts to 12 percent of gross domestic product (GDP).

"We must make tough decisions to sort out our finances and reduce the deficit to create conditions for growth," reiterated the British politician, who advocated the introduction of measures such as reform of the EU labor market.

"If we give the right answer," he warned, future generations will know that we did the right thing to rescue Europe from the dark shadow of the long-term difficulties. If we make mistakes, condemn our continent to years of difficult social, political and economic .

Nick Clegg attended the informational meeting this Thursday after meeting with Spanish Prime Minister Jose Luis Rodriguez Zapatero, with whom he discussed the evolution of the economic crisis and adjustment programs of the European countries.

In this regard, Clegg said today that Spain is suffering "the consequences of fundamental imbalances of our economies in recent years" and praised the Spanish government has activated "rightly" an austerity plan to cut the deficit.

Also, the deputy prime minister is scheduled to meet today with President of the conservative Popular Party (PP, political force in the opposition), Mariano Rajoy.

Dollar falls vs yen, reverses losses vs euro after U.S. data

The dollar pared gains against the yen on Friday after data showed a surprise drop in U.S. retail sales in May, sparking fears about the strength of economic recovery in the country. The dollar fell to 91.35 yen, operating almost unchanged from its close on Thursday and down from 91.65 yen before the data. The euro, meanwhile, erased its gains against the dollar was steady at $ 1.2103 compared with $ 1.2125 before the report.

European Commission says Spain has not requested help from euro zone

Spain has not requested financial assistance from the eurozone and the European Commission is preparing measures to that effect, said the EU executive spokesman, Amadeu Altafaj.
Asked about media speculation that the committee prepares for Spain access to the relief fund of 440,000 million euros (530,000 million), Altafaj told a briefing: "We are not preparing anything is speculation."

"The Spanish Economy Ministry has denied this. There is no order nor is there any plan to submit an application," he added.

U.S. stock futures hold gains after economic data

The future of U.S. stocks held their gains on Thursday after news that orders for unemployment insurance fell last week while the U.S. trade deficit rose to 40 290 million in April.

Futures were up driven by China's confirmation of a strong export data and a rebound of the euro.
Futures S & P 500 rose 11.7 points, the Dow Jones gained 73 points, and Nasdaq 100 totaled 14 points.

Finland makes good the worst assumptions about the crisis

Finland has met the worst assumptions about the crisis to fall into recession in the first quarter of this year, a fate that, for now, only shared among the countries of the euro with Slovenia. Analysts say the latest developments in the crisis of deficits in the euro area and the implementation of plans drastic spending cuts in major powers predict that the situation will evolve a structure W. This scenario means that, after taking his head between the end of last year and the beginning of 2010 the economy contracted again in the future to the fragility of the recovery and the early withdrawal of incentives.
Today, Finland, March has closed its second consecutive quarter down, made good this theory. As shown in the official data, the country's Gross Domestic Product, which the World Economic Forum is the sixth most competitive economy, has fallen 0.4% between January and March after losing 0.2% in last three months of 2009, according to the latest revision of this figure, which originally pointed to a standstill with a rate compared to previous period, 0%. The Finnish economy has a slightly larger size of Portugal in GDP volume and accounts for 1.8% of total Eurozone.
Nordic country's GDP began to decline in quarterly rates in the last quarter of 2008 following the international financial crisis and remained in negative territory until October last year, growing by 0.3%. However, the decline in European commerce and the weakness of international consumption, vital for the country because of its dependence on exports of pulp and paper industry and the multinational sales of Nokia, has returned to the field of recession.

Santander paid 2.092 million to control its Mexican subsidiary

Banco Santander has reached an agreement with Bank of America to buy its stake from 24.9% in Santander Mexico for U.S. $ 2500 million (about EUR 2.092 million), according to the agency today reported to the CNMV. Santander Mexico is the third largest financial group in the country with a market share of 14.8% in deposits and 13.0% in loans.

After the operation, which is expected to realize within 90 days and is awaiting the necessary approvals from regulatory agencies, the bank president Emilio Botin raise its stake in its Mexican subsidiary to 99.9%. The Spanish bank has an estimated positive impact of 1.3% in earnings per share from the first year and the return on capital employed rose to 15% from the third. As for the solvency, provides an impact on the main indicator of this aspect, the core capital of at least 31 basis points. The bank closed with a coefficient of 8.8% of core capital in the first quarter, which would remain at around 8.5% with this operation, a level the agency considers it very comfortable.

Santander sold the participation of 24.9% at Bank of America in 2003 by $ 1,600 million (approximately EUR 1,340 million at current exchange rates), so that all of its Mexican subsidiary was valued then at U.S. $ 6,400 million ( 5357.2 million).

The institution stands now, seven years later, the transaction with Bank of America involves assessing Santander Mexico at 10,000 million (8370.5 million), 56% more, equivalent to pay about 10 times the benefit estimated by analysts for this year, which will be around 1,000 million dollars, according to forecasts.

Santander president Emilio Botin, has stressed that this acquisition reaffirms the commitment of your institution in Mexico, "a country with very favorable prospects for growth," while allowing further geographical diversification of the Group.

Botin has used the fact that Bank of America is rethinking what business considers strategic. The U.S. organization, during the financial crisis took over Merrill Lynch and then received multi-million dollar aid for the Treasury, agreed last month to sell its stake in Brazil's Itau.

Merkel and Sarkozy call for EU to act against speculation

The leaders claim to Brussels together to make a proposal on short selling .- The Commission says working "expeditiously", and announced new products for summer

French President Nicolas Sarkozy and German Chancellor Angela Merkel, have come his way of apparent differences that have arisen between them as a result of unilateral decisions on financial monitoring of Berlin and its dramatic savings plan, which Paris does not just look favorably as it could hinder prospects for recovery in Europe. In a letter published today in the German capital, the leaders of the two main powers of the euro have asked the European Commission (EC) to accelerate the fight against speculation.
In the letter, addressed to the President of the EU executive, José Manuel Durão Barroso, Sarkozy and Merkel will claim that accelerate and intensify work on the regulation of financial markets and to explore the possibility of EU wide ban on short sales in listed companies and the bond market states. "The latest market developments lead us to ask the Commission to accelerate and intensify its work" on the regulation of "infrastructure of derivatives markets," they say. "In particular we believe it is imperative to improve transparency in short sales of stocks and bonds, especially in the sovereign debt markets," added the two leaders in the text.

Brussels has responded through one of its spokesmen, Pia Ahrenkilde-Hansen, who has announced new "during the summer." "The Commission is working expeditiously on these issues and appreciate the support that reflects the letter to our ideas and approaches and, as we announced, we will present concrete proposals during the summer," he has said before nuance that does not interpret the letter as a complaint, "but as a support" to the action plan of the EU.

Germany has unilaterally decided to ban short selling in the open its financial institutions and bonds to curb speculation. The decision, which was the subject of criticism by their partners in the euro to expose the lack of coordination between eurozone countries when dealing with the crisis, which in turn also increased the uncertainty in the markets was completed with the restriction of such operations in the derivatives. He has also forced to disclose short positions in all settings.

The market volatility through the overflow from the fiscal crisis of Greece in February this part has led EU countries to accelerate efforts to advance financial reform. Governments want to control speculators are behind the collapse of the euro, who are enriched by fall of the stock and they are doing business in the secondary markets for debt at the expense of feeding with countries with more deficit. This task is the responsibility of G-20, but has stuck by the divergence of opinions on both sides of the Atlantic and among European executives on how to do it.

A possible rate to banks to prevent taxpayers have to pay next crisis, as has happened in the present and that Germany has already announced it will launch in 2012, more control over the rating agencies and increase transparency markets are some of the main challenges for nearly three years later.

Bernanke said that the crisis in Europe will have a "minimal impact" on U.S.

The chairman of the Federal Reserve (Fed, for its acronym in English), Ben Bernanke, acknowledged that "current developments in the public deficit is unsustainable," but that this "exceptional growth"-close the year at 10.6% - has been necessary to overcome the worst recession the U.S. since the Great Depression. Furthermore, told reporters before participating in the Congressional Budget Committee, has said we are seeing a slight improvement in household consumption and, although recovery is slow and painful for many Americans, has been confident that the progress of domestic demand will be capable of replacing policies of encouragement as the motor of world power and the crisis in Europe will have a "minimal impact" on its economy.
The optimistic words of Bernanke have sat well with the international stock exchanges. In the case of Europe, the rally has left behind three consecutive days of losses, while the euro soared slightly and could be positioned above $ 1.20. The Wall Street closed with a 1.1% rise, Milan is up 2%, Frankfurt, 1.98%, Paris, another 1.96%, and London, 1.15%. As for the Ibex 35, the Spanish selective has regained its former tendency to move more than the rest up everything he touches, something not seen in weeks and ended up with a rebound of 2.3% thanks to last-minute boost parquet flooring have given the words of Fed chairman Thus, after scoring three consecutive 14-month minimum, tomorrow will open in 8868 points, but what really has not changed is that if you go down, it will be more strongly .

Already before the congressional committee, Bernanke has assured today that the U.S. central bank would continue taking the steps necessary to ensure financial stability and economic recovery as it has in coordinated action with ECB in the foreign exchange market to try to curb the worsening of the fiscal crisis of the euro. In fact, he added, the United States played part of his recovery across the Atlantic as "the recent fall" on the stock and the deterioration of the outlook in Europe for the crisis "minimal impact" on the economy their country. For this reason, is confident that U.S. GDP will grow at "a modest pace" this year.

Specifically, the Fed estimates that the U.S. economy will increase between 3.5% and 4% in 2010 and recorded a slight increase next year. A growth rate sufficient, even for a short, to ensure that the deteriorating labor market, which currently has an unemployment rate of 9.5% at end-April, will not continue.

Bernanke said that the crisis in Europe will have a "minimal impact" on U.S.

The chairman of the Federal Reserve (Fed, for its acronym in English), Ben Bernanke, acknowledged that "current developments in the public deficit is unsustainable," but that this "exceptional growth"-close the year at 10.6% - has been necessary to overcome the worst recession the U.S. since the Great Depression. Furthermore, told reporters before participating in the Congressional Budget Committee, has said we are seeing a slight improvement in household consumption and, although recovery is slow and painful for many Americans, has been confident that the progress of domestic demand will be capable of replacing policies of encouragement as the motor of world power and the crisis in Europe will have a "minimal impact" on its economy.
The optimistic words of Bernanke have sat well with the international stock exchanges. In the case of Europe, the rally has left behind three consecutive days of losses, while the euro soared slightly and could be positioned above $ 1.20. The Wall Street closed with a 1.1% rise, Milan is up 2%, Frankfurt, 1.98%, Paris, another 1.96%, and London, 1.15%. As for the Ibex 35, the Spanish selective has regained its former tendency to move more than the rest up everything he touches, something not seen in weeks and ended up with a rebound of 2.3% thanks to last-minute boost parquet flooring have given the words of Fed chairman Thus, after scoring three consecutive 14-month minimum, tomorrow will open in 8868 points, but what really has not changed is that if you go down, it will be more strongly .

Already before the congressional committee, Bernanke has assured today that the U.S. central bank would continue taking the steps necessary to ensure financial stability and economic recovery as it has in coordinated action with ECB in the foreign exchange market to try to curb the worsening of the fiscal crisis of the euro. In fact, he added, the United States played part of his recovery across the Atlantic as "the recent fall" on the stock and the deterioration of the outlook in Europe for the crisis "minimal impact" on the economy their country. For this reason, is confident that U.S. GDP will grow at "a modest pace" this year.

Specifically, the Fed estimates that the U.S. economy will increase between 3.5% and 4% in 2010 and recorded a slight increase next year. A growth rate sufficient, even for a short, to ensure that the deteriorating labor market, which currently has an unemployment rate of 9.5% at end-April, will not continue.

The World Bank warns that the situation in Spain is "very serious"

The World Bank (WB) said today that the economic situation in Spain is "very serious", although it has indicated that fiscal austerity measures taken by the Government are in the "right direction." "I think the situation in Spain is very serious and extremely high unemployment," said today the director of World Bank macroeconomic trends, Andrew Burns, during a press conference which introduced the report Global Economic Prospects 2011.

Burns added that it was "probable" that the fiscal consolidation measures implemented by the Spanish Government to reduce the risk of a worsening economic situation. It has also highlighted that market indicators show that investors see the situation in Spain as less serious than that of Greece or Portugal. On the possibility of a debt crisis in our country, something considered unlikely at the moment, has warned that would impact on Spanish banks, which in turn could take its toll on Latin America.

The agency believes that the current "debt crisis" in some European countries is one of the major threats to global growth. "The global economic recovery continues but debt crisis of Europe has placed new obstacles in the path to a sustainable medium-term growth," says the report released today. However, it has raised its forecasts for global economic growth this year to 2.9% compared to 2.7% later in January, and 3.3% in 2011, one tenth more.

Greek annual GDP contracted 2.5% in the first quarter of 2010

Gross Domestic Product (GDP) shrank Greece 2.5 percent in the first quarter over the same period last year, representing a larger drop of 2.3% was calculated.
As reported today in Athens Greek Statistics Authority, over the last quarter of 2009, the GDP was reduced by one percent.

The annual decline of GDP stood at 2.5% in both the third and fourth quarters of last year, while in the previous quarter was 0.8% and 0.5% respectively.
The trade deficit fell by 15.8%, and decreased both imports and exports by 6.6% and 0.5%

Inflation in Brazil slowed and accumulated increase of 3.09% until May

Brazil's inflation slowed in May to 0.43% and accumulated an increase of 3.09% so far this year, the government said Friday.
The price rise was lower than the previous month (0.57%), but the sum of the first five months of the year comfortably above the 2.20% recorded during the same period last year, according to the state newsletter Brazilian Institute of Geography and Statistics (IBGE).
In the last twelve months of the year inflation fell slightly to 5.22%, which is located above the official target of 4.5% for 2010, but is still within the margin of two points of tolerance that allows the Government.
In May, food prices moderated their higher (1.15%) and allowed the improvement of the overall index. The electrical energy increases (1.23%) and declining fuel (-1.23%) also contributed to enliven prices.
Inflationary trends are one of the adverse effects of the strength of the Brazilian economy in the first quarter grew by 9.0% over the same period last year.

One of the main factors which support the growth of Brazil is the household consumption that between January and March jumped 9.3%, helping to push prices higher.
Therefore, the vast majority of market analysts agree that the Central Bank will announce today a further rise in interest rates, which are of 9.50% per year, to curb these inflationary trends.

The most widespread idea is that the monetary authority chooses to apply an increase to three quarters of a point, the same magnitude as last April, when it held its last meeting.
In 2009, Brazil registered an inflation rate of 4.31%, slightly below the goal that drove the government, which like this year was 4.5%

The British trade deficit stabilized in April

The British foreign trade deficit has stabilized at 7,300 million pounds (U.S. $ 10,600 million, 8,800 million euros) in April compared with March, according to data released Wednesday by the Office for National Statistics (ONS).

This result is greater than the 7,000 million pounds expected by analysts, according to a collection of Crédit Agricole CIB.The March deficit, originally estimated at 7,500 million pounds, was revised downward to 7,300 million, the ONS added.
In April, exports fell 0.6% in value up to £ 21,300 million and imports by 0.4% to 28.6 thousand million.
The ONS found that both could suffer "a small negative impact" on the disruption caused during a week in mid-April by the ash cloud from a volcano in Iceland.

The deficit with countries outside Europe remained stable at 4,000 million pounds, while the deficit with the European Union advanced slightly from 3,200 to 3,300 million pounds

Improve overall employment forecasts: Manpower

Today it is more possible for employers to hire employees three months ago, even in the U.S., but the greatest advances are limited to booming emerging economies like Brazil, India and China, according to a quarterly survey by Manpower Inc. Measuring Manpower, considered an important indicator of labor demand, suggesting that the recovery in employment will continue in much of the world, but that employers remain cautious. In the U.S., large-scale creation of jobs is unlikely in the coming months.

The leading global staffing services said Tuesday that its seasonally adjusted net forecast for the United States was over-6 for the third quarter, slightly up from plus-5 in the previous measurement. A year ago the prognosis was negative.

The rate of Manpower, based on interviews with 18,000 U.S. employers, measures the difference between those who plan to add jobs and those who are hoping to cut. About 70 percent reported no change in its outlook, maintaining a recent trend shows that many employers still are not convinced about the sustainability of the current economic rebound. "We entered the third quarter and we see more of what came in the second (...) figures are improved by the Office of Work Statistics (BLS, for its acronym in English), but not enough to feel that we have left the problems, "said Manpower CEO Jeff Joerres.

The BLS reports monthly employment figures and on Friday said it added 431,000 jobs outside the agricultural sector in May.

This was much less than expected, and growth in private sector payrolls was also lower than expected. Among the upbeat economic signs include a purchasing managers index (PMI, for its acronym in English) indicating a recovery in the manufacturing sector, said Joerres. But U.S. employers can meet aggregate demand with existing work force and will resist to add new employees until they see credible evidence that demand is sustainable.

"To get that evidence, we might have to wait until the first quarter (of 2011)," Joerres said, noting that employment in the seasonally weak fourth quarter. The executive described the pace of recovery of jobs in America as "still very warm." BRAZIL, INDIA AND CHINA, WITH BEST QUALIFICATIONS Measuring Manpower hiring intentions, based on 61,000 interviews, found better job prospects in 23 of 36 countries and territories compared with the second quarter and all but four improved over the same period a year ago. The strongest potential recruitment meet again in the emerging economies of Asia, including India and China, where companies enjoy strong demand from both local and foreign.

The hiring outlook in China is the strongest since Manpower began surveying employers five years ago, while that of India rebounded to a maximum of two years.

In Latin America, most employers in Brazil anticipate the amount of staff. Mexico can also expect a better environment for recruitment, especially in manufacturing and mining, but the prognosis worsened in Argentina. In Europe, the weakest hiring plans in the third quarter were reported in Italy, Ireland, Spain and Greece, while employers in the major economies such as France, Germany and Britain, are willing to add more workers in next 3 months.

Measurement of Manpower for the third quarter was made before a debt crisis in Greece lead to a European rescue plan nearly a trillion dollars. But Manpower internal data suggest that the crisis has had a limited effect on the confidence of European employers. U.S. Measurement Manpower began performing in 1962, but has a more recent history in other countries.

The Milwaukee-based company has a presence in 82 countries and generates most of its sales and profits outside the United States.

Gold reached a record high risk aversion

Gold prices touched record on Tuesday above $ 1,250 an ounce in Europe and reached historic highs against several currencies, driven by purchases of investors away from risk and sought refuge in the metal by the volatility of other markets.

Contao Spot gold hit a high of $ 1,251.05 an ounce, compared to paid $ 1,247.95 an ounce on Monday in New York. Gold futures for August reached a maximum of $ 1,254.50. The precious metal also hit record highs in prices denominated in euros, pounds sterling and Swiss francs.

Goldman irritates commission investigating U.S. financial crisis

The commission investigating the financial crisis quoted Goldman Sachs Group Inc. after the bank flooded the panel with 2,500 million page records, increasing the tension in the relationship of the firm with the U.S. government. The vice president of the Commission of Inquiry into Financial Crisis (FCIC, by its original acronym), Bill Thomas, said Monday night that Goldman, knowing the limited resources of the panel, staff had to find a needle in a haystack .
"We hoped that they gave us the needle," said Thomas. The Corporation said Goldman was quoted on Friday. The Wall Street firm had five terabytes of records, each containing 500 million pages of digitized records, told a press conference the president of the Corporation, Phil Angelides.
The commission called Goldman's response as "extreme." Angelides and Thomas said that other banks had complied with similar requests received and the FCIC. Goldman spokesman, Samuel Robinson, said in a statement that "we have been and we remain committed to deliver to FCIC information they have requested." Goldman shares fell $ 3.72, or 2.6 percent, to close at $ 138.68 on the New York Stock Exchange on Monday.

Cameron said that the deficit is worse than expected

Prime Minister David Cameron told the British on Monday that the scale of the budget problems the country is even worse than we had anticipated, citing the Greek crisis as an example of the risks of inaction .
Cameron drew a bleak picture two weeks before the emergency budget presentation on 22 June, when his coalition government will give more details of a deficit-cutting measures amounting to 11 per cent of GDP.

Offering few details about where the cuts will be attacked by the previous Labour Government's economic mistakes of the past decade, he said, had left a legacy of debt crisis."Greece remains a warning of what happens to countries who lose credibility, or whose governments are difficult decisions that can be avoided somehow," he said in a speech at Milton Keynes in central England.
"I want to explain to the country ... why the global escalation of the problem is even worse than we thought," he said, adding that the structural nature of the debt meant that "a return to growth (economic) will not be resolved."

Cameron said the public sector had grown too with Labour. If no actions were taken in five years the cost to repair the debt will be higher than what is spent together in schools in England, climate change and transport.
"Based on the calculations of the last government, it is expected that in five years we will be paying interest on our debt is around £ 70,000 million (84,000 million euros). It is a simply amazing amount."

German budget cuts last Merkel to assert authority

German Chancellor Angela Merkel agreed on Monday with his cabinet a package of budget cuts and will outline his policy agenda until 2014, a series of steps he hopes will help push the euro as its own authority.

The ministers resumed talks on Monday after work Sunday night. Merkel is expected to announce the result of the proposed 2011 budget and financial planning for the next four years in the early afternoon on Monday.

Some experts say the plan cuts of up to 10,000 million euros annually (11 940 million), along with some limited tax increases will be the largest German austerity plan since the Second World War.

Merkel wants to give an example of fiscal adjustment to try to regain investor confidence in the euro, damaged by high deficits in Greece and other euro zone states. However, you must deal with a delicate balance to ensure that the cuts will not cloud the fragile recovery of the first euro zone economy.

The German public deficit would likely exceed 5 percent of gross domestic product (GDP) this year. Despite being significantly below the levels of other euro area countries still exceeds the limit set by the European Union's 3 percent.

Moreover, Merkel's political authority is also at stake.

Affected by a decline in the popularity of his conservative party and accused of weak leadership in the crisis in the eurozone, needs to regain the political initiative and present a package that voters support sustainable.

"The cabinet meeting will be an important direction for Germany in the coming years, which will be decisive," Merkel told reporters Sunday before starting the talks.

Merkel has promised to protect education and pensions, but has pointed to social security spending as an area of possible cuts.

It also seems likely to make targeted reductions to unemployment as well as maternity aid for the unemployed, measures which could save around 400 million euros.

In addition, 10,000 jobs will be cut in public, according to German media. The defense budget would be reduced by about 600 million euros in 2011 and savings would reach 1,100 million euros in 2012.

It is also likely to create a tax on the use of nuclear fuel for those companies that benefit from the planned extension of the life of some nuclear plants. According to the German media, the measure could raise around EUR 2,300 million a year.

Once the Cabinet had agreed the draft budget for 2011, Merkel is to gain the approval of the upper and lower houses of Germany, which is not as easy as his coalition lost its majority in the Senate last week .

Ricardo Fort: The millonaire men

Eccentric millionaire, Ricardo Fort was proposed this year to be famous at all costs. Supported by the money inherited from Fort Fel chocolate emporium founded by his grandfather, Ricardo Fort created his character and broke into television to become one of the figures of the year.

He use boots that go beyond four or five times the minimum wage has watches that are worth as much as a house and used shirts and accessories with gemstones and diamonds. Ricardo Fort is a monument to the glitz and the character he created is a flesh and blood version of the narcissist animated Johnny Bravo.

The first attempt to be famous Fort Ricky had it for over 10 years, when she appeared as a singer in a magazine tv program. Since that time, Fort was seen making out with some glittering figures of the national spectacle, which allowed him to appear occasionally in the gossip magazines.

But in 2009, at 41 years, Ricardo Fort decided to take the leap to popularity: paid from his pocket a space Thirteen early to put a kind of reality show, where it together with your friends and Time couple traveling the world and making the most unusual and commonplace vagaries of the millionaire.

Thanks to tv producers, Fort got to be a regular guest on lot of tv programns about famous people, and cycles as Blessed, RSM, TVR and reproduced ad nauseam Zapping the latest eccentric millionaire and superficial comments says without blushing.

Ricardo Fort became the "Mecca" of the national business show on Thursday, 19 November, when the 55.8% of phone calls from the Musical won the overall team of your dreams, earning a place each week in Showmatch to continue to achieve its main objective : to be famous. We must stress that Fort did not compete head to head in the repechage of Musical of your dreams with a single famous, but he competed against other people in this tv show, who remained in the road.

His sentence of the header is "Why I want to suffer?" Says the millionaire rueful face every time I want to do something that touches the mundane, or is not used to doing on the mere fact that he has money .

Leaving the limelight, Ricardo Fort is itself a person at least can be described as particular. According to the magazine soon, the millionaire has 27 cosmetic surgeries, among which stands a strange prosthesis that would have on their heels to be 3 inches taller. According to this publication, Fort is addicted to the gym, healthy living and has conceived twin sons in a rented womb.

The site Urgente24.com the particularities of Fort compiled an attractive list: "27 surgeries (including heel), two children, three Harley Davison (the fourth is in Customs), 13 tattoos, 500 thousand dollars in monthly expenses , 11 000 pesos per night for drinks with friends in Esperanto or Rumi, 70 pairs of boots and shoes (about $ 3,000 each) that renews every six months ... Until excesses incurred when looking for life partner as it clarifies in his Facebook that he was "interested in men and women". "

This summer will continue rotating in the gossip shows and program

Fitch lowers BP note that support has not been prepared for accident

The financial rating agency Fitch downgraded the financial risks of BP saying the irrepressible effusion produced by one of its platforms in the Gulf of Mexico, an accident for which he was not prepared, as acknowledged on Thursday the director general of the British oil group .

Fitch said in a statement that downgraded from "AA +" to "AA" footnote negative outlook for British Petroleum (BP). These notes remain the group between "high-quality issuers."

"The downgrade of BP's note reflects Fitch's view on the increasing risks on the profile of activity and financial nature of BP after the accident Deepwater Horizon platform in the Gulf of Mexico," the agency said in a statement.Fitch notes that BP failed so far repeatedly in their attempts to stop the oil spill and returned to containment methods should be deployed and still are subject to weather problems, "referring to the frequent summer hurricanes in the Gulf of Mexico.

It also notes that drilling a relief well "may pose a risk and need extra time to be fully effective."

The news came after BP announced Thursday it will pay in full the $ 360 million needed for construction of six sections of artificial islands to protect Louisiana from the tide after the accident caused Deepwater Horizon.

"BP supports the U.S. government's decision to proceed with the construction of six sections" artificial island, said in a statement, adding that "the group will finance the $ 360 million to cost of construction."The oil group has already disbursed U.S. $ 1,000 million in cleanup and containment operations and all their attempts to cut the roots failed spill, arousing the anger of the authorities in Washington.

In the current situation, Fitch estimated at 2000-3000 billion cost of the cleanup operation this year although it depends on the amount of oil that reaches the U.S. coastline.Some analysts estimate that the total cost to the company could reach 20,000 million dollars.

The rating agency Moody's had lowered the May 5 to negative from stable the outlook for BP's credit note.

The CEO of BP, Tony Hayward admitted that the British oil group, which for a month and half combat the oil spill, was not prepared for such a problem at sea."No doubt that we did not have the tools we need in our toolbox," said BP chief said in remarks published Thursday by the Financial Times.

Although BP was considered "very successful" to prevent the spill from approaching the coast, agreed that "it was an entirely fair criticism" to say that the firm was not fully prepared for such spills in deep water.Hayward noted that after the catastrophe caused by the tanker Exxon Valdez in 1989, companies had created a body of appropriate response to contamination on the surface, the Marine Spill Response Corporation (MSRC).

"The challenge will be equipped with the same responsiveness in deep water," he said.