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.
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martes, 22 de junio de 2010
martes, 2 de marzo de 2010
BBVA expanded capital to cover losses from its U.S. subsidiary
The heavy losses suffered last year by the U.S. subsidiary of BBVA Spanish forced the agency to carry out two capital increases amounting to 711 million euros to guarantee the solvency of its American bank.
Sources of soccer's governing body to Francisco Gonzalez admitted that the decision to reorganize the stock of BBVA Compass eroded capital ratios and had to replenish its own funds, which were entirely produced by the array.
However, a bank 100% owned by the parent, there is no obligation to notify immediately.
The capital increases were carried out late last November. That is, it was at that moment when the BBVA acknowledged the problems of its subsidiary and became determined to mitigate and to replenish themselves consumed by the hole.
However, these losses are not acknowledged publicly until two months later, when the annual results presentation acknowledged a breach of 1,071 million euros.
And it took two capital to cover losses has not been disclosed to the distribution of the annual report that the entity is required to publish before the shareholder meeting, which will take place on March 12.
During 2009 the BBVA in the United States suffered losses from the impairment of financial assets (resulting from late payments) amounting to 1,419 million euros, while 1.056 million were devoted to other provisions.
In the fourth quarter of the year was when there were 533 million special sanitation and another 998 million charge for impairment of goodwill.
These allocations allowed to keep the coverage rate of BBVA Compass at 57%, although delinquencies soared from 3.4% to 5.2% in the year to update the loan portfolio related to real estate, one who has suffered the crisis in the U.S. too.
There was also much more marked deterioration at the end of 2009. Excluding extraordinary write-downs between October and December BBVA Compass lost 122 million euros, when he had won 40, 42 and 20 million in the first three quarters.
The complicated situation in the U.S., home of the financial crisis that began in the summer of 2007, is reflected in other sections of the balance of BBVA.
The second Spanish bank has an exposure of 513 million in assets considered garbage (subprime), plus another 13 million in structured products linked to toxic.
The first of the entries got fat at 22 million euros over last year, while the structured bonds fell by 13.
United States is one of the major axes of BBVA's growth in the future, along with its bid to China.
Sources of soccer's governing body to Francisco Gonzalez admitted that the decision to reorganize the stock of BBVA Compass eroded capital ratios and had to replenish its own funds, which were entirely produced by the array.
However, a bank 100% owned by the parent, there is no obligation to notify immediately.
The capital increases were carried out late last November. That is, it was at that moment when the BBVA acknowledged the problems of its subsidiary and became determined to mitigate and to replenish themselves consumed by the hole.
However, these losses are not acknowledged publicly until two months later, when the annual results presentation acknowledged a breach of 1,071 million euros.
And it took two capital to cover losses has not been disclosed to the distribution of the annual report that the entity is required to publish before the shareholder meeting, which will take place on March 12.
During 2009 the BBVA in the United States suffered losses from the impairment of financial assets (resulting from late payments) amounting to 1,419 million euros, while 1.056 million were devoted to other provisions.
In the fourth quarter of the year was when there were 533 million special sanitation and another 998 million charge for impairment of goodwill.
These allocations allowed to keep the coverage rate of BBVA Compass at 57%, although delinquencies soared from 3.4% to 5.2% in the year to update the loan portfolio related to real estate, one who has suffered the crisis in the U.S. too.
There was also much more marked deterioration at the end of 2009. Excluding extraordinary write-downs between October and December BBVA Compass lost 122 million euros, when he had won 40, 42 and 20 million in the first three quarters.
The complicated situation in the U.S., home of the financial crisis that began in the summer of 2007, is reflected in other sections of the balance of BBVA.
The second Spanish bank has an exposure of 513 million in assets considered garbage (subprime), plus another 13 million in structured products linked to toxic.
The first of the entries got fat at 22 million euros over last year, while the structured bonds fell by 13.
United States is one of the major axes of BBVA's growth in the future, along with its bid to China.
miércoles, 16 de septiembre de 2009
By the crisis, more than 1,000 million people suffer from hunger
On the international economic crisis, food aid is on the lowest level of the last 20 years. Therefore, the number of hungry people is critically share highest known in history
Of the 6,791,511,711 people when inhabit the planet, almost one sixth is hungry. According to data managed by the World Food Program (WFP), there is a serious budget deficit to deal with the situation.
To date, this program has confirmed 2,600 million dollars of funding for its 2009 budget, which expected to be 6,700 million.
"Millions of people have been hit by the global financial crisis and its capacity limited to buy food because prices remain high," he says in this regard the UN program.
From Mexico, the UN Special Rapporteur on the Right to Food, Olivier de Schutter, has said at a forum organized by several NGOs in the past two years increased "significantly" and that world hunger is already over 1,000 million people.
This situation is "alarming" and states must develop "effective programs" that address this problem which is becoming increasingly acute with factors such as population growth
Of the 6,791,511,711 people when inhabit the planet, almost one sixth is hungry. According to data managed by the World Food Program (WFP), there is a serious budget deficit to deal with the situation.
To date, this program has confirmed 2,600 million dollars of funding for its 2009 budget, which expected to be 6,700 million.
"Millions of people have been hit by the global financial crisis and its capacity limited to buy food because prices remain high," he says in this regard the UN program.
From Mexico, the UN Special Rapporteur on the Right to Food, Olivier de Schutter, has said at a forum organized by several NGOs in the past two years increased "significantly" and that world hunger is already over 1,000 million people.
This situation is "alarming" and states must develop "effective programs" that address this problem which is becoming increasingly acute with factors such as population growth
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