Gold held near $ 1010 an ounce in Europe on Friday as the dollar's recovery from lows of a year against the euro weakens the upward trend in precious metal.
However, prices are supported by strong buying in times of low, as investors are betting that the metal will exceed its historical mark of $ 1,030.80 signed in March last year.
Spot gold rose to $ 1012.90 an ounce at 1115 GMT from $ 1011.45 the day before in New York. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange advanced $ 1.40 to $ 1014.90 an ounce.
Saxo Bank manager Ole Hansen said the impetus that gold has gained on its way to a new record, you need a stronger dollar to spark a downtrend.
"There has been strong buying activity of speculative long positions hit record highs, investments in exchange-traded funds are at record levels, so we need to see a break above the highs of last year," he said. If this is successful, he added, there is the possibility that gold set a new trading range between 1,000 and 1,300 dollars.
Among other precious metals, silver, platinum and palladium also slipped after hitting multi-month highs on Thursday, following gold's gains.
Palladium was at $ 302.50 from $ 301.50 Thursday, while platinum was at $ 1336.50 as an ounce from $ 1335.50. Silver was trading at $ 17.12 an ounce from $ 17.18.
Mostrando entradas con la etiqueta economynew. Mostrar todas las entradas
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viernes, 18 de septiembre de 2009
Zapatero will see Obama in the White House in October
The Prime Minister, José Luis Rodríguez Zapatero, will meet on Oct. 13 at the White House with U.S. President, Barack Obama, said on Friday the newspaper El Mundo.
Be the first time a U.S. president held a meeting with Zapatero in the White House since he took office in 2004 as they had no bilateral meeting with Obama's predecessor, George W. Bush.
No one was available on Presidency of the Government to confirm.
Be the first time a U.S. president held a meeting with Zapatero in the White House since he took office in 2004 as they had no bilateral meeting with Obama's predecessor, George W. Bush.
No one was available on Presidency of the Government to confirm.
China says economy is improving, but recovery is not stable
China will maintain its pro-growth policies, as the economic recovery is still not stable, said Friday the ruling Communist Party.
The statement with this statement appeared in a summary of a plenary meeting of party's Central Committee that ended Friday, according to state radio.
The official summary of the meeting said that "the overall economic situation is improving," but warned that "the foundations for economic recovery of our country is not yet stable, solid and balanced."
The heart of the community argued that the national and international economic situation remains under the shadow of uncertainty and that the Chinese economy faces "a critical stage to ensure growth.
In the meeting said that China will "make a stable and relatively fast growth the priority in economic work.
These statements are in line with recent comments of top Chinese leaders and Prime Minister Wen Jiabao.
(Reporting by Chris Buckley and Ben Blanchard, editing by Teresa Larraz in Madrid Writing)
Eurozone registers surplus cte cta EUR 6,600 mln in July
The euro zone ended July with a current account surplus of 6,600 million euros, considering a seasonally adjusted estimate, reported Friday the European Central Bank (ECB).
Without adjustment, the surplus was 8,800 million euros.
In June, the current account recorded a deficit of 4,300 million euros according to adjusted data and a surplus of 800 million euros, without adjustments.
The trade balance recorded a surplus of 12,600 million euros, up from 5,100 million in June.
The statement with this statement appeared in a summary of a plenary meeting of party's Central Committee that ended Friday, according to state radio.
The official summary of the meeting said that "the overall economic situation is improving," but warned that "the foundations for economic recovery of our country is not yet stable, solid and balanced."
The heart of the community argued that the national and international economic situation remains under the shadow of uncertainty and that the Chinese economy faces "a critical stage to ensure growth.
In the meeting said that China will "make a stable and relatively fast growth the priority in economic work.
These statements are in line with recent comments of top Chinese leaders and Prime Minister Wen Jiabao.
(Reporting by Chris Buckley and Ben Blanchard, editing by Teresa Larraz in Madrid Writing)
Eurozone registers surplus cte cta EUR 6,600 mln in July
The euro zone ended July with a current account surplus of 6,600 million euros, considering a seasonally adjusted estimate, reported Friday the European Central Bank (ECB).
Without adjustment, the surplus was 8,800 million euros.
In June, the current account recorded a deficit of 4,300 million euros according to adjusted data and a surplus of 800 million euros, without adjustments.
The trade balance recorded a surplus of 12,600 million euros, up from 5,100 million in June.
United Kingdom recorded a record deficit in August
United Kingdom on Friday posted a record budget deficit for August last month, due to the continuing impact of recession on government tax revenues, according to figures released Friday.
The Office for National Statistics said that the needs of public sector net cash (PSNCR, for its acronym in English) came to 10.379 million pounds in August.
The figure was less than the 12,000 million pounds expected by analysts, but double the same month last year and a record for the month of August. The figure for July PSNCR was revised up by about 1,500 million pounds.
The public sector net debt (PSNB, for its acronym in English) came to 16.119 million pounds, also lower than expected and a record for the eighth month of the year, compared to 9.876 million pounds a year ago.
"The August figure PSNB not as bad as we thought, but the fiscal situation remains very serious," said Philip Shaw, chief economist at Investec.
Public finances in Britain have deteriorated sharply in recent months as the country has to pay the cost of the worst recession in decades and the government has been forced to inject millions to rescue the banking sector, while tax revenues fell.
The public sector net debt now represents 57.5 percent of gross domestic product (GDP), a record that may go higher up, bringing the fiscal deficit is a key issue for the next election, where the two major parties are under pressure to reveal how much they are willing to cut spending
So far this fiscal year, the PSNB is at 65.256 million pounds, up from 26.122 million in the same period last year.
The government forecast an annual deficit of 175,000 million pounds, more than 12 per cent of GDP.
"The numbers today (Friday) are in line with our budget forecast," a British Treasury spokesman. "They reflect the impact of the global financial crisis on tax revenue and the steps we have taken to support the economy," he said.
The tax revenues in the period from April to August fell more than 12 percent year over year, while corporate taxes were down 33 percent.
The Office for National Statistics said that the needs of public sector net cash (PSNCR, for its acronym in English) came to 10.379 million pounds in August.
The figure was less than the 12,000 million pounds expected by analysts, but double the same month last year and a record for the month of August. The figure for July PSNCR was revised up by about 1,500 million pounds.
The public sector net debt (PSNB, for its acronym in English) came to 16.119 million pounds, also lower than expected and a record for the eighth month of the year, compared to 9.876 million pounds a year ago.
"The August figure PSNB not as bad as we thought, but the fiscal situation remains very serious," said Philip Shaw, chief economist at Investec.
Public finances in Britain have deteriorated sharply in recent months as the country has to pay the cost of the worst recession in decades and the government has been forced to inject millions to rescue the banking sector, while tax revenues fell.
The public sector net debt now represents 57.5 percent of gross domestic product (GDP), a record that may go higher up, bringing the fiscal deficit is a key issue for the next election, where the two major parties are under pressure to reveal how much they are willing to cut spending
So far this fiscal year, the PSNB is at 65.256 million pounds, up from 26.122 million in the same period last year.
The government forecast an annual deficit of 175,000 million pounds, more than 12 per cent of GDP.
"The numbers today (Friday) are in line with our budget forecast," a British Treasury spokesman. "They reflect the impact of the global financial crisis on tax revenue and the steps we have taken to support the economy," he said.
The tax revenues in the period from April to August fell more than 12 percent year over year, while corporate taxes were down 33 percent.
jueves, 17 de septiembre de 2009
The Bank of Japan keeps interest rates at 0.1%
The Bank of Japan (BOJ) has held rates at 0.1%, a level where they have been since last December, and has improved its assessment of the condition of the second world economy, which already "there are signs of recovery .
The board of governors of the Bank of Japan has assured the end of their monthly meeting that the Japanese economy is improving thanks to increasing investment, exports and production, while the crisis in other countries begin to be corrected.
However, the central bank has qualified as private consumption remains low, although slightly improved thanks to incentives to Executive earlier tested by Liberal Democratic Party (LDP).
Similarly, the institution responsible for monetary policy reiterated in its statement that the fall in prices continues to accelerate and deflation persists.
The Bank of Japan believes that Japan's economy starts to recover at the end of the second half of fiscal 2009 which ends in April next year, "thanks to measures to stabilize the financial system and monetary and fiscal measures.
It is expected that the recovery of other industrialized economies in emerging markets and consolidate the growth of Gross Domestic Product (GDP) of Japan in the second quarter rose 3.7% a year, ending a year of contraction.
"If the improvement continues, there are prospects that the Japanese economy back to sustainable growth and price stability in the future (beyond the fiscal year 2010)," he says in a statement.
The agency has therefore reiterated this month that the situation is conditioned by "significant levels of uncertainty in other economies and global financial markets."
The board of governors of the Bank of Japan has assured the end of their monthly meeting that the Japanese economy is improving thanks to increasing investment, exports and production, while the crisis in other countries begin to be corrected.
However, the central bank has qualified as private consumption remains low, although slightly improved thanks to incentives to Executive earlier tested by Liberal Democratic Party (LDP).
Similarly, the institution responsible for monetary policy reiterated in its statement that the fall in prices continues to accelerate and deflation persists.
The Bank of Japan believes that Japan's economy starts to recover at the end of the second half of fiscal 2009 which ends in April next year, "thanks to measures to stabilize the financial system and monetary and fiscal measures.
It is expected that the recovery of other industrialized economies in emerging markets and consolidate the growth of Gross Domestic Product (GDP) of Japan in the second quarter rose 3.7% a year, ending a year of contraction.
"If the improvement continues, there are prospects that the Japanese economy back to sustainable growth and price stability in the future (beyond the fiscal year 2010)," he says in a statement.
The agency has therefore reiterated this month that the situation is conditioned by "significant levels of uncertainty in other economies and global financial markets."
France revises 2009 GDP projection of 2.25 percent contraction
France revised its forecast for gross domestic product (GDP) contracted by 2.25 percent in 2009, versus an earlier forecast of a drop of 3 percent, said Friday Villepin, Francois Fillon.
Fillon said the GDP growth forecast for next year will be increased to 0.75 percent, compared with a previous target of 0.5 percent growth.
"The recovery is taking shape, is fragile but beginning to grow," said the prime minister at a ceremony in Paris.
"We will review our economic forecasts after the rebound observed in the second quarter," he added.
France reported a surprising jump in the second quarter as defied forecasts with an expansion of 0.3 percent after shrinking 1.3 percent in the first quarter.
Fillon said the GDP growth forecast for next year will be increased to 0.75 percent, compared with a previous target of 0.5 percent growth.
"The recovery is taking shape, is fragile but beginning to grow," said the prime minister at a ceremony in Paris.
"We will review our economic forecasts after the rebound observed in the second quarter," he added.
France reported a surprising jump in the second quarter as defied forecasts with an expansion of 0.3 percent after shrinking 1.3 percent in the first quarter.
Early U.S. housing construction increases in August
New housing starts in U.S. homes rose in August to its highest level since November, driven by a rebound in multifamily housing, a report showed on Thursday the government.
The Commerce Department said housing starts for homes rose 1.5 percent to a seasonally adjusted annual 598,000 units, almost the mark of analyst expectations of 600,000.
The Commerce Department said housing starts for homes rose 1.5 percent to a seasonally adjusted annual 598,000 units, almost the mark of analyst expectations of 600,000.
UK retail sales, flat in August
Retail sales in Britain stagnated in August, countering expectations for a small increase, sales of clothing and exerted the greatest impact to the bottom, showed the official data on Thursday.
Analysts had predicted an increase of 0.1 percent per month and the Office for National Statistics said the August reading unchanged lowered the annual growth rate of retail sales to 2.1 percent from 2.9 percent in July.
Additionally, the previously reported increase in July, 0.4 percent was revised downward to an increase of only 0.2 percent.
The pound fell nearly half a cent against the dollar, as the figures reinforced expectations that the Bank of England will keep the ultra-loose policy for some time.
Last week, the central bank kept interest rates at a record low of 0.5 percent and said it would maintain its current program of asset purchases of 175,000 million pounds as it struggles to pull Britain out of the worst recession in decades.
Despite a sluggish final reading, sales in the three months to August rose 1.2 percent, the biggest increase since May 2008.
"It's an impressive performance given the weak economy," said Philip Shaw, economist at Investec.
The official measure of retail sales has been unusually strong during much of the year, prompting analysts to question the accuracy of the weakness of the survey data and complaints from retailers, of poor demand and the obligation to cut prices aggressively.
Analysts had predicted an increase of 0.1 percent per month and the Office for National Statistics said the August reading unchanged lowered the annual growth rate of retail sales to 2.1 percent from 2.9 percent in July.
Additionally, the previously reported increase in July, 0.4 percent was revised downward to an increase of only 0.2 percent.
The pound fell nearly half a cent against the dollar, as the figures reinforced expectations that the Bank of England will keep the ultra-loose policy for some time.
Last week, the central bank kept interest rates at a record low of 0.5 percent and said it would maintain its current program of asset purchases of 175,000 million pounds as it struggles to pull Britain out of the worst recession in decades.
Despite a sluggish final reading, sales in the three months to August rose 1.2 percent, the biggest increase since May 2008.
"It's an impressive performance given the weak economy," said Philip Shaw, economist at Investec.
The official measure of retail sales has been unusually strong during much of the year, prompting analysts to question the accuracy of the weakness of the survey data and complaints from retailers, of poor demand and the obligation to cut prices aggressively.
Oil continues to rise and is traded around the $ s73
U.S. crude l-type WTI traded to $ 72.50 in early trading session. Its value registered a rise of 5% so far this week
Oil prices ranging around $ 72.50 a barrel Thursday after jumping more than 5 percent this week, due to which large U.S. inventories of distillates such as diesel offset the positive outlook in other markets.
U.S. crude fell 14 cents to $ 72.37 a barrel, after starting the week to below $ 70 a barrel.
London Brent futures fell 13 cents to $ 71.54 a barrel.
European stock markets climbed in early trading and the benchmark FTSEurofirst 300 is held above his mark of 1,000 points, while gold touched an 18-month, adding to signs that investors are willing to take more risks.
But analysts said the weak bases neutralize these potentially positive news, because high inventories of distillates could limit any gains during the period of maximum heating demand.
Data from the Energy Information Administration showed U.S. distillates rose 2.2 million barrels last week, exceeding by far the increase expected by analysts of 1.3 million barrels.
And while crude oil inventories fell more than expected last week, analysts said this was due to higher refinery utilization rates rather than a genuine increase in demand.
"Currently we see no physical tightness and even an imminent appearance of a deficit supply / demand to help the market to rise," said Citi analyst Timothy Evans in a research note.
Oil prices ranging around $ 72.50 a barrel Thursday after jumping more than 5 percent this week, due to which large U.S. inventories of distillates such as diesel offset the positive outlook in other markets.
U.S. crude fell 14 cents to $ 72.37 a barrel, after starting the week to below $ 70 a barrel.
London Brent futures fell 13 cents to $ 71.54 a barrel.
European stock markets climbed in early trading and the benchmark FTSEurofirst 300 is held above his mark of 1,000 points, while gold touched an 18-month, adding to signs that investors are willing to take more risks.
But analysts said the weak bases neutralize these potentially positive news, because high inventories of distillates could limit any gains during the period of maximum heating demand.
Data from the Energy Information Administration showed U.S. distillates rose 2.2 million barrels last week, exceeding by far the increase expected by analysts of 1.3 million barrels.
And while crude oil inventories fell more than expected last week, analysts said this was due to higher refinery utilization rates rather than a genuine increase in demand.
"Currently we see no physical tightness and even an imminent appearance of a deficit supply / demand to help the market to rise," said Citi analyst Timothy Evans in a research note.
miércoles, 16 de septiembre de 2009
ArcelorMittal sees Chinese demand growth, not in Europe and USA
ArcelorMittal, the world's biggest steelmaker, on Wednesday raised its forecast for demand growth in China this year but believes that the U.S. markets and Europe will continue to suffer from the financial crisis through 2010.
"No market is expected to normalize in Europe and the United States in 2010," said Chief Executive Lakshmi Mittal said in a document to be presented to investors later on Wednesday.
However, Mittal, whose company produced more than 7 percent of the world's steel last year, said China emerging regions and represent about 80 percent of the global market in 2009.
China's domestic demand would increase by more than 15 percent this year and would cool in 2010, Mittal said in the presentation posted on the website of ArcelorMittal.
Previously projected growth of 10 percent this year.
The global economic crisis that affected customers in the key steel automotive and construction market, has forced his rivals ArcelorMittal operating at half capacity during the first half of 2009, down from 60 percent in prices spot, while the divestiture exacerbated the problem.
The global steel demand, which fell by nearly 2 percent in 2008, would fall again this year, according to World Steel Association (WSA for its acronym in English).
Mittal previously forecast a decline of between 15 and 20 percent in global steel demand, recognized as a general indicator of economic health.
Once termindada the worst crisis in the developed world since the 1930s, Mittal expects demand to return to trend growth of between 3 and 5 percent, led by emerging markets.
"Chinese demand took by surprise some people, largely through the stimulus package and infrastructure construction. That's what's sustaining the steel market," said a London analyst who declined to be identified.
Chinese steel production jumped by 22 percent year to a record 52.3 million tonnes in August, posting its fifth consecutive monthly rise.
"No market is expected to normalize in Europe and the United States in 2010," said Chief Executive Lakshmi Mittal said in a document to be presented to investors later on Wednesday.
However, Mittal, whose company produced more than 7 percent of the world's steel last year, said China emerging regions and represent about 80 percent of the global market in 2009.
China's domestic demand would increase by more than 15 percent this year and would cool in 2010, Mittal said in the presentation posted on the website of ArcelorMittal.
Previously projected growth of 10 percent this year.
The global economic crisis that affected customers in the key steel automotive and construction market, has forced his rivals ArcelorMittal operating at half capacity during the first half of 2009, down from 60 percent in prices spot, while the divestiture exacerbated the problem.
The global steel demand, which fell by nearly 2 percent in 2008, would fall again this year, according to World Steel Association (WSA for its acronym in English).
Mittal previously forecast a decline of between 15 and 20 percent in global steel demand, recognized as a general indicator of economic health.
Once termindada the worst crisis in the developed world since the 1930s, Mittal expects demand to return to trend growth of between 3 and 5 percent, led by emerging markets.
"Chinese demand took by surprise some people, largely through the stimulus package and infrastructure construction. That's what's sustaining the steel market," said a London analyst who declined to be identified.
Chinese steel production jumped by 22 percent year to a record 52.3 million tonnes in August, posting its fifth consecutive monthly rise.
Dollar trims losses against the yen after U.S. inflation data
The dollar pared losses against the yen on Wednesday after a government report showed a rise in consumer prices in the U.S..
Against the yen, the dollar rose to 90.44 units from the previous 90.34, but still down 0.67 percent on the day. The euro fell to 1.4661 per dollar from 1.4676 before knowing the data, and haunted the session low of 1.4655.
Against the yen, the dollar rose to 90.44 units from the previous 90.34, but still down 0.67 percent on the day. The euro fell to 1.4661 per dollar from 1.4676 before knowing the data, and haunted the session low of 1.4655.
Eurozone inflation low energy prices in August
Prices for the euro area in its annual measure remained in negative territory in August, the drop in energy costs, strengthening the idea that the European Central Bank (ECB) kept interest rates steady despite a tentative recovery economic.
Consumer prices in the area of 16 countries rose 0.3 percent in the monthly comparison and fell by 0.2 percent per year, said Wednesday the statistics office of the European Union, which confirmed its year figure reported two weeks ago.
The numbers were in line with analyst expectations.
This was the third consecutive month that prices fall on-year, but officials said they see no danger of deflation, or a prolonged fall in prices accompanied by consumer expectations of additional casualties. In July, prices fell a record 0.7 percent.
"It seems highly likely that July marked the deepest deflation in the euro area and consumer prices could again be positive at the year as early as this month," said Howard Archer, chief European economist at IHS Global Insight.
Consumer prices in the area of 16 countries rose 0.3 percent in the monthly comparison and fell by 0.2 percent per year, said Wednesday the statistics office of the European Union, which confirmed its year figure reported two weeks ago.
The numbers were in line with analyst expectations.
This was the third consecutive month that prices fall on-year, but officials said they see no danger of deflation, or a prolonged fall in prices accompanied by consumer expectations of additional casualties. In July, prices fell a record 0.7 percent.
"It seems highly likely that July marked the deepest deflation in the euro area and consumer prices could again be positive at the year as early as this month," said Howard Archer, chief European economist at IHS Global Insight.
martes, 15 de septiembre de 2009
Citigroup explores the reduction of U.S. government involvement
New York, Sep 15 (MarketWatch) .- Citigroup, eager to remove the stigma of being a subsidiary of the U.S. government is drafting a plan to reduce 34% stake that the state keeps the financial giant.
Senior executives from Citigroup have been drawing up plans for a possible public stock sale of billions of dollars, while the Treasury would sell at least a portion of the stake in Citigroup, according to sources close to the deal told The Wall Street Journal.
Negotiations are at a preliminary stage, sources said, and Citigroup has not yet officially submitted this operation to the U.S. Treasury, but expect it soon.
Representatives of the entity and have discussed their plans with bank regulators, financial sources said.
Last week, the Treasury Department purchased 7,700 million shares of Citigroup.
The federal government got that participation in exchange for a portion of its preferred stock group, which the Treasury received when injected 45,000 million dollars in Citigroup.
The conversion of preferred shares into common stock agreed to in the second quarter, when rumors swirled about the health of Citigroup's capital levels.
The advance request from Citigroup to start reducing government involvement reflects the rapid rebound in Wall Street about the dark days of financial crisis.
It could also provide a preliminary test of how the government of President Barack Obama combines his desire to begin to reverse the major interventions in the financial system with the concern still exists about the health of the banking industry in general and in particular Citigroup .
Although Citigroup has reported net profits in the last two quarters, the company still has to deal with an increase in loan defaults and still tens of billions of dollars of risky assets.
Even before the Treasury Department obtained the shares of Citigroup, its officers were examining how to reduce government involvement.
The aim is a joint sale of shares and Citigroup would issue up to 5.000 million in new shares, while the government simultaneously sell an undetermined number of shares it controls, sources said.
Executives hope that a sale of this type may occur in the fourth quarter of this year.
Citigroup could use the capital gains from the sale of shares to buy some of the preferred stock that controls the government, sources said, while bank executives argue that the company would issue shares only if the Treasury also agreed to sell shares.
Spokesmen for Citigroup and the Treasury Department declined comment.
If the U.S. sells some of its shares of Citigroup, taxpayers could make a profit.
The government converted its preferred stock into common shares at $ 3.25 per share, while Citigroup shares closed yesterday at $ 4.52, which means that the 7,700 million shares of government have increased in value 9,800 million dollars.
Senior executives from Citigroup have been drawing up plans for a possible public stock sale of billions of dollars, while the Treasury would sell at least a portion of the stake in Citigroup, according to sources close to the deal told The Wall Street Journal.
Negotiations are at a preliminary stage, sources said, and Citigroup has not yet officially submitted this operation to the U.S. Treasury, but expect it soon.
Representatives of the entity and have discussed their plans with bank regulators, financial sources said.
Last week, the Treasury Department purchased 7,700 million shares of Citigroup.
The federal government got that participation in exchange for a portion of its preferred stock group, which the Treasury received when injected 45,000 million dollars in Citigroup.
The conversion of preferred shares into common stock agreed to in the second quarter, when rumors swirled about the health of Citigroup's capital levels.
The advance request from Citigroup to start reducing government involvement reflects the rapid rebound in Wall Street about the dark days of financial crisis.
It could also provide a preliminary test of how the government of President Barack Obama combines his desire to begin to reverse the major interventions in the financial system with the concern still exists about the health of the banking industry in general and in particular Citigroup .
Although Citigroup has reported net profits in the last two quarters, the company still has to deal with an increase in loan defaults and still tens of billions of dollars of risky assets.
Even before the Treasury Department obtained the shares of Citigroup, its officers were examining how to reduce government involvement.
The aim is a joint sale of shares and Citigroup would issue up to 5.000 million in new shares, while the government simultaneously sell an undetermined number of shares it controls, sources said.
Executives hope that a sale of this type may occur in the fourth quarter of this year.
Citigroup could use the capital gains from the sale of shares to buy some of the preferred stock that controls the government, sources said, while bank executives argue that the company would issue shares only if the Treasury also agreed to sell shares.
Spokesmen for Citigroup and the Treasury Department declined comment.
If the U.S. sells some of its shares of Citigroup, taxpayers could make a profit.
The government converted its preferred stock into common shares at $ 3.25 per share, while Citigroup shares closed yesterday at $ 4.52, which means that the 7,700 million shares of government have increased in value 9,800 million dollars.
Russia will emerge from the recession in the third quarter, according to Minister
Russia will begin to emerge fully from the recession in the third quarter of 2009, said Tuesday the Russian Finance Minister Alexei Kudrin was quoted by local agencies.
"June was the first month of the start of the crisis in Russian output. But the total home from the recession will be observed in the third quarter," said Kudrin was quoted by Ria Novosti.
Kudrin said that the monthly rate of GDP increased by 0.4% in June and 0.5% in July, adding that the measures taken by the government against the crisis are being realized.
However, the Minister considered that there must be "vigilant," highlighting the many risks that lurk, including many "credit risk" in the U.S., Europe and Russia itself.
The Gross Domestic Product (GDP) shrank Russia by 10.9% in the second quarter of 2009. On the whole this year, the government forecasts a decline in GDP of 8.5%.
Russian President Dmitry Medvedev and his prime minister, Vladimir Putin, said in recent days that is showing the beginnings of economic recovery.
"June was the first month of the start of the crisis in Russian output. But the total home from the recession will be observed in the third quarter," said Kudrin was quoted by Ria Novosti.
Kudrin said that the monthly rate of GDP increased by 0.4% in June and 0.5% in July, adding that the measures taken by the government against the crisis are being realized.
However, the Minister considered that there must be "vigilant," highlighting the many risks that lurk, including many "credit risk" in the U.S., Europe and Russia itself.
The Gross Domestic Product (GDP) shrank Russia by 10.9% in the second quarter of 2009. On the whole this year, the government forecasts a decline in GDP of 8.5%.
Russian President Dmitry Medvedev and his prime minister, Vladimir Putin, said in recent days that is showing the beginnings of economic recovery.
lunes, 14 de septiembre de 2009
Wall Street Obama says his government's measures to overcome recession
The U.S. president, Barack Obama, said today on Wall Street the "aggressive measures" already taken by his government to restore health to the economy of this country, while setting out its plans to reduce the presence of his administration in the sector Financial.
Obama "will discuss the aggressive steps the Administration has taken to return the economy to its path, and its commitment to reduce the role of government in the U.S. financial sector," said White House today.
The U.S. president will address the U.S. financial sector from 1615 GMT in one of the branch in New York from the Treasury Department, Federal Hall, in the heart of American financial and before the banks were placed a year ago the brink of collapse.
Obama's intervention to Wall Street occurs also when the first anniversary of the bankruptcy of U.S. investment bank Lehman Brothers, which precipitated the financial crisis that had begun in 2007.
Following the bankruptcy of Lehman Brothers on 14 September 2008 the U.S. Congress approved a rescue plan for the financial sector endowed with 700,000 million.
The bankruptcy of the giant Lehman Brothers, which was assisted by the Administration under President George W. Bush also resulted in the death of the big U.S. investment banks, as its competitors, Goldman Sachs and Morgan Stanley, were converted into commercial banks pear avoid a similar situation.
A week ago, Treasury Secretary Tim Geithner, banks reported that return in the next 18 months about 50,000 million dollars of aid received in the rescue plan, which will join the 70,000 million dollars have already repaid over this year.
Geithner also said that the financial sector has entered the path of stability, while they were no longer considered necessary government support measures.
Obama, the American media, could also address his views on making regulatory measures, currently stalled, while he would ask for large financial firms that face their responsibility to avoid situations which put the financial system near collapse in the last year.
In addition, the U.S. president will present "the measures that the White House and the world community should take to prevent a crisis like this never happen again," said the White House.
Obama's statement also comes days before the summit of the Group of Twenty (G20), which he chaired in Pittsburgh (Ohio) 24 and 25 September.
At that meeting Heads of State or Government of the nations discuss global measures already in place to deal with the recession and seek new ones to revive the global economy.
Obama "will discuss the aggressive steps the Administration has taken to return the economy to its path, and its commitment to reduce the role of government in the U.S. financial sector," said White House today.
The U.S. president will address the U.S. financial sector from 1615 GMT in one of the branch in New York from the Treasury Department, Federal Hall, in the heart of American financial and before the banks were placed a year ago the brink of collapse.
Obama's intervention to Wall Street occurs also when the first anniversary of the bankruptcy of U.S. investment bank Lehman Brothers, which precipitated the financial crisis that had begun in 2007.
Following the bankruptcy of Lehman Brothers on 14 September 2008 the U.S. Congress approved a rescue plan for the financial sector endowed with 700,000 million.
The bankruptcy of the giant Lehman Brothers, which was assisted by the Administration under President George W. Bush also resulted in the death of the big U.S. investment banks, as its competitors, Goldman Sachs and Morgan Stanley, were converted into commercial banks pear avoid a similar situation.
A week ago, Treasury Secretary Tim Geithner, banks reported that return in the next 18 months about 50,000 million dollars of aid received in the rescue plan, which will join the 70,000 million dollars have already repaid over this year.
Geithner also said that the financial sector has entered the path of stability, while they were no longer considered necessary government support measures.
Obama, the American media, could also address his views on making regulatory measures, currently stalled, while he would ask for large financial firms that face their responsibility to avoid situations which put the financial system near collapse in the last year.
In addition, the U.S. president will present "the measures that the White House and the world community should take to prevent a crisis like this never happen again," said the White House.
Obama's statement also comes days before the summit of the Group of Twenty (G20), which he chaired in Pittsburgh (Ohio) 24 and 25 September.
At that meeting Heads of State or Government of the nations discuss global measures already in place to deal with the recession and seek new ones to revive the global economy.
OIL-Barrel DLRS falls to 68 per dollar, position limits
Oil fell on Monday to $ 68 a barrel after the decision of a major U.S. stock exchanges to set limits on long positions increased uncertainty.
U.S. crude for October fell 59 cents to $ 68.70 at 1243 GMT after touching a low of $ 68.02. Brent crude was at $ 67.5.
The Chicago Mercantile Exchange on Friday pledged to enforce the current limits of positions in the New York Mercantile Exchange in the plaza and other financial markets since Sept. 14.
Operators are on position limits could face fines or could be found guilty of price manipulation, unless they obtain a waiver, according to a notification of the Chicago Mercantile Exchange.
Oil fell nearly 4 percent on Friday, towards $ 69 a barrel, giving most of the week's gains after U.S. stocks fell after a five-day rally, raising questions about the sustainability of its recent recovery and the strength of the U.S. economic recovery.
U.S. crude for October fell 59 cents to $ 68.70 at 1243 GMT after touching a low of $ 68.02. Brent crude was at $ 67.5.
The Chicago Mercantile Exchange on Friday pledged to enforce the current limits of positions in the New York Mercantile Exchange in the plaza and other financial markets since Sept. 14.
Operators are on position limits could face fines or could be found guilty of price manipulation, unless they obtain a waiver, according to a notification of the Chicago Mercantile Exchange.
Oil fell nearly 4 percent on Friday, towards $ 69 a barrel, giving most of the week's gains after U.S. stocks fell after a five-day rally, raising questions about the sustainability of its recent recovery and the strength of the U.S. economic recovery.
The crisis has not caused widespread restrictions on international trade
The World Trade Organization (WTO) today presented a nuanced picture of the evolution of international trade amid the global crisis, in which there are no widespread restrictions on trade, though several countries have adopted defensive measures of various kinds.
In a report focused on the G-20 (developed and emerging economies), the body reveals that some of these nations have increased tariffs, introduced new non-tariff measures and "most of them have continued to use trade defense mechanisms" .
This is critical in an economic environment, with a projected decline in world trade from 10 percent in 2009 and from 30 to 40 percent in FDI.
On economic and tax package launched in several countries to address the crisis, the report clearly states that they promote international trade, although "some contain elements that favor domestic products and services in over imported.
"It is urgent that governments begin to plan coordinated strategies to break this scheme as soon as possible," says the study, prepared by the WTO in collaboration with the Organization for Economic Cooperation Development (OECD) and the Conference of the UN Trade and Development (UNCTAD).
The G20 has commissioned three agencies assess whether protectionism has increased as a result of the crisis and present its findings ahead of its meeting this month in Pittsburgh (USA).
The analysis result is ambivalent because, on one hand, the investment policies of the G-20 make up a table "calming" measures to increase openness and transparency for foreign investors.
However, some countries in this group applied at one time "layout from drawing entities that discriminate or serve as a barrier to investment."
Therefore, WTO, OECD and UNCTAD call on the leaders of the G-20 to "remain vigilant" and to not fall into the trap of believing that the crisis is over, despite the positive signs of economic recovery in some parts of the world.
"The increase in unemployment due to the crisis will continue to fuel protectionist pressures in the years ahead," it warned.
He even warns that this could exacerbate the contraction in trade and investment, and affect confidence in recovery.
In terms of decisions to protect jobs and corporate profits in this time of crisis, the risk would "create a legacy of uncompetitive industries and over capacity in certain sectors, thereby generating protectionist pressures continue, even after economic activity has improved. "
For the authors of the study, a collective decision of the G-20 of early conclusion of trade negotiations of the Doha Round would be a clear signal to the world that protectionism is not the solution to the crisis.
This is because the rules would be established in any agreement that would reduce the possibilities of setting new restrictions on trade or to increase existing ones.
As an indicator of the level of protectionism among the G-20, the evaluation notes that the number of investigations on anti-dumping (unfair competition) were the same level from January to July this year than the same period of 2008 .
With the largest number of investigations initiated in that period were the European Union (15), Argentina and the United States, with 14 each, Turkey (12), India (13) and Brazil (9).
In a report focused on the G-20 (developed and emerging economies), the body reveals that some of these nations have increased tariffs, introduced new non-tariff measures and "most of them have continued to use trade defense mechanisms" .
This is critical in an economic environment, with a projected decline in world trade from 10 percent in 2009 and from 30 to 40 percent in FDI.
On economic and tax package launched in several countries to address the crisis, the report clearly states that they promote international trade, although "some contain elements that favor domestic products and services in over imported.
"It is urgent that governments begin to plan coordinated strategies to break this scheme as soon as possible," says the study, prepared by the WTO in collaboration with the Organization for Economic Cooperation Development (OECD) and the Conference of the UN Trade and Development (UNCTAD).
The G20 has commissioned three agencies assess whether protectionism has increased as a result of the crisis and present its findings ahead of its meeting this month in Pittsburgh (USA).
The analysis result is ambivalent because, on one hand, the investment policies of the G-20 make up a table "calming" measures to increase openness and transparency for foreign investors.
However, some countries in this group applied at one time "layout from drawing entities that discriminate or serve as a barrier to investment."
Therefore, WTO, OECD and UNCTAD call on the leaders of the G-20 to "remain vigilant" and to not fall into the trap of believing that the crisis is over, despite the positive signs of economic recovery in some parts of the world.
"The increase in unemployment due to the crisis will continue to fuel protectionist pressures in the years ahead," it warned.
He even warns that this could exacerbate the contraction in trade and investment, and affect confidence in recovery.
In terms of decisions to protect jobs and corporate profits in this time of crisis, the risk would "create a legacy of uncompetitive industries and over capacity in certain sectors, thereby generating protectionist pressures continue, even after economic activity has improved. "
For the authors of the study, a collective decision of the G-20 of early conclusion of trade negotiations of the Doha Round would be a clear signal to the world that protectionism is not the solution to the crisis.
This is because the rules would be established in any agreement that would reduce the possibilities of setting new restrictions on trade or to increase existing ones.
As an indicator of the level of protectionism among the G-20, the evaluation notes that the number of investigations on anti-dumping (unfair competition) were the same level from January to July this year than the same period of 2008 .
With the largest number of investigations initiated in that period were the European Union (15), Argentina and the United States, with 14 each, Turkey (12), India (13) and Brazil (9).
China denounces U.S. before the WTO by Chinese tires Tariffs
China denounced the United States today at the World Trade Organization (WTO) would be "unfair" tariffs imposed by Washington on imports of Chinese tires.
Said today the Chinese mission to the multilateral trade body, Beijing regards the new U.S. measures as "abusive practices" that "go against WTO rules.
The U.S. president, Barack Obama, signed a decree last Friday that includes a rate increase import of tires for passenger cars and light vehicles from China.
This measure, which will run three years and aims to protect U.S. companies in this sector, is viewed by China as a "grave" of protectionism that "weakens" the economic relations between the two countries.
The complaint filed by China opened a consultation process between the two parties that, if after 60 days will not reach an agreement, gives way to the Dispute Settlement Body of the WTO, which is responsible for the matter.
China said Saturday that "hopes that all parties understand our determination
Said today the Chinese mission to the multilateral trade body, Beijing regards the new U.S. measures as "abusive practices" that "go against WTO rules.
The U.S. president, Barack Obama, signed a decree last Friday that includes a rate increase import of tires for passenger cars and light vehicles from China.
This measure, which will run three years and aims to protect U.S. companies in this sector, is viewed by China as a "grave" of protectionism that "weakens" the economic relations between the two countries.
The complaint filed by China opened a consultation process between the two parties that, if after 60 days will not reach an agreement, gives way to the Dispute Settlement Body of the WTO, which is responsible for the matter.
China said Saturday that "hopes that all parties understand our determination
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