The euro's future is bleak without reform

The euro's future is bleak unless Europe does more to help member countries facing an adverse economic situation, said the Nobel prize winning economist Joseph Stiglitz.
In an excerpt from a commentary on his book "Freefall", published by the Sunday Telegraph, former World Bank chief economist also said that only a matter of time until Spain is attacked by speculators and the euro future..
"The euro area needs a better economic cooperation, not only the kind that merely reinforce the rules of the budget, but cooperation also ensures that (...) when countries experience adverse situations, receive help from others," he wrote and the euro future..

The  euro future

"Europe created a solidarity fund to help new members to join the EU (...) but did not create a solidarity fund to help anywhere in the euro area face a crisis. Without that background, the prospects for the euro the future are grim, "he said and the euro future..

Stiglitz also said the spending cuts to do Spain possibly worsen unemployment, which is already about 20 percent, and slow the economy, leaving little improvement in sight for your tax situation.
"Spain could be entering the kind of death spiral that afflicted Argentina just a decade ago," said Stiglitz, winner of the Nobel Prize in Economics in 2001 and the euro future..

Euro Currency

"Only when Argentina ended its fixed exchange rate against the dollar began to rise and reduced the deficit. Now, Spain has been attacked by speculators, but that could just be a matter of time," he said and the euro future.

General Motors actual creation of new financial arm

General Motors (GM) said today that the October 1 AmeriCredit closes acquisition, which paid about $ 3,500 million, and that the finance company will be renamed General Motors Financial.
GM's announcement comes shortly after AmeriCredit's shareholders approve the transaction and the General Motors crisis.

General Motors crisis

The automaker said the acquisition of AmeriCredit "will create the foundation of the company's plan to create a domestic financial arm to allow GM gives consumers more options for funding the United States and Canada."GM said the purchase represents a minimal impact on the income of the company and does not change its goal of achieving a solid investment grade and the General Motors crisis.

The manufacturer also said Ally Financial, formerly GM's financing arm GMAC under the name "continue to provide essential financial services." In 2006 GM sold most of its stake in GMAC to Cerberus investment fund.
AmeriCredit, a leading independent finance companies buy U.S. cars, has assets valued at about U.S. $ 10,000 million and approximately 800,000 customers.

Wall Street closed up and accumulates in the week gain

U.S. stocks closed slightly higher Friday, while the Nasdaq rose supported by strong earnings and an upbeat outlook for the technology company Oracle. The action Oracle Corp, the third largest software maker in the world, rose 8.3 percent to $ 27.46, and led the Nasdaq higher, after the company presented quarterly results better than expected and gave a forecast that beat Wall Street expectations. The close of trading on Friday marked the expiration of stock futures and options contracts in September, which usually tends to increase the volume and volatility and the Wall Street closed up.

Wall Street closed up

However, market strategists said the businesses were relatively limited. 'The market has been relatively stable and the volume has not risen to levels that people were waiting for, "said Bernie McSherry, director of strategic initiatives Cuttone & Company and the Wall Street closed up.. The Dow Jones industrial average rose 13.02 points, or 0.12 percent, to 10607.85 points. The Standard & Poor's 500 Index gained 0.93 points, or 0.08 percent to 1125.59 points. The Nasdaq Composite gained 12.36 points, or 0.54 percent to 2315.61 points. For the week, the Dow Jones rose 1.4 percent, the S & P 500 advanced 1.5 percent and the Nasdaq gained 3.3 percent. The S & P has a support at the moving average of the last 200 days, which is close to 1116 points, a level exceeded on Monday.

U.S. Market

Shares of Texas Instruments Inc. rose 3 percent to $ 25.73 after the chipmaker raised its share buyback program and quarterly dividend by 8 percent. Shares of Research in Motion Ltd, maker of the BlackBerry, advanced 0.3 percent to $ 46.64, cutting most of its gains from earlier in the session, after analysts lowered the price target on the stock because focused more on the intense competition it faces and the weak U.S. performance in the company's solid result and the Wall Street closed up.\.

U.S.: Consumer Prices Rise in August

Consumer prices in the United States continued to rise in August, after having done so in July, spurred by energy, said Friday the Labor Department in Washington.
Increased 0.3% over July, according to data corrected for seasonal variations, ie as much as the previous month (the 0.1% increase was revised upward) and the U.S.Consumer Prices Rise , the ministry said.The increase in prices in August were in line with the average estimate of analysts.Inflation returned in July after three months of falling prices. One must go back to August 2009 to find a price index increase of that magnitude (+0.4%) and the U.S.Consumer Prices Rise.

U.S.Consumer Prices Rise

The increase in prices during the first two months of the summer was caused by higher energy prices, which rose 2.3% mainly due to the increase in gasoline (+3.9%).Food prices rose for the first time since April (0.2%) and the U.S.Consumer Prices Rise .
Excluding food and energy, the so-called "core" inflation was zero (as in March and April), after three months in which amounted to 0.1% or 0.2%and the U.S.Consumer Prices Rise .

Eurozone trade surplus rises to 6,700 mln euros in July

The trade surplus for the euro zone in July widened more than expected, according to data released Thursday, but the slowdown in the growth of exports and imports anticipated a slowdown in economic activity in the second half in the Eurozone  Economy.. According to the Eurostat statistics agency, the trade surplus for the 16-nation euro zone rose to a seasonally adjusted 6.700 million euros, while the June surplus was revised down to 2,200 million euros. In the same month last year, the surplus came to 11,900 million euros in the Eurozone  Economy..

Eurozone  Economy

Economists polled by Reuters had forecast a surplus of 1,500 million. Exports grew 18 percent year on year and imports rose 24 percent. But although both numbers are very high, were lower than June, when it rose by 27 and 31 percent, respectively, and May, with 24 and 29 percent in the Eurozone  Economy.. Adjusted for seasonal factors, the euro area recorded a trade deficit of 200 million euros in July, lower than the deficit of 1.400 million in June and 2,600 million euros in May. In that vein, the seasonally adjusted exports fell 0.6 percent in July from June and imports fell 1.5 percent against the previous month in the Eurozone  Economy.