The U.S. President Barack Obama said the United States are obliged to future generations to deal with large budget deficits. Before the bipartisan commission on federal debt, which now meets for first time since its creation, Obama urged Democrats and Republicans to work together to take financial responsibility in connection with huge debt. “We have a duty to future generations to deal with long-term structural deficits that threaten to hamper our economy and leave our children and grandchildren with an enormous mountain of debt,” Obama said. U.S. President 18-nation called the National Commission for financial responsibility to develop government programs to reduce costs and the deficit. Commission must submit recommendations by 1 December to reduce the deficit, which in 2009 amounted to 1.4 trillion dollars, roughly 10% of the total economy.
(more…)

Google tops the rating of the most expensive brands in the world. Experts from Millward Brown Optimor valued brand 114.26 billion dollars., Or 14 percent more than last year. Second, the BrandZ Top-100, commissioned by the Financial Times brand ranks of IBM, which rose 30 percent to 86.38 billion dollars. Growth of 32% marks Apple, estimated at 83.15 billion dollars. In the following chart Microsoft, whose brand has remained stable at 78.34 billion dollars. Top five make Coca-Cola. Nokia did lose most of their brand value – drop by 58% puts her 43rd place. IT companies are more advanced HP (12), Oracle (19), Nintendo (32) and Intel (48). The most impressive growth marks a brand of Samsung, which rose 80 percent and now occupies 68th place with a value of 11.35 billion USD. The company realized high profits for the first quarter and till this moment is absolute leader in internet marketing.
(more…)

Workers in 16 transportation companies in Portugal came out today is not working. They protest against the government’s strict measures to reduce the budget deficit, news agency Reuters. Portuguese Government develop a plan to reduce the budget deficit from 8.3 percent of GDP in 2010 to 2.8 percent in 2013 and to reduce public debt, which last year reached over 142 billion, or 86% of GDP. Among anti-crisis measures was prepared and freeze the salaries of employees in the budget next four years, and privatization of several enterprises. Workers in state companies, public transport service, joined the protesters yesterday by colleagues in the railway transport, which announced that they will strike three days. Relying on local media Reuters reported that at Lisbon at noon and ceased working in river transport, which further complicated the situation in the capital and other cities, which led the Portuguese to board their private cars. In the capital not only workers strike in the subway. Transport Workers protest extended to other major cities such as Braga and Porto in the north. According to data of Trade Unions strike across the country involved 20,000 workers from public transport, making it difficult to around 1 million Portuguese.
(more…)

The European Commission gave the green light countries the EU can assist airlines after the broader financial bans flights following a huge cloud of ash from Iceland, cited by Reuters. Aid has to be specifically for losses suffered followed by crisis and not rise in state support, which is prohibited by European legislation. The European Commission gave the green light Tuesday for temporary aid. This should alleviate the financial pressure on airlines. European Transport Commissioner Kallas assess damage after a cloud of ash erupted volcano of 1.5 to 2.5 billion euros. Due to huge cloud of air transport was blocked over large parts of Europe for safety reasons. Meanwhile in Germany will be debated Tuesday afternoon on better crisis management. Federal Minister for Transport Peter Ramzauer invited to call representatives of airlines, weather service, the Federal Air Transport Service and the European Commission to discuss and develop a plan in future approaches in volcanic eruptions.
(more…)

You can change all of Greece to be made viable economy, but the country needs time and peace to be reformed in depth, said Prime Minister Papandreou Gerogios before the parliamentary group of the ruling socialist PASOK party, said the BTA, as citing information from AFP. Compression of the Greek economy by 2% this year warned the Governor Central Bank of Greece Georgios Provopulos. When presenting the annual report of the bank governor stressed that previous estimates of March for the rolling of the economy by 2 percent in 2010 are at a high level of uncertainty, given current circumstances. “There is great potential for contraction additional” said the manager of financial institutions. Provopulos urged the government to introduce additional measures to reduce costs in order to convince skeptical investors that will be implemented the necessary reforms in the sectors generating the largest deficit.
(more…)

The largest commercial bank in Germany Deutsche Bank reported 48 percent profit increase for first quarter, thanks to the good performance of the investment division of a financial institution. The positive financial result of the bank is 1.76 billion euros or 2.66 euros a share for 1.19 billion reported January-March 2009 analysts’ expectations were more modest profit of 1.33 billion. The investment bank division has doubled its profits tax shouting to 2.6 billion due to the trade in shares and debt instruments. Agency sign that Bank of America and JP Morgan reported record profits of banking investment. Write-offs of assets were EUR 241 million. against EUR 1.5 billion a year ago. Although data reach an inhabited the company’s shares fell to 67 cents to 54.68 EUR at 10:32 local time.
(more…)

Russia and Norway have decided its biggest problem in bilateral relations – the border in the Barents Sea and Arctic Ocean, Itar-Tass, reported Radio, because of disputed Arctic border the two countries which are the largest energy suppliers in Europe not yet developed its coastal sea areas where there are deposits of oil and natural gas. “We found a solution to the most complicated problem in bilateral relations over which we have worked over 40 years,” said Norwegian Prime Minister Jens Stoltenberg in a joint press conference with Russian President Dmitry Medvedev in Oslo. The disputed area 175 sq. km area is shared between Norway and Russia equally. The border line is balanced and satisfies both parties, said Stoltenberg. In his negotiations have been completed and will be a signed agreement.
(more…)

Ford Motor, which is the only company of American carmakers in the U.S. avoided bankruptcy last year, announced a profit of 2.1 billion dollars for the first quarter. Excluding one-off costs and earnings per share profit was 46 cents in expectations for 31 cents. The reported profit was higher than market expectations. The company reported fourth quarter earnings, which is the longest positive series since 2005. For the period January to March 2009, the Company reported a loss of 1.43 billion dollars. In its communication to the media, the company stated it expects this year to take account of stable earnings and this will happen one year before the deadline of Chief Executive Alan Mullan.
(more…)

Between 2000 and 2009, exports of EU goods to Japan fell by about 20%, from 45 billion to 36 billion euros, Eurostat reported. EU Imports from Japan fell by almost 40% from 92 billion to 56 billion. Thus, the EU deficit in trade with Japan has fallen from 47 billion in 2000 to 20 billion in 2009, the share of Japan since the total movement of goods outside EU decreased significantly. In 2009, Japan fell 3 percent of exports and 5% of EU imports. That it was the sixth largest trading partner of EU. On the occasion of the 19th Summit of the European Union and Japan, which will take place on Wednesday, April 28, 2010 in Tokyo, Eurostat presented data on trade in goods and services and investment relations between the EU and Japan. By Member States of the EU in 2009, the largest exporter to Japan was Germany with 10.8 billion or 30% of total exports, followed by France (4.8 bn or 13%), UK (3 8 billion or 10%) and Italy (3.7 billion, or 10%). Germany was the largest importer (13.8 billion or 25%) to the Netherlands (8.7 bn or 16%) and the United Kingdom (7.0 bn or 12%). Most Member States have made in 2009 in the trade balance deficit with Japan. The highest deficits were announced by the Netherlands (-6.2 bn), Belgium (-4.3 bn), United Kingdom (-3.2 bn), Germany (-3.0 bn) and Spain (-1.2 billion) and the largest surpluses were registered in Ireland (+1.3 bn) and Denmark (1.0 billion).
(more…)

Promoting economic recovery, investment in European youth and infrastructures of the future are the priorities of the draft budget for 2011 adopted by the European Commission on April 27, 2010, reported portal “Europe”. Of the 142.6 billion EUR 64,4 billion EUR are allocated to actions for economic recovery (3.4% compared to 2010). In addition, funds in support of the flagship initiatives of the EU Strategy for 2020 (growth) accounted for around 57.9 billion EUR (about 40% of the budget). “The ambition of the draft is to continue to support economic recovery, together with Member States, particularly in favor of the more vulnerable in this situation after the crisis, as reflected in the new budget comprehensive EU approach to job creation and growth “said Budget and Financial Planning Janusz Levandovski. He stressed that the draft budget adopted today provides Europe and its citizens incentives to develop the economy of the future: its main components are research and innovation, sustainability and inclusion. This draft is aimed at helping young people to be better prepared for future promotion of small and medium enterprises make best use of EU funds for the bailout.
(more…)