Icelanders, as the Greeks do not want to pay for foreign errors indicate global agencies. By overwhelming majority, they rejected an agreement worth $ 5 billion to pay debts to Britain and the Netherlands. The results of about 18 000 votes 93% indicates disagreement with the transaction, but only 1.5 percent were in favor of respondents. In Iceland, held the first referendum since it received independence in 1944. Voters – about 230 thousands – were urged to act on unpopular agreement to compensate customers of bankrupt Icelandic bank “Aysseyv.” Option, subject to consultation, condemning every Finn to pay for nearly one hundred euros per month for eight years. From second payment to Iceland is the only chance to restore their economic standing before the world. Meanwhile, on the eve of the referendum, the Icelandic government began attempts to reach a new arrangement in lighter conditions and claimed that the consultation is outdated and irrelevant text. Reykjavik is hoping the result is not wrongly perceived as a sign that the country is unwilling to pay its obligations under the “Aysseyv.” According to analysts, the outcome of the referendum may delay the next tranche of financial assistance from the IMF.
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The heads of Gazprom and the French state energy company GDF Suez in Paris today signed a memorandum of accession to GDF Suez gas pipeline project “North Stream” with a share of 9 percent, says the message of the Russian gas giant. Estimates are the transaction to be completed by the beginning construction of the pipeline, scheduled for after 1-2 months. The memorandum provides more supplies of Russian gas to France to increase by 1,5 billion cubic meters annually from 2015, natural gas will go to Nord Stream. The pipeline will carry natural gas from Russia to Northern Europe, passing under the Baltic Sea and its major shareholder with 51% stake is Gazprom. Nord Stream will have a length of about 1200 km. The first part of the pipeline with a capacity of 27.5 billion cubic meters of gas per year is planned to be put into operation in 2011, and will immediately proceed with the construction of the second part, the construction of a pipeline capacity will reach 55 billion . cubic meters of gas annually.
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George Soros emphasized investment in gold in the last quarter of 2009 show provided the regulatory authorities of U.S. data on the positions of the fund billionaire Soros Fund Management. During the period the share of the Fund SPDR Gold Trust has doubled and so he is now the fourth largest investor in the investment company. SPDR Gold Trust e exchange largest traded fund (ETF) trading in gold in the world. As a result of the investment share of Soros Fund Management in the SPDR Gold Trust had a score of 663 million dollars, according to figures cited by Business Week. In the fourth quarter of last year, the Soros Fund has actively invested in oil company Hess, U.S. telecom giant AT & T, as well as the car-maker Ford. The investment in Ford has been increased by nearly 50 per cent as at 31 December of the Soros fund owned 10.9 million shares of the company. For comparison, at the end of September was the position of 7,3 million shares. Capital of AT & T does have acquired 500 thousand new shares and thus the share of Soros Fund Management has reached 4,7 million shares.
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Once it was suspected that Greece has helped to mask its government deficit and to adopt the euro in 2001, today it became clear that U.S. investment bank Goldman Sachs was involved in the sale of Greek government securities (GS) for at least 15 billion . dollars since 2002. It has delivered the most profitable investment bank on Wall Street profit of around 735 million euro, a survey of Bloomberg. Over the past eight years Goldman Sachs has been among the underwriter for ten issues of Greek government bonds. In six of the prospectuses for these emissions did not mention currency swaps concluded with Greece. From Bloomberg clarify that the prospectus for the other four arranged by Goldman Sachs sales of Greek government bonds since 2002 are not detected, but the bank refused to comment on the veracity of the allegations. Earlier this week in New York Times appeared information that currency swaps between Goldman Sachs and the Greek Government have enabled the country to conceal the size of its budget deficit in 2001 and thereby meet the requirements for euro adoption. This week it became clear that Greece has received funding out of balance by $ 1 billion through currency swaps entered into with Goldman Sachs in 2002, regulatory authorities of the European Union, however, were not informed about this transaction, which according to the Greek finance ministry has been completely lawful at the time of its conclusion.
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The deficit in trade between the EU-27 and the rest of the world reached 105.5 billion in 2009, while a year earlier – in 2008 amounted to 258.4 billion, showing a pre-data statistical office Eurostat. As regards the euro zone trade balance was positive amounting to 22.3 billion euros, against a deficit of 54.7 billion for 2008. In December 2009 the EU has 2,5 Bn deficit in trade with third countries. Over the same period last year there was a decline in the deficit from 8,8 billion. The previous November, the trade balance was again negative, amounting to 6,8 billion euros, 24.4 billion compared to November 2008. Eurostat data for the period January – November 2009 showed a significant reduction in the deficit in trade in energy resources – from 350.7 billion euros in 11 months of 2008 to 212.1 billion in 2009. Reduced surplus in trade in machinery and equipment (from 138.9 billion to 99 billion euros). As regards trade with chemical products, however, there is growth in the surplus with 5,4 billion euro to 74.1 billion euros in total.
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Growth of 0.9 percent notes of U.S. industrial production in January over the previous month, said agency Reuters, which relies on official statistics. The agency said analysts had expected growth of 0.7 percent. Immediately after this good news American market reacted instantly. The Dow Jones rose by 0.33% to 10.302,29 points, technological Nasdaq Composite index jumped by 0.32% to 2.221,17 points, but the greatest increase in reported index Standard & Poor’s 500, which added 0, 38% to 1.099,07 points. And other sectoral indicators show growth. The number of dwellings, whose construction began in January, grew by 2.8 percent last month compared to 2008 and reached 590 000, while analysts had expected 580 000. Data for January for the sector are highest for the last half year and show an increase for the third consecutive month. Substantial growth in their production report and the largest manufacturer of tractors and other agricultural machinery Deere & Co, which expense company’s shares by 7.6 percent. “If you look at reports of companies for the first quarter of 2009-2010 financial year, we find that about ¾ of the companies which submitted their reports, have increased their financial performance. Because it can be said that the just-completed reporting period is staggering, “said Reuters chief analyst for the stock market at Federated Investors Phil Orlando.
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In the years when banks in the U.S., and around the world struggling for survival, it is vital to gain maximum many customers and attract a huge number of income. This is the only chance for banks and financial institutions to survive among the worst hit by the financial crisis and tight market. The largest credit institutions offered even Zero percent credit cards, to retain the maximum long loyal clients. All this is a two edge sword, because the snap-roll loans and mortgages were based on reason to the financial crisis broke. The companies and banking systems are offering better and better options for their clients in the year of competition.
Meanwhile the head of the U.S. Federal Reserve Ben Bernanke will deliver a strategy for tightening monetary policy in the United States. Such are the expectations of analysts before today’s speech to the specialist. Estimates tend, however, that it will be categorical and to engage in precise terms, since the withdrawal of money from the financial system can only happen when clear evidence of stabilization of the economy.
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The number of forced removal of residential property in the UK by lenders rose by 15% in 2009 and reached its highest level since 1995, new data show. However, during the last quarter of the year there were signs of improvement. According to information from the Council of Mortgage lenders (CML) in total 46 thousand properties were seized last year compared to 40 thousand in 2008. The number for the last three months, however, take into account a decrease of 13 percent on a quarterly basis to 10 200. He is also a 2% lower than a year earlier. Despite rising unemployment and the ongoing credit crisis, these data are significantly lower than initial expectations of 75 thousand homes lost in 2009. According to information the best results of least people lose their jobs was in Rochester. The Rochester jobs are increasing in comparison with the year ago. This is the result of historically low interest rates, which benefited from creditors who might otherwise have serious problem with the servicing of mortgages, says the Guardian.
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The European governments have made arrangement to have a principal financial assistance to Greece and considering various options, including bilateral aid, said on CNBC senior representative of the ruling coalition in Germany. “The decision has been taken in principle and in the euro area,” said the source. Germanic lawmakers are considering financial aid to Greece, said earlier before Bloomberg Michael Meister, a member of the Christian Democratic Union of Chancellor Angela Merkel. “Whatever assistance, either bilaterally or by the entire European region will be accompanied by strict conditions, is complemented Meister. It is quite important for the government of Greece to get such support from Europe.
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The U.S. president Barack Obama said the U.S. economy has overcome the crisis and a growing again. “We see that picked the economy from the crisis and grow again. Companies began to hire people to work, but this does not happen as fast as we want,” the president said in an interview with CBS. Labor market in the U.S. occur recovered somewhat – Unemployment fell to 9,7 percent in January from 10 percent in December. Economy has grown by 5.7 percent in the fourth quarter of 2009 and during the third growth was 2.2 percent. Barack Obama announced that he had invited leaders of the Republicans and the Democrats for a discussion on health reform on 25 February. The President and the democratic leaders in Congress seeking to push through healthcare reform law, once again the Republicans are able to block bills in the Senate. According to sociological polls Obama and Democrats in Congress are not demanding enough Republican support for health reform. Discussion on 25 February will be attended by leading representatives of the Republican and Democratic party of both houses of Congress – the House of Representatives and Senate. Is optimistic and the Minister of Finance Timothy Гейтнер, who in an interview with ABC News, quoted by the agency Reuters, says that currently the risk of re-recession in the U.S. is very low. However Geytnar acknowledges that recovery will be slow and uneven.
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