Competitive aircraft manufacturer Airbus and Boeing announced orders for more than 23 billion dollars in first day of air-saloon Farnbarou in the UK. Among the applications are from companies large contracts for leasing of aircraft, which is considered a sign of restoring confidence in the sector. The largest contract signed American company Boeing, which took advantage at the start of the most significant air-forum for the year. Dubai carrier Emirates a deal with the manufacturer for 30 777-300 aircraft totaling 9.1 billion dollars at list price. That amount is indicative, as airlines often require concessions, especially when the contract is large. Other major companies have made applications for granting a lease of machinery as the behavior of these companies is considered a barometer of business sentiment in air-sector. For instance, GE Capital Aviation Services ordered about 100 smaller planes from both companies totaling about 7.5 billion dollars. Newly created Air Lease Corporation also made a big order – Airbus A321 on 20 and 31 A320s for a total of 4.4 billion dollars. The activity of leasing companies has marked strong growth, says Airbus chief Thomas Endars, said. The return of interest in his words is to confirm the restoration of the entire sector.
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In a time when governments worldwide are forced to take loans to fill holes in their budgets, it seems the defense industry has benefited more than others, says the BBC. According to data from Stockholm International Peace Research Institute (SIPRI) funds spent on armaments in the world last year were 1.531 trillion. dollars, an increase of 5.9% from 2008. However, increasing military budgets is not a new phenomenon. Last year, despite the inflated budget deficits in many countries, the world spends almost 50% more for weapons and military operations than in 2000. U.S. remains the country with the largest defense budget, which in 2009 reached 661 billion dollars or 47 billion more than in 2008 compared to 2000 increased U.S. defense spending by 63%. Second only to U.S. defense spending is among China’s 100 billion dollars in 2009, followed by France with 64 billion dollars, Britain with 58 billion dollars, Russia with 53 billion dollars, Japan with 52 billion the $ 46 billion with Germany, Saudi Arabia 41 billion dollars and India and Italy with 36 billion. Rather than reduce military spending, governments appear to have determined that it is dangerous to risk job cuts in the defense sector during the recession.
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The European Central Bank expressed its concern that there might be a new wave of financial crisis. Тоэзи time the focus will stand the fiscal problems of states and the servicing of their debts. For this alert member of the executive board of the bank’s Juergen Stark said on WallStreet Jornal. He said that the U.S. and Japan, which already came out of technical recession may be facing difficulties that are associated with public finance. According to Stark has not paid enough attention to the lack of balance between trade deficits and surpluses in key regions such as North America and Asia. Most probably we have already entered the next phase of the crisis – that the debts are guaranteed by governments, which was preceded by financial and economic one. Many EU countries do not benefit from this heal their finances during the strong economic growth in recent decades. Ultimately we see what happened with Greece and Spain, Portugal and Ireland, which reduced their budget deficits.
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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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The biggest chain retailer in the world, Wal-Mart announced it would cut 11 200 employees of the warehouses of wholesale chain Sam’s Club. The majority of the cuts will affect staff in charge of promotions in stores Sam’s Club, after the leadership of Wal-Mart has decided to assign these functions to external marketing company Shopper Events. Mike Duke, who is CEO of Wal-Mart, said at the end of 2009, the trading environment for the entire group continues to be difficult. In these 600-store chain wholesaler Sam’s Club employs approximately 110 thousand employees. Promotion of the products they were responsible for the marketing company Shopper Events in an attempt to attract more customers and boost declining sales of the chain. Sam’s Club trying to win customers from their competitors, led by the biggest chain of wholesalers in the U.S. Costco, and to this end of the chain stores began to offer more everyday goods like groceries, beauty products and health, in same time reduced the supply of furniture and clothes. However, the revenues of Sam’s Club is shrugged their nearly 1 percent on an annual basis to 11.55 billion dollars in the last three months of 2009 at the same time, Wal-Mart reported a sales increase of 1.2% yoy to 61.81 billion.
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The Economy of India marked the first acceleration in the growth of its gross domestic product since 2007, giving a sign that began more lightly to bear the consequences of the crisis. The country’s economy grew by 6.1 percent leeks second quarter compared with same period last year, noted the statistical office in the country after the first quarter increase was 5.8%. Economists had expected growth of 6.2%. The third economy in Asia joined to China and Japan and other countries in the region where he had spent more than 950 million dollars in state funds poured in support of the national economy.
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The International Monetary Fund (IMF) may revise its forecast on the recovery of world economy. Suggested a similar possibility for the first deputy director of the fund John Lipsky, who participated on August 21 in the annual meeting of the U.S. Federal Reserve (FED), with economists in Jackson Hall, the state of Wyoming. “It is completely possible. We stood in the way of recovery, so you wait, “admitted to journalists Lipsky (picture), cited by international agencies. Two days before the IMF headquarters circulated article on the Fund’s chief economist Olivier Blanshar in which he says that recovery of the global economy has started, but is it sustainable, the U.S. should switch to more exports, and Asia – to import more . However Blashar warned that the potential economic production after the crisis may be less than before the outbreak, in addition to its chief economist of the IMF turn back not an easy argument and he points out consumption in the U.S., representing 70 percent of U.S. economy and an impressive share of the global search will quickly return to before crisis years. The reason is that households will have to deal with trillions of dollars of losses crashed property and stock markets.
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Foreign tourists in neighboring Greece will be less by 10 percent compared with last year because of the economic crisis this year, said Journal Imersiya. According to the edition number of tourists visited Greece this year will be 1.5 million less. The number of tourists to the Greek capital Athens fell by 40 percent, reported the publication cited by BGNES. In most resorts registered a fall of 30-40 per cent. During the first 6 months of the year almost 20 000 people who worked in the field of tourism, are left without work. Due to the economic crisis most Greek hotels are reducing prices by 50-80 percent, even in August, which is considered one of the strongest. Tourism forms 18 percent of the GDP of Greece.
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Question is issued by the global economic crisis made conclusions are correct, should not be a unique answer: “Yes.” In particular to say: “Not really. However, it should be known that we expect a slow and painful way out of recession, with no recurrence were excluded. Thus begins your comment Martin Wolfe in the Financial Times. The Financial crisis is now back as Wolf’s – the stock is felt recovery sites, banks increase their capital, and markets are liquid again. Panic was really finished largely due to the unprecedented attention of world leaders to the problems of the financial system. According to the latest report by the OECD for the first time since June 2007 forecasts for most developed economies have improved. These optimistic estimates were repeated and the IMF. Update of the fund suggest that the world economy will mark a growth of 2.5 percent in 2010.
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The Bank of America, the largest lender in the U.S., is facing 10 percent jump in bad loans to $ 7.6 billion in its balance sheet for the second quarter, according to a report of Credit Suisse, cited by Bloomberg. Bad debts include $ 1.9 billion related to residential mortgages, and approximately 10.4% of credit card loans will be written off, according to the report analyzer Moshe Orenbuh. In the first quarter of 2009, Bank of America credits deleted $ 6.9 billion. Bank of America is first in U.S. assets and deposits will take into account one hundred 32-share profit for the quarter, including $ 5.2 billion profit before tax from the sale of its share in China Construction Bank.
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