Business News » financial fraud

British Government rescues RBS again with 25.5 billion GBP

viliyana89 — Wed, 04 Nov 2009 07:00:27 +0000

Royal Bank of Scotland, will receive a new 25.5 billion pounds by the British government, which aim to increasing the capital of the Island’s leading bank. In return, the state will receive shares of the company’s type B, which will contribute to increasing the share and financial institutions to 84.4 percent (70% now). This is stated in the release of the bank, quoted by Bloomberg. Is planned with a decline in primary the capital adequacy (Tier 1) to put new shares for sale. We recall that last year the British government poured 20 billion pounds in the financial institution. Moreover, under pressure from the European Commission RBS, together with another large bank the British Lloyds (43.5% controlled by the state) will be separated by a large part of its branch network. This is necessary because retention of compete ability the banking system of Britain, much of which is owned by the government after the interventions in this and last year.
It is expected that after the sale of various divisions and branches of RBS’s market share to decline by 2 percentage points and that of Lloyds by 4.6%

Europe slowly emerging from financial fraud

viliyana89 — Sat, 12 Sep 2009 09:37:42 +0000

Europe slowly emerging from the crisis, but there is no reason to jump for joy, summarizes in its regular report on economic situation and prospects of Europe’s European business (BUSINESSEUROPE), in which a member of BIA. According to the authors of the “rough road to recovery ‘most recent data and indicators suggest that economic activity in the EU has stabilized, a recession is coming to an end. BUSINESSEUROPE But analysts warn that have not yet seen the conditions for sustainable growth. EU real GDP is expected to shrink by 3.9% this year, before growing by 0.7% in 2010. Long-term consequences of the crisis ACE expect especially in terms of investment, employment and public finances. Against the backdrop of rising unemployment, inflation in the eurozone remains low, averaging 0.3 percent this year and expected to be about 1.3 percent in 2010
Members of BUSINESSEUROPE are concerned that the current crisis will have a negative impact on the EU’s potential growth in the coming years because you need to be resolved following main challenges:
1. Stabilize financial markets and faster access to funding to support business investment.
2. Ensuring long term sustainability of public finances, particularly in the context of trends towards an aging population.
3. Support investment and innovation. Structural reforms are a precondition for returning to sustained growth, creating jobs and a healthier public finances. We need to create a more attractive environment for entrepreneurship and innovation.
Analysis of BUSINESSEUROPE reported in the second quarter of this year GDP growth in some Member States and improvements in national, European and global indicators, which brings confidence that a recession may be coming to an end.

Renault chief sees light at the end of the tunnel

viliyana89 — Thu, 10 Sep 2009 12:29:45 +0000

Executive Director of the French car company Renault Gosn Carlos believes that the worst of the crisis has passed. “The financial crisis left behind us,” he said in an interview with French newspaper Le Figaro. According to him, the company expects in 2010 the situation in Europe improved slightly compared to 2009. At the same time, however, should not expect “a sharp jump in the near future,” but rather “smooth rise for several years.” With regard specifically to the automotive sector, Carlos Gosn to raise interest in a partnership between the companies. “We are seeing an investment boom in automotive technology, especially those related to environmental cars, which occurs against the backdrop of increased financial instability. This situation causes them (producers) to work together to share the investment, “he stresses.
Renault and its Japanese partner Nissan are fourth in the automobile industry in the world last year. In late July, the group announced a loss for the six-month period and expectations for a decline of 12 percent in sales for the year.

Incomes in Bulgaria have risen the most in 2008

viliyana89 — Tue, 08 Sep 2009 16:52:05 +0000

The largest growth in wages was recorded in 2008 and average annual gross value is 6288 lv increase in nominal terms was 2.3 times compared with 2000 and 71.2 times compared with 1995, the NSI report released of print publication “Statistical Panorama 2008″. The book analyzed the demographic, social and economic development of the country last year. Have made comparisons with previous years and shows occurring trends and structural changes occurring in the country. The highest growth is the average wage in the activities of the Health and Social Affairs – 3 times, financial intermediation – 2,8 times, “Real estate, renting and business activities” and “Education” – 2.7 times “Public administration and defense and compulsory social insurance – 2.5 times. Household income continued a trend of marked increase in nominal terms over the past 10 – 12 years. Only for the period 1999 – 2008, the total income per person per household increased from 1 502 to 3 502 lv, or 2.3 times.
Real household incomes rose during the same period – by 24.8%. During the years of the new millennium, the highest growth in real income in 2008 compared to 2001 – with 39.7 percent. Compared to 2007 they were higher by 0.4%. In real terms, household income from wages also rise. For the period 1999 – 2008, this source of income in real terms increased by 54.5%. In 2008, the trend of growth and wider use of information and communication technologies in enterprises in Bulgaria. Share companies that have access to the Internet increased by 8% over the previous year 2007. Most significant is the increase in small and medium enterprises (11 and 3%), while larger companies with more than 250 employees decreased slightly by 1% in the provision of Internet access for their employees. Compared to 2007 the proportion of the population has benefited from the limitless opportunities offered by modern computer technology has grown by 6%, 43% of people in Bulgaria have indicated that they used computers in 2008.

Unemployment in Japan highest till 56 years

viliyana89 — Thu, 03 Sep 2009 10:00:15 +0000

The level of unemployment in Japan in July rose to 5.7 percent, which is the highest level since 1953 when it is launched and reporting of the indicator, forward Bloomberg, citing official statistics. The growth of unemployment exceed the forecasts of analysts who had expected it to rise to 5.5 percent after 5.4 percent in July. Highest level of people without permanent employment was in April 2005. The ratio of space to applications fell to 0.42, which means that for 42 seats have fought 100 candidates, which is also a record, the agency added. Companies from Toyota to Japan Airlines, continue to exempt staff, as well as outside of Japan. The country’s exports declined by 36.5 percent in July, which is ten consecutive decrease.
Another indicator also reported a record level – the deflation, which in July was 2.2 percent compared to same month of last year, this does not take a basket of fresh foods

India signed the first increase of GDP since 2007

viliyana89 — Mon, 31 Aug 2009 20:33:21 +0000

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.
The data from India came in the oppose of bad situation in the Eurozone.

Real Estates for 1 USD sellings in USA

viliyana89 — Fri, 28 Aug 2009 08:21:13 +0000

In the midst of economic crisis in the United States real estate market appeared dwellings that can be bought for the symbolic price of 1 dollar. For example, in the town of St. Paul in Minnesota in 2000 the local authority has deserted homes. To solve the problem, some of them were put up for sale at a price of 1 to 50 000 dollars. According to municipal officials the price is determined by the condition of the building, but it should not interfere with potential buyers as advertised for sale properties are located in the historical center of St. Paul. Acquisition of housing can only be done by a contract containing a number of conditions. The owner will be obligated to make dwelling in a normal condition and make necessary repairs. Moreover, the buyer must personally live in it, not to rent or to freeze the site, pending a new rise in prices of real estate.
According to local government buyers will surely find, as each of the advertised homes for sale has historical value. In built more than a century buildings are still traces of opulence and magnitude with which they were created.

Optimistic estimates of outcome of the crisis about IMF

viliyana89 — Sun, 23 Aug 2009 07:15:03 +0000

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.
In the first of last month 10-days IMF revised upward its forecasts for 2010 and slightly lower this year’s forecast for global economic development. This year the IMF expects the global economy to shrink by 1.4 percent and in 2010. to record growth of 2.5 percent, and this is the first upward adjustment of projections of the fund over two years. Additional argument for a new change in the estimate of the fund are incoming messages in the last few days in Japan, France, Germany and other countries to return their economies in the area of growth.
Maybe because it Lipsky says that governments should continue their efforts to maintain economic growth and not to the swift increase in tax rates and interest rates. “While this process is becoming a real stabilization will pass some time,” states Lipski. In his recovery from a serious crisis that will not be quick and sharp. Chairman Ben Bernanke of the FED also believes that the U.S. economy avoid the worst case scenario is about to stabilize. Cited by the Reuters agency, he says that before the country has prospects for reviving it in the short term. John Lipsky and chairman of FED as a key indicator indicates that the consumption of Americans. It will be the determining consumption indicator, which will answer the question when the United States will indeed recover. Bernanke reiterated the need to build a new framework for financial regulation is not only the U.S. but worldwide. It must be an expression of these lessons from the crisis.

1.5 millions less tourists in Greece

viliyana89 — Mon, 17 Aug 2009 11:02:23 +0000

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.
In 2007 Greece was visited by 17 million and revenue from tourism amounted to 11.5 billions EUR.

Arcelor Mittal with 1.89 billions USD loses for half year

viliyana89 — Wed, 29 Jul 2009 10:41:56 +0000

The net loss of Arcelor Mittal, the world’s largest steel company in the first half of 2009 was 1.885 billion dollars compared with net profit amounting to 8.21 billion dollars for the same period last year. In the second quarter of the current year the company registered net loss amounted to 792 million dollars against 5.839 billion dollars net profit in the second quarter of 2008 earnings in January-June 2009 were 2.2 times lower to 30.298 billion dollars . The net debt in the second quarter decreased by 3.8 billions dollars and is currently 22.9 billion dollars. The President Lakshmi Duties of concern noted in recent weeks intended to be re-released a number of proceedings against the recovery of demand.
Arcelor Mittal reduced production in recent months by about 50% suspension capacity and shortening working hours.