China should take advantage of the shock waves created by the crisis in Dubai to buy gold and oil. Such is the opinion of a senior Chinese official, who cares for the supervision of some of the biggest companies in the Asian country. According to Syaonan Ji, who is chairman of the supervisory board of large companies in the committee for the supervision and administration of state assets (State-Owned Assets Supervision and Administration Commission – SASAC), purchases may be effected by means of foreign exchange reserves of China, transmit Market Watch. “Although it is unclear to what extent the crisis in Dubai will affect local and global economy, it will continue for some time and this may give China investment opportunity to use part of their reserves to buy gold and oil,” said Syaonan today. The Commission, headed Syaonan which is directly subordinate to the State Council of China and is responsible for management of state companies. Therefore, his opinion may be regarded as a signal that such intentions truly are discussed. Commentary is consistent with China’s overall strategy to increase physical stocks of key raw materials such as gold, copper and other commodities.
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The Industrial company 3M Co, which produces over 55 000 different products, reported third-quarter profit that surpassed analysts’ expectations. Net profit for the third quarter of 3M is 957 million dollars or 1.35 dollars per share in earnings per share of 1.41 dollars for the same period last year. If you exclude certain one-off effects, profit of the company is 1.37 dollars per share, the average Wall Street expectations were for earnings of 1.17 dollars per share. 3M sales fell by 5.6 percent annually to 6.2 billion dollars. Since the beginning of the conglomerate in 2008 was shortened 5 800 jobs in order to optimize the cost. 3M’s shares started today’s session of the New York Stock Exchange to rise from 38 cents to 76.33 dollars. Since the beginning of the year they rose by 33 per cent. While 3M raise profit forecasts for the entire 2009 years of 4,5-4,55 dollars per share. The company’s previous forecast was for profit of 4,1-4,3 dollars per share.
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The main stock indexes in the United States fell in early on the last trading session this week, after the financial results of General Electric and Bank of America disappoint investors, and the index of consumer confidence in the University of Michigan unexpectedly decreased. As a result, Dow Jones IA away from the one-year peak, which subdued during yesterday’s session. Two hours after the start of trading the index of the 30 largest companies on the New York Stock Exchange decreased by nearly 1 percent to 9962.9 points. The wider S & P 500 retreated further to 1.1 percent to 1084.2 points while the index of companies by the exchange Nasdaq – Nasdaq Composite, lost 1.3 percent to 2145.5 points. Financial and technology companies are ranked among the top companies in the losers of the session. The loss of the largest in size of its assets to U.S. Bank Bank of America for the third quarter was greater than expected. Investors ignored the good financial results on Google and IBM, and the rise of industrial production by 0.7 percent in September.
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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.
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The Japanese car building company Toyota group reported a loss of 77.8 billion yen (819 million) for the first quarter of financial year which began on April 1. Loss for the first quarter of the new financial year is less than expected and reflects the successful cost reduction. The median forecast was for a loss of 184 billion yen, forward Bloomberg. The reasons for the negative result is the high rate of the yen and a sharp decrease in global sales delivered worldwide agencies. However, Toyota reduced its estimates of losses throughout the financial year ending at the end of March 2010, to 450 billion yen (4.7 billion dollars) compared with initial estimates of 550 billion yen (5.8 billion dollars) .
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The Fifth Bank SASH volume of assets announced that profits for the second quarter of 2009 was 3.44 billion dollars or 4.93 dollars a share. That surpassed the expectations of analysts, who expected profit of the investment bank to be about 3.65 dollars a share, forward Bloomberg. For the same period in 2008, which receives money from the state 10 billion dollars, registering a positive financial result amounted to 2.09 billion dollars. The reason for the good result of the company expert nominated by the successful trade transactions on the stock market and a good pass from mediation. This year the company issued new shares with the Ministry of Finance in connection with the loan and obtained good record revenues from its debt transactions. The revenues of the vault for the second three months rose to 13.8 billion dollars compared with revenues of 9.43 billion dollars for the period 2008
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The Gold reserves of the European Central Bank, including claims in gold (physical gold, such as bars, coins, ingots, and storing pieces of monetary gold, as balances on accounts with gold) decreased by EUR8.5 billion to EUR232.128 billion during the week ended July 3, according to today’s report of the financial institution. The change primarily reflects the quarterly revaluation adjustments and reserves and selling gold to EUR5.0 million from a central bank in the euro area, indicating the report of the ECB. Foreign exchange reserves showed a net decrease of EUR10.5 billion to EUR206.2 billion for that period. ECB reported an increase of money in circulation in 16 EU member states of the euro by EUR6.6 billion to EUR768.7 billion.
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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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