Investors accused Banco Santander of negligence in connection with the case Madoff

Spanish bank Banco Santander SA, which lost about $ 3.2 billion in the pyramid Bernard Madoff, not to protect its clients following the discovery in 2002 that the rogue away from industry standards, acting as the guarantor of its own funds. This is stated in the claim of the Latin American investors in Santander, filed in U.S. court, reports the agency Bloomberg.

After the meetings, the representative of the Spanish bank and its branches Optimal Investment Services with Madoff 18 and September 19, 2009, in particular, have changed the texts of brochures, representing two funds Optimal, invested jointly with the American billionaire. They have mentioned "possible risks" that could escape from Madoff assets.

At these meetings, they asked Madoff use an external custodian, but the thief refused. Rather than withdraw cash, Santander and OIS have taken no action to protect investors or to verify that the assets of Optimal still exist.

Collective lawsuits filed by investors in a Miami court.
Read more >>>

Google for 9 months. 2009 increased net profit by 18,3% - to 4.45 billion dollars

Net profit of U.S. internet corporations Google Inc., Owns the eponymous search engine, for 9 months of 2009 increased by 18,3% and amounted to 4.45 billion dollars against 3.84 billion dollars recorded a year earlier. The company's revenues over the same period amounted to 16.97 billion dollars, that on 5,5% above the level of 16.09 billion dollars, made for the 9 months of 2008, operating profit for the period increased by 22,2% and reached 5.83 billion dollars according to a financial report issued today Google.

In III quarter 2009 net income of Google Inc. amounted to 1.64 billion dollars, which is 27,1% higher than the 1.23 billion dollars recorded a year earlier. The company's revenues over the same period increased by 7,2% and reached 5.94 billion dollars against 5.54 billion dollars received in the same quarter last year. Operating profit rose to 2.07 billion dollars, which is 25,9% higher than the 1.65 billion dollars recorded last year.


Read more >>>

SMS spammer fined in Australia at 15.8 million dollars

Australian companies and Mobilegate Winning Bid as well as three more people were fined by the decision of the Federal Court in Brisbane, amounting to almost $ 16 million for the spam sent to mobile phones, reports ABC News.

As reported by The Australian, the amount of the fine amounted to $ 15.8 million of the Company were found to have violated Act of spam ", the Prosecutor addressed the Australian Communications and Media. According to the Court, swindlers have used dummy accounts on dating sites to gain access to phone their victims.


Read more >>>

Debt exceeds the value of the Japan Airlines at 8.8 billion dollars

Debt obligations of the Japanese national air carrier, Japan Airlines Corp, JAL, would have exceeded the assets of the airline at $ 8.8 billion if it had a bankruptcy in the near future.

This assessment of the financial status of Asia's largest carrier is given on the initiative of the state commission responsible for the restructuring of JAL. This shows the depth of the problems faced by the airline. To avoid the collapse, she needed urgent support banks and the state.


Read more >>>

EPFR Global: The influx of capital into the stock markets of developing countries reached a 22-month high

Investment funds in developing countries have received for the week ending October 21, significant inflows of $ 4.9 billion This was a most impressive rate over the past 22 months and helped with the start of the year to increase capital inflows to $ 50 billion, the study says EPFR Global.

Funds of stocks and bonds registered a surge in the flow of investment through improved corporate reporting of U.S. and European companies. These include such giants as the manufacturer of iPod - the company Apple Inc., And the world's largest manufacturer of construction machinery and equipment, Caterpillar Inc.


Read more >>>

General Motors bought Daewoo new shares for 413 million dollars

General Motors Co bought all the new shares offered to shareholders of concern to South Korean unit of Daewoo for $ 413 million, executives said GM Daewoo on Friday. The U.S. automaker will also consider further financial assistance if necessary.

GM agreed to subscribe for the whole package while the other shareholders, including the Korean Development Bank (CDB), SAIC Motor Corp and Suzuki Motor, showed no interest, the report said the South Korean company. GM could consider greater financial assistance to his unit, said earlier Nick Riley (Nick Reilly), head of GM Asia Pacific.

GM owned 51% of the Korean automaker. Earlier, Korea Development Bank said that if the U.S. giant did not invest additional funds in the development of GM Daewoo, the bank will require repayment of loans and foreign currency forward contracts with maturities expiring. Last month, GM Daewoo announced its intention to attract 491.2 billion won ($ 424.1 million) by selling new shares to existing shareholders. CBD required to increase this amount at least twice. GM and the CBD was unable to reach an understanding on this issue.

After the refusal of the CBD to participate in the procedure of purchase of new shares of its stake in Daewoo fell from 28% to 17%. The share of General Motors rose to 70,1%.
Read more >>>

American bankers will work for the idea

For the use of state aid during the crisis managers borrowers to pay dearly, in fact, from his own pocket. One stroke of the pen their bonuses slashed by half, but on salaries has remained one tenth. A special "difference" the head of Bank of America Kenneth Lewis and completely deprived of salary for that year.

Recently a decision on wages and bonuses to senior officials of American companies is accepted not the shareholders' meeting, as given at the mercy of one man. Kenneth Feinberg, presidential advisor on compensation, or, as it is called, the "king of payments", has been appointed to a responsible post in June after a wave of discontent about the outrageously high bonuses bank managers that they receive, despite the crisis and the need resort to state aid.

We Feinberg experience distribution of cash. It was he who led the fund assistance to victims of the terrorist attack on Sept. 11, 2001. Now in its responsibility to protect the interests of taxpayers from greed of bankers.

However, the salary he appoints only the heads of those companies that did not have time to return the borrowed program TARP funds. Such "lucky" was seven. These include banking company Citi, BofA, GMAC, Chrysler Financial, the insurer AIG and the auto manufacturers General Motors and Chrysler. But, according to the auditors, not all of these companies will be able to return money to taxpayers. In just ten months of the TARP American companies has been allocated 317.3 billion dollars, and returned during this period was only 72.9 billion dollars. So, salary restrictions will reduce the losses on the program, wrote Slon.ru.

While Feinberg bonuses cut by half, only 25 highest-paid employees in each company. The size of their salaries reduced by an average of 90% compared with last year. In addition, they are forbidden to spend on travel in the car or plane for more than 25 000 dollars, and if necessary, allowing for low cost is necessary to seek a "king of payments" directly. AIG has already exceeded the maximum amount, so the difference will have to return to the Finance Ministry.

Joking with the "king" bad. This has seen Bank of America and Citigroup. Head First Bank of Kenneth Lewis, Feinberg left altogether without a salary, but all that has been paid to him this year, he must return. It is given that last year, Lewis received no bonus, since the results of the bank did not agree with the expectations of the board of directors.

Citi last week had to sell his unit Phibro, trading in oil. The reason is that with its head, Andrew Hall signed a contract to pay $ 100 million, roughly the same amount received for the Hall last year. According to Feinberg, the head of the payment of such large commercial units - unnecessary risks for the company. Citi, the program received TARP 45 billion and nearly a third of which became a state bank, tried to negotiate with the "great and terrible", but as a result was forced to sell Phibro. According to the bank's sale of units had no effect on the incomes of Citi.

All the measures taken - this is only the first wave of "repression". Followed by the second - Feinberg consider salary the following 75 people on the list of highest-paid employees. Maybe then the public will be satisfied, feeling that justice is done.
Read more >>>

Russia will sell abroad, a large shipment of gold for the first time since the Soviet

Gokhran Russia in 2009 for the first time since the Soviet Union to sell abroad a large shipment of gold. Earlier, Russia sold gold from Gokhran, but sales volumes of precious metal were calculated only hundreds of kilograms.

In total, Gokhran plans to sell gold to 44.4 billion rubles, in general terms, the implementation of values in the 47.4 billion rubles. October 21, 2009 the price of gold on the London Stock Exchange amounted to 1,053.75 dollars per troy ounce (31.1 grams), or 30.76 thousand rubles at the rate of the Central Bank for that day. Thus, the amount of 44,4 billion rubles Gokhran can sell about 1.44 million ounces, or 44.89 tons of gold.


Read more >>>

Moody's: U.S. may lose the AAA credit rating because of the large budget deficit

United States, which in the last fiscal year reported a record budget deficit, may lose the highest credit rating of AAA in the case, if not reduce the difference between expenditures and revenues at an acceptable level within the next 3-4 years. This warned the credit rating agency Moody's Investors Service.

The U.S. government reported that the budget deficit for the fiscal year ended September 30, 2009, reached $ 1,417 billion financial crisis and state support of the U.S. banking system have punched a huge hole in the U.S. treasury. With regard to this indicator for 2011 fiscal year, the White House expects the deficit at more than $ 1 trillion.


Read more >>>

Morgan Stanley: Global economy faces high inflation

The world economy was on the threshold of strong inflation, which governments of leading Western countries must find ways to reduce the size of the giant national debt created by the anti-crisis program to prevent depression. Such a conclusion was an influential American bank Morgan Stanley in an analytical report, which circulated today in the City of London.

It notes that the regime is leading industrialized nations under the weight of huge debts faced a difficult dilemma: either default or inflation. "Naturally, the choice will be made in favor of the latter," - noted in the study.


Read more >>>

Minister of State Property of Poland declares that the country does not comply with the privatization plan in 2009

Minister of State Property of Poland Aleksander Grad acknowledged that the country fails to implement the plan proceeds from the privatization of state companies this year.

Government hoped to receive from the sale of state property in the current year, 4.3 billion dollars (at the rate of 2.8 zlotys per U.S. $) and thereby, reduce the widening state budget deficit.

"There is no chance that privatization has brought this year's 12 billion zlotys, as suggested by the budget", - said the Minister.


Read more >>>

Magna plans to complete the transaction on the purchase of Opel in the next few days

Canadian car maker Magna International Inc. plans to finalize a deal to buy Opel, германского unit General Motors, in the coming days, reported Bloomberg.

"We want to close the deal as quickly as possible, - said CEO Siegfried Wolf, Magna in Madrid. - We hope to sign the agreement in the next couple of days."

On Thursday the Spanish trade unions Opel reported that they had reached a preliminary agreement with Magna, which involves maintaining the status quo at the Spanish plant until the summer of 2011 and the reduction of more than 900 jobs.


Read more >>>

Ethiopia has asked the world to an emergency

Ethiopian Government has asked the international community for urgent food aid to save from starvation 6.2 million people. The Ethiopian authorities have made that request during a meeting with international donors have gathered to discuss the implications of a prolonged drought that has affected some parts of East Africa.

UN World Food Program has already exceeded the annual fund to provide assistance to Ethiopia for 85 million dollars.


Read more >>>

Galleon Group intends to sell Asian assets

Galleon Group is exploring the possibility of selling their units in Asia, among other options after the company's founder Radzharatnamu Raju (Raj Rajaratnam) last week were charged with insider trading, reports Bloomberg referring to informed sources.

The company plans to sell two of Singapore hedge fund with assets worth $ 500 million, however, according to the source, the Asian assets Galleon from the arrest of its head none of the investors' interest has not yet revealed.


Read more >>>

In Asian markets, inflated a new bubble

Economists are concerned about a new threat hanging over Asia - the equity markets and real estate in the region are growing so fast that we can speak about the formation of a new "bubble", the magazine writes The Wall Street Journal. That is the conclusion reached at the Conference on the Asian economy, which was supported by the Federal Reserve Bank of San Francisco (Federal Reserve Bank of San Francisco).

According to experts, shares in the markets of China, Hong Kong, India, Indonesia, Singapore, South Korea, Taiwan and Thailand since the beginning of the year rose by more than 40%. The growth rate of national currencies in dollar terms, the expansion of markets was much higher. In some countries this figure has doubled, the magazine writes. It notes that this process is even more striking when you look at the percentage change in rates since March, when the Asian markets recorded minimums for several years.
Read more >>>

IMF will provide Iceland's credit tranche of $ 167 million

Board of Directors of the IMF plans Oct. 28 to discuss the results of the first review of anti-crisis stabilization program of credit support in Iceland. If the board approves the completion of the review, Reykjavik will have access to the credit tranche in the amount of approximately $ 167.4 million with such a press statement made today by the head of IMF mission in Iceland, Mark Flanagan.

He recalled that the completion of the review was delayed for two reasons. First, the government had delayed the adoption of certain policy measures, owing to "the political crisis in Iceland and the subsequent elections," - said the expert.

Secondly, he said, "there were problems in reaching agreements with creditors, making it difficult to attract funding for the (crisis) program by the participating countries.
Read more >>>

China remains committed to the loose monetary policy

China on Wednesday confirmed its commitment to "active financial policy and adequately loose monetary policy", promising stability, even given the fact that the Chinese authorities have adopted a new rhetoric, expressing great confidence in the speedy restoration of the economy, reports Reuters.

The State Council of China said that the trend towards economic recovery of China is a consolidated opinion, but, nevertheless, was cautious on the longer term, noting that global economic recovery will be slow and that there are still imbalances in the domestic market.
Read more >>>

Net profit of Yahoo! in III quarter. 2009 increased by more than 3 times and amounted to 187.8 million dollars

Net profit of U.S. Internet company Yahoo! Inc. in the III quarter of 2009 totaled 187.8 million U.S. This figure is three times higher than the same period in 2008 then the net profit amounted to $ 54.3 million revenues in the III quarter of 2009. decreased by 12% - to 1.58 billion dollars Such data are contained in a report published today by the company.

Company Yahoo! Inc. Founded in 1994, owns the popular search engine and provides a wide range of Internet services that are shared by a total of over half a billion users. The company's headquarters is located in g.Sanniveyl (California, USA).
Read more >>>

Russia, Turkey and Italy signed an agreement on the construction of the Samsun-Ceyhan pipeline

Russia, Turkey and Italy signed an agreement to build an oil pipeline Samsun-Ceyhan oil pipeline. This was reported in a published statement by the Italian oil company ENI SpA, involved in the project. On behalf of Russia signed the agreement, Vice-Premier Igor Sechin and Energy Minister Sergei Shmatko. From Turkey to sign the agreement, Energy Minister put Taner Yildyz, but from Italy - Economic Development Minister Claudio Scajola.

At the same time, the company ENI, Calik Holding, OAO Transneft and Rosneft signed a Memorandum of Understanding, which specifies the conditions for participation in the project Russian companies.

On 7 August this year Prime Minister Recep Tayyip Erdogan for talks with Prime Minister Vladimir Putin said that the project pipeline Samsun-Ceyhan pipeline will significantly reduce the burden on the Turkish Straits. He recalled that participants in the project are Turkey, Russia and Italy, and expressed his gratitude to Vladimir Putin and Italian Prime Minister Silvio Berlusconi, who took part in the negotiations for their support of this project.

The same day, Russia and Turkey signed an intergovernmental protocol on cooperation in the oil sector. This document, in particular, provides for the establishment of a working group to examine the resource base and the transport route of the project pipeline Samsun-Ceyhan pipeline.
Read more >>>

Irak may revise neftyanye contracts

The new Iraqi government, whose election is scheduled for January, may revise the terms of agreements with international oil companies to develop oil fields in the country, concluded with the current government, or cancel these agreements, warned the head of the Parliamentary Committee of Iraq.

"Oil companies that are planning to invest billions should be mindful of the large risk associated with these contracts. The new government at least change the terms of contracts and oil companies is no joy," - said the head of the parliamentary committee on oil and gas, Ali Hussain Balu.


Read more >>>

Economy of Germany in 2010 will grow by 1,2%

In Germany, published the traditional autumn forecast of the economy next year, in which experts from the five leading German institutes promise for 2010 GDP growth at 1.2%.

At the same time, the number of unemployed in the country, according to their estimates, would increase from 3.35 million (2009 figure) to 4.1 million people, reports Deutsche Welle.

Thus in the spring of this year, experts predicted that Germany's GDP in 2010 decreased by 0,5%.

At the same time experts of Germany's leading institutions have warned that a major risk factor for the economy may be that, until now, no way excluded turmoil in international financial and banking system. "

The decline in production in 2009, according to preliminary data, will be 5%.
Read more >>>

Obama will provide the elderly by $ 250

Barack Obama has asked Congress to provide additional grants of 250 dollars for 57 million Americans: the elderly, veterans and disabled.

The initiative of the President related to the decision not to increase in 2010, social payments, wrote Los Angeles Times.

Social Security benefit increases in the U.S., depending on inflation, and inflation in the U.S. in 2009 was negative. Since the law prohibits the reduction of their benefits, they remain the same - the first time since 1975.


Read more >>>

U.S. Ministry of Energy: Crude oil in the country, from 3 to 9 October 2009 rose by 400 thousand barrels.

Commercial crude oil inventories in the U.S. for a week from 3 to 9 October 2009 rose by 400 thousand barrels. and amounted to 337.8 million barrels., according to the report of the U.S. Department of Energy (DOE). According to the American Petroleum Institute (American Petroleum Institute, API), commercial crude oil inventories in the U.S. for the period decreased by 172 thousand barrels. - Up to 339.19 million barrels.

According to the report of the U.S. Ministry of Energy, as of October 9, 2009 crude oil and derivatives of energy characterized by the following weekly changes:


Read more >>>

Analysts disagree on oil price forecast for next week

Analysts disagree on oil price forecast for next week, reported Bloomberg.

Twelve out of 31, or 39%, participated in the survey, analysts expect a decline in oil prices and the same - increase. Another seven respondents did not expect significant changes.

"Bulls" they say, no matter what is the supply, if demand rises. "Bears" are responsible, we have an excess supply, but these prices are not stable, "- thinks the vice president for research PFGBest Phil Flynn.


Read more >>>

U.S. tightened position on the yuan, but do not accuse China of manipulating currency

The administration of U.S. President Barack Obama stated that "serious concern" the present value of the RMB, but did not accuse China of manipulating exchange rates, the newspaper Financial Times referring to the semi-annual report to the U.S. Treasury Department on monetary policy.

The report was sent to the fiscal authority to the U.S. Congress on Thursday.

U.S. are also concerned about the rapid increases in foreign exchange reserves of China and the "lack of flexibility" of its exchange rate policy, the report said. Recognizing the importance of China to stabilize the world economy, U.S. Treasury, however, noted that the accumulation of huge foreign exchange reserves "creates a risk of partial destruction of the progress that has been made in reducing the imbalance.


Read more >>>

The head of Bank of America Lewis did not receive a salary for 2009

Chief Executive Officer of Bank of America Kenneth Lewis, who will retire Dec. 31, 2009, will not receive payments in 2009, writes Washington Post. Under the agreement, under discussion with the U.S. government, it is required to return to the bank about $ 1 million

A special officer of the presidential administration - "salary king" Kenneth Feinberg suggested that CS Lewis did not pay any salaries or bonuses for 2009. The head of bank accepted the proposal as "not in the interest of Bank of America to argue with the" king of payroll, "said bank spokesman Robert Stickler.

K. Lewis, the annual base salary which is $ 1.5 million, will have to return about $ 1 million already received in this year's money, the report said the bank.

In late October, K. Feinberg should publish the rules that will be paid the salary guide seven companies that received large amounts of state aid during the last crisis. In addition to Bank of America is AIG, General Motors, GMAC Financial Services, Chrysler, Chrysler Financial and Citigroup.

However, it is expected that he would ask all heads refuse to receive the money, the article says. Decision on CS Lewis is because he leaves the bank and is entitled to substantial monetary payments, the source told the newspaper. At the end of last year, CEO Bank of America has received in the form of various compensation $ 64 million

While K. Feinberg talks with Bank of America are preliminary, according to the source, as discussed, is whether the "salary king" powers to ensure that propose K. Lewis received back wages.
Read more >>>

Greenspan: Russian Ruble could not yet become a reserve currency

Russian Ruble to date has no chance of becoming even a regional reserve currency because of excessive attachment to the cost of oil, says former head of the U.S. Federal Reserve Chairman Alan Greenspan.

"Transition as a reserve currency, even regional scale is dependent on many factors, including how the trust and the possibility of full conversion. Ruble does not yet have the potential to become a reserve currency because of excessive attachment to one indicator - the cost of oil" - Greenspan said.

According to him, Russia has "historically and infrastructure, and because the economy is not diversified, and is based on commodity exports, the national currency can not qualify for reserve status.


Read more >>>

Soros: The current global "monetary arrangements" dangerous

Billionaire investor and philanthropist George Soros has expressed confidence that the current "exchange arrangements" can be dangerous, so the world needs global regulation.

Soros, who runs a hedge fund Soros Fund Management and has long earned a reputation as a bold player in the foreign exchange market, finds it necessary to reduce the U.S. dollar against Chinese currency to the United States to curb its budget deficit. The investor believes that the Chinese currency is undervalued, and this affects the depreciation of the dollar against a basket of major world currencies. He stated this at an event organized by the Economist magazine on the Stock Exchange of New York, reports Reuters.


Read more >>>

In the U.S. Ford engineer arrested for spying for China

U.S. authorities arrested the engineer, Ford Motor Co. Chinese origin for industrial espionage in favor of China. Xian Dong Yu for 10 years worked as an engineer in an American company. 
In accordance with the prosecution before quit and go work for a company located in China, an engineer entered the server Ford Motor, containing sensitive information, and copied thousands of pages of documents containing various drawings and calculations, reports Associated Press.


Read more >>>

U.S.: Russia's plans to join the WTO a single pool with Kazakhstan and Belarus will lead to serious difficulties

U.S. Commerce Secretary Gary Locke foresaw serious problems with Russia's entry into the World Trade Organization as part of a customs union with Belarus and Kazakhstan.

Proclamation Russia plans to seek entry into the WTO "in parallel" with Kazakhstan and Belarus as part of a single customs union would lead to serious practical and substantive difficulties ", - said G. Locke in an interview with Interfax.

"The United States and other WTO member countries expect Russia to follow up" - he added.

"Conditions for entry into the WTO are determined by 153 members, and not just the United States. The United States continues to support Russia's accession to the WTO and its integration into the global regulated by rules of the trading system. Temp of motion, which Russia is moving towards this goal is entirely dependent on Russia itself," - he said.
Read more >>>

Moody's downgraded the rating Nokia to "A2", outlook - "stable"

International rating agency Moody's downgraded the rating on Nokia debt to "A2" from "A1", says a press release agency.

Short-term rating was affirmed at "Prime-1".

Outlooks on both ratings is changed to "stable" from "negative".

Deterioration Nokia rating reflects two main factors. First, the expectations of the expert agency that the situation on the mobile phone market will become more difficult for the company, given the serious competition in a number of attractive market segments. Secondly, the probability that Nokia will not be able to return to the excellent credit quality, which demonstrated the company for many years.


Read more >>>

Deutsche Boerse is prepared to make an offer to buy the Warsaw Stock Exchange

Deutsche Boerse AG is preparing to make a definitive proposal to acquire controlling stake in the state of the Warsaw Stock Exchange (WSE) in the current month, reports the agency Bloomberg.

"We are still in the process of a comprehensive study of the company, its financial condition and market position, - said Frank Herkenhoff, a spokesman for the German stock exchange, today, in an interview. - We are on the way to filing the application.


Read more >>>

Poland started a privatization

The Government of Poland intends to sell the state blocks of shares in the largest enterprises of the country and help out until the end of 2010, 37 billion zlotys ($ 10 billion)

The Polish authorities are ready to sell to private investors by state-owned shares in the financial, energy, mining and telecommunications companies to finance the state budget deficit, which in 2010 could double to nearly 52.2 billion zlotys ($ 17.7 billion). The amount the government expects to receive in the sale of state-owned shares is about 10% of the market value of assets traded on the Warsaw Stock Exchange.


Read more >>>

Chief Executive Officer of Bank of America Kenneth Lewis, who will retire Dec. 31, 2009, will not receive payments in 2009, writes Washington Post. Under the agreement, under discussion with the U.S. government, it is required to return to the bank about $ 1 million.

A special officer of the presidential administration - salary king "Kenneth Feinberg suggested that Lewis was not paid no salary, no bonuses for 2009. The head of bank accepted the proposal as "not in the interest of Bank of America to argue with the" king of payroll, "said bank spokesman Robert Stickler.

Kenneth Lewis, the annual base salary which is 1.5 million dollars, will have to return about $ 1 million already received in this year's money, the report said.


Read more >>>

Two members of the Government of Guinea filed in ostavku after the suppression of opposition protests

Two members of the Cabinet of Ministers of Guinea have resigned, and France urged its citizens to leave the country as a measure to protect them against the backdrop of deteriorating relations between the opposition and the military junta running the country in the aftermath of the bloody action in the last month, reports Associated Press.

Due to disperse the country's army in the streets of Conakry (killing about 157 people, injuring more than 1 thousand), France refused to cooperate with the authorities of Guinea and the International Criminal Court investigation into the actions of the junta began to suppress the opposition.


Read more >>>

Eni and Repsol discovered in Venezuela, a giant oil field

Italian oil and gas company Eni, together with Spain's Repsol discovered a gas field with reserves of 170 billion cubic meters offshore Venezuela. It is reported by Bloomberg. As stocks deposit is one of five major discoveries in 2009.

The discovery was made in the field of Pearl in a box "Cardon-4, near the Venezuelan coast. With the deposit of Venezuela's gas reserves may be doubled.

In addition to the gas deposit contains a large amount of oil, which should reduce the cost of its development. Basically there is concentrated a "light" oil, which is on the world market is more expensive.


Read more >>>

Greenspan: U.S. needs to consider the possibility of separation of major banks into parts

U.S. regulators should consider the possibility of separation of large financial institutions in the country that are now "too big to be bankrupt," believes the former head of the Federal Reserve Alan Greenspan.

These banks are hidden subsidies that enable them to attract funds at lower rates, because investors are confident that the government always takes part in the guarantee of their obligations, he said. This limits competition and creates a risk of the financial system, quoted him as saying the agency Bloomberg.


Read more >>>

Barclays is prepared to give 540 million euros for 135 branches BMPS

British bank Barclays has entered into negotiations to purchase a network of 135 offices of the Italian Banca Monte dei Paschi di Siena, the oldest credit institution in the world, Reuters reports citing people familiar with the matter.

Possible amount of agreement of 540 million euros ($ 804.8 million). Barclays is offering to pay a 4 million euro for each branch, explained one of the sources.

Offer increased from 3 million euros per branch, but BMPS firmly on the figure of 5 million euros, the Italian business daily Il Sole. In the next few days should have a meeting of the parties and consultants from the Barclays Morgan Stanley.

The British bank is also preparing a fallback position, and buying offices in Italy to ensure the strengthening of its position in this country.
Read more >>>

Greenspan said that not too concerned about the weakening dollar, but fears a rise in the U.S. budget deficit

Well-known economist and former head of the Federal Reserve System / Federal Reserve / Alan Greenspan said that "not too concerned about" the current weakness of the dollar. However, he stressed that America would be costly, rapidly increasing national debt. According to ITAR-TASS, Greenspan spoke on the eve of New York at a conference of the Council on Foreign Relations. His remarks widely quoted international business media.

"The situation with the dollar does not inspire me very concerned, but the growing federal budget deficit is the most alarming problem of the current economic situation in the United States", - said A. Greenspan. He stressed that the increasing interest costs lead to increased public debt.


Read more >>>

Bank of America recorded a loss

The largest U.S. bank Bank of America Corp. (BofA) recorded a net loss for the third quarter of $ 1 billion, or $ 0.26 per share, reported publication MarketWatch.

Bank Revenues in the third quarter totaled $ 26.04 billion against the analysts expected $ 27.65 billion

However, Bank of America Corp. notes "the first positive signs" in the financial sector and consumer lending, expects further stabilize earnings and possibly return to profit in the fourth quarter.


Read more >>>

Investment Fund in Europe will suffer billions in losses in the case of adoption of new rules to govern

Hedge funds and private equity firms operating in the European Union, may suffer multibillion losses in the form of lost income on the invested capital in the event that the European Commission proposed new rules for their work to be taken, told the Financial Times, citing a study commissioned by British governance of financial regulation and supervision (FSA).

A study conducted by a private consulting agency Charles River Associates, was the first official and independent analysis of new rules in this area, which was commissioned finregulyatorom EU member country.


Read more >>>

Greece outweigh in 2009-2010 allowed in the eurozone budget deficit

Greece is several times higher than allowed for eurozone budget deficit in 2009-2010, written in Greek newspapers on Friday, citing sources in the government.

Ministry of Finance expects that this year the deficit will rise to 12-14% of GDP, which is about 240 billion euros. The government socialists came to power in elections on 4 October, will have to find some 30 billion euros in addition to more than 60 billion that the country has already borrowed in foreign markets since the beginning of this year.


Read more >>>

Buffett - "Terror" of the crisis has receded

The famous investor, Berkshire Hathaway CEO Warren Buffett said that he again buys shares - but not because the economy is emerging from crisis.

In a video interview with CNNMoney.com billionaire commented on yesterday's statement by U.S. Fed Chairman Ben Bernanke on the completion of a recession. "I do not know the answer to this question. And I'm not too worried about it. This morning, we buy stocks, I can tell you. I do not make decisions about their purchases based on the assumption that we will emerge from recession in three months, through six months or a year. I buy stocks because they expect to increase their value over time. And I think it is a mistake for investors to focus on predictions rather than to assess the intrinsic value of the company's business. "


Read more >>>

Asian economies recovered faster than the other

Asian countries are ahead of the rest of the world on the path to economic recovery.

Said head of the International Monetary Fund Managing Director Dominique Strauss-Kahn, reports Reuters.

This rate of progress remains very slow, he said.

Strauss-Kahn also said that the IMF does not expect a second wave of the crisis. According to him, the world economy will pick up speed until the end of this year and in 2010, however, unemployment is likely to continue to grow in the future, he warned.


Read more >>>

The economy is not growing, but not decreases, the second wave of the crisis will not

The economy has reached bottom, but do not jump up there, there is also little reason to expect a second wave of the crisis, said U.S. financier Warren Buffett in an interview with U.S. TV channel CNBC.

"We did not jump up, but stopped decline," - he said.

In addition, Buffett said: "I think that all speaks against the likelihood of a second wave of the crisis."

However, investors noted that a number of serious problems in the economy persists.

In particular, he drew attention to the fact that the losses at banks, credit card issuers will increase.


Read more >>>

Reduced liquidity continues to influence the company's Emerging Markets EMEA

Companies from emerging markets in Europe, Middle East and Africa (EMEA) continue to have low levels of liquidity in comparison with comparable issuers in developed markets, according to an annual analytical report by Fitch as liquidity.

As the international rating agency, "is due to low or negative values of free cash flow, short-term revocable bank credit lines and the dynamics of domestic credit and bond markets, which are also characterized by more short-term nature and have less volume than in developed markets."

In addition, the structure of the debt companies under consideration becomes more short-term because of the greater proportion of debt to banks for the bond debt.


Read more >>>

Nord Stream gas pipeline may pass through the exclusive economic zone of Denmark

Nord Stream pipeline could pass through the exclusive economic zone - such a possibility during a telephone conversation on Wednesday raised the Prime Ministers of Russia and Denmark, Vladimir Putin, and Lecce, Lars Rasmussen, the press service of the government.

In this regard, Putin asked Rasmussen to support the efforts of Russia, other members of the consortium, as well as the States concerned in this project.

Heads of Government also discussed various aspects of trade and economic relations between Russia and Denmark, highlighted the need to maintain the level of trade and investment activity in the global economic crisis. Russia Prime Minister assured his Danish counterpart that Russia has a great deal of attention to foreign investment and to ensure equal and favorable conditions for business.


Read more >>>

Sales of cars in the U.S. will drop in September by 19%

Sales of cars in the U.S. will fall in September by 19% compared to the same period last year, leads the agency Bloomberg words head of Chrysler Group sales Peter Phone.

Sales of most Chrysler Group, owned by Italian carmakers Fiat, fall in September by 30% compared to September last year, writes The Wall Street Journal, citing a study IHS Global Insight.

The number of sold cars, Toyota Motor Corp. reduced by 15%, according to Global Insight.

Falling sales in the U.S., as analysts believe, is directly connected with the end of the Government's share of old cars on the new ( "cash-for-clunkers") on August 24.


Read more >>>

European countries producing Opel did not divide 4.6 billion euros

As will be allocated state aid allocated by the Government of Germany to save the company's Opel, is still not clear. Meanwhile, automakers BMW and Volkswagen are going to cease cooperation with the concern Magna.

Tuesday, 15 September, the Ministry of Economy of Germany met representatives of the economic ministers of Germany, Austria, Spain, Belgium, Poland and Britain, as well as the European Commission. Nevertheless, as stated by the Ministry of Economy of Germany, to distribute state aid amounting to 4.6 billion euros allocated by the Government of Germany to save the Opel, it was not possible due to lack of sufficient information. The meeting in Berlin insisted on giving them a detailed plan for absorption of the concern Opel, which should prepare the Austrian-Canadian concern Magna, as well as examination of the financial supervisor.


Read more >>>

The level of confidence in the global economy remains at a record high level of 2 nd month in a row

Confidence in the global economy grew slightly in September and remained at the maximum level for 22 months due to signs of recovery after the worst recession since World War II, the data suggest a survey conducted by Bloomberg worldwide.

Index Bloomberg Professional Global Confidence rose this month to 58.5 points from 58.12 points in August. The minimum value of the index - 3.99 points - was recorded in October 2008.

The indicator value above 50 points indicates that the number of optimists outnumber pessimists.


Read more >>>