Foreign policy: the main target for the new US president
Written on 29 October 2008 by webmasterIn the inheritance from Bush’s administration the following US president will receive the whole lots of problems. Experts notice that, besides, struggle against the financial crisis, the new head of the state should, first of all, solve a number of the problems, connected with foreign policy.
In particular, the newly elected president should make the decision concerning wars in Iraq and Afghanistan, which would reflect on relations with Russia and Europe, and also try to restore the international image of the country, which has been strongly affected by August crisis.
And, both candidates for presidents during the pre-election debate have emphasized internal policy, in particular, public health services and the taxation. Accordingly, foreign policy problems, including opposition with Iran because of its nuclear program have receded into the background.
Politicians prove that the one of the vital issues of foreign policy of new administration of the USA adjustment will be appreciable the relations, which have recently grown cold with Europe.
According to James M. Lindsay, an expert on U.S. politics and foreign policy, and a former director of Studies at CFR, the new president will receive a large quantity of the problems connected with foreign policy in the inheritance. Moreover, the new president will have to make of decision, which will have huge consequences for the USA and for many other countries.
Europe is to lead universal summit up to the end 2008
Written on 16 October 2008 by webmasterToday at press conference in Bruxelles the president of France Nicolas Sarkozy, presiding in the European Union, has declared that European countries are measured to lead the universal summit up to the end 2008.
According to Nicolas Sarkozy the Europe wants to lead and will lead the international summit, devoted to problems of economy, in November of this year, having noted, that supports participation in the summit of Russia and other large developing countries.
Thus the French president has emphasized, that the Europe will insist on acceptance of concrete decisions on results of the summit and will not be limited to applications.
Let’s remind, that today during the summit N.Sarkozy has declared, that the European Union (EU) unanimously supports updating world financial system. He has noted that all the countries of the European Union have supported radical re-structuring of such international establishments as the World Bank and the International Monetary Fund (IMF).
EU countries will save large banks
Written on 1 October 2008 by webmasterEuropean Union countries will not admit bankruptcy of any large bank during financial crisis. Such application has been made by the President of the European Union’s “Economic and Financial Affairs” Council and President of the Eurogroup, Jean-Claude Junker (supervising body of 15 EU countries entering into a zone of euro).
Thus Junker has noted that consequences of fluctuations in the market will be felt even for several months. President of Eurogroup convinced politicians of the USA to vote for granting 700 billion dollars in assistance to “sick” financial system, having noted thus, that Europe doesn’t need similar support, as the European banks are in the best condition, than American.
J.-C. Junker has also informed that on October, 4th, the meeting, during which preparation for assembly of world leaders for discussion of crisis, will be lead in Paris.
It is necessary to note, that earlier the chairman of Eurocommission Zhoze Manuel Barrozu (Jose Manuel Barroso) has called the governments of the European Union countries to unite efforts for support of the financial systems, suffering from world credit crisis.
Chairman of Eurocommission considers that for restoration of trust in the markets the joint actions of the governments on rendering assistance to the banks, experiencing difficulties, are extremely important.
Barclays can buy a number of Lehman Brothers’ actives
Written on 16 September 2008 by webmasterBritish bank Barclays Plc. negotiates for possible purchase of some actives of gone bankrupt American bank Lehman Brothers Holdings Inc.
Such information has been given is in published today Barclays application.
According to the application, actives can be got only on attractive to British bank’s shareholders terms, and now there is no confidence, that the transaction will take place. Additional data will be informed later.
Originally Barclays, alongside with Bank of America, appeared among potential buyers of Lehman, however finally both banks have refused from the transaction. In Barclays’ official application it is spoken, that purchase of Lehman Brothers mismatched interests of company’s shareholders.
Let’s remind, that on September, 15th, Lehman Brothers has declared about the intention to submit the application on bankruptcy in the American court on bankruptcies, according to reference 11 of United States Bankruptcy Code.
According to procedure the debtor usually continues to own the property and to conduct any activity, but it is obliged to submit to creditors’ consideration the plan of reorganization, which should proved by Court.
Italian authorities will help Alitalia
Written on 6 September 2008 by webmasterAuthorities of Italy hope for successful re-structuring of airline-bankrupt Alitalia up to the end of November 2008. Thus within September it is planned to find the foreign partner, which will agree to take part in re-structuring. Alitalia Extraordinary Administrator Augusto Fantozzi, appointed to this post after the announcement of a financial inconsistency of an air carrier, has informed on it.
According to his words if everything will go under the plan, in the beginning of November we can see new Alitalia.
At the same time Augusto Fantozzi supposes the pessimistic script at which the Italian aviation trade unions will block the governmental plan on of company’s actives rescue. Trade unions are dissatisfied with losses of workplaces, which is a part of the plan. According to the Italian mass-media, in result of re-structuring from 5 up to 7 thousand employees of airline can lose their workplaces.
Details of the plan of Alitalia re-structuring, which has been given to the Italian government, officially are not promulgated yet. However, according to the mass-media messages, the government is going to divide Alitalia on two parts: profitable actives will be sold to the new company, created under these purposes by group of large Italian investors, whereas unprofitable actives will be gradually liquidated through procedure of bankruptcy.
British still believe in the real estate
Written on 30 August 2008 by webmasterAs recent interrogation has shown, majority of British is not frightened with problems in the mortgage market, and all of them still wish to become owners of the real estate.
Nine of 10 respondents consider that purchase of the real estate is a reasonable money investment. The majority (60 %) of those, who does not hasten to improve the living conditions, are afraid of process of hypothec credit reception and the sum of initial payment.
Among measures, which respondents for the decision of a housing question, offer are canceling of buyers’ state duty payment and decrease in the interest rate under loans.
The world is on еру threshold of energy crisis
Written on 19 August 2008 by webmasterThe world stands on the threshold of energy crisis; it is marked in research of British research center Chatham House. In opinion of center representatives, in the nearest five-ten years the energy crisis that will lead to jump of the prices for oil up to 200 doll./barr.
in the report of leading researchers from Chatham House it is marked that there is all the bases to believe, that in 2013 crisis will burst. Most likely, in the market there will be a deficiency of oil, even despite of gradual escalating of volumes of manufacture.
, in opinion of Chatham House analysts, absence of necessary quantity of investments for the further development of oil deposits will play also play one of the leading roles. The matter is that the majority of the oil-extracting companies are compelled to pay quite good dividends to the shareholders instead of putting the received profit into development of new deposits and to improve already existing deposits.
In the end of the last week prices for oil futures have continued to decrease and as a result were established at the lowest level. Within the nearest for oil contracts delivery month results of the tenders at stock exchanges have made: in New York at the New York Mercantile Exchange (NYMEX) the official price of future Light, Sweet Crude Oil (September) has fallen on 4 dollars 82 cents (-4,0 %) and was established at the mark of 115,20 doll./barr.
Net profit of Nestle has grown up to € 3,2 billion
Written on 14 August 2008 by webmasterNet profit of the food stuffs Swiss manufacturer Nestle S.A. has grown on 6,1 % - up to 5,21 billion Swiss francs (3,2 billion euro) in comparison with 4,92 billion Swiss francs (3,02 billion euro), received for the similar period year earlier. Such information has been given in the report of the company, published on August, 7th.
In first half 2008 sales volume of the company has increased for 3,9 % and has made 53,07 billion Swiss francs (32,59 billion euro) in comparison with 51,11 billion Swiss francs (31,39 billion euro) year earlier. The operational profit for the accounting period has reached 7,34 billion Swiss francs (4,51 billion euro), that is on 6,1 % more of the similar parameter for I half-year of 2007, which made 6,92 billion Swiss francs (4,25 billion euro).
Company Nestle is based in 1866. The group occupies about 1,5 % of the world food stuffs and drinks market, being the largest manufacturer in these categories. Now it owns over 480 factories and industrial enterprises in 86 countries.
In 2007 net profit Nestle S.A. has grown on 15,8 % - up to 10,65 billion Swiss francs (6,61 billion euro) in comparison with 9,2 billion Swiss francs (5,71 billion euro), received year earlier. In 2007 sales volume of the company has increased on 9,2 % and has made 107,55 billion Swiss francs (66,75 billion euro) against 98,46 billion Swiss francs (61,11 billion euro) year earlier. The basic brands of the company are represented with Nesquik, Nescafe, Extreme, Maxibon, Maggi, KitKat, Perrier, Sanpellegrino, Vittel.
In I half-year net profit of HSBC has decreased on 29 %
Written on 8 August 2008 by webmasterIn the first half-year of 2008 net profit of British HSBC Holdings Plc., the largest in the Europe on capitalization bank, has decreased on 29 % - up to 7,72 billion dollars in comparison with 10,9 billion dollars. It is informed in published, on August, 4th, report of the company.
For the first half of current year proceeds of the company have grown on 8,3 % and have made 47,16 billion dollars against 43,57 billion dollars year earlier. The operational profit for the accounting period has reached 9,28 billion dollars, that is on 31,5 % less a similar parameter for I half-year of 2007, which have made 13 54,billion dollars.
The company connects decrease in parameters for the accounting period, in particular, with universal financial crisis.
Let’s remind, that in 2007 net profit of HSBC has grown on 21 % - up to 20,46 billion dollars in comparison with 16,87 billion dollars in 2006. The operational profit for the specified period has grown on 7 % - from 21,24 billion dollars up to 22,71 billion dollars. The volume of actives for the accounting period has grown on 27 % - from 1,86 billion dollars up to 2,35 billion dollars.
Hugo Chavez reforms bank system of Venezuela
Written on 4 August 2008 by webmasterThe president of Venezuela Hugo Chavez has signed a package of laws on reform of bank system of the country. The package consists of 26 laws, inuring the special order of the president of Venezuela. Such information has been represented in release of the official publication of the government of Venezuela Official Gazette. Details of bank reform of Venezuela have not been specified yet.
Let’s remind, earlier it was informed that Hugo Chavez prepares for nationalization Bank of Venezuela, divisions of Spanish bank Grupo Santander.
In June the leader of Venezuela has signed the decree about nationalization of three large cement companies. Nationalization has tough Venezuelan business branches of Mexican Cemex SAB, French Lafarge SA and Swiss Holcim Ltd. passes approximately 60 % of actions of these cement companies are under governmental control.
On May, 1st, 2008, Chavez has signed the decree about nationalization of Sidor, having threatened to expropriate a share of company Ternium in Sidor, a component of 60 %, without payment for it indemnifications. According to the president, Ternium has asked for a share in the company the “transcendental” sum of 4 billion dollars whereas the Venezuelan government has estimated a package of no more than 800 million dollars
In January, 2007, Chavez has signed the decree about nationalization of oil deposits in a river basin of Orinoco. According to the document, the foreign companies should sell national oil company Petroleos de Venezuela SA (PDVSA) a share at the rate of not less than 60 % in projects on oil recovery.
BP PLC, ExxonMobil Corp., Chevron Corp., Total SA, Statoil ASA and ConocoPhillips have agreed with these conditions. Later it became known, that ExxonMobil Corp. and ConocoPhillips will not sign contracts with Venezuela on investigation and oil recovery in the country.
