The euro rose Tuesday against the dollar, thanks to statistics less bad than expected euro zone and has yet approached parity with the pound sterling to euro 1.02 for a pound.
Around 22H00 GMT (23H00 in Paris), the euro bought 1.4068 dollars against 1.3957 Monday evening.
The euro also went back against the yen at 127.00 yen against 126.45 yen Monday evening.
The dollar fell against the yen at 90.27 yen against 90.58 yen Monday evening.
John Rivera, DailyFX, the European currency was "supported by an improvement in retail sales" in the euro zone, reflected by a small rise in the PMI index of retail sales.
At the same time, France, the number of starts of new homes fell between September and November, but less than expected by analysts, as the specialized site Forex.com.
In contrast, the United States, an index of U.S. consumer confidence fell in December to its lowest level in history.
The better than expected statistics in Europe have fueled doubts about the attitude of the European Central Bank (ECB) in January. According to some economists, influenced by recent statements by officials of the institution, it could mark a break after sharp declines in rates.
Tuesday, ECB President Jean-Claude Trichet, said to be wary of new lower rates. But he was also concerned that inflation too low, in an interview to be published Wednesday in the German daily Die Börsen-Zeitung.
The likelihood of deflationary has been reinforced by the inflation figures for Germany, which continued its decline in December.
"The question now is whether the ECB believes that it is its responsibility to reduce its rates to support growth, the Fed (U.S. central bank) and the BoE (UK central bank)", a Mr. Rivera noted.
The European currency has yet approached parity with the pound sterling, while the market is still waiting for the symbolic and historic passage of the pound in the euro.
"It is quite possible that it goes (...), or not we go there at all. But in this case, it would be difficult to persuade skeptics that the worst (of the crisis ) is behind us, "summed Moneycorp analysts who believe that the spirits can be freed once this psychological barrier crossed.
Around 22H00 GMT, the pound was down against the euro at 97.60 pence per euro against the dollar and 1.4410 to the dollar for a pound.
The Swiss currency was down against the euro at 1.4906 Swiss francs to one euro, stable against the dollar at 1.0595 Swiss francs to the dollar.
The Chinese yuan closed at 6.8309 yuan against one dollar for 6.8526 yuan yesterday.
--------------------------------
Course Course Tuesday Monday
22:00 GMT 22:00 GMT
EUR / USD 1.4068 1.3957
EUR / JPY 127.00 126.45
EUR / CHF 1.4906 1.4790
EUR / GBP O, 9760 0.9660
USD / JPY 90.27 90.58
USD / CHF 1.0595 1.0593
GBP / USD 1.4410 1.4443 ( All Forex News of Today )
Showing newest 38 of 172 posts from 12/1/08 - 1/1/09. Show older posts
Showing newest 38 of 172 posts from 12/1/08 - 1/1/09. Show older posts
The risk today: 30 Dec
EurUsd The market was up, reaching 1.4720 in December before dropping to 1.4000. The upward trend continues and there is room for the highest of 23 October, from 1.4867. A return to above 1.5000 will put an end to the pressure of the last three months and could bring the resistance of 1.6000 major highlight. Initial resistance remains at 1.4363, the highest of the day yesterday. A downward, 1.3899 and 1.3600, former resistance, as carriers continue. The following support remains at 1.2208, support for the trend line. The next long-term support stands at 1.1640, the lowest in November 2005 and therefore the lowest in September 2003, 1.0739.
GbpUsd The market has dropped most of the gains made since the cable mid-December and traded under 1.5000. The feeling is mixed, but a further increase could lay the foundation of 1.6075 (the 38.2% retracement of the drop 1.8669 - 1.4471) and 1.6570 same (50% retracement). The upward trend should be oriented towards the major resistance and the highest of 30 October of 1.6673. The new resistance remains at 1.7816 (retracement of the decline 50% 2.1161 - 1.4471). In the fall, the major media are present at the lowest of 1.4471 before December of the lowest in March 2001, 1.3682. Initial support remains at 1.4383, the lowest of the day yesterday.
The USDJPY pair USDJPY continues the downward trend the last four months and reached a low of 87.14 on 17 December is requinquer before reaching a high of 90.99. The major support is at 87.14. A new trend could lead to the lowest in April 1995, 79.70. On the up, the major resistance remains the pivot point of 100, but only a rebound over the line trend higher, 103 and pivot point 105 to lay the foundations of the new 108 and the highest of 15 August , 110.67. Initial resistance remains at 93.91, before the highest of 24 November, 97.43.
UsdChf The market fell, reaching a low in mid-December of 1.0414 in the downward trend of the month. The contract yesterday reached a low of 1.0511. A further decline could lay the groundwork for a fall to 1.0500 and 1.0375. This movement could also look to the lowest in the July 15 face of 1.0013 at the lower of March 17, 0.9637. A further increase beyond 1.2298, the highest of 21 last November, may open the path of major resistance 1.2506 (61.8% retracement of the decline 1,4278-0,9639). Former support 1.0955 remains as minor resistance. ( All Forex News of Today )
GbpUsd The market has dropped most of the gains made since the cable mid-December and traded under 1.5000. The feeling is mixed, but a further increase could lay the foundation of 1.6075 (the 38.2% retracement of the drop 1.8669 - 1.4471) and 1.6570 same (50% retracement). The upward trend should be oriented towards the major resistance and the highest of 30 October of 1.6673. The new resistance remains at 1.7816 (retracement of the decline 50% 2.1161 - 1.4471). In the fall, the major media are present at the lowest of 1.4471 before December of the lowest in March 2001, 1.3682. Initial support remains at 1.4383, the lowest of the day yesterday.
The USDJPY pair USDJPY continues the downward trend the last four months and reached a low of 87.14 on 17 December is requinquer before reaching a high of 90.99. The major support is at 87.14. A new trend could lead to the lowest in April 1995, 79.70. On the up, the major resistance remains the pivot point of 100, but only a rebound over the line trend higher, 103 and pivot point 105 to lay the foundations of the new 108 and the highest of 15 August , 110.67. Initial resistance remains at 93.91, before the highest of 24 November, 97.43.
UsdChf The market fell, reaching a low in mid-December of 1.0414 in the downward trend of the month. The contract yesterday reached a low of 1.0511. A further decline could lay the groundwork for a fall to 1.0500 and 1.0375. This movement could also look to the lowest in the July 15 face of 1.0013 at the lower of March 17, 0.9637. A further increase beyond 1.2298, the highest of 21 last November, may open the path of major resistance 1.2506 (61.8% retracement of the decline 1,4278-0,9639). Former support 1.0955 remains as minor resistance. ( All Forex News of Today )
Wall Street up, the market welcomed the initiative of the Treasury to GMAC
The New York Stock Exchange opened up Tuesday, for the penultimate meeting of the year, input from the U.S. Treasury for GMAC: the Dow Jones took 0.69% and the Nasdaq 0.66 %.
A 14H40 GMT, the Dow Jones Industrial Average (DJIA) gained 58.22 points to 8542.15 points and the Nasdaq, dominated technological 9.90 points to 1520.22 points.
The broader index Standard & Poor's 500 Index advanced for its 0.56% (4.84 points) to 874.26 points.
Monday, Wall Street began the week lower, hit by the plummeting of the Dow Chemical and the violence in Gaza, in a limited volume of trade. The Dow Jones lost 0.37% and the Nasdaq 1.30%.
As the New Year, the exchanges were not expanded, which pushed the market to move in mysterious ways after "after Patrick O'Hare, site analysis Briefing.com.
According to him, the two factors were up Tuesday by the Treasury in favor of GMAC and the decline in oil prices.
The U.S. Treasury has pledged $ 6 billion to save the financial services group, currently controlled by General Motors and the fund Cerberus (owner of Chrysler), based mainly on a recapitalization by the state to the tune of 5 billion USD .
A loan of one billion dollars was also granted to GM to enable him to participate in the recapitalization.
The title of the car, for which a bankruptcy GMAC could have been catastrophic, flying at the opening of more than 7%.
The bond market was falling. The good performance of 10-year Treasury rose to 2129% 2096% against Monday night, and one to 30 years to 2641% 2625% against the previous day. ( All Forex News of Today )
A 14H40 GMT, the Dow Jones Industrial Average (DJIA) gained 58.22 points to 8542.15 points and the Nasdaq, dominated technological 9.90 points to 1520.22 points.
The broader index Standard & Poor's 500 Index advanced for its 0.56% (4.84 points) to 874.26 points.
Monday, Wall Street began the week lower, hit by the plummeting of the Dow Chemical and the violence in Gaza, in a limited volume of trade. The Dow Jones lost 0.37% and the Nasdaq 1.30%.
According to him, the two factors were up Tuesday by the Treasury in favor of GMAC and the decline in oil prices.
The U.S. Treasury has pledged $ 6 billion to save the financial services group, currently controlled by General Motors and the fund Cerberus (owner of Chrysler), based mainly on a recapitalization by the state to the tune of 5 billion USD .
A loan of one billion dollars was also granted to GM to enable him to participate in the recapitalization.
The title of the car, for which a bankruptcy GMAC could have been catastrophic, flying at the opening of more than 7%.
The bond market was falling. The good performance of 10-year Treasury rose to 2129% 2096% against Monday night, and one to 30 years to 2641% 2625% against the previous day. ( All Forex News of Today )
Wall Street opens higher: Dow Jones 0.60%, Nasdaq 0.68%
The New York Stock Exchange opened up Tuesday, for the penultimate meeting of the year, input from the U.S. Treasury for GMAC: the Dow Jones took 0.60% and the Nasdaq 0.68 %.
At 14:32 GMT, the Dow Jones Industrial Average (DJIA) gained 50.81 points to 8534.74 points and the Nasdaq, dominated technological 10.20 points to 1520.52 points.
Monday, Wall Street began the week lower, hit by the plummeting of the Dow Chemical and the violence in Gaza, in a limited volume of trade. The Dow Jones lost 0.37% and the Nasdaq 1.30%. ( All Forex News of Today )
At 14:32 GMT, the Dow Jones Industrial Average (DJIA) gained 50.81 points to 8534.74 points and the Nasdaq, dominated technological 10.20 points to 1520.52 points.
Monday, Wall Street began the week lower, hit by the plummeting of the Dow Chemical and the violence in Gaza, in a limited volume of trade. The Dow Jones lost 0.37% and the Nasdaq 1.30%. ( All Forex News of Today )
The U.S. Treasury maintains GMAC with $ 5 billion
The U.S. government announced that inject five billion dollars in auto loan specialist GMAC LLC and lend it up to a billion dollars more to General Motors, its former parent company.
The loan to GM will add to the $ 17.4 billion (12.38 billion euros) of public money already announced on December 19 for GM and Chrysler.
GMAC last week received the green light from the Federal Reserve to become bank holding company, allowing it access to Tarp, the fund of 700 billion dollars in October adopted by Congress.
The Treasury said it would buy five billion dollars in preferred shares with a coupon of 8%, to ensure the financial solvency seen as crucial for the survival of GM.
In recent months, vehicle sales fell to the lowest in 25 years, prompting GM and Chrysler on the brink of bankruptcy, and the most optimistic forecasts do not expect recovery until 2010.
GMAC, specializes in automobile credit, has lost $ 7.9 billion during the last five quarters. This loss is attributed to the credit crisis that has built its own borrowing costs while the value of most of its assets based.
In return for this capital injection, the group agreed to reduce the dividend and pay for their leaders. For example, the amount available for allocation of bonuses to 25 top executives of the group was reduced by 40% compared to 2007, said a senior Treasury journalists.
In a statement, GMAC said that GM and Cerberus had agreed to buy for $ 1.25 billion new shares. ( All Forex News of Today )
The loan to GM will add to the $ 17.4 billion (12.38 billion euros) of public money already announced on December 19 for GM and Chrysler.
GMAC last week received the green light from the Federal Reserve to become bank holding company, allowing it access to Tarp, the fund of 700 billion dollars in October adopted by Congress.
The Treasury said it would buy five billion dollars in preferred shares with a coupon of 8%, to ensure the financial solvency seen as crucial for the survival of GM.
In recent months, vehicle sales fell to the lowest in 25 years, prompting GM and Chrysler on the brink of bankruptcy, and the most optimistic forecasts do not expect recovery until 2010.
GMAC, specializes in automobile credit, has lost $ 7.9 billion during the last five quarters. This loss is attributed to the credit crisis that has built its own borrowing costs while the value of most of its assets based.
In return for this capital injection, the group agreed to reduce the dividend and pay for their leaders. For example, the amount available for allocation of bonuses to 25 top executives of the group was reduced by 40% compared to 2007, said a senior Treasury journalists.
In a statement, GMAC said that GM and Cerberus had agreed to buy for $ 1.25 billion new shares. ( All Forex News of Today )
The U.S. Treasury holds the financial rescue auto purchases
The U.S. Treasury released Monday six billion dollars to help the financial services group GMAC, currently held by General Motors and the owner of Chrysler, including a failure could further aggravate the difficulties of Detroit manufacturers.
The transaction is based on a recapitalization direct U.S. Treasury up to $ 5 billion, and on a new loan of one billion dollars granted to General Motors specifically to participate in this bailout.
These are added to the aid package announced on 19 December to save GM and Chrysler, on the brink of insolvency. It was expected in this context that the two manufacturers affect Monday 4 billion each, but the payment was delayed time to develop methods, according to Treasury officials, and is expected "very soon".
GMAC, he received Monday from the six billion, five days after having received conditional status bank allowing it to claim funds from the Paulson plan. Government assistance has been released without awaiting the outcome of the operation very difficult to restructure the debt of GMAC, under which creditors of the company were to accept an exchange of debt against the shares.
The operation was supposed to be closed Friday evening for the processing bank to be effective, but GMAC Monday evening had not yet communicated the result of negotiations with its creditors.
An official with the Treasury, speaking under cover of anonymity, declined to comment on this.
Saving GMAC, with funds drawn again in the plan Paulson, voted in October to save the financial system, the administration supports a player located at the junction of the credit crisis and the crisis the automobile. GMAC is the former division of auto credit, which became independent from General Motors. Old cow's milk, she ventured into home loans, which precipitated its setbacks, it has lost $ 5 billion in six months.
Its collapse would have exacerbated the difficulties of the automotive sector, while finance both the dealers, who rely on it to buy the vehicles they're selling, and buyers of cars, which 90% use credit in the United States. Also the Treasury has stressed that this gesture to save GMAC was "part of a broader program to help the domestic car industry to become financially viable." This program represents an amount that was previously amounted to $ 17.4 billion.
The administration had announced December 19 that to avoid the collapse of the auto industry it would grant a credit line of $ 9.4 billion at GM, and 4 billion USD in Chrysler.
Another package of $ 4 billion would be available to GM in February. The third national manufacturer, Ford, a little less run out of cash than its competitors, had argued that he did not need emergency federal assistance to move this year.
In exchange for five billion dollars made to recapitalize GMAC, the Treasury will receive preferred shares relating dividend of 8%. The Treasury also gets warrants for shares representing up to 5% of the original amount, which a dividend yield of 9% if they were actually subscribed.
In addition, the Federal Reserve demanded that if a bank becomes GMAC GM is committed to reduce its shareholding to less than 10%. The participation of the fund Cerberus, owner of Chrysler and 51% of GMAC at present, not to exceed 33% of future capital. ( All Forex News of Today )
The transaction is based on a recapitalization direct U.S. Treasury up to $ 5 billion, and on a new loan of one billion dollars granted to General Motors specifically to participate in this bailout.
These are added to the aid package announced on 19 December to save GM and Chrysler, on the brink of insolvency. It was expected in this context that the two manufacturers affect Monday 4 billion each, but the payment was delayed time to develop methods, according to Treasury officials, and is expected "very soon".
GMAC, he received Monday from the six billion, five days after having received conditional status bank allowing it to claim funds from the Paulson plan. Government assistance has been released without awaiting the outcome of the operation very difficult to restructure the debt of GMAC, under which creditors of the company were to accept an exchange of debt against the shares.
An official with the Treasury, speaking under cover of anonymity, declined to comment on this.
Saving GMAC, with funds drawn again in the plan Paulson, voted in October to save the financial system, the administration supports a player located at the junction of the credit crisis and the crisis the automobile. GMAC is the former division of auto credit, which became independent from General Motors. Old cow's milk, she ventured into home loans, which precipitated its setbacks, it has lost $ 5 billion in six months.
Its collapse would have exacerbated the difficulties of the automotive sector, while finance both the dealers, who rely on it to buy the vehicles they're selling, and buyers of cars, which 90% use credit in the United States. Also the Treasury has stressed that this gesture to save GMAC was "part of a broader program to help the domestic car industry to become financially viable." This program represents an amount that was previously amounted to $ 17.4 billion.
The administration had announced December 19 that to avoid the collapse of the auto industry it would grant a credit line of $ 9.4 billion at GM, and 4 billion USD in Chrysler.
Another package of $ 4 billion would be available to GM in February. The third national manufacturer, Ford, a little less run out of cash than its competitors, had argued that he did not need emergency federal assistance to move this year.
In exchange for five billion dollars made to recapitalize GMAC, the Treasury will receive preferred shares relating dividend of 8%. The Treasury also gets warrants for shares representing up to 5% of the original amount, which a dividend yield of 9% if they were actually subscribed.
In addition, the Federal Reserve demanded that if a bank becomes GMAC GM is committed to reduce its shareholding to less than 10%. The participation of the fund Cerberus, owner of Chrysler and 51% of GMAC at present, not to exceed 33% of future capital. ( All Forex News of Today )
Currencies: The dollar remains discussed
The euro camp over the area of 1.40 / $ on Tuesday morning between banks in a calm but keeps a worried eye on the situation in Gaza after three days of Israeli bombardment. Oil remains too close to the area of $ 40 a barrel in Asia, the market now fear a ground offensive.
Among the latest statistics striking the United States, no improvement can be reported across the Atlantic, with inscriptions initial unemployment that emerged at a rate adjusted for seasonal variations 586,000, up 30,000, a record high since November 1982. The average four weeks was 558,000, up 13,750, the highest since December 1982 ... ( All Forex News of Today )
Among the latest statistics striking the United States, no improvement can be reported across the Atlantic, with inscriptions initial unemployment that emerged at a rate adjusted for seasonal variations 586,000, up 30,000, a record high since November 1982. The average four weeks was 558,000, up 13,750, the highest since December 1982 ... ( All Forex News of Today )
Ford: Kirk Kerkorian is pulling out completely
Kirk Kerkorian, the famous American billionaire has to settle its shares in Ford. Turn 180 degrees, while a few months ago, he had acquired more than 6% of the group.
A kind of saves that could in some way, while the title Ford lost about two thirds of its value in one year.
A spokesman for the investment company Tracinda, owned by businessman armémienne home, confirmed the agency DowJones Newswires that it had more shares Ford.
Mr. Kerkorian had risen gradually in the capital's last spring, so much so that last June, he held more shares of the group that the founding family Ford.
But the great adventure was only of short duration. By October, Tracinda had begun to offload its shares Ford, while announcing that initiated the movement would continue in the future.
The disengagement seemed proportional ... the fall of the action, which acknowledged Monday even a drop of 3.06% on Wall Street. Ford is worth more now than 5.3 billion dollars in stock market.
The operation has been costly for Kerkorian, who has been a shareholder of the three major U.S. automaker.
The billionaire has approached the car industry by entering the capital of Chrysler in 1995, up 15%. Affirming that its entry would be a "passive investor" finally he tried to buy the company, but its offer was blocked by the board, before it does some time after an offer of DaimlerBenz.
But investment in Ford ended today with a loss to Tracinda. The latter had announced in October that it intended to concentrate its investments in the game and hotels, as well as hydrocarbons. ( All Forex News of Today )
A kind of saves that could in some way, while the title Ford lost about two thirds of its value in one year.
A spokesman for the investment company Tracinda, owned by businessman armémienne home, confirmed the agency DowJones Newswires that it had more shares Ford.
Mr. Kerkorian had risen gradually in the capital's last spring, so much so that last June, he held more shares of the group that the founding family Ford.
The disengagement seemed proportional ... the fall of the action, which acknowledged Monday even a drop of 3.06% on Wall Street. Ford is worth more now than 5.3 billion dollars in stock market.
The operation has been costly for Kerkorian, who has been a shareholder of the three major U.S. automaker.
The billionaire has approached the car industry by entering the capital of Chrysler in 1995, up 15%. Affirming that its entry would be a "passive investor" finally he tried to buy the company, but its offer was blocked by the board, before it does some time after an offer of DaimlerBenz.
But investment in Ford ended today with a loss to Tracinda. The latter had announced in October that it intended to concentrate its investments in the game and hotels, as well as hydrocarbons. ( All Forex News of Today )
GM and Chrysler: the U.S. Treasury is expected
Bad weather for the U.S. automotive industry. The U.S. Treasury Department said Monday it still was working to pay the first tranche of aid promised to General Motors and Chrysler.
Nice way to announce that it will wait to see concrete measures, while the first payments should be made in the day.
Sister Anne, do not you come?
"We are making good progress towards finalizing loans to automobile manufacturers and we are committed to them in time to satisfy their needs short-term funding," said a spokeswoman for the Treasury, Brookly McLaughlin.
The fact remains that remains pending, no date has been specified. The extent of damage would be only one day of "Lost" is so important?
As previously announced, Chrysler would receive the full amount allocated at present is $ 4 billion, he asked the leadership in September billion. If General Motors expects that Father Christmas pays the same amount in his big shoes, he expected to receive an additional 5.4 billion dollars as a Christmas bonus in January.
Another package of 4 billion dollars must be available to GM in February, subject to the release of the second part of the funds Paulson plan by Congress. What is not done ... It was only after the decisions taken are those that forceps were taken on an exceptional basis in the $ 700 billion Paulson plan.
In return for these gifts financial, manufacturers have committed to using such funds "to become financially viable", according to the terms of the agreement with the federal state. They must prove by March 31, failing which they will repay all monies advanced.
Which does not seem to intimidate a penny for the Director General of the U.S. automaker Bob Nardelli. In a memo to employees, he said recently that the plan to restore Chrysler to profitability was "reasonable and feasible." Whew, we're saved!
"The group will continue to work with all parties involved in the coming weeks to agree on" shared sacrifice "that is necessary to redress the operations," added Nardelli. "With the credit of the government to relay the horizon, we have the financial support to implement this plan," continued the CEO of Chrysler.
Commenting on the loan granted to General Motors (GM) and Chrysler to try to fight against a liquidity crisis, Barack Obama was wanted for his firm. "I want to say emphatically to the leaders of three major U.S. automaker that patience is running out of people. They must seize this opportunity to achieve in the coming months to develop a viable plan (...). They should make difficult choices "and he warned. ( All Forex News of Today )
Nice way to announce that it will wait to see concrete measures, while the first payments should be made in the day.
Sister Anne, do not you come?
"We are making good progress towards finalizing loans to automobile manufacturers and we are committed to them in time to satisfy their needs short-term funding," said a spokeswoman for the Treasury, Brookly McLaughlin.
As previously announced, Chrysler would receive the full amount allocated at present is $ 4 billion, he asked the leadership in September billion. If General Motors expects that Father Christmas pays the same amount in his big shoes, he expected to receive an additional 5.4 billion dollars as a Christmas bonus in January.
Another package of 4 billion dollars must be available to GM in February, subject to the release of the second part of the funds Paulson plan by Congress. What is not done ... It was only after the decisions taken are those that forceps were taken on an exceptional basis in the $ 700 billion Paulson plan.
In return for these gifts financial, manufacturers have committed to using such funds "to become financially viable", according to the terms of the agreement with the federal state. They must prove by March 31, failing which they will repay all monies advanced.
Which does not seem to intimidate a penny for the Director General of the U.S. automaker Bob Nardelli. In a memo to employees, he said recently that the plan to restore Chrysler to profitability was "reasonable and feasible." Whew, we're saved!
"The group will continue to work with all parties involved in the coming weeks to agree on" shared sacrifice "that is necessary to redress the operations," added Nardelli. "With the credit of the government to relay the horizon, we have the financial support to implement this plan," continued the CEO of Chrysler.
Commenting on the loan granted to General Motors (GM) and Chrysler to try to fight against a liquidity crisis, Barack Obama was wanted for his firm. "I want to say emphatically to the leaders of three major U.S. automaker that patience is running out of people. They must seize this opportunity to achieve in the coming months to develop a viable plan (...). They should make difficult choices "and he warned. ( All Forex News of Today )
Oil: the price increase of 6% in New York
So the conflict between Israel and Hamas not only has negative impacts on the Arab countries.
While oil-producing countries are struggling to raise crude oil prices, the Israeli offensive in the Gaza Strip had the effect of raising the course.
Oil prices finished up more than two dollars Monday on the New York market Nymex, the U.S. light crude and passing the threshold of 40 dollars a barrel.
Prices have followed a particular dance style swing between fears related to the offer and the possibility of lower demand. The weakness of trade between Christmas and New Year could also encourage volatility.
The markets seem to oscillate between the impact that might have the Israeli offensive against Hamas in the Gaza Strip on supplies from the Middle East, the effects of the falling dollar and the intention of China to increase its strategic reserves.
Dozens of Israeli air strikes have again targeted buildings in the night of Monday to Tuesday in the Gaza Strip, including facilities of ministries or services sécruité, according to Hamas and witnesses on the scene.
The conflict is of violence unprecedented since the occupation of Palestinian territories by Israel in 1967, and markets fear an escalation into a wider conflict, fearing that Israel does the same to Iran, second largest exporter of the Organization of Petroleum Exporting Countries.
At the close, the February contract on the U.S. light crude was up 2.31 dollars compared to its closing price on Friday, or 6.13%, to 40.02 dollars a barrel after having fluctuated between 37.53 and 42.20. In London, a barrel of Brent North Sea due to identical won 2.18 dollars to 40.55 dollars.
Note also that the Sultan Qaboos of Oman has proposed Monday the establishment of a mechanism to stabilize the price of crude, to overcome the global economic crisis, with the opening of the annual summit of Gulf Cooperation Council (GCC).
The crisis makes it necessary to study the creation of a mechanism to stabilize oil prices in the marketplace "international," said Omani sovereign in the presence of his peers of the five other oil monarchies of the GCC. The six GCC members controls 45% of world reserves of crude, 25% of natural gas reserves and provide a quarter of world supplies of oil. ( All Forex News of Today )
While oil-producing countries are struggling to raise crude oil prices, the Israeli offensive in the Gaza Strip had the effect of raising the course.
Oil prices finished up more than two dollars Monday on the New York market Nymex, the U.S. light crude and passing the threshold of 40 dollars a barrel.
Prices have followed a particular dance style swing between fears related to the offer and the possibility of lower demand. The weakness of trade between Christmas and New Year could also encourage volatility.
Dozens of Israeli air strikes have again targeted buildings in the night of Monday to Tuesday in the Gaza Strip, including facilities of ministries or services sécruité, according to Hamas and witnesses on the scene.
The conflict is of violence unprecedented since the occupation of Palestinian territories by Israel in 1967, and markets fear an escalation into a wider conflict, fearing that Israel does the same to Iran, second largest exporter of the Organization of Petroleum Exporting Countries.
At the close, the February contract on the U.S. light crude was up 2.31 dollars compared to its closing price on Friday, or 6.13%, to 40.02 dollars a barrel after having fluctuated between 37.53 and 42.20. In London, a barrel of Brent North Sea due to identical won 2.18 dollars to 40.55 dollars.
Note also that the Sultan Qaboos of Oman has proposed Monday the establishment of a mechanism to stabilize the price of crude, to overcome the global economic crisis, with the opening of the annual summit of Gulf Cooperation Council (GCC).
The crisis makes it necessary to study the creation of a mechanism to stabilize oil prices in the marketplace "international," said Omani sovereign in the presence of his peers of the five other oil monarchies of the GCC. The six GCC members controls 45% of world reserves of crude, 25% of natural gas reserves and provide a quarter of world supplies of oil. ( All Forex News of Today )
The risk today: 29 Dec
EURUSD The market has been trending upward, reaching 1.4720 in December before declining to 1.4000. The upward trend continues and there is room for the highest of 23 October, from 1.4867. A return to above 1.5000 put an end to the pressure of the last three months and could bring the major resistance 1.6000 highlighted. A downward, 1.3899 and 1.3600, former resistance, as carriers continue. The next support remains at 1.2208, support the trend line. The next long-term support stands at 1.1640, the lowest in November 2005 and therefore the lowest in September 2003, 1.0739.
GBPUSD The market has dropped most of the gains achieved Cable since mid-December and traded under 1.5000. The feeling is mixed but a new development may lay the foundation for 1.6075 (Trace 38.2% decline from 1.8669 - 1.4471) and 1.6570 (tracing 50%). The uptrend should move towards the major resistance and the highest of 30 October of 1.6673. The new resistance remains at 1.7816 (tracing 50% decline 2.1161 - 1.4471). In the fall, the major media are present at the lowest of 1.4471 before December of the lowest in March 2001, 1.3682.
The USDJPY pair USDJPY continues to decline began last four months and reached a low of 87.14 on December 17 is an enhanced before reaching a high of 90.99. The major support is at 87.14. A new trend could lead to the lowest in April 1995, 79.70. A rising, major resistance remains the pivot point of 100, but only a rebound above the upper trend line, 103 and 105 pivot point lay the foundation for new 108 and the highest of 15 August , 110.67. Initial resistance remains at 93.91, before the highest of 24 November, 97.43
UsdChf The market fell, reaching a low in mid-December 1.0414 in the downward trend of the month. A further decline could lay the groundwork for a retreat to 1.0692, the lowest of 22 September and 1.0500 and 1.0375. This movement could leering in the lowest 15 July 1.0013 facing the lowest in the March 17, 0.9637. A further rise beyond 1.2298, the highest of 21 last November, may open the path of most resistance of 1.2506 (61.8% tracing the decline 1,4278-0,9639). Former support continues as 1.0955 minor resistance. ( All Forex News of Today )
GBPUSD The market has dropped most of the gains achieved Cable since mid-December and traded under 1.5000. The feeling is mixed but a new development may lay the foundation for 1.6075 (Trace 38.2% decline from 1.8669 - 1.4471) and 1.6570 (tracing 50%). The uptrend should move towards the major resistance and the highest of 30 October of 1.6673. The new resistance remains at 1.7816 (tracing 50% decline 2.1161 - 1.4471). In the fall, the major media are present at the lowest of 1.4471 before December of the lowest in March 2001, 1.3682.
The USDJPY pair USDJPY continues to decline began last four months and reached a low of 87.14 on December 17 is an enhanced before reaching a high of 90.99. The major support is at 87.14. A new trend could lead to the lowest in April 1995, 79.70. A rising, major resistance remains the pivot point of 100, but only a rebound above the upper trend line, 103 and 105 pivot point lay the foundation for new 108 and the highest of 15 August , 110.67. Initial resistance remains at 93.91, before the highest of 24 November, 97.43
UsdChf The market fell, reaching a low in mid-December 1.0414 in the downward trend of the month. A further decline could lay the groundwork for a retreat to 1.0692, the lowest of 22 September and 1.0500 and 1.0375. This movement could leering in the lowest 15 July 1.0013 facing the lowest in the March 17, 0.9637. A further rise beyond 1.2298, the highest of 21 last November, may open the path of most resistance of 1.2506 (61.8% tracing the decline 1,4278-0,9639). Former support continues as 1.0955 minor resistance. ( All Forex News of Today )
The euro continues to advance against the dollar and the pound, close to parity
The euro rose against the dollar Monday, boosted by new market depressed reassuring about the health of the economy, and even closer to parity with the pound sterling.
At 19H00 GMT (20H00 in Paris), the euro was worth 1.4095 per euro against 1.4025 Friday evening.
The European currency fell to 126.90 yen against 127.33 yen Friday evening.
The dollar also fell facing the Japanese currency to 90.04 yen against 90.78 yen Friday.
The continued to exchange currencies in limited ranges at this time of festive season.
"While a year of disasters and volatility is coming to an end, it is a little comfort to see that this happens in a manner so calm," said Daragh Maher, Calyon. "The currency market has the air content to finish the year were off by as little as possible," he added.
John Rivera, DailyFX, "the euro has risen as the economy (area) shows signs of stabilization".
Two factors have encouraged, according to the analyst, the European currency: comments from German finance minister, Peer Steinbrück, holding that the first euro-area economy was well placed to overcome the crisis, and confirmation that France had escaped recession in the third quarter.
"These signs that the two largest economies in the euro area seem more resistant than we thought have reduced expectations of further rate cuts by the European Central Bank (ECB) has found Mr. Rivera.
In addition, "sales of dollars have been linked to the conflict in Gaza and the escalation of tensions between India and Pakistan," said Audrey Childe-ruled Freeman, Brown Brothers Harriman. The Israeli offensive on the Gaza Strip has shaken oil prices, whose variations are closely related to foreign exchange markets.
Meanwhile, the pound is still close to parity after touching a new historic low 1.0198 euro for one pound (0.9800 pound per euro).
"There are fewer and fewer people who might not believe in 1 = 1" reported Andrew Wilde, Capital Spread, citing the likely rate cut by the Bank of England expected next January 8.
The Central Bank of Russia (CBR) reported Monday to have expanded the fluctuation band in which it changed the ruble in relation to the dollar-euro basket that serves as a reference, which is de facto devaluation of the twelfth this kind since November 11.
The basket (made up 55% from 45% dollars and euros) Monday reached a value of 34.84 rubles. He lost 20% of its value since August.
Towards 19H00 GMT, the pound was down against the euro at 97.24 pence per euro and fell face the greenback at 1.4491 dollar for a pound.
The Swiss currency was up against the euro at 1.4801 Swiss francs, as against the dollar to 1.0499 Swiss franc.
The Chinese yuan closed at 6.8526 yuan to one U.S. dollar against 6.8413 yuan Friday.
-----------------------------------
Quotes from Monday to Friday Quotes
19H00 GMT 22:00 GMT
EUR / USD 1.4095 1.4025
EUR / JPY 126.90 127.33
EUR / CHF 1.4801 1.5018
EUR / GBP 0.9724 0.9614
USD / JPY 90.04 90.78
USD / CHF 1.0499 1.0705
GBP / USD 1.4491 1.4569
( All Forex News of Today )
At 19H00 GMT (20H00 in Paris), the euro was worth 1.4095 per euro against 1.4025 Friday evening.
The European currency fell to 126.90 yen against 127.33 yen Friday evening.
The dollar also fell facing the Japanese currency to 90.04 yen against 90.78 yen Friday.
The continued to exchange currencies in limited ranges at this time of festive season.
"While a year of disasters and volatility is coming to an end, it is a little comfort to see that this happens in a manner so calm," said Daragh Maher, Calyon. "The currency market has the air content to finish the year were off by as little as possible," he added.
John Rivera, DailyFX, "the euro has risen as the economy (area) shows signs of stabilization".
Two factors have encouraged, according to the analyst, the European currency: comments from German finance minister, Peer Steinbrück, holding that the first euro-area economy was well placed to overcome the crisis, and confirmation that France had escaped recession in the third quarter.
"These signs that the two largest economies in the euro area seem more resistant than we thought have reduced expectations of further rate cuts by the European Central Bank (ECB) has found Mr. Rivera.
In addition, "sales of dollars have been linked to the conflict in Gaza and the escalation of tensions between India and Pakistan," said Audrey Childe-ruled Freeman, Brown Brothers Harriman. The Israeli offensive on the Gaza Strip has shaken oil prices, whose variations are closely related to foreign exchange markets.
Meanwhile, the pound is still close to parity after touching a new historic low 1.0198 euro for one pound (0.9800 pound per euro).
"There are fewer and fewer people who might not believe in 1 = 1" reported Andrew Wilde, Capital Spread, citing the likely rate cut by the Bank of England expected next January 8.
The Central Bank of Russia (CBR) reported Monday to have expanded the fluctuation band in which it changed the ruble in relation to the dollar-euro basket that serves as a reference, which is de facto devaluation of the twelfth this kind since November 11.
The basket (made up 55% from 45% dollars and euros) Monday reached a value of 34.84 rubles. He lost 20% of its value since August.
Towards 19H00 GMT, the pound was down against the euro at 97.24 pence per euro and fell face the greenback at 1.4491 dollar for a pound.
The Swiss currency was up against the euro at 1.4801 Swiss francs, as against the dollar to 1.0499 Swiss franc.
The Chinese yuan closed at 6.8526 yuan to one U.S. dollar against 6.8413 yuan Friday.
-----------------------------------
Quotes from Monday to Friday Quotes
19H00 GMT 22:00 GMT
EUR / USD 1.4095 1.4025
EUR / JPY 126.90 127.33
EUR / CHF 1.4801 1.5018
EUR / GBP 0.9724 0.9614
USD / JPY 90.04 90.78
USD / CHF 1.0499 1.0705
GBP / USD 1.4491 1.4569
( All Forex News of Today )
Currencies: rebound oil weighs on the dollar
The dollar fell frankly against the euro, which takes 1.6% to 1425 dollar against the euro and yields 0.8% to 90.1 yen against the dollar against the Japanese currency. The euro rose 0.7% to 128.3 yen per euro.
The U.S. currency suffered particularly from the strong rally in gold prices following the sharp black renewed tensions in the Middle East this weekend. The price of WTI climbs on Monday by 3.1% to 38.9 dollars a barrel, in an IDF shelling on the Gaza Strip since Saturday and the prospect of an Israeli ground in that territory.
The rebound in oil prices, however, occurs after a downward spiral that saw oil prices divided by four in 6 months due to falling international demand.
While no statistics are expected this afternoon in the United States, the traders will know tomorrow the Chicago PMI index and the consumer confidence index from the Conference Board, then the ISM manufacturing index in weekend.
After a year that showed the British economy as one of the most affected by the financial crisis among major European powers, the pound sterling continued its descent into hell.
The euro continued its ascent towards parity against the pound sterling and climbed 1.6% to 0977 pound against the euro. The single currency has hit a new high at 0.98 pound. The British currency depreciates by 0.1% against the dollar, pound against the dollar in 1458.
The euro yields 1.1% against the Swiss franc to 1485 Swiss franc against the euro. ( All Forex News of Today )
The U.S. currency suffered particularly from the strong rally in gold prices following the sharp black renewed tensions in the Middle East this weekend. The price of WTI climbs on Monday by 3.1% to 38.9 dollars a barrel, in an IDF shelling on the Gaza Strip since Saturday and the prospect of an Israeli ground in that territory.
The rebound in oil prices, however, occurs after a downward spiral that saw oil prices divided by four in 6 months due to falling international demand.
While no statistics are expected this afternoon in the United States, the traders will know tomorrow the Chicago PMI index and the consumer confidence index from the Conference Board, then the ISM manufacturing index in weekend.
After a year that showed the British economy as one of the most affected by the financial crisis among major European powers, the pound sterling continued its descent into hell.
The euro continued its ascent towards parity against the pound sterling and climbed 1.6% to 0977 pound against the euro. The single currency has hit a new high at 0.98 pound. The British currency depreciates by 0.1% against the dollar, pound against the dollar in 1458.
The euro yields 1.1% against the Swiss franc to 1485 Swiss franc against the euro. ( All Forex News of Today )
Another indicator of market
Intelligent people had the idea to make a comparison followed by the VIX volatility index and Put / Call Ratio, which measures the sentiment of the market. The annual result is visible against this, and we can really note the very strong correlation between the 2 since early September 2008. What is interesting also is noted that unlike the VIX, the ratio Put / Call is close to its floors in 2008, so either the optimism back, or rebound year-end coming to an end ... Again, the behavior of the VIX on its low for a half may well be an important element to monitor. Personally, I think quite a resumption of the decline from the beginning of January, given the menu of results of companies. In this connection, it takes time to read this analysis. ( All Forex News of Today )
The euro above 1, 43 dollar, the pound are closer to parity
The euro appears still rising Monday in a European exchange, while the pound was still close to parity with the euro, against a backdrop of reduced activity and while the Israeli attacks in Gaza continue to dominate the markets.
At 14H00 GMT (15H00 in Paris), the dollar s'échangeait to 1.4304 to one euro against 1.4025 Friday evening.
The yen lost ground against the euro climbed to 129.10 yen against 127.33 yen Friday evening.
The yen did in contrast against the dollar which quoted 90.35 yen against 90.78 yen Friday.
"While a year of disasters and volatility is coming to an end, it is a little comfort to see that this happens in a manner so calm. The media have multiplied the subjects on the success of Christmas sales but the currency market has the air content to finish the year that is activated in the least possible, "commented Daragh Maher, Calyon.
"The values refuge should be supported however by the worsening situation in the Middle East intensified fears from the economic horizon", they added, pointing the possible resurgence of the yen and the dollar although the latter "has lost its luster with the announcement of intervention measures quantitative monetary policy ".
Monday Israel attacked Hamas targets for the third consecutive day in the Gaza Strip, where his raids left more than 300 dead including 57 civilians, while profile is the prospect of ground attacks.
After a series of night raids, the Israeli air force carried out further strikes in the Gaza Strip Monday morning, destroying including the Office of the Prime Minister of the Hamas-led government Ismail Haniyeh.
According to a survey by the Financial Times and Harris published Monday, a majority of Europeans and most Americans believe that the euro will be more important than the dollar within five years.
Meanwhile, the pound is still close to parity after touching a new historic low for Euro 1.0205 a pound.
The British currency has lost more than 20% of its value in one year.
However, continued to exchange currencies in limited ranges at this time of festive season.
In addition, investors remain on reserve in anticipation of new economic indicators, particularly from the U.S. president-elect Barack Obama will take office on Jan. 20.
The Central Bank of Russia (CBR) reported Monday to have expanded the fluctuation band in which it changed the ruble in relation to the dollar-euro basket that serves as a reference, which is de facto devaluation of the twelfth this kind since November 11.
The basket (made up 55% from 45% dollars and euros) Monday reached a value of 34.84 rubles.
Towards 14H00 GMT, the pound was down against the euro at 97.94 pence per euro and back facing the greenback at 1.4626 dollar for a pound.
The Swiss currency was up against the euro at 1.4954 Swiss francs, as against the dollar to 1.0455 Swiss franc.
The ounce of gold worth 881 dollars against morning fixing of 843.50 dollars at auction last Tuesday evening.
The Chinese yuan closed at 6.8526 yuan to one U.S. dollar against 6.8413 yuan Friday.
Quotes from Monday to Friday Quotes
4H00 GMT 22:00 GMT
EUR / USD 1.4305 1.4025
EUR / JPY 129.10 127.33
EUR / CHF 1.4954 1.5018
EUR / GBP 0.9794 0.9614
USD / JPY 90.35 90.78
USD / CHF 1.0455 1.0705
GBP / USD 1.4626 1.4569 ( All Forex News of Today )
At 14H00 GMT (15H00 in Paris), the dollar s'échangeait to 1.4304 to one euro against 1.4025 Friday evening.
The yen lost ground against the euro climbed to 129.10 yen against 127.33 yen Friday evening.
The yen did in contrast against the dollar which quoted 90.35 yen against 90.78 yen Friday.
"While a year of disasters and volatility is coming to an end, it is a little comfort to see that this happens in a manner so calm. The media have multiplied the subjects on the success of Christmas sales but the currency market has the air content to finish the year that is activated in the least possible, "commented Daragh Maher, Calyon.
"The values refuge should be supported however by the worsening situation in the Middle East intensified fears from the economic horizon", they added, pointing the possible resurgence of the yen and the dollar although the latter "has lost its luster with the announcement of intervention measures quantitative monetary policy ".
Monday Israel attacked Hamas targets for the third consecutive day in the Gaza Strip, where his raids left more than 300 dead including 57 civilians, while profile is the prospect of ground attacks.
After a series of night raids, the Israeli air force carried out further strikes in the Gaza Strip Monday morning, destroying including the Office of the Prime Minister of the Hamas-led government Ismail Haniyeh.
According to a survey by the Financial Times and Harris published Monday, a majority of Europeans and most Americans believe that the euro will be more important than the dollar within five years.
Meanwhile, the pound is still close to parity after touching a new historic low for Euro 1.0205 a pound.
The British currency has lost more than 20% of its value in one year.
However, continued to exchange currencies in limited ranges at this time of festive season.
In addition, investors remain on reserve in anticipation of new economic indicators, particularly from the U.S. president-elect Barack Obama will take office on Jan. 20.
The Central Bank of Russia (CBR) reported Monday to have expanded the fluctuation band in which it changed the ruble in relation to the dollar-euro basket that serves as a reference, which is de facto devaluation of the twelfth this kind since November 11.
The basket (made up 55% from 45% dollars and euros) Monday reached a value of 34.84 rubles.
Towards 14H00 GMT, the pound was down against the euro at 97.94 pence per euro and back facing the greenback at 1.4626 dollar for a pound.
The Swiss currency was up against the euro at 1.4954 Swiss francs, as against the dollar to 1.0455 Swiss franc.
The ounce of gold worth 881 dollars against morning fixing of 843.50 dollars at auction last Tuesday evening.
The Chinese yuan closed at 6.8526 yuan to one U.S. dollar against 6.8413 yuan Friday.
Quotes from Monday to Friday Quotes
4H00 GMT 22:00 GMT
EUR / USD 1.4305 1.4025
EUR / JPY 129.10 127.33
EUR / CHF 1.4954 1.5018
EUR / GBP 0.9794 0.9614
USD / JPY 90.35 90.78
USD / CHF 1.0455 1.0705
GBP / USD 1.4626 1.4569 ( All Forex News of Today )
EU launches proceedings against EDF for abuse of dominant position
The European Commission confirmed Monday that it has opened an infringement procedure against the French electricity group EDF, suspected to prevent its customers in France to turn to other suppliers.
"The European Commission can confirm that it sent a statement of objections to the French group EDF, which is the first stage of infringement proceedings under a suspicion of abuse of dominant position , the Commission said in a statement.
"The statement of objections concerning the contracts concluded by EDF with large industrial customers in France," she said.
"The Commission considers that these contracts could prevent clients to other suppliers, thereby reducing competition in the market, especially with regard to the exclusive nature and duration of contracts and the share of the market by them. "
"Under these contracts, the resale of electricity is limited. These practices may constitute infringements of the rules" European abuse of dominant position and in particular "have made it difficult entry and expansion of suppliers in the French of electricity, and have made the market for electricity trading less liquid, "he explained Brussels.
EDF can now address the grievances expressed by the Commission, in writing or be asked to be heard.
The launch of this procedure does not prejudge its outcome.
The European Commission opened a formal investigation against EDF in July 2007. The investigation was also launched Electrabel, a subsidiary of the Belgian subsidiary of French giant energy GDF-Suez.
Brussels suspect had indicated the two groups to lock their respective markets.
Crusade for several years to improve the functioning of European energy markets, the Commission has already addressed the Belgian Distrigas, French Gaz de France or the German EON. ( All Forex News of Today )
"The European Commission can confirm that it sent a statement of objections to the French group EDF, which is the first stage of infringement proceedings under a suspicion of abuse of dominant position , the Commission said in a statement.
"The statement of objections concerning the contracts concluded by EDF with large industrial customers in France," she said.
"The Commission considers that these contracts could prevent clients to other suppliers, thereby reducing competition in the market, especially with regard to the exclusive nature and duration of contracts and the share of the market by them. "
"Under these contracts, the resale of electricity is limited. These practices may constitute infringements of the rules" European abuse of dominant position and in particular "have made it difficult entry and expansion of suppliers in the French of electricity, and have made the market for electricity trading less liquid, "he explained Brussels.
EDF can now address the grievances expressed by the Commission, in writing or be asked to be heard.
The launch of this procedure does not prejudge its outcome.
The European Commission opened a formal investigation against EDF in July 2007. The investigation was also launched Electrabel, a subsidiary of the Belgian subsidiary of French giant energy GDF-Suez.
Brussels suspect had indicated the two groups to lock their respective markets.
Crusade for several years to improve the functioning of European energy markets, the Commission has already addressed the Belgian Distrigas, French Gaz de France or the German EON. ( All Forex News of Today )
The pound sterling reaches a historic low against the euro
The pound sterling Monday hit a historic low side to the European currency, from the helm of the 97 pence against the euro and thus the direction of parity.
At 9:08 GMT, the euro was worth 97.10 pence according to Reuters data.
Earlier in the meeting, the British currency fell to 74.7 against a basket of currencies, a lower absolute according to records maintained by the Bank of England, which date to 1990. ( All Forex News of Today )
At 9:08 GMT, the euro was worth 97.10 pence according to Reuters data.
Earlier in the meeting, the British currency fell to 74.7 against a basket of currencies, a lower absolute according to records maintained by the Bank of England, which date to 1990. ( All Forex News of Today )
The euro strengthened further and closer to parity with the pound sterling
The pound hit on Monday a low facing the European currency, passing the bar 97 pence against the euro and thus the direction of parity. A 9 h 08 GMT, the euro was worth 97.10 pence, according to Reuters.
The pound hit on Monday a low facing the European currency, passing the bar 97 pence against the euro and thus the direction of parity. A 9 h 08 GMT, the euro was worth 97.10 pence, according to Reuters. Earlier in the meeting, the British currency fell to 74.7 against a basket of foreign currencies, a lower absolute according to records maintained by the Bank of England, which date to 1990. How far will increase the euro? A majority of Europeans and a large portion of Americans believe that the euro will be more important than the dollar in five years, according to a poll published on Monday. Approximately 70% of Spaniards, two thirds of French, 58% of Germans and 62% of Italians are strongly or partially convinced that the euro may surpass the dollar on the world stage by 2014, according to a survey by the Financial Times and Harris. And even 48% of Americans share this view, according to the same source.Depuis its inception on 1 January 1999, the euro has been steadily gaining in importance, becoming the second global currency after the dollar. It now represents 27% of global exchange reserves.
In addition, respondents are pessimistic about the developments. A majority of them believe that the recession will last one to two years. Germans are more pessimistic, according to the opinion survey. Three in ten respondents think their country will not return to growth in the "foreseeable future". ( All Forex News of Today )
The pound hit on Monday a low facing the European currency, passing the bar 97 pence against the euro and thus the direction of parity. A 9 h 08 GMT, the euro was worth 97.10 pence, according to Reuters. Earlier in the meeting, the British currency fell to 74.7 against a basket of foreign currencies, a lower absolute according to records maintained by the Bank of England, which date to 1990. How far will increase the euro? A majority of Europeans and a large portion of Americans believe that the euro will be more important than the dollar in five years, according to a poll published on Monday. Approximately 70% of Spaniards, two thirds of French, 58% of Germans and 62% of Italians are strongly or partially convinced that the euro may surpass the dollar on the world stage by 2014, according to a survey by the Financial Times and Harris. And even 48% of Americans share this view, according to the same source.Depuis its inception on 1 January 1999, the euro has been steadily gaining in importance, becoming the second global currency after the dollar. It now represents 27% of global exchange reserves.
In addition, respondents are pessimistic about the developments. A majority of them believe that the recession will last one to two years. Germans are more pessimistic, according to the opinion survey. Three in ten respondents think their country will not return to growth in the "foreseeable future". ( All Forex News of Today )
Honda F1 acquired by Carlos Slim: denials of Christmas
April Fools hours before ... ? Italian journalists who believe a little Santa Claus? Who knows ... While the website of the Italian daily La Stampa Saturday announced the acquisition of the team Honda Racing F1 Team by Carlos Slim, a representative of its industrial and financial group in Mexico said Sunday in Mexico that the Mexican billionaire had not started negotiations for such an agreement.
"There is no purchase of the Honda team, there is no agreement and no negotiation," said a representative of the group, under cover of anonymity. More "close" to the "File "the son of Carlos Slim himself also denied the takeover in the Sunday edition of the Mexican daily Reforma.
However, this could be a "nice" Christmas gift for Honda ... The Japanese who previously announced his retirement from competition in Formula 1 "under cover" of financial crisis.
La Stampa seems to almost formal debut weekend, explaining the absence of any official announcement on the subject by delays inherent in the formalization of the agreement. The newspaper was not afraid to say certain things as the rescue team, confirmation driver Jenson Button, and the arrival of Bruno Senna to replace Rubens Barrichello.
These elements were not provided at random, possibly explaining the background of the agreement. Indeed Bruno Senna, nephew of Ayrton Senna, was sponsored by Embratel, a telecoms group Telmex, owned by Carlos Slim.
Admittedly, the price that the Mexican magnate was supposed to pay for the purchase of the team had all surprising: a symbolic dollar if we are to believe the Stampa.
Yet "the man" has the means: According to Fortune magazine, Carlos Slim is the richest man in the world, with assets of 59 billion dollars in July 2007. His firms have 5% of Mexican GDP and weigh 40% of the capitalization of the stock market in Mexico. ( All Forex News of Today )
"There is no purchase of the Honda team, there is no agreement and no negotiation," said a representative of the group, under cover of anonymity. More "close" to the "File "the son of Carlos Slim himself also denied the takeover in the Sunday edition of the Mexican daily Reforma.
However, this could be a "nice" Christmas gift for Honda ... The Japanese who previously announced his retirement from competition in Formula 1 "under cover" of financial crisis.
These elements were not provided at random, possibly explaining the background of the agreement. Indeed Bruno Senna, nephew of Ayrton Senna, was sponsored by Embratel, a telecoms group Telmex, owned by Carlos Slim.
Admittedly, the price that the Mexican magnate was supposed to pay for the purchase of the team had all surprising: a symbolic dollar if we are to believe the Stampa.
Yet "the man" has the means: According to Fortune magazine, Carlos Slim is the richest man in the world, with assets of 59 billion dollars in July 2007. His firms have 5% of Mexican GDP and weigh 40% of the capitalization of the stock market in Mexico. ( All Forex News of Today )
Emergency for hospitals
The reforms have their limits. While in January 2009, Bill Bachelot - called Plan Hospital, Health, patients and territories - must be examined by parliamentarians, nothing goes in French hospitals.
A man injured Saturday night of a heart attack in the Paris area, had to wait six hours to find a place in a hospital intensive care unit. He sadly passed away when he would finally be admitted.
The controversy is only beginning. Hope that his death should at least respond consciences.
After visiting at the home around midnight, a team of Samu desperately sought to gain acceptance in an appropriate resuscitation with 27 hospitals in the Ile-de-France, in vain. That is indeed what told AFP Dr. Nathalie Roignant, Samu hospital in the Essonne.
A spokesman for the Assistance Publique-Hôpitaux de Paris has confirmed these facts, initially revealed by the union Amuf emergency.
For the secretary general of the Amuf, Bruno Fagganielli, many resuscitation beds were closed during the holiday period, lack of staff. Mr Fagganielli has recalled that "hospitals had the means to make substitute" doctors and health workers on leave.
In a release issued Sunday evening, Amuf assured "only 20 hours, all emergency services are saturated and there is more room resuscitation in Ile de France." For the union, chaired by Dr. Patrice Pelloux, "patient safety is ensured in the hospitals in the Ile-de-France during the holiday season."
In his statement, the Amuf "urges the highest authorities of the State to take immediate action before a health catastrophe from happening," including "the outbreak of white shots in the Ile-de-France and the recall personnel. "
The death comes as the project Bachelot should be examined at the National Assembly. One goal: to bring together the resources of hospitals, graduating answers. This will be organized around communities hospitalières territory around a center of reference ", we said there. One of the main goals: make money. Goals: "ensure better access to health care for all the French on the whole territory." Significant potential for development, shall we say politely ...
Small reminder about the speech in early November by Roselyne Bachelot at the inauguration of the exhibition nurse.
"The year 2009 will, for our health care system, a year of reform. My bill" Hospital, patients, health and territories ", submitted 15 days ago by the Council of Ministers, which has a goal: to better meet the needs of patients. This is to ensure better access to care, thanks in part to a continuity of care more efficient, to hospitals organized around a graduated and appropriate response to steering of health care more coherent regional. " ( All Forex News of Today )
A man injured Saturday night of a heart attack in the Paris area, had to wait six hours to find a place in a hospital intensive care unit. He sadly passed away when he would finally be admitted.
The controversy is only beginning. Hope that his death should at least respond consciences.
After visiting at the home around midnight, a team of Samu desperately sought to gain acceptance in an appropriate resuscitation with 27 hospitals in the Ile-de-France, in vain. That is indeed what told AFP Dr. Nathalie Roignant, Samu hospital in the Essonne.
Failing to manage the patient to medical services tailored to its location, the emergency team led emergency hospital Longjumeau, which has resuscitation equipment but was not able to the necessary examination. A place that has released 6 hours later, too late to bring to life the patient, who died when he arrived at this institution.
A spokesman for the Assistance Publique-Hôpitaux de Paris has confirmed these facts, initially revealed by the union Amuf emergency.
For the secretary general of the Amuf, Bruno Fagganielli, many resuscitation beds were closed during the holiday period, lack of staff. Mr Fagganielli has recalled that "hospitals had the means to make substitute" doctors and health workers on leave.
In a release issued Sunday evening, Amuf assured "only 20 hours, all emergency services are saturated and there is more room resuscitation in Ile de France." For the union, chaired by Dr. Patrice Pelloux, "patient safety is ensured in the hospitals in the Ile-de-France during the holiday season."
In his statement, the Amuf "urges the highest authorities of the State to take immediate action before a health catastrophe from happening," including "the outbreak of white shots in the Ile-de-France and the recall personnel. "
The death comes as the project Bachelot should be examined at the National Assembly. One goal: to bring together the resources of hospitals, graduating answers. This will be organized around communities hospitalières territory around a center of reference ", we said there. One of the main goals: make money. Goals: "ensure better access to health care for all the French on the whole territory." Significant potential for development, shall we say politely ...
Small reminder about the speech in early November by Roselyne Bachelot at the inauguration of the exhibition nurse.
"The year 2009 will, for our health care system, a year of reform. My bill" Hospital, patients, health and territories ", submitted 15 days ago by the Council of Ministers, which has a goal: to better meet the needs of patients. This is to ensure better access to care, thanks in part to a continuity of care more efficient, to hospitals organized around a graduated and appropriate response to steering of health care more coherent regional. " ( All Forex News of Today )
small fast ounce on gold
Looking at the pages of our web sites fellows usual, I was surprised to see a sharp rise of gold Friday night. Having written a note a little controversy some time ago on the subject, I wanted to dig a bit on, especially as the chart-against (attention, the unit of time is the week) suggests particularly interesting configuration. Indeed, we have an "old" channel upward slope moderate course which regularly emerge from the top (in April 2006 and end 2007/début 2008). The price of once a heavily corrected between June and October 2008 (there is a positive correlation with oil is below, in my opinion), but it was right to renewed upward ending this Friday 26 , Just contact with the oblique upper channel amount.
( All Forex News of Today )
At this level, 3 possibilities: either we remain in the canal, or fail on this course oblique high and re-correct, it is clearly going through and could leave ball head toward the $ 1000/oz. In the latter case, the tendency is to honestly turn upward, as anticipated signal processing, it is not yet done so, but it seems more than necessary to keep an eye on these ratings because the precious metal we a hotel accustomed to leaving barrel on the spot late ... (I personally remember the period late September / early October 2007, the first U.S. rate cuts, during which it was more than hot on the Gold call warrants and put warrants EPRA BNP Paribas - some were even only bid !)
( All Forex News of Today )
Said that the Euro Stoxx 50?
The ES50 is the index of European blue-chips, a kind of Dow Jones' to us "with the softness and the inertia of the original. In other words, the bear tracker BXX introduced mid-2007 by Ms. company (around € 40/pièce) has long been listed as "deudeuch" compared to the GT Turbo BX4. Today, more than € 90/pièce, this product has proved its relevance, although its performance is still below the BX4 (I do that products eligible for PEA). The graphical configuration of the underlying (against this) seems to suggest that the index tries to do what he can to return to a bearish channel from the bottom after a puncture rather spectacular in October 2008. ( All Forex News of Today )
Where does this channel bearish? Well just the beginning of the slide in 2007 ... This is an advantage of this index soft, that it presents very little gaps and singularities of this kind, and therefore the figures graphics have long life. From this point of view, and if they put aside the beta-slipping, the tracker BXX was an excellent product portfolio in the bottom of a buy and hold. Personally, I rather put the package on the BX4 ... Nobody is perfect. The important question for these holidays end of the year is whether the ES-50 has real opportunities to remain in its downtrend channel (that is equivalent to wonder if the trend is substantive or parabolic concave affine point of view of signal processing); personally, I do not think so. The ES-50 will probably fail and end up stuck between the oblique and low key level of 2200 points. Here, it might be a little wait for it pète, the target will be reached in late March 2009 if the periodic cycles operate as last year. See another opinion here.
Where does this channel bearish? Well just the beginning of the slide in 2007 ... This is an advantage of this index soft, that it presents very little gaps and singularities of this kind, and therefore the figures graphics have long life. From this point of view, and if they put aside the beta-slipping, the tracker BXX was an excellent product portfolio in the bottom of a buy and hold. Personally, I rather put the package on the BX4 ... Nobody is perfect. The important question for these holidays end of the year is whether the ES-50 has real opportunities to remain in its downtrend channel (that is equivalent to wonder if the trend is substantive or parabolic concave affine point of view of signal processing); personally, I do not think so. The ES-50 will probably fail and end up stuck between the oblique and low key level of 2200 points. Here, it might be a little wait for it pète, the target will be reached in late March 2009 if the periodic cycles operate as last year. See another opinion here.
Areva: EPR "saved" by the electric car?
If Vahine is inflated ... Areva is not bad either! While his draft EPR is increasingly controversial, both on the environmental and financial point of view, the French civil nuclear group had finally found a concrete argument to "explain" its strategy. ( All Forex News of Today )
According to a study by Sia Council, put forward by the newspaper "Les Echos", the development of electric cars could result in France by 2020 a need annual energy for the production of two EPR reactors . What you will admit, is very timely.
According Sia Council, the development of electric cars in France should lead to a significant increase of the electricity needs of the hexagon. It could result by 2020 annual need of energy in the order of an EPR, or nearly 12 Terawatt hours.
It remains complex to estimate energy requirements associated with the deployment of these vehicles, they vary in both depending on the speed of recharging batteries - between two and eight hours - and periods of load (or night diurnal). Qua Do not worry, Sia believes that it needs nuclear infrastructure could go up to two EPR!
Note also that the study is based on highly optimistic assumptions. According to the firm, the fleets of companies, say captives, and rental of very short duration should make the development of this sector, to 3% to 4% of the fleet in 2020 in France, or 1.1 to 1 , 4 million vehicles.
An analysis which wants to close internal projections Renault, which bet on a "fast break" in the deployment of electric vehicles. The manufacturer table and a fleet of more than 100,000 such vehicles in France in 2015 and more than 1 million in 2020, against fewer than 10,000 today.
According to a projection by the firm PricewaterhouseCoopers (PWC), electric cars should be a world fleet (!) From 1.5 million vehicles by 2020. If one compares the two studies, all electric cars will travel in 2020 will be conducted by our concitoyrens, Fick ...
Under the best scenario envisaged by PWC, the number of electric vehicles could even reach 2.5 million. But although electricity is cheaper than current fuels, and that the operation of an electric car is less costly acquisition costs represent the main obstacle, according to the firm.
Recall that the development of electric cars should be incorporated in the new aid plan for the automotive industry which should be announced by Nicolas Sarkozy in late January. Which might be tempted - following his five-year period - to lead a new nuclear giant Areva and Bouygues together. The loop would be closed? ...
According to a study by Sia Council, put forward by the newspaper "Les Echos", the development of electric cars could result in France by 2020 a need annual energy for the production of two EPR reactors . What you will admit, is very timely.
According Sia Council, the development of electric cars in France should lead to a significant increase of the electricity needs of the hexagon. It could result by 2020 annual need of energy in the order of an EPR, or nearly 12 Terawatt hours.
Note also that the study is based on highly optimistic assumptions. According to the firm, the fleets of companies, say captives, and rental of very short duration should make the development of this sector, to 3% to 4% of the fleet in 2020 in France, or 1.1 to 1 , 4 million vehicles.
An analysis which wants to close internal projections Renault, which bet on a "fast break" in the deployment of electric vehicles. The manufacturer table and a fleet of more than 100,000 such vehicles in France in 2015 and more than 1 million in 2020, against fewer than 10,000 today.
According to a projection by the firm PricewaterhouseCoopers (PWC), electric cars should be a world fleet (!) From 1.5 million vehicles by 2020. If one compares the two studies, all electric cars will travel in 2020 will be conducted by our concitoyrens, Fick ...
Under the best scenario envisaged by PWC, the number of electric vehicles could even reach 2.5 million. But although electricity is cheaper than current fuels, and that the operation of an electric car is less costly acquisition costs represent the main obstacle, according to the firm.
Recall that the development of electric cars should be incorporated in the new aid plan for the automotive industry which should be announced by Nicolas Sarkozy in late January. Which might be tempted - following his five-year period - to lead a new nuclear giant Areva and Bouygues together. The loop would be closed? ...
Guinea: stop the extraction of gold and renegotiation of contracts
The year 2009 could start badly for international mining companies ...
The head of the military junta in Guinea, Captain Musa Camara DADIS, announced Saturday in Conakry "a renegotiation of contracts in the mining sector and the shutdown of the areas in extraction gold" until further notice ". ( All Forex News of Today )
In his first public speech, Captain Musa Camara DADIS has asserted that the mining sector had been blocked and that contracts should be renegotiated. Regarding gold zones, its decision - unilaterally - is taken over mining until further notice ".
According to him, governments that have surrounded the head of state Lansana Conté, who died Monday after 24 years in power, looted Guinea. The head of the junta has criticized corruption and unconscionable contracts of foreign companies that exploit the riches of the country. "Any person convicted of hijacking will be punished. Anyone who wants to divert the good of the State for its own benefit, if taken, will be tried and punished to the people," said Captain Musa Camara DADIS.
As a reminder, the country is home to more than a third of world reserves of bauxite, which is the world's biggest exporter and second largest producer after Australia. His deputy soil contains large reserves of gold, diamond, iron, nickel. Uranium reserves were discovered in 2007 on various sites.
In mid-November, Prime Minister of Guinea, Ahmed Tidiane Souare, had estimated that the global financial crisis could have a major impact on the mining and energy industries in West Africa, saying that it could result in the closure some sites.
In late October, hundreds of angry young Guineans had blocked the train of ore Bauxite Company of Guinea (CBG) in Boké (300 km northwest of Conakry), before looting the home of a businessman close to President Conté. The demonstrators demanded the restoration of services in drinking water, electricity supply and rehabilitation of degraded roads in the town of Boke and its environs by the mining company CBG.
The population of Boké had sent in mid-October a "warning letter" to the government, explaining she was "tired of suffering from poverty ambient sitting in a mine that enriched the world." The CBG operated since 1973 the richest bauxite deposits in the region of Boke, including Kamsar and Sangaredi, 50 and 70 km from the city.
In early November, dozens of people demonstrated in Siguiri to protest against power cuts, chanted slogans hostile to the Gold Company of Guinea (SAG), a subsidiary of South African group AngloGold Ashanti. This is the third largest gold producer worldwide and the first in Africa. The electricity supply is normally provided by the State but in several foreign mining groups exploiting the subsoil compensate the bankruptcy of the Guinean authorities infested with corruption, ensuring their cost electricity supply.
The head of the military junta in Guinea, Captain Musa Camara DADIS, announced Saturday in Conakry "a renegotiation of contracts in the mining sector and the shutdown of the areas in extraction gold" until further notice ". ( All Forex News of Today )
In his first public speech, Captain Musa Camara DADIS has asserted that the mining sector had been blocked and that contracts should be renegotiated. Regarding gold zones, its decision - unilaterally - is taken over mining until further notice ".
According to him, governments that have surrounded the head of state Lansana Conté, who died Monday after 24 years in power, looted Guinea. The head of the junta has criticized corruption and unconscionable contracts of foreign companies that exploit the riches of the country. "Any person convicted of hijacking will be punished. Anyone who wants to divert the good of the State for its own benefit, if taken, will be tried and punished to the people," said Captain Musa Camara DADIS.
In mid-November, Prime Minister of Guinea, Ahmed Tidiane Souare, had estimated that the global financial crisis could have a major impact on the mining and energy industries in West Africa, saying that it could result in the closure some sites.
In late October, hundreds of angry young Guineans had blocked the train of ore Bauxite Company of Guinea (CBG) in Boké (300 km northwest of Conakry), before looting the home of a businessman close to President Conté. The demonstrators demanded the restoration of services in drinking water, electricity supply and rehabilitation of degraded roads in the town of Boke and its environs by the mining company CBG.
The population of Boké had sent in mid-October a "warning letter" to the government, explaining she was "tired of suffering from poverty ambient sitting in a mine that enriched the world." The CBG operated since 1973 the richest bauxite deposits in the region of Boke, including Kamsar and Sangaredi, 50 and 70 km from the city.
In early November, dozens of people demonstrated in Siguiri to protest against power cuts, chanted slogans hostile to the Gold Company of Guinea (SAG), a subsidiary of South African group AngloGold Ashanti. This is the third largest gold producer worldwide and the first in Africa. The electricity supply is normally provided by the State but in several foreign mining groups exploiting the subsoil compensate the bankruptcy of the Guinean authorities infested with corruption, ensuring their cost electricity supply.
ACC point Christmas week 2008: danger?
By aligning 6 consecutive sessions of decline, the ACC seems to have great difficulty in finding a second wind after the rebound in late November-early December, which does not offer a great optimism for early 2009. So certainly, the outcome of these meetings is 6 "that" -4.57%, while it was not long ago, such a performance could be achieved in less than a meeting, but we could have hoped flows better with a seller who appeared to be dry for a few weeks. On the contrary, and despite very low volume in recent days because of the holidays, it seems to be especially buyers who have felt the need to take a vacation. Result from a graph, the ACC has come to test and even push slightly on Wednesday violet channel support, and mostly closed Wednesday as bullish gap of 8 December, after ending Tuesday stack at the bottom of this gap (3128.41 against 3128.43 ...)
It's not very good, but with a volume of 528,000 shares Wednesday, 10 times less than that of last Friday (the 19/12), the meeting of 24/12 should be taken with tweezers. It is therefore considered at this time that the media is in violet test, but the market will not be entitled to the mistake Monday, failing to have a difficult end of 2008, risking back toward the lowest annual.
This is what we will watch at the beginning of next week for the last 3 sessions a year that will in any recorded in history. Any confirmation of fracture support violet send the market in the 3050/3060, and then on 3000, before the first real goal of the 2960.
In contrast, the crossing of 3150 would allow the ACC to go test 3170/3180, then go look for resistance to green 3225/3230 Monday, including the crossing would undoubtedly there for a new phase of higher increase .
New point in the next week. In the meantime, had a great holiday. ( All Forex News of Today )
It's not very good, but with a volume of 528,000 shares Wednesday, 10 times less than that of last Friday (the 19/12), the meeting of 24/12 should be taken with tweezers. It is therefore considered at this time that the media is in violet test, but the market will not be entitled to the mistake Monday, failing to have a difficult end of 2008, risking back toward the lowest annual.
This is what we will watch at the beginning of next week for the last 3 sessions a year that will in any recorded in history. Any confirmation of fracture support violet send the market in the 3050/3060, and then on 3000, before the first real goal of the 2960.
In contrast, the crossing of 3150 would allow the ACC to go test 3170/3180, then go look for resistance to green 3225/3230 Monday, including the crossing would undoubtedly there for a new phase of higher increase .
New point in the next week. In the meantime, had a great holiday. ( All Forex News of Today )
Jean-Claude Jeanson, "master patigoustier"
INTERVIEW BY CELINE DEBET> artois@nordeclair.fr Three generations Jeanson teaches that shines on the Place Jean-Jaurès Lens. Now head of the pastry-chocolate, Jean-Claude has earned its reputation by offering quality products and by being creative in the field as sweet salty.
What is a "patigoustier?
I am a member of the Masters Patigoustiers which is one of the oldest associations patissiers caterers in the North, the Pas-de-Calais and the Somme. It has been three decades and includes thirteen members.
What is the pace of work at the end of this year?
The activity is much stronger since the beginning of the month. The companies make their gifts and their cocktails year-end and we ask for sweets and chocolates. The last two weeks, it is individuals who make their orders for the holiday season.
The log is still the star's Eve dessert?
This is the dessert end of the year by excellence. Traditional pastries such as log moka we realize that for three generations enjoyed it as much.
Are there any news?
Each year we offer new logs. I always create a dietitian in which a sweetener j'incorpore of natural origin. I do a lot of research in the field of health and so I am very careful with fat. I have linked a partnership with Roquette, the food group that is the inventor of the natural sweetener Sweet Pearl.
The creation and innovation is your motto ...
Be creative, invent and innovate, the emotional side of the trade. I'm baking in the pure craft sense, while respecting the traditions but also in the air. Our motto is to give pleasure by making the customer happy.
What are the classics for New Year?
The entremets, the classic big cake. Those who return every year are créquillon a laminated praline with hazelnut mousse, sabayon and the Caribbean. We are obliged to offer each year otherwise there would be a riot in front of the shop.
What are your biggest clients?
These are banking groups in Germany, hotels and luxury restaurants in Britain and Japan, a customer that we have won at the World Cup in 1998 during which we made to benefit alongside Le Nôtre.
I'm baking craft in accordance with the traditions but also in the air.
Our motto is to give pleasure by making the customer happy.( All Forex News of Today )
What is a "patigoustier?
I am a member of the Masters Patigoustiers which is one of the oldest associations patissiers caterers in the North, the Pas-de-Calais and the Somme. It has been three decades and includes thirteen members.
What is the pace of work at the end of this year?
The activity is much stronger since the beginning of the month. The companies make their gifts and their cocktails year-end and we ask for sweets and chocolates. The last two weeks, it is individuals who make their orders for the holiday season.
This is the dessert end of the year by excellence. Traditional pastries such as log moka we realize that for three generations enjoyed it as much.
Are there any news?
Each year we offer new logs. I always create a dietitian in which a sweetener j'incorpore of natural origin. I do a lot of research in the field of health and so I am very careful with fat. I have linked a partnership with Roquette, the food group that is the inventor of the natural sweetener Sweet Pearl.
The creation and innovation is your motto ...
Be creative, invent and innovate, the emotional side of the trade. I'm baking in the pure craft sense, while respecting the traditions but also in the air. Our motto is to give pleasure by making the customer happy.
What are the classics for New Year?
The entremets, the classic big cake. Those who return every year are créquillon a laminated praline with hazelnut mousse, sabayon and the Caribbean. We are obliged to offer each year otherwise there would be a riot in front of the shop.
What are your biggest clients?
These are banking groups in Germany, hotels and luxury restaurants in Britain and Japan, a customer that we have won at the World Cup in 1998 during which we made to benefit alongside Le Nôtre.
I'm baking craft in accordance with the traditions but also in the air.
Our motto is to give pleasure by making the customer happy.( All Forex News of Today )
DJI 30: a breakdown of the week
Regarding the index heavyweights of Wall Street, can be fun to make a small breakdown completely ad-hoc week bounce between periods of slipping quotations. If one refers to the period March-May 2008, it was around 8 weeks of recovery, in July / August 2008, it was about 7 weeks. The current period is more difficult to assess because the volatility is much greater (the candles are more weekly) and the alternating red and green candles disrupt the counting. As against, it is interesting to note that we have 2 lines of resistance clearly visible, with a discontinuity in September 2008. Just as for the S & P 500, it will be the first results of blue chips to decide whether the level of 8000 points sells or not. ( All Forex News of Today )
Oil: 1st rise of ten meetings
Oil prices finished the week up, which had not seen for ten days! The decision of the United Arab Emirates to lower their production to comply with OPEC quotas has clearly played in his favor.
After the announcement by Saudi Arabia, saying it would fully comply with the reduction of OPEC quotas, the market sees as a new positive signal. Both countries are major oil producers in the cartel.
On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for February delivery ended at 37.71 dollars, up 2.36 dollars compared to its closing price on Wednesday. The barrel of Brent traded in London closed at 38.37 dollars, up 1.76 dollars.
Investors remain skeptical about the ability of the cartel to implement effectively the quota cuts announced. Therefore, any development on the subject becomes more important.
Markets have every reason to be skeptical: According to analysts, past attempts to reduce productionont showed that compliance was, at best, only 80%.
So far, the three production cuts announced last four months by OPEC have failed to halt the falling prices. On the contrary, prices have lost three-quarters of their value since their previous record from mid-July.
The market is also concerned that delays responsiveness cartel effectively lower its quotas are struggling to keep pace of the fall of the global economy ... An overview of the crisis ...
Investors also wonder about the real will of the cartel members to implement the new quotas, such measures mean for them down the oil, no increase in price did not arrive until now to mitigate impact. ( All Forex News of Today )
After the announcement by Saudi Arabia, saying it would fully comply with the reduction of OPEC quotas, the market sees as a new positive signal. Both countries are major oil producers in the cartel.
On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for February delivery ended at 37.71 dollars, up 2.36 dollars compared to its closing price on Wednesday. The barrel of Brent traded in London closed at 38.37 dollars, up 1.76 dollars.
Markets have every reason to be skeptical: According to analysts, past attempts to reduce productionont showed that compliance was, at best, only 80%.
So far, the three production cuts announced last four months by OPEC have failed to halt the falling prices. On the contrary, prices have lost three-quarters of their value since their previous record from mid-July.
The market is also concerned that delays responsiveness cartel effectively lower its quotas are struggling to keep pace of the fall of the global economy ... An overview of the crisis ...
Investors also wonder about the real will of the cartel members to implement the new quotas, such measures mean for them down the oil, no increase in price did not arrive until now to mitigate impact. ( All Forex News of Today )
Chicago: Grain prices up for 3rd consecutive week
The price of wheat, corn and soybean royally posted their third consecutive week of progress on the futures market in Chicago.
If the exchanges are low, investors remain concerned about the level of production in Brazil, Argentina and the United States.
Remember, prices had fallen in early December to more popular for over a year.
According to analysts, this increase is primarily due to weather conditions. Drought continues in effect in Brazil and Argentina, two major exporters of soybeans and corn. For almost 15 days, temperatures are displayed above 30 degrees C in November on the region of Cordoba, Argentina. These hot temperatures coupled with a very low humidity have dried land at an alarming rate.
Climate change "helping"? In the United States, by contrast, snow and frost have hit the center of the country where planting wheat are particularly vulnerable.
U.S. demand for its unabated. U.S. soybean received for its share of large purchases by China, which accounted in recent weeks over 90% of exports from USA in oilseeds.
Towards 16H00 GMT (17:00 CET) Friday, the corn contract for delivery in March was 4.12 dollars a bushel against 3.8075 dollars in September day earlier. The contract of wheat to identical maturity amounted to 6.00 dollars, against 5.6325 dollars a bushel a week earlier. The contract of soybeans for delivery in March s'échangeait to 9.58 dollars, against 8.7250 dollars.
According to market analysts, this revival should not overshadow the general trend of falling prices, due to a glut of supply.
According to the UN agency for Food and Agriculture Organization (FAO), world production of wheat - more than 680 million tons in 2008 - has increased by 12% compared to last year. Record harvest were observed mainly in Canada and Europe. Stocks of wheat on the season 2008 - 2009 could reach 150 million tons according to specialists. ( All Forex News of Today )
If the exchanges are low, investors remain concerned about the level of production in Brazil, Argentina and the United States.
Remember, prices had fallen in early December to more popular for over a year.
According to analysts, this increase is primarily due to weather conditions. Drought continues in effect in Brazil and Argentina, two major exporters of soybeans and corn. For almost 15 days, temperatures are displayed above 30 degrees C in November on the region of Cordoba, Argentina. These hot temperatures coupled with a very low humidity have dried land at an alarming rate.
U.S. demand for its unabated. U.S. soybean received for its share of large purchases by China, which accounted in recent weeks over 90% of exports from USA in oilseeds.
Towards 16H00 GMT (17:00 CET) Friday, the corn contract for delivery in March was 4.12 dollars a bushel against 3.8075 dollars in September day earlier. The contract of wheat to identical maturity amounted to 6.00 dollars, against 5.6325 dollars a bushel a week earlier. The contract of soybeans for delivery in March s'échangeait to 9.58 dollars, against 8.7250 dollars.
According to market analysts, this revival should not overshadow the general trend of falling prices, due to a glut of supply.
According to the UN agency for Food and Agriculture Organization (FAO), world production of wheat - more than 680 million tons in 2008 - has increased by 12% compared to last year. Record harvest were observed mainly in Canada and Europe. Stocks of wheat on the season 2008 - 2009 could reach 150 million tons according to specialists. ( All Forex News of Today )
Algeria: no sovereign funds in perspective
Algeria is not ready to invest its foreign exchange reserves in sovereign funds. In any case what was said Wednesday his prime minister Ahmed Ouyahia.
His comments were in response to proposals made recently on this subject by the chairman of the Forum of business leaders, the largest organization of the country.
"The responsibility of the State implies thinking about the consequences of such a measure that could cost the Treasury considerable losses," said Ouyahia before members of the Council of the Nation (Senate).
"We can not compare our foreign exchange reserves estimated at 138 billion dollars to those of China, Japan and Gulf countries," he also said. The Prime Minister has also indicated that "management companies are participating nature as autonomous management", ensuring that these companies will be required to ensure better management in the future. "
The chairman of the Forum of Heads of Enterprises (CFE) Réda Hamiani proposed last December 3 in Algiers creating a sovereign fund to be financed by a portion of oil revenues to acquire overseas companies weakened by the crisis global economy. Remember, the oil revenues of Algeria are expected to reach $ 76 billion in 2008, according to official forecasts.
There were also higher recently - including the Algerian side of employers - the establishment of a fund that would in the capital of small and medium enterprises in order to allow them to strengthen and modernize to better confront the 'Economic opening.
The Algerian Minister of Energy and Mines Chakib Khelil had nevertheless raised in June last opportunity for Algeria to acquire funds souverrains by four to five years.
Taking his suite, Karim Djoudi, Minister of Finance, had seemed to go in the same direction, certainly not measured. For him, the sovereign funds, which is a fund of State, is powered by a financial asset at risk. Hence the concern, he said, to observe maximum caution. "There is now a problem of visibility for transparency on a number of operations in international markets. Any economic transaction requires a good evaluation", had he argued. The minister had previously expressed its reservations on this option. ( All Forex News of Today )
His comments were in response to proposals made recently on this subject by the chairman of the Forum of business leaders, the largest organization of the country.
"The responsibility of the State implies thinking about the consequences of such a measure that could cost the Treasury considerable losses," said Ouyahia before members of the Council of the Nation (Senate).
"We can not compare our foreign exchange reserves estimated at 138 billion dollars to those of China, Japan and Gulf countries," he also said. The Prime Minister has also indicated that "management companies are participating nature as autonomous management", ensuring that these companies will be required to ensure better management in the future. " The chairman of the Forum of Heads of Enterprises (CFE) Réda Hamiani proposed last December 3 in Algiers creating a sovereign fund to be financed by a portion of oil revenues to acquire overseas companies weakened by the crisis global economy. Remember, the oil revenues of Algeria are expected to reach $ 76 billion in 2008, according to official forecasts.
There were also higher recently - including the Algerian side of employers - the establishment of a fund that would in the capital of small and medium enterprises in order to allow them to strengthen and modernize to better confront the 'Economic opening.
The Algerian Minister of Energy and Mines Chakib Khelil had nevertheless raised in June last opportunity for Algeria to acquire funds souverrains by four to five years.
Taking his suite, Karim Djoudi, Minister of Finance, had seemed to go in the same direction, certainly not measured. For him, the sovereign funds, which is a fund of State, is powered by a financial asset at risk. Hence the concern, he said, to observe maximum caution. "There is now a problem of visibility for transparency on a number of operations in international markets. Any economic transaction requires a good evaluation", had he argued. The minister had previously expressed its reservations on this option. ( All Forex News of Today )
Dollar falls vs euro, unchanged vs yen in thin trade
* Japan's November output plunges record 8.1 pct
ADVERTISEMENT
* BOJ expected to ease policy further in January-March
* Thin trading as many Asian, European markets closed (Recasts, adds comments, changes byline and dateline, previous TOKYO)
By Vivianne Rodrigues
NEW YORK, Dec 26 - The dollar was lower against the euro and little changed versus the yen on Friday amid a grim outlook for the U.S. economy at the start of 2009 and as trading thins out ahead of the year end.
The yen dipped against the euro in Asian trading after data showing a sharp slowdown in Japanese inflation underscored fears the world's second-largest economy could sink back into deflation next year.
Friday was the last business day for many Japanese firms this year and their offices will remain shut until Jan. 5.
Volumes were also lighter than usual with most Asian and European markets closed. Trading resumed in the United States after being shut for Christmas on Thursday.
Low volumes ahead of the year end was leaving most major currency pairs confined to narrow ranges, analysts said.
"The foreign exchange market is quiet, with the dollar sporting a softer profile, but range trading continues to be the dominant story," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York.
In morning trading in new York, the euro was 0.4 percent higher at $1.4060
The euro has been confined to ranges of between $1.3903 and $1.4125 this week, Chandler added.
"Although thin market conditions may make for some whippy trading, in general over the coming sessions, the risk is that the euro's range is extended to the upside," he said.
The euro earlier rose versus sterling to a record high of 95.78 pence
The single currency was also supported by expectations that the European Central Bank will lower interest rates further from the current 2.5 percent but at a slower pace.
Against the yen, the European single currency strengthened to 127.12 yen
Japan's annual core consumer inflation slowed to 1.0 percent in November from 1.9 percent in October, government data showed on Friday.
In a sign of more trouble for an economy already in recession, Japan's industrial output plunged a record 8.1 percent in November, while the ratio of jobs available to job seekers fell to a nearly five-year low. [ID:nT30071]
"Simply miserable data from Japan," Chandler said. "The market knew conditions had deteriorated, but did not appreciate the magnitude. The increasingly unpopular government has already announced two modest fiscal stimulus plans...more needs to be done."
The Bank of Japan last week lowered interest rates to close to zero, mirroring steps by the U.S. Federal Reserve, and moved to pump funds into the market to ease a corporate credit crunch.
A Reuters poll showed on Monday that the BOJ is expected to adopt quantitative easing in January-March, further easing monetary policy to combat a deepening recession. [ID:nT115425]
The U.S. currency climbed as high as 90.83 yen earlier according to Reuters data, but was last little changed at 90.42
Still, the dollar failed to hold on to earlier gains against the yen as investors are more concerned about the health of the world's biggest economy, traders said.
"Some players have sold the dollar, believing the U.S. currency will resume its slide as soon as U.S. and European investors return from holidays next week," said a forex trader at a big Japanese bank.
U.S. data on Wednesday showed consumers cut their spending in November for the fifth straight month and orders for costly manufactured goods slumped, while the number of workers filing new claims for jobless benefits last week hit a 26-year peak. [ID:nN24257322] (Additional reporting by Rika Otsuka in Tokyo. Editing by Leslie Adler)
( All Forex News of Today )
ADVERTISEMENT
* BOJ expected to ease policy further in January-March
* Thin trading as many Asian, European markets closed (Recasts, adds comments, changes byline and dateline, previous TOKYO)
By Vivianne Rodrigues
NEW YORK, Dec 26 - The dollar was lower against the euro and little changed versus the yen on Friday amid a grim outlook for the U.S. economy at the start of 2009 and as trading thins out ahead of the year end.
The yen dipped against the euro in Asian trading after data showing a sharp slowdown in Japanese inflation underscored fears the world's second-largest economy could sink back into deflation next year.
Friday was the last business day for many Japanese firms this year and their offices will remain shut until Jan. 5.
Volumes were also lighter than usual with most Asian and European markets closed. Trading resumed in the United States after being shut for Christmas on Thursday.
Low volumes ahead of the year end was leaving most major currency pairs confined to narrow ranges, analysts said.
"The foreign exchange market is quiet, with the dollar sporting a softer profile, but range trading continues to be the dominant story," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York.
In morning trading in new York, the euro was 0.4 percent higher at $1.4060
The euro has been confined to ranges of between $1.3903 and $1.4125 this week, Chandler added.
"Although thin market conditions may make for some whippy trading, in general over the coming sessions, the risk is that the euro's range is extended to the upside," he said.
The euro earlier rose versus sterling to a record high of 95.78 pence
The single currency was also supported by expectations that the European Central Bank will lower interest rates further from the current 2.5 percent but at a slower pace.
Against the yen, the European single currency strengthened to 127.12 yen
Japan's annual core consumer inflation slowed to 1.0 percent in November from 1.9 percent in October, government data showed on Friday.
In a sign of more trouble for an economy already in recession, Japan's industrial output plunged a record 8.1 percent in November, while the ratio of jobs available to job seekers fell to a nearly five-year low. [ID:nT30071]
"Simply miserable data from Japan," Chandler said. "The market knew conditions had deteriorated, but did not appreciate the magnitude. The increasingly unpopular government has already announced two modest fiscal stimulus plans...more needs to be done."
The Bank of Japan last week lowered interest rates to close to zero, mirroring steps by the U.S. Federal Reserve, and moved to pump funds into the market to ease a corporate credit crunch.
A Reuters poll showed on Monday that the BOJ is expected to adopt quantitative easing in January-March, further easing monetary policy to combat a deepening recession. [ID:nT115425]
The U.S. currency climbed as high as 90.83 yen earlier according to Reuters data, but was last little changed at 90.42
Still, the dollar failed to hold on to earlier gains against the yen as investors are more concerned about the health of the world's biggest economy, traders said.
"Some players have sold the dollar, believing the U.S. currency will resume its slide as soon as U.S. and European investors return from holidays next week," said a forex trader at a big Japanese bank.
U.S. data on Wednesday showed consumers cut their spending in November for the fifth straight month and orders for costly manufactured goods slumped, while the number of workers filing new claims for jobless benefits last week hit a 26-year peak. [ID:nN24257322] (Additional reporting by Rika Otsuka in Tokyo. Editing by Leslie Adler)
( All Forex News of Today )
Russia-Ukraine gas cut to 1 January?
This becomes almost a habit ... Already three years that I "sévis" on this blog ... and each year at the same time, as we approach the new year, the gas war Russia / Ukraine rebounding.
As accustomed to - so to speak - the use of blackmail Russian gas to Ukraine, threatening to cut the "food" from 1 January 2009 if it has not paid its debt to that date. From open perspective.
The Russian gas giant Gazprom has reiterated its threat Wednesday, indicating that it would cease its deliveries to Ukraine on 1 January if Kiev does not pay its debts by then but assured that "fulfill its commitments" towards the Europe.
Remember that this "blackmail" gas that does not say his name is not chosen at random: Ukraine is indeed a key country for the transit of gas to Europe. On one stone, two birds in some sorts for Putin and others.
Financial little reminder: Kiev must pay to Russia 805.8 million dollars for gas deliveries in November and 862.3 million for delivery in December, including nearly 450 million dollars in penalties.
"Without resolving the debt, there will be no contract for delivery to Ukraine in 2009, has hammered the spokesman for Gazprom, Sergei Kouprianov, believing that the situation was critical. "And if there is no contract in 2009, we do not deliver gas from 1 January," he stressed.
"We deliver the full volume of gas for transit and fulfill all our obligations to European consumers," he added. History of done any doubts and add to the pressure ... ?
The Ukrainian president, Viktor Yushchenko, is reassuring about him. Wednesday, he again assured Wednesday that his country ensured "the uninterrupted transit of hydrocarbons, including Russian gas, to Europe."
"Our goal is to find a joint mechanism with the Russian side on the transition to market principles not only gas prices but also that of their transit," argued the head of state.
The game is in size for both countries: Ukraine currently pays Russian gas 179.5 U.S. $ 1,000 m3, a rate much lower than that applied to European consumers. A situation which strongly dislike Moscow, Gazprom threatened to drastically raise the price.
Russian President Dmitri Medvedev is also mounted niche Wednesday, threatening Ukraine of "sanctions" if Kiev did not pay its debt.
Ukraine "has to pay the money until the last ruble if they do not want their economies, ultimately, is facing sanctions and claims of the Russian Federation," he declared.
But the issue of conflict could be even larger than it seems, is once again bound to the will of Putin and "tied" to return to their sheep "lost" from the former Union Soviet. But Kiev is far from being fooled ...
The Ministry of Foreign Affairs of Ukraine, Vladimir Ogryzko, and was delivered Thursday to an economic partnership "transparent" between Russia and Ukraine, particularly in the gas field.
"The sooner the Russians understand that we are an independent state, we have our history, our culture, our traditions and our plans for the future, the sooner we will build a normal," he said.
Ukraine could begin the demarcation of its border with Russia unilaterally, announced the Ukrainian Minister of Foreign Affairs. According to the chief diplomat of Ukraine, Kiev has been waiting nearly 18 months the official response from Russia regarding the opening of the delimitation commission. "Russia says that the need for complex procedures," Ogryzko said.
In December 2003, Kiev and Moscow signed a cooperation agreement on the Exploitation of the Sea of Azov and the Kerch strait. However, the issue of joint use of these marine areas is still not resolved.
Ukraine insists on the need to draw the line based on the administrative border between the Soviet republics Russia and Ukraine, within the USSR.
Moscow recalls that according to Soviet legislation, inland waters between the republics of the USSR were not demarcated and proposes to stick to international standards which require that the border along the fairway. But it would be shifted to the West.
It is a challenge is strategic: the Kerch Strait linking the Black Sea to the Sea of Azov where the Russian port of Rostov on Don, Taganrog and Yeisk. It is virtually unfit for navigation as too shallow for the draft cargo ships and other large vessels, except in the Kerch channel-Enikal which is in the port area of the Ukrainian port of Kerch. More than 9,000 vessels passing through this channel to reach the Russian ports of the Sea of Azov to the north or reach the Black Sea to the south. Russia will also fears the emergence of foreign warships, including NATO.
Where the loop is closed .... In addition to political and strategic issues, economic issues are important partners on two points: the rights of way and oil and gas from the Sea of Azov .... QED ....
120 off-shore deposits provide oil and gas in the Sea of Azov. Production is still modest while the Sea of Azov is at two-thirds of Ukraine, but the possibilities of mining in the future may prove interesting.
Another subject of friction: Russia wants to extend the presence of its Black Sea fleet in Crimea beyond 2017, deadline set by the 1997 agreement. Ukraine opposes ... ( All Forex News of Today )
As accustomed to - so to speak - the use of blackmail Russian gas to Ukraine, threatening to cut the "food" from 1 January 2009 if it has not paid its debt to that date. From open perspective.
The Russian gas giant Gazprom has reiterated its threat Wednesday, indicating that it would cease its deliveries to Ukraine on 1 January if Kiev does not pay its debts by then but assured that "fulfill its commitments" towards the Europe.
Financial little reminder: Kiev must pay to Russia 805.8 million dollars for gas deliveries in November and 862.3 million for delivery in December, including nearly 450 million dollars in penalties.
"Without resolving the debt, there will be no contract for delivery to Ukraine in 2009, has hammered the spokesman for Gazprom, Sergei Kouprianov, believing that the situation was critical. "And if there is no contract in 2009, we do not deliver gas from 1 January," he stressed.
"We deliver the full volume of gas for transit and fulfill all our obligations to European consumers," he added. History of done any doubts and add to the pressure ... ?
The Ukrainian president, Viktor Yushchenko, is reassuring about him. Wednesday, he again assured Wednesday that his country ensured "the uninterrupted transit of hydrocarbons, including Russian gas, to Europe."
"Our goal is to find a joint mechanism with the Russian side on the transition to market principles not only gas prices but also that of their transit," argued the head of state.
The game is in size for both countries: Ukraine currently pays Russian gas 179.5 U.S. $ 1,000 m3, a rate much lower than that applied to European consumers. A situation which strongly dislike Moscow, Gazprom threatened to drastically raise the price.
Russian President Dmitri Medvedev is also mounted niche Wednesday, threatening Ukraine of "sanctions" if Kiev did not pay its debt.
Ukraine "has to pay the money until the last ruble if they do not want their economies, ultimately, is facing sanctions and claims of the Russian Federation," he declared.
But the issue of conflict could be even larger than it seems, is once again bound to the will of Putin and "tied" to return to their sheep "lost" from the former Union Soviet. But Kiev is far from being fooled ...
The Ministry of Foreign Affairs of Ukraine, Vladimir Ogryzko, and was delivered Thursday to an economic partnership "transparent" between Russia and Ukraine, particularly in the gas field.
"The sooner the Russians understand that we are an independent state, we have our history, our culture, our traditions and our plans for the future, the sooner we will build a normal," he said.
Ukraine could begin the demarcation of its border with Russia unilaterally, announced the Ukrainian Minister of Foreign Affairs. According to the chief diplomat of Ukraine, Kiev has been waiting nearly 18 months the official response from Russia regarding the opening of the delimitation commission. "Russia says that the need for complex procedures," Ogryzko said.
In December 2003, Kiev and Moscow signed a cooperation agreement on the Exploitation of the Sea of Azov and the Kerch strait. However, the issue of joint use of these marine areas is still not resolved.
Ukraine insists on the need to draw the line based on the administrative border between the Soviet republics Russia and Ukraine, within the USSR.
Moscow recalls that according to Soviet legislation, inland waters between the republics of the USSR were not demarcated and proposes to stick to international standards which require that the border along the fairway. But it would be shifted to the West.
It is a challenge is strategic: the Kerch Strait linking the Black Sea to the Sea of Azov where the Russian port of Rostov on Don, Taganrog and Yeisk. It is virtually unfit for navigation as too shallow for the draft cargo ships and other large vessels, except in the Kerch channel-Enikal which is in the port area of the Ukrainian port of Kerch. More than 9,000 vessels passing through this channel to reach the Russian ports of the Sea of Azov to the north or reach the Black Sea to the south. Russia will also fears the emergence of foreign warships, including NATO.
Where the loop is closed .... In addition to political and strategic issues, economic issues are important partners on two points: the rights of way and oil and gas from the Sea of Azov .... QED ....
120 off-shore deposits provide oil and gas in the Sea of Azov. Production is still modest while the Sea of Azov is at two-thirds of Ukraine, but the possibilities of mining in the future may prove interesting.
Another subject of friction: Russia wants to extend the presence of its Black Sea fleet in Crimea beyond 2017, deadline set by the 1997 agreement. Ukraine opposes ... ( All Forex News of Today )
China: poverty line up ... to 115 euro / year
China Poverty
In these times of festivals and Ripaille, even if the crisis is upon us, it should be relative.While the French will be "forced" to review their budget foie gras and champagne ... China has to raise its poverty line, officially recognizing three times more needy than before.
According to China Daily, the government decided "royally" that would increase the threshold of 785 yuan (82 euros) to 1100 yuan (115 euros) per year. Balance Race: 43.2 million people are now considered poor in China, instead of 14.8 million previously. Bigre ...
China has for the first time, set a poverty line in 1985. She believes - in all modesty, of course - have emerged from poverty some 200 million people since launching its economic reforms thirty years ago. However, the authorities concerned of increased economic difficulties for certain categories of people severely affected by the global crisis, such as migrant workers made redundant due to the closure of factories exporting in the south and east. China Poverty
The financial magazine Caijing had reported Friday that the government had decided to increase the poverty line in October, as part of its efforts to promote campaigns, whose development is far behind urban areas. The average annual income of farmers was 4140 yuan (470 euros) in 2007, against 24'932 yuan in cities.
The government is likely to further increase the poverty line next year to enable more people to enjoy the benefits of the program. The magnitude of the adjustment will depend on the number of people who might be under the poverty following the economic slowdown and inflation, which vary from one region to another.
In any event, this new poverty line remains below the World Bank criteria considered extremely poor person living on one dollar or less per day. If such a test was applied, over a hundred million of the 1.3 billion Chinese could be regarded as living in extreme poverty.
However, the World Bank has recently admitted that China was poorer than it thought, even if this adjustment - according to experts from the World Bank - do not undermine the progress that China has been able to register in recent decades.
According to these new calculations, there would have 130 million poor in more than previous estimates suggests not.
Note also that several studies have shown that in China the $ 1 threshold is 60% higher than the official poverty rural but 47% lower than the urban poverty line estimated by the National Bureau of Statistics of China. So underestimation of urban poverty or an overestimation of rural poverty?
But rest assured, if all the Irish are not red, all Chinese are not poor: a traveler comes as Chinese spend trifle of 46 423 euros to buy several bottles of Bordeaux at Roissy . A record! ( All Forex News of Today )
Japan: fall in industrial production
Industrial production in Japan plummeted by 8.1% in November compared to October. This is the heaviest fall ever recorded.
Main reasons given by the Japanese Government to try to explain this situation: the drop in exports due to the crisis.
The Japanese economy is indeed coming into recession in the third quarter, sales in interntaional being severely impacted by the combined strength of the yen and declining demand. Earlier this week, Tokyo announced the most severe contraction in exports in the history of Japan (-26.7% in November over one year).
That's more optimistic, economists on average before tablant for November to a fall in output of 6.7. The government had predicted for its part fell "only" 6.4%.
But the figures speak for themselves: over one year, Japanese production appears down 16.2%, said the Ministry of Economy, Trade and Industry (METI).
The decrease in production is dominated by automotive and electronic components, because of declining demand in the U.S. market.
Japanese production of cars, trucks and buses in November saw the largest drop in nearly 40 years.
Faced with this situation, the Japanese government Wednesday approved the state budget the largest in history. But announced: finance "unprecedented measures" to combat the recession.
The budget of 88,548 billion yen (720 billion euros) for the financial year 2009-2010, which starts on 1 April, was adopted Wednesday by the council of ministers, it will be debated in parliament in January.
Up 6.6% from 2008-2009, the new budget provides for the distribution of more than 16 billion euros in direct aid to the population and tax cuts while reducing the defense appropriations and development assistance. For the fund, Japan will increase considerably its public debt, already the highest of any developed country.
"The budget we have just produced the first goal is to protect the living standards of our citizens, told a press conference Prime Minister Taro Aso." The world through the recession of the century. Faced with this extraordinary economic situation, we need extraordinary measures, "he added. ( All Forex News of Today )
Main reasons given by the Japanese Government to try to explain this situation: the drop in exports due to the crisis.
The Japanese economy is indeed coming into recession in the third quarter, sales in interntaional being severely impacted by the combined strength of the yen and declining demand. Earlier this week, Tokyo announced the most severe contraction in exports in the history of Japan (-26.7% in November over one year).
But the figures speak for themselves: over one year, Japanese production appears down 16.2%, said the Ministry of Economy, Trade and Industry (METI).
The decrease in production is dominated by automotive and electronic components, because of declining demand in the U.S. market.
Japanese production of cars, trucks and buses in November saw the largest drop in nearly 40 years.
Faced with this situation, the Japanese government Wednesday approved the state budget the largest in history. But announced: finance "unprecedented measures" to combat the recession.
The budget of 88,548 billion yen (720 billion euros) for the financial year 2009-2010, which starts on 1 April, was adopted Wednesday by the council of ministers, it will be debated in parliament in January.
Up 6.6% from 2008-2009, the new budget provides for the distribution of more than 16 billion euros in direct aid to the population and tax cuts while reducing the defense appropriations and development assistance. For the fund, Japan will increase considerably its public debt, already the highest of any developed country.
"The budget we have just produced the first goal is to protect the living standards of our citizens, told a press conference Prime Minister Taro Aso." The world through the recession of the century. Faced with this extraordinary economic situation, we need extraordinary measures, "he added. ( All Forex News of Today )
Oil prices advantage of lower production Emirates
Oil prices have resumed strength Friday on Asian bourses.
Main reasons for this situation: the decline in production recently announced by the United Arab Emirates (UAE), in line with similar measures taken by OPEC last December 17 in hopes of stabilizing the market.
At 7:20 GMT, the February contract on Light crude gained 1.4 U.S. dollar, or 3.9%, to 36.74 dollars a barrel. The WTI had finished down 9.3% Wednesday, near its lowest in more than four years. Brent took him about 94 cents, or 2.57%, to 37.55 dollars.
The National Oil Company of Abu Dhabi (ADNOC), oil giant of the United Arab Emirates, announced Thursday reduction of its crude oil production from January 2009. The decision echoes that of the Organization of the Petroleum Exporting Countries (OPEC), taken on 17 December on the reduction of crude oil production by 2.2 million barrels per day from 1 January 2009.
The ADNOC said in February it would reduce production 15% of its oil fields and the High Mourban Zakouma, and 10% production from the Lower Zakouma and Umm Chaïf "in accordance with the decision OPEC to cut production. " These decreases volumes are significantly higher than those expected from the ADNOC. The company had previously announced in January a 15% reduction of production at Mourban and 3% High Zakouma.
As a reminder, ADNOC, a public company established in 1971, is one of the largest oil companies in the world with its large reserves. Its production capacity reached more than 2.7 million barrels per day.
Note also that if, indeed, inventories of crude fell quite unexpected in the United States last week, the situation has hardly benefited the oil market Wednesday, announced the heavily offset by a sharp increase reserves of petrol and distillates (including heating oil).
Inventories of crude, according to data published by the American administration, fell by 3.1 million barrels last week to the United States, experts prior to drawing up 400,000 barrels. Reserves of gasoline rose 3.3 million barrels against only 500,000 expected. The stocks of distillates rose 1.8 million barrels against 200,000 anticipated.
To stabilize oil prices, which have lost more than two-thirds of the land in relation to their record of 147 dollars a barrel in mid-July last, OPEC decided in the second half of this year to reduce production of crude 4.2 million barrels per day in total. ( All Forex News of Today )
Main reasons for this situation: the decline in production recently announced by the United Arab Emirates (UAE), in line with similar measures taken by OPEC last December 17 in hopes of stabilizing the market.
At 7:20 GMT, the February contract on Light crude gained 1.4 U.S. dollar, or 3.9%, to 36.74 dollars a barrel. The WTI had finished down 9.3% Wednesday, near its lowest in more than four years. Brent took him about 94 cents, or 2.57%, to 37.55 dollars.
The ADNOC said in February it would reduce production 15% of its oil fields and the High Mourban Zakouma, and 10% production from the Lower Zakouma and Umm Chaïf "in accordance with the decision OPEC to cut production. " These decreases volumes are significantly higher than those expected from the ADNOC. The company had previously announced in January a 15% reduction of production at Mourban and 3% High Zakouma.
As a reminder, ADNOC, a public company established in 1971, is one of the largest oil companies in the world with its large reserves. Its production capacity reached more than 2.7 million barrels per day.
Note also that if, indeed, inventories of crude fell quite unexpected in the United States last week, the situation has hardly benefited the oil market Wednesday, announced the heavily offset by a sharp increase reserves of petrol and distillates (including heating oil).
Inventories of crude, according to data published by the American administration, fell by 3.1 million barrels last week to the United States, experts prior to drawing up 400,000 barrels. Reserves of gasoline rose 3.3 million barrels against only 500,000 expected. The stocks of distillates rose 1.8 million barrels against 200,000 anticipated.
To stabilize oil prices, which have lost more than two-thirds of the land in relation to their record of 147 dollars a barrel in mid-July last, OPEC decided in the second half of this year to reduce production of crude 4.2 million barrels per day in total. ( All Forex News of Today )
Russia: Funding for 295 strategic enterprises
The Russian government Thursday published a list of 295 companies "strategic" who have "the proud privilege" to receive aid from the State deal with the financial crisis.
Among them: the gas giant Gazprom, the Rosneft oil Loukoïl and media and public. Oil, gas and the press would be three power poutinien udders?
Faced with such an announcement should be vigilant, to justify such measures could ultimately increases the power of the Kremlin. Indeed, recall that the Russian Prime Minister Vladimir Putin recently stated that the Russian state would in the capital of large corporations, "where it will be advantageous for him and for taxpayers."
"This list is drawn up by the government commission responsible for ensuring stable development of the economy. It is not closed and may be reviewed," says the government in a statement.
According to the latter, the inclusion of an organization in the list does not guarantee financial assistance. The main objective is "to support their stability by using not only instruments but also bank guarantees of state" including the restructuring of tax arrears or the granting of customs benefits.
This follows the proposal made last December 15 by Vladimir Putin to establish a list of "vital" for the national economy and to include 1500 companies.
Outside of the giants of the hydrocarbon sector, the list published Thursday also includes TNK-BP and 32 metallurgical enterprises which Rusal and Norilsk Nickel. As a reminder, the giant Russian Aluminum Rusal had already stalled late October with the bank VEB a loan of $ 4.5 billion, as part of a plan to help troubled companies because of the financial crisis.
The state media including First Channel and Rossia channel, Russia Today, the news channel that continuously broadcasts in English, and news agencies Itar-Tass and RIA Novosti are also on the list.
It also includes companies in the aerospace, transportation, automobile production, the chemical industry and agribusiness.
The presidential advisor Arkady Dvorkovitch has also found Thursday in an interview on television that Russian growth in 2009 would amount to nearly 2%, inflation is estimated in a range between 10 and 12%.
For 2008, the government envisages a growth of around 6% and inflation of more than 13%, following growth of 8.1% in 2007.
( All Forex News of Today )
Among them: the gas giant Gazprom, the Rosneft oil Loukoïl and media and public. Oil, gas and the press would be three power poutinien udders?
Faced with such an announcement should be vigilant, to justify such measures could ultimately increases the power of the Kremlin. Indeed, recall that the Russian Prime Minister Vladimir Putin recently stated that the Russian state would in the capital of large corporations, "where it will be advantageous for him and for taxpayers."
According to the latter, the inclusion of an organization in the list does not guarantee financial assistance. The main objective is "to support their stability by using not only instruments but also bank guarantees of state" including the restructuring of tax arrears or the granting of customs benefits.
This follows the proposal made last December 15 by Vladimir Putin to establish a list of "vital" for the national economy and to include 1500 companies.
Outside of the giants of the hydrocarbon sector, the list published Thursday also includes TNK-BP and 32 metallurgical enterprises which Rusal and Norilsk Nickel. As a reminder, the giant Russian Aluminum Rusal had already stalled late October with the bank VEB a loan of $ 4.5 billion, as part of a plan to help troubled companies because of the financial crisis.
The state media including First Channel and Rossia channel, Russia Today, the news channel that continuously broadcasts in English, and news agencies Itar-Tass and RIA Novosti are also on the list.
It also includes companies in the aerospace, transportation, automobile production, the chemical industry and agribusiness.
The presidential advisor Arkady Dvorkovitch has also found Thursday in an interview on television that Russian growth in 2009 would amount to nearly 2%, inflation is estimated in a range between 10 and 12%.
For 2008, the government envisages a growth of around 6% and inflation of more than 13%, following growth of 8.1% in 2007.
( All Forex News of Today )
Roissy: a Chinese traveler buys 46,423 euros for wine, a record
A Chinese passenger bought 46,423 euros Wednesday for wine, a record in the shops at the airport of Roissy, it was learned from Paris Airports (ADP).
Shortly before taking his flight to Beijing, scheduled for 18h55, the passenger has purchased several Chinese grands crus including two bottles of Burgundy, a Task and a 1991 Romanée Conti 2002, several Bordeaux including a 1947 Lafite Rothschild, a 1986 Petrus, a Certan 1982, a Chateau Margaux 1982 and Chateau Latour 1976, it was clarified same source.
"The sale took place in two phases: an initial purchase of 43,083 euros, the passenger then returned after several minutes of reflection and bought three bottles for the sum of 3340 euros," said Lynda Chong, the salesperson Details of the terminal 2E, quoted in a statement.
The previous record dates back to 20 March 2007. Another Chinese passenger had spent the sum of 23,000 euros a shop in Terminal 2C at the airport of Roissy, buying several major French wines. ( All Forex News of Today )
Shortly before taking his flight to Beijing, scheduled for 18h55, the passenger has purchased several Chinese grands crus including two bottles of Burgundy, a Task and a 1991 Romanée Conti 2002, several Bordeaux including a 1947 Lafite Rothschild, a 1986 Petrus, a Certan 1982, a Chateau Margaux 1982 and Chateau Latour 1976, it was clarified same source.
"The sale took place in two phases: an initial purchase of 43,083 euros, the passenger then returned after several minutes of reflection and bought three bottles for the sum of 3340 euros," said Lynda Chong, the salesperson Details of the terminal 2E, quoted in a statement.
The previous record dates back to 20 March 2007. Another Chinese passenger had spent the sum of 23,000 euros a shop in Terminal 2C at the airport of Roissy, buying several major French wines. ( All Forex News of Today )
The Elie Wiesel Foundation had given almost all its assets to Madoff
The Elie Wiesel Foundation for Humanity had given management "almost all of its assets" to society by Bernard Madoff, announced Wednesday on its website the organization of struggle against anti-Semitism.
"We are writing to inform you that the Elie Wiesel Foundation for Humanity had $ 15.2 million in management in the investment company of Bernard Madoff. This represents almost all of the assets of the Foundation", wrote she.
"We are deeply saddened and sorry to be like many others, victims of what could be the largest investment fraud in history," added the organization created in 1986 by the Nobel Peace Prize and his wife Marion.
It ensures that it does "not discouraged to continue its mission to combat indifference, intolerance and injustice in the world." Expressing advance his "deep gratitude" for any future support, she says she remains "committed to continuing the work of its founder."
The Elie Wiesel Foundation, dedicated to maintaining the memory of the Holocaust, conducting awareness programs to anti-Semitism among young people by organizing competitions and conferences.
Dozens of Jewish charities supported by wealthy patrons were swept away by the wave Madoff, former chairman of the board of Nasdaq, one of the New York Stock Exchange, accused of fraud involving pyramid 50 billion dollars.
Over thirty of the largest Jewish foundations met Tuesday in New York to "decide together if there were opportunities for joint actions" to counter the disastrous effects of the scandal, explained to AFP Wednesday Mark Charendoff , Chairman of the Network of Jewish patrons.
Without wishing to reveal the names of these patrons, he said after two hours of discussion, the group had agreed on three main actions.
First, an area where information non-profit status may make their needs and propose "share certain costs," then a group of lawyers, advisers and experts for the legal part of the case. Finally, the establishment of a mechanism to find new funding for nonprofit organizations, Jewish and non Jewish directly affected by the scandal Madoff, "he detailed.
He referred to a "determination to try to reverse a share of wrong and fix a portion of the damage" caused by case Madoff. ( All Forex News of Today )
"We are writing to inform you that the Elie Wiesel Foundation for Humanity had $ 15.2 million in management in the investment company of Bernard Madoff. This represents almost all of the assets of the Foundation", wrote she.
"We are deeply saddened and sorry to be like many others, victims of what could be the largest investment fraud in history," added the organization created in 1986 by the Nobel Peace Prize and his wife Marion.
It ensures that it does "not discouraged to continue its mission to combat indifference, intolerance and injustice in the world." Expressing advance his "deep gratitude" for any future support, she says she remains "committed to continuing the work of its founder."
Dozens of Jewish charities supported by wealthy patrons were swept away by the wave Madoff, former chairman of the board of Nasdaq, one of the New York Stock Exchange, accused of fraud involving pyramid 50 billion dollars.
Over thirty of the largest Jewish foundations met Tuesday in New York to "decide together if there were opportunities for joint actions" to counter the disastrous effects of the scandal, explained to AFP Wednesday Mark Charendoff , Chairman of the Network of Jewish patrons.
Without wishing to reveal the names of these patrons, he said after two hours of discussion, the group had agreed on three main actions.
First, an area where information non-profit status may make their needs and propose "share certain costs," then a group of lawyers, advisers and experts for the legal part of the case. Finally, the establishment of a mechanism to find new funding for nonprofit organizations, Jewish and non Jewish directly affected by the scandal Madoff, "he detailed.
He referred to a "determination to try to reverse a share of wrong and fix a portion of the damage" caused by case Madoff. ( All Forex News of Today )
Subscribe to:
Posts (Atom)
Posts
