Report of the USDA Makes Plunge Market of Chicago

The futures market in Chicago has seen a sharp decline Tuesday. Consequences of the observations contained in the report of the U.S. Department of Agriculture (USDA) concerning the distribution of cultivated areas. Which states that American farmers have planted surfaces wider than analysts expected.

Main "victim" means the price of corn and wheat, and to a lesser extent the course of soybeans.

Contrary to what was expected, the USDA reported that the cultivated areas of corn, soybeans, wheat and cotton would be higher by 4.9 million acres (about 2 million hectares).

According to the report of the Ministry, the U.S. should plant more corn (1%) and soybean (2%) than last year.

Corn is expected to increase by 800,000 hectares compared to first estimates released in March, reaching its second highest level since 1946 to 35.22 million hectares.

An "evil" (for course ..) never alone, especially the mild weather of the past week has increased the quality of the harvest.

Regarding wheat, the United States are expected to sow less than last year (-5%), but new estimates are higher than those established in a preliminary report.

In its first estimates in March, the USDA had predicted a decline of 7% for areas planted in wheat and 1% for those planted in corn.

The report was however relatively neutral for soybeans, stocks should remain limited, a situation likely to support prices for several weeks. The soybean is planted on 30 against 31.35 Mha 64 Mha planted in 2008.

Note also that in a second report, the USDA reported that U.S. inventories of corn and wheat had increased by 6% and 118%, while soybean had declined by 12% on 1 June 2009 annual value slippery.

The contract for corn for December delivery plunged 30 cents, the maximum at 3.6725 dollars a bushel (about 25 kg). The contract maturing in September wheat fell 17 cents to 5.4075 dollars. The contract of soybeans mature in November lost 2.50 cents to 9.81 dollars a bushel.

Remember, the United States is the world's leading producers of corn and soybeans and wheat exporters.

Starting a Hot Dog Vending Business

How to start a Hot Dog Business - Earning money is hard without a decent job. With the economic crisis, finding a good job can be difficult even if you have a university degree, or previous work experience. Therefore, for many people, starting a small business is a good option. If you do not know what kind of business will help you make money a little easier, you can always start out small in small food businesses, as a business selling hot dogs.

Starting a business selling hot dogs is easy on the budget. Just find a good place to sell hot dogs. Good places to sell include places such as markets, shopping malls and places, or in front of office buildings. Before moving forward with your business, if you need to know about a number of things.

The business permit. If you start a business, obtain an operating permit is the first thing you should consider, unless you want to go to jail. You can pay a visit to the city or town hall to apply for a permit. Obtain an operating license also gives you easier to purchase or lease of equipment and supplies, as you can already do so under your registered company name. Remember that you must file a certificate name. To apply for permits and certificates of payment usually requires only a few dollars, but it should be worth, if you expect good profits from your business.

Finding good equipment. If you're just a hot dog vending business, it's not a bad idea to move the equipment cost at the outset. This includes a small stove, coolers and utensils. Keep in mind that when you buy cheap equipment, they must be in good working condition, particularly if they are already used. You can also apply for credit or loans to a local device, if you do not have enough seed money to start. Market your business of selling hot dogs. People do not want to eat in a dirty and unorganized hot dog stall. Before selling hot dogs on the street, make sure your booth is organized and clean. If you have a mobile cart, you can go to places where there are many people, thereby increasing sales. You May also want to style your mobile trolley to attract more customers. Get one with an umbrella, a small stove, small fee and a sign so that happy and satisfied customers will remember your hot-dog stall his name.
Improve your menu. You can sell a hot dog or two recipe - hot dog on a stick or hot dog in a bun. But if you can create your own menu, with different mixes and condiments, you will be able to attract more customers.

Get customers. The key to success in any small business is repeat customers. This way you will not have to spend too much time, effort and money in marketing your products. When you have loyal customers who are satisfied, they will help you market your hot-dog stand for you. They tell us that their friends and colleagues.

Going into business is a good opportunity, and may be a good source of experience for everyone. A hot-dog stand May be small, but it is a viable business, if you can earn profits thereof.

How can I make money from Google ?

I am sure you thought before you make money online ( from Google? Maybe ), or perhaps you have already tried some strategies business online internet provided by many experts in the business world. Anyway, I'll tell you my plan to make money online using a simple machine manufacturer money in history - welcome to the world of Google AdSense. May be you must read google fast cash and google money scam articles.

First, you must understand how Google AdSense, to understand AdSense, you must first understand his brother Google AdWords. In Google AdWords, online stores, online sites for business, web hosting providers and any other web site provides a service to internet users can advertise their businesses through the through the Google AdWords program, their ads appear in search engines after Google will look for a keyword related. Thus, the ads will be displayed under the search term. We can expect many clicks on ads and high conversion rate because the ads will be much more related to the interests of the internet user.

Google provides an opportunity for other webmasters to publish AdWords ads via their websites and / or blogs, sharing revenue with them. We call this system Google AdSense. Subscribe to AdSense, your unique code to add it into your web pages and ads to the content will be generated automatically. You paid for each click on those ads. That's it.

The main idea here is to build a website based on good keywords, and try to get on the first search engine results, we will take for Google to be our main search engine.

Now, follow these steps to start making money with AdSense.

Choosing a good créneau.Vous can choose the niche that you have some knowledge, or you can choose the niche you want to know more, or you can choose any niche you want. The best slots for AdSense golf, other sports niche, niche pet, health niche, niche website development. We can use the golf niche as our example.

Choose the main keywords of your new website. To generate good keywords for your new site golf, go to laOutil suggestion keywords Google. This tool will automatically generate all keywords related to golf that you can compare them to choose about 15 keywords for your first 15 articles. Enter the word "Golf" and verification of character type and click "Get Keywords Idea. You will see that many keywords are generated, you should give it a try in the Google search engine before choosing your keywords. Doing a test for the keyword "Golf Tips" on the search engine Google.

You will notice that there are over 9 million results for the keyword "Golf Tips", a keyword is very competitive and it will be very difficult to get your new web site of the first results with that keyword .
Now, the first site visit. It has a PageRank of 5, meaning that it is a very difficult to compete. "Golf Tips" is clearly not the ideal keyword.

PageRank refers to the popularity of the site. Google measures the importance of each website using this protocol, and is also Web sites based on their PageRank. PageRank webmasters can improve the quality of getting back links to their websites. Downloading the software to identify PageRank is free.

Now the search for "Golf Swing Tips" on the search engine Google. You will see the following scene:

Google indicates that the overall results for the search term "Golf Swing Tips" are only a million and a few thousand pages. Now, the first site visit. It has a PageRank of 0.

Yes, we can succeed here. The best key word here is "Golf Swing Tips." This is our main keyword, but try to choose 14 other keywords using the same technique.

Getting a name domaine.Vous must register a new domain name for your new site. The domain name must include the main keywords and should include "golf", "swing" and "advice". I suggest that you register a free domain name to host the Gate gives you a great web hosting plans with a free domain forever. Go to the door of the host and select one of the following structures: GolfSwingTips.com, Golf-Swing-Tips.com, GolfSwingTips.net, Golf-Swing-Tips.net. Then get it free with your hosting plan. Thos are the best structures, but if they are not available, you can use other extensions such as. Org,. Us,. Co.com. Cc, etc
I strongly recommend you register with the service door home, it offers several plans for your future field of web site with AdSense.

Build your site web.Maintenant you need to design your website. Do not worry, I will provide a large number of models ready to AdSense, you simply add the AdSense code and content in the design. I designed these models in particular for AdSense to maximize your AdSense earnings optimized using these models. Download the Free AdSense Templates professional now.
Add content to your site. Now you want to add about 15 items related to 15 unique keywords you have chosen. You can write these articles yourself. To write, you must read other websites, the main type of 5 points, and rewrite the information in your words. Articles must be written in your words to avoid duplicated content that will hurt your ranking in search engines.

There is another way to get your items if you do not have time to write yourself. You can hire a freelance online. On sites like Get a Freelancer, you will find many writers who can write articles for your professionalism for some males.

On the advice SEO.Vous must add the main keyword for each web page in the title tag, this tag is the most important tag for search engines. Say for example that the main keywords in your homepage is "Golf Swing Tips." You should make the title tag exactly "Golf Swing Tips." You should do the same with other major keywords in Web pages.
You should also add the main keyword in the description tag, and you must distribute the main keywords throughout the addition of the first "head" format. Anyway, I have optimized the design of the freedom to do things easily.

Fill your site web.ca is the most important part of this article, you need traffic to your website for AdSense clicks and clicks that make money. The best and highest quality traffic comes from search engines and search engines like websites that have a good amount of links back. "Good relations is synonymous with high ranking." First, you need quality links to your website, I will tell how to get good links to your website.
Submit articles to article directories. This is the best way to get links to your website. When you submit an article to article directory, you will get a link to the article directory itself and get more links back from users who publish your article in their websites. To find the many article directories, just search for those search terms "Article Directory, submit an article, article submission" on Google and you will find hundreds of article directories to submit your articles to them.
Submit your link to link directories. It is also a good way to get through many links to your website. Google search for "links directory and website directory. You will find hundreds of these directories can submit your site for them.
Ask the owners of Web sites linked to a link or a paid.
Press release. Submit news about your services, including a link to your website. Search for "Press" on Google and start submitting your news.
Social bookmarks sites. There is another good way to get links and traffic, and submit new Digg.com, reddit.com and other websites.
Promote your website regularly and be patient.Mon last advice is to promote your site regularly, try adding a new article every week. Be patient, it May take some time before seeing the desired results.

Financial Awareness Questions

We prepare for you basic questions and answers about financial awareness :

How do I create a budget?

This is probably the most frequently asked questions. The foundation for a budget relatively simple and can be done in several ways. Many people think that the end of the budget did not know how to do it properly. However, the waiting is the worst course of action. A budget is ever perfect (only your best estimate of its income and expenditure), so do not worry if it is not perfect. A budget is the power of your finances and be used as a process to get there. Therefore, the first step and not let the need for a full budget on the road. The best thing is that the budget can be updated on the road. ( India )

It is a budget for a month or a year?

Initially, I suggest doing so for years because there are expenses that occur only once or twice a year as insurance premiums and gifts. Other costs are higher in some months (such as electricity for air conditioning in summer and natural gas or heating oil in winter). Therefore, these costs in the factor of the whole year, so you can save for these costs throughout the year. In this way, your check is not in January to all public services and credit card bill with money saved for the grocer. After creating the budget for the year, they may break a months to who knows how much you should spend versus savings have enough saved for months when there are costs (eg for public services in January, taxes and bills credit card ).

What about those who say that the budget is not necessary?

Some people say not to worry about creating a budget because a budget is never exact, because of unforeseen expenses and because people hate so much anyway. Using this logic, I think we can neglect the cleanliness of my house and eat my vegetables. There are things that we do not like to do, but they are important. Therefore, if you're tired of having money problems and stress about money, the budget can be very informative about where the money goes.

Should I automatically save first, then spend the rest?

I know many people like this philosophy and has worked for some. In my opinion, the principle is based on the belief that people can not control what they spend their money. That is what this method to automatically save money in a special account that does not touch, unless you have an emergency. Personally, I do not, because it prevents people from more of your money without being able to say who will never be able to control their costs, so do not worry about saving automatic. Automatically backup is when you control their costs by creating a budget for how they spent the rest of his money. Alternatively, registration can be found through their broken furniture or car accident last until your next paycheck, as it is not having a plan of maintenance funds currently available where the rest of the check payment has already been spent for the month.

Never had a budget and was never in trouble, so I need a budget?

A budget is becoming more aware of what you do with your money. If you've never had problems before, may already be aware of your income versus expenses. However, if you want a little more of what they are, looking where they spend their money in May provide some clues. It's like wanting the desert, giving him yet because they want to gain weight. If you watch your diet (eating habits) May be able to cut some fat from the meat you eat to meet on an occasional desert. As for your budget (patterns) can show you places where you can save some money for the holidays that you could not take because of not having enough money. May you have never been in trouble for not having a budget, but you May not have more than what we could have either.

What if my income or expenditure varies?

A budget is the best estimate of what might happen. If your income varies from year to year, in May, you want to be a little conservative, if there is an economic downturn that makes your income is below normal. The budget process is not perfect yet more of a plan of plans for your money. By making a budget, you understand that if you can reduce your income is below expectations or unexpected increases in costs, such as articles of a medical emergency because it is their process, and that spending on paper. Things never work. However, if you do not know where your money goes, you do not know how to adjust if necessary. The worst thing to do in an emergency panic (race to create a budget or looking to find the money to pay bills) and that stress will be diverted to where you want to go . Therefore, it is better to have your financial (budget) was created so that you have only to refer to emergency situations to see where to go.

What if I am not good with numbers?

With computers these days, you really do not need to be good with numbers. This is just a resistance to take control of your budget.

A budget that makes me more money?

No, you'll feel more power over what you spend. And you can spend less when you are aware of your spending decisions, which allows you to keep more money they already have.

And if all that I can cut a medical emergency exits and therefore the budget goes to the window because there is nothing to cut?

A budget can be very useful in this situation because it is a point of negotiation with creditors and medical practices. If you demonstrate that you are doing everything they can to control your spending, you May be able to develop a payment plan of some sort. However, if you have no budget, there is no way to know if you have more money to pay them. Therefore, you are called to work to repay their free time. This is no guarantee that they will work with you. However, those who are willing to help their clients who took the first step toward collaboration with customers that goes far in its decision to help.

What if I do not have time because they work too?

A budget is only a few hours a month to create and control. Take a couple of hours you May be able to release the funds so you do not have to work so much overtime. So, the money works for you instead of always working for money.

What happens if too many unexpected things that I can not plan where is my money?

Part of the issue is not that the planning of the semi-recurring items, such as maintenance and repairs are made that people who are struggling to find money. Apparatus and break your car, to plan. If you have a budget that is so tight that nothing is left for the maintenance of a fund, which continues to ask how you can get enough money for the distraction of work (overtime or other or promotion) to get additional funds. The time to plan is when you're doing a budget to ensure that their fixed costs (such as mortgages, utilities - for example, cellular phones, car payments, etc.) are not too big that they have nothing at all.

Is it necessary to follow all the money?

The increased budget is the most likely will do so because there is no margin for error. I set my budget to have some flexibility, because I do not spend more time to find things you need. However, I am also aware of what you spend my money. I know that if I went to dinner, after months and spend $ 50 or more for dinner, eating out of my depth is about $ 600. If I have $ 20 or so, no big problem because I have some flexibility in the budget and I'm probably $ 15 to $ 25 in another place that still allows it. If I am at $ 200, that's another story that I must be aware to adjust to him.

Can control expenditure in a notebook to be beneficial?

People say that you will be surprised when you see how much you spend on coffee in the morning, writing in a notebook. However, there are other ways to be more aware of my expenses that have worked best for me. For example, if I get a cup of coffee, 3 times a week for $ 5 is $ 750 per year (50 weeks factoring 2 weeks holiday X 3 X 5 $ = $ 750). If I realize what I could determine with relative ease, without a notebook. For me, I found myself thinking of my expenses (instead of writing it down) helped me to begin the process of awareness of what I do now makes me more able to take me even in the act of spending to ensure that expenditure is more reflective rather than impulsive spending. Although track my expenses in a notebook that does not work for me because I'm crazy, my wife is that tracks your spending with a laptop because it is geared more towards me. Method can work well. Personally, I believe that my method allows me to see the big picture, rather than easier to stagnate in the details so you can be easier to adjust my budget for when things do not go as planned.

Arcelor Mittal impacted by the rise of the currency of South Africa

Arcelor Mittal South Africa (South Africa) is concerned that the revival of the rand - the currency of South Africa - results strongly penalized in the second quarter.

This is what has just said in a kind of warning on the results CEO of the company.

If in April, optimism had been required, it is nothing now. While there aquelques weeks ago the South African subsidiary of Arcelor Mittal told to expect a marginal improvement of its digits in the second quarter, its CEO, Nonkululeko Nyembezi-Heita, said Monday that the force displayed by the rand against the dollar had not been taken into account in these forecasts.

In the first quarter, ArcelorMittal South Africa reported a loss per share of 53 cents due to falling demand and high production costs.

An announcement that comes as Zimbabwe is examining the possibility of using the South African rand as its currency. Finance minister Tendai Biti announced that his government was considering three options: the adoption of the rand, the reintroduction of the Zimbabwean dollar, or maintain the current policy is based on several currencies including the dollar américain.Le Minister considers that the rand could contribute to the stability of prices of goods and services.

South Africa is in turn a country that adopts the rand as currency to obtain permission from the South African authorities.

Pierre Cardin in China ?

Pierre Cardin currently leading negotiations for a possible takeover of the brand with several companies, including China.

Everything is bound to end my poor sir. Imagine it! according to rumors,

Words certainly partly denials, but does not say that there is no smoke without fire?

A Chinese manufacturer of shoes Monday denied information from the local press that he was in discussions with Pierre Cardin for a possible takeover of the french, also admired China.

The Chinese newspaper Guangzhou Daily reported Sunday that Guangzhou Jiansheng Trading, formerly in charge of marketing french luxury group, expected that its discussions with the french lead within a month. Citing jianxue Liu, the president of the company, to "authenticate" these words.

"There are discussions. Mr. Cardin plans to sell the brand in China and the global brand", has also said Fang Fang, director of Cardin in China.

"This article is wrong. If we had such a project, we would be making a formal announcement," nonetheless declared Monday a spokeswoman Guangzhou Jiansheng Trading.

Having more than one trick up its sleeve (Cardin?), The daily also quoted the Chinese-language media based in Europe that other non-listed Chinese company would to some interest group.

A newspaper in southern China, the Shenzhen Commercial Daily, said Monday that the Jiansheng Trading Company, in the southern province of Guangdong, had offered 200 million euros for the acquisition of the brand and she hoped that agreement could be reached in a month.


National media have reported that other Chinese companies were in the ranks, including Huhao Corporation of Zhejiang Province in eastern China.

Economic Liberalism Is It Obsolete?

First, it is essential to recall the basic principles of economic liberalism, the number of 6:

• private ownership of means of production;
• freedom of enterprise;
• free trade, at international level;
• Free competition and, therefore, the fight against monopolies;
• existence of a clear and stable legal framework;
• presence of a level playing field for everyone.

Critics of this system tend to point the finger at the excesses of the system: free trade became "globalization" and a pretext for industrial relocation and "unfair" free competition likened to the "law of the jungle", so the "jungle" and free enterprise that would increase "the inequality. Since the fall of communism, nobody dares to challenge the most private property, as a source of wealth creation, except in cases of mismanagement proved (see the banking sector, hence the term "nationalization" has regained its luster!) .

Yet the current financial crisis is not the consequence of liberalism but is rather a perversion of the rules of this system, since it is the U.S. public authorities have intervened to modify the rules of the game: the federal government repealed banking prudential regulations encadraient investment banks, allowed the development credits "subprime" to build social housing for poor households (and therefore insolvent) and encouraged the banking oligopoly led by the investment banks (whose most prominent members attending the high levels of government or regulatory agencies).

Likewise, at the international level, trade liberalization has been accomplished without the players are placed on an equal footing, in terms of legal and social, and Chinese products do not support the same rules, in labor law, standards of quality and traceability Environmental products that European, Japanese or American: the presence of a level playing field for all the world is not respected.

If one gives a quick review of the emergence of economic liberalism after 1945 (and especially after 1980), we see that a permit to remove more than one billion people from poverty (remember that famines in China made more than 10 million dead under the government of Mao Tse-Tung). Countries like Japan or South Korea, which were still saving "archaic" in 1945 have gradually joined the OECD. India and Brazil are in the process to follow these examples. Overall, global GDP growth has far exceeded the rates in force for centuries. The same is true of international trade and foreign investment.

Therefore, despite all its flaws: there are "rounds" separated by repeated crises, difficulties to overcome inequalities, economic liberalism has managed to bring prosperity (measured by GDP per capita) to a maximum of individuals and to facilitate the emergence of economies representing a third of humanity, since the Second World War (successivement Japan, South Korea, China, India, Russia, Brazil, Eastern Europe). It has clearly demonstrated its superiority to previous models the face of pre-capitalist (feudal system) or of industrial capitalism (see slums and child labor in the nineteenth century) and, of course, the Soviet collectivism, which collapsed within 80 years all over the world.

But that does not regularly review the "rules of the game" this system, to improve them, at precisely the periodic crises that has to suffer.

Russia and OPEC: Agreement for Cooperation on Oil Prices

Russia and OPEC: Agreement for Cooperation on Oil Prices - Far from being insignificant the visit of Russian President, Dimitri Medvedev in Angola.

While African country currently holds the rotating presidency of OPEC, Moscow and Luanda spoke oil prices and oil cartel. To encourage Russia to "join" in every sense of the word?

Recognizing that the procedure for establishing the price of oil was far from optimal, Dmitry Medvedev said Friday in Luanda that Russia and the Organization of Petroleum Exporting Countries (OPEC) intended to consult on this issue.

While adding that Moscow and the cartel intends to consult on the pricing of crude on the market.

World oil prices which fell at the height of the crisis to $ 40 a barrel in June remained at around 70 dollars. Level divided by two compared to the record in July 2008, which stood at $ 140 a barrel.

In mid-June, the Russian Energy Minister Sergei Chmatko had also announced that Russia and OPEC planned to discuss issues relating to their cooperation at a seminar in July. The seminar should be held in Vienna (the seat of the oil cartel) or Moscow.

The deputy prime minister in charge of energy, Igor Setchine, had announced his side that Russia was pursuing a strong cooperation with the cartel.

The parties could consider including the proposal to create a single currency to honor oil contracts, taking Moscow to recall that some Gulf countries had already agreed to a joint currency.

Setchine said, Russia might consider a similar measure with Uzbekistan, Kazakhstan and other CIS countries.

Remember also that Moscow had accepted the invitation to him to attend the meeting of OPEC on March 16.

Russia, which wishes to establish contacts with the cartel "- in February last précsiait Igor Setchine - was sent to the organization in October 2008 a draft memorandum of cooperation. At that time, Moscow claimed to be especially interested in the forecasts, the market situation, the problem of energy security and access to new technologies, but considered a possible early accession of Russia to OPEC.

Last December, Chakib Khelil, while OPEC President and Algerian Minister of Energy said that the cartel wanted to see Russia join the organization. According to him, the decision would "increase the power of the Organization of Petroleum Exporting Countries.

Urging half word Moscow to adopt a policy of production in agreement with the oil cartel, C. Khelil said want a "concrete support that takes place on the ground." The message - even read between the lines - was clear.

In order to argue its decision, the President of OPEC has stated that the cartel had always wanted Russia to join OPEC, recalling that it is already an observer member countries such as Angola was previously before its integration.

Economic capital and the demands of pillar II of Basel II

The guidelines of the Pillar II of Basel II are intended to ensure that banks better assess the adequacy of their capital with their risk profile. How the implementation of economic capital in a bank allows it to provide both

answers to this requirement and to make its own specific?

Preamble: the concepts of economic capital, regulatory capital and internal capital

Regulatory capital:

Regulatory capital is defined by the regulator and corresponds to the minimum capital required by the banking commission. The procedures for calculating regulatory capital are set out in the guidelines of Basel II. They are based in IRBA on two main data: the probability of default of the counterparty risk, and loss given default of the counterparty. ( Basel II Risk )

Economic capital:

Economic capital is the capital needed to cover a potential loss for a maximum level of confidence attached to a given horizon. It is defined by the bank according to an internal model and allows a better allocation of capital by business line.

The economic capital is used to cover exceptional losses. The expected losses are covered by the provisions, while the extreme losses are not covered.

The internal capital :

The internal capital to equity is necessary to cover all the risks identified by a bank. Its calculation is based on methods developed by each institution to take into account their specificities.

The concept of internal capital differs from that of economic capital on two points:

The purpose of the methods of calculation of economic capital is to assess the risks involved in the most close to the economic realities, through a sophisticated models, while the internal capital should only assess a risk by using methods more or less developed.

The internal capital must be included in the ICAAP.

The ICAAP (Internal Capital Adequacy Assessment Process) is a procedure to assess whether the funds are sufficient to cover all risks to which the banking institutions. The validation of the ICAAP by the banking commission is required for approval of a Basel II bank.

The ICAAP should describe the procedures to load and stress testing of various risks of a financial institution. The main risks that must inevitably be governed by the ICAAP are:

Credit risk
Market risk
Operational risk
Liquidity risk
Concentration risk
Residual risk
Securization risk
Business risk
Structural interest rate risk
The salaries of all types of risks identified must be described in the ICAAP. This procedure provides for stress tests in the following as a minimum:

A rise or fall in interest rates by 200 basis points
A decline in real estate 30%

Reminder fundamental pillar II

Pillar II formalizes the principles of governance of risk management. It ensures that banks better assess the adequacy of their capital with their risk profile. This objective is based on three points:

Optimize the monitoring of risks covered in Pillar I
Incorporate macroeconomic variables and the effects of economic cycles
Address the risks not taken into account in Pillar I


The method of economic capital to cover these additional risks

Economic capital to cover unexpected losses, or exceptional, all types of hazards addressed by the risk management of banks, including those who have not been taken into account in Pillar I of Basel II. These risks must be included in the calculation of regulatory capital to meet the requirements of Pillar II.

Economic capital is not constituted by the sum of the basic risks, it also includes the correlations between different assets, which reduces the overall cost of risk borne by a bank whose business portfolio is sufficiently diversified.

Veolia Environnement / DCNS: Creation of a Joint Company

What is common between Henri Proglio, CEO of Veolia and the french state, apart from - in particular - a Night at the famous Fouquet's?

A new company, which has been created between Veolia Environnement, french group of services to the environment, and the french DCNS, Europe's leading naval defense sector.

This new entity will manage the core business of military sites.

Under this operation, Veolia Environnement will hold 51% and 49% of DCNS this company called "Defense Environment Services.

According to estimates of the two groups, the new entity should be completed within five to ten years 150 million euros in sales and employ 1,000 people.

The main customer of this company will be the french Ministry of Defense for its bases the navy, army and air. The new company will also offer its services to ports civilians, purveyor sites.

Its services will include the maintenance of buildings and industrial installations, cleaning, disposal of waste.

The creation of Defense Environmental Services responded to the growing demand for management support services of the State, such as maintenance and operation of infrastructure of military bases, under the General Review of Public Policy (RGPP). In any case, what the communiqué.

At the moment, Defense Environmental Services already has about thirty employees. The company has received two contracts on the sites of Lorient and Indret.

She responded to three calls for tender in the amount of one to three million annually, for one Navy, one Air Force and the last Army.

His competitors for the three tenders are services group Suez Environnement, the french Sodexo (catering and business services) and Cegelec - Electrical engineering group owned by the sovereign fund of Qatar.

The idea is not fundamentally new, since September 2008, an officer of DCNS announced in Le Figaro that the military shipbuilder french studying the creation of a joint venture with Veolia in services under the strategy of diversifying its business.

"By ten years, (...) we want to increase the weight of the French military command in our business by 75% to 50%," explained Bernard had Planches, Deputy CEO of DCNS. For this, the shipbuilder wishes to develop internationally and in other activities such as nuclear or services.

Wall Street: the Dow Jones flies!

New York Stock Exchange was in the midst of euphoria at the beginning of Thursday afternoon, the Dow Jones rising more than 2% and the Nasdaq him following in the footsteps

A general trend of increase shown by the consumer sector and industry.

Around 17H15 GMT, the Dow Jones Industrial Average 174.43 points and took to 8474.29 points and the Nasdaq (mainly technological recall), 33.66 points to 1826.00 points.

The broader index Standard & Poor's 500 rose for its 2.09% (18.79 points) to 919.73 points.

The values of consumption have pulled the market up.

The results - above expectations - the chain of stores dedicated to home Bed, Bath and Beyond were off the title, which surged by 10.36% to 31.33 dollars. Bringing in its wake the entire sector.

The U.S. retailer had announced the previous day in the evening the results of its first quarter fiscal 2010. On the period ended in late May, the company posted net earnings of $ 87.2 million or 34 cents per share, against a profit of $ 76.8 million or 30 cents per share a year earlier. Sales climbed 2.8% to $ 1.69 billion, but fell by 1.6% in comparable stores. The consensus expected EPS of 25 cents on revenue of $ 1.68 billion.

Specialist DIY Home Depot recorded along one of the highest increases in the Dow Jones, rising 4.19% to 23.63 dollars.

Recall that in the fourth quarter of the year, excluding exceptional items, Home Depot has a current profit per share of 19 cents, while the consensus expected a profit of 15 cents. On a comparable basis, the profit should fall between 20% and 26%, "said Home Depot, which until then included a decrease of 26%.

Caution is however up: on the same period, sales fell 17% to $ 14.6 billion. Under the fourth quarter of fiscal 2008-2009, the American group presented a loss of $ 54 million against a net profit of 671 million the previous year. Home Depot has had to spend $ 387 million of provisions related to its restructuring.

DIY specialist announced last month its intention to remove 7000 posts in connection with the closure of its stores to develop home Expo, and the restructuring of its general services.

Good performances were also rated Thursday side of the industry sector. The title of the equipment manufacturer Caterpillar rose from 3.50% to 34.57 dollars, the aluminum producer Alcoa for its rising 3.92% to 10.61 dollars.

China: discovery of the largest deposit of iron ore to Asia

Iron ore prices - Coincidence of timing? While in the beginning of the month, Chinese steelmakers have refused to match the price of iron ore concluded within the framework of the agreement between Rio Tinto and the Japanese steelmaker Nippon Steel, the site China Internet Information Center announced Thursday that the most important source of iron ore to Asia had been discovered in the Chinese province of Liaoning.

This announcement comes on strong ... just as Chinese steelmakers begin the final round of major negotiations on the price of iron with major world producers.

However, the reserves of this deposit is estimated at three billion tonnes and iron ore would rise between 25 and 62%. Finally, it is what the Chinese press, we did not go check. The beginning of operations is planned for next year. The production capacity of the mine could achieve for its 5 million tonnes by 2015. It could last 50 years according to geologists

Little reminder not least at present, China imports half of its demand for iron ore.

This news caused a surge in shares of Chinese metallurgical corporation. The giant Baosteel has gained 3%, Angang Steel Company forward in the wake of 7.42%.

Earlier this month, Chinese steelmakers have refused to match the tariff agreement between Rio Tinto and Nippon Steel Corp.. The Chinese Association of Iron and Steel (China Iron and Steel Association, CISA) had stated that the price reduction did not reflect the actual situation of supply and demand on the international market and would require steelmakers China to work at a loss if it was applied.

The Anglo-Australian group Rio Tinto announced that it had PRECENTE reached agreement with Nippon Steel for iron ore prices down 33% to 44% depending on the contracts.

"This agreement does not reflect the mutually beneficiary relations which should prevail between the steel producers and those that supply iron ore, said at the time ICATU. "The Chinese steelmakers will not accept this reduction and does not align on these prices."

Loan of Labor Between Employers, solution to the crisis ?

Loan of Labor Between Employers - Ready to "skills" between employers? If British Telecom has already made the leap, France is not totally outdone, far from it.

Decidedly "inspired" her last time, management has recently floated the idea of a loan of labor, for which - according to him - "to avoid unemployment and redundancies." Better yet, the sharing of employees between a group of employers is also mentioned.

Nothing can stop the visible progress since some of these proposals have already been passed by Parliament on the basis of a bill UMP. Resources you said "human"?

MEPs adopted on 9 June by 305 votes against 146 a bill UMP, supported by the government, which provides more flexible lending procedures of labor between employers.

The bill authorizes the loan of manpower in all cases where the lending company "does not draw benefits," the purpose of this measure is to allow employers to pay a temporary employee rather than dismiss .

Within the heart of the matter, the UMP deputy Jean-Frédéric Poisson has indeed filed a bill clarifying the definition of ready manpower in order to "encourage occupational mobility." The employees concerned will appreciate the words ...

According to the text proposed in Parliament, when the loan of labor leads to an essential change of the employment contract, the employee would be able to refuse to work in another company without risking dismissal. Still a chance ... In principle, an employee may refuse to be loaned to another employer.

However, Socialist Party, CGT and CFDT are strongly opposed to this measure. The latter see it as "a dangerous and unacceptable."

Remember that the loan of manpower is to transfer an employee for a specified period to another, without any breach of contract of employment, the employee then returned to his original employer. Such an exchange between "friends" is permitted only in a non-profit (not for acting), the lending company to charge back to the nearest euro salaries and expenses. It should also not be to circumvent the rights of the employee, failing which it constitutes a "crime of haggling.

Tuesday, in a paper submitted to the eve of a negotiation session with labor, management has also proposed to "expand" to more employees and companies the opportunity for employers to resort to partial unemployment .

The business, which intends to conclude the negotiations before July 14, proposes nothing less than change the labor code for the partial unemployment may be enforced, "individually and in rotation, and similarly, especially in the services or trade, and employees. For the record, some 183,000 employees were in the first quarter unemployment.

The employers would like to "simplify" and "reduce" red tape application of partial unemployment and their renewal and accelerate the repayment to the company monthly allowances "paid by the State.

He also wants to see change "very quickly" regulation to ensure that the combination of partial unemployment benefits and vocational training will not exceed the remuneration the employee would received had he worked. "

How Do You Lose Your Money ?

Knowing how much it costs and how much your money earns in each activity. It is the most effective way to optimize your finances.

In general, people know how much you pay in percentage terms for services, especially financial ones. Different reasons influence their ignorance. One is that the profile or level of education of individuals not allowed to approach a quantitative outcome. Another reason is that in any case, the value or the cost is established, and little or nothing can be done. Neither Chapulín can defend ourselves. Examples include consumer credit, the transactions made with debit cards at ATMs, the cost of checking for services, transfers, housing, credit card, cell phones, pensions and unemployment, among others.

Some time talking about the onerous financial services to customers. Some columnists call the cry in heaven, but so far no response. Only committees that studied the issue and expand the solution to problems. Who protects service users. Leagues consumers, through the government or other supervisory bodies.

Some institutions give to know what the customer returns and costs of different operations. Basically, profitability and costs are quantified in the same manner and the difference which way you look operation. The performance is what wins an individual of the amount invested and the cost is what pays the amount it receives. For example, if you get $ 100,000 in one year by an investment of $ 1,000,000, its profitability was 10% (100.000/1.000.000). Conversely, if you pay by credit received $ 90,000 and $ 910,000, the cost was 9.9% (90.000/910.000). In both cases, the interest rate or cost, can occur in a month, quarter, semester or year.

Some of the returns that provide savings and investments are easy to calculate. For example, the investment you make in savings accounts do not cover inflation and start to loss of purchasing power. Of course not forgetting the benefits. Others, because of their complexity, are not accessible to most people, others are definitely more like futurology is difficult or computable.

What about costs? We can mention the costs you incur permanent financial transactions. Here are some:
Interest rates charged are in the institutions of the usury limit. 32.88%. One question that can be user is, at the expense of who should win more than 32.88% to pay credit to a financial institution? Institutions that charge such fees believe that it is better to have a delinquent customer to have to pay a fine. Obviously, the customer pays a usurious rate is very good for them.

If the user makes cash withdrawals with a debit card at ATMs in the financial institution where you have your checking or savings account, the service is free. Some institutions have a limit on withdrawals. However, if you need it done by a cashier who does not belong to the financial institution, has costs. Examples include the withdrawals at ATMs belonging to other banking systems in some cases charge $ 4,000 or more per transaction. If you use an ATM costs $ 4,000, a person who withdrew $ 200,000, this transaction will cause a cost, numeracy, 2% (4.000/200.000). Obviously, if the removal is for a smaller amount, the cost is higher and if this is a recurring transaction, only the detailed analysis of the transaction indicate the cost monthly or annual payment equivalent to the individual. The truth is that infringes any income. Will only be comfortable for people who perform movements consistently higher values to reduce commission costs (to the extent of the withdrawal limits set by the institution permit).

What is the percentage of Colombians who makes these retreats? How many know its cost? The citizen must be very careful in using this resource-driven technology and promoted by financial institutions. If not, will be robbed without noticing it.
The technology aims to facilitate and reduce costs of operations. In our country, resulting in reductions in the high income customers.

Another example occurs when you set for your sales and place money in another institution charged $ 8400 for the costs it incurs. For example, if a company sells a product in the market for $ 100,000, your cost will be 8.4% (8.400/100.000) and its price must increase this value in order not to affect its profit. Then the consumer pays, wins the institution and said that the employer increases the cost of living. If a parent was recorded monthly to your child, you need to consider this cost. The child to withdraw the money sent by their parents should be careful to administer it.

This leads to a reflection: the lower cost for greater movement and greater cost to the lowest values. A claim element that our institutions for the recovery of high costs in other economies is that the value is high and the end is a (very good). True, but so is the minimum wage or the purchasing power in developed countries compared with those who are far greater. The same is argued, for example, fuel and other services to make the figure out of all reason. Hopefully those in charge of the settings do not lose that proportion.

Why not charge a fee depending on the values traded? In this way, individuals can better plan their finances, care for more money and take into account payments for services received. Then come back to other costs.

Insurance to ease the burden on pension funds

Insurance to ease the burden on pension funds - Insurance to lighten the administrative scheme. The manager negotiates with the Ministry of Justice to remove the entry in the Borm. In September a draft presented to the industry. Also lower the capital requirements imposed on managers.

The Directorate General of Insurance and Pension Funds (DGS) will meet one of the old claims of collective investment schemes. The supervisor prepares a document which aim at reducing administrative barriers that must deal with pension plans.

"The pension system has more than 20 years and we need to give it a spin to reduce the burden," says Ricardo Lozano to CincoDías yesterday during a conference on social welfare in Spain yesterday organized by Rural Insurance Group (RGA).

The intention is to eliminate the requirement to register in the Official Gazette of the commercial register (Borman) pension funds as they are already on file with the DGS. This move would open the way for other collective investment schemes such as unit trusts, the securitization of small or nuclear moratorium, which currently only in the Commission Nacional del Mercado de Valores (CNMV).

Angel Martinez-Aldama, director general of the Association of Collective Investment Institutions (INVERCO), remember that these procedures are expensive because, in addition to the initial registration was to record any variation in Bormes in the commission of a control plan. Moreover, in view of the representative of employers, "the change does not reduce the information to third parties and provides the procedures."

For Ricardo Lozano, the key is striking a balance between legal certainty and to obtain a product efficiently managed. " Because, as the director admits the agency supervisor is essential to avoid unnecessary administrative burdens because "there's always someone who is paying, and that person is the final customer."

From industry

The DGS has already begun to discuss with the Ministry of Justice the necessary modifications. The representative reported that the supervisor expects to have a draft ready in September. So, this document will be presented to industry and social partners.

In Spain had, by the end of March, 3291 retirement plans with assets set of 76,244 million euros. Are run by 82 groups and have 10.5 million members.

Moreover, Ricardo Lozano denied that there will be upcoming changes to the taxation of savings products. And he recalled that in any case, this work is the Directorate General of Taxes. "

Ygs Sınavı Hakkında

Ygs Sınavı Hakkında İlginizi çekebilecek başlıklar :

Ygs Konuları = Çalışılması gereken Ygs Konuları ve Ders bazında konu dağılımları Lys Konuları = Yeni sistemde Lys de çıkacak soru konuları , Ygs Başvuru Tarihi = Ygs Sınavının kesin tarihi henüz belli değil, ama Nisan Ayının sonlarına doğru olması planlanıyor , Lys Başvuru Tarihi = Lys sınavının da kesin tarihi henüz belli değil ama Temmuz Ayının başında veya Haziranın sonunda yapılması planlanıyor, Ygs Hazırlık = Ygs sınavına nasıl hazırlanılması gerektiği ile ilgili tavsiyeler ve ipuçları , Lys Puan Türleri = 5 Farklı puan türünün detaylı açıklaması , Ygs Puan Hesaplama = Yükseköğretime geçiş sınavında kullanılacak puan hesaplama kriterleri , Lys Puan Hesaplama Lisans yerleştirme sınavlarında kullanılacak puan hesaplama kriterleri ve online puan hesaplama ( ygs ve lys ), Lys Tercih Rehberi  = Yök'ün yayınladığı Lys Tercih rehberi, üniversiteler ve fakülteler ( yeni açılan vakıf üniversiteleri, resmi üniversiteler ve yeni açılan fakülteler ) , Ygs Soru ve Cevapları = Ygs Sınavında çıkmış sorular ve cevapları, Ygs Deneme = Onlarca Ygs deneme sınavı bulabilirsiniz , Lys Deneme  = Onlarca Lys deneme Sınavı Bulabilirsiniz.

Fathers Day, Present Options

Fathers Day, Present Options - iPhone, BlackBerry Bold, iPod Touch and digital cameras are some options to give to dad on his day. It all depends on what "rubber" holds his own.

Next Sunday will be held on Father's Day, the date on which you can give your parents a technological toy to win points with the lady of the house, or to recover those lost after a night of rumba in the afternoon he returned to house. Dinero.com suggests some.

Phones
To begin the first gift may be a phone for 16GB iPhone. These can be obtained from the Colombian market in cell phone companies Comcel and Movistar at a price of between $ 1'138 $ 1'184 .576 and .400 respectively.

In Mobile, for a fixed monthly sum of $ 74,900, you get 100 text messages and 250 megabytes to allow for proper navigation through the network.

As for Comcel, the fixed monthly charge of $ 77,572, includes 200 minutes to speak to any destination, 100 text messages and 100 megs available for browsing.

Note that the conditions of the plans vary according to the operator, but generally have a clause of minimum stay of 12 months following the activation of the team.

But if your father is a faithful follower of BlackBerry here will have an option to give. The BlackBerry Bold, the latest model launched in the market, undoubtedly will leave satisfied.

This gift will cost between $ 1'618 and $ 1'543 .190 in 084 local operators Movistar and Comcel.

Movistar offers this model with 100 minutes of air time control, ie at the end of the minute plan, you can not make calls. Comcel meanwhile, offers 135 minutes available to any destination, also if at the end of the minutes calls to be made of the phone will be restricted. From there, these companies offer many benefits that can be purchased.

Music
If your father is a music lover and goes everywhere with her, gift for him to be a 16GB iPod touch.

This device has a capacity to store 3500 songs, photos and 20 hours of video. It costs on average U.S. $ 299, equivalent to $ 602,485. Do not forget that the case can match the personality of the owner. These sleeves are worth between $ 20 and $ 30. For example, the Speck Pixel Skin Case costs $ 25, something like $ 50,375, you can choose between 6 different colors including black. Its flexibility ensures that when the iPod drops to the ground, the force of the blow will be absorbed by the cover.

Its weight and size make it easy to carry without discomfort and inconvenience, in addition to give the owner a touch of style and modernity. Insurance is pleased to go with their music somewhere else.

Cameras
But there are also options for those parents who prefer to go for a walk and save the moments for the future with a digital camera.

For them we have the digital camera 10.1 mega pixels, I Sony - DSC-S950 / B, which has a 4x optical zoom, 2.7 LCD screen, video recording with audio 12MB internal memory. If this it's your choice, you must pay the sum of $ 399,000 for this machine.

Finally, remember that you made a good product at a good price is to search. This means walking a lot in the commercial, or a good time online. Also, at times, ask sales. He was not ashamed of it.

Renault? a speculative value according to S&P

Renault ? a speculative value according to S&P - The financial credit rating agency Standard and Poor' S.A. announced Friday that it relegated the French car manufacturer Renault in the category of the speculative values.

Lowering in the tread the note of the long-term debt of the group of “BBB-” to “BB”.

This noouvelle notation reflects the opinion of S&P according to which the automobile request should remain very bad in Europe in 2010. Called upon arguments: the weakness of the economic situation and financial incentives adopted by several European countries in 2009. Insinuation: possible good figures in term of results (extremely relative elements in any event) would have primarily only with the State aid, of type precede with breakage, left tree hiding the forest of bad indices.

However, like the sussurre right now Renault, such a phenomenon is likely to penalize the profitability of the group. The sale of Twingo and Clio Campus inflating certainly the indicators of sales… but not the indicators of results…

In mid-June, during a hearing Wednesday to the National Assembly, the chairman of Renault, Carlos Ghosn, was favorable to a progressive abolition of the premium to breakage in the countries which installation it. Let us recall that on the whole of the sales of the group of December, between 45 and 60% related to only Twingo.

Expressing itself before the commission of the Economic affairs, Carlos Ghosn in addition estimated that the end of the premium to breakage could “counterbalance” the economic revival a little. For the chairman of Renault, “in all the cases, this exit should be done in the smoothest possible way”, the industrialists having “to help the governments to find the best solutions”.

So Standard and Poor' S considers at present that the firm with the rhombus should normally face its engagements, it estimates nevertheless that the group shows from now on speculative characteristics. This judgement as well relates to the long-term debt of the manufacturer, as that in the short run, whose note was lowered of “A3” to “B”.

The dollar limits the losses vis-a-vis the euro

The dollar limits the losses vis-a-vis the euro - In this Thursday, the American currency tried to limit the losses vis-a-vis the European single currency following the publication of the figures of unemployment. Indeed, unemployment was registered in rise at the time of the closed week on June 13, after four weeks consecutive without increase. For as much, the effect of this advertisement was compensated on the foreign exchange market by the remarks made by financial credit rating agency S&P. Indeed, according to the latter, there is no medium-term reason so that the United States has lost their triple A. For several weeks, the investors precisely worried about the heaviness of the American national debt and its negative consequences on the note of the United States. Here are reassured in any case.

Lastly, in order to echo the meeting of the BRIC which was held in Russia at the beginning of week, a small point on the yuan. Let us recall that the BRIC called at the conclusion of the top to a diversification of the currencies of international reserves. It was in particular necessary to hear the introduction of the rouble and the yuan. However, it will still be necessary a little time before the yuan cannot claim with such a statute, as underlines it the quarterly report/ratio on the Chinese economy published today by the World Bank. According to the international organization, China must initially have an open market of the capital and a system of softened exchange. However, Beijing east on the right track since the government recently took a certain number of measurements in order to improve the place of the Chinese currency in the international system. China in particular signed six agreements of exchanges of the yuan with Malaysia and Argentina in particular. Moreover, Beijing authorized two foreign banks to emit obligations in yuan. Thus, China is on the right track but the dollar remains still king.

Happy Birthday Blogger

Blogger is now ten years old. Happy birthday Blogger !! Blogger Buzz: Blogger is Turning 10

Rio Tinto cause a drop in the mining shares

Rio Tinto cause a drop in the mining shares - The mining shares were exchanged with the fall Wednesday on the European Stock Exchanges, particularly on the place of London.

Reason? Made advertisement day before by the group Rio Tinto, presenting not very amusing results and prospects.

Towards 14:15 GMT, in Paris, Arcelor Mittal thus lost 7,16% to 22,37 pence and Eramet 10,07% to 188,60 euros. In London, the mines were not in the festival, Anglo American thus losing 5,42% per same hour with 1.588 pence, Vedanta 6,89% to 1.391 pence, Xstrata 7,12% to 665,50 pence, Antofagasta 7,38% to 583,50 pence and Rio Tinto itself 23,01% to 2.178 pence. The title enclosing in fall from 23,86% to 2154 pence.

The fall of the title of the anglo-Australian group is due mainly to a bad communication operated during the launching of its capital growth of 15,2 billion dollars.

The leaflet accompanying this operation comprised - rather rare thing - the quarterly results of the group… which showing a fall of 45% of the pre-tax profits in the first quarter, to 1,6 billion dollar, results of its divisions aluminium and copper having been penalized by the retreat of the prices.

The sudden turnover as for him a vertiginous fall from 28% to 9,5 billion dollars, against 2,94 billion dollars one year ago at the same period.

The mining group underlined in addition that the result running of its division iron ore had increased by 7,9%, to 988 million dollars. However, division aluminium showed a current loss of 481 million dollars, compared to a benefit running of 330 million dollars last year at the same period.
The result running of its division coppers and diamonds plunged from 79% in one year, to 182 million dollars.

Element likely to generate some serious fears: Rio Tinto employs more than 20 times in its document of presentation the terms “dubious” or “uncertainty”. The group notes for example that “the commercial environment for the remainder of 2009 remains dubious”, or that “uncertainties” remain on the fixing of the price of certain metals with the customers.

Icing on the cake…. even rather in the clafoutis: this situation led the group not to pour an intermediate dividend this quarter.

History to insert the nail, Rio Tinto in addition added that “the important recent reduction of the quotation of the raw materials and the world demand for the products of the group had, and should still have an important contrary effect on the activity, the financial conditions and the result of the operations of the group”.

The group also adds that “China is a source of important request” for him and “that a reduction of the imports of the products of the group by China had, and could continue to have an important contrary effect on the results”.

New fall of the rates in Turkey

Yesterday, the Turkish central bank decided to again lower its directing principal rate of a quarter of point, thus bringing back it to 8,75%. It is the eighth consecutive fall decided by the central bank whereas inflation fell to 5,2% in May, a level which was not reached any more since July 1970. Always seeking to be extracted most quickly from the economic crisis, Turkey is always in negotiation with the Funds International currency for the granting of a loan. The Turkish GDP, indeed, sank in first quarter of this year, tumbling down of 10% whereas the Turkish lira starts to be begun again on the foreign exchange market, benefitting from the taste for the risk of the investors.

The European single currency also benefits from this tendency on the foreign exchange market, being registered in rise vis-a-vis the dollar in medium of European exchanges. However, the tendency could be reversed in the day with the favour of the publication of the prices the consumer in the United States, which could push with the rise the American currency. Indeed, of the rumours of tax raise of interest in addition to the Atlantic have circulated for a few weeks on the foreign exchange market, without those not being confirmed since.

Meanwhile, the blue-chip stocks continue their fold on the market, in particular the yen which tumbled down today vis-a-vis the other currencies. The fold of the dollar was later, this one having taken place in the night. The investors stress that this fold, which is not consequent, is the consequence of the meeting of the BRIC in Russia and the publication of index ZEW yesterday.

Plant natural gas will supply to 15 mln mcd: minister Energía Chile

Plant natural gas will supply to 15 mln mcd: minister Energía Chile - the Chilean terminal of liquefied natural gas import (GNL) located in the Bay of Quintero, that will enter operations the next month, will have the capacity to provide near 15 million cubic meters per day of the fluid as of the 2010, said to Monday the minister of Energy of Chile, Marcelo Tokman.

The project is part of the initiative of the country to finish little with its dependency of the reliable fuel provisions, although analysts say that the single import of GNL will not be sufficient to revert its recent increase in generation of energy with diesel engine.

The British company/signature Vg Group has been contracted to provide up to 1.7 million tons to the year of GNL to the terminal of Quintero, in center of Chile, for 21 years, and the first shipments will arrive the 28 of June from Trinidad.

Tokman indicated to journalists in a conference of energy in Lima that the boardings will arrive by the end of this month and that the operations would begin in July.

The minister also affirmed that he hopes that the terminal provides between 4 and 6 million cubic meters per day per day in the 2009, whereas it would have to be able to increase his production to near 15 million cubic meters per day for trimester ends first or beginnings of I second quarterly of the next year.

At the moment, the natural gas represents the 2 percent of the generation of energy in Chile, that has undergone cuts of provision of Argentina. The hydroelectric generation reaches the 50 percent, the diesel engine around 27 percent and the coal near a 15 percent.

The natural gas of Quintero will be used to supply to the regional industry and the domestic market in the Santiago capital.

Tokman asserted that a similar terminal in the north of Chile, administered by Suez and the state producer of Codelco copper, will have to begin to operate for 2009 ends or beginnings of the 2010.

The branch hotel trade of Touched impacted hard by the attacks of Bombay

The branch hotel trade of the Indian group Tata, Indian Hotels Company Ltd, announced Friday that its annual clear benefit had plunged from 96,4%.

Called upon reasons: attacks against the headlight establishment of the group, Taj Mahal hotel. The American economic deceleration does not arrange anything with the business in addition.

The hotel subsidiary company of the Indian group specified that the clear benefit consolidated over the year finishing at the end of March fell to 124,6 million rupees (2,62 million dollars, 1,86 million euros) against 3,54 billion rupees the previous year.

The turnover over the year fell for its part from 9% to 27,82 billion rupees.

The results were particularly affected by the attacks of Bombay made of the 26 at last November 29. Violences which at the origin of 166 died in the Indian economic capital.

The damage undergone by the hotel devastated by the terrorists - the most beautiful jewel of the hotel branch of Touched - however was not entered, the establishment “being ensured in an adequate way to cover its rehabilitation”, specified the company in an official statement. The losses would be thus due primarily to the shortfall, which would not be entirely covered by the insurances.

Last December, the group had announced that it was going “to rebuild each centimetre” of the building to the identical one.

This luxurious hotel, only the five stars of the capital of the frontier Province of the North-West (NWFP), as well accomodated the humane diplomats, workers and the foreign journalists, that the officers of the Pakistani army stationed in Peshawar.

Nationalization of the European elections: would the crisis be finished?

Europe is confronted has a financial crisis and economic of which all the policies said to us that it was most serious since 1929 and that it required financial means of a dimension ever deployed in the past. Tops of G3, G5, G7 and G20 in European tops, our excellence spent most clearly the last twelve months to try to reform finance, to get rid of Anglo-Saxon capitalism and to transform our economy.

One could believe that these transformer topics of Europe would have animated a campaign where the long-term political solutions of this crisis would have been the stake of passionate debates and enthralling. Instead of these prone truths, the spectacle of these elections with the European Parliament was probably one of most lamentable of the European democracy.

Obviously, the fact of giving the right to vote with the European citizens is an excellent thing. But the way in which these elections are organized and politically conceived is a transvestite. It is for that, and not because the European citizens are not interested in Europe, that they ignore some. The “European” parties do not have coherence, and finally in fact national elections took place. It would be healthier to give up these elections rather than to make accept the European citizens than this is a European election.

Instead of that, Europe gave the indication of a disorganized continent and without common message. The subjects which are those on which the voice of Europe is essential, were replaced by the local political debates. Null mention of a change of the rules of the game or credit rating agencies. No debate on the system of remunerations or the future of the European economy. Not a word of the abusive means which one treats the consumer or of the health of the banks. In a word, to prevent that the European Parliament does not appear as a truth capacity (what it is) however), the policies preferred to camouflage this reality and to amount for the following elections.

The result is a weak participation, unimportant debates, and especially, the certainty which Europe will not count in the solution of the crises which occupy us. Once more, these elections are to be arranged with the wall cupboard of the meetings missed with the European citizens who will not have learned anything on Europe and in any case voted with their feet, by the abstention. And this, at one moment when obviously appears, which it is at the European level that the solutions must be found to reform our system economic and financial.

But perhaps am I naive? Perhaps is the crisis finished? Perhaps isn't Europe interested in the great economic issues and financial? In this case it will have only what it deserves: a “thing” as would have said Charles de Gaulle.

Ten US banks refund $ 68 billion with the Treasury

Ten US banks refund $ 68 billion with the Treasury- In the context of the rescue of the US banks, a total of $ 700 billion was authorized by the Congress and 600 banks profited from $ 199 billion in payments the Treasury. This week, the aforementioned Treasure accepted that ten of these banks refund these advances to the amount of $ 68 billion.

They are there a first step in the right direction and a direct result the “stresses tests” which were carried out by the American administration. Indeed, the Treasury indicated that these banks were authorized to refund insofar as these refundings did not compromise their balance on the basis of these test. In other terms, they are beyond the limits of the tests or carried out a capital growth putting them in this position.

It is however only one first step. The number of banks and the amounts represent a limited percentage. The banks are in convalescence, and to differing degree. We have 590 more bank having a debt of $130 billion to refund.

Among the quoted names, JP Morgan, Morgan Stanley and Goldman Sachs seem to be most important: $ 45 billion out of the 68. The fact that the same Treasury will announce this June 10 the limitations of remunerations of the leaders of the emprunteuses institutions is obviously only sheer coincidence. Only faultfinders would see a cause and effect link there. This morning, information gives a report on a lifting of the limits on the wages, and the maintenance of the limits of the no-claims bonus. That eplic perhaps that in the investment banks, the wages are with the rise.

That does not mean however that the problems of the American banking system are solved. It is enough to be convinced some to off note the absence of Bank America Merrill and Citibank. Barack Obama and its secretary with the Treasury Tim Geithner were careful in their declarations yesterday, all in amusing of this important step.

These banks will be able to repurchase “with the market price” the warrants emitted within the framework of these operations. That means that the risk of conversion of these warrants into actions which had made it possible the government to take participations substantial or majority is definitively isolated. At least for this crisis.

Which lessons to withdraw some? That of the undeniable vitality of the banking system which, after having undergone an infarction which had been able to cost him the life, seems to carry out drum beating their convalescence.

Even if it is a good news for the contribuabke, the money does not turn over however in the cases of the Treasury: it will be re-used for the small and average banks.

One can only hope that a similar system makes it possible the European banks to publicly show their solidity by their clean “stresses tests” and to reassure their depositors and customers by refunding the governmental interventions.

Let us not forget that the advances of the central banks continue. Even if they are slightly drops some, they represent several billions of dollars around the sphere.

Credit cards: The Senate Defines the New Rules of the Play

Credit cards: The Senate Defines the New Rules of the Play - It is with the quasi unanimity that the American Senate approved yesterday the new regulation of the credit cards of which we on several occasions denounced usurious interest rates and the methods of doubtful sales.

The diagnosis is clear, the new legislation on the matter tends to defend the consumer against the abuses the transmitters of credit cards, mainly American Express, Visa, Master card and Discovery, and the transmitting banks; mainly American Express, Bank off America, Citibank and JP Morgan, through the chart Drive out.

Of course the industry of the credit cards ($ 5.000 billion in circulation of which $ 800 billion used, reexpressed their argument on the risks which this legislation is turned over against the consumer. It is obvious that the transmitters of credit cards will be more careful in the granting of this credit - as all those which they wrongly threw to the figure of the consumers.

But at the very least the sporadic users of these charts will not pay any more 19 to 29% of usurious interest rates. ( Low Balance Transfer Credit Card )

I put the question at the time of a presentation which I made last week in New York with the British-American Room on the reasons for which islands banks did not push the charts of flow. The demonstration of my interlocutor was so luminous that it could only recognize that the charts of flow, healthier and less risked, paid less to the banks. For information incur them credit cards in the United States are obviously the subject of the same type of securitization as the appropriations sub-premiums. ( ICICI Bank Credit Cards )

Last week, President Obama recalled at the time of a speech to New Mexico that “to sign a contract of credit card returned has to abdicate all its rights”. The lamentable defense of the model by the interested parts did not make that to precipitate a vote 95% with the Senate have.

An essential component is called into question: the times of sending of the invoices, a 60 days deadline before raising the rates… With a tripling since 2006 of the only penalties of terms of payment accounting for $ 15 billion, the importance of the stake is included/understood. I was made take several times because of the voyages which did not give me time to pay within the deadlines. My rate immediately raised of 19 to 29%.

Useless to say that the two Senators (the only democrat and one of the four republicans) representing South Dakota voted against: the companies of credit cards were established in this state precisely because it did not prohibit usurious interest rates.

It is of such reform which will have to apply throughout the world if we want to cleanse the consumer credit.

How to evaluate the Sovereign Risk ?!

To evaluate the sovereign risk: the exclusive prerogative of the credit rating agencies is not normal - Beyond the problems which the role of the credit rating agencies of the structured products posed, another role starts has to raise extremely serious questions, that of the notation of what it is agreed to call the “sovereign” risk. It is about nothing less than to allot a notation a country has, thus affecting the terms from which he borrows on the international markets. The problems are several natures:

1. First of all, the almost philosophical question of what seems an exorbitant role more and more. In the name of which mission, of which capacities, of which legitimacy, these credit rating agencies assumed this right. At the beginning, they did not operate in this field. And I remember very well offended reaction of the sovereign countries when Moody' S their announced that or they paid to have a “concerted” notation or Moody' S published it one of office. The business went beyond the commissions that Moody' S imposed on the governments, it raised a question of legitimacy. Unfortunately, the governments, fearing the repercussions of a “wild” notation, accepted the blackmail which was imposed to them. Standard & Poors were going to follow this tendency quickly. The Governments had to manage their national debt by taking account of this judgement carried by two American agencies, which hastened to give the best rating to… the United States. If you want something done right, do it yourself.
   
2. The consequence of this notation of the sovereign risk was dramatic for the companies and the well managed banks of these countries: the aforementioned agencies stated to them that from now on no borrower could obtain a notation higher than the sovereign risk of the country where it is established. Concretely an US bank or European will obtain a notation has or AA, and this in spite of the crisis while an Indian bank will not be able never to have more than BBB. The consequences of this situation are a considerable competing distortion, and a cost of financing which particularly affects the emergent countries whose companies are often better than their credit risk.
   
3. What is particularly iincomprehensible is that the central banks and the public institutions agreed without another form of lawsuit to adopt this notation, thus reinforcing the power of the credit rating agencies. The public institutions lending with the banker's guarantee “of good credit” refuse the least de facto guaranteed emanating from a bank of an emergent country. In the United States the controlling authorities use this criterion. It is a fundamental criterion for the institutional investors. In front of the wave of criticisms counter the credit rating agencies, the Federal fund announced that it re-examined its use of these notations. It is the first sign coming from the United States of a handing-over in question of the sacro-holy notation.

In the current context, we will see reappearing of the serious debates on public finances, as well it is true as the countries all have enfreint their prudential laws to come to assistance of the financial sector and to mitigate the effects of the recession. This role is likely to become very important. It is likely to penalize seriously the countries emergent. Recently, of the rumours made state of relative questions to the notations of the United Kingdom and even of the United States. Germany and France seem also vulnerable. These countries profit from the notation AAA which enables them to be financed in the best conditions. Vis-a-vis this situation, it becomes essential to break the monopoly of the credit rating agencies. If they have independence, they cannot, as business firms, being the only Masters of the play. The Funds International currency and OECD developed sophisticated analyses. Provided that the States which are their shareholders agree to create an independent public credit rating agency, it appears to me that the quality of their analyses is worth in any case that one listens to them on this subject. It would not be difficult for these institutions to transform what is confidential information in public notation.

 As for the principle of the treatment of the companies of the emergent countries, it is purely and simply about an injustice which maintains them in a dependence vis-a-vis their Western competitors. It is damage which G20 did not put this subject at its day order and was satisfied to indicate their will to re-examine the governorship of the credit rating agencies. Their capacity as regards sovereign risks is exorbitant. It is urgent to rebalance this judgement with the major consequences for the borrowers of the emergent countries.

It is about nothing less than to allot a notation a country has, thus affecting the terms from which he borrows on the international markets.