Sunday, February 01, 2009
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RUSSIA, CHINA BLAME WOES ON CAPITALISM – SPEECHES CRITICIZE INAPPROPRIATE POLICIES, FOCUS ON DOLLAR’S ROLE; YET PUTIN SENDS OBAMA CONCILIATORY SIGNAL
Posted by Gilmour Poincaree on January 29, 2009
JANUARY 29, 2009
by Marc Champion in Davos, Switzerland; Andrew Batson in Beijing and Greg White in Moscow
PUBLISHED BY ‘THE WALL STREET JOURNAL’ (USA)
The premiers of Russia and China slammed the U.S. economic system in speeches Wednesday, holding it 
responsible for the global economic crisis.
Both focused on the role of the U.S. dollar, with China’s Premier Wen Jiabao calling for better regulation of major reserve currencies and Russia’s Prime Minister Vladimir Putin calling over-reliance on the dollar “dangerous.”
Speaking on the opening day of the World Economic Forum in Davos, Switzerland, they both urged more international cooperation to escape the downturn. They also talked up the abilities of their own economies to ride out the recession. Mr. Wen said he was “confident” China would hit its 8% growth target for this year even though that was “a tall order.” (See the full text)
The Russian and Chinese leaders also called for cooperation with U.S. President Barack Obama, but it was a chilly reception for the new administration that reflected growing anger in economies that are now getting hit hard by a financial crisis that began with subprime mortgages sold in the U.S.
Mr. Putin was characteristically blunt. He called for the development of multiple, regional reserve currencies in addition to the dollar. “Excessive dependence on a single reserve currency is dangerous for the global economy,” Mr. Putin said. (See the full text)
The Russian leader mocked U.S. businessmen who he said had boasted 
at last year’s Davos meeting of the U.S. economy’s fundamental strength and “cloudless” prospects. “Today, investment banks, the pride of Wall Street, have virtually ceased to exist,” he said.
Earlier, Mr. Wen called for an expansion of regulatory “coverage of the international financial system, with particular emphasis on strengthening the supervision on major reserve currencies.”
While Mr. Wen never named the U.S., his critique of its failings was as sweeping as Mr. Putin’s. The financial crisis, he said, was “attributable to inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit” – and other excesses.
“The entire economic growth system, where one regional center prints money without respite and consumes material wealth, while another regional centre manufactures inexpensive goods … has suffered a major setback,” Mr. Putin said.
Mr. Wen’s comments came just days after U.S. Treasury Secretary Timothy Geithner accused China of manipulating its currency for economic gain. The Chinese premier gently, but firmly warned that if Washington and Beijing chose confrontation, both would be losers.
But the different tones of the two speeches, and the fact that Mr. Wen didn’t call for replacing the dollar’s role as the world’s reserve currency but regulating it, reflect crucial differences in the important emerging economies.
A spokeswoman for the U.S. Treasury Department declined to comment on the remarks in the speeches. The White House did not respond to requests for comment.
Many of the attendees at Davos took the remarks from Mr. Putin and Mr. Wen in stride. “The sad thing is is that we might have scoffed at this a while ago. But we really dragged the world down” economically, Alan Blinder, former vice chairman of the U.S. Federal Reserve, said in an interview after the speeches.
The rapid collapse of oil and commodities prices has hit Russia hard on top of the ripples of the financial crisis. The government now forecasts the economy will shrink for the first time in a decade this year, after growing 6% last year.
“In a very real sense Russia has been kicked to the margins, while China has become pivotal to any resolution of the financial crisis,” says Bob Lo, Director of the Russia and China programs at the Center for European Reform in London.
Mr. Putin’s government has spent $200 billion of hard currency reserves to defend the Russian currency, the ruble. It has spent as much again in a bailout package that amounts to 15% of gross domestic product, one of the largest responses to the financial crisis in the world. Unlike China, Russia’s economy is too dependent on commodities exports and too small to play a significant role in any global recovery, says Mr. Lo.
Russia also has negligible trade with the U.S., while Chinese exports are heavily dependent on U.S. consumers and Beijing holds $2 trillion in U.S. debt, prompting a much more cautious approach towards Washington and the dollar in Beijing.
The net effect of falling oil prices and the downturn, however, has been to make Russia more vulnerable and the Kremlin weaker, analysts say. Russian officials have begun to send out more conciliatory signals to the new U.S. administration.
“We wish the new team success,” Mr Putin said Wednesday, calling on it to cooperate.
China, too, is suffering from the downturn. Many independent economists, including economists at the International Monetary Fund, question whether Beijing will be able to meet its 8% growth target this year.
Developed nations are increasingly calling for China to do more to stimulate its own economy. On Wednesday, Mr. Wen gave a detailed account of the four trillion yuan ($585 billion) investment program China announced in November. “As a big responsible country” China was actively boosting 
domestic, and particularly consumer demand, said Mr. Wen.
The headline sum in the program would likely be equivalent to around 3% of gross domestic product in 2009 and 2010. But even government officials aren’t promising that much of a boost to the economy. Zhang Ping, the head of the National Development and Reform Commission, in November estimated it would add about one percentage point to GDP growth this year and next.
That may have seemed like a lot at the time, but expectations for global and Chinese growth have rapidly deteriorated since then. Mr. Wen said growth slowed to 6.8% in the fourth quarter from the same period a year earlier. That’s a little more than half the 13% gain in 2007, at the height of the boom. Some economists believe China could grow by as little as 5% this year, too little to provide jobs for the graduates flooding into the labor market from Chinese universities and schools each year and a further drag on the global economy.
Less noticed in Mr. Geithner’s repetition of Mr. Obama’s campaign-trail assertion that China “manipulates” its currency last week was his argument that the long U.S.-Chinese dispute over currency didn’t matter as much as getting China to do more to boost its economic growth.
“Given the crisis the immediate focus needs to be on the broader issue of stabilizing domestic demand in China and the U.S.,” Mr. Geithner said in his written response to questions during his Senate confirmation process. “A further slowdown in China would lead to a substantial fall in world growth (and demand for U.S. exports) and delay recovery from the crisis.”
Printed in The Wall Street Journal, page A6
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, CHINA, COMMERCE, CURRENCIES, DOLLAR (USA), ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, RUSSIA, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »
U.S. FEDERAL RESERVE STRUGGLES TO REVIVE ECON GROWTH
Posted by Gilmour Poincaree on January 28, 2009
Thursday, January 29, 2009
Agence France-Presse
PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)
WASHINGTON, D.C.: The US Federal Reserve wraps up a two-day policy meeting Wednesday focused on new 
tools to revive a moribund economy that has so far failed to respond to its zero-interest rate policy.
The Federal Open Market Committee (FOMC) meeting was being held six weeks after the central bank slashed its base-lending rate to a range of zero to 0.25 percent and predicted “exceptionally low” rates to persist.
An announcement was due around 1915 GMT Wednesday.
Joseph Balestrino at Federated Investors said he expected some clues from the Fed on additional efforts to get credit flowing in the economy.
“There’s not much more the central bank can do on the monetary policy front after having lowered its target federal funds rate to a record low,” he said.
“What may be worth noting is the language the Fed uses to describe the state of an economy that, since the two-day meeting that ended December 16, appears to have worsened on most every front.”
Balestrino said Fed chairman Ben Bernanke and his colleagues “are likely to be more explicit about their plans for quantitative easing—that is, using measures such as direct injections into banks and purchases of debt securities to pump more capital into ailing institutions and the markets.”
Sacha Tihanyi, analyst at Scotia Capital, said the market expects the Fed to take further action to help fire up growth.
“With rates going nowhere for some time, the market’s focus will be on whether the Fed will be looking to buy government—or corporate—securities in the near future,” Tihanyi said.
“This is a highly controversial step and some see this as somewhat of a high-risk policy but on the other hand, it is one of the few avenues the Fed has left open to it with regard to further easing monetary conditions.”
Despite the zero-rate policy, Bernanke and others have repeatedly said the central bank is not out of ammunition to fight the crisis. But Bernanke avoided the use of the term “quantitative easing,” saying the Fed has engaged in what he called “credit easing” to spur more lending activity.
The Fed “has already done a lot and will continue to do a lot” in addition to moving on interest rates, said Nariman Behravesh, chief economist at IHS Global Insight.
The central bank has already offered exceptional aid to banks and other firms, and has been buying up mortgage-backed bonds and commercial paper to help unfreeze credit in those areas.
Analysts say this has helped somewhat but that credit markets remain under stress, with lenders and consumers skittish about taking on new risks.
Morgan Stanley economist Ted Wieseman said he expected nothing dramatic from the Fed meeting.
“Obviously rates have already been cut about as low as they can go,” he said.
“If long-end [Treasury bond] yields continue surging higher, the Fed will undoubtedly eventually step in and start buying, but such an announcement probably wouldn’t come in an FOMC statement.”
Economist Joseph LaVorgna at Deutsche Bank said the Fed might not yet be ready for direct purchases of US Treasuries.
“Even though we believe the Fed will eventually be forced to purchase Treasuries in an attempt to cap their yields we do not believe the Fed is going to announce those intentions today,” he said.
He said some members might be uncomfortable with what could be seen as a drastic step.
“Rather, we expect the Fed to repeat the ‘committee is evaluating the potential benefits of purchasing longer-term Treasury securities.’”
Scott Brown, chief economist at Raymond James & Associates, said each word of the Fed statement would be weighed and parsed carefully.
“The wording of the policy statement will signal future intentions,” he said.
“In each statement, the Fed describes its economic outlook. A darkening in that outlook would likely mean that further stimulus efforts are coming. A brighter outlook would suggest that policy will become less accommodative.”
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CENTRAL BANKS, COMMERCE, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKING ENVIRONMENT, TRADE DEFICIT - USA, USA | Leave a Comment »
OBAMA COMMITTED TO ‘GREEN’ ECONOMY (USA)
Posted by Gilmour Poincaree on January 28, 2009
Tuesday, January 27, 2009
by Xinhua
PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)
LOS ANGELES: The Obama administration is pushing forward with plans to aggressively limit greenhouse gas emissions 
and fight global warming, US media reported.
The plans would include a cap-and-trade initiative to limit greenhouse gases and raise the cost of pumping more carbon into the atmosphere, the Los Angeles Times said Sunday (Monday in Manila).
Under the initiative, the government would set limits on carbon emissions by power plants, factories and other installations, but allow those who emit more to buy or trade permits with companies and facilities that emitted less than the prescribed limit, according to the newspaper.
But the move would amount to a tax, raising energy costs. And several independent studies have suggested that emissions limits would only increase energy price and be a drag on economic growth, at least in the short term.
Despite such fears, the Obama government believed that a “clean energy economy” move would spur competition and promote investment in renewable alternatives to imported oil.
Two-pronged plan
The administration is expected to move forward with a two-pronged effort to stimulate renewable energy supplies and ensure demand for the megawatts they would produce, the newspaper reported.
The first part is to invest heavily in wind power, solar power and biofuels through the massive stimulus bill, while the second is to help those forms of energy compete with cheaper fossil fuels by pumping up fossil fuel costs to reflect the potential economic damage from global warming, according to the paper.
“If we don’t put a price on carbon,” said Democratic Senator Barbara Boxer, chairman of the Environment and Public Works Committee. “We’ll never get these clean energy sources on line.”
Instead of dragging the economy, the plan to limit greenhouse emissions would stimulate the economy and “allow polluters to transition from a high-polluting environment to a low-polluting environment,” said Andy Stevenson, a former hedge fund manager who is now a finance advisor for the Natural Resources Defense Council in New York City.
Posted in AEOLIC, AGRICULTURE, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), BIODIESEL, BIOFUELS, COMMERCE, COMMODITIES MARKET, ECOLOGICAL AGRICULTURE, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, ETHANOL, FINANCIAL CRISIS - USA - 2008/2009, GLOBAL WARMING, HEALTH SAFETY, HYDROELECTRIC ENERGY, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, NATURAL GAS, POLLUTION, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »
STATE FARM TO STOP PROVIDING PROPERTY INSURANCE (USA)
Posted by Gilmour Poincaree on January 28, 2009
January 27, 2009
by Russel Ray – The Tampa Tribune
PUBLISHED BY ‘THE TAMPA BAY ONLINE’ (USA)
State Farm, the 
second-largest property insurer in Florida, said today that it will stop providing property insurance statewide, a move that would affect more than 1 million policyholders.
State Farm’s plan to drop policyholders was submitted to the Office of Insurance Regulation, which has 90 days to review the proposal.
“Nothing will happen until that review is complete,” said State Farm spokesman Chris Neal.
The plan calls for dropping policyholders over a two-year period beginning in November. State Farm has nearly 100,000 homeowner policies in Hillsborough and Pinellas counties.
The move comes two weeks after Florida Insurance Commissioner Kevin McCarty rejected State Farm’s request to raise rates 47 percent on average statewide.
State Farm said operating costs have risen along with the number of claims. What’s more, the insurer said state-mandated discounts for homeowners who strengthen their homes against hurricanes have slashed the company’s revenues.
“This is not an action we wanted to take, but one we must take given the realities of the Florida property insurance market,” Jim Thompson, president of State Farm Florida, said in a statement. “We regret the impact this will have on our customers, employees and agents in Florida.”
The move comes after Florida Insurance Commissioner Kevin McCarty recently rejected State Farm’s request to raise rates 47 percent on average statewide.
The cancellation of more than 1 million policies could deepen Florida’s insurance crisis and is sure to increase the policy count at state-run Citizens Property Insurance Corp., the state’s so-called insurer of last resort and the largest property insurer in the state.
“We have been hearing for months of possible plans to make such a move in Florida,” McCarty said in a statement. “I will do everything within my power to protect Florida consumers from unnecessary destabilization of the insurance market that this might cause.”
Reporter Russell Ray can be reached at (813) 259-7870
Posted in BANKING SYSTEM - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIES - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REAL ESTATE INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
PETROBRAS TERÁ US$ 10 BILHÕES DO BNDES EM 2010 (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Posted in A QUESTÃO ENERGÉTICA, BANKING SYSTEMS, BNDES, BRASIL, COMMERCE, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ENERGY INDUSTRIES, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, GÁS NATURAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETRÓLEO, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
BNDES APROVA FINANCIAMENTO QUE VAI GERAR MAIS DE 3 MIL EMPREGOS DIRETOS (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
26/01/2009 19:57
Agência Brasil
PUBLISHED BY ‘CORREIO BRAZILIENSE’
Posted in BANKING SYSTEMS, BNDES, BRASIL, CIDADANIA, COMBATE À DESIGUALDADE E À EXCLUSÃO - BRASIL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INSTITUIÇÕES DE FOMENTO NACIONAL, INTERNATIONAL, O PODER EXECUTIVO FEDERAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
SETOR HABITACIONAL ESPERA, OTIMISTA, PACOTE DE INCENTIVO (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 11:12
por Fernanda Mathias
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in BANKING SYSTEMS, BRASIL, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FINANCIAMENTO IMOBILIÁRIO, FLUXO DE CAPITAIS, INDÚSTRIA DA CONSTRUÇÃO CIVIL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O MERCADO FINANCEIRO, O PODER EXECUTIVO FEDERAL, O SISTEMA BANCÁRIO - BRASIL, PROGRAMA DE ACELERAÇÃO DO CRESCIMENTO (PAC), PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REAL ESTATE INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
CACIQUES ELOGIAM GOVERNO, MAS COBRAM INVESTIMENTOS (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 14:30
por Fernanda Mathias e Paulo Fernandes
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in A PRESIDÊNCIA, A QUESTÃO AGRÁRIA, A QUESTÃO ÉTNICA, BRASIL, CIDADANIA, COMBATE À DESIGUALDADE E À EXCLUSÃO - BRASIL, DESENVOLVIMENTO SUSTENTÁVEL, DIREITOS HUMANOS - BRASIL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO AGRÍCOLA, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INTERNATIONAL, LUIS INÁCIO LULA DA SILVA, NATIVE PEOPLES, O MOVIMENTO DOS POVOS NATIVOS, O PODER EXECUTIVO FEDERAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
MPE ABRE INVESTIGAÇÃO SOBRE POSSÍVEL REAJUSTE DA ENERGIA (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 17:07
por Jefferson da Luz
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in A QUESTÃO ENERGÉTICA, BRASIL, CIDADANIA, COMBATE À CORRUPÇÃO - BRASIL, COMMERCE, COMMODITIES MARKET, CORRUPTION, DEFESA DO CONSUMIDOR - BRASIL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O PODER EXECUTIVO ESTADUAL, OS JUDICIÁRIOS ESTADUAIS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »
PARA ENFRENTAR CRISE, CMC APOSTA EM AÇÕES COM GOVERNO (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 21:34
por João Humberto
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in BRASIL, COMMERCE, COMMODITIES MARKET, DESENVOLVIMENTO SUSTENTÁVEL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO AGRÍCOLA, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O PODER EXECUTIVO ESTADUAL, O PODER EXECUTIVO FEDERAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS | Leave a Comment »
GRUPO ÁGUAS DO BRASIL ASSUME OFICIALMENTE CONTROLE DA COMPANHIA DE ÁGUAS E ESGOTO DE NOVA FRIBURGO (Brazil)
Posted by Gilmour Poincaree on January 26, 2009
Posted in BANKING SYSTEMS, BRASIL, CIDADES, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, FUSÕES E/OU INCORPORAÇÕES EMPRESARIAIS, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INFRAESTRUTURA - BRASIL, INTERNATIONAL, O PODER EXECUTIVO MUNICIPAL, ORÇAMENTO MUNICIPAL, OS PREFEITOS, POLÍTICA REGIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SANEAMENTO BÁSICO, THE FLOW OF INVESTMENTS, VEREADORES, WATER | Leave a Comment »
RESERVE BANK FIXES ON RISK FACTORS IN NEW RULES FOR FINANCE COMPANIES (New Zealand)
Posted by Gilmour Poincaree on January 26, 2009
4:00AM Monday Jan 26, 2009
by Adam Bennett
PUBLISHED BY ‘THE NEW ZEALAND HERALD’
Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, MACROECONOMY, NEW ZEALAND, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES | Leave a Comment »
SMC-ALLIED GROUP BUYS 7% OF MERALCO – BOARD CHANGES SEEN MONDAY – (Philippines)
Posted by Gilmour Poincaree on January 26, 2009
20:54:00 01/25/2009
by Doris Dumlao and Elizabeth Sanchez-Lacson – Philippine Daily Inquirer
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
$90M HOLE IN POLICE IT ARM (Australia)
Posted by Gilmour Poincaree on January 26, 2009
Posted in AUSTRALIA, CORRUPTION, CRIMINAL ACTIVITIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS | Leave a Comment »
ANALYSIS: HARD TIMES HELP GEITHNER’S TREASURY BID
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE OCCUPATION WAR IN IRAQ, THE PRESIDENCY - USA, THE WORK MARKET, TRADE DEFICIT - USA, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
COLOMBIA, VENEZUELA FORM $200M FUND TO BOOST TRADE
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COLOMBIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, VENEZUELA | Leave a Comment »
NORWAY TO UNVEIL MEASURES TO BOOST BANKING SECTOR
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, NORWAY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR | Leave a Comment »
SWEDISH AIRLINE NORDIC AIRWAYS LOSES LICENCE
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in AIR TRANSPORT INDUSTRY, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAQ, JUDICIARY SYSTEMS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, SWEDEN | Leave a Comment »
CHINA OFFICIALS ‘TOLD FIRM TO BUY RECALLED GYOZA’
Posted by Gilmour Poincaree on January 25, 2009
Jan. 26, 2009
Satoshi Saeki – Yomiuri Shimbun Correspondent
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in CHINA, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), FRAUD, HEALTH SAFETY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MILK, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
MSDF DISPATCH WILL CAUSE WAVES – COULD ANTIPIRACY OPERATIONS BE COMPROMISED BY LEGAL DIFFICULTIES ?
Posted by Gilmour Poincaree on January 25, 2009
Jan. 26, 2009
The Yomiuri Shimbun
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in BANKING SYSTEMS, CARGO PIRACY, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, JUDICIARY SYSTEMS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
STATE GUNNING FOR GREEDY CARTELS (South Africa)
Posted by Gilmour Poincaree on January 25, 2009
January 24 2009 at 03:16PM
by Melanie Peters
PUBLISHED BY ‘THE INDEPENDENT ONLINE’ (South Africa)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SOUTH AFRICA | Leave a Comment »
JAPAN LAUNCHES ROCKET TO PROBE GREENHOUSE GAS
Posted by Gilmour Poincaree on January 25, 2009
January 23 2009 at 10:44AM
Sapa – Associated Press
PUBLISHED BY ‘THE INDEPENDENT ONLINE’ (South Africa)
Posted in AGRICULTURE, AIR TRANSPORT INDUSTRY, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »
SPAIN’S JOBS CRISIS LEAVES IMMIGRANTS OUT OF WORK – WITH PROSPECTS WORSE ELSEWHERE – FEW TAKERS FOR GOVERNMENT CAMPAIGN OFFERING TO PAY LEGAL FOREIGNERS WHO RETURN HOME (Spain)
Posted by Gilmour Poincaree on January 25, 2009
JANUARY 24, 2009
by Alan M. Wolf – Staff Writer
PUBLISHED BY ‘THE WALL STREET JOURNAL’ (USA)
Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, SPAIN, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT | 1 Comment »
OBAMA’S ECONOMIC PLAN MEETS GOP PUSHBACK – PRESIDENT SHOWS BIPARTISANSHIP HAS CLEAR LIMITS; ‘I WON. I TRUMP YOU,’ HE TELLS GOP (USA)
Posted by Gilmour Poincaree on January 24, 2009
Posted in AL QAEDA, BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FOREIGN POLICIES - USA, FOREIGN WORK FORCE - LEGAL, HEALTH CARE - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, NATIONAL WORK FORCES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, THE OCCUPATION WAR IN IRAQ, THE PRESIDENCY - USA, THE WORK MARKET, THE WORKERS, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
BANK OF JAPAN SET TO BUY CORPORATE BONDS
Posted by Gilmour Poincaree on January 23, 2009
Friday, January 23, 2009
AGENCIES
PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
ASIAN MARKETS BOUNCE HIGHER AS BANK OF JAPAN TO EASE LIQUIDITY
Posted by Gilmour Poincaree on January 23, 2009
Posted in ASIA, BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
OBAMA FIRMA LA ORDEN DE CLAUSURA DE GUANTÁNAMO (USA)
Posted by Gilmour Poincaree on January 22, 2009
22.01.09 – 21:50
Diario Vasco – AGENCIAS – WASHINGTON
PUBLISHED BY ‘DIARIO VASCO’ (Basque Country)
Posted in AL QAEDA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, HUMAN RIGHTS, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, THE OCCUPATION WAR IN IRAQ, THE PRESIDENCY - USA, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
NEVES WRAPS UP VISIT TO CUBA WITH MEETING WITH RAUL CASTRO (Cape Verde and Cuba)
Posted by Gilmour Poincaree on January 22, 2009
Posted in AGRICULTURE, BIODIESEL, BIOFUELS, CAPE VERDE, COMMERCE, COMMODITIES MARKET, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, VEGETABLE OILS | Leave a Comment »
WORLD EXPECTS UKRAINE’S DEFAULT
Posted by Gilmour Poincaree on January 22, 2009
Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INTERNATIONAL, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »
BANCOS PÚBLICOS DISCUTEM REDUÇÃO DO SPREAD BANCÁRIO (Brazil)
Posted by Gilmour Poincaree on January 22, 2009
Quinta-feira, 22/01/2009 – 07:59
Jornal da Mídia
PUBLISHED BY ‘JORNAL DA MÍDIA’ (Brazil)
Posted in A PRESIDÊNCIA, BANKING SYSTEMS, BRASIL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INTERNATIONAL, LUIS INÁCIO LULA DA SILVA, MINISTÉRIO DA FAZENDA, MINISTÉRIO DO DESENVOLVIMENTO, INDÚSTRIA E COMÉRCIO EXTERIOR, O MERCADO FINANCEIRO, O PODER EXECUTIVO FEDERAL, O SISTEMA BANCÁRIO - BRASIL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »
NATIONAL TELECOMMUNICATIONS COMMISSION (NTC) UNDER FIRE AFTER WAVERING ON TELCO RULES (Philippines)
Posted by Gilmour Poincaree on January 22, 2009
01/22/2009
The Daily Tribune
PUBLISHED BY ‘THE PHILIPPINE DAILY TRIBUNE’
Posted in COMMODITIES MARKET, COMMUNICATION INDUSTRIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | 2 Comments »
INVEST C$400,000 FOR 5 YEARS & BE A PERMANENT CANADIAN RESIDENT
Posted by Gilmour Poincaree on January 22, 2009
21 Jan 2009, 2103 hrs IST
by Ishani Duttagupta – ET Bureau
PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)
Posted in CANADA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
CHINA’S MILITARY AWAITS NEW SATELLITES
Posted by Gilmour Poincaree on January 21, 2009
Jan 22, 2009
Peter J Brown
PUBLISHED BY ‘THE ASIA TIMES’ (China – Hong Kong)
Posted in CHINA, COMMUNICATION INDUSTRIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, MILITARY CONTRACTS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
PUBLIC BANK POSTS RECORD NET PROFIT (Malaysia)
Posted by Gilmour Poincaree on January 21, 2009
Wednesday January 21, 2009
The Star
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, MALAYSIA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
THE NUMBERS ARE HORRIFYING (USA)
Posted by Gilmour Poincaree on January 20, 2009
Jan. 26, 2009
Mohamed A. El-Erian
PUBLISHED BY ‘NEWSWEEK’ – print edition -(USA)
NEWSWEEK – Jan. 26, 2009
GLOBAL INVESTOR
By Mohamed A. El-Erian
THE NUMBERS ARE HORRIFYING
On Tuesday, President-elect Barack Obama inherits an economic calamity, and the situation will get worse in the first few months of his presidency regardless of what he does. How quickly it improves thereafter is not just a matter of which policies he decides to pursue; importantly, it is also a function of how he pursues them. Investors need to pay close attention lest they experience yet another challenging and, in some cases, devastating year.
No one should doubt that we are still in the midst of a historic economic crisis. Having incurred massive losses, individuals and companies around the world are, not surprisingly, saving more—some by choice as they attempt to restore balance to their finances and others by necessity as their credit lines are cut by beleaguered lenders. As detailed elsewhere in this edition of NEWSWEEK, the world has entered an Age of Thrift. Less spending by individuals will mean even lower demand, and the production of goods and services will be cut, again.
The latest economic data vividly illustrate the self-fulfilling nature of this global phenomenon. The numbers are horrifying, and increasingly so. There’s been a violent collapse in industrial production in Europe; the latest monthly data now show annual contractions of 17 percent in Spain, 13 percent in the U.K., 9 percent in France and Italy, and 6 percent in Germany. Emerging economies are now on the same course, with contractions of 9 percent in Russia and 4 percent in Brazil.
At the same time, the labor market is deteriorating dramatically in both Europe and America. The United States has now registered 12 consecutive months of job losses, including more than half a million in December, bringing the 2008 total to 2.6 million—a level not seen for more than 60 years. The crisis continues to catch people by surprise, suggesting that too few people sufficiently understand its dynamics. The U.S. Commerce Department reports that December retail sales declined at more than twice the rate expected by most forecasters, and further extended the record for consecutive monthly declines, now six .and counting. President elect Obama faces the prospect of more corporate defaults, pension losses and personal bankruptcies in the coming months. Fortunately, he has already shown that he has a good understanding of the need for an aggressive fiscal stimulus, and Congress seems to be onboard.
Without massive public stimulus, there is little chance of countering the highly disruptive consequences of a too sudden and too prolonged ascent of the Age of Thrift.
Yet there is a risk that this consensus could break down in quibbling over the details. Specifically, we should stop the bickering over whether to cut taxes or raise spending. Both are required. The tax cuts should work mainly through employment channels, including a cut in the payroll tax as this will directly help employment and limit the fall in consumption. Government spending should focus on sectors that will quickly raise resource productivity, like infrastructure, which helps lower production costs, and social services, which raise human productivity overtime.
Obama also needs to step up efforts to alleviate the credit crunch. This is not about an immediate recovery in the banking system. It won’t happen. The sector is too damaged to act as a conduit of funds to the general economy. Instead, the government must come up with more imaginative ways to provide direct financing, particularly for mortgages and some areas of consumer finance.
Obama’s economic appointments suggest that he understands how important it will be to get the design and implementation of these policies right. The highly capable Larry Summers and Tim Geithner should focus on coming up with a master plan to lead the country out of the crisis. This will ensure that the immediate measures implemented are consistent over time with a resumption of economic growth and rising productivity.
Managing expectations is also more important than ever. In his remarks on the financial crisis in November and December, Obama came across as informed, committed and careful not to over-promise. Yet his efforts have been largely negated by recent talk out of Washington of regulatory clampdowns, potential abrogation of property rights and other non-market solutions. The president-elect will have to step up quickly to the challenge of consistently better communication if he is to instill the confidence that is critical for a meaningful economic turn later this year.
Finally, Obama should signal clearly that he knows a global dislocation requires a global response. What was a U.S. financial crisis has morphed into a challenge to the international market system. An effective solution will not materialize unless the United States takes a policy leadership role on the global stage. It’s a role no other country can credibly play. With Obama as president, the world is exceptionally welcoming to U.S. leadership. He must seize this opportunity for the economic good of America, and the world.
ELERIAN is CEO and co-CIO of PIMCO and author of “When Markets Collide: Investment Strategies for the Age of Global Economic Change,” winner of the 2008 FT/Goldman Sachs business book of the year award.
Posted in AGRICULTURE, BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FARMING SUBSIDIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES - USA, HEALTH CARE - USA, HOUSING CRISIS - USA, HUMAN RIGHTS, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE OCCUPATION WAR IN IRAQ, THE PRESIDENCY - USA, TRADE DEFICIT - USA, UNEMPLOYMENT, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
RUSSIAN GAS TO REACH EUROPE IN 36 HOURS AT MOST: UKRAINE
Posted by Gilmour Poincaree on January 20, 2009
20 Jan 2009, 1602 hrs IST
Agence France-Presse
PUBLISHED BY ‘THE TIMES OF INDIA’
Posted in COMMERCE, COMMODITIES MARKET, CORRUPTION, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »
A FABLE IN THE FOLLY – AS A LEADER SEEKS TO BECOME A LEGEND – AS A CARD-CARRYING MEMBER OF THE VAST RIGHT-WING CONSPIRACY, I HAVE A SPECIAL INAUGURATION DAY MESSAGE FOR MY FELLOW CONSERVATIVES: SHUT UP
Posted by Gilmour Poincaree on January 20, 2009
Tuesday, January 20, 2009
by Michael Graham
PUBLISHED BY ‘THE BOSTON HERALD’ (USA)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES - USA, HEALTH CARE - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, THE WORK MARKET, TRADE DEFICIT - USA, UNEMPLOYMENT, USA, USA HUMOR | Leave a Comment »
AFTER PLANNED KIRIN SALE, SAN MIGUEL EYES MORE UTILITIES (Philippines)
Posted by Gilmour Poincaree on January 20, 2009
12:46:00 01/20/2009
Agence France-Presse
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in ALCOHOLIC BEVERAGES, BANKING SYSTEMS, BEVERAGES, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
FERTILIZER SCAM WITNESS RECANTS (Philippines)
Posted by Gilmour Poincaree on January 20, 2009
10:10:00 01/20/2009
by Maila Ager
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in AGRICULTURE, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FERTILIZERS, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FRAUD, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MONEY LAUDERING, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
MAINLAND STOCKS END UP ON HOPES FOR STIMULUS MEASURES (China)
Posted by Gilmour Poincaree on January 20, 2009
1/20/2009 2:40:00 AM
Agence France-Presse
PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)
Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
ANALYSIS: IN RUSSIA-UKRAINE GAS WAR, PUTIN GROWS STRONGER AND KIEV FACES STARKLY HIGHER PRICES
Posted by Gilmour Poincaree on January 20, 2009
12:54 PM EST, January 19, 2009
by Douglas Birch – Associated Press Writer
Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, NATURAL GAS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STAGFLATION, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, UKRAINE | Leave a Comment »
LI SET TO CLINCH PCCW DEAL (China)
Posted by Gilmour Poincaree on January 20, 2009
20/01/2009
The Finance Standard
PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)
Posted in BANKING SYSTEMS, CHINA, COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
CHINA MUST ACT NOW: WEN
Posted by Gilmour Poincaree on January 20, 2009
20/01/2009
The Finance Standard
PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)
Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
GIANT LENDER SHOULD TAKE A STAND (China)
Posted by Gilmour Poincaree on January 20, 2009
20/01/2009
The Finance Standard
PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)
Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
TATA INCREASES SHAREHOLDING IN NEOTEL (South Africa)
Posted by Gilmour Poincaree on January 19, 2009
Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, SOUTH AFRICA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
FALSE ECONOMY (South Africa)
Posted by Gilmour Poincaree on January 19, 2009
19 January 2009
Business Day
PUBLISHED BY ‘BUSINESS DAY’ (South Africa)
Posted in AEOLIC, BANKING SYSTEMS, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, MINING INDUSTRIES, POLLUTION, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SOUTH AFRICA, THE FLOW OF INVESTMENTS | Leave a Comment »
CHINA ORDERS BANKS TO LIFT PROVISIONS
Posted by Gilmour Poincaree on January 19, 2009
Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
BRITAIN DIGS DEEP TO KEEP BAILING OUT ITS BANKS – BRITAIN IS BAILING OUT ITS BANKS … AGAIN
Posted by Gilmour Poincaree on January 19, 2009
1:43PM Monday Jan 19, 2009
Associated Press
PUBLISHED BY ‘THE NEW ZEALAND HERALD’
Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, UNITED KINGDOM | Leave a Comment »
A NEW MENACE TO THE ECONOMY: ‘ZOMBIE’ DEBTORS – CALL THEM “ZOMBIE” COMPANIES – MANY MORE HAS-BEEN COMPANIES WILL BE FEEDING OFF TAXPAYERS, INVESTORS, AND WORKERS—SAPPING THE LIFEBLOOD OF HEALTHIER RIVALS
Posted by Gilmour Poincaree on January 19, 2009
January 15, 2009, 5:00PM EST
by Peter Coy
PUBLISHED BY ‘BUSINESSWEEK’ (USA)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »
U.K. SMARTER THAN U.S.
Posted by Gilmour Poincaree on January 19, 2009
January 18, 3:50 PM
by Scott R. Gingold – Business News Examiner
PUBLISHED BY ‘THE EXAMINER’ (USA)
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, UNITED KINGDOM, USA | Leave a Comment »
GERMANY
Posted by Gilmour Poincaree on January 19, 2009
Sunday, January 18, 2009
The International News
PUBLISHED BY ‘THE INTERNATIONAL NEWS’ (Pakistan)
Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, DEUTSCHMARK (Germany), ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE WORK MARKET | Leave a Comment »
WE’RE A NATION ON THE BRINK OF GOING BANKRUPT (UK)
Posted by Gilmour Poincaree on January 19, 2009
11:29 PM on 18th January 2009
by Peter Oborne
PUBLISHED BY ‘THE DAILY MAIL’ (UK)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, POUND (Britain), PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, UNITED KINGDOM | Leave a Comment »
