FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

Archive for the ‘ITALY’ Category

FIAT SLIDES ON FEARS CHRYSLER ALLIANCE MAY INCREASE COSTS (Italy)

Posted by Gilmour Poincaree on January 22, 2009

22 Jan 2009, 0007 hrs IST

AGENCIES

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL, ITALY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

FIAT WON’T BE CHRYSLER’S SAVIOR – CHRYSLER NEEDS CASH AND COMPETITIVE NEW MODELS NOW—NEITHER OF WHICH FIAT CAN BRING

Posted by Gilmour Poincaree on January 21, 2009

January 20, 2009, 2:46PM EST

by David Welch and Carol Matlack

PUBLISHED BY ‘BUSINESSWEEK’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESSWEEK’ (USA)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, ITALY, MACROECONOMY, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

TRICKY MANOEUVRE – WHO’S BEHIND FIAT’S GAMBLE ON CHRYSLER? – A WHEELER-DEALER CEO

Posted by Gilmour Poincaree on January 21, 2009

January 20, 2009 at 8:40 PM EST

by Eric Reguly

PUBLISHED BY ‘THE GLOBE AND MAIL’ (Canada)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GLOBE AND MAIL’ (Canada)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, ITALY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

FIAT, CHRYSLER IN PARTNERSHIP TALKS: REPORT (Italy – USA)

Posted by Gilmour Poincaree on January 19, 2009

20 Jan 2009, 0441 hrs IST

REUTERS

PUBLISHED BY ‘THE TIMES OF INDIA’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE TIMES OF INDIA’

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, FOREIGN POLICIES - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

GAZPROM, ENI WILL BE PART OF NATURAL GAS CONSORTIUM – DISPUTE WITH UKRAINE THAT CUT OFF GAS TO EUROPE HAS COST GAZPROM $1.1 BILLION

Posted by Gilmour Poincaree on January 18, 2009

3:33 p.m. EST Jan. 16, 2009

by Polya Lesova – MarketWatch

PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MARKET WATCH – The Wall Street Journal Digital Network’ (USA)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, NATURAL GAS, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

ENERGY GROUP SEALS $74M ITALIAN GAS DEAL

Posted by Gilmour Poincaree on January 7, 2009

January 06, 2009

by Matt Chambers – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

<a href=”CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, NATURAL GAS, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

IRANIAN PRESIDENT TAKES A SHOT AT THE WEST IN A CHRISTMAS MESSAGE – MAHMOUD AHMADINEJAD, IN A VIDEO FOR CHANNEL 4’S ‘ALTERNATIVE CHRISTMAS MESSAGE,’ OFFERS WARM GREETINGS BUT SAYS THE WEST’S BULLYING LEADERS AND THEIR POLICIES WOULD BE SHUNNED BY JESUS

Posted by Gilmour Poincaree on December 25, 2008

December 25, 2008

by Borzou Daragahi

PUBLISHED BY ‘THE L.A. TIMES’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE L.A. TIMES’ (USA)

Posted in AUSTRALIA, BELGIUM, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, ENGLAND, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, FRANCE, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, ISRAEL, ITALY, NORWAY, PETROL, RECESSION, SAUDI ARABIA, SPAIN, THE EUROPEAN UNION, THE MEDIA (US AND FOREIGN), USA | Leave a Comment »

GRIM OUTLOOK FOR RICH NATIONS

Posted by Gilmour Poincaree on December 25, 2008

Tuesday, November 25, 2008 – 23:44 Mecca time, 20:44 GMT

AlJazeera

PUBLISHED BY ‘ALJAZEERA’ (Qatar)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ALJAZEERA’ (Qatar)

Posted in AUSTRALIA, BANKING SYSTEMS, BELGIUM, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FRANCE, GERMANY, HOUSING CRISIS - USA, INTERNATIONAL, ITALY, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SAUDI ARABIA, SPAIN, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UNITED KINGDOM, USA | Leave a Comment »

FUEL SYSTEMS SOLUTIONS ENTERS A DEFINITIVE AGREEMENT TO ACQUIRE ARGENTINE GASEOUS FUELS EQUIPMENT AND TECHNOLOGY MANUFACTURER DISTRIBUIDORA SHOPPING S.A. FOR $22 MILLION

Posted by Gilmour Poincaree on December 20, 2008

FUEL SYSTEMS SOLUTIONS FSYS – 12/19/2008 7:00:19 AM

GlobeNewswire via COMTEX News Network

PUBLISHED BY ‘STOCKHOUSE’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘STOCKHOUSE’

Posted in AUSTRALIA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, NATURAL GAS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH AMERICA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

ROCCO SABELLI PRESENTA LA NUOVA ALITALIA

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008

Amerigo Francia – Milano Finanza

PUBLISHED BY ‘MILANO FINANZA’ (Italy)

La nuova Alitalia non aumenterà i prezzi e non ridurrà l’offerta di voli. Lo ha assicurato l’amministratore delegato di Cai, Rocco ROCCO SABELLISabelli, nella conferenza stampa per la presentazione del closing della vendita di Alitalia a Cai. “Non abbiamo in programma di aumentare i prezzi o ridurre l’offerta, anche sulle rotte dove abbiamo il 100% del mercato”, ha affermato Sabelli illustrando i punti principali del piano industriale.

L’obiettivo, spiega il braccio destro di Colaninno, “mira a ottenere il 56% del mercato interno nel 2009 rispetto all’attuale 30%. Una quota che ci farà tornare in Europa, visto che Air France ha il 91%, Lufthansa il 53%, Turkish Airlines il 43% e Iberia 39%. Puntiamo inoltre ad avere una flotta più moderna ed efficiente: nel 2009 l’età media dei nostri aerei sarà 8,6 anni, mentre attualmente è di 12,4 anni”.

Nel piano industriale, ha spiegato Sabelli, una forte attenzione è legata alla creazione di un network completo ed efficiente focalizzato su medio e lungo raggio. “Non si può fare una compagnia grande quanto si vuole, ma grande quanto si deve. Dico un’ovvietà”, ha osservato Sabelli, “ma è meglio avere meno aerei ma più pieni che tanti aerei mezzi vuoti. Il piano industriale parte dall’esame della struttura della domanda e dalle dimensioni del mercato, e punta a creare un leader forte sul mercato domestico. L’integrazione con Air One va in questa direzione e ci fornisce densità, dimensione e sinergie”.

Per la capitalizzazione della nuova Alitalia il manager conta sui 1.100 milioni, che era il target iniziale, e sul contributo del partner straniero. L’aumento di capitale avverrà in due tranche: per 850 mln dai 21 soci attuali, ai quali “non escludiamo se ne aggiungano altri”, mentre la restante parte avverrà in un secondo momento “per garantire la struttura finanziaria”.

Riguardo invece al partner industriale con la nuova Alitalia, l’ad di Cai ha confermato che “La scelta del partner straniero sarà tra Lufthansa e Air France”, precisando che da parte di entrambe le compagnie è stata avanzata la proposta di partenariato industriale come la disponibilità a investire in equity. La proposta di British Airways era invece “di natura solo commerciale”, ha spiegato Sabelli. Il manager ha quindi detto che “noi privilegiamo le prime due e crediamo che un ingresso nell’equity possa rafforzare la compagnia”. Parlando di Lufthansa e Air France, Sabelli ha detto che si tratta di “due proposte molto buone, duole lasciarne fuori una. Sceglieremo la proposta migliore”.

In ultimo, stamattina è partito il processo di assunzioni. “Siamo assolutamente tranquilli sulla trasparenza dei criteri concordati”. Le proposte di assunzione saranno dirette a “quasi 9mila persone, ci aspettiamo una risposta entro 48 ore”. Per quanto riguarda il rapporto con i sindacati, Sabelli ha detto di aver avuto con i sindacati confederali “una trattativa molto dura, ma comunque negoziale”, mentre con le associazioni professionali c’è stato “il rifiuto di cedere il controllo della compagnia”. Per questo, “da oggi il dialogo va direttamente ai nostri dipendenti”, ha concluso Sabelli.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MILANO FINANZA’ (Italy)

Posted in AIR TRANSPORT INDUSTRY, BANKING SYSTEMS, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FRANCE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, NETHERLANDS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES, TURKEY, UNITED KINGDOM | Leave a Comment »

EU EDGES CLOSER TO CLIMATE, STIMULUS DEALS – ITALY, POLAND SEE EU CLIMATE DEAL IN OFFING

Posted by Gilmour Poincaree on December 12, 2008

December 12, 2008

by Jan Strupczewski and Pete Harrison – Reuters

PUBLISHED BY ‘THE FINANCIAL MIRROR’

European leaders moved towards agreement on Friday on a multi-billion dollar plan to tackle the global recession and a climate change plan amended to limit impact on struggling industries.

Green groups warned that the European Union could forfeit its credibility as a force in tackling climate change if it accepted too many changes to a plan to cut carbon dioxide emissions by 20 percent by 2020.

One British group said compromises in climate policy, which will be key to world talks next year to produce a successor to the Kyoto pact on climate change, could amount to a ‘meltdown’.

The climate discussions took on a special significance, taking place some six weeks before Barack Obama takes over the U.S. presidency holding out the prospect of closer co-operation in matters of global warming.

Italian Prime Minister Silvio Berlusconi, who had threatened to veto a deal without concessions to protect key industries, emerged from the first day of a two-day summit, declaring: “We are heading towards a compromise…We are getting what we want.”

Poland, which had demanded concessions on its heavily polluting coal-based power industry, was also cautiously optimistic.

“The prime minister (Donald Tusk) achieved everything he wanted in negotiations on the climate package,” an official told Reuters. “The deal is flexible, allowing for the modernisation of the Polish power sector.”

HISTORIC?

The economic crisis sweeping Europe has further complicated climate talks that had already raised tensions in a 27-member bloc embracing former Soviet bloc states besides western Europe.

German Chancellor Angela Merkel, who opposes the heavy spending advocated by Britain and France for fear it could lead to escalating budget deficits, said at the start of the summit she was nonetheless keen to seal a 200 billion euro ($260 billion) stimulus package, amounting to some 1.5 percent of GDP.

Luxembourg Prime Minister Jean-Claude Juncker said on Thursday evening he thought EU leaders would agree on the main lines of the economic package and the climate deal on Friday.

“The economic crisis will pass, the climate crisis will stay. We have to do something,” he told reporters.

Finnish Foreign Minister Alexander Stubb said Friday would bring a ‘historic decision’ on energy and climate change.

‘Europe is going to show the way,’ he said.

Several leaders stressed the need to maintain the EU’s ambitious targets; but Merkel, seeking to limit damage to industry, appeared to have secured compromises.

Steel, cement, chemicals, paper and other industries will be sheltered from the added cost of buying permits to emit carbon dioxide from the EU’s flagship emissions trading scheme (ETS), according to a draft text that formed the basis for talks.

“This covers about 90 percent of industry, and I don’t see any reason why Germany would not accept this proposal,” German conservative Peter Liese told Reuters. “I see it as a victory.”

British Green group member Caroline Lucas said the proposals represented ‘the lowest possible common denominator’.

‘The eyes of the world are on the EU. The EU’s credibility as a leading actor on climate change is in freefall. It’s not too late for heads of state and government to intervene and save face.’

EASE THE SHOCK

In their first session of the summit, leaders agreed in principle on a set of concessions to Ireland enabling Dublin to hold a second referendum by next November on the Lisbon treaty, intended to streamline EU decision making. The treaty was rejected at a first poll and needs approval from all states.

“There was no opposition, there was no objection, there was no veto,” one European official said. Another stressed that the agreement was only provisional and there would be talks on the details of the arrangements on Friday.

The Lisbon Treaty — successor to the defunct EU constitution — aims to give the bloc more weight in the world by creating a long-term president and its own foreign policy supremo.

EU leaders aim to agree how to reach targets of slashing carbon emissions by 20 percent by 2020 and winning 20 percent of the bloc’s energy from renewable sources such as wind and solar power by that date, ahead of global talks next year on a successor to the Kyoto agreement from 2012.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE FINANCIAL MIRROR’

Posted in ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, MACROECONOMY, PAPER INDUSTRIES, POLAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS | 1 Comment »

FRENCH ECONOMY SURPASSING U.K., REPORT FINDS

Posted by Gilmour Poincaree on December 11, 2008

December 8, 2008

Bloomberg News

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

PARIS: The financial crisis is recasting the league table of economies, with Britain sliding behind its European neighbors and China gaining on its richer rivals, the Center for Economics and Business Research said in a study released Monday.

A recession and a decline in the pound’s value pushed Britain’s gross domestic product below France’s this year and it will be passed by Italy in 2009, the CEBR said in the report. China has overtaken Germany and will top Japan in 2010 to become the world’s second-largest economy behind the United States, it said.

“The recession associated with the credit crunch will change the position of many countries in the world’s GDP league table,” the London-based CEBR said in the report.

The study shows how countries that ran up debts during expansion, like Britain, will now suffer, while emerging-market economies will wield increasingly more power in the global economy as they develop. Governments from the Group of 7 nations are under pressure to broaden their membership to reflect the changing shape of the world economy.

Brazil will rise to eighth-biggest economy from 10th by 2010 and India to 10th from 12th, the CEBR said. Canada will drop to 13th from ninth in the same period as its currency falls, it said.

The CEBR also said the British and Italian economies would suffer the deepest downturns with 18 quarters of GDP below its previous peaks. Spain’s slump will last 16 quarters and Japan’s 11 quarters. The United States will rebound after nine quarters. China will not suffer a single quarter of contracting growth, the report said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in BANKING SYSTEMS, BRASIL, CANADA, CHINA, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENGLAND, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, JAPAN, MACROECONOMY, RECESSION, SPAIN, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UNITED KINGDOM, USA | Leave a Comment »

SEVEN INVESTORS SUBMIT OFFERS FOR RUNNING KREMIKOVTZI (Bulgaria)

Posted by Gilmour Poincaree on December 11, 2008

11 December 2008, Thursday

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Bulgaria’s Economy Ministry has received seven offers with bids for the purchase or the operation of the troubled Bulgaria's Economy Ministry has received seven offers for Kremikovtzi by Bulgarian and foreign companies - Photo by Yuliana Nikolova - Sofia Photo Agencysteel-maker Kremikovtzi, the Trud Daily reported Thursday.

The paper points out that the most serious bidder is the Ukrainian company Smart Group which offers an emergency plan for saving the factory, and a longer-term recovery program by restructuring and acquisition of new assets. It is expected to present its demands about Bulgarian state guarantees for Kremikovtzi within several days.

The Czech company ML Moran offers to finance Kremikovtzi enabling the plant to buy raw materials, and manufacture and sell its production. The bulk of the revenue, however, would go to the creditor so the main advantage of this plan would be to keep the factory running.

Each of two other foreign companies – the Russian Prominvest, and an unnamed Italian company – are offering to provide raw materials, and working capital for Kremikovtzi in exchange for guarantees by the Bulgarian state.

The former owner of the steel mill Valentin Zahariev, who sold the plant to the Indian tycoon Pramod Mittal in 2005, has offered to run the plant after setting up a new firm for the purpose. In the event of liquidation of the factory, however, he is asking to be allowed to buy out the assets on sale.

The Bulgarian metal wastes trader Econmetal Engineering, whose facilities are located nearby Kremikovtzi, is offering to provide 60.000 tons of raw materials for the steel-maker in exchange for being allowed to realize the manufactured products on the market after that.

A group of bond holders is offering the factory a credit of EUR 345 M in exchange for Bulgarian state securities with a redemption date in 2013.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Posted in BULGARIA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRON ORE, ITALY, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RECYCLING INDUSTRIES, RUSSIA, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UKRAINE | Leave a Comment »

CUBAN TOURISM SURGES AS REST OF CARIBBEAN STALLS – Tourism In Cuba Up Nearly 11 Percent Despite 3 Hurricanes

Posted by Gilmour Poincaree on December 10, 2008

HAVANA, Dec. 8, 2008

The Associated Press

PUBLISHED BY ‘CBS NEWS’ (USA)

(AP) Cuba’s vacation industry has remained as hot as the tropical sun here, even as the world economic crisis sparks cancellations and layoffs elsewhere in the Caribbean.

The communist country says it’s booked solid through December and expects a record 2.34 million visitors this year _ largely because global financial woes have so far been softer on Canada, its top source of visitors.

Luck also played a role: While the island suffered three devastating hurricanes, its key tourist sites were largely spared. And where beachfront resorts did get hit, the tourist-hungry government has made sure to repair hotels _ in some cases even before damaged homes and infrastructure. Tourism is Cuba’s second-largest source of foreign income, behind nickel production.

So while other islands in the region are laying off hotel workers and suspending construction of new property, Cuban resorts are gearing up for a strong season.

“We’ve had a few cancellations, but overall our numbers are still strong,” said David Gregori of WowCuba, a travel agency in Charlottetown, Canada, that specializes in bicycle trips and other Cuba tours. “People still like to get away. They might try to save some money while doing it, but they’re still traveling.”

The number of foreign visitors has swelled nearly 11 percent this year, making up for 4 and 3 percent declines in 2006 and 2007, government figures show.

Officials offer no explanation for those slower years. But tour operators blame the island’s low returning-visitor rates: Some tourists complain of poor service, crumbling infrastructure and lousy food, indicative of a communist system where shortages are common and state employees are unaccustomed to putting customer service first.

Still, the island is often cheaper than its subtropical neighbors, because many foreigners buy all-inclusive packages offering dozens of direct flights from Europe and Canada to airports all over Cuba, as well deep discounts on hotels, food and booze.

Others are enticed by the prospect of seeing one of only five communist countries left on the planet.

“A lot of people who are going for simple fly-and-flop holiday, and there are others who are going for history and culture, dancing, music,” said Julia Hendry, marketing director for Europe and the United Kingdom of the Bahamas-based Caribbean Trade Organization. Cuba has both, she said, “whether it’s swimming and beach or the excitement of Old Havana and Cuban history.”

About 35 percent of this year’s tourists have been Canadian, with 635,000 visiting through September, one-fifth more than in the same period last year. Canada’s economy has not suffered the same losses now sapping the savings of homeowners in the U.S.

Russian tourists rose 40 percent to top 28,000 thru September, and Cuban Tourism Minister Manuel Marrero traveled to Moscow last month to further promote his country.

Visitors from Britain, Italy, Spain and Germany, the top suppliers of tourists after Canada, declined between 3 and 5 percent respectively, however.

Washington’s trade embargo prohibits Americans from visiting, though island immigration records show about 41,000 came last year, many presumably without permission. But not relying on U.S. tourists may now be a blessing.

“Canadians are going to keep coming, especially with snow at home,” said Helen Lueke of Sherwood Park, Canada, who has vacationed in Havana about once a year for decades.

Alexis Trujillo, Cuba’s deputy secretary of tourism, predicted full bookings at least through next summer.

“There’s no doubt tourism is always sensitive to everything,” he said of global economic turmoil. “But we don’t think that for Cuba that will mean an important decrease.”

Tourism generated $2.2 billion for Cuba in 2007. The government has announced no plans to delay a $185 million plan to upgrade more than 200 resorts and build 50 boutique hotels by 2010 _ nt even after Hurricanes Gustav, Ike and Paloma hit within two months, causing more than $10 billion in damages and crippling farms and infrastructure across the countryside.

Construction crews assigned to vacation properties in Havana and elsewhere have largely continued working as normal since the storms.

In the eastern province of Holguin, the island’s No. 3 tourist destination after Havana and the beach resort of Varadero, officials prioritized hotel repairs, trucking in workers to rebuild beachfront resorts. Holguin expects about 270,000 foreigners this year, about the same as 2007, despite scores of hurricane-related cancellations.

Havana’s decaying yet picturesque historic district saw little damage, as did Varadero, 90 miles (140 kilometers) to the east, where white sand and warm, see-through surf has enticed everyone from Fidel Castro to Al Capone. A record million visitors are expected to stay in the town’s 7,000 hotel rooms, which range in price from about $120 to $350 per night, with meals and open bar included.

Though European tour operators say sales have slowed since the financial crisis deepened in October, they expect trips to Cuba and some other Caribbean destinations to stay strong through the winter. Europeans are putting off short, side trips closer to home, but many families are still willing to splurge on once-a-year trips to the tropics, Hendry said.

“We have noticed that all-inclusive markets, where travelers can budget in advance, seem to be doing relative well. Cuba is quite well-populated with that sort of property,” she said.

The industry could get another boast if President-elect Barack Obama keeps campaign promises to ease restrictions on Cuban Americans who want to visit their relatives on the island. Currently, those with family here can only come once every three years.

Nelson Gonzalez, a 56-year-old physical therapist, said his mechanic brother in Miami last came to visit in 2007. But his brother called the morning after the U.S. election to say he was reserving a seat on one of the many special charters that fly from the U.S. to Havana for the last week in January _ confident Obama will ease family travel rules immediately after his Jan. 20 inauguration.

“When your family members reach a certain age, you don’t know if in three more years everyone will still be here,” said Gonzalez, who lives with his 80-year-old parents.

Though visiting family members spend less than tourists, Gregori said many Cuban Americans use his company to book rental cars in advance of visiting relatives.

But “if you want to rent a car in Havana in December, I don’t have any,” he said. “They’ve been sold out for months, and every year they get sold out earlier and earlier.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CBS NEWS’ (USA)

Posted in BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CANADA, COMMERCE, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, GERMANY, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, NATIONAL WORK FORCES, RECESSION, RUSSIA, SPAIN, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, TOURISM INDUSTRIES, UNITED KINGDOM, USA | Leave a Comment »

LIBYA EYES 10% STAKE IN ITALY’S OIL GIANT ENI AND OTHER INFRASTRUCTURE VENTURES

Posted by Gilmour Poincaree on December 9, 2008

Published: December 07, 2008, 23:31

Reuters

PUBLISHED BY ‘GULF NEWS’ (Dubai – UAE)

Rome: Libya would be interested in buying up to 10 per cent of Italian oil giant ENI, one of a number of investments it is PRESS CONFERENCE BY FRANCO FRATTINI
considering in Italy, the North African country’s ambassador to Italy was reported as saying.

The investment, which at ENI’s closing price of 15.39 euros on Friday would entail spending more than 6 billion euros, would make Libya ENI’s second-biggest shareholder after the Italian state, which has a 20.3 per cent stake.

In comments about other potential investments published in Italian newspapers on Sunday, Hafed Gaddur said he was not interested in the telecommunications sector.

“We have in mind five to six operations, among which I exclude telecommunications,” he was quoted as saying in business daily Il Sole 24 Ore. Other newspapers had him speaking of four to five operations.

Although he did not elaborate, Italian Foreign Minister Franco Frattini told Reuters on Friday that Libya was interested in the transport, tourism and infrastructure sectors.

Important partner

Gaddur spoke to newspapers after Italy’s government said on Saturday that Libya was interested in buying a stake in ENI.

Just as sovereign funds from developing countries have recently made investments in US and European companies, Libya has emerged as a leading source of capital for Italian companies and an important energy partner.

It recently acquired nearly 5 per cent of Italian bank UniCredit.

Gaddur said the accord signed by Libya and Italy last August had made it easier for Libya to invest in Italian companies without provoking a hostile reaction.

On August 30, the countries signed an accord under which Italy would pay compensation for misdeeds during its colonial rule of Libya.

Libyan leader Muammar Gaddafi hailed the accord as opening a new era of cooperation.

“It allows for something that in different times would have been absolutely impossible, such as a foreign state that enters with a stake of 5 to 10 per cent in your national oil company, which is what we would want to do,” he was quoted by La Repubblica as saying.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘GULF NEWS’ (Dubai – UAE)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GASOLINE, HISTORY, INDUSTRIAL PRODUCTION, INTERNATIONAL RELATIONS, ITALY, MACROECONOMY, PETROL, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, WARS AND ARMED CONFLICTS | Leave a Comment »

LA CRISIS FINANCIERA IMPONE CONDICIONES MÁS RESTRICTIVAS A LOS PRÉSTAMOS BANCARIOS AL SECTOR AGRARIO ITALIANO – Las organizaciones agrícolas consideran que las condiciones impuestas por los bancos son demasiado severas e insostenibles para el sector

Posted by Gilmour Poincaree on November 22, 2008

21/11/2008

MARM- También en las empresas agrarias hay una restricción del crédito. Las organizaciones agrícolas denuncian las señales restrictivas, con el requerimiento por parte de los bancos de condiciones consideradas demasiado severas e insostenibles para el sector. Así pues, tras una fase en la que las instituciones bancarias animaban a las empresas a que se endeudaran, con la complicidad de los tipos de interés favorables, ahora se ha pasado a un drástico endurecimiento de las condiciones.

Por otra parte se han puesto de manifiesto las dificultades para hacer frente a los compromisos a corto plazo. El aumento de los tipos ha creado una fuerte crisis de liquidez. La confirmación de que las cosas están yendo mal, es el incremento de los impagos. Desde hace unos años la tendencia estaba disminuyendo, y la agricultura había alcanzado los niveles de los demás sectores, pero ahora se corre el riesgo de una brusca inversión de la tendencia. En el último trimestre los impagos pasaron de 6,5% a 7,3%, pero el aspecto más preocupante es el incremento del 0,8% en el último mes.

El presidente de CONFAGRICOLTURA, Federico Vecchione, ha denunciado que muchas empresas que ya habían formalizado planes financieros incluso con grandes instituciones bancarias, se encuentran ahora frente a condiciones que son insostenibles y el resultado es que los empresarios deben bloquear las inversiones.

Hasta hace algunos meses, los bancos incentivaban a las empresas para solicitar préstamos. Ahora el crédito se concede con cuentagotas. Los bancos necesitan reconstituir su liquidez y por ello tienden a restringir los créditos concedidos, exigiendo mayores garantías.

Para la agricultura, el requerimiento de garantías patrimoniales es una vieja historia, pero en los últimos años algo se estaba moviendo, pero ahora, después de la crisis financiera, los bancos están en una situación de espera y, de todos modos, la relación de confianza ha sufrido un menoscabo y si hasta hace unos meses la relación entre préstamos y garantías era de 1 a 2, ahora es de 1 a 3.

Si bien se está consolidando el fenómeno de un leve incremento del crédito a corto plazo, que se estaba comprobando ya en 2007, el mismo está determinado, entre otras cosas, por la necesidad de recurrir a financiaciones a corto plazo para hacer frente a los costes de los préstamos contraídos a medio y largo plazo. Pero el crecimiento del crédito a corto plazo es también una señal de alarma sobre el estado de salud de las empresas que, en algunas situaciones, están obligadas a recurrir a los bancos, para hacer frente a la gestión ordinaria.

La tendencia positiva que ha marcado en estos últimos años la financiación a la agricultura, ha quedado confirmada también en ocasión de la reciente presentación del Protocolo entre PattiChiari (servicio de orientación de las relaciones entre clientes y bancos), CIA y CONFAGRICOLTURA, por el Presidente de la Asociación Bancaria Italiana (ABI) y el consorcio PattiChiari, que ha subrayado que en cinco años el crecimiento fue del 57% pasando de 23.000 a 36.000 millones en 2007. El Presidente de la ABI ha explicado que es necesario activar una comunicación cada vez más inmediata entre empresa agrícola y banco, una exigencia determinada por los procedimientos de evaluación del sistema crediticio introducidos en el acuerdo de Basilea 2. Para el Presidente de la ABI “existe una fuerte atención del mundo bancario al sector y hoy los plazos medios de respuesta a una solicitud de financiación se han reducido de 9 a 6 días”.

Según los datos de la ABI, han sido las pequeñas y medianas empresas quienes han impulsado las inversiones. Para esta tipología de empresas, de hecho, ha habido un crecimiento de la incidencia que pasó de 39,3% en 2001 a 48,2% en diciembre 2007, por un importe de 16.000 millones, respecto a los 7.900 de 2001. También aumento la financiación a las grandes empresas (de 3.000 a 7.600 millones) mientras que se redujo la cuota de las pequeñas empresas, que bajó a 29,2% frente al 45,7%.

En cuanto a los impagos, que en 2007 disminuyeron en un 3,5%, los datos mejores se obtuvieron en el centro (-9.3%) y sur (-2.4%), mientras que en el norte hubo un ligero incremento de un 0.1%. en total; los impagos, siempre según los datos de la ABI, se redujeron pasando de 3.200 millones en 2001 a 2.200 millones (-29%), mientras que el porcentaje de los impagos brutos sobre el total de créditos concedidos pasó del 14 al 6,2%.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘AGROINFORMACION’ (Spain)

Posted in AGRICULTURE, BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, ITALY, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

ITALIA, PIL TRIM3 INDICHERÀ RECESSIONE TECNICA

Posted by Gilmour Poincaree on November 11, 2008

11/11/2008 20.00

I segnali giunti dalle indagini congiunturali e dal settore industriale non lasciano scampo: il dato sulla crescita del terzo trimestre in arrivo venerdì 14 sarà negativo e, unito all’analogo dato dato del trimestre precedente, attesterà recessione tecnica per l’Italia, lasciando poca speranza anche per i mesi a venire. Lo prevedono gli economisti.

Alcuni di loro hanno ulteriormente peggiorato l’outlook dopo che ieri Istat ha pubblicato dati peggiori delle attese per la produzione di settembre e ha tagliato le statistiche relative ai mesi estivi. “Ci aspettiamo almeno tre trimestri negativi per la crescita italiana, dal secondo al quarto di quest’anno”, dice Paolo Mameli di Intesa Sanpaolo. “La vera ripresa, se arriverà, sarà solo a fine 2009 o inizio 2010”. La mediana emersa dal sondaggio indica per il Pil del terzo trimestre -0,2% dopo -0,3% dei tre mesi precedenti. Su base tendenziale la previsione mediana indica -0,4% dopo -0,1%.

“Dopo gli ultimi numeri per la produzione industriale, sono emersi maggiori rischi al ribasso, anche se le nostre previsioni rimangono nel range tracciato in precedenza” dice Holger Schmieding di Bank of America, che la scorsa settimana aveva indicato per il Pil -0,2% e -0,3% su trimestre e su anno.

Gli economisti di Unicredit sono diventati, invece, più pessimisti, e, se le previsioni fossero raccolte oggi, punterebbero su flessioni del Pil di 0,4% su trimestre e 0,6% su anno, mentre Merrill Lynch le limerebbe lievemente a -0,2% e -0,4%.

Per gli economisti cercare di individuare il punto di minimo del ciclo italiano è un esercizio ozioso. Il messaggio è che l’economia è in crisi a causa di una domanda interna in contrazione e di una situazione internazionale molto difficile.

“Dal lato della domanda c’è un quadro di marcata debolezza per la domanda interna: per il terzo trimestre ipotizziamo un forte calo degli investimenti fissi che andrà a sommarsi alla contrazione dei consumi” dice Marco Valli di Unicredit. “Anche il canale estero darà un contributo negativo, mentre avremo un accumulo di scorte e una spesa pubblica positiva”.

A settembre l’indice di produzione industriale ha segnato un calo di 2,1% su mese dopo un aumento di 0,4% di agosto, rivisto al ribasso da +1,4%. “La produzione è calata, ma gli ordini sono scesi di più, quindi le scorte stanno aumentando in maniera indesiderata e la produzione dovrà essere tagliata in modo ancora più aggressivo nei prossimi mesi” dice Valli.

Anche Mps Finance scommette su un contributo del canale estero negativo, mentre Bank of America e Intesa Sanpaolo non escludono che la recessione abbia frenato le importazioni, portando a un lieve rimbalzo delle esportazioni nette. Anche se l’Italia non è stata colpita più duramente degli altri paesi europei dalla crisi finanziaria, gli economisti sottolineano come gli shock esterni portino nuovamente alla luce le difficoltà storiche del paese.

“L’Italia, quando è scoppiata la crisi, era già in una situazione difficile. Il paese è entrato in stagnazione ormai due anni fa: è questo il problema” commenta Schmieding di Bank of America. I dati preliminari per la crescita italiana saranno pubblicati venerdì alle 10,00 italiane, mentre la stima flash sulla zona euro arriverà un’ora dopo. Anche per i Quindici l’attesa è di una variazione congiunturale del Pil di -0,2% che significherebbe recessione per tutta l’area monetaria.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MILANO FINANZA’ (Italy)

Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INTERNATIONAL, ITALY, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

BARCLAYS BUYS ITALIAN MORTGAGE BUSINESS, INCREASING ITS MORTGAGE BOOK BY $1.4 BILLION

Posted by Gilmour Poincaree on November 11, 2008

Last update: November 6, 2008 – 5:17 AM

Associated Press

LONDON – Britain’s Barclays bank said Thursday it has bought the Italian residential mortgage business BARCLAYS GOES SHOPPING IN ITALYof Australia’s Macquarie bank.

Barclays PLC, which raised 7.3 billion pounds ($11.8 billion) from Middle Eastern investors last month, is not disclosing the amount it paid Macquarie Group Limited for the business.

The purchase increases the value of Barclays mortgage book by 1.1 billion euros ($1.4 billion) — or nearly 10 percent. Before this deal, Barclays mortgage book was worth roughly 12 billion euros ($15 billion).

“Our existing Italian mortgage business has grown through the combination of a prudent lending policy and careful management of customer relationships,” said Frits Seegers, chief executive of Barclays retail and commercial banking arm. “This acquisition augments that business.”

Barclays shares fell 4 percent to 187 pence ($2.98).

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in AUSTRALIA, BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, ENGLAND, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, ITALY, THE FLOW OF INVESTMENTS | Leave a Comment »

DEPUTADO RECEBE GRUPO DE EMPRESÁRIOS ITALIANOS (Nova Friburgo – RJ – Brasil)

Posted by Gilmour Poincaree on November 2, 2008

02/11/2008

O deputado estadual e presidente da comissão de Agricultura da Assembléia Legislativa do Estado do O deputado estadual e presidente da comissão de Agricultura da Assembléia Legislativa do Estado do Rio de Janeiro (Alerj), Rogério Cabral (PSB)Rio de Janeiro (Alerj), Rogério Cabral (PSB), recebeu no último dia 22, em seu gabinete, a visita de empresários italianos interessados em fazer investimentos em agricultura familiar, inclusive no Centro-Norte fluminense, através do plantio de oleaginosas.

O grupo de empresários italianos foi formado por Paolo Franchett, Domenico Scalchi e Cesare Fea, que apresentaram suas propostas ao deputado. Segundo eles, a intenção é desenvolver a produção de óleo bruto vegetal (matéria-prima para o biodiesel), em parceria com pequenos proprietários e agricultores fluminenses. Depois da reunião no gabinete, o grupo conheceu o plenário da Alerj, onde foram oficialmente recepcionados por vários deputados.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘VOZ DA SERRA’ (Nova Friburgo – RJ – Brasil)

Posted in AGRICULTURA, AGRICULTURA FAMILIAR, AGRICULTURE, BIOCOMBUSTÍVEIS, BRASIL, CIDADES, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, EUROPE, EXPANSÃO AGRÍCOLA, FLUXO DE CAPITAIS, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, O BIODIESEL, O PODER LEGISLATIVO ESTADUAL, PARTIDO SOCIALISTA BRASILEIRO (PSB), PARTIDOS POLÍTICOS - BRASIL, POLÍTICA - BRASIL, POLÍTICA REGIONAL, RELAÇÕES INTERNACIONAIS - BRASIL, RJ, THE FLOW OF INVESTMENTS, VEGETABLE OILS, VEREADORES | Leave a Comment »