The Group of Twenty (G20) pledged Friday to give the International Monetary Fund (IMF) over $ 430 billion of additional resources to identify the debt crisis of the euro area.
The agreement doubles the capacity of the IMF loan, which was the goal set by its Executive Director Christine Lagarde at the opening meetings of the IMF and World Bank this weekend.
"There are firm commitments to increase resources available to the IMF more than $ 430 billion, in addition to the planned quota increase under the reform of 2010" , declared in a statement the finance ministers and central bankers from the G20, referring to the project to give emerging countries a say in the larger fund.
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same day cash advance is a high risk loan for the lender, the interest rates charged are high. The lender has no security and does not even conduct a credit check.
The industrial orders rebounded in February in the United States and businesses have increased their orders for capital goods, leaving the industry think that retains some vitality despite signs of slower growth.
These orders rose 1.3%, slightly below the consensus of analysts polled by Reuters which gave 1.5%, according to figures released Tuesday by the Commerce Department.
Many economists believe that the expiration of certain tax benefits on productive investment in late 2011 has encouraged companies to move their investments.
The decline in January was revised to 1.1% against 1% in the first estimate.
Orders for civilian capital goods excluding aircraft, a category closely followed because it was considered a good indicator of future investment plans, rose 1.7% in February against 1.2% in the first estimate.
The Strategic Petroleum Reserve in the United States are no longer quite as strategic as before.
While President Barack Obama put on a new release of emergency stocks of the country to counter soaring fuel prices, experts note that the landscape changes logistical striking U.S. oil could complicate his plans.
Certainly, the fact tap into the four giant salt caverns on the coast of the Gulf of Mexico – which contain 700 million barrels of crude oil owned by the U.S. federal government – would almost certainly lower the world oil prices, easing to pump users and providing a boost to Barack Obama before the November election.
Thursday, the price of crude has lost up to three dollars after information from Reuters that Britain was considering with the U.S. release of strategic oil reserves cal in the course of the year.
British officials have said that the timing and volumes contemplated are detailed by the summer, when oil prices often reach a peak.
But the logistics of such a release of crude oil to refiners volunteers is more complicated than ever: if there is little doubt that oil reserves are provided in emergency Ultimately buyers, it may reach them more slowly than does the government hope.
The inversion of a key pipeline linking Texas to Oklahoma will reduce the capacity of the main cavern release of oil reserves, and John is Shages, responsible ; emergency stocks under the Bush and Clinton administrations.
SYSTEM OF ANOTHER TIME
The development of shale oil and crude oil imports from Canada's oil sands has transformed the landscape of Energy. The industry is now trying to move an overflow of oil from the center of the country to the Gulf of Mexico, reversing the logic that underpinned the organization of national strategic reserves .
Emergency reserves of the United States, created by Congress after the oil crisis in mid 1970, was in fact designed primarily to carry oil pipeline linking the Gulf to refineries in the region and other purchasers located further north.
"The fact that the pipelines go (now) to the south, not north is a major change," said Edward Morse, responsible for research on raw materials for Citigroup and formerly an expert e nergétique within the U.S. State Department.
According to the Department of Energy, the U.S. strategic reserves may distribute the oil to 49 refineries with a capacity of more than five million barrels per day (bpd) – about one third of the total capacity of the country.
They are designed to release the oil within two weeks after order and to support a rate of one million bpd for a year and a half, helping to meet 5% of U.S. demand.
It can now free up oil at a maximum rate of 4.25 million bpd, due to damage to one of the storage tanks, said an official of the dice Department of Energy.
But oil industry analysts are skeptical.
Edward Morse deems it unrealistic pace and stresses that have limited logistical problems last summer the flexibility of the government's release of 30 million bpd – the largest in history United States – in response to disturbances affecting the supply of Libyan oil.
The oil from strategic reserves while in competition with the already crude transported by pipelines or tankers, on waterways often overloaded, the logistical capabilities of the country could be insufficient to rapidly absorb millions of additional barrels.
The Energy Department had released an average 743,000 bpd in August.
The economy of Hungary will switch into recession this year, says OECD, which urges the government of Prime Minister Viktor Orban to pass a financial agreement with international organizations and to take further measures to reduce the budget deficit.
Echoing the European Commission, the Organisation for Economic Cooperation and Development also takes note of "controversial measures taken by the Hungarian government (which) have made exacerbate the uncertainty on the confidence of businesses, households and markets. "
"Overall, the economy should be in recession in early 2012 before a modest recovery in the second half of this year because of a slight upturn in confidence and improved financial and economic conditions worldwide, "the OECD wrote in a report released Tuesday.
The OECD expects GDP to contract by 0.6% Hungarian, and this year a growth of 1.1% in 2013. Budapest projected growth of 0.5% in 2012.
The Hungarian authorities have two main challenges, says OECD: stabilizing the economy and restore growth in the long term structural reforms.
"An agreement with multilateral organizations to help restore confidence and facilitate the necessary reorganization of public finances," says the OECD. "It also would ease the burden of debt in foreign currencies by stabilizing the exchange rate."
To stabilize the forint, which fell over 20% since mid-2008, to 292 per euro on Tuesday, the Orban government wants to conclude a funding agreement with the European Union and the International Monetary Fund by the end of the second quarter. But he objects to certain conditions set by the European Commission to open discussions.
EU officials believe that the deficit in Hungary could reach 3.6% of GDP in 2013 if Budapest is not taking new provisions, a view espoused by the OECD.
"Despite a relatively favorable fiscal position, the recent deterioration of the underlying balance requires additional efforts, beyond the measures planned for 2012," says the OECD.
The Organization also recommends that "in 2013 replacing the windfall tax on banks by taxing less distorting."
Changes to the law governing the central bank, including certain appointment procedures "derogate clearly best practice", also says the OECD.
The central bank independence must be guaranteed in accordance with international obligations of Hungary, said she.
The Tokyo Stock Exchange closed up 0.92% Tuesday, Japanese markets have erased all losses posted in early trading before going into the green and Register a fence frankly positive.
The Nikkei gained 88.59 points to 9,722.52 and the Topix broader took 3.23 points (0.39%) to 838.48.
The bankruptcy of Elpida, the first Japanese manufacturer of memory weighed on the sector, Advantest yielding 1.5% and Shin-Etsu Chemical 1.2%.
But this failure did, in the opinion of stakeholders had limited impact on investor sentiment.
The G20 finance ministers, meeting this weekend in Mexico City, engaging in a statement in April to review progress made in strengthening the resources of International Monetary Fund, said on Saturday from a source of G20.
The source said the draft statement, which must be finalized during meetings scheduled in Mexico this weekend, made loans and bilateral borrowing arrangements options for improve the firepower of the IMF.
"Progress in this strategy will be discussed at the next ministerial meeting in April," the draft communique quoted by the source. These reports were confirmed to Reuters by another official of the G20.
The IMF wants more than double its capacity to respond by raising $ 600 billion of new resources to deal with the consequences of the crisis of sovereign debt within the eurozone. This project creates a reluctance in some countries, foremost among them the United States and Canada.
Mexico, who chairs the G20, has pushed for the issue of IMF resources is discussed along with the initiatives that the Europeans could be taken to resolve the crisis sovereign debt, at the meeting of finance ministers and central bankers this weekend in Mexico City.
Some countries indicated that no discussion on the strengthening of IMF resources could be envisaged as the Europeans have not strengthened their own firewall to stem the debt crisis, an issue they must be discussed at the European Council of March 1 and 2.
Democrats and Republicans are unable to agree on a plan to reduce U.S. debt, which has just reached 15,000 billion. The reasons and consequences of this blockage. The President of the United States Barack Obama
The debt crisis in Europe has almost been forgotten that the U.S. also face their great difficulties on their debt. European stock markets closed sharply lower on Thursday. Paris (-3.4%, below 2900 points), Frankfurt (-3.5%) and London (-2.6%) fell sharply in the wake of Wall Street lost more than 2% at the end of the afternoon. Democrats and Republicans should agree on a plan to save 1,200 billion over ten years to hold their huge debt. But after two months of negotiations, they were still far from an agreement a few hours from the end of negotiations scheduled for Monday evening.
Congress had in effect established a commission to decide on a plan to reduce debt. Composed of twelve members of Congress – six Republicans and six Democrats – the "super-committee" was intended to relieve an abysmal debt that comes to exceed 15,000 billion (you can see it evolve in real time on the www . usdebtclock.org). The six Democrats proposed a plan for 2900 includes 1,300 billion billion tax increase, the six Republicans on the other hand opted for a plan of 2,200 billion euros, with "only" 200 billion of tax increases. Without ever reaching a consensus.
Why the lock?
This blockage occurs less than a year of presidential elections scheduled for November 2012.
The Tokyo Stock Exchange ended slightly higher Friday, recovering from the fall of the day in favor of positions suggesting investors anticipate the possibility of a rebound despite the persistence of the debt crisis in Europe
The Nikkei gained 0.16% or 13.67 points to 8,514.47 while the Topix, larger yielded 1.17 points (-0.16%) to 729.13.
On the whole a week marked by a deepening debt crisis with the record level by the Italian sovereign bond yield, the two indices lost 3.3% and 3%.
Title Olympus finished down 4.96% to 460 yen after a volatile session.
Suzuki Motor reported Monday a 6.2% increase in quarterly operating profit despite the impact on its sales of social movements in India, the first Japanese car market, which has maintained its forecast for the entire the 2011-2012 fiscal year.
The group's operating income for the period July-September second quarter of this year stood at 39.2 billion yen (365 million euros), while analysts had on average expected 25.6 billion yen.
Net income for Suzuki, owned 19.9% by Volkswagen as part of a partnership that turned sour, fell 13% to 13.3 billion yen while revenue declined by 6 , 6% to 618.8 billion.
Unemployment in Spain jumped to 21.5% in the third quarter, against 20.9% for the period April to June, show figures released Friday by the National Institute of Statistics.
Economists polled by Reuters had expected that the unemployment rate in the fourth largest economy in the euro area, the highest in the European Union, remains unchanged from the second quarter.
