11/13/2011 (4:28 pm)

More Bangkok residents advised to flee floodwaters

Filed under: bank, legal |

Bangkok authorities are telling more residents to leave as floodwaters threaten southwestern neighborhoods in the Thai capital.

Governor Sukhumbhand Paribatra said people should evacuate three neighborhoods due to surging water levels. He said Sunday pumps were operating around the clock and more pumps were being added to help drain the water.

Still, floodwaters are receding elsewhere. Prime Minister Yingluck Shinawatra said previously the city center would have light flooding if the water penetrated that far but western areas of Bangkok were threatened with inundation savings account payday advance.

The national death toll from floods since late July has reached 536. More than 13.1 million people _ one in five Thais _ are affected.

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10/23/2011 (2:48 pm)

Waves of austerity weaken Greek Socialists

Filed under: marketing, mortgage |

Politicians hate yielding power. But in recession-hit Greece, more governing Socialists are choosing to do so rather than back Prime Minister George Papandreou’s deeply hated austerity measures.

In growing numbers, Socialist lawmakers are calling for an end to their single-party government, unable to face their angry constituents after two years of punishing tax hikes and slashed pensions, jobs and salaries.

Pressed hard by Papandreou, parliament this week approved some of the harshest cuts since the financial crisis began in order to appease international creditors and keep Greece solvent.

But for many, it was a step too far: Two days of rioting outside parliament left one man dead and nearly 200 wounded. Unions staged a 48-hour general strike that shut down schools, shops, offices and transportation around the country and occupied ministry buildings.

“Papandreou now has large sections of society against him,” said Spyros Tritsas, chief editor of the weekly current affairs magazine Epikaira, which has been critical of Papandreou’s handling of the crisis.

The Socialists themselves showed increasing signs of discontent, as popular support for their party continues to fall dramatically.

Greeks are heading into a fourth year of recession with 16.5 percent unemployment and a rapidly expanding class of poor. Now they face yet more emergency tax hikes, pension cuts, and steep levies on their homes.

One prominent government deputy choked back tears before voting for the tough new measures Thursday, and promised it was the last time she would bow to leadership pressure. Others said they had simply had enough.

“At this point, we have reached our limit … No (party) can carry this burden alone. There must be an emergency government that will be in power for as long as is required,” Socialist deputy Nikos Salagiannis said.

Four other Socialists during the debate also openly demanded that Papandreou hold talks with opposition parties on an emergency power-sharing deal.

In the end, lawmakers approved the latest round of cuts late Thursday, but the vote gnawed at Papandreou’s grip on power, midway through his four-year term in office.

A dissenting Socialist vote cut his majority in parliament to just three seats _ raising new doubts that he will be able to see through two more years of unpopular reforms.

The Greek political crisis comes as European leaders grapple over possible solutions to stop the eurozone debt crisis spreading from the three smaller nations that have already received bailouts _ Greece, Ireland and Portugal _ to major economies that are struggling, such as Italy and Spain.

Since May 2010, Greece has been surviving on rescue loans worth euro110 billion ($152 billion) from eurozone countries and the International Monetary Fund. But it has tried to meet deficit-cutting demands mainly by raising taxes, arguing that structural reforms to ease long-term spending on health care and its bloated public sector will take longer to show results.

Attempts at cross-party support for Greece’s recovery effort have fallen flat.

Opposition parties on the left and right oppose the measures as unfair and doomed to fail, while the government says it must meet its commitments as each rescue loan installment _ paid out roughly every quarter _ is essential to prevent a chaotic default payday loans with no fax.

So far, the austerity has hammered Greece’s once-booming private sector.

Since the debt crisis started in late 2009, more than 275,000 people have lost their jobs and store closures have exceeded 20 percent in some parts of Athens and other cities.

“The government is heading toward a state of collapse … because it is unable to stop the rapid decline in people’s living standards,” Tritsas told The Associated Press. “The middle class is being pulled apart, as the measures are now hurting average people and small businesses who had little financial reliance on the state.”

A poll commissioned by the magazine and published in mid-October found that 81 percent of respondents thought Greece’s financial situation had got “much worse” in the past 12 months, and that 55 percent said they would be unable to pay the new emergency taxes. Nearly nine out of 10 Greeks now disagree with Papandreou’s policies in general.

No margin of error was available for the VPRC poll of 1,000 adults conducted earlier in the month.

The Socialists won the 2009 election by a landslide, with nearly 44 percent of the vote and a 10-seat majority in the 300-member parliament. Rival conservatives were widely discredited for corruption scandals, tipping Greece into recession, and hiding the true extent of the country’s economic troubles.

Two years later, seven of Papandreou’s deputies have become anti-government independents and three others have quit politics due to their opposition to the austerity measures.

“If those three deputies had not given up their seats in parliament, the government would already have fallen,” Tritsas said. “Do I think the Socialists themselves could bring down the government? I think it’s likely. It’s hard to see (early) elections being avoided.”

Tritsas said he did not expect deeply entrenched dominance by the country’s two main parties to disappear, but predicted those parties would be forced to reinvent themselves.

Support for the Socialists has sunk to around 20 percent, according to recent opinion polls which give the conservatives a double-digit lead.

And labor unions, once a pillar of Socialist support, are now openly calling for the government to go.

“This government has ignored the popular uprising by approving this terrible law,” Ilias Iliopoulos, secretary-general of the civil servant union, Adedy, told the AP on Friday after two days of riots shook Athens. “Our answer is: get out as fast as you can, there is no place for you in Greece any longer.”

Meanwhile, the remaining 153 members of Papandreou’s parliamentary group dread weekend visits to their constituencies, where opposition-organized groups of “angry citizens” often greet them with eggs, yogurt, and chants of abuse.

Cell-phone videos of the attacks have been frequently posted on the Internet and shown on television.

The Socialists, government lawmaker Andreas Triantafilopoulos told parliament, have been handed an unendurable task.

“We have been insulted, mocked, heckled, and assaulted,” he said. “That’s because we’ve had to shoulder the weight of these reforms alone.”

Source

10/21/2011 (11:24 pm)

EU, Russia clinch deal on WTO

Filed under: management, mortgage |

The European Union and Moscow on Friday announced a major breakthrough in negotiations to let Russia become a member of the World Trade Organization by the end of the year.

The last bilateral issues with Russia were resolved over the car industry, the export of EU farm products and quotas for wood imports, EU Trade Commissioner Karel De Gucht said.

Russia is the last major economy that isn’t a member of the WTO, the international free-trade body, and accession to it is crucial to a broader partnership agreement the European Union wants to establish with the country.

“We have struck a deal on the final outstanding bilateral issues, leaving the way open for Russia to join the WTO by the end of this year,” De Gucht said.

In Moscow, Russian Foreign Minister Sergei Lavrov said in an interview with three major radio stations that “all the issues related to Russia’s bid to join the WTO have been settled.”

De Gucht insisted that Russia still needed to overcome a dispute with neighbor Georgia over trade transparency and offered to mediate. Georgia has the power to block Russia’s membership, which has been in the works since 1993, and has been virtually doing so over border control issues in breakaway republics of South Ossetia and Abkhazia Business Card Holders.

Lavrov said that “the issues that Georgia is raising have nothing to do with the WTO,” adding that “if we are guided by the WTO’s charter, then Georgia is not an obstacle” to Russia’s accession.”

De Gucht said Russia would now continue negotiating with the WTO at its Geneva headquarters to deal with remaining multilateral trade issues and held out hope Moscow could still join the trade organization in December.

Russian membership would make it easier for two-way trade and improve the overall business climate.

In the past, for example, Russia’s high export duties on wood have hit Nordic paper makers hard, and royalties airlines have to pay when they fly over Siberia have been a major concern. Both issues have now been settled, De Gucht said.

The EU is Russia’s largest trading partner, accounting for 46 percent of its foreign trade. The 27-country bloc is also the biggest investor in the Russian economy.

_____

Nataliya Vasilyeva contributed to this story from Moscow.

Source

10/20/2011 (9:24 am)

Thai floods causes shortage in hard drives

Filed under: Uncategorized, marketing |

The personal computer industry, already reeling from depressed demand, has been dealt another setback: Massive flooding in Thailand has curtailed production of a critical component

10/12/2011 (6:44 am)

Asian stocks down as eurozone crisis drags on

Filed under: Stock market, bank |

Asian stocks opened lower Wednesday after Slovakia blocked a measure to expand Europe’s financial rescue program for heavily indebted countries.

The move sent markets south as worries intensified that a failure by Europe to contain its debt crisis could lead to a massive debt default by the Greek government.

Japan’s Nikkei 225 index dropped 0.7 percent to 8,716.13. South Korea’s Kospi fell 0.3 percent to 1,790.30, while Hong Kong’s Hang Seng fell 1.4 percent to 17,894.31. Benchmarks in Australia, Taiwan, Singapore and mainland China were also lower.

Slovakia’s parliament rejected a bill Tuesday that would have strengthened the powers of a regional rescue fund to help bail out strapped economies in the eurozone.

The 16 other countries that use the euro have already signed off on the bill, but the measure requires unanimous support.

There are ways around Slovakia’s opposition, but the move temporarily sets back efforts to address Europe’s debt jam, which has been the most important issue for financial markets for months.

Greece has been on the brink of defaulting on its debt for months. If that happens, it would hurt European and U.S. banks by decimating the value of Greek government bonds they own. Those banks would then be less likely to lend to each other and to businesses. That could plug up an already weak global economy, with implications for everything from bank stocks to international trade.

The decision came after U.S. stock markets closed. The Dow Jones industrial average ended down 17 points after moving between small gains and losses throughout the day.

The Dow lost 0.1 percent to close at 11,416.3. The Standard & Poor’s 500 index rose 0.1 percent to 1,195.54, and the Nasdaq composite rose 0.7 percent to 2,583.03.

Many market watchers think the volatility will continue until heavily indebted countries like Greece, Spain and Italy have established a clear path out of their current debt mess.

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10/05/2011 (10:28 pm)

IMF offers support to Italy, Spain

Filed under: management, money |

A senior official from the International Monetary Fund says the IMF could help the eurozone’s bailout fund to support pressurized bond markets in Italy and Spain.

The head of the IMF’s Europe program Antonio Borges said the fund could “invest alongside” the European Financial Stability Facility when it buys bonds from Italy and Spain, two large economies that have seen their funding costs spike.

Borges also said the IMF could give the two countries precautionary credit lines.

He said “we have a whole set of options that could be put on the table to restore confidence in those countries.”

The statement comes amid a severe worsening of the eurozone’s debt crisis and a day after Moody’s ratings agency downgraded Italy’s creditworthiness.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

BRUSSELS (AP) _ A senior official from the International Monetary Fund says there is no rush to decide on the next slice of bailout money for Greece since the country faces no big bond repayment until December.

Greece, however, has said it only has money for pensions and salaries until mid-November.

The head of the IMF’s Europe program Antonio Borges also said Tuesday that a second bailout program for the debt-ridden nation tentatively agreed in July will have to be revised amid a worse than expected economy and slower implementation of reforms.

Borges says the euro109 billion estimate for the second bailout made in July was based on assumptions that have since changed. He said the IMF doesn’t think Greek bond holders necessarily have to take bigger losses.

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09/29/2011 (6:48 am)

Stock markets open higher on hopes Europe close to resolving debt crisis

Filed under: Uncategorized, online |

TORONTO

09/22/2011 (1:44 pm)

Tropical Storm Hilary could become a hurricane

Filed under: management, news |

Tropical Storm Hilary is quickly strengthening in the Pacific south of Mexico and could soon become a hurricane.

Hilary’s maximum sustained winds early Thursday are near 70 mph (110 kph). The U.S. National Hurricane Center says Hilary could become a hurricane later in the day and could become a major hurricane by Saturday.

A tropical storm warning is in effect for Mexico’s coast from Lagunas de Chacahua to Punta San Telmo. A tropical storm watch is in effect for west of Punta San Telmo to Manzanillo.

Hilary is centered about 115 miles (185 kilometers) south-southeast of Punto Maldonado, Mexico, and is moving west-northwest near 9 mph (15 kph).

In the Atlantic, Tropical Storm Ophelia’s winds have increased to 65 mph (100 kph) but it’s expected to begin weakening.

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09/19/2011 (8:20 am)

Rawlings business stats

Filed under: legal, money |

Rawlings

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09/17/2011 (5:28 pm)

Brazil hikes car duties by 30 percentage points

Filed under: finance, management |

Seeking to protect local industry, the Brazilian government is sharply raising taxes on imported cars and trucks under a decree published Friday in the country’s Federal Register.

The measure initially announced at a news conference Thursday increases the industrialized products tax by 30 percentage points on vehicles that fail to meet rules about local content.

The new rates range from 37 percent to 55 percent, depending on a variety of factors such as vehicle and engine types. This is on top of import duties and other importing costs.

The decree has exemptions for companies that meet six of 11 new rules about local content. The rules include having at least 65 percent of their vehicles’ parts made in Mercosur countries, investing significantly in research or doing most of their assembly work in Brazil.

The measure is meant to protect Brazil’s domestic industry, Finance Minister Guido Mantega said Thursday.

“We are the fifth largest vehicle market in the world and the seventh largest producer, but we might lose our position if we don’t take measures,” Mantega said in Brasilia.

The duties take effect in two months.

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