Posts Tagged Degradation
Mexico: The damage of H1N1 flu is about 2.2 billions USD
Posted by David in Finance news on May 15th, 2009
To cope with the pandemic, the Government will implement Mexico stimulation package worth 1.3 billion USD, mainly to support small business and tourism. This is the object most damage from the spread the H1N1 flu to top this month. According to Finance Minister Agustin Carstens, pandemic has cost targets of Mexico at least 2.2 billion USD.
Tourism is the third largest source of income from abroad in Mexico. But this sector is the loss of the capacity of hotel rooms at a reduced half compared with normal. Many airlines also canceled flights because of disease Bùng.
Temporarily, the government will free account health insurance that small businesses must be closed to workers, reduce taxes for airline and train travel.
Wal-Mart spends 2 milion USD to overcome scandal
Posted by David in Economy news, News on May 15th, 2009
Retailers leading the world for 2 million USD to the factories to remove a person died due to reduction in the gym on Friday evening last black last year. However, victim family hue and cry. Holidays in the U.S. is usually the opportunity to hand a strong retail promotion to stimulate shopping. Friday after Thanksgiving in the U.S. is called Black Friday - Black Friday evening and is having a sale the largest in years. Most items are discounted all sizes, has also suspended the sale sea off up to 90% during this period.
In black on Friday at the end of the year 2008, thousands of people know about the retailer’s Wal-Mart supermarket chain when applying this policy more attractive price. Jdimytai Damour, workers position just for a job, being stuck in crowds 2000 and last deaths breathing break. Besides Damour underprivileged have 11 other people injured, including a pregnant woman.
After several months of investigation, both the Wednesday and then, the retail world’s largest Wal-Mart entente by agreeing to spend 2 million USD to overcome consequences. The only U.S. $ 400,000 be used to indemnify the victims and 1.5 million for the advanced security in 92 retail stores of Wal-Mart in New York. Agreements not mentioned errors by Wal-Mart in death on pitiful.
Person responsible for the service, Ms. Kathleen Rice, a lawyer Nassau county (New York) that if taken to the Wal-Mart’s court, the fine for retailers more than $ 10,000 also. Instead, she choose another way is to force Wal-Mart to ensure safety for customers. “Our goal is to create a gold standard for industry and retail in the management of crowds,” she said.
Agreement, Wal-Mart and two top industry experts will discuss the management of crowds for employers in New York. Then, two experts will monitor the compliance of safety regulations in the system retailer.
Two Wal-Mart and lawyers for the acceptance are satisfied with the results achieved. However, families of the victims against the intent and agreements that have been offensive to people who lost. Edward H. Gersowitz, lawyers Jdimytai by Damour also call this action and unprincipled attitudes often considered victims. He declared: “The Wal-Mart used money to” buy break “the investigation as proof for long pompous thói’s retailers this. Family Jdimytai Damour The case for the court.
In the agreement, a term specify that if the victims received any compensation money from Wal-Mart means to them to waive the right of the American retail sector this court.
(Resource AP)
Toyota announced business reports with figures on the loss to 7.74 billion USD
Posted by David in Economy news, News on May 15th, 2009
Toyota has marked five loss record within 59 years, due to degradation policy and business failure. Manufacturers predict this situation will not better this year due to global economic recovery can not som.
On Friday, Toyota announced business reports with figures on the loss to 7.74 billion USD in three months first year. This loss is under the biggest employers since its establishment and also the largest of Manufacturers Japan. Business results financial year ends on 31 / 3 mark five business first failed by Toyota after 59 years of operation.
Only a year ago, Toyota Motor usurpation General to become the production car the world’s largest. But this year, employers face black dark period from the birth. Results Toyota’s business not only to illustrate the picture of global degradation, but also the evidence for failure in business strategies.
Before degradation boomed, Toyota has expanded production in the U.S. because of that demand will continue to rise. However, economic crisis occurs, the purchasing power suddenly decreased. Recently, to a Toyota factory in Mississippi and down to suspend production line in Texas. Well apply multiple changes in leadership of Tokyo and the U.S.. The analysis is concerned groups will be difficult to continue the policy work life for workers.
Decline in purchasing power is the main cause of loss caused by Toyota for 3 months in 2009. In addition, the yen remains strong price makes products manufacturers become expensive when exported to foreign countries. This quarter loss more than predicted by the analysis, and serious than the 6 billion of U.S. car manufacturer General Motors.
Significant area of concern is the Toyota North America, the largest with 7 of 36 Toyota factories around the world. Since last year, Toyota has cut production in order to overtake speed decreased purchasing power on the market. Price reduction on the gas market of North America led Models of energy saving by Toyota are no longer popular. In 3 months this year, Toyota sold only 24,277 of the hybrid Prius in the U.S., with sales in 5 / 2008.
Chairman of Toyota, Katsuaki Watanabe, he said: “We feel sorry that he is not sensitive enough to quickly resolve the problems now.” “Economic degradation occurred too fast and strong policies, regional diversity, which is the strength of Toyota, was to promote work. Sales of our decline in all markets,” he Katsuaki Watanabe said in the report of the meeting Friday.
However, while General Motor may soon got the Chrysler in the application for bankruptcy protection, the Toyota can still older than the period of this difficult, with potential major financial. Toyota factory in San Antonio, USA, are running only one production line, but still determined not to lay off any staff. Factory in Woodstock, both in Canada and only one batch of dismissal only. Last week, Toyota declared production will increase some form such as car and Camry Rav4.
To solve the problem in North America market, on 6 Toyota will appoint a new director for the area is Mr. Yoshi Inaba, leaving each position Toyota’s leadership in 2007.
This year, the situation will not seem better for Toyota to have vuốt lost opportunities in China, when the car needs a small form growing in this market. In addition, degradation financial Toyota will not make enough potential to invest in the new project, the first demand on the American market.
Toyota’s goal this year is only 6.5 million vehicles worldwide, compared with the number 7.57 million in the fiscal year just ended on 31 / 3 last. Also in the news conference Friday, President of Toyota received the global economy is difficult to be able to recover soon.
(Follow to WSJ)
Congress Delays Action on Auto Industry Loans
Posted by David in Economy news on May 3rd, 2009
Congress faced a big question this week, but the answer will have to wait. The heads of the Big Three American automakers came to Washington to ask for money — on their private jets, critics noted. The chiefs of General Motors, Ford and Chrysler asked for twenty-five billion dollars in new loans. Congress already approved twenty-five billion in September to help the industry develop fuel-efficient vehicles.
Democratic leaders in Congress proposed to offer the additional loans with money from the financial rescue program approved last month. But Treasury Secretary Henry Paulson objected. He says the seven hundred billion dollars is just for investing to strengthen the financial system.
On Thursday, a group of Senate Democrats and Republicans announced agreement on a compromise. It would let the companies temporarily use the fuel-efficiency loans to pay for daily operations. G.M. and Chrysler both say they could be out of money by early next year.
But Senate Majority Leader Harry Reid says there are currently not enough votes in Congress to pass any bailout plan for automakers. He says they failed to make their case that this appeal will be the last.
The companies now have until December second to explain how they would use the loans as part of long-term plans to save their businesses. Congress is prepared to consider the plans the week of December eighth.
Peter Morici, a professor of international business at the University of Maryland, is among economists who oppose a bailout. He appeared at this week’s hearings. He says the Big Three should be permitted to fail. If they seek bankruptcy protection, he says, they will be able to cut costs, reorganize and become competitive again.
But General Motors chief executive Rick Wagoner warned that the economy could lose three million jobs in the first year if the Big Three fail. They employ a total of about two hundred forty thousand people. But that does not include dealers or suppliers or the auto parts industry. Auto sales, though sharply reduced now, usually represent about four percent of the economy.
The industry chiefs blamed the credit crisis for keeping people from getting car loans. But lawmakers said poor business decisions have hurt the Big Three. Autodata Corporation says fifty-three percent of new cars and light trucks sold in the United States in the first ten months of this year were imported. (VOA News )
Teaching Young People About Personal Finance
Posted by David in Banking news, Economy news on May 3rd, 2009
April is National Financial Literacy Month in the United States. As the country faces a deep recession, Americans are paying closer attention to personal finance. Some critics partly blame the crisis on Americans’ low savings rate and high personal debt.
But efforts to increase financial knowledge have grown in the last ten years. Government, community and business leaders have pushed for teaching young people about the importance of saving, budgets and the true cost of credit.
The Jump$tart Coalition for Personal Financial Literacy is based in Washington, D.C. It is an organization of about one hundred eighty groups, government agencies and businesses. Its goal is to provide financial knowledge to children and young adults before they get into debt.
Jump$tart’s Executive Director Laura Levine says many young people misuse credit cards without meaning to. She says they often start by making the lowest payment required. Over time, their credit limit is increased, but they do not pay off their debt. Laura Levine says young people can take on more debt than they can deal with.
The government says forty-five percent of college students have credit card debt. The average amount owed is more than three thousand dollars.
High credit limits are especially dangerous for college students. John Ninfo is a bankruptcy judge in Rochester, New York. He started the Credit Abuse Resistance Education Program.
It provides resources on its Web site for parents, teachers and students about financial issues. Judge Ninfo says he often sees people in their late twenties seeking bankruptcy protection in court. He says the combination of credit card debt and big student loans is burying young people in debt and driving many of them to bankruptcy.
The results of bad credit can be serious. Seventy percent of employers look at the credit histories of job candidates. In some fields, like law enforcement, bad credit means you cannot get a job.
Former President George Bush formed the President’s Advisory Council on Financial Literacy last year. That group has called for students at all grade levels to receive financial education. Currently, only seventeen states require personal finance to be taught at least as part of other courses.
And that’s the VOA Special English Economics Report, written by Mario Ritter. Transcripts and archives are at voaspecialenglish.com. I’m Steve Ember. (VOA News)
International Monetary Fund Says World Economy Will Shrink This Year
Posted by David in Banking news, Economy news on May 3rd, 2009
The World Bank and the International Monetary Fund will meet in Washington, D.C. Saturday and Sunday. One subject for discussion will be falling expectations for world economic growth.
A new report by the I.M.F. estimates that the world economy will shrink by one and three-tenths percent this year. That would be the worst performance in more than sixty years. Three months ago, the I.M.F. predicted a small growth for this year.
Major industrialized economies are expected to see the biggest decreases, shrinking by almost four percent. The I.M.F. predicts developing economies will continue to grow for the year, but only by about one and one-half percent.
The I.M.F. says the world will slowly return to growth of almost two percent next year. But the lending organization warns that strong policies to supervise and support the financial system are needed if the world economy is to fully recovery.
Olivier Blanchard is the chief economist for the I.M.F. He has said that banks are still in the process of rebuilding their financial positions. He added that securities markets are still operating poorly.
Economic experts believe the world financial industry is moving towards recovery but with more losses to come. In all, the I.M.F. says worldwide financial losses could be as high as four trillion dollars by the end of next year. World trade is expected to drop eleven percent this year, after expanding by three percent last year.
The I.M.F. report says international lending may not fully recover until two thousand eleven. The financial crisis has made the I.M.F. more important than ever. The world’s largest economies promised to increase the size of the fund by about five hundred billion dollars. They did so at the G-Twenty meeting in London earlier this month. This week, President Obama proposed that the United States lend the I.M.F. one hundred billion dollars as part of that promise.
Last week, Mexico became the first nation to borrow from the I.M.F. under a new program to provide emergency credit to nations with strong economies. Mexico received a forty-seven billion dollar line of credit for one year. Poland and Colombia are also seeking loans from the program.
And that’s the VOA Special English Economics Report, written by Mario Ritter. You can find more financial news, plus transcripts and archives of our programs at voaspecialenglish.com. I’m Steve Ember. ( VOA News)
4 banks in U.S closed within one day ?
Posted by David in Banking news on May 2nd, 2009
U.S. authorities as dissolution procedure 4 banks on 04/24 , the total banks in this crash in 2009 to 29 banks. U.S. banks poured into less than 4 months this year exceeded the bank “closed” in this country in the last year.
Cause costly for fund deposit insurance agency’s deposit insurance (FDIC) are the flows break bank First Bank of Beverly Hills is headquartered in California. Founded in 1979, bank assets are 1.5 billion USD and the amount sent by customers of 1 billion USD.
Do not be found any bank acquired First Bank of Beverly Hills, FDIC has to pay the deposit insurance for all customers with deposit accounts are insured in this bank.
We tried to find customers the First Bank of Beverly Hills, but the brand name of this bank not high, while most of the deposit there is a deposit (broker), a new language member of FDIC. The banks do not want to redeem their deposit broker (broker deposit) in bank flows broken because this is not a capital interest as low deposit directly tradition.
Since the beginning of this year, unable to find customers break bank flows occur quite frequently, making FDIC pay more than money to resolve. Of deposit at the First Bank, only U.S. $ 179,000 is not subject to coverage. Estimated break this flow of funds caused the FDIC to 394 million USD.
However, in the three closed banks left this time, the accountability of all successful in finding customers again.
Office Monitoring saving America (OTS) closed bank First Bank of Idaho Idaho under the state and transfer the entire deposit accounts are not brokers (non-brokered deposit) bank to bank U.S. Bank is headquartered in Minneapolis states. First Bank of Idaho is the first bank in this broken state within 20 years.
Founded in 1997, First Bank of Idaho has 7 branches, assets and USD 489 million deposit of the USD 374 million. Besides the number of deposit are not brokers, U.S. Bank bought only 17.8 million assets bank flows break.
FDIC said the number of deposit brokers 112.8 million in First Bank of Idaho is not U.S. Bank acquisition. Instead, FDIC will have to pay directly for the insurance money to the broker.
American Southern Bank Bank of Kennesaw in Georgia, the state is the state responsible for the implementation of this procedure dissolution. This bank has only 1 correct branch, 14 employees, assets and USD 112.3 million of deposit customer is 104.3 million USD.
After receiving American Southern Bank of Kennesaw, FDIC has sold about half the savings in this bank to bank Bank of North Georgia is headquartered in the state.
At Michigan State, the accountability of state also has closed bank Michigan Heritage Bank. This is a bank with U.S. $ 184.6 million of assets and 151.7 million USD deposit customer, with 3 branches. The whole number of savings account brokerage fees by the bank was sold to Bank Level One Bank is headquartered in the state.
FDIC estimated four times the flow break this fund will make of this reduction Lose total USD 698.4 million. Fund deposit insurance by the FDIC are going quickly and the U.S. Congress are efforts through laws allow FDIC temporary increase by funds borrowed from the Ministry of Finance amounts up to USD 500 billion.
So, has 29 banking flows into the U.S. this year, up 4 bank compared with the number 25 bank poured into last year. Two states go first Georgia bank with 5 being dissolved and California with 4 banks. (Wall Street Journal, CNN)
Predict more bad economic world in 2009
Posted by David in Economy news on April 30th, 2009
The officials in Europe and Japan has made forecasting more bad economic world in 2009, despite the Information elect America’s campaign is a new package to enable up to the economy of the world’s largest.
A sale of advertising in California (USA). About specialist can not assert the land crisis to the bottom or not.
A new report by Japan announced today 5 / 1 shows that sales of consumer goods vehicles in this country has the lowest level since 1974 return here. Finance Minister Shoichi Nakagawa Japan that, growth prospects of Japan is worse.
“Economical are faced with the situation for export production and reduction in actual income. Sức contemporary consumption and economic events are worse,” he said Nagakawa. Japanese economy has to degradation from 9 / 2007 last.
Meanwhile, in Ireland, a production by the Waterford crystal and Wedgwood are notified at the shore bankruptcy. In Germany, the economy the largest in Europe, the government has planned implementation package stimulate economic worth approximately 70 billion USD, efforts to escape bad batch degradation worst since after World War II.
Also in 5 / 1, Vice President Central Bank of Europe (ECB) Lucas Papademos that, the economic world that will stabilize the current ability to “economic world will not be able to recover before beginning in 2010. ”
At the President elect of the American Barack Obama actively campaign plan for stimulating economic value of approximately USD 775 billion to create about 3 million jobs in 3 years. About his plans Obama has increased copper prices in dollars of the days. However, Mr. Lawrence Summers, his advisers Obama, and plans to council leaders Economics American countries, in a message to a Washington Post has identified, 12 months will be a time of business in the most bleak after World War II.
Crisis in the U.S. is not bad worst
Posted by David in Economy news on April 30th, 2009
The recent forecast of the economy showed that the U.S. is not a country is influenced heavily by the global crisis. Main Japan, Britain, Italy was mentioned as the “area” of sound.
Although water is considered to be boot from the bomb crisis but the situation of the U.S. economy is showing many signs of optimism from the enthronement of President Barack Obama. The positive reaction to the market for economic policy offers new American confidence about the recovery faster than expected.
Bureau’s Labor Statistics United States announced on 5 / 2 shows the total output of non-agricultural in IV quarter 2008 increased 3.2% (compared with 1.5% growth rate by quarter III). According to Paul Ashworth, the economic organization of Capital Economics, the increase of this number only within 13 years is the basis for U.S. economic recovery is faster than other countries.
This completely opposed in the economy such as Italy where the degradation has become usual since 2001 to the present. The economic study by Charles Dumas Lombard Street Research said that the economic crisis in Italy is the trend can not be reversed and the Lose 3-3,5% reduction is still not with an economy has to go through 4 the degradation within 7 years.
Even Finance Minister of Italy, Giulio Tremori he seems also to show the situation before the economy. Answers interview tờ Financial Times, the Minister said this: “I absolutely believe that no aid package that may up the economy at the present time.”
In Japan, the situation is worse with significant speed alarm. Speaking on a Tokyo Monday, Mr. Kazuo Momma, the leader of the agency’s research Central Bank Japan, said: “Speed of degradation in our time recently surpassing the U.S., which are spread of the economic crisis to leave within a century past. ”
Economy in Japan has decreased to Lose speed record 11.7% in IV quarter 2008 and by his Momma situation can also worse in the last 3 months in 2009 due to export market increasingly narrow .
The UK are also experiencing the sound of the International Monetary Fund IMF predicted the economy 2nd largest in Europe may have to bear degradation rate up to 2.8% - most heavily in the economy Western.
Mr. Mark Chandler, the strategic benefit of RBC Capital Market said: “The most important thing is not a country that may become the exception of degradation and in fact shows that the crisis in the UK even worse in America. “
The Japanese electronics manufacturers and through the golden
Posted by David in Economy news on April 30th, 2009
Products “made in Japan” with cheap, high quality individual to attract many customers, and generate surplus resources giant commercial for the country sunrise. But now most Japanese electronics manufacturers are into crisis and must change.
To visualize the Japanese electronics manufacturers, we just visit one of the busy streets of Tokyo in Akibahara district, where is considered as a center of electronic products worldwide. Here’s the focus of 9 hãng mobile phone. In the area selling household items, 5 of 9 will display your Vacuum Cleaner to pot rice cooker. Three of which also produce lift, and products used in the purchase of this. Easy to realize that industrial electronic Japan has too many brands and types of goods to and overlap each other.
Development strategy styled “supermarket“, in which employers have feet in all types of products, has developed work in the years 1960-1990. Products “made in Japan” with cheap, high quality has attracted consumers both inside and outside the country, source generated trade surplus and huge cause of the West of being established. The employers on this one expanded to some 500 companies, the activities in the areas from travel agents to restaurants.
Degradation but economic world are companies before difficulties growing and difficult to resolve. On electronic goods has decreased drastically. Meanwhile, the yen on a price increase, making export them. In 2008, the currency of the country sunrise increased 67% compared with the UK and 75% increase compared with South Korea’s won. Therefore, export, which accounted for 50% of sales of Japanese electronics manufacturers, prices become more expensive for consumers abroad.
Only 3 months, the carrier also forecast in 2008 is still profitable. But now, they are mentally prepared for loss results. Sony predicts losses 260 billion yen (2.6 billion USD) and Mr. Howard Stringer, the original sếp Wales (UK) this store, are preparing plans to re-structure. Sony expected to close some factories and dismiss about 16,000 employees.
Similar situation also occurs with competitor Sony. Panasonic announced loss amount 380 billion yen (3.8 billion USD) in 2008. Meanwhile, 2 manufacturer Hitachi and Toshiba, with products from the furnace to react to nuclear baked bread machine, turn holes 7 billion USD and 2.8 billion USD. Sharp, NEC and Fujitsu can not escape this trend.
Indeed, since quite long ago, leaders of employers know that business has fallen into crisis. But they face obstruction of, and can not implement the reform plan. The General Director is not able to put out the plan that the money you’ve outlined. And the relationship between intimate shareholders, re-structure the business is not easy.
By the end of 2008, has changed, when Toshiba agreed to buy majority shares in Sanyo Electric at a cost of U.S. $ 9 billion. After this trade, Panasonic understand the technology of solar and battery production, the array is considered very attractive by Sanyo.
Answers a long-term difficulties for the Japanese electronics manufacturers now is to move the industry to clean energy like solar and batteries for electric vehicles running. Package stimulate economic Japanese government announced recently a dedicated support for green industry, to promote a big change. Except a few groups of South Korea, there are very few businesses can compete with Japanese manufacturers in this manor. But does the vast scale of the carrier to cause problems, because the investment capital to put solar energy and electric cars will not exciting array of “Ordinary” as production pot or rice cooker business restaurant business.
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