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25.12.2009 A new offer of saving Saab

GM announced on Friday that it would let the brand die after it had failed to reach a deal with potential buyers, including Spyker and Swedish carmaker Koenigsegg. Spyker, a Dutch maker of exotic cars, said Sunday that it had made a new offer to General Motors for the Swedish car brand.
Spyker Chief Executive Victor Muller said the company had submitted a proposal that addresses the issues that had hung up a deal.

25.12.2009 GM to repay bailout loan early

GM is planning to repay off a $6.7 billion by its federal loan agreement by June, well ahead of the deadline for the repayment under terms of the bailout, said CEO Ed Whitacre. He said a week ago that GM was looking at making an early payment. But a statement from GM said it now plans to pay back the loan in full assuming no adverse economic or business conditions.

It was announced that in November that it would make a first payment of $1 billion to the Treasury in December but it could have taken two years to repay the rest of the money. The company has the loan money sitting in a $17.4 billion escrow account. It has an additional $25 billion in unrestricted cash on its balance sheet as of Sept. 30, according to its most recent financial report.

04.12.2009 Menace from Middle East: Dubai World´s default risk

Dubai World, leading construction company in Middle East, requested a repayment delay of its debt this week which can cause hits to U.S. banks. According to CMA DataVision, which tracks credit markets, there´s a 35.82% probability that Dubai will default on that debt.

26.11.2009 JAL: we need to prevent the collapse!

Japan Airlines Corp., Asia’s largest carrier by sales, has signed an agreement with the Development Bank of Japan, on loan, to prevent the collapse of the company.
These funds will be used to pay debt and buy new aircraft, said company spokesman Satoru Tanaka.  He declined to specify the amount and term of the loan.
 The world’s largest carriers Delta Air Lines Inc. and American Airlines, are also interested in investing in the company, because they have a network in Japan and China.

26.11.2009 Debt service costs «Avtovaz» of 770 million rubles. Monthly.

About 770 million rubles.  spent on debt servicing in October, "AvtoVAZ", said company president Igor Komarov.
 "If you multiply that by 12, it is clear that the modern car enterprise, located even in crisis situations, can not develop normally, with a debt burden", - he said.  According to him, between AvtoVAZ and Renault is "separation of duties", according to which Russia is engaged in anti-crisis management issues in the enterprise.  President of the Volga plant added that the head of the group Renault-Nissan Carlos Ghosn told him last week during a meeting between the companies in Amsterdam that "only Russian managers can save Russia’s AvtoVAZ, and what we are doing is right."

26.11.2009 Microsoft and Google: whose News is it?

The Microsoft has held discussions with colleagues from News Corp - one of the world’s major news corporations - on the possibility to remove produced by News Corp news from the indexes of search engines, particularly those from Google, in exchange for a sound monetary compensation.
Signal readiness to start negotiations gave herself News Corp, which owns a significant number of respectable publications.
Microsoft has already begun talks with other major publishers to remove their news from the Google search engine.

12.11.2009 The GM is selling «Hammer» to Chinese

The parties were negotiating the sale for many months. GM is in the process of sale and liquidation of many brands trying to reorganize its structure after declaring bankruptcy in July. Earlier this month concerned the automaker announced that it turns off brand Saturn.

This happened after the “Penske Automotive Group” refused to buy it. GM has already announced it was closing its production cars Pontiac. Also close to the European brands "Saab", "Opel" and "Vauxhall".

GM plans to update the structure, focusing on fewer brands after the bankruptcy, which became necessary after it during the crisis sharply reduced sales of automobiles.

In accordance with the terms of the agreement, Tengzhong acquire 80% stake of the company "Hammer", and the remaining 20% depart the Hong Kong entrepreneur Suolongu Duodzhi. Current management "Hammer" will continue to manage the company. The agreement still requires approval by regulatory authorities.

11.11.2009 Does the Great recession ended?

The largest since the Great Depression recession ended, but the relatively small cost to consumers in terms of substantial unemployment slow down the economic recovery.
Report of 44 professional researchers of the National Association of Business Economists (NABE) showed that 80 percent of respondents believe that the economy will resume growth after the year reduction.

03.11.2009 Germany’s new government will not seek a review of the transaction by Opel

Board of Governors of the American carmaker General Motors Corporation on November 3, intends to take a final decision to sell 55% stake in Opel consortium of Canadian-Austrian manufacturer Magna components and Russia’s Sberbank.

According to Deutsche Welle, before this decision was postponed several times because of what experts have even talked about the fact that General Motors, perhaps, in general, decided to abandon sales of Opel.

However, the head of General Motors European division, Carl-Peter Forster believes such a development is unlikely, since the contract with potential investors is ready for signing.

Following an agreement with new investors Opel, is likely to be headed by a board member of the company Magna Herbert Demel. Was assumed that this post will take a Carl-Peter Forster.

03.11.2009 The bankruptcy of the largest countries in the world: is it possible?

According to RBC Daily, the growth of debt burden on the budgets of the largest countries in the world reached a level of 20-30 per cent. According to the director of one of the largest Swiss bank, Union Bancaire Privee (UBP)Christopher Bernard, there is a risk that countries will not be able to restructure its external debt. Speaking last week at a summit of financial directors in Russia, which was organized by the Adam Smith Institute Mr. Bernard recalled that there are a number of global risks, which, although they now seem unlikely, can be realized in the next two to three years. He also added that Leman Brothers bankruptcy seemed absolutely incredible last summer, but it happened and it should not be forgotten.

16.10.2009 Lloyds and RBS probed on loans

The government is investigating the bailed-out banks over claims they are breaking their promises to keep loans flowing to small companies

It is understood that the loans will come under close attention to see if the two nationalised banks are hitting targets for commercial lending set for them by the government.

Both RBS and Lloyds have agreed to lend around £39bn between them over a certain period to businesses and mortgage customers. It is understood that Lloyds is expected to hit its target of £3bn in mortgage lending and that RBS will meet its target of £9bn to mortgage borrowers.

The agreement was made as part of conditions to access the government’s asset protection scheme (APS), whereby both banks poor performing loans are partly insured by the state against losses.

16.10.2009 The trade deal: EU and South Korea

A trade deal that could be worth up to 19bn euros ($28bn; £17bn) to European exporters  was signed by the European Union and South Korea.
The deal would remove most of the trade tariffs between the two partners.
It would "create opportunities for European companies in services, manufacturing and agriculture," said EU Trade Commissioner Catherine Ashton. "At the time of economic downturn, it’s even more important that we find new opportunities to be able to sell goods. "Korea imports about 25bn euros from the EU and 6bn euros of services each year - this is a really good opportunity, lowering barriers to enable markets to grow." She added that the deal would help fight the economic downturn and create new jobs. The deal would see the removal of 1.6bn euros of duties for exporters to Korea.
The EU said it was "the most important free trade agreement ever negotiated with a third country".   The EU said telecommunications, environmental, legal, financial and shipping companies would see some of the greatest benefits, with Korea making "substantial commitments" to liberalise these sectors.

13.10.2009 Higher import duties by 10 months in Russia

Russia has extended by 10 months increased import duties on new and used foreign cars and trucks, which sparked mass protests across the country in December, RIA Novosti reported

The decision to raise the duty from 25% to at least 30% was designed to protect domestic producers and foreign companies involved in car production in Russia amid the global financial crisis. It was imposed in early December and was to expire on October 11th.

09.10.2009 The IMF collateral for the poor

A $4bn allocation to the International Monetary Fund will be placed to help poorer countries, The French and British governments have announced.
There are countries which do not have enough money to pay for imports as a result of the economic crisis. The money will go to the IMF’s new loan facility. It will come from a $250bn  allocation distributed a few weeks ago.
 According to French ministers, there is no cost to the taxpayer. The money is essentially created by the IMF.
The allocation of special drawing rights (SDRs) was agreed by the G20 summit in April.

07.10.2009 Lehman Brothers: Lesson of the crisis

A year has passed since  Lehman Brothers collapsed, but the lessons of the crisis have not been learned, has warned the Analysis Center.
The real reform has been "very limited", the rapid return to the City Bank’s ”bonus culture” shows that, says The Institute for Public Policy Research(IPPR). President Obama issued a warning to banks that were ignoring the lessons of the financial crisis. "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis," he said.
Obama’s speech was a warning, he warned of complacency in  the banking sector. There was "unfinished business" with banks, also UK Prime Minister Gordon Brown said. 

07.10.2009 Recession of the unemployment rate in Japan

Recession of the unemployment rate in Japan unexpectedly fell to 5.5% in August from July’s record high of 5.7%.
But the number of people unemployed reached a six-year high of 3.61 million in August, index which was up 32.7% on the same month of 2008.
It was also showed that household spending increased 2.6% in August from a year earlier.
Besides, US figures for September showed 263,000 jobs had been lost, taking the jobless rate to 9.8%.

23.07.2009 Great Britain: FSA Fines HSBC Firms for Data Security Breaches

The Financial Services Authority of Great Britain on July the 22nd fined three HSBC Holding PLC companies for a total of £3 million ($4.9 million) for failing to ensure protection of customers’ confidential data. This is the highest fine ever imposed by the regulator for data security breaches.
Fines of £1.6 million, £875,000 and £700,000 were handed out to HSBC Life UK Ltd., HSBC Actuaries and Consultants Ltd., and HSBC Insurance Brokers Ltd. respectively. HSBC Life’s penalty alone was the highest ever given.
The incident occurred after the three subsidiaries of HSBC Holdings sent by mail and by courier service the disk with client’s data to the insurance company. In the postage disk was lost.

21.07.2009 Great Britain: National Debt rose to record level

The total national debt of Great Britain rose to 799 billion pounds, or 56.6% of GDP. This is the highest rate for UK since 1974.
According to government figures, the amount of state borrowing in June amounted to 13 billion pounds, almost two times more than a year ago.

26.06.2009 South America: Ecuador Decides Avoid Interest

Ecuador decided not to pay interests due on its US dollar bond. Ecuador has become the first sovereign to default on its sovereign debt in South America recently, although the country is, or should be able to pay its external debt obligations. However, whereas the surge in oil prices this decade has financed its budgets over the past years, the recent financial crisis has changed the situation.

Some emerging market watchers think Ecuador’s decision to default was political in nature, connected with the election in April 2009. It was feared that by putting political gain above economic health, President Rafael Correa’s maneuver to get re-elected could cause greater social instability, potentially leading to protests and more anti-free market decisions in order to over­come the economic crisis.

Ecuador has three bonds issued at this moment: bonds expiring in 2012 for a total amount of $510 million, bonds expiring in 2015 for a total amount of $650 million and bonds expiring in the year 2030 for the amount of $2,7billion. These bonds were issued as part of the debt restructuring in the years 2000 and 2005.

The gov­ernment of president Correa now says that negotia­tions for these bonds were secretive and damaged the economy.

The government of Ecuador declared a moratorium on paying bonds due in 2012 and 2030 last December and has said it is working on a plan to renegotiate some of the debt. President Correa said that the bonds, due in 2012 and 2030, were issued without presidential authorization and dates on the documents were altered.

President Correa has also been stating publicly for months that he considers foreign loans secured by military dictatorships and corrupt politicians as “ille­gitimate” and that Ecuador has no moral or contractual obligations to comply with such loan terms. Any inter­national commitment, made by the previous Ecuadorian administrations and conflicting with the anti-poverty social agenda, will not be met.

03.06.2009 Japan’s major carrier is still seeking for the loan

Never-ending story with lending national biggest carrier JAL is still proceeding. Few months ago the company demanded the loan of 200 bn yen.

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