International Energy Agency (IEA) raised its forecasts for oil consumption in the world for the second consecutive month due to increased market demand in Asia, which is greater than expected. In the new forecast, the IEA has written that the demand for oil will be 86.6 million barrels per day or by 70 thousand more than what was mentioned in the previous analysis. Compared to 2009 this would rise by 1.6 million barrels per day, or .1.8%, indicating Bloomberg, citing agency data. Engine of growth will be countries outside the club of industrial nations - the Organization for Economic Cooperation and Development (OECD). Global consumption of oil recovered to positive growth in the last quarter of 2009 after five consecutive quarters of decline, says the analysis yet. About one third of the growth in supply of raw materials will be due to growing demand in China, since it is possible more strongly accelerating growth, if Beijing continues to stimulate economic measures.
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The Crude Oil price trend remains and will likely finish with growth during that week. Optimism for the restoration of fuel demand and expansion of China stepped up trade in oil markets. Valuable raw materials rose after OPEC applications whereby at the end of last month there growth of supply for China. This morning session unattended electronic exchange in New York lightest crude oil is traded for 82.20 dollars per barrel. At the end of trading session on Thursday, the price of raw materials reached 82.11 dollars per barrel. Analysts expect the week to end with a growth rate of around 1 percent, after increases of 2.3% last week. To help increase trade and strengthening of the euro on world markets - trading began this morning at 1.3694 dollars per euro.
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At the end of 2009 U.S. households were richer than in the beginning of last year and this growth in their state was the first since 2007, AFP reported, citing data announced late Tuesday by the central bank of the country. The net wealth of U.S. households, ie difference between their situation and their debt has reached 54.2 trillion at the end of last year, which is 5.4 percent more than a year earlier, according to data of the Federal Reserve (UFR) of the United States. The central bank added that the process of reducing the liabilities of households, starting in spring of 2008, accelerated in 2009, while their wealth grew. In 2009 “the debts of households in the country decreased by 1.75%, but this is the first decrease of at least an annual basis since 1946. Increase in unemployment, which increased by 2.3 percentage points in 2009 to reach 10% in December (compared with 9.7 percent currently), demonstrates that wealth is not cake, which is divided equally. The high level of unemployment gives rise to assumptions that there will be a further increase in the number of people living below the poverty line for a share in 2008 reached a 11-year maximum (13.2%).
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The European Commission (EC) intends to use a series of measures designed to significantly reduce the pay gap between men and women over the next five years. The average pay gap between men and women in the EU is currently 18%. To reduce that percentage, the committee intends to raise awareness among employers about the problem and encourage initiatives for achieving gender equality and to support the development of tools for measuring the difference in pay between men and women. On the other hand, it is possible to adopt new legislative measures outlined by the EC. The Commission intends to hold consultations with the European social partners and to analyze the effects of several possibilities: more stringent sanctions, to ensure transparency in pay and regular reporting on the pay gap. Today made public the results of a Eurobarometer survey showed that over 80% of Europeans support the idea to take urgent action to eliminate the pay gap. It is precisely such actions commissioner promises justice, protection of fundamental rights and citizenship Viviane Reding.
“Together with the member states will seek to significantly reduce the differences in wages between men and women by the end of my mandate in this committee,” she said before the Germany newspaper Die Welt.
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The U.S. plans to circulate a new 100-bill. According to information circulated in Washington, the model will be presented to the public on 21 April at a special ceremony in Washington. The presentation will be attended by Finance Minister Timothy Gaytnar, Federal Reserve Chairman Ben Bernanke and the head of the secret services in the country Mark Sullivan. The U.S. government usually decides to renew the design of the currency after a careful assessment of the situation around the production of counterfeit money and the risk of occurrence of “Fake”, as created by digital copying and printing with traditional methods. Following the entry into circulation of the new 100-bill, citizens will be informed that all U.S. banknotes are legal tender in any year of printing and old banknotes will need to be replaced with new, state authorities. The presentation of the new design of 100-dollar bills to the start of a global information campaign on the initiative of the authorities. The aim of the campaign will be to inform the holders of 100-dollar bills on the specifics of the new design before the official circulation of the revised bill.
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The European Central Bank (ECB) continued to gradually decreased anti-crisis measures to support the economy. Since April the ECB returns to its usual practice to conduct auctions for the banks to provide the 3-month loans instead of 6-month, announced the bank’s governor Jean-Claude Trichet. This happened immediately after the board of the financial institution decides to maintain a historically low level of interest of 1 percent for 11 consecutive month, said agency Reuters. Trichet stressed that ECB will offer banks and unlimited credit in one quarter by providing so-called weekly credits. The manager of the ECB’s main interest at the time the central banks of Member States have an acceptable level, but the process of economic revival will be uneven, and inflation in the medium term - moderate. The ECB’s decision to return to the performance of standard auctions, which are offered 3-month loans will most likely cause banks to step up and start increasingly to seek “the weekly credits” that allow financial resource for short-term low interest rate.
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The single European currency fell to its lowest value for the last 10 months because of continuing concerns about the fiscal crisis in Greece, reported the site of the British radio BBC. Burden of 300 billion euro obligations, which is our southern neighbor, the euro exchange rate fell to levels of 1.3436 EUR / USD, which is the lowest point for the single currency in May 2009. At the same time British pound continues to be marketed for the sixth consecutive day in the red sector against the dollar. Today the pound is a decrease of 0.4% to 0.9053 USD / GBP. Recorded by the BBC that Britain and the euro area Member States - Greece, Spain and Portugal, have serious obligations which nervous financial markets because of concerns that they may have problems with their payments. It is expected that Prime Minister Georgeos Papandreou of Greece to visit Germany’s Chancellor Angela Merkel in Berlin on Friday.
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The price of crude oil continues to trade about 81 dollars in Asian tagoviya after yesterday’s strong growth supported by sound data services sector in the United States, and because the dollar fell against the euro. Oil increase late Tuesday in New York because of expectations that economic growth in the United States will soon begin to create new jobs. Yesterday’s report came out and the Ministry of Energy in the U.S., according to which the stocks of raw materials during the last week increased by 4.03 million barrels to 341.6 million in the expectations for growth of 1.28 million barrels. The U.S. light crude for delivery in April fell to 22 cents to 80.55 dollars a barrel at 7:23 CET. Yesterday’s contract rose by 1.19 dollars or 1.5 percent to 80.87 dollars per barrel, which was the highest closing price collectively from 11 January onwards. After Greece yesterday approved a plan to reduce costs with new 4.8 billion euro single currency also strengthened against the dollar. Earlier today the dollar retorts part of the losses and was trading at levels of 1.3683 EUR / USD of 1.3697 EUR / USD yesterday.
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In 2009 in Russia have produced 34.759 million carats diamonds, which is 5.9 percent less than in 2008, says the message of the Russian Finance Ministry, quoted by Interfax news agency. However, during the first half of 2009 was observed in 4 percent growth compared to the same period in 2008 during the first half of last year were produced 18.349 million carats compared to 17.594 million carats in the first half of 2008. In the second half of last year was a decrease in yield compared to the same period of 2008 - 16,410 милиона against 19.331 million carats, respectively. At a price equivalent yield of diamonds has shrunk by 6.7% and reached 2.341 billion dollars in 2009 compared with 2.509 billion in 2008 for the third consecutive year is marked contraction of the yield of diamonds in Russia, according to the Finance Ministry.
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The British insurance group Prudential said on Monday the purchase of 35.5 billion dollars of AIA - Asian division of the U.S. AIG. The deal will allow the company to become an international leader in the life insurance market in Asia, the region in which the sector marked the largest growth. The U.S. insurer, 80% of which were nationalized after the U.S. authorities relaxed its 170 billion dollars in the wake of financial crisis, thus tackling the issue with its subsidiary AIA, which was preparing to leaf spring on the stock exchange in Hong Kong. The listing was provided after refusing to sell the company in early 2009 because of insufficient amount proposed. $ 25 billion from the current transaction will be paid in cash and 10.5 billion dollars - in shares, while AIG will become a shareholder with 11% in the new company. Received group will have 30 million customers in Asia and the largest player in the life insurance market in Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines. The company will also be the largest foreign life-insurer in China and India. Headquarters of the new company will be in London but in the near future provides leaves in Honkog.
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