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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The price of oil fell below 79 dollars a barrel during electronic trading today in Asia, after a series of data at the beginning of the week to continue drawing a mixed picture about the state of U.S. economy. U.S. light crude oil cheaper by 0.2 percent to 78.57 dollars a barrel in electronic trading hours of the petroleum exchange in New York. By the end of yesterday’s session, the April price of oil futures fell by 96 cents, or 1.2 percent, to 78.70 dollars per barrel. The reason for this was the appreciation of the dollar against most major currencies, which increases the price of oil, which is traded in dollars, since it is recalculated in other currencies. Over the past eight months the price of oil fluctuated in the range of 70 to 80 dollars a barrel after the energy input demand remained weak in developed economies, although many of them managed to come out of recession, forward AP. Compared with March 2009 the price of oil rose by 76 per cent. Economic data yesterday showed that U.S. factory sector continues to recover, albeit at a slower pace. Cost of entrepreneurs in the construction sector, however, shrugged their third consecutive month in January. Meanwhile, consumers have increased their spending at a faster rate than increasing their personal incomes.
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The positive wave that broke on Monday, stock markets in Asia and the Pacific, managed to bring the regional MSCI Asia Pacific Index to its highest level in five weeks today. The news of the strong increase in exports to South Korea in February and reducing unemployment in Japan in February reinforce positive attitudes of investors to the global economy. The rapid pace of economic growth in Australia has caused the country’s central bank to further tighten the monetary policy in March and raised its key interest rate to 4 percent today. Reinforcing the economic optimism of investors reflected in the risk premium on government securities in the region that fell. The regional index MSCI Asia Pacific, which covers the stock markets in ten Asian countries, Australia and New Zealand, rose by 0.7 percent to 119.71 points. In February, the MSCI Asia Pacific index rose by 0.5 percent, in January after losing 2.5 percent of its value because of concerns along the fiscal crisis in Greece and the sale of shares in China and Hong Kong. Economic data today showed that exports to South Korea grew for the fourth consecutive month in February while the unemployment rate in Japan unexpectedly fell from 5.2 percent in December to 4.9 percent in January. Meanwhile it became clear that the Indian industry has grown at a rapid pace over the past year and a half in February, police Bloomberg.
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The Eurozone is prepared to take concerted action in support of Greece. It said EU Economic and Monetary Affairs Commissioner Olli Rehn, who is visiting Athens. After the meeting yesterday, Olli Rehn said that the Greek government has not requested financial assistance and that is felt in the country’s strong commitment to deliver the necessary reforms. This weekend is expected and a meeting between Greek Prime Minister Georgeos Papandreou and Germany’s Chancellor Angela Merkel. During his meetings with representatives of the Greek Commissioner Olli Rehn called on Greece to take additional measures for economies to reduce its deficit to 4 percent of GDP this year. Greek leaders have already announced a package of economic measures, providing for a freeze on wages, reducing premiums and allowances of civil servants and higher taxes, says Deutsche Welle. By 16 March Greece financial government must convince EU ministers and the European Commission that the proposed measures to reduce the budget deficit from 12.7 to 8.7 percent of GDP is not sufficient.
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