The Global Economy and Business

The Philippine Subic Bay Metropolitan Authority (SBMA) has recently approved 44 new investment projects in this free port, with total committed investments worth US$20.45 million.

The new batch of approvals, said SBMA administrator Armand Arreza, “signify the unfailing determination of the SBMA to produce more investments and create more jobs despite the global economic slowdown.”

“To a great extent, the SBMA has been successful in sustaining the developmental momentum of the Subic Bay Freeport amid an unpredictable and unstable global economy,” Arreza said.

“We hope the entry of new investments would lead to a more healthy business climate at the end of 2009, and at the start of the coming year,” Arreza added.

According to Stefani Saño, SBMA senior deputy administrator for business and investment, the bulk of new investments were made in August, when 24 firms proposed projects totaling $12.95 million.

The following month, the SBMA gave the green light for 20 other projects with projected investments of $7.5 million.

Saño said the new investments are also projected to create a total of 765 jobs.

Among the projects signed in August and September, the greatest committed investment came from Pure Petroleum Corp., which projected a $6.22-million investment for its business of importation, selling, storage and transshipment of oil and petroleum products.

The second biggest in terms of investment commitment was Subic Business and Technology College, Inc., which will put up $4.29 million for a learning center. The school shall offer short term technical and vocational courses, as well as professional, and tertiary degree courses in various disciplines.

Rounding up the top five investors in this batch are: Bonsure Evergreen International Corp., which shall put up $2.21 million for a food manufacturing business; Chifil International Import-Export Manufacturing Co., Inc., with $1.41 million for cigarette manufacturing, packaging, warehousing and transshipment; and Petron Corporation, with $1.02 million for the establishment of a gas station.

Meanwhile, of the new business projects, Pure Petroleum and Chifil Internatinal led the pack in having the biggest number of jobs to be created, both at 100. Subic Business College came next at 50 jobs, followed by 40 for Bonsure and 35 for Petron.

Saño also said that aside from the new projects, the SBMA also approved 22 investor requests for renewal of lease or sublease agreements; seven proposals for additional facilities and eight for transfer of facilities; and 16 requests for amendments of business activities.

Among those who renewed their lease agreements with the SBMA were: Rizal Commercial Banking Corp., Subic International Air Charter, Inc., Vision Air & Sea Services, Inc., Sanritsu Technology Subic, Inc., and Nakayama Precision Industries Inc.

Meanwhile, those who requested for additional facilities included Philippine Coastal Storage & Pipeline Corp., Bataan Automotive Remanufacturing Corp., R. Joseph Holdings Subic, Inc., Yong Travel & Tours & Marketing Co. Inc., and Racso Sizzler Foods Corp.

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Two large power companies have been fined for the sum exceeding billion euro : the Eurocommission has submitted an invoice to German power company E.ON and French GDF at a rate of 553 million euro each one. Both companies are contesting this decision.

The European competition authorities found out that in 1975 these companies agreed not to compete with each other in the national markets that is an infringement of the antimonopoly law of the European Union.

The competition commissioner of EU Neelie Kroes has explained: “the transaction of giants has struck first of all on consumers, we do not have other alternative than to impose high fines”.
This fine becomes the largest for all history of similar sanctions.

The Eurocommission has begun investigation above the German and French gas companies in 2007. They were accused of agreement about division national gas markets when they jointly built a pipeline to import Russian gas: in particular that E.ON will not sell gas in France, and GDF – in Germany. This is an infringement of the law of EU about fair competition.

Leaders of the G8 reached some agreements on climate, international security and the global economy.

Gary Samore, the White House point man, has noticed that the basic area of disagreement is that the U.S. push for a missile defense system in Poland and the Czech Republic.

Russia considers that this is a direct challenge to its own defense.

Obama’s speech:
“I know Russia opposes the planned configuration for missile defense in Europe. And my administration is reviewing these plans to enhance the security of America, Europe and the world. And I’ve made it clear that this system is directed at preventing a potential attack from Iran. It has nothing to do with Russia. In fact, I want to work together with Russia on a missile defense architecture that makes us all safer. But if the threat from Iran’s nuclear and ballistic missile programs is eliminated, the driving force for missile defense in Europe will be eliminated, and that is in our mutual interest”.

Russian politicians think U.S. officials are lying saying that planned missile shield installations in Eastern Europe are meant to defend against possible Iranian attack. Russia considers that a direct challenge to its own defense. Obama has so far stayed noncommittal; here, he hints at using the planned bases as a bargaining chip. If you don’t want radar and interceptors near your border, Obama tells the Russians, you’d better get a lot more helpful with Iran.

Obama is reproaching Moscow on several points: for its war last year with Georgia; for insisting that Georgia’s breakaway republics, South Ossetia and Abkhazia, are independent nations; and for interfering in Ukrainian politics. Moscow dismisses the American criticism. The response is the following: Where was your interest in state sovereignty when you recognized the independence of Kosovo from Serbia last year? And how can you tell us about secure borders after invading Iraq and Afghanistan, and while you are still occupying those lands? Moscow argues that the United States is pursuing its own goals in Ukraine and Georgia, trying to break down the two countries’ historical ties to Moscow in order to undermine and contain Russian power.

In spite of the fact that many questions remained opened, the contract between Russia And the USA has given something to both sides.

On 7th of July President Obama and Russian President Dmitry Medvedev agreed to reduce their nations’ nuclear arsenals. According to the new contract, the maximum number of warheads will be reduced to 1 500 - 1 675 for each party, and also new pact would set a limit of between 500 and 1,100 devices that can deliver the warheads, while earlier this number was 1,600. But the Russians have only about 800 delivery systems.

The world economic crisis systematically beats on all manufacture. But one of the most suffering branches has become a car industry: American, European, Russian. The confident development in present conditions is shown only by the Indian and Chinese concerns.

With the help of accessible credits machines have transformed from means of transportation into a type of hobby: it’s a usual fact to have more than one car in a family from two adults now. People were getting a new model when they haven’t already paid the previous credit. To this they were also pushed by the increase in number of modifications of popular models.

The collapse of bank system has made difficult to get a consumer credit. But not everyone is ready to pay off own money for the car now: people are not assured of tomorrow when everybody can be dismissed.

And the situation at autoconcerns becomes only more complicated from this. Warehouses have accumulated a lot of finished goods which the dealers, who don’t know how to sell their own stocks, refuse to take.

Now leading world concerns speak about 25-35% decrease in sales volumes in comparison with the similar period of 2008. For example sales of vehicles of GM in June were on 33 % below, than one year ago, Chrysler Group - on 42 % (68 297 machines), Toyota - on 32 % (131 654). Experts suppose, that in the Russian market the decrease of sales can reach 50 % or 1,3 million cars for current year.

In these conditions a unique variant of rescue for most of car factories became an appeal to the government for the national assistance.

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Nobody can deny that the world economic system greatly depends on the trends of the US economy. Most economists agree that the financial crisis was caused by the wrong activities of the US financial institutions and US government policy.
So, today it seems that the whole world studies the situation in the US economy trying to find some fact of the recovery. People believe that the same interdependence will take place and the growth of the American market will result in the growth of the international trade , European consumer market and the whole world market.
In this situation the statements of the U.S. Federal Reserve Chairman Ben Bernanke are considered very positive. In particular he said that the recession in the USA was becoming slower and the US government expected to see the first sights of growth somewhere in October-November of this year. He also assured that the government fiscal and monetary policy would continue to stimulate the decreasing of the recession trends.
As for me I’m not a prophet to predict the future but it’s absolutely clear that all that statements are so-called “good news” and for sure they will have a positive impact on the economic trends. I really hope that this would be enough at least to decrease the recession.

One of the leading economic web-analysts - woodwardhall.wordpress.com - has made some interesting and unpleasant at the same time calculations. He has compared the contemporary crisis with the Great Depression in the terms of the biggest economic problem concerning people. Yes, I’m talking about unemployment!

For sure, theoretical economists can ague that statistics differs (now and in 1929). Also they can mention that the accuracy of the numbers in the beginning of the XXth century was lower than we have today. But the main thing regarding unemployment that is completely the same in 1929 and in 2009 says that people have suffered that times and they suffer today as they loose their jobs and their beliefs.

So, returning to numbers I want to show the graph from the mentioned above blog. It shows that the unemployment in March 2009 was the highest “negative tend” since the Great depression. Look yourselves:

Euronext  + NYSE  = the first transatlantic stock market (the biggest in the world)

Euronext is second-largest stock market and it will be bought for 7.8 billion euros

Euronext CEO Jean-Francois Theodore think that there are a lot of benefits in this nerger:

+ the new stock market will connect stocks and options in New York, Chicago and San Francisco, Paris, Amsterdam, Brussels, Lisbon and London (netting system);

+ The common trading system;

+ More liquidity;

+ Huge economies of scale;

+ A netting system suppressing risk and reducing margins.
It means «all settlements in one single platform»!

The NYSE is the world’s largest stock market (the total capitalization of companies’ shares = 11,000 billion euros).

according to http://euronews.net