The euro fell Friday to its lowest level for eight months and a half. The single currency goes on its third session decline from under 1.36 dollars, after passing down the threshold of 1.38 dollars the previous day (Thursday evening about 22 hours). It reached 1.3648 dollars around 9 am 30. It's a new level for the single currency since May 9
Since the beginning of the year, the euro lost 2.5%.
This drop is explained in particular by the concern of traders due to budgetary problems of many countries in the euro area. Many expect a strong intervention of Europe and even appealed to the International Monetary Fund (IMF) to help Greece to get out of a budget crisis without precedent.
Another concern is about the euro on the currency market, the case of Spain, which has poorly digested crisis including an unemployment rate of nearly 20%.Besides Dominique Strauss-Kahn, IMF head, spoke Thursday on RTL crisis "very strong in Spain and that the country had" an effort "to reduce public deficits. The Spanish public debt has soared just over 60% of GDP in 2010 while in 2007 it accounted for only 36.2% of GDP.
Tuesday, Paul Krugman, Nobel Prize in Economics in 2008, believed that Spain was the main weakness in the euro area. To this the Spanish Minister of Economic Affairs, Elena Salgado, has responded Thursday by saying on the radio station La Cope: "The euro is a very strong and we continue to strengthen the currency.I see absolutely no risk for the euro area, "adding," there may be a lack of understanding about what the euro means for our economy. "
Another country in the euro area is also starting to worry, Portugal, again because of deteriorating public finances of the country. Besides the titles of Portuguese banks fell by 5 to 6% Thursday on the Lisbon Stock Exchange.
Another destabilizing factor for the euro, the figures disappointing U.S. employment have sealed the European currency. The unemployment rate has been declining at 9.7% in the United States, against 10% in December. But most companies have dismissed that hiring, the net destruction of reaching the 20,000 jobs over the month. A figure who has largely disappointed observers. The analysts, in fact, had forecast between 5,000 and 15,000 new jobs.
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Toyota has done it again, but this time no further announcement has come offset concerns about her Prius. Not even net earnings for the third quarter … Toyota announced just before closing. In Tokyo, the Nikkei closed at a decline of 0.46%. The Nikkei lost 48.35 points to 10,355.98 and the broader TOPIX, yielded 4.59 points (-0.5%) to 911.09 points.
Crude oil prices continued their decline Thursday in electronic trading in Asia, amid declining grants and rising oil stocks in the United States, according to analysts. In morning trading, a barrel of light sweet crude for March delivery retreated 17 cents to 76.81 dollars, while that of Brent North Sea at the same maturity, lost 30 cents to 75.62 dollars .The crude inventories rose in the U.S. for the third straight week, by 2.3 million barrels – indicating a falling demand – while the market expected them to remain unchanged payday loan lenders .
As Toyota (-3.53%) and its subsidiaries are also affected by the distrust: the supplier Denso has dropped 6.26% and assembler Toyota Auto Body 1.08%. The automaker announced it would recall over 180,000 vehicles in Great Britain to redress the problem of accelerator that has been forced to go along with millions of cars worldwide, Thursday reported several British newspapers , mentioning the mark.Immediately after closing, Toyota has nonetheless announced a net profit of 153 billion yen (1.16 billion) against a loss of 164.7 billion yen (1.25 billion euros) per annum passed over the same period the group has raised its forecast Better Canada under its fiscal year.
"Venezuela: a devaluation at high risk
The devaluation of the Venezuelan currency, announced January 8, will have an impact of around 40 million euros on profit before tax and non recurring items of the group in 2009 and approximately 15 million euros on profit current net after-tax, said Accor in a statement. Despite this impact, the Group maintains its objective of profit before tax and non recurring items of between 400 and 450 million euros for 2009. Accor is present mainly in Venezuela through its prepaid service activities (luncheon vouchers, preloaded maps, gift certificates).
Venezuela on Friday announced the devaluation of the bolivar. The currency, whose exchange rate was 2.15 to one U.S. dollar, now trades at 4.30 to the dollar.
Last October, the fourth global hotel group confirmed its financial targets in 2009 but expressed cautious for the year 2010.
Accor will publish its turnover in 2009 January 19 next.
The Accor share price closed Monday down 0.63% to 37.59 euros while the CAC 40 lost 0.05% to 4043.09 points.
Good news for the wallets of households: the regulated price of gas and fuel prices will not move from 1 January following the cancellation of the carbon tax by the Constitutional Council.
Currently set at 41.5 euros per megawatt hour (MWh) excluding taxes, the regulated price of gas for households would have increased 3.14 euros, with the introduction of carbon tax. With its removal, the price will be "not more expensive," said Department of Ecology and Energy and Sustainable Development.
The fuel and the fuel does not undergo an increase of 5 cents per liter initially planned for 1 January, according to the French Union of Petroleum Industries (Ufip). "Regarding our products, the status quo.For consumers, there will be no change, it is a white transaction, "said Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip).
China and EU are playing a funny game, that of customs duties. While Brussels said Tuesday the prosecution for 15 months of anti-dumping measures on footwear with uppers of leather originating in Vietnam and China, the latter responded the next day, announcing the establishment of anti-dumping "temporary" on nails and bolts in European steel.
Reaction "blow for blow" of the Chinese Ministry of Commerce, which "notes that the EU was dumping on the nails and bolts in steel in China and the Chinese industry (sector) has suffered physical consequences" according to a statement posted on its website to justify this decision.
A Chinese tax could reach 24.6%
From next Monday, importers of bolts and steel nails from the 27 EU countries must pay a bond, calculated according to the price between normal and that practiced in China, the ministry said. This fee could rise to as much as 24.6%.
In the euro zone, taxes are 10% for shoes imported from Vietnam, and between 9.7% and 16.5% for those from China. They were introduced in October 2006, initially for two years and are renewed for additional 15 months.China hopes to appeal to the World Trade Organization (WTO), said the spokesman of the Chinese Ministry of Commerce Jian Yao, in a statement.
Between protectionism and liberalism
If a company exports a product at a price lower than it normally charges on its own market, they say it uses the "dumping" for this product.To counter this phenomenon, which may cause loss of significant market share for companies initially present on the national territory, the government of that country may resort to antidumping measures, forms of customs duties on exports .
The issue of protectionism is central in trade relations between the EU and China, engaged for several years in a war without thank you, trying to protect their domestic industries with a lot of taxes more or less disguised. Measures known as "dumping" supposed to curb exports to their territories, or at least reduce the margins of the international competition for the benefit of local groups. A multitude of litigation between them now that the WTO is trying somehow to arbitrate.
New landmark meeting Saturday at the Ministry of Economy. The purpose of this meeting is to convince the five main French bankers to make a line fast cash of 500 million.
According to banking sources, these major creditors have no desire to make the slightest effort against the shipowner in Marseille, to the extent that any condition imposed so far has been met by Saade is ie an improvement of governance and hiring a real boss. So much so that some people no longer exclude the group is reflected in backup process to bring the bankers to the wall.
The ISP is prepared to invest in CMA CGM
The stock exchanges of Dubai and Abu Dhabi are still in turmoil, falling heavily at the opening of markets on Tuesday, fell by 6.25% and 5.91% to slightly back end of the session and closed at -5.61% and -3.57%.
This new day stock market plunge came after a particularly rough session on Monday, which could be termed "Black Monday", Dubai has recorded a decline of 7.3% and Abu Dhabi 8.3%. On two days, the decline was 13% for the first and 14% respectively.
The decline came despite Tuesday's announcement in the night by the conglomerate Dubai World for a forthcoming restructuring of some of his companies, including real estate giant Nakheel.
The award of the emirate of Qatar Gas, the Doha Securities Market, saw its index plunged by 8.3% in the wake of awards the UAE.The Kuwaiti market followed the trend, more moderate decline of 2.7%. Both stock markets experienced their first trading session since the announcement late last week by the emirate of Dubai on the difficulty of paying debts.
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Nothing worked. Neither the words of Jean-Claude Juncker, President of the Eurogroup, nor even those of Ben Bernanke, the Fed chief. The dollar is falling and the euro rises. This was decided by the market, more than ever sovereign foreign exchange. While the major fundraisers of the euro zone met yesterday in Luxembourg, the European currency traded against 1.49 dollars, up from Friday night. The comments of Jean-Claude Juncker at the weekend, suggesting that the ECB might intervene to support the dollar, have not impressed the markets busy to take risks amid low interest rates in the United States. The speech of Ben Bernanke on Monday called for reducing U.S. deficits, nor has helped strengthen the greenback.
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