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Sunday, 30 August 18:28 (GMT -05:00)



Business And Politics News

Greek issues push price up


Exchange news. The issue of possible default in Greece is extremely topical. Last weekend Athens officially claimed that the country cannot cut its expenditures, as required by the agreements. This, in its turn, casts doubt on the possibility of Greece to receive mutual assistance credit from European Central Bank.

This discouraging claim was followed by a less shocking claim from the European Union management. To be more specific, this claim concerned a temporary suspension with deciding to provide another money tranche to Athens. It had been expected that the decision of providing financial aid would be announced during a special meeting on October 13, but it has just been revealed that there will be no meeting. The decision of providing money trance is expected to be announced during the summit of European Union leaders on October 17.

Unfortunately, this proves that this year Greece is unable to change budget deficit according to the requirements. However, Athens keep worsening their condition by discussing economy measures with ECB, as their main target is to receive 8 mln. Euro from the credit that was confirmed in 2010. Another wave of recession is likely to start because of complicated and lasting negotiations between ECB and Greece. Quotations of Brent and WTI oil futures have immediately reacted to this by a more than 1 dollar decline.

Perspectives of economic growth influence oil price. At this point, signals about countries’ negative development are many. It concerns countries in Europe, the USA, and developing countries, such as China, which eased the loss of world economy in 2008.

Brent grade oil prices are currently checking the support of 101 dollar per barrel, as explained by the analytics of Forex Academy and Masterforex-V Futures Trade and Stock Exchange. This is the fourth attempt for 5 months. Passing the level will make it possible to reach the target of 90 dollars per barrel.

 

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Dow Jones and Shanghai Composite Recover

Dow Jones, the U.S. stock index embracing the USA’s 30 biggest companies, has rallied fro he first time since August 19th. At this point, it is up by 619 points or 3,95% (16185,51 points). By the way, this is the biggest daily gain since 2001, Masterforex-V Academy reports.

 
As for the biggest gainers within the list of the mentioned 30 companies, these are Apple, Google and Amazon. Other major American stock indexes known as S&P 500 and NASDAQ have already gained 3,9% and 4,24% respectively.
Publication date: 27 August 05:44 AM

U.S. Dollar May Stop Being Global Reserve Currency Because Of Iran, John Kerry Says

According to John Kerry, United States Secretary of State, the U.S. Dollar may eventually stop being the world’s reserve currency in case the USA rejects the agreement with Iran and goes back to the policy of endless sanctions. This is what he told during his speech in the New-York office of Reuters.

 

 

On top of that, he says this may happen virtually overnight and the first wakeup calls are already here. For instance, Russia and China are already cooperating in terms of currency swaps.  He urged the U.S. authorities to pay attention to the fact that the so-called BRICS members are acting and do not want to want when the USA tells them what to do. This is confirmed by the latest BRICS summit in Russia. It seems that Putin is initiating a dialog to join forces when fighting the crisis. According to Mr. Kerry, it is important to keep in mind that all that is happening amid the current global market, which is changing since the rivalry never ends and most people are fed up with the system established after World War II. They thing the system is unfair and it doesn’t take into account their needs and interests.
Publication date: 12 August 08:23 AM

What Can Ukraine Export to the USA?

Not so long ago, Ukraine got the right to export its goods to the USA, while doing it duty free. Most likely, the overall amount of such exports is going to be limited and inconsiderable. The thing is that this program is tailored only to those Ukrainian manufacturers capable of producing premium-quality goods. At this point, Ukrainian may start exporting its household chemical goods to the USA.

Publication date: 03 August 03:00 PM

IMF Suspends Financial Aid to Greece

 

According to several web sources, the IMF cannot participate in further financial support of Greece at this point since Greece has failed to comply with all the necessary requirements making it possible to access new loans.

 

 

They say this decision came as the result of the latest IMF meeting conducted on July 29th. The report following the meeting says that Greece has an exceptionally high level of debt and the Greek authorities have failed to conduct all the reforms promised several years ago in exchange for financial support.
Publication date: 31 July 04:34 PM

Italy Follows In Greece’s Footsteps, Consequences Maybe More Considerable

Emergency meetings follow each other. Eurozone nations are trying to save Greece. At the same time, experts have raised the alarm - Italy seems to be the next Greece. Yet, this time, if that’s the case, the Greek crisis will seem nothing compared to the Italian one.

 
Publication date: 30 July 04:18 PM

Standard & Poor's Upgrades Greece’s Credit Ratings

On July 21st, Standard & Poor's, a well known international rating agency headquartered in the USA, upgraded Greece’s credit ratings – both in national and foreign currencies. The ratings went 2 steps up from CCC- up to CCC+, with a stable forecast, Market Leader reports.

 
Publication date: 23 July 04:58 AM

Greece Reopens Banks As Consumer Prices May Grow

Since today, July 20th, Greece has finally reopened its banks. This happened after the banks were close for 3 weeks. At the same time, the VAT and consumer prices are expected to be increased.

 

 
This means that the local banks are going to function under supervision. However, this is not going to prevent depositors and other clients from making major types of financial transactions, including withdrawal of savings.
Publication date: 20 July 10:03 AM

Greeks Express Discontent as Greece Compromises with Euro Group

The latest agreement reached between the Greek government and the Euro Group regarding the conditions for getting further financial support triggered a wave of protests throughout Greece.
 
The adversaries of the compromise with the lenders as well as the supporters of a Greek exit from the Eurozone gathered together yesterday, on July 13th, in front of the local parliament and burned the SYRIZA flag.
 
Publication date: 14 July 04:02 AM

Greece Prepares Reforms for 12 Billion Euro

According to Greek media, the country’s government is preparing a package of proposals on economic reforms for two years worth 12 bln. euro. “It is worth mentioning that such offer exceeds the initial plan by 4 bln. euro,” states the “Market Leader”.
 
Publication date: 10 July 12:33 PM

Beijing Remains At Odds After Stock Market Crash

After a stunning stock market crash in China, the Chinese government is doomed to learn a lesson and understand that a governmental intervention may trigger market panic, thereby escalating the situation. With that in mind, any such intervention may do more harm than good and therefore looks inefficient.

Publication date: 10 July 06:22 AM