Management Business

Saudi Arabia would lead the Organization of Petroleum Exporting Countries (OPEC) to increase production next year, to avoid oil price hikes that could put the global economic recovery at risk.

Francisco Blanch, Head of Research Commodities Global Merryl Lynch Bank of America, said the rising oil price puts OPEC in a position to choose between further increases or keep prices stable. Trade crude oil in New York stay above U.S. $ 100 per barrel for six months on 2008 before the world economy to collapse into the worst crisis since 1930. ? ?”We believe Saudi Arabia will act responsibly and encourage members of OPEC to increase production immediately at the beginning of next year,” he said as quoted by Bloomberg, today. ? ?He considered oil demand would grow rapidly driven by negative real interest rates. However, he continued, letting oil prices continue to rise out of control from the current level is dangerous game. ? ?Earlier, OPEC has agreed not to change production quotas unchanged since 2008. Saudi Arabian Oil Minister Ali al-Naimi assesses the world oil supply and demand in a stable condition and priced at U.S. $ 70 – $ 80 is considered fair. ? ?Last week, oil prices rose to its highest level since October 2008. The causes include cold weather forecasts in the United States and Europe and speculation that the U.S. will continue its stimulus

Millionaires in the Asia Pacific region are likely to continue moving rapidly. Growth is more rapid than the growth of millionaires in the region of other developing countries. Growth of millionaires in Asia Pacific is supported by regional economic powers led by China and India.

This report Merrill Lynch Global Wealth and the Capgemini consulting firm in Singapore, on Tuesday (28/09/2010). This study consists of high net worth individuals (HNWI), namely the number of wealthy citizens who have a net worth of at least 1 million United States dollars (or approximately USD 9 billion).

In the world, after the United States, Japan, and Germany, China is a country that most amount of people rich. The number of wealthy Chinese citizens is expected to continue growing. The problem, in the future, China and India will lead the world or a leader in the region about the economic expansion.

“The growth of HNWI is likely to continue to be above the growth in the region of other developing countries,” the report said.

The report cites data released global study in June. The data showed the number of billionaires in Asia to reach 3 million people in 2009 or increased 25.8 percent from a year earlier. Do you want to start your own business? Get the capital and money from payday loans.

Transcend Europe
The number of HNWI in the Asia Pacific region already exceeds the number of HNWI in Europe for the first time. Based on the figures last year also, the collective wealth of Asia Pacific of almost 10 trillion U.S. dollars. The value was also exceeded the number of property millionaires in Europe for the first time.

“This area is very promising and has become a central strategy and concern for wealth management firms,” said Willson So, head of Merrill Lynch Wealth Management.

Australia, China, and Japan accounted for 76.1 percent of all millionaires in the region. Last year the three countries accounted for only 70 percent. That means the center of the growth is concentrated in three countries.

Nevertheless, the number of millionaires in Hong Kong also rose rapidly or increased 104.4 percent in 2009. Achieved growth Hong Kong is the fastest in the world. Total wealth they also rose fantastic, by 108.9 percent, and it is also the largest increase in the world.

“Accumulation of wealth in Hong Kong increased with increasing investment from the Chinese mainland,” said So. In India, the number of millionaires and collective wealth rose 51 percent and 54 percent in 2009 from a year earlier.

Japan is the largest HNWI market in Asia Pacific last year accounted for 54.6 percent of total Asia Pacific region and contributes billionaire 40.5 percent of the total wealth of Asia Pacific.

However, weaker growth in HNWI and their assets in Japan compared with other Asian markets.

HNWI China is the second largest market in the Asia Pacific region and fourth largest in the world. China’s HNWI population reached 477,000 people.

“Asia Pacific show will be the most enduring areas of global economic crises,” said Bertrand Lavayssiere, Managing Director for Global Financial Services at Capgemini.

“The growth of aggregate in the region also seems to be exceeding the global growth in 2010 and 2011. The reason is the domestic demand and intraregional trade in Asia Pacific, which will help the economy of the country due to weakening exports to developed countries, “he added.

French banks have reduced their exposure to debts of Greece but still the largest creditor country was saved from bankruptcy two months ago, official data showed on Wednesday.

French banks reduced their exposure to Greece 10 percent between late 2009 and March 2010 – from 75.1 billion dollars to 67.3 billion dollars (52 billion Euros), according to figures from the Bank of International Settlements, known as the central bank from the central bank. March was the lowest level since late 2007, when the global financial crisis began to bite, triggering a credit crisis that brought most of the developed world to its knees.

The loan balance most French banks made to the private sector and not including the purchase of Greek government bonds. According to BIS figures, German banks are the next largest investor in Greece 44.2 billion dollars. In May, the European Union and the International Monetary Fund bailout package to collect (the bailout), 110 billion Euros to Greek beyond the control of financial means it can no longer raise funds in the money market to pay back debt. Under the terms of the deal, which saved Athens from the default, the main French banks agree to prepare their loan commitments during the three years of the rescue program.

Meanwhile, the BIS figures show that French banks are also reducing their exposure to countries other euro zone are weaker, where the public deficit and debt problems similar to the Greek public finances have been put under great pressure. The first quarter of French bank exposures to Portugal fell from 44.7 billion dollars to 42 billion dollars; Spain from 219.6 billion dollars to 201.9 billion dollars, with Italy fell from 511.4 billion dollars to 476.3 billion dollars

After a positive start to the season second-quarter earnings, pushing the market ahead of Wall Street for the sixth consecutive day. The blue-chip stock index Dow Jones Industrial Average rose 30 146.75 points (1.44 percent) to end at 10363.02. Technology-heavy Nasdaq composite index rose 43.67 points (1.99 percent) to 2242.03 and the broader market S & P 500 index leapt 16.59 points (1.54 percent) to 1095.34.

“Rally today is the continued search ‘bulls’ (passion),” said Ryan Detrick of Schaeffer’s Investment Research.

“While very light volume, earnings season has started strong, and we’ll see how long the bulls can stay in control.”

Dow member Alcoa, the unofficial start of the second quarter earnings season with a bang after the market close Monday, reported a swing into profit and increased projections for global demand. “Alcoa is also doing its part to reassure investors, noting the increasing demand in China, Russia, and Europe in the quarter,” said Kimberly DuBord of Briefing.com.

Frederic Dickson, chief market analyst at DA Davidson & Co., said earnings season off to a solid beginning. “While second-quarter earnings season has just come out of the starting gate, always help the psychology of investors if the initial reporting of the company provide better income than expected and did not cut the current quarter guidance,” he said.

Alcoa’s shares increased 1.20 percent to 11.00 dollars. Meanwhile Chevron, rose 1.92 percent to 73.23 dollars. Oil giant said in an update while it estimates second-quarter earnings exceeded the first quarter, ahead of the scheduled release earnings results on July 30.

Railway operator CSX, which also reported earnings better than expected after the close of trading Monday, down 1.41 percent to 51.72 dollars.

Markets showed little reaction to the government report about an unexpected widening of the U.S. trade deficit in May, analysts say.

National unemployment rate in America fell to 9.5 percent thinner, because many Americans were desperate for a job. Monthly reports the latest U.S. Labor Department showed the U.S. economy lost more jobs last month, with the net difference between jobs created and lost, amounting to 125 000 jobs. This is the first time this year the number of jobs created is less than the number of layoffs. No fewer than 15 million American workers unemployed and seeking work already for months.

Nevertheless, the unemployment rate is still declining slightly in June, down zero point two percent to 9.5 percent. But this is also not good news, because no less than 652 000 Americans have given up in finding a job, because it never got a job after months and then exposed to layoffs in the midst of economic crisis. The private sector added more than 80,000 workers in their payroll last month, better than the previous month, but not enough to offset the loss of more than 200,000 temporary jobs as census officers. The trial heard that the economy towards the end of last week, Commissioner Keith Hall of the Bureau of Labor Statistics tries to put these figures into perspective.