Spanish lawmakers approved austerity plan by Magdalena Rosova

Spanish parliament followed actions of other European governments and approved an austerity package of 15-billion-euro, which should bring the country's growing budget deficit under control. The plan, unpopular in public, was passed by a single vote. A defeat of the plan would have destabilized the markets and the current government of Socialists. In the vote, 169 votes were for the plan and 168 were against. The opposition Popular Party voted against the package, the have even brought one of their politician in an ambulance so that he can support the vote. The plan passed only thanks to 10 deputies from center-right Catalan nationalists CiU. They criticized the plant but ! later said the didn't want to see Spain in such crisis as Greece and so decided to abstain from voting. But CiU said they will not support the budget bill for 2011, which makes it more complicated for Prime Minister Jose Luis Rodriguez Zapatero to lead the country out from crisis. Josep Antoni Duran i Lleida, leader of CiU, asked Zapatero to call early elections next year. He even told Zapatero that he and his government were is the problem of Spain. If the plan had not been approved, the government would not have been able to get the deficit under control. It would rise question weather the fourth biggest economy in eurozone is sustainable or not. However, the conservative opposition Popular Party has different opinion and it is also leading in opinion polls. Leader of PP, Mariano Rajoy, told that the law was improvised, insufficient and unjust.

related story (sgx17418): http://www.lacrossetribune! .com/new s/world/article_dd93c750-0...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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Slow recovery keeps unemployment high by Magdalena Rosova

The recovery of economy is still too weak and the economy grows very slowly, which means that not enough jobs are generated. There are 15.3 million unemployed people in US. People still face layoffs in their jobs. This situation is evident also from high number of weekly claims for jobless aid. Although politicians and medias reports recovery, for most of Americans it does not feel much like that. Competition for jobs opening is huge and people with jobs are doing everything to save their work. Many people are getting lower salaries than before crisis, big number of people are facing foreclosures. Finally, only small group of the richest people are likely to get a new loa! n. Joel Naroff from Naroff Economic Advisors alleged that the country was out of recession, but the recovery would need longer time. From January to March the economy grew at 3 percent annual rate, which is a bit disappointing as initially it was estimated to grow 3.2 percent. Estimation also expected consumers to spend more than they really did. Same thing happened with business spending on equipment and software. All these factors caused that the economy grew slower than it was estimated. The Labor Department reported that number of first-time claims for unemployment benefit fell last week, but it is still higher than it was at the beginning of the year. Economists hoped that the number of claims will be around 400,000, but it turned to be 460,000. Although the most jobs in four years were added in April, there have to be more jobs to drive down the 9.9 percent unemployment rate.

related story (sgx17421): http://abcnews.go.co! m/Busine ss/wireStory?id=10758094...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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Pomalá obnova ekonomiky spôsobuje vysokú nezamestnanosť by Magdalena Rosova

Obnova ekonomiky je stále príliš slabá a jej rast je iba veľmi postupný. To znamená, že naďalej nie je schopná generovať dostatok pracovných miest. V Amerike je 15,3 milióna ľudí bez práce. Ľudia naďalej žijú v strachu z možného prepúšťania v práci. Toto konštatovanie potvrdzuje i počet nových žiadateľov o podporu v nezamestnanosti. Hoci politici rovnako ako aj médiá neprestajne hovoria o obnove ekonomiky, väčšina Američanov vzhľadom na podmienky, v akých žijú a pracuj&#! 250;, taký pocit nemá. Boj o získanie práce je naďalej obrovský a ľudia, ktorí prácu majú, spravia čokoľvek, aby si ju aj udržali. Mnoho ľudí sleduje ako sa ich výplatná páska scvrkáva a stále je mnoho ľudí, ktorí čelia vyvlastneniu majetku. Navyše, iba malá skupina najmajetnejších ľudí môže dostať novú pôžičku. Ekonóm Joel Naroff z poradenskej spoločnosti Naroff Economic Advisors skonštatoval, že krajina je už vonku z recesie, avšak obnova ekonomiky potrebuje viac času. Od januára do marca ekonomika narástla o 3 percentá, čo je sklamaním pre ekonómov, ktorí očakávali rast 3,2 percenta. Ekonómovia odhadovali aj, že ľudia budú míňať viac než skutočne minuli. Rovnak! o to platí aj pre výdavky firiem na zariadenie a sof! tware. V šetky tieto faktory spôsobujú, že ekonomika rastie pomalšie než sa pôvodne odhadovalo. Podľa ministerstva práce počet nových žiadateľov o podporu v nezamestnanosti za minulý týždeň klesol. Napriek tomu je nových žiadateľov viac ako na začiatku tohto roku. Ekonómovia dúfali, že ich počet klesne na približne 400 tisíc, avšak skutočné číslo je 460 tisíc žiadateľov. Napriek tomu, že v apríli ekonomika ponúkla naviac pracovných miest za posledné štyri roky, na zníženie 9,9 percentnej nezamestnanosti v Amerike bude potrebných oveľa viac nových pracovných miest.

related story (sgx17424): http://abcnews.go.com/Business/wireStory?id=10758094...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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Banks to help each other, not taxpayers by Zivka Deleva

Europe is thinking of a way to improve the banking system and at the same time to try to strengthen the unsteady economies of the European Union members. The former French foreign minister Michel Barnier has an idea how to do that, which he explained in front of the members of the EU's financial services, that he leads. He thinks that the bad banking working shouldn't be a punishment for the people, but for the banks its self. Meaning, that if one bank works bad, another could help her and not the taxpayers. This insurance levy is going to be enforced in the national economy, but a bilateral help is not excluded. "What I'm proposing is logical -- banks paying for banks,! not taxpayers. We're going to have to look closely into this question. In half of all European countries, half of their banks are owned by groups from other countries" - Barnier said. He thinks that each of the 27 countries should implement this program. This is a time of necessary steps, no ideologies, no empty words, but a lot of work, realistic and practical ones. According to the figures, around 13 percent of economic output goes to bailout banks in the last two years, since the crisis has showed up. As Mr.Barnier says "prevention is better than cure - and it's always cheaper" - that's the whole truth and nothing but the truth. In this purpose, the European Commission adopted a Communication yesterday. Bank resolution funds are going to be organized in a network and that will ensure Europe from destabilizing the financial systems. This important subject is going to be discussed on the next G-20 Summit in Toronto, on 26-27 June. As the Commission says "the funds w! ould not be used for bailing out or rescuing banks, but only t! o ensure that a bank's failure is managed in an orderly way and does not destabilize the financial system."

by Zivka Deleva for Cantell TV (http://cantell.tv)

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Italy approves 24 billion euro budget cuts by Magdalena Rosova

Italian government has approved Tuesday a decree putting across budget cuts worth 24 billion euros. The government of Prime Minister Silvio Berlusconi is trying to reduce the public deficit. The decree should stabilize the public finances and help the government to cut the public deficit from 5.3 percent of gross domestic product in 2009 to 2.7 percent in 2012. The measures were made up of spending cuts and revenue increases. EU set new limit of three percent, Italy's plan should bring the country into line with the limit. The measures are created cuts to public spending. After a cabinet meeting on Tuesday, the government said in a statement that the decree should also inc! rease revenues. Gianni Letta, close cooperator of Berlusconi warned that very heavy sacrifices need to be done in order to save the country from going the same way as Greece. The decree will effect civil servants whose salaries will be frozen for three years. Wages of ministers and other government officials will be cut as well. Tax increase will not impact average Italians. New taxes will be imposed on stock options and private sector executives' bonuses. Immediately after announcing the plan Pier Luigi Bersani, the head of the opposition Democratic Party, stood up to criticize it. He finds the package full of indiscriminate cuts that do not make anything structural. Italy followed example of Spain, Greece, Portugal and Britain which also set austerity measures to encourage confidence in indebted European economies. The economies of countries of EU slumped with the global crisis and their deficits unexpectedly soared.

related story (sgx17382): http://www.theglobeandmail.com/report-on-business/economy/it...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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US-China talks by Claudia Sonea

Some people strive for survival and others strive for more money. In China there are many a lot of people who don’t have a job, who live in misery, who emigrate hopping for a better life. There are poor people in USA too, but the living and the chances to a better life are much higher than in China. So why would then USA strive so hard to rip of the Chinese entrepreneurs? It is only natural for a country to support its local manufactures rather than the foreign ones, thus China should be hailed for keeping its currency at such a low value. In fact, the only way for a country to develop is to support its local bus! iness, agriculture and everything that comes from inside. There should be forbidden for another country to try to interfere with Chinese policies just to gain an upper hand. Yet, USA is doing exactly just that under the false pretense of a more balanced global economy. On Monday at the second Strategic and Economic Dialogue, US representatives meet with the Chinese delegates to discuss a series of measures that would help to sort out the differences between the two countries that burst out at the beginning of the year due to the Chinese policy regarding its currency. Besides the fact that US wishes for a better exchange for the yuan, the country also advises to stop giving so lightly Chinese companies a larger share of new cutting-edge technologies. However, Chinese President is not so easily to voluntarily give up the country’s rapid development and share it with foreign investors, more specifically with the Am! ericans. Being a diplomat he promised that the reform of the c! urrency is taking place but at a steady pace and the domestic demand will be in return increased. Moreover, China is well aware that US has defied them not once by criticizing its censorship policies regarding the Internet or by meeting with the Dalai Lama. There is also the North Korea issue that must be put aside by US delegation if they want to get anywhere with China.

related story (sgx17367): http://www.france24.com/en/20100524-beijing-avoids-commitmen...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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Taking advantage by Milota Sidorova

EU. The idea of creating multinational superpower was an utopia from the very beginning. Let's take about thirty of different independent states, each one with its own currency, political system, system of not working (what I call buraucracy, corruption), tax system, language and society development and temerament. If seen from economic point of view, soon you realize creating such superpower dominating economic world is not possible. At first, so called criteria limiting countries to enter the EU were not fully and precisely examined. That way happened large and developed countries like France and Germany stood next to Romania or Latvia. Their shares on decision making was! not equall. They made different profits, so they got different rights to say yes or no. How could one compare their economies? This inbalance, disproportion was more than predictible. Problems caused by different (not only ) economic pace were just the case of time.But what was the purpose of EU? Most of peope I ask when speaking of EU benefits suggest it is only crossing the borders and kind of “free job market”. Nothing less. Nothing more.And it seems the consequences of common union are extending. They are deepening our wallets, they are sucking our minds, cultures and taxes. Without even asking for that. Let's just take Lisbon treaty denied referendums, forced Nederlands, France and Ireland. Lisbon treaty wasn't accepted liberally. EU created enormous pressure on the bill and it was just a matter of time, the treaty would be passed. EU is now “fighting” for not loosing the project of common European currency. Euro zone countries have to pump deb! t ridden Greece billion of euros, but no one is really expecti! ng any h appy end. Analysts say Greece bankruptcy is only a matter of time. But soon there will be more debt ridden countries. Spain, Portugal, Sweeden, Slovakia...Euro zone countries are becoming debt ridden countries. Next generations will have to deal with “our" debts. And they are increasing. Euro zone is about to accept “generous” loan from IMF to get save from the debt. But what logic is in borrowing money to pay debt? It's exactly robbing Peter to pay Paul.So what is the next step from shareholders of EU project? These days we are facing a proposal that would make EU countries to submit their natinal budgets before passing them on national level. They also want common policy over hedge funds.This all will lead into one tax and financial, soon political system over all European Union.This is exactly the moment to pass such proposals and bills. This is the time of having no time to think of consequences. This is the time you just can't say no, because of early! ruin on financial markets. But think from the beginning. What was the purpose of EU?Was it a bridge between cultures? Perhaps. Could it unite dozens of different economic systems without serious problems first? No. Could it make sustainable policy? Could it assure national independency and free will? No. The power (represented by all aspects of political and economical system) is being taken away from EU citizens. The power is being cumulated higher and higher, centrialized in Brussels and groups operating behind that.Greece is not going to win this battle. Neither European citizens are going to win.

related story (sgx17338): http://www.france24.com/en/20100518-eu-hedge-fund-regulation...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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The Eurozone crisis by Claudia Sonea

The euro is getting down following concerns about the financial crisis that hit the countries members of the European Union. Greece is just the first one to have hit rock bottom due to the enormous government deficits and debt levels and the crisis is expected to spread soon and affect especially the southern countries. It should not surprise anyone that the euro got to the lowest rate of $1.31 as new rumors were launched about Spain being on the verge of requesting aid from the European Commission. There is also skepticism regarding the bailout package for Greece taking into consideration that the Greek population has not yet accepted t! he austerity measured that accompany the package. Furthermore, the financial aid might be insufficient for covering the country’s needs. Why do Greek have such a hard time in accepting the measures that are supposed to help them get away from bankruptcy? Mainly, the Greeks cannot accept the austere measures because it means to put a noose around their necks by cutting back pensions, firing people, thus punishing again the ordinary man for the mistakes of the fat and rich politicians. It is no way out of the situation or at least the politicians don’t even bother to come with a plan that would be less tough for the clerks who already had a hard life. In the same boat is Romania, with the exception that we have fewer chances to get such a big package and to actually come out of the crisis with a government such as the one that is currently instated. Don’t click away, this will most definitely have a follow up….!

related story (sgx17300): http://www.france24.com/en/20100513-euro-drops-currency-mark...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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General Motors chce opäť riskovať? by Barbora Misakova

Hovorí sa, že ľudia dnes žijú prirýchlo, ako keby zabudli, že sa dá život aj užívať a vychutnávať. Ponáhľame sa do školy, do práce, všetky naše činnosti sa snažíme vykonávať v prílišne vysokom tempe len preto, aby sme o čosi skôr prišli domov, kde aj tak pokračuje v už nasadenej rýchlosti. No existujú aj jednotlivci, ktorí sú ešte rýchlejší ako rýchli – obchodníci. General Motors, jeden z najväčších auto výrobcov v Amerike chce mať ! väčší podiel na kontrole činností spoločnosti. Jeden z vrcholových riadiacich pracovníkov spoločnosti Mark Reuss chce získať viac kontroly nad úverovými aktivitami GM, aby tak urýchlil predaj áut a zvýšil tak hodnotu spoločnosti. Podľa neho sú kupujúci patriaci do nižšej zárobkovej skupiny kľúčom k úspechu. Sú to práve títo ľudia, ktorí tvoria významný podiel na kúpno-predajnom trhu áut – okolo 16 percent všetkých novo poskytnutých auto pôžičiek z posledného štvrťroku 2009 bolo poskytnutých práve im. Kým Reuss by to rád riskol, hlavný veriteľ spoločnosti, Ally Financial Inc., má len veľmi malú chuť púšťať sa do podobných riskantných ťahov, najmä! ; keď sám musel nedávno čeliť probl&#! 233;mom so zlyhávajúcim pôžičkovým systémom. Ako však povedal Kirk Ludtke, starší viceprezident kapitálovej skupiny CRT, keďže sa General Motors blíži k rozpredaju spoločnosti „naliehavosť zvyšovania predaja je opodstatnená.“ Reuss ukazuje najmä na systém spoločnosti Honda Motor Co, ktorá dostáva 20 percent zo svojho predaja a lízingových zmlúv, zatiaľ čo GM dostáva len jedno percento. Reuss si je istý, že by jemu aj samotnej spoločnosti poskytnutie väčšej kontroly nad pôžičkovým systémom prinieslo väčšie predaje v severnej Amerike. No nezdá sa vám, že je to skrátka príliš rýchle? Nepripomínajú vám tieto aktivity presne tie isté činnosti, ktoré nás dostali do recesie? Iste, kde nie je r! isk, nie je ani zisk, no ja osobne preferujem jazdu nižšou rýchlosťou.

related story (sgx17310): http://news.yahoo.com/s/ap/20100516/ap_on_bi_ge/us_gm_subpri...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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General Motors wants to risk again? by Barbora Misakova

People say we are living too quickly these days like we forgot how to enjoy life. We rush to school, to work, we hurry with all our activities just to come home and do things also there in hurry. But there are also some individuals whose are quicker than quick: businessmen. General Motors, one of the biggest car companies in America wants more control. General Motor’s top executive Mark Reuss wants to gain more control over company’s lending just to speed up car sales and GM’s value. According Reuss, subprime buyers could be the key to success. They make up a significant portion of the car buying market – about 16 percent of all new vehicle loans fro! m fourth quarter of 2009 were to customers with below prime credit. While Reuss is ready to risk it, automaker’s mail lender, Ally Financial Inc., has little appetite for risky loans especially as it had own experience with failing mortgage lending business. As said Kirk Ludtke, senior vice president of CRT Capital Group in Stamford, as General Motors is getting closer to the stock offering, “there is a real sense of urgency on General Motor’s part to maximize its sales.” Reuss points at Honda Motor Co. which gets 20 percent of its sales and leases from subprime buyers. GM gets only 1 percent! Reuss is sure it would surely help to his sales and the company’s sales in North America. But isn’t it too quick anyway? Isn’t this reminding you the same business activities which brought us to the recession? Sure, where is no risk, there is no profit, but personally, I prefer low-speed roads.

related story (sgx17304): ! http://news.yahoo.com/s/ap/20100516/ap_on_bi_ge/us_gm_subpri...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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Budget cuts all over Europe amidst debt crisis by Zuzana Zelenakova

Tough times are ahead of European countries that are struggling with the debt and deficit crisis. Members states of the European Union are trying to balance their spending in the face of the crisis and they hope to achieve that through severe budget cuts. As a result, the EU´s budget for 2011 will be cut too most likely. Spanish Prime Minister Jose Luis Rodriguez Zapatero has already announced austerity measures. The cuts will total about 15 billion euros and will affect mostly wages of state employees and public investment. “We need to make a singular, exceptional and extraordinary effort to cut our public deficit and we must do so now that the economy is begin! ning to recover,” said Zapatero. Civil service salaries are supposed to be cut by 5 percent in 2010, which of course did not please unions. So far, the relationship between the government and the unions has been good, although the unions prevented the raise of the retirement age from 65 to 67. “These measures reinforce all (those) ... taken over the weekend in Brussels and are what the market was waiting for, although not many people thought the prime minister would dare to take them,” said Nicolas Lopez, of Madrid brokerage M&G Valores. Currently, one of the strongest players on the European field is Germany. The country led by Chancellor Angela Merkel will deliver the biggest part of the 750 billion euros Greek bailout from the EU member states. Germany was most reluctant to approve the bailout plan and the atmosphere in the country is still very tense when it comes to this issue. German citizens are already punishing Angela Merkel for her approach towar! ds the Greek crisis, she lost the majority in the upper house ! of parli ament, which will make it almost impossible for her to deliver any reforming legislation.

related story (sgx17299): http://www.france24.com/en/20100514-german-austerity-everyon...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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Expensive euro bailout by Milota Sidorova

We will save euro, whatever it takes and costs. This is the clear message from EU leaders and IMF. These leaders have just agreed massive bailout for Greece and other European countries. These “leaders”have just pushed another two generation of European citizen into the slavery. Greece had had the problems. So because of that, we all euro zone citizens had to donate generous and wastefull policy of the country that has no intention, not real intention to lower its standards. At first, do you know a country with retire age of 53? Each normal and responsible system has this age around 60 or 65. Greek businessmen were happy not to pay taxes for their goods on marke! ts and their social benefits were so famous and popular that even people from Middle Europe were dreaming of being a Greek citizen. Not to mention corruption that rode the country structures. This dream is definitely over, at the top of that it has turned into a nightmare.People from every corner of so called euro zone said no to donate such system. Instead of thinking of bankcrupty or leaving the euro-zone, Greece is now awaiting to get massive involunatarily tax payer support. First it was 10, 20 then 30 billion loan. Then the amount summed on 70 billion euro, then they had decided on 110 billion euro. It was more than bloody and unpopular decision. German people showed their disagreement and kicked out Merkel from governmental majority of upper Parliament. Now, these leaders have decided they were going to bailout euro. Just like they did in the U.S. They bailouted favorites. So now, each government would receive billions and billions that would be paid next years. Just ! to keep the common currency alive. But 750 billion is not 110 ! billion. It is pretty much different. What kind of work is going to pay this loan? How many taxpayers are going to pay this? And how long are they going to pay this? Are my children going to pay this loan made of money controlled by IMF and organizations that control the amount of money flow? The amount of bailout money has surprised many financial analytists. Euro rose for a moment. But for how long? We have realized this was going to be expensive. But now it is the mud and we are the ones sinking.

related story (sgx17251): http://www.france24.com/en/20100510-rehn-salgado-eurozone-72...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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EU creates 500 billion-euro fund for crisis-hit eurozone members by Magdalena Rosova

Germany wants European union to create an emergency fund of 500 billion euros to help countries in the eurozone which are hit by crisis. Germany hopes this step would reassure markets about the common currency. The dramatic bid was announced on Sunday, just few hours before Asia-Pacific markets open. The plan has also “complete agreement” from France. The proposal followed urgent telephone calls between US President Barack Obama, German Chancellor Angela Merkel and French President Nicolas Sarkozy. European union is trying to reassure the world about the stability of euro. Angela Merkel was pressed to come up with the emergency fund, after her coalition lost majority in the upper German house, because voters were angry about the 110-billion-euro bailout for Greek. It was the fattest cheque in history of EU. Chaos has already hit markets in Portugal and Spain. Germany is desperately trying to prevent its spreading further and to rebuild confidence on market! s. The money from the fund should be available to threatened members of the eurozone. The fund would consist from 440 billion euros from eurozone countries and the International Monetary Fund. 60 billion euros of loan funds would come from the European Commission. European finance ministers are holding long talks in Brussels. If the plan succeeded, it would be the unprecedented bailout in public finance history. After shares tumbled across the globe last week, Sarkozy told Paris and Berlin will try to find the best way to resolve the financial crisis. Spanish Finance Minister Elena Salgado, who is chairing the talks about the crisis in EU, affirmed they would do whatever is necessary.

related story (sgx17225): http://www.youtube.com/watch?v=tV_FGgBfiQ0...

by Magdalena Rosova for Ca! ntell TV (http://cantell.tv)

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