Στην αγορά ενός εκατομμυρίου μετοχών της Τρ. Κύπρου προέβηκε σήμερα ο πρόεδρος του Συγκροτήματος, Θεόδωρος Αριστοδήμου, έναντι €4,37 εκ. περίπου. Με τη σημερινή πράξη, ο κ. Αριστοδήμου καθίσταται ένας από τους μεγαλύτερους ιδιώτες μετόχους της Τράπεζας. Οι πλείστες μετοχές αγοράστηκαν στο ΧΑ. Ο κ. Αριστοδήμου είχε αγοράσει άλλο ένα εκατομμύριο μετοχές τον περασμένο Μάιο, αμέσως μετά την εκλογή του στην προεδρία, σε τιμές μεταξύ €8-€9, δηλαδή σε σχεδόν διπλάσιες τιμές από τις σημερινές.
Τα δύο εκατομμύρια μετοχές που αγόρασε τους τελευταίους πέντε μήνες ο κ. Αριστοδήμου αντιστοιχούν με το 0,35% του μετοχικού της κεφαλαίου. Σύμφωνα με τα τελευταία διαθέσιμα στοιχεία, ο αντιπρόεδρος του ΔΣ, Ανδρέας Αρτέμη και το μέλος του Κώστας Σεβέρης κατέχουν παρόμοια ποσοστά. Το μεγαλύτερο ποσοστό μεταξύ των μελών του ΔΣ, φαίνεται να κατέχει ο εφοπλιστής Νίκος Τσάκος, η εταιρεία του οποίου απέκτησε μέρος του ποσοστού (γύρω στα 8 εκ. μετοχές) που είχε διαθέσει η Marfin το 2007.
STOCKWATCH.COM.CY
Economy | Business | Social | Leaked | Opinions
Tuesday, October 21, 2008
Fed offers $540bn liquidity to money market funds
Fed offers $540bn liquidity to money market funds
The Federal Reserve on Tuesday said it would finance up to $540bn in purchases of short-term debt from money market mutual funds, in its latest move to shore up the bedrock of the US financial system.
The US central bank will lend money to five special purpose vehicles, which will be managed by JPMorgan Chase and tasked with purchasing certificates of deposit, bank notes and commercial paper with three-month maturities or less from highly-rated institutions.
EDITOR’S CHOICE
Bernanke backs new stimulus package - Oct-21Democrats gleeful as Fed backs stimulus - Oct-20US faces worst recession in 26 years - Oct-19Confidence plunges among US consumers - Oct-17Video: Francesco Guerrera on Paulson’s remarks - Oct-20Lex: Lousy housing - Oct-20Money market funds have had trouble selling these instruments at attractive prices to fund themselves since the financial crisis deepened last month.
“The short-term debt markets have been under considerable stress in recent weeks as money market mutual funds and other investors have had difficulty selling assets to satisfy redemption requests and meet portfolio rebalancing needs,” the Fed said in a statement.
STATEMENT
The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors.
Under the MMIFF, authorized by the Board under Section 13(3) of the Federal Reserve Act, the Federal Reserve Bank of New York (FRBNY) will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors. Eligible assets will include U.S. dollar-denominated certificates of deposit and commercial paper issued by highly rated financial institutions and having remaining maturities of 90 days or less. Eligible investors will include U.S. money market mutual funds and over time may include other U.S. money market investors.
The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors have had difficulty selling assets to satisfy redemption requests and meet portfolio rebalancing needs. By facilitating the sales of money market instruments in the secondary market, the MMIFF should improve the liquidity position of money market investors, thus increasing their ability to meet any further redemption requests and their willingness to invest in money market instruments. Improved money market conditions will enhance the ability of banks and other financial intermediaries to accommodate the credit needs of businesses and households.
The attached term sheet describes the basic terms and operational details of the facility.
The MMIFF complements the previously announced Commercial Paper Funding Facility (CPFF), which on October 27, 2008 will begin funding purchases of highly rated, U.S.-dollar denominated, three-month, unsecured and asset-backed commercial paper issued by U.S. issuers, as well as the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF), announced on September 19, 2008, which extends loans to banking organizations to purchase asset backed commercial paper from money market mutual funds. The AMLF, CPFF, and MMIFF are all intended to improve liquidity in short-term debt markets and thereby increase the availability of credit.
FINANCIAL TIMES
The Federal Reserve on Tuesday said it would finance up to $540bn in purchases of short-term debt from money market mutual funds, in its latest move to shore up the bedrock of the US financial system.
The US central bank will lend money to five special purpose vehicles, which will be managed by JPMorgan Chase and tasked with purchasing certificates of deposit, bank notes and commercial paper with three-month maturities or less from highly-rated institutions.
EDITOR’S CHOICE
Bernanke backs new stimulus package - Oct-21Democrats gleeful as Fed backs stimulus - Oct-20US faces worst recession in 26 years - Oct-19Confidence plunges among US consumers - Oct-17Video: Francesco Guerrera on Paulson’s remarks - Oct-20Lex: Lousy housing - Oct-20Money market funds have had trouble selling these instruments at attractive prices to fund themselves since the financial crisis deepened last month.
“The short-term debt markets have been under considerable stress in recent weeks as money market mutual funds and other investors have had difficulty selling assets to satisfy redemption requests and meet portfolio rebalancing needs,” the Fed said in a statement.
STATEMENT
The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors.
Under the MMIFF, authorized by the Board under Section 13(3) of the Federal Reserve Act, the Federal Reserve Bank of New York (FRBNY) will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors. Eligible assets will include U.S. dollar-denominated certificates of deposit and commercial paper issued by highly rated financial institutions and having remaining maturities of 90 days or less. Eligible investors will include U.S. money market mutual funds and over time may include other U.S. money market investors.
The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors have had difficulty selling assets to satisfy redemption requests and meet portfolio rebalancing needs. By facilitating the sales of money market instruments in the secondary market, the MMIFF should improve the liquidity position of money market investors, thus increasing their ability to meet any further redemption requests and their willingness to invest in money market instruments. Improved money market conditions will enhance the ability of banks and other financial intermediaries to accommodate the credit needs of businesses and households.
The attached term sheet describes the basic terms and operational details of the facility.
The MMIFF complements the previously announced Commercial Paper Funding Facility (CPFF), which on October 27, 2008 will begin funding purchases of highly rated, U.S.-dollar denominated, three-month, unsecured and asset-backed commercial paper issued by U.S. issuers, as well as the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF), announced on September 19, 2008, which extends loans to banking organizations to purchase asset backed commercial paper from money market mutual funds. The AMLF, CPFF, and MMIFF are all intended to improve liquidity in short-term debt markets and thereby increase the availability of credit.
FINANCIAL TIMES
Σταυράκης: Αχρείαστο ένα σχέδιο στήριξης
Σταυράκης: Αχρείαστο ένα σχέδιο στήριξης
Τα θεμελιώδη του τραπεζικού συστήματος της Κύπρου είναι υγιή και δεν υπάρχει ανάγκη για σχέδιο στήριξης των τραπεζών, δήλωσε σήμερα ο υπουργός Οικονομικών Χαρίλαος Σταυράκης, στο πρακτορείο Reuters.
Ο κ. Σταυράκης αναφέρθηκε στο νομοσχέδιο για αύξηση της εγγύησης των καταθέσεων στις €100 χιλ. από €20 χιλ. «Η κυβέρνηση αισθάνεται ότι λόγω του υγιούς τραπεζικού συστήματος δεν χρειάζεται να εφαρμοστούν άλλα μέτρα», τόνισε ο κ. Σταυράκης.
STOCKWATCH.COM.CY
Τα θεμελιώδη του τραπεζικού συστήματος της Κύπρου είναι υγιή και δεν υπάρχει ανάγκη για σχέδιο στήριξης των τραπεζών, δήλωσε σήμερα ο υπουργός Οικονομικών Χαρίλαος Σταυράκης, στο πρακτορείο Reuters.
Ο κ. Σταυράκης αναφέρθηκε στο νομοσχέδιο για αύξηση της εγγύησης των καταθέσεων στις €100 χιλ. από €20 χιλ. «Η κυβέρνηση αισθάνεται ότι λόγω του υγιούς τραπεζικού συστήματος δεν χρειάζεται να εφαρμοστούν άλλα μέτρα», τόνισε ο κ. Σταυράκης.
STOCKWATCH.COM.CY
Προς αυστηρότερη εποπτεία τραπεζών
Προς αυστηρότερη εποπτεία τραπεζών
Πρόταση οδηγίας του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου της Ευρωπαϊκής Ένωσης (ΕΕ) η οποία εισηγείται μακροπρόθεσμα μέτρα με στόχο την αποφυγή παρόμοιων οικονομικών κρίσεων όπως αυτή που έχει παρατηρηθεί τον τελευταίο χρόνο, τέθηκε προς συζήτηση σήμερα ενώπιον της Κοινοβουλευτικής Επιτροπής Ευρωπαϊκών Υποθέσεων.
Ενημερώνοντας τους βουλευτές για τις πτυχές της πρόνοιας, ο ανώτερος οικονομικός λειτουργός του Υπουργείου Οικονομικών Φαίδων Καλοζώης ανέφερε ότι σκοπός της πρότασης οδηγίας η οποία αφορά όλα τα κράτη μέλη είναι «η βελτίωση των προνοιών για καλύτερη εποπτεία, έτσι ώστε να διασφαλίζεται μεγαλύτερη χρηματοοικονομική σταθερότητα στις τράπεζες και επενδυτικές εταιρείες. Ταυτόχρονα, βελτιώνει τις πρόνοιες που αφορούν τα μεγάλα χρηματοοικονομικά ανοίγματα των τραπεζών και επενδυτικών εταιρειών, κυρίως στη διατραπεζική αγορά, (όταν δηλαδή δανείζει ή καταθέτει μια τράπεζα στην άλλη). Παράλληλα, ρυθμίζονται και τα θέματα που αφορούν την τιτλοποίηση απαιτήσεων στα λεγόμενα securitization προϊόντα».
Από αυτά τα προϊόντα δόθηκε το έναυσμα της κρίσης στις Ηνωμένες Πολιτείες, επεσήμανε ο κ. Καλοζώης, για να προσθέσει ότι «η συγκεκριμένη οδηγία η οποία αφορά τη λήψη μεσοπρόθεσμων μέτρων για τη σταθεροποίηση του χρηματοπιστωτικού συστήματος συζητείται σε ευρωπαϊκό επίπεδο εδώ και ενάμιση χρόνο πριν ξεσπάσει η κρίση».
Επιπρόσθετα, αναφέρθηκε και σε μια οδηγία την οποία έχει υιοθετήσει και η Κύπρος και αφορά την εποπτεία των διασυνοριακών τραπεζικών ομίλων, με τη δημιουργία των λεγόμενων κολεγίων των εποπτικών αρχών με ενισχυμένο το ρόλο της χώρας προέλευσης του χρηματοοικονομικού ιδρύματος.
Επιπλέον, μια άλλη πρόνοια που εισάγεται, σύμφωνα με τον ανώτερο λειτουργό του Υπουργείου Οικονομικών, είναι η εναρμόνιση των κριτηρίων για την αποτίμηση της ποιότητας των λεγόμενων υβριδικών προϊόντων (παράγωγα προϊόντα αμφίβολης ποιότητας όσον αφορά το ρίσκο τους) γι’ αυτό χρειάζεται ειδική ρύθμιση ώστε να χρησιμοποιούνται τα ίδια κριτήρια για να θεωρούνται ότι συγκαταλέγονται στα συνολικά ίδια κεφάλαια μιας τράπεζας.
Στην υπό συζήτηση οδηγία που τροποποιεί τις οδηγίες 2006/48/ΕΚ και 2006/49/ΕΚ, η Επιτροπή προτείνει τον περιορισμό όλων των διατραπεζικών ανοιγμάτων στο 25% των ιδίων κεφαλαίων ή εναλλακτικό όριο €150 εκ., αναλόγως του ποιο από τα δύο ποσά είναι μεγαλύτερο.
Εκ μέρους της Υπηρεσίας Εποπτικών Αρχών Συνεργατικών Εταιρειών, ο κ. Δώρος Κακουλής επεσήμανε ότι σκοπός της οδηγίας είναι η προστασία κυρίως των χρηματοπιστωτικών ιδρυμάτων που έχουν διεθνή παρουσία στην ΕΕ.
Πρόσθεσε, επίσης, ότι «στην παρούσα φάση δεν αφορά τα συνεργατικά ιδρύματα διότι δεν έχουν διασυνοριακές δραστηριότητες».
Στη συνέχεια πήρε το λόγο η εκπρόσωπος του Συνδέσμου Τραπεζών Κύπρου Δήμητρα Βαλιαντή, η οποία επεσήμανε ότι «το τραπεζικό τοπίο αλλάζει συνεχώς με τον ίδιο τρόπο θα πρέπει να αλλάζει και το σύστημα εποπτείας».
«Τα τελευταία δύο χρόνια σε συνεργασία με την ΚΤ και την ΕΚΤ μελετούμε διάφορα μοντέλα εποπτείας», πρόσθεσε και συμφώνησε με τις πρόνοιες της οδηγίας.
Από την πλευρά τους, οι βουλευτές αποδέχθηκαν εισήγηση του βουλευτή ΔΗΣΥ Χρίστου Στυλιανίδη, ότι «επειδή πρόκειται για ένα πολύ σοβαρό θέμα η συνέχιση της συζήτησης να πραγματοποιηθεί σε κοινή συνεδρία με την Κοινοβουλευτική Επιτροπή Οικονομικών στην παρουσία του αρμόδιου υπουργού Χαρίλαου Σταυράκη».
STOCKWATCH.COM.CY
Πρόταση οδηγίας του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου της Ευρωπαϊκής Ένωσης (ΕΕ) η οποία εισηγείται μακροπρόθεσμα μέτρα με στόχο την αποφυγή παρόμοιων οικονομικών κρίσεων όπως αυτή που έχει παρατηρηθεί τον τελευταίο χρόνο, τέθηκε προς συζήτηση σήμερα ενώπιον της Κοινοβουλευτικής Επιτροπής Ευρωπαϊκών Υποθέσεων.
Ενημερώνοντας τους βουλευτές για τις πτυχές της πρόνοιας, ο ανώτερος οικονομικός λειτουργός του Υπουργείου Οικονομικών Φαίδων Καλοζώης ανέφερε ότι σκοπός της πρότασης οδηγίας η οποία αφορά όλα τα κράτη μέλη είναι «η βελτίωση των προνοιών για καλύτερη εποπτεία, έτσι ώστε να διασφαλίζεται μεγαλύτερη χρηματοοικονομική σταθερότητα στις τράπεζες και επενδυτικές εταιρείες. Ταυτόχρονα, βελτιώνει τις πρόνοιες που αφορούν τα μεγάλα χρηματοοικονομικά ανοίγματα των τραπεζών και επενδυτικών εταιρειών, κυρίως στη διατραπεζική αγορά, (όταν δηλαδή δανείζει ή καταθέτει μια τράπεζα στην άλλη). Παράλληλα, ρυθμίζονται και τα θέματα που αφορούν την τιτλοποίηση απαιτήσεων στα λεγόμενα securitization προϊόντα».
Από αυτά τα προϊόντα δόθηκε το έναυσμα της κρίσης στις Ηνωμένες Πολιτείες, επεσήμανε ο κ. Καλοζώης, για να προσθέσει ότι «η συγκεκριμένη οδηγία η οποία αφορά τη λήψη μεσοπρόθεσμων μέτρων για τη σταθεροποίηση του χρηματοπιστωτικού συστήματος συζητείται σε ευρωπαϊκό επίπεδο εδώ και ενάμιση χρόνο πριν ξεσπάσει η κρίση».
Επιπρόσθετα, αναφέρθηκε και σε μια οδηγία την οποία έχει υιοθετήσει και η Κύπρος και αφορά την εποπτεία των διασυνοριακών τραπεζικών ομίλων, με τη δημιουργία των λεγόμενων κολεγίων των εποπτικών αρχών με ενισχυμένο το ρόλο της χώρας προέλευσης του χρηματοοικονομικού ιδρύματος.
Επιπλέον, μια άλλη πρόνοια που εισάγεται, σύμφωνα με τον ανώτερο λειτουργό του Υπουργείου Οικονομικών, είναι η εναρμόνιση των κριτηρίων για την αποτίμηση της ποιότητας των λεγόμενων υβριδικών προϊόντων (παράγωγα προϊόντα αμφίβολης ποιότητας όσον αφορά το ρίσκο τους) γι’ αυτό χρειάζεται ειδική ρύθμιση ώστε να χρησιμοποιούνται τα ίδια κριτήρια για να θεωρούνται ότι συγκαταλέγονται στα συνολικά ίδια κεφάλαια μιας τράπεζας.
Στην υπό συζήτηση οδηγία που τροποποιεί τις οδηγίες 2006/48/ΕΚ και 2006/49/ΕΚ, η Επιτροπή προτείνει τον περιορισμό όλων των διατραπεζικών ανοιγμάτων στο 25% των ιδίων κεφαλαίων ή εναλλακτικό όριο €150 εκ., αναλόγως του ποιο από τα δύο ποσά είναι μεγαλύτερο.
Εκ μέρους της Υπηρεσίας Εποπτικών Αρχών Συνεργατικών Εταιρειών, ο κ. Δώρος Κακουλής επεσήμανε ότι σκοπός της οδηγίας είναι η προστασία κυρίως των χρηματοπιστωτικών ιδρυμάτων που έχουν διεθνή παρουσία στην ΕΕ.
Πρόσθεσε, επίσης, ότι «στην παρούσα φάση δεν αφορά τα συνεργατικά ιδρύματα διότι δεν έχουν διασυνοριακές δραστηριότητες».
Στη συνέχεια πήρε το λόγο η εκπρόσωπος του Συνδέσμου Τραπεζών Κύπρου Δήμητρα Βαλιαντή, η οποία επεσήμανε ότι «το τραπεζικό τοπίο αλλάζει συνεχώς με τον ίδιο τρόπο θα πρέπει να αλλάζει και το σύστημα εποπτείας».
«Τα τελευταία δύο χρόνια σε συνεργασία με την ΚΤ και την ΕΚΤ μελετούμε διάφορα μοντέλα εποπτείας», πρόσθεσε και συμφώνησε με τις πρόνοιες της οδηγίας.
Από την πλευρά τους, οι βουλευτές αποδέχθηκαν εισήγηση του βουλευτή ΔΗΣΥ Χρίστου Στυλιανίδη, ότι «επειδή πρόκειται για ένα πολύ σοβαρό θέμα η συνέχιση της συζήτησης να πραγματοποιηθεί σε κοινή συνεδρία με την Κοινοβουλευτική Επιτροπή Οικονομικών στην παρουσία του αρμόδιου υπουργού Χαρίλαου Σταυράκη».
STOCKWATCH.COM.CY
ΦΠΑ οικοπέδων σε δύο μήνες
ΦΠΑ οικοπέδων σε δύο μήνες
Με ΦΠΑ 15% θα επιβαρύνεται από την 1η Ιανουαρίου η αγορά οικοπεδοποιήσιμης γης, καθώς η Ευρωπαϊκή Ένωση δεν προτίθεται να παραχωρήσει άλλη παράταση πέραν του ενός χρόνου που έλαβε ντε φάκτο η Κύπρος. Η επικείμενη επιβολή του ΦΠΑ στα οικόπεδα, που ανακοινώθηκε σήμερα στη Βουλή από λειτουργό του Υπ. Οικονομικών, έρχεται σε μια δύσκολη οικονομική περίοδο, λόγω της αναμενόμενης επιβράδυνσης της οικονομίας, αλλά και λόγω της κρίσης που φαίνεται να υπάρχει στην ευρύτερη αγορά ακινήτων. Η προοπτική της νέας αυτής φορολογίας ενίσχυσε σήμερα τις πολιτικές αντιδράσεις για το ύψος των φορολογιών που υπάρχουν στα ακίνητα.
Μιλώντας σήμερα στην Κοινοβουλευτική Επιτροπή Εμπορίου, ο πρόεδρος του Παγκύπριου Συνδέσμου Επιχειρηματιών Ανάπτυξης Γης και Οικοδομών Λάκης Τοφαρίδης είπε πως η αύξηση του κόστους γης – που θα αυξηθεί ακόμα περισσότερο με το ΦΠΑ – είναι η βασική αιτία για τη μεγάλη αύξηση του κόστους για απόκτηση πρώτης κατοικίας.
Μεταξύ άλλων, ο κ. Τοφαρίδης επεσήμανε ότι «η επιβολή του ΦΠΑ 15% στην αγορά οικοδομών από το Μάιο του 2004 είχε ως αποτέλεσμα να αυξήσει μεν τα έσοδα του κράτους από τα ακίνητα, αλλά και να επιφέρει και την ανάλογη αύξηση στο κόστος των οικοδομών γενικότερα».
Ο κ. Τοφαρίδης σημείωσε, επίσης, ότι «η επιβολή 15% ΦΠΑ στα οικόπεδα που έπεται θα αυξήσει ακόμη περισσότερο το κόστος της κατοικίας».
Επιπλέον, υπέδειξε ότι η αύξηση των μεταβιβαστικών τελών, τα οποία έχουν πενταπλασιαστεί, ανεβάζουν το κόστος και ανέφερε ενδεικτικά: «Για ένα σπίτι που το 1999 η τιμή του ήταν €120 χιλ. πληρώνονταν €4.270 τέλη μεταβίβασης, σήμερα για το ίδιο σπίτι το οποίο στοιχίζει €400 χιλ. πληρώνονται €25.300 τέλη».
Ακόμη, απαρίθμησε μια σειρά παραγόντων που ανεβάζουν το κόστος της κατοικίας, όπως οι τιμές των καυσίμων η οποία ανεβάζει το κόστος των υλικών περίπου 5% ετησίως, ο φόρος κεφαλαιουχικών κερδών που ανέρχεται στο 20% επί των κερδών ,η μείωση του ποσοστού χρηματοδότησης προς τις επιχειρήσεις ανάπτυξης γης σύμφωνα με οδηγίες της Κεντρικής Τράπεζας. Καθώς, επίσης, και οι απαράδεκτες, όπως τις χαρακτήρισε, «καθυστερήσεις στην έκδοση πολεοδομικών αδειών, πιστοποιητικών τελικής έγκρισης και τίτλων ιδιοκτησίας μέχρι και δέκα χρόνια, έχουν ως αποτέλεσμα οι τιμές των ακινήτων να επιβαρύνονται με έξοδα και τόκους και να αυξάνουν μέχρι και 80% της αρχικής επένδυσης», επεσήμανε ο κ. Τοφαρίδης.
Από την πλευρά του, ο διευθυντής της πολεοδομίας Χριστόδουλος Κτωρίδης αναφέρθηκε στην ολοκληρωμένη πολιτική που προωθεί το Υπουργείο Εσωτερικών μέσω της διαδικασίας αναθεώρησης των τοπικών σχεδίων, η οποία αναμένεται να ολοκληρωθεί το Δεκέμβριο του 2010. Μια βασική παράμετρος της μελέτης είναι, όπως επεσήμανε ο κ. Κτωρίδης, «τα κίνητρα που θα δοθούν για αξιοποίηση των αδρανούντων οικοπέδων που μόνο στη Λευκωσία σήμερα υπάρχουν 3,5 χιλιάδες κενά οικόπεδα».
Ο κ. Κτωρίδης αναφέρθηκε, επίσης, στους σχεδιασμούς της κυβέρνησης για αξιοποίηση γης που βρίσκεται σε περίκλειστους χώρους. «Υπάρχουν τεράστιες περιοχές που δεν αναπτύσσονται διότι είναι εγκλωβισμένες σε περίκλειστους χώρους», υπέδειξε.
Συνεχίζοντας, απέρριψε ότι παρατηρείται μεγάλη καθυστέρηση στην έκδοση πολεοδομικών αδειών και διεκπεραιώσεις των εργασιών στο κτηματολόγιο, επικαλούμενος τις συνοπτικές διαδικασίες που εφαρμόζονται από τον περασμένο Φεβρουάριο. «Από τις 9,5 χιλ. υποθέσεις που είχαμε σε εκκρεμότητα από τον περασμένο χρόνο σήμερα κατέβηκαν στις 6 χιλ.».
Ο πρόεδρος της Επιτροπής Λευτέρης Χριστοφόρου επεσήμανε ότι «η Κύπρος είναι η μοναδική χώρα που για την πρώτη κατοικία επιβαρύνεται ο Κύπριος πολίτης πέραν του 30% του κόστους απόκτησης της κατοικίας». Ο κ. Χριστοφόρου κάλεσε, επίσης, το κράτος να επιδείξει την ανάλογη στεγαστική ευαισθησία, ειδικότερα τις δύσκολες συνθήκες που διανύουν και να προχωρήσει στην αποφόρτιση από τα ψηλά μεταβιβαστικά τέλη την πρώτη κατοικία.
Ο βουλευτής του ΔΗΚΟ Νικόλας Παπαδόπουλος κάλεσε την κυβέρνηση να αξιοποιήσει τον εθνικό πλούτο, όπως χαρακτήρισε, το συντελεστή δόμησης. Ο κ. Παπαδόπουλος τόνισε ότι η αποτελεσματική αξιοποίηση του συντελεστή δόμησης μπορεί να επιφέρει:
• επιπρόσθετη ανάπτυξη στην οικονομία της Κύπρου
• επέκταση του κοινωνικού κράτους
• αποσυμφόρηση του κυκλοφοριακού προβλήματος των πόλεων
• ανάπτυξη ενός αποδοτικού δικτύου μέσων μαζικών μεταφορών
• τη συγκράτηση της αύξησης των τιμών των ακινήτων ιδιαίτερα στις περιπτώσεις των γραφείων μικρομεσαίων επιχειρήσεων και διαμερισμάτων.
Από την πλευρά του, ο βουλευτής της ΕΔΕΚ Γιώργος Βαρνάβας ζήτησε «την μεταφορά συντελεστή δόμησης από τις κατεχόμενες περιοχές στις ελεύθερες περιοχές». «Ο συντελεστής αυτός», επεσήμανε, «θα δίνει τη δυνατότητα στους πρόσφυγες να έχουν οικονομικό όφελος, ενώ θα επιδρά θετικά και στη μείωση των τιμών των ακινήτων».
STOCKWATCH.COM.CY
Με ΦΠΑ 15% θα επιβαρύνεται από την 1η Ιανουαρίου η αγορά οικοπεδοποιήσιμης γης, καθώς η Ευρωπαϊκή Ένωση δεν προτίθεται να παραχωρήσει άλλη παράταση πέραν του ενός χρόνου που έλαβε ντε φάκτο η Κύπρος. Η επικείμενη επιβολή του ΦΠΑ στα οικόπεδα, που ανακοινώθηκε σήμερα στη Βουλή από λειτουργό του Υπ. Οικονομικών, έρχεται σε μια δύσκολη οικονομική περίοδο, λόγω της αναμενόμενης επιβράδυνσης της οικονομίας, αλλά και λόγω της κρίσης που φαίνεται να υπάρχει στην ευρύτερη αγορά ακινήτων. Η προοπτική της νέας αυτής φορολογίας ενίσχυσε σήμερα τις πολιτικές αντιδράσεις για το ύψος των φορολογιών που υπάρχουν στα ακίνητα.
Μιλώντας σήμερα στην Κοινοβουλευτική Επιτροπή Εμπορίου, ο πρόεδρος του Παγκύπριου Συνδέσμου Επιχειρηματιών Ανάπτυξης Γης και Οικοδομών Λάκης Τοφαρίδης είπε πως η αύξηση του κόστους γης – που θα αυξηθεί ακόμα περισσότερο με το ΦΠΑ – είναι η βασική αιτία για τη μεγάλη αύξηση του κόστους για απόκτηση πρώτης κατοικίας.
Μεταξύ άλλων, ο κ. Τοφαρίδης επεσήμανε ότι «η επιβολή του ΦΠΑ 15% στην αγορά οικοδομών από το Μάιο του 2004 είχε ως αποτέλεσμα να αυξήσει μεν τα έσοδα του κράτους από τα ακίνητα, αλλά και να επιφέρει και την ανάλογη αύξηση στο κόστος των οικοδομών γενικότερα».
Ο κ. Τοφαρίδης σημείωσε, επίσης, ότι «η επιβολή 15% ΦΠΑ στα οικόπεδα που έπεται θα αυξήσει ακόμη περισσότερο το κόστος της κατοικίας».
Επιπλέον, υπέδειξε ότι η αύξηση των μεταβιβαστικών τελών, τα οποία έχουν πενταπλασιαστεί, ανεβάζουν το κόστος και ανέφερε ενδεικτικά: «Για ένα σπίτι που το 1999 η τιμή του ήταν €120 χιλ. πληρώνονταν €4.270 τέλη μεταβίβασης, σήμερα για το ίδιο σπίτι το οποίο στοιχίζει €400 χιλ. πληρώνονται €25.300 τέλη».
Ακόμη, απαρίθμησε μια σειρά παραγόντων που ανεβάζουν το κόστος της κατοικίας, όπως οι τιμές των καυσίμων η οποία ανεβάζει το κόστος των υλικών περίπου 5% ετησίως, ο φόρος κεφαλαιουχικών κερδών που ανέρχεται στο 20% επί των κερδών ,η μείωση του ποσοστού χρηματοδότησης προς τις επιχειρήσεις ανάπτυξης γης σύμφωνα με οδηγίες της Κεντρικής Τράπεζας. Καθώς, επίσης, και οι απαράδεκτες, όπως τις χαρακτήρισε, «καθυστερήσεις στην έκδοση πολεοδομικών αδειών, πιστοποιητικών τελικής έγκρισης και τίτλων ιδιοκτησίας μέχρι και δέκα χρόνια, έχουν ως αποτέλεσμα οι τιμές των ακινήτων να επιβαρύνονται με έξοδα και τόκους και να αυξάνουν μέχρι και 80% της αρχικής επένδυσης», επεσήμανε ο κ. Τοφαρίδης.
Από την πλευρά του, ο διευθυντής της πολεοδομίας Χριστόδουλος Κτωρίδης αναφέρθηκε στην ολοκληρωμένη πολιτική που προωθεί το Υπουργείο Εσωτερικών μέσω της διαδικασίας αναθεώρησης των τοπικών σχεδίων, η οποία αναμένεται να ολοκληρωθεί το Δεκέμβριο του 2010. Μια βασική παράμετρος της μελέτης είναι, όπως επεσήμανε ο κ. Κτωρίδης, «τα κίνητρα που θα δοθούν για αξιοποίηση των αδρανούντων οικοπέδων που μόνο στη Λευκωσία σήμερα υπάρχουν 3,5 χιλιάδες κενά οικόπεδα».
Ο κ. Κτωρίδης αναφέρθηκε, επίσης, στους σχεδιασμούς της κυβέρνησης για αξιοποίηση γης που βρίσκεται σε περίκλειστους χώρους. «Υπάρχουν τεράστιες περιοχές που δεν αναπτύσσονται διότι είναι εγκλωβισμένες σε περίκλειστους χώρους», υπέδειξε.
Συνεχίζοντας, απέρριψε ότι παρατηρείται μεγάλη καθυστέρηση στην έκδοση πολεοδομικών αδειών και διεκπεραιώσεις των εργασιών στο κτηματολόγιο, επικαλούμενος τις συνοπτικές διαδικασίες που εφαρμόζονται από τον περασμένο Φεβρουάριο. «Από τις 9,5 χιλ. υποθέσεις που είχαμε σε εκκρεμότητα από τον περασμένο χρόνο σήμερα κατέβηκαν στις 6 χιλ.».
Ο πρόεδρος της Επιτροπής Λευτέρης Χριστοφόρου επεσήμανε ότι «η Κύπρος είναι η μοναδική χώρα που για την πρώτη κατοικία επιβαρύνεται ο Κύπριος πολίτης πέραν του 30% του κόστους απόκτησης της κατοικίας». Ο κ. Χριστοφόρου κάλεσε, επίσης, το κράτος να επιδείξει την ανάλογη στεγαστική ευαισθησία, ειδικότερα τις δύσκολες συνθήκες που διανύουν και να προχωρήσει στην αποφόρτιση από τα ψηλά μεταβιβαστικά τέλη την πρώτη κατοικία.
Ο βουλευτής του ΔΗΚΟ Νικόλας Παπαδόπουλος κάλεσε την κυβέρνηση να αξιοποιήσει τον εθνικό πλούτο, όπως χαρακτήρισε, το συντελεστή δόμησης. Ο κ. Παπαδόπουλος τόνισε ότι η αποτελεσματική αξιοποίηση του συντελεστή δόμησης μπορεί να επιφέρει:
• επιπρόσθετη ανάπτυξη στην οικονομία της Κύπρου
• επέκταση του κοινωνικού κράτους
• αποσυμφόρηση του κυκλοφοριακού προβλήματος των πόλεων
• ανάπτυξη ενός αποδοτικού δικτύου μέσων μαζικών μεταφορών
• τη συγκράτηση της αύξησης των τιμών των ακινήτων ιδιαίτερα στις περιπτώσεις των γραφείων μικρομεσαίων επιχειρήσεων και διαμερισμάτων.
Από την πλευρά του, ο βουλευτής της ΕΔΕΚ Γιώργος Βαρνάβας ζήτησε «την μεταφορά συντελεστή δόμησης από τις κατεχόμενες περιοχές στις ελεύθερες περιοχές». «Ο συντελεστής αυτός», επεσήμανε, «θα δίνει τη δυνατότητα στους πρόσφυγες να έχουν οικονομικό όφελος, ενώ θα επιδρά θετικά και στη μείωση των τιμών των ακινήτων».
STOCKWATCH.COM.CY
GLOBAL INDEXES
XAK
FTSE/CySE 20
570.59 ( -2.25%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
1662.34 ( -2.17%)
Όγκος: € 8,492,306
===================
XAA
Γενικός Δείκτης
2138.05 ( 0.62%)
FTSE®/Χ.Α. 20
1156.27 ( 0.56%)
===================
FTSE 100 INDEX 4,229.73 -52.94 -1.24%
CAC 40 INDEX 3,475.40 26.89 0.78%
DAX INDEX 4,784.41 -50.60 -1.05%
===================
US
DOW JONES INDUS. AVG 9,033.66 -231.77 -2.50%
S&P 500 INDEX 955.05 -30.35 -3.08%
NASDAQ COMPOSITE INDEX 1,696.68 -73.35 -4.14%
FTSE/CySE 20
570.59 ( -2.25%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
1662.34 ( -2.17%)
Όγκος: € 8,492,306
===================
XAA
Γενικός Δείκτης
2138.05 ( 0.62%)
FTSE®/Χ.Α. 20
1156.27 ( 0.56%)
===================
FTSE 100 INDEX 4,229.73 -52.94 -1.24%
CAC 40 INDEX 3,475.40 26.89 0.78%
DAX INDEX 4,784.41 -50.60 -1.05%
===================
US
DOW JONES INDUS. AVG 9,033.66 -231.77 -2.50%
S&P 500 INDEX 955.05 -30.35 -3.08%
NASDAQ COMPOSITE INDEX 1,696.68 -73.35 -4.14%
ΠΤΩΤΙΚΟ ΑΝΟΙΓΜΑ ΑΝΑΜΕΝΕΤΑΙ ΣΤΗΝ WALL STREET
ΠΤΩΤΙΚΑ ΑΝΑΜΕΝΕΤΑΙ ΝΑ ΑΝΟΙΞΕΙ Η WALL STREET ΜΕΤΑ ΚΑΙ ΤΗΝ ΠΤΩΤΙΚΗ ΠΟΡΕΙΑ ΠΟΥ ΚΑΤΑΓΡΑΦΟΥΝ ΤΑ ΠΡΟΘΕΣΜΙΑΚΑ ΣΥΜΒΟΛΑΙΑ ΤΟΥ ΔΕΙΚΤΗ DOW JONES (-115 ΜΟΝΑΔΕΣ).
Disclaimer: We accept no responsibility for the accuracy of this information. This information should not be treated as accurate or precise. The use of any information is the investors' responsibility. This information does not in any way constitute investment advice!
Disclaimer: We accept no responsibility for the accuracy of this information. This information should not be treated as accurate or precise. The use of any information is the investors' responsibility. This information does not in any way constitute investment advice!
Kerkorian selling Ford stake
Kerkorian selling Ford stake
Financier dumps 7.3M shares, says he may sell rest of his 6% stake in automaker.
NEW YORK (CNNMoney.com) -- Financier Kirk Kerkorian is pulling out of the stake he took in Ford Motor Co. just six months ago, selling 7.3 million shares at a fraction of his purchase price.
Kerkorian's investment firm, Tracinda, revealed in a filing with the Securities and Exchange Commission Tuesday that he had sold those shares Monday for an average of price of $2.43, and that he was looking to possibly dump his remaining 133.5 million shares, which represent a 6% stake in the automaker.
Ford (F, Fortune 500) shares closed Monday down 7 cents to $2.33. Shares were off another 7 cents in pre-market trading following the announcement.
Kerkorian announced in April that he had bought 100 million shares for an average price of $6.91. He then announced a tender offer under which he paid $8.50 a share for an additional 20 million shares.
Kerkorian, the primary shareholder of casino operator MGM Grand (MGM, Fortune 500), said he was selling the Ford shares because he sees "unique value in the gaming and hospitality and oil and gas industries."
Ford and other automakers have been hammered by both high gas prices and tighter credit, which made it difficult for consumers to find the financing they needed to buy cars.
The general downturn in the economy, with the rising job losses, also has hit auto sales. Ford saw its September sales fall by more than a third from year-earlier level, leaving its sales for the first nine months of the year down 18% from the same period a year earlier.
CNN
Financier dumps 7.3M shares, says he may sell rest of his 6% stake in automaker.
NEW YORK (CNNMoney.com) -- Financier Kirk Kerkorian is pulling out of the stake he took in Ford Motor Co. just six months ago, selling 7.3 million shares at a fraction of his purchase price.
Kerkorian's investment firm, Tracinda, revealed in a filing with the Securities and Exchange Commission Tuesday that he had sold those shares Monday for an average of price of $2.43, and that he was looking to possibly dump his remaining 133.5 million shares, which represent a 6% stake in the automaker.
Ford (F, Fortune 500) shares closed Monday down 7 cents to $2.33. Shares were off another 7 cents in pre-market trading following the announcement.
Kerkorian announced in April that he had bought 100 million shares for an average price of $6.91. He then announced a tender offer under which he paid $8.50 a share for an additional 20 million shares.
Kerkorian, the primary shareholder of casino operator MGM Grand (MGM, Fortune 500), said he was selling the Ford shares because he sees "unique value in the gaming and hospitality and oil and gas industries."
Ford and other automakers have been hammered by both high gas prices and tighter credit, which made it difficult for consumers to find the financing they needed to buy cars.
The general downturn in the economy, with the rising job losses, also has hit auto sales. Ford saw its September sales fall by more than a third from year-earlier level, leaving its sales for the first nine months of the year down 18% from the same period a year earlier.
CNN
IMF warns business as EU outlook worsens
IMF warns business as EU outlook worsens
European businesses will suffer a sharp contraction in credit next year as the full consequences of the global crisis unfold for non-financial companies, the International Monetary Fund predicted on Tuesday.
“In the US we already see a lack of access to credit for companies. In Europe there is a bit of a longer delay in the credit cycle. But there will be a very sharp slowdown in credit growth next year,” Alessandro Leipold, acting director of the IMF’s European department, told the Financial Times in an interview.
EDITOR’S CHOICE
Analysis: European business feels the heat - Oct-09EU leaders demand recession safeguards - Oct-16European businesses hit by tightened credit - Sep-16Europe ‘facing tougher time than US’ - Oct-01Mr Leipold was speaking as the IMF published its latest regional economic outlook for Europe, forecasting growth in eurozone gross domestic product of 0.2 per cent next year, down from an expected 1.3 per cent in 2008.
For the 27-nation European Union, the IMF predicts GDP growth of 0.6 per cent in 2009, down from 1.7 per cent this year.
According to the IMF report, bank lending to eurozone non-financial companies reached a record nominal annual growth rate of 15 per cent last March. Mr Leipold said the credit cycle had clearly turned since then, bringing higher borrowing costs and tighter bank lending standards.
“Our forecast is that credit growth will fall to a low single-digit figure next year, maybe 2 or 3 per cent. It’s already down now to about 10 per cent,” he said.
He said the sharp slowdown in bank lending would reduce inflationary pressures in the eurozone, opening an opportunity for interest rate cuts next year by the European Central Bank.
“Inflation risks are clearly disappearing. We wouldn’t speak of upside risks at all. We see further scope for monetary easing,” Mr Leipold said.
The IMF, which is working to stabilise the financial systems in Hungary and Ukraine, had detected risks that contagion from the global crisis might infect other parts of central and eastern Europe, he said.
With about three-quarters of the region’s banks owned by foreign institutions, based principally in western Europe, there was a risk that problems at the parent banks would cause the flow of funds to their subsidiaries to dry up.
“In western Europe, recapitalisation and other measures have been taken to support the parent banks, and that should be positive for eastern Europe. But there’s an issue of co-ordination across borders. If you offer favourable treatment for banks in western Europe, you could create adverse circumstances in eastern Europe.”
Mr Leipold said the IMF would like to see better co-ordination of financial market supervision in Europe, with one possibility being a “hub and spokes” system in which a strong central supervisor worked in close contact with supervisors at national level.
Acknowledging the political resistance in some EU countries to a more centralised system, he said: “We hope the financial crisis will be an opportunity to cross some political red lines.”
FINANCIAL TIMES
European businesses will suffer a sharp contraction in credit next year as the full consequences of the global crisis unfold for non-financial companies, the International Monetary Fund predicted on Tuesday.
“In the US we already see a lack of access to credit for companies. In Europe there is a bit of a longer delay in the credit cycle. But there will be a very sharp slowdown in credit growth next year,” Alessandro Leipold, acting director of the IMF’s European department, told the Financial Times in an interview.
EDITOR’S CHOICE
Analysis: European business feels the heat - Oct-09EU leaders demand recession safeguards - Oct-16European businesses hit by tightened credit - Sep-16Europe ‘facing tougher time than US’ - Oct-01Mr Leipold was speaking as the IMF published its latest regional economic outlook for Europe, forecasting growth in eurozone gross domestic product of 0.2 per cent next year, down from an expected 1.3 per cent in 2008.
For the 27-nation European Union, the IMF predicts GDP growth of 0.6 per cent in 2009, down from 1.7 per cent this year.
According to the IMF report, bank lending to eurozone non-financial companies reached a record nominal annual growth rate of 15 per cent last March. Mr Leipold said the credit cycle had clearly turned since then, bringing higher borrowing costs and tighter bank lending standards.
“Our forecast is that credit growth will fall to a low single-digit figure next year, maybe 2 or 3 per cent. It’s already down now to about 10 per cent,” he said.
He said the sharp slowdown in bank lending would reduce inflationary pressures in the eurozone, opening an opportunity for interest rate cuts next year by the European Central Bank.
“Inflation risks are clearly disappearing. We wouldn’t speak of upside risks at all. We see further scope for monetary easing,” Mr Leipold said.
The IMF, which is working to stabilise the financial systems in Hungary and Ukraine, had detected risks that contagion from the global crisis might infect other parts of central and eastern Europe, he said.
With about three-quarters of the region’s banks owned by foreign institutions, based principally in western Europe, there was a risk that problems at the parent banks would cause the flow of funds to their subsidiaries to dry up.
“In western Europe, recapitalisation and other measures have been taken to support the parent banks, and that should be positive for eastern Europe. But there’s an issue of co-ordination across borders. If you offer favourable treatment for banks in western Europe, you could create adverse circumstances in eastern Europe.”
Mr Leipold said the IMF would like to see better co-ordination of financial market supervision in Europe, with one possibility being a “hub and spokes” system in which a strong central supervisor worked in close contact with supervisors at national level.
Acknowledging the political resistance in some EU countries to a more centralised system, he said: “We hope the financial crisis will be an opportunity to cross some political red lines.”
FINANCIAL TIMES
Δεν θα κάνουν χρήση κρατικής βοήθειας οι Marfin Popular, Marfin Egnatia και Επενδυτική Τρ. Ελλάδος
Δεν θα κάνουν χρήση κρατικής βοήθειας οι Marfin Popular, Marfin Egnatia και Επενδυτική Τρ. Ελλάδος
Η MARFIN POPULAR BANK, η MARFIN EGNATIA BANK και η ΕΠΕΝΔΥΤΙΚΗ ΤΡΑΠΕΖΑ ΕΛΛΑΔΟΣ δεν χρειάζονται και δεν πρόκειται να κάνουν χρήση οποιασδήποτε κρατικής βοήθειας οποιασδήποτε μορφής.
STOCKWATCH.COM.CY
Η MARFIN POPULAR BANK, η MARFIN EGNATIA BANK και η ΕΠΕΝΔΥΤΙΚΗ ΤΡΑΠΕΖΑ ΕΛΛΑΔΟΣ δεν χρειάζονται και δεν πρόκειται να κάνουν χρήση οποιασδήποτε κρατικής βοήθειας οποιασδήποτε μορφής.
STOCKWATCH.COM.CY
ΥΠΕΜΠ: Τερματισμός θερινής ώρας
ΥΠΕΜΠ: Τερματισμός θερινής ώρας
Το υπουργείο Εμπορίου, Βιομηχανίας και Τουρισμού ανακοινώνει ότι η περίοδος της θερινής ώρας για το 2008 τερματίζεται την Κυριακή 26 Οκτωβρίου στις 4 το πρωί. Κατά την ώρα αυτή οι δείκτες των ρολογιών θα πρέπει να μετακινηθούν κατά μία ώρα πίσω.
Σχετικό Διάταγμα δημοσιεύθηκε στην Επίσημη Εφημερίδα της Δημοκρατίας στις 13 Ιουλίου 2007.
Ο θεσμός αυτός εφαρμόζεται σε όλες τις χώρες της Ευρωπαϊκής Ένωσης.
STOCKWATCH.COM.CY
Το υπουργείο Εμπορίου, Βιομηχανίας και Τουρισμού ανακοινώνει ότι η περίοδος της θερινής ώρας για το 2008 τερματίζεται την Κυριακή 26 Οκτωβρίου στις 4 το πρωί. Κατά την ώρα αυτή οι δείκτες των ρολογιών θα πρέπει να μετακινηθούν κατά μία ώρα πίσω.
Σχετικό Διάταγμα δημοσιεύθηκε στην Επίσημη Εφημερίδα της Δημοκρατίας στις 13 Ιουλίου 2007.
Ο θεσμός αυτός εφαρμόζεται σε όλες τις χώρες της Ευρωπαϊκής Ένωσης.
STOCKWATCH.COM.CY
Citigroup Defeats Parmalat, Wins $364 Million Verdict
Citigroup Defeats Parmalat, Wins $364 Million Verdict
Oct. 21 (Bloomberg) -- Citigroup Inc., beating a lawsuit seeking $1.92 billion in damages, didn't help corrupt executives at Parmalat SA loot the Italian dairy company before it collapsed in 2003, a New Jersey state court jury ruled.
Lawyers for Parmalat Chief Executive Officer Enrico Bondi failed to prove the bank aided in thefts that helped bankrupt the company, jurors ruled in Hackensack, New Jersey yesterday. Jurors ordered Parmalat to pay $364.2 million in damages to New York-based Citigroup and found the food company committed fraud, negligent misrepresentation and conversion, also known as theft.
Parmalat, which would pay damages by issuing stock, plunged as much as 20 percent in Milan trading today. Its lawyers argued Citigroup was willfully blind to looting by ex-CEO Calisto Tanzi and former finance chief Fausto Tonna, who are on trial in Italy for fraudulent bankruptcy. Lawyers for Citigroup, a banker for Parmalat from 1994 to 2003, said its employees didn't know about the looting and its reasonable safeguards were thwarted.
``Investors were expecting Parmalat to win,'' said Alessandro Frigerio, a fund manager at RMJ Sgr in Milan, which oversees about 100 million euros, including Parmalat shares. He said analysts had estimated that the Italian company would reap about 500 million euros ($662 million) in damages.
Parmalat went bankrupt after revealing that a 3.95 billion- euro ($5.34 billion) account at Bank of America Corp. didn't exist and documents certifying the account were falsified. Parmalat emerged from bankruptcy and returned to the stock market in 2005 after a two-year reorganization under Bondi.
Stock Plunge
``Tonna and Tanzi committed a massive fraud not just on Citi, they committed it on all sorts of people, and they got away with it,'' Citigroup attorney Theodore Wells said in closing arguments last week. ``They got away with it because what they did was brazen and unprecedented.''
Parmalat stock was down 25 cents, or 16 percent, to 1.34 euros at 10:54 a.m. in Milan, the steepest slide since it was readmitted to trading in October, 2005. The stock reached 3.30 euros in 2007, attracting hedge-fund investors seeking windfall dividend payments from damages related to Bondi's legal actions against banks.
The stock is down 47 percent since the beginning of the year as cash-strapped consumers switch away from more expensive branded foods. Parmalat's market capitalization is about 2.2 billion euros.
Before collecting the damages, Citigroup must present the judgment to a bankruptcy court in Parma, Italy, a Parmalat spokeswoman said yesterday. If the judgment is authorized in that court, Citigroup would likely receive about 18.8 million Parmalat shares, the spokeswoman said.
`Convincing Argument'
The jury found by a 6-1 margin that Citigroup didn't aid and abet a breach of fiduciary duty. It agreed by the same margin on Citigroup counterclaims that Parmalat engaged in fraud, negligent misrepresentation and conversion. Jurors deliberated for three days before returning a verdict in a trial that began May 15.
``The fact that neither Citi nor its employees did anything wrong was the most convincing argument,'' Wells said yesterday in an interview after the verdict. ``Not one single fact witness testified that Citi or its employees did anything wrong.''
Bondi intends to appeal, attorney Kenneth Chiate said.
``The jury did what they're supposed to do,'' Chiate said. ``Citi probably believes that the jury came to the right verdict. Parmalat does not believe it was the right verdict.''
4th-Biggest 2008 Award
Jurors awarded $364.2 million each of the first two claims and $210.2 million on the conversion claim. The judgment was capped at $364.2 million. It's the fifth-largest verdict in the U.S. so far in 2008, according to data compiled by Bloomberg.
The juror who voted against Citigroup, Lisa Mansolillo Dalie, said that while she disagreed with the other six, all took the job seriously and reached honest conclusions.
``I obviously absorbed the evidence in a completely different way than the majority of others,'' said Dalie, 48, a graphic artist. ``I did believe that Citigroup was involved.''
Bondi's lawyers, she said, ``had a strong circumstantial case. The e-mails and some of the testimony led me to certain opinions that were bolstered by plaintiffs' experts.''
Jurors ``all really gave it careful consideration,'' said Dalie, who broke her foot during the trial.
`Thought Things Through'
``I don't think anybody rushed to judgment here,'' she said. ``Nobody made their decision based on just wanting to get out of the jury room or ending this case. Everybody really thought things through and came to the verdict they truly believed in.''
Parmalat has negotiated settlements with banks and auditors that worked for the company during the time of the fraud.
At the trial, Bondi attorney Steven Madison argued that Citigroup ``turned a blind eye to a massive fraud and looting. Without the assistance of Citibank providing that cash and assistance on false financial statements, the whole house of cards would have come down much sooner.''
In his closing argument to the jury, Wells said, ``Citi was mugged. It's like somebody robbed you, put a gun, took your money and then somebody later on criticized you. `Oh, you should have done some jujitsu and beat the robber up. It's your fault you got robbed.' It's an insanity.''
Citigroup succeeded in limiting the scope of the case before the trial began. Superior Court Judge Jonathan Harris agreed in April to dismiss Bondi's claims of fraud, conspiracy, racketeering and unjust enrichment.
Enron Comparison
At the trial, Citigroup lawyer John Baughman said Bondi's lawyers repeatedly strained during 50 days of trial testimony to tie the Parmalat fraud to the collapse of Enron Corp. in 2001.
``They don't give you evidence, they just give you buzzwords over and over and over again,'' Baughman told the jury. ``They're treating you like children. They think you're not going to use your critical thinking.''
Citigroup is ``delighted the jury has vindicated our position,'' said Andrea Hurst, a spokeswoman.
``We have said from the beginning of this case that we have done nothing wrong. Citi was the largest victim of the Parmalat fraud and not part of it,'' the company said in a statement.
The case is Bondi v. Citigroup, BER-L-10902-04, New Jersey Superior Court (Hackensack).
BLOOMBERG
Oct. 21 (Bloomberg) -- Citigroup Inc., beating a lawsuit seeking $1.92 billion in damages, didn't help corrupt executives at Parmalat SA loot the Italian dairy company before it collapsed in 2003, a New Jersey state court jury ruled.
Lawyers for Parmalat Chief Executive Officer Enrico Bondi failed to prove the bank aided in thefts that helped bankrupt the company, jurors ruled in Hackensack, New Jersey yesterday. Jurors ordered Parmalat to pay $364.2 million in damages to New York-based Citigroup and found the food company committed fraud, negligent misrepresentation and conversion, also known as theft.
Parmalat, which would pay damages by issuing stock, plunged as much as 20 percent in Milan trading today. Its lawyers argued Citigroup was willfully blind to looting by ex-CEO Calisto Tanzi and former finance chief Fausto Tonna, who are on trial in Italy for fraudulent bankruptcy. Lawyers for Citigroup, a banker for Parmalat from 1994 to 2003, said its employees didn't know about the looting and its reasonable safeguards were thwarted.
``Investors were expecting Parmalat to win,'' said Alessandro Frigerio, a fund manager at RMJ Sgr in Milan, which oversees about 100 million euros, including Parmalat shares. He said analysts had estimated that the Italian company would reap about 500 million euros ($662 million) in damages.
Parmalat went bankrupt after revealing that a 3.95 billion- euro ($5.34 billion) account at Bank of America Corp. didn't exist and documents certifying the account were falsified. Parmalat emerged from bankruptcy and returned to the stock market in 2005 after a two-year reorganization under Bondi.
Stock Plunge
``Tonna and Tanzi committed a massive fraud not just on Citi, they committed it on all sorts of people, and they got away with it,'' Citigroup attorney Theodore Wells said in closing arguments last week. ``They got away with it because what they did was brazen and unprecedented.''
Parmalat stock was down 25 cents, or 16 percent, to 1.34 euros at 10:54 a.m. in Milan, the steepest slide since it was readmitted to trading in October, 2005. The stock reached 3.30 euros in 2007, attracting hedge-fund investors seeking windfall dividend payments from damages related to Bondi's legal actions against banks.
The stock is down 47 percent since the beginning of the year as cash-strapped consumers switch away from more expensive branded foods. Parmalat's market capitalization is about 2.2 billion euros.
Before collecting the damages, Citigroup must present the judgment to a bankruptcy court in Parma, Italy, a Parmalat spokeswoman said yesterday. If the judgment is authorized in that court, Citigroup would likely receive about 18.8 million Parmalat shares, the spokeswoman said.
`Convincing Argument'
The jury found by a 6-1 margin that Citigroup didn't aid and abet a breach of fiduciary duty. It agreed by the same margin on Citigroup counterclaims that Parmalat engaged in fraud, negligent misrepresentation and conversion. Jurors deliberated for three days before returning a verdict in a trial that began May 15.
``The fact that neither Citi nor its employees did anything wrong was the most convincing argument,'' Wells said yesterday in an interview after the verdict. ``Not one single fact witness testified that Citi or its employees did anything wrong.''
Bondi intends to appeal, attorney Kenneth Chiate said.
``The jury did what they're supposed to do,'' Chiate said. ``Citi probably believes that the jury came to the right verdict. Parmalat does not believe it was the right verdict.''
4th-Biggest 2008 Award
Jurors awarded $364.2 million each of the first two claims and $210.2 million on the conversion claim. The judgment was capped at $364.2 million. It's the fifth-largest verdict in the U.S. so far in 2008, according to data compiled by Bloomberg.
The juror who voted against Citigroup, Lisa Mansolillo Dalie, said that while she disagreed with the other six, all took the job seriously and reached honest conclusions.
``I obviously absorbed the evidence in a completely different way than the majority of others,'' said Dalie, 48, a graphic artist. ``I did believe that Citigroup was involved.''
Bondi's lawyers, she said, ``had a strong circumstantial case. The e-mails and some of the testimony led me to certain opinions that were bolstered by plaintiffs' experts.''
Jurors ``all really gave it careful consideration,'' said Dalie, who broke her foot during the trial.
`Thought Things Through'
``I don't think anybody rushed to judgment here,'' she said. ``Nobody made their decision based on just wanting to get out of the jury room or ending this case. Everybody really thought things through and came to the verdict they truly believed in.''
Parmalat has negotiated settlements with banks and auditors that worked for the company during the time of the fraud.
At the trial, Bondi attorney Steven Madison argued that Citigroup ``turned a blind eye to a massive fraud and looting. Without the assistance of Citibank providing that cash and assistance on false financial statements, the whole house of cards would have come down much sooner.''
In his closing argument to the jury, Wells said, ``Citi was mugged. It's like somebody robbed you, put a gun, took your money and then somebody later on criticized you. `Oh, you should have done some jujitsu and beat the robber up. It's your fault you got robbed.' It's an insanity.''
Citigroup succeeded in limiting the scope of the case before the trial began. Superior Court Judge Jonathan Harris agreed in April to dismiss Bondi's claims of fraud, conspiracy, racketeering and unjust enrichment.
Enron Comparison
At the trial, Citigroup lawyer John Baughman said Bondi's lawyers repeatedly strained during 50 days of trial testimony to tie the Parmalat fraud to the collapse of Enron Corp. in 2001.
``They don't give you evidence, they just give you buzzwords over and over and over again,'' Baughman told the jury. ``They're treating you like children. They think you're not going to use your critical thinking.''
Citigroup is ``delighted the jury has vindicated our position,'' said Andrea Hurst, a spokeswoman.
``We have said from the beginning of this case that we have done nothing wrong. Citi was the largest victim of the Parmalat fraud and not part of it,'' the company said in a statement.
The case is Bondi v. Citigroup, BER-L-10902-04, New Jersey Superior Court (Hackensack).
BLOOMBERG
ASIA TODAY
NIKKEI 225 9,306.25 300.66 3.34%
HANG SENG INDEX 15,041.17 -281.84 -1.84%
CSI 300 INDEX 1,881.41 -15.33 -0.81%
HANG SENG INDEX 15,041.17 -281.84 -1.84%
CSI 300 INDEX 1,881.41 -15.33 -0.81%
French banks surge on state injection
French banks surge on state injection
The shares of France’s main banks soared on Tuesday after the government said it would inject €10.5bn ($14bn) into the six largest players in an effort to shore up their balance sheets and ensure they continued to provide credit to consumers and businesses.
The move was indispensable if banks were to be “in a position to properly finance the economy”, said Christine Lagarde, finance minister, on Monday night.
EDITOR’S CHOICE
SocGen leads falls on fears of illiquidity - Oct-20European View: Moral guillotine falls at Caisse d’Epargne - Oct-20Full coverage: Global financial crisis - Oct-08Lex: French banks stumble - Feb-19Foreign acquisitions boost BNP earnings - Feb-15Domestic woes weigh on SocGen - Feb-14Until then, France’s banks had given no indication they were interested in acessing a €40bn recapitalisation fund unveiled by the government last week.
But Ms Lagarde said Crédit Agricole would receive €3bn, BNP Paribas €2.55bn, Société Générale €1.7bn, Crédit Mutuel €1.2bn, Caisse d’Epargne €1.1bn, and Banque Populaire €0.95bn.
Crédit Agricole shares opened 7.6 per cent higher on Tuesday, BNP Paribas rose 8 per cent while SocGen shares rose 10.7 per cent. The benchmark CAC-40 average was trading 2.4 per cent higher.
The capital will come in the form of subordinated loans that are repayable after other debts have been met, do not dilute existing shareholders and do not require a change in dividend policy. Nevertheless, subordinated debt can nonetheless be used to increase the banks’ tier one capital ratios, a main measure of balance sheet strength. The loans will be provided at base rate plus 400 basis points.
The French finance ministry said the plan, agreed in principle with the banks, was subject to approval of the European Commission’s competition authorities.
The Bank of France, which also acts as the country’s banking regulator, is expected to raise from 25 per cent to 35 per cent the proportion of tier one capital than can be a hybrid of equity and debt instruments.
Officials in Paris insisted the state was providing the loans not because the banks in question were in difficulty but because the government wanted to ensure that they were able to continue to provide credit for households and companies.
Christian Noyer, governor of the Bank of France saidon Monday that French banks “absolutely did not need new shareholders’ funds” and were “very well capitalised”.
He said: “The aim of this operation is not to recapitalize banks… but to assist in the financing of the economy and the provision of new credit”.
Officials said the move was intended to help French banks maintain their relatively high solvency ratios, and enable them to keep pumping credit into the real economy even though their share prices were under pressure, officials said.
France’s banks have shown little interest in the government’s €40bn recapitalization fund, perhaps fearing the stigma if they sought to use it. SocGen’s share price took a poundingon Monday amid rumours that it was seeking government capital.
Earlier in the day, François Fillon, prime minister, said banks wishing to access the government’s €320bn loan guarantee fund would have to promise to increase their stock of credit at an annual rate of 3 to 4 per cent to qualify. The same will apply to banks receiving capital from the state.
However, with demand for credit set to slow as the economy decelerates, some banking leaders have suggested mainting credit flows could be difficult to ensure. Banks will be required to provide monthly reports to the government on how they are using their injections of public money to finance the real economy.
Banks benefiting from the scheme will also have to respect pay curbs for top managers, with restrictions on severance payments and stock-options. All French banks last week agreed to abide by a code of practice setting out these curbs.
FINANCIAL TIMES
The shares of France’s main banks soared on Tuesday after the government said it would inject €10.5bn ($14bn) into the six largest players in an effort to shore up their balance sheets and ensure they continued to provide credit to consumers and businesses.
The move was indispensable if banks were to be “in a position to properly finance the economy”, said Christine Lagarde, finance minister, on Monday night.
EDITOR’S CHOICE
SocGen leads falls on fears of illiquidity - Oct-20European View: Moral guillotine falls at Caisse d’Epargne - Oct-20Full coverage: Global financial crisis - Oct-08Lex: French banks stumble - Feb-19Foreign acquisitions boost BNP earnings - Feb-15Domestic woes weigh on SocGen - Feb-14Until then, France’s banks had given no indication they were interested in acessing a €40bn recapitalisation fund unveiled by the government last week.
But Ms Lagarde said Crédit Agricole would receive €3bn, BNP Paribas €2.55bn, Société Générale €1.7bn, Crédit Mutuel €1.2bn, Caisse d’Epargne €1.1bn, and Banque Populaire €0.95bn.
Crédit Agricole shares opened 7.6 per cent higher on Tuesday, BNP Paribas rose 8 per cent while SocGen shares rose 10.7 per cent. The benchmark CAC-40 average was trading 2.4 per cent higher.
The capital will come in the form of subordinated loans that are repayable after other debts have been met, do not dilute existing shareholders and do not require a change in dividend policy. Nevertheless, subordinated debt can nonetheless be used to increase the banks’ tier one capital ratios, a main measure of balance sheet strength. The loans will be provided at base rate plus 400 basis points.
The French finance ministry said the plan, agreed in principle with the banks, was subject to approval of the European Commission’s competition authorities.
The Bank of France, which also acts as the country’s banking regulator, is expected to raise from 25 per cent to 35 per cent the proportion of tier one capital than can be a hybrid of equity and debt instruments.
Officials in Paris insisted the state was providing the loans not because the banks in question were in difficulty but because the government wanted to ensure that they were able to continue to provide credit for households and companies.
Christian Noyer, governor of the Bank of France saidon Monday that French banks “absolutely did not need new shareholders’ funds” and were “very well capitalised”.
He said: “The aim of this operation is not to recapitalize banks… but to assist in the financing of the economy and the provision of new credit”.
Officials said the move was intended to help French banks maintain their relatively high solvency ratios, and enable them to keep pumping credit into the real economy even though their share prices were under pressure, officials said.
France’s banks have shown little interest in the government’s €40bn recapitalization fund, perhaps fearing the stigma if they sought to use it. SocGen’s share price took a poundingon Monday amid rumours that it was seeking government capital.
Earlier in the day, François Fillon, prime minister, said banks wishing to access the government’s €320bn loan guarantee fund would have to promise to increase their stock of credit at an annual rate of 3 to 4 per cent to qualify. The same will apply to banks receiving capital from the state.
However, with demand for credit set to slow as the economy decelerates, some banking leaders have suggested mainting credit flows could be difficult to ensure. Banks will be required to provide monthly reports to the government on how they are using their injections of public money to finance the real economy.
Banks benefiting from the scheme will also have to respect pay curbs for top managers, with restrictions on severance payments and stock-options. All French banks last week agreed to abide by a code of practice setting out these curbs.
FINANCIAL TIMES
Rescue loans available to European carmakers
Rescue loans available to European carmakers
German and French carmakers, which have asked the European Commission for €40bn ($53bn) in cheap loans, are eligible to tap their governments’ banking rescue plans, according to government officials.
Both the German and French finance ministries said on Monday that the financing arms of carmakers could use the state guarantees for new lending of up to €400bn and €320bn respectively.
EDITOR’S CHOICE
In depth: Auto crunch - Oct-15Credit crisis hits Japanese car sales in US - Oct-20Schaeffler lays off workers - Oct-17European groups worried about suppliers - Oct-19Lex: European carmakers - Oct-14China’s car sales boom runs out of steam - Oct-14“Car banks can definitely participate in the scheme,” said the German ministry. A French official said: “If you are a bank specialised in providing credit for the purchase of cars you need access to the wholesale markets like any other bank.”
The financing arms account for more than 15 per cent of operating profits at the European carmakers, according to analysts at Morgan Stanley, and car manufacturers have a large short-term refinancing need because of the credit they offer their customers.
The availability of government credit guarantees comes as the European car industry faces up to its toughest time in decades as demand is plummeting in countries including the US, the UK and Spain.
Also, carmakers have to invest billions of euros to meet stringent new emissions targets by regulators.
This month all carmakers in Europe called on the European Commission to give them €40bn in cheap loans in an attempted copy of the $25bn the US Congress has promised mostly to domestic manufacturers.
All of the carmakers contacted by the Financial Times – including Volkswagen, BMW, Renault and PSA Peugeot-Citroën – said they had no current need to use the government scheme. Several also said the €40bn request was separate and would need to be dealt with by national governments.
But governments have been split with the French president and Italian prime minister calling for help for the car industry while German ministers have publicly squabbled over the need for a separate bail-out.
Any help from governments would be subject to conditions in each country. But, presuming the carmakers only asked for the credit guarantees, they would be far less onerous than those demanded of banks that need new capital. Both countries would offer the guarantees at an unspecified commercial rate of interest.
In Germany, companies would be required to submit their business model for approval.
In France, companies would need to satisfy certain conditions on “ethics”, particularly in regard to pay. The government wants all companies to link severance payments for top managers to performance and restrict the issuing of share options. Companies would also have to increase their stock of credit to consumers and businesses by an annual rate of 3-4 per cent, the government announced on Monday.
FINANCIAL TIMES
German and French carmakers, which have asked the European Commission for €40bn ($53bn) in cheap loans, are eligible to tap their governments’ banking rescue plans, according to government officials.
Both the German and French finance ministries said on Monday that the financing arms of carmakers could use the state guarantees for new lending of up to €400bn and €320bn respectively.
EDITOR’S CHOICE
In depth: Auto crunch - Oct-15Credit crisis hits Japanese car sales in US - Oct-20Schaeffler lays off workers - Oct-17European groups worried about suppliers - Oct-19Lex: European carmakers - Oct-14China’s car sales boom runs out of steam - Oct-14“Car banks can definitely participate in the scheme,” said the German ministry. A French official said: “If you are a bank specialised in providing credit for the purchase of cars you need access to the wholesale markets like any other bank.”
The financing arms account for more than 15 per cent of operating profits at the European carmakers, according to analysts at Morgan Stanley, and car manufacturers have a large short-term refinancing need because of the credit they offer their customers.
The availability of government credit guarantees comes as the European car industry faces up to its toughest time in decades as demand is plummeting in countries including the US, the UK and Spain.
Also, carmakers have to invest billions of euros to meet stringent new emissions targets by regulators.
This month all carmakers in Europe called on the European Commission to give them €40bn in cheap loans in an attempted copy of the $25bn the US Congress has promised mostly to domestic manufacturers.
All of the carmakers contacted by the Financial Times – including Volkswagen, BMW, Renault and PSA Peugeot-Citroën – said they had no current need to use the government scheme. Several also said the €40bn request was separate and would need to be dealt with by national governments.
But governments have been split with the French president and Italian prime minister calling for help for the car industry while German ministers have publicly squabbled over the need for a separate bail-out.
Any help from governments would be subject to conditions in each country. But, presuming the carmakers only asked for the credit guarantees, they would be far less onerous than those demanded of banks that need new capital. Both countries would offer the guarantees at an unspecified commercial rate of interest.
In Germany, companies would be required to submit their business model for approval.
In France, companies would need to satisfy certain conditions on “ethics”, particularly in regard to pay. The government wants all companies to link severance payments for top managers to performance and restrict the issuing of share options. Companies would also have to increase their stock of credit to consumers and businesses by an annual rate of 3-4 per cent, the government announced on Monday.
FINANCIAL TIMES
HB: 9μηνιαία στις 27/11
HB: 9μηνιαία στις 27/11
Στις 27 Νοεμβρίου 2008 αναμένεται να ανακοινώσει τα οικονομικά της αποτελέσματα για το πρώτο εννιάμηνο η Ελληνική Τράπεζα. Όπως αναφέρεται σε σημερινή ανακοίνωση, το διοικητικό συμβούλιο της τράπεζας θα συνεδριάσει το απόγευμα της Πέμπτης 27 Νοεμβρίου 2008 για να εξετάσει, μεταξύ άλλων, τα αποτελέσματα του Ομίλου για τους πρώτους εννέα μήνες του έτους 2008.
Τα αποτελέσματα θα ανακοινωθούν στο Χρηματιστήριο και στην Επιτροπή Κεφαλαιαγοράς μετά από την έγκρισή τους από το ΔΣ.
Το πρώτο εξάμηνο του 2008 τα κέρδη της HB μειώθηκαν στα €50,9 εκ. από €70,2 εκ. το περσινό εξάμηνο (-27,5%). Με αφορμή την ανακοίνωση των εξαμηνιαίων αποτελεσμάτων της, η τράπεζα προχώρησε και σε αρνητική αναθεώρηση των φετινών στόχων κερδοφορίας. Η τράπεζα αναμένει ότι τα προ φόρων κέρδη θα φθάσουν τα €119 εκ. αντί €131 εκ. που είχε προϋπολογίσει. Η Ελληνική διατήρησε αμετάβλητους τους στόχους για προ φόρων κέρδη €154 εκ. το 2009 και €196 εκ. το 2010.
STOCKWATCH.COM.CY
Στις 27 Νοεμβρίου 2008 αναμένεται να ανακοινώσει τα οικονομικά της αποτελέσματα για το πρώτο εννιάμηνο η Ελληνική Τράπεζα. Όπως αναφέρεται σε σημερινή ανακοίνωση, το διοικητικό συμβούλιο της τράπεζας θα συνεδριάσει το απόγευμα της Πέμπτης 27 Νοεμβρίου 2008 για να εξετάσει, μεταξύ άλλων, τα αποτελέσματα του Ομίλου για τους πρώτους εννέα μήνες του έτους 2008.
Τα αποτελέσματα θα ανακοινωθούν στο Χρηματιστήριο και στην Επιτροπή Κεφαλαιαγοράς μετά από την έγκρισή τους από το ΔΣ.
Το πρώτο εξάμηνο του 2008 τα κέρδη της HB μειώθηκαν στα €50,9 εκ. από €70,2 εκ. το περσινό εξάμηνο (-27,5%). Με αφορμή την ανακοίνωση των εξαμηνιαίων αποτελεσμάτων της, η τράπεζα προχώρησε και σε αρνητική αναθεώρηση των φετινών στόχων κερδοφορίας. Η τράπεζα αναμένει ότι τα προ φόρων κέρδη θα φθάσουν τα €119 εκ. αντί €131 εκ. που είχε προϋπολογίσει. Η Ελληνική διατήρησε αμετάβλητους τους στόχους για προ φόρων κέρδη €154 εκ. το 2009 και €196 εκ. το 2010.
STOCKWATCH.COM.CY
FDIC balks at Washington Mutual bid for $4.4B
FDIC balks at Washington Mutual bid for $4.4B
Bank regulator challenges WaMu's efforts in bankruptcy court to secure a $4.4 billion cash transfer from JPMorgan Chase.
WILMINGTON, Del. (AP) -- The Federal Deposit Insurance Corporation has challenged Washington Mutual's request for bankruptcy court approval of a $4.4 billion cash transfer from JPMorgan Chase Co.
In court papers filed Monday, the FDIC said it may have "significant claims" against WaMu and to the funds, which WaMu contends are part of its bankruptcy estate.
WaMu, parent company of Washington Mutual Bank, filed for Chapter 11 reorganization along with its Washington Mutual Investment affiliate on Sept. 26. The filing came one day after the Office of Thrift Supervision appointed the FDIC as receiver for Washington Mutual Bank and its banking subsidiaries, including Washington Mutual Bank.
After being appointed receiver, the FDIC sold WaMu's banking assets to JPMorgan Chase (JPM, Fortune 500) for $1.9 billion.
WaMu now claims that it is entitled to take possession of about $3.7 billion it had deposited in Washington Mutual Bank, and another $707 million on deposit with Washington Mutual Bank prior to the receivership.
"The debtors believe there is no question that the deposits constitute property of the debtors' estates," WaMu said in a filing last week seeking court approval of an agreement it has reached with JPMorgan Chase to transfer the funds.
But the FDIC said in a court filing Monday that there is no need for the court to approve the transfer at this point, particularly since all the deposit account information has not been documented.
"In light of the FDIC's statutory authority, the seriousness of the issues, the amount of funds to be transferred and the fact that the debtors have no need to use the funds at this time, there is no need to disturb the status quo," attorney M. Blake Cleary wrote on behalf of the FDIC. "The debtors cannot pay their unsecured creditors prior to confirmation of a plan and they have substantial other resources to fund the administrative expenses of their Chapter 11 cases."
Attorneys for a group of Washington Mutual Bank noteholders also filed an objection to the fund transfer Monday.
"No bank would ever let someone walk up to a teller window and withdraw even one dollar from an account without confirming that the account was actually established and that the account actually belonged to the customer," the noteholders said in their filing.
The FDIC said it believes it can work out a stipulation with WaMu that would provide the FDIC the same protections afforded to JPMorgan under the proposed transfer agreement.
CNN
Bank regulator challenges WaMu's efforts in bankruptcy court to secure a $4.4 billion cash transfer from JPMorgan Chase.
WILMINGTON, Del. (AP) -- The Federal Deposit Insurance Corporation has challenged Washington Mutual's request for bankruptcy court approval of a $4.4 billion cash transfer from JPMorgan Chase Co.
In court papers filed Monday, the FDIC said it may have "significant claims" against WaMu and to the funds, which WaMu contends are part of its bankruptcy estate.
WaMu, parent company of Washington Mutual Bank, filed for Chapter 11 reorganization along with its Washington Mutual Investment affiliate on Sept. 26. The filing came one day after the Office of Thrift Supervision appointed the FDIC as receiver for Washington Mutual Bank and its banking subsidiaries, including Washington Mutual Bank.
After being appointed receiver, the FDIC sold WaMu's banking assets to JPMorgan Chase (JPM, Fortune 500) for $1.9 billion.
WaMu now claims that it is entitled to take possession of about $3.7 billion it had deposited in Washington Mutual Bank, and another $707 million on deposit with Washington Mutual Bank prior to the receivership.
"The debtors believe there is no question that the deposits constitute property of the debtors' estates," WaMu said in a filing last week seeking court approval of an agreement it has reached with JPMorgan Chase to transfer the funds.
But the FDIC said in a court filing Monday that there is no need for the court to approve the transfer at this point, particularly since all the deposit account information has not been documented.
"In light of the FDIC's statutory authority, the seriousness of the issues, the amount of funds to be transferred and the fact that the debtors have no need to use the funds at this time, there is no need to disturb the status quo," attorney M. Blake Cleary wrote on behalf of the FDIC. "The debtors cannot pay their unsecured creditors prior to confirmation of a plan and they have substantial other resources to fund the administrative expenses of their Chapter 11 cases."
Attorneys for a group of Washington Mutual Bank noteholders also filed an objection to the fund transfer Monday.
"No bank would ever let someone walk up to a teller window and withdraw even one dollar from an account without confirming that the account was actually established and that the account actually belonged to the customer," the noteholders said in their filing.
The FDIC said it believes it can work out a stipulation with WaMu that would provide the FDIC the same protections afforded to JPMorgan under the proposed transfer agreement.
CNN
Citic Pacific Slump on Possible $2 Billion Forex Loss
Citic Pacific Slump on Possible $2 Billion Forex Loss
Oct. 21 (Bloomberg) -- Citic Pacific Ltd. tumbled the most in 18 years in Hong Kong trading after predicting HK$15.5 billion ($2 billion) in losses from unauthorized currency bets.
The unit of China's biggest state-owned investment company dropped as much as 47 percent to HK$7.70 at 11:14 a.m. local time. The company ousted Financial Director Leslie Chang and Financial Controller Chau Chi Yin and said yesterday in a filing its parent would help to arrange a $1.5 billion loan.
``The company may face bankruptcy if it doesn't secure the loan from its parent as banks probably won't dare to lend money to it under the current credit crunch,'' said Liu Yang, managing director at Atlantis Investment Management Ltd., which oversees about $2 billion in China assets. ``The incident shows the company has real problems in risk management.''
Citic Pacific's bet that the Australian dollar would rise incurred losses as the currency tumbled about 30 percent against its U.S. counterpart from a 25-year high reached in July. This may be the biggest derivatives loss reported by a Chinese company, almost four times the 2004 sum incurred by China Aviation Oil (Singapore) Corp. betting on jet fuel.
The shares drop, the most since 1990, cut the company's market value to HK$17.3 billion and takes the year's loss to 82 percent.
Ratings Cut
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. cut their ratings on Citic Pacific shares to ``sell'' or ``underperform.'' All of them also cut their target prices.
Citic Pacific's potential loss would beat other wrong bets by Chinese companies. China Aviation Oil triggered Singapore's biggest derivatives scandal after revealing a $550 million trading loss. Liu Qibing, a Chinese government trader, made wrong copper bets resulting in an estimated $300 million in losses in 2005.
Citic Pacific bought currency contracts to fund an A$1.6 billion ($1.1 billion) iron ore mine in Australia, the company said yesterday. The hedging transactions weren't approved by the company's Chairman Larry Yung, the company said.
A loss of HK$808 million has been incurred from terminating some leveraged currency contracts, and an additional HK$14.7 billion in losses are possible, Citic Pacific said yesterday.
Strike Price
The possible losses are based on an exchange rate of 70 cents to the Australian dollar, $1.35 to the euro and 6.84 yuan to the dollar, it said. The outstanding Australian contracts, for monthly delivery until October 2010, have a weighted average strike price of 87 cents to the Australian dollar, it said.
The Australian dollar traded at 69.65 U.S. cents at 12:17 p.m. in Sydney.
``Citic had only A$1.6 billion in capex requirements, however, it is now interested in more than A$9 billion,'' Anil Daswani, a Hong Kong-based analyst at Citigroup, said in a report. The ``cowboy hedging policy sees Citic sitting on unlimited potential losses,'' Daswani said.
Senior management at Hong Kong-based Citic Pacific were not available for further comments today. The company didn't say which banks sold the currency contracts. Yesterday it said it knew of the exposure last month.
Earlier Disclosure
``The board should have disclosed what they knew, when they knew it,'' David Webb, a former independent director at the city's stock exchange and a shareholder activist, wrote on his Web site yesterday. ``It cannot have taken six weeks to understand the basic financial parameters of the contracts the company had signed and the magnitude of money at risk.''
Citic Pacific's Chairman Yung was ranked China's fifth- wealthiest person with $3.7 billion, according to Hurun Inc.
Citic Pacific on Aug. 28 said its first-half profit fell 12 percent to HK$4.38 billion as material costs rose and part-owned Cathay Pacific Airways Ltd. posted a loss. At the end of June, the company had net debt of HK$31.2 billion as well as HK$30.2 billion in cash and available committed loan facilities.
The global credit crisis has increased volatility in stock, commodity and currency markets this year, causing foreign- exchange losses for companies from Brazilian pulp producer Aracruz Celulose SA to Maruti Suzuki India Ltd., the nation's biggest carmaker.
BLOOMBERG
Oct. 21 (Bloomberg) -- Citic Pacific Ltd. tumbled the most in 18 years in Hong Kong trading after predicting HK$15.5 billion ($2 billion) in losses from unauthorized currency bets.
The unit of China's biggest state-owned investment company dropped as much as 47 percent to HK$7.70 at 11:14 a.m. local time. The company ousted Financial Director Leslie Chang and Financial Controller Chau Chi Yin and said yesterday in a filing its parent would help to arrange a $1.5 billion loan.
``The company may face bankruptcy if it doesn't secure the loan from its parent as banks probably won't dare to lend money to it under the current credit crunch,'' said Liu Yang, managing director at Atlantis Investment Management Ltd., which oversees about $2 billion in China assets. ``The incident shows the company has real problems in risk management.''
Citic Pacific's bet that the Australian dollar would rise incurred losses as the currency tumbled about 30 percent against its U.S. counterpart from a 25-year high reached in July. This may be the biggest derivatives loss reported by a Chinese company, almost four times the 2004 sum incurred by China Aviation Oil (Singapore) Corp. betting on jet fuel.
The shares drop, the most since 1990, cut the company's market value to HK$17.3 billion and takes the year's loss to 82 percent.
Ratings Cut
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. cut their ratings on Citic Pacific shares to ``sell'' or ``underperform.'' All of them also cut their target prices.
Citic Pacific's potential loss would beat other wrong bets by Chinese companies. China Aviation Oil triggered Singapore's biggest derivatives scandal after revealing a $550 million trading loss. Liu Qibing, a Chinese government trader, made wrong copper bets resulting in an estimated $300 million in losses in 2005.
Citic Pacific bought currency contracts to fund an A$1.6 billion ($1.1 billion) iron ore mine in Australia, the company said yesterday. The hedging transactions weren't approved by the company's Chairman Larry Yung, the company said.
A loss of HK$808 million has been incurred from terminating some leveraged currency contracts, and an additional HK$14.7 billion in losses are possible, Citic Pacific said yesterday.
Strike Price
The possible losses are based on an exchange rate of 70 cents to the Australian dollar, $1.35 to the euro and 6.84 yuan to the dollar, it said. The outstanding Australian contracts, for monthly delivery until October 2010, have a weighted average strike price of 87 cents to the Australian dollar, it said.
The Australian dollar traded at 69.65 U.S. cents at 12:17 p.m. in Sydney.
``Citic had only A$1.6 billion in capex requirements, however, it is now interested in more than A$9 billion,'' Anil Daswani, a Hong Kong-based analyst at Citigroup, said in a report. The ``cowboy hedging policy sees Citic sitting on unlimited potential losses,'' Daswani said.
Senior management at Hong Kong-based Citic Pacific were not available for further comments today. The company didn't say which banks sold the currency contracts. Yesterday it said it knew of the exposure last month.
Earlier Disclosure
``The board should have disclosed what they knew, when they knew it,'' David Webb, a former independent director at the city's stock exchange and a shareholder activist, wrote on his Web site yesterday. ``It cannot have taken six weeks to understand the basic financial parameters of the contracts the company had signed and the magnitude of money at risk.''
Citic Pacific's Chairman Yung was ranked China's fifth- wealthiest person with $3.7 billion, according to Hurun Inc.
Citic Pacific on Aug. 28 said its first-half profit fell 12 percent to HK$4.38 billion as material costs rose and part-owned Cathay Pacific Airways Ltd. posted a loss. At the end of June, the company had net debt of HK$31.2 billion as well as HK$30.2 billion in cash and available committed loan facilities.
The global credit crisis has increased volatility in stock, commodity and currency markets this year, causing foreign- exchange losses for companies from Brazilian pulp producer Aracruz Celulose SA to Maruti Suzuki India Ltd., the nation's biggest carmaker.
BLOOMBERG
France to Invest 10.5 Billion Euros in BNP, SocGen, Other Banks
France to Invest 10.5 Billion Euros in BNP, SocGen, Other Banks
Oct. 21 (Bloomberg) -- BNP Paribas SA, Societe Generale SA and four other French banks will get 10.5 billion euros ($14 billion) from the government, tapping for the first time the 360 billion-euro state rescue package unveiled this month.
The government will subscribe to subordinated debt issued by the country's six biggest banks, without acquiring voting rights, Finance Minister Christine Lagarde said at a press conference in Paris yesterday. In exchange, the banks will have to boost lending to companies and households, she said.
``It's a balanced approach,'' said Gilles Moec, an economist at Bank of America Corp. in London. ``The government wants to avoid a contraction in the French credit markets at all costs. The banks now have more than enough to protect themselves from the risks that have paralyzed them since the summer.''
Governments from Washington to London to Berlin have rushed to shore up banks' capital and unlock lending since credit markets froze up following the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. On Oct. 12, France, Germany, Spain, the Netherlands and Austria committed 1.3 trillion euros to guarantee bank loans and take stakes in lenders racing to prevent the collapse of the financial system.
The other banks included in the French investment plan unveiled yesterday are Credit Agricole SA, Credit Mutuel, Caisse d'Epargne and Banque Populaire. The funds will boost the banks' shareholder equity and increase solvency ratios without being dilutive for shareholders, helping to increase credit, the Bank of France, the central bank, said.
`Not a Gift'
``The goal is to ensure the bank networks will be able to continue financing the economy while maintaining high solvency levels,'' Lagarde said. The banks ``must commit to increasing loans to the economy and guarantee financing adapted to the needs of households, companies, and local government.''
Credit Agricole will sell 3 billion euros of subordinated debt, BNP Paribas 2.55 billion euros and Societe Generale 1.7 billion euros. Customer-owned lenders Caisse d'Epargne and Banque Populaire will sell 1.1 billion euros and 950 million euros of debt, respectively, and Credit Mutuel will issue 1.2 billion euros of debt.
``The state is not giving a gift to the banks,'' Lagarde said. ``The pricing of these securities will be based on available market references. They will generate substantial revenue for the state.''
Other Efforts
Other European governments have this month invested in banks hit by the global credit crunch. The Dutch government bought local units of Fortis and ABN Amro Holding NV for 16.8 billion euros. Zurich-based UBS AG agreed to sell a stake of 6 billion Swiss francs ($5.2 billion) to the government and split off as much as $60 billion of risky assets.
The U.K.'s Royal Bank of Scotland may sell as much as 20 billion pounds of stock to the government unless investors agree to buy shares. On Oct. 19, the Netherlands said ING Groep NV, the biggest Dutch financial-services firm, will get 10 billion euros after it warned of its first quarterly loss.
In the U.S., Treasury Secretary Henry Paulson plans to spend $250 billion of a $700 billion bailout package to buy non- voting preferred equity stakes in banks.
The latest French effort is not aimed at beefing up capital, but at easing lending, Christian Noyer, European Central Bank governing council member and governor of the Bank of France, said at the press conference.
``The goal of this operation isn't to recapitalize those banks that need it but to support financing for the economy,'' he said.
Slowing Lending
Lagarde said yesterday that French growth in 2009 will probably fall short of the government's 1 percent forecast as the financial and economic crisis limits any expansion. French statistics institute Insee estimates the euro region's second- largest economy slipped into a recession in the third quarter.
The growth in lending to the private sector slowed to 10.2 percent in August from a year earlier, compared with 12 percent just two months before, according to Bank of France statistics. In another central bank survey, more than half of the banks said they would tighten lending criteria in the third quarter.
The French government last week said it will set up two entities, one that will lend up to 320 billion euros to banks and another that will spend as much as 40 billion euros to take equity stakes in banks, if needed. The measures, designed to restore liquidity to financial markets, were part of a plan agreed by the 15 countries that use the euro.
The government, along with Belgium and Luxembourg, this month guaranteed the borrowings of Dexia SA, extending a 6.4 billion-euro bailout of the world's largest lender to local governments.
BLOOMBERG
Oct. 21 (Bloomberg) -- BNP Paribas SA, Societe Generale SA and four other French banks will get 10.5 billion euros ($14 billion) from the government, tapping for the first time the 360 billion-euro state rescue package unveiled this month.
The government will subscribe to subordinated debt issued by the country's six biggest banks, without acquiring voting rights, Finance Minister Christine Lagarde said at a press conference in Paris yesterday. In exchange, the banks will have to boost lending to companies and households, she said.
``It's a balanced approach,'' said Gilles Moec, an economist at Bank of America Corp. in London. ``The government wants to avoid a contraction in the French credit markets at all costs. The banks now have more than enough to protect themselves from the risks that have paralyzed them since the summer.''
Governments from Washington to London to Berlin have rushed to shore up banks' capital and unlock lending since credit markets froze up following the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. On Oct. 12, France, Germany, Spain, the Netherlands and Austria committed 1.3 trillion euros to guarantee bank loans and take stakes in lenders racing to prevent the collapse of the financial system.
The other banks included in the French investment plan unveiled yesterday are Credit Agricole SA, Credit Mutuel, Caisse d'Epargne and Banque Populaire. The funds will boost the banks' shareholder equity and increase solvency ratios without being dilutive for shareholders, helping to increase credit, the Bank of France, the central bank, said.
`Not a Gift'
``The goal is to ensure the bank networks will be able to continue financing the economy while maintaining high solvency levels,'' Lagarde said. The banks ``must commit to increasing loans to the economy and guarantee financing adapted to the needs of households, companies, and local government.''
Credit Agricole will sell 3 billion euros of subordinated debt, BNP Paribas 2.55 billion euros and Societe Generale 1.7 billion euros. Customer-owned lenders Caisse d'Epargne and Banque Populaire will sell 1.1 billion euros and 950 million euros of debt, respectively, and Credit Mutuel will issue 1.2 billion euros of debt.
``The state is not giving a gift to the banks,'' Lagarde said. ``The pricing of these securities will be based on available market references. They will generate substantial revenue for the state.''
Other Efforts
Other European governments have this month invested in banks hit by the global credit crunch. The Dutch government bought local units of Fortis and ABN Amro Holding NV for 16.8 billion euros. Zurich-based UBS AG agreed to sell a stake of 6 billion Swiss francs ($5.2 billion) to the government and split off as much as $60 billion of risky assets.
The U.K.'s Royal Bank of Scotland may sell as much as 20 billion pounds of stock to the government unless investors agree to buy shares. On Oct. 19, the Netherlands said ING Groep NV, the biggest Dutch financial-services firm, will get 10 billion euros after it warned of its first quarterly loss.
In the U.S., Treasury Secretary Henry Paulson plans to spend $250 billion of a $700 billion bailout package to buy non- voting preferred equity stakes in banks.
The latest French effort is not aimed at beefing up capital, but at easing lending, Christian Noyer, European Central Bank governing council member and governor of the Bank of France, said at the press conference.
``The goal of this operation isn't to recapitalize those banks that need it but to support financing for the economy,'' he said.
Slowing Lending
Lagarde said yesterday that French growth in 2009 will probably fall short of the government's 1 percent forecast as the financial and economic crisis limits any expansion. French statistics institute Insee estimates the euro region's second- largest economy slipped into a recession in the third quarter.
The growth in lending to the private sector slowed to 10.2 percent in August from a year earlier, compared with 12 percent just two months before, according to Bank of France statistics. In another central bank survey, more than half of the banks said they would tighten lending criteria in the third quarter.
The French government last week said it will set up two entities, one that will lend up to 320 billion euros to banks and another that will spend as much as 40 billion euros to take equity stakes in banks, if needed. The measures, designed to restore liquidity to financial markets, were part of a plan agreed by the 15 countries that use the euro.
The government, along with Belgium and Luxembourg, this month guaranteed the borrowings of Dexia SA, extending a 6.4 billion-euro bailout of the world's largest lender to local governments.
BLOOMBERG
Τροχοπέδη στην ανάκαμψη η μείωση της παραγωγής αργού
Τροχοπέδη στην ανάκαμψη η μείωση της παραγωγής αργού
Την ώρα που με αλλεπάλληλες δηλώσεις τους αξιωματούχοι του ΟΠΕΚ προαναγγέλλουν ότι θα προχωρήσουν- για πρώτη φορά την τελευταία διετία- σε μείωση της παραγωγής, η Διεθνής Υπηρεσία Ενέργειας προειδοποιεί ότι μία τέτοια εξέλιξη θα λειτουργήσει ως τροχοπέδη στις προσπάθειες για ανάκαμψη της παγκόσμιας οικονομίας.
«Μία μείωση στην παραγωγή του ΟΠΕΚ πιθανότατα θα σημάνει άνοδο στις τιμές με αρνητικές επιπτώσεις στις πρωτοβουλίες για ανάκαμψη της παγκόσμιας οικονομίας» τόνισε σε συνέντευξη Τύπου ο διευθύνων σύμβουλος της Υπηρεσίας, Νομπούο Τανάκα.
Νωρίτερα, ο Ιρανός εκπρόσωπος στον ΟΠΕΚ, Μοχάμαντ Αλί Χατίμπι, είχε δηλώσει στο πρακτορείο IRNA ότι το καρτέλ πιθανότατα θα προβεί σε σταδιακή περικοπή της παραγωγής, αρχίζοντας με μία μείωση της τάξης του 1 εκατ. βαρελιών ημερησίως.
Πρόσθεσε μάλιστα ότι στη συνεδρίασή τους την Παρασκευή στη Βιέννη τα μέλη ενδέχεται να απευθύνουν πρόσκληση σε πετρελαιοπαραγωγούς χώρες εκτός ΟΠΕΚ να προβούν σε αντίστοιχες κινήσεις, καθώς οι διεθνείς τιμές του αργού έχουν υποχωρήσει περίπου 50% από το ρεκόρ του Ιουλίου. Η Ρωσία απάντησε ήδη ότι δεν εξετάζει τέτοιο ενδεχόμενο.
Αντίστοιχη στάση με το Ιράν- δεύτερη μεγαλύτερη παραγωγό χώρα στον ΟΠΕΚ- τηρεί και η Βενεζουέλα. Ο πρόεδρος της χώρας Ούγκο Τσάβες ανακοίνωσε χθες ότι θα ταχθεί υπέρ της μείωσης της Παρασκευής στη σύνοδο της Παρασκευής, με στόχο να μην υποχωρήσουν οι τιμές του πετρελαίου κάτω από τα 80 δολ. το βαρέλι. Οι δηλώσεις αυτές χθες προσέφεραν στήριγμα στις τιμές του μαύρου χρυσού. Το ελαφρύ αργό παράδοσης Νοεμβρίου κυμαινόταν στα 73 δολάρια στην αγορά της Νέας Υόρκης.
Άλλες πηγές του καρτέλ πάντως σπεύδουν να τονίσουν ότι η μείωση μάλλον δεν θα είναι τόσο μεγάλη όσο προβλέπουν οι αγορές. «Δεν υπάρχουν ενδείξεις για ουσιαστική κάμψη της ζήτησης από μεγάλες αναδυόμενες οικονομίες, όπως η Κίνα, και επομένως δεν είναι καθόλου βέβαιο ότι θα κριθεί αναγκαία μεγάλη μείωση της παραγωγής στη συνεδρίαση της Παρασκευής στη Βιέννη» δήλωσαν πηγές του ΟΠΕΚ στην αραβόφωνη εφημερίδα Al Hayat.
NAFTEMPORIKI
Την ώρα που με αλλεπάλληλες δηλώσεις τους αξιωματούχοι του ΟΠΕΚ προαναγγέλλουν ότι θα προχωρήσουν- για πρώτη φορά την τελευταία διετία- σε μείωση της παραγωγής, η Διεθνής Υπηρεσία Ενέργειας προειδοποιεί ότι μία τέτοια εξέλιξη θα λειτουργήσει ως τροχοπέδη στις προσπάθειες για ανάκαμψη της παγκόσμιας οικονομίας.
«Μία μείωση στην παραγωγή του ΟΠΕΚ πιθανότατα θα σημάνει άνοδο στις τιμές με αρνητικές επιπτώσεις στις πρωτοβουλίες για ανάκαμψη της παγκόσμιας οικονομίας» τόνισε σε συνέντευξη Τύπου ο διευθύνων σύμβουλος της Υπηρεσίας, Νομπούο Τανάκα.
Νωρίτερα, ο Ιρανός εκπρόσωπος στον ΟΠΕΚ, Μοχάμαντ Αλί Χατίμπι, είχε δηλώσει στο πρακτορείο IRNA ότι το καρτέλ πιθανότατα θα προβεί σε σταδιακή περικοπή της παραγωγής, αρχίζοντας με μία μείωση της τάξης του 1 εκατ. βαρελιών ημερησίως.
Πρόσθεσε μάλιστα ότι στη συνεδρίασή τους την Παρασκευή στη Βιέννη τα μέλη ενδέχεται να απευθύνουν πρόσκληση σε πετρελαιοπαραγωγούς χώρες εκτός ΟΠΕΚ να προβούν σε αντίστοιχες κινήσεις, καθώς οι διεθνείς τιμές του αργού έχουν υποχωρήσει περίπου 50% από το ρεκόρ του Ιουλίου. Η Ρωσία απάντησε ήδη ότι δεν εξετάζει τέτοιο ενδεχόμενο.
Αντίστοιχη στάση με το Ιράν- δεύτερη μεγαλύτερη παραγωγό χώρα στον ΟΠΕΚ- τηρεί και η Βενεζουέλα. Ο πρόεδρος της χώρας Ούγκο Τσάβες ανακοίνωσε χθες ότι θα ταχθεί υπέρ της μείωσης της Παρασκευής στη σύνοδο της Παρασκευής, με στόχο να μην υποχωρήσουν οι τιμές του πετρελαίου κάτω από τα 80 δολ. το βαρέλι. Οι δηλώσεις αυτές χθες προσέφεραν στήριγμα στις τιμές του μαύρου χρυσού. Το ελαφρύ αργό παράδοσης Νοεμβρίου κυμαινόταν στα 73 δολάρια στην αγορά της Νέας Υόρκης.
Άλλες πηγές του καρτέλ πάντως σπεύδουν να τονίσουν ότι η μείωση μάλλον δεν θα είναι τόσο μεγάλη όσο προβλέπουν οι αγορές. «Δεν υπάρχουν ενδείξεις για ουσιαστική κάμψη της ζήτησης από μεγάλες αναδυόμενες οικονομίες, όπως η Κίνα, και επομένως δεν είναι καθόλου βέβαιο ότι θα κριθεί αναγκαία μεγάλη μείωση της παραγωγής στη συνεδρίαση της Παρασκευής στη Βιέννη» δήλωσαν πηγές του ΟΠΕΚ στην αραβόφωνη εφημερίδα Al Hayat.
NAFTEMPORIKI
Subscribe to:
Posts (Atom)