World economy talk

[Monseratto]

No more goverment dole outs...

Spanair SA, the Spanish airline involved in a crash that killed 154 people in 2008, ceased operations after Qatar Airways Ltd. (105701QD) halted takeover talks and the regional government refused to provide further funding.

Spanair represents the first failure of a European airline since the last recession ended in 2009, and follows other carriers that have stopped operations in recent years, including Air Madrid in 2006 and Air Comet in 2009. Regional authorities in Spain are cutting spending to reduce debt as the nation grapples with the euro area’s third-largest budget deficit.

Spain’s unemployment rate rose to 22.9 percent in the fourth quarter, the highest in 15 years. Catalonia, Spain’s largest and second-most indebted region, has “done all in our hands to save” Spanair, Artur Mas, the region’s president, said in an interview on TVE.

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Greek fury at plan for EU budget control - CNN.com

(Financial Times) -- Greece's finance minister angrily rejected a German plan for the eurozone to impose a budget overseer onto Athens in return for a new €130bn bail-out, saying it would improperly force his country to choose between "financial assistance" and "national dignity".

Evangelos Venizelos said the proposal to create a European Union "budget commissioner" with the power to veto Greek tax and spending decisions, revealed by the FT, "ignores some key historical lessons". He added EU lenders already had sufficient monitoring safeguards in place in its bail-out programme.

[Monseratto]

I wonder if Greek pride can be pounded into submission if aid is denied to them.

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it seems Germany wants Greece to default

Greece has bonds maturing in March

without bailout 2.0 Greece won't be able to pay

Germany wants Greece to surrender budgetary control as condition to get the bailout

naturally Greece will reject the condition

that gives Germany an excuse not to approve the bailout

then Greece will default

maybe that's the purpose of the ECB's 3-yr LTRO

the ECB provides eurozone banks with unlimited liquidity so the banks can withstand Greece default

there will be another 3-yr LTRO in Feb

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Facebook to file IPO on Wed

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PHL economy slowed down in 2011 – NSCB | GMA News Online | The Go-To Site for Filipinos Everywhere

PHL economy slowed down in 2011 – NSCB

The Philippine economy grew to a slower place at 3.7 percent in 2011, the first full year of President Benigno Aquino III’s administration, compared to 7.6 percent in 2010, according to the latest government data released Monday.

Last year's growth figure was way below the 5.5 percent forecast estimated by American banking giant Citigroup and the 4.3 percent expected by British banking giant Hongkong Shanghai Banking Corp.

The slowdown was attributed to government underspending on infrastructure in the second and third quarters, and sustained decline in fishing among other factors, the National Statistical Coordination Board (NSCB) said.

In a statement released Monday, NSCB secretary-general Romulo A. Virola described Philippine growth last year as “relatively feeble” compared to the previous year, which was boosted by election spending.

[Monseratto]

SWS says that a majority of the guilable public believe the PNoy goverment is doing a good job when international financial institutions says otherwise...

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last year ko pa sinasabi humina ang Phil. economy coz PNoy cut back on govt spending to prevent corruption

ayan -- confirmed

[safeorigin]

Yes... cut spending to avoid corruption without privatizations and adding further regulations

good job

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http://www.ifre.com/facebook-readies-to-file-us$5bn-ipo-could-grow/20046277.article

Facebook is expected to file to raise US$5bn in a preliminary IPO prospectus on Wednesday morning, which while less than anticipated could be increased to ultimate investor demand, according to sources close to the deal.

The smaller deal size reflects a decision to start with a conservative base before deciding whether to increase.

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sorry thread... forgot all about you hehe

Facebook's SEC S-1 form

Registration Statement on Form S-1

their stock symbol wil be FB (syempre)

[Monseratto]

Ang liwanag ng pinas!

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and pansin mo China is totally dark

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EURCHF


Sept last year the Swiss National Bank drew the line at 1.20

they say they'll intervene when the EURCHF goes below 1.20

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USDJPY


USDJPY also very close to intervention zone

Oct 31 last year the BOJ intervened when the USDJPY fell below 76

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spread between Brent and WTI widens again

Oil Near Six-Week Low in New York Before Jobs Report; Brent Premium Widens - Bloomberg

Crude for March delivery was at $96.56 a barrel, up 20 cents, in electronic trading on the New York Mercantile Exchange at 1:32 p.m. Singapore time. The contract fell 1.3 percent to $96.36 yesterday, the lowest since Dec. 19. Prices are down 3.1 percent this week, the most since the week ended Dec. 16.

Brent oil for March settlement climbed as much as 0.4 percent to $112.47 a barrel on the ICE Futures Europe exchange. It gained 38 cents, or 0.3 percent, to $112.45 yesterday and is up 0.7 percent this week. The European benchmark contract’s premium to WTI was at $15.92, the widest in 12 weeks.

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ekathimerini.com | All on the line for Papademos ahead of talks with leaders

Prime Minister Lucas Papademos is preparing for a make or break meeting with Greek political leaders and is said to be considering resigning if the three parties in his coalition government cannot agree on the set of reforms Greece should adopt so it can qualify for more loans.

Sources told Kathimerini that the troika is demanding that the minimum wage of 751 euros per month (gross) be reduced and that labor costs in the private sector drop by 25 percent in a bid to help Greece regain competitiveness.

Labor unions and employers wrote to Papademos on Friday to inform him that they cannot agree on a wage cut.

Skai TV and radio reported on Friday that should the leaders fail to agree a deal, he will tender his resignation on Monday.

EURUSD

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US 10 yr yield

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++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++

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re EURCHF

Switzerland will not allow the euro to fall below 1.20

Swiss Government Parties: EUR/CHF Floor Of 1.2 Is Necessary, Absolute Minimum | Fox Business

Switzerland's key political parties that make up the seven-member cabinet Friday said that the euro-Swiss franc floor of 1.2 "was necessary and an absolute minimum."

The president and parliamentary faction leaders of the Swiss People's Party, the Christian Democrats, the Radical Party, the Social Democrats and the Conservative Democratic Party concluded at a meeting that the floor needs to be upheld.