What’s going on in Greece
Financial and economic condition of Greece is the theme for the alarming news and frightening prophecies for many months already. The European Union is concerned about the country’s huge public debt of around 300 billion euros, which corresponds to 113% of GDP. Greek budget deficit in 2009 reached to 12,7% and despite the government tries to reduce it to 8,7% it is sataying to grow. EU calls Greece for cuts in public spending. Analysts scare businesses collapse of the Greek public finances, which is able to lift the global economy from the optimistic equilibrium.
Critics prescribed recipes one after another. Greek law experts converged on analytic television, happily talk about the usefulness of some of the costs of the country. However, is it easy to heal the public finances of Greece and stop the ship to rock the EU?
It is the first time in the history of modern Greece that world media, particularly the financial press, have shown such concern and interest in the country. Even the Olympics didn’t attract this much attention.
Add comment March 4, 2010
Make life much easier – get yourself an accountant!
Whether you’re a freelancer or a contractor, whether you travel or work from home, whether you turn over 10k a year or 100,000k a year; you will benefit from the guidance of an accountant.
I am a self employed web developer and look after my own books, however when it comes to tax return time I have a word with my accountant because I know how much he can save me in tax. Recently I saved £1700 in tax just by adding on expenses I didn’t know I could.
There are various benefits to outsourcing accountancy – it saves a lot of headaches and frees up time, so you can work spend that time working and not worrying about invoices and such like.
Expanding on this, there is such a thing as an umbrella company that essentially looks after self employed people as employees. This is beneficial for people in my position because I don’t have to worry about chasing my clients for invoices, and working as a freelancer through recruitment agencies often require the umbrella of a limited company.
Another obvious benefit is that accountancy is done for you with a minimal percentage being taken per job completed. This means you take home a decent amount and don’t have to worry too much about dealing direct with the client in regards to payment matters.
There are various contractor accountants out there, spend a little time looking around for the one that suits you.
Add comment January 21, 2010
Easten Europe Economic State
This information was prepared by the Latvian Ministry of Economics.
On 29 September, the Ministry of Economics informed the Cabinet of Ministers on Latvia’s macroeconomic situation and stressed that further growth and economic recovery would be determined not only by global economic recovery, but also by the effectiveness of the Latvian government’s economic policies.
According to the International Monetary Fund’s corrected prognoses, the world’s economy has begun to recover from the unprecedented recession of the last decades. Nevertheless stabilization is not unequivocal and the expected recovery is going slowly. Financial conditions have improved faster than expected mainly due to active measures undertaken by countries. New data indicates that the shrinking of the economy has slowed down. Notwithstanding positive tendencies, the global recession has not been fully overcome, recovery is slow, and financial systems have not fully stabilized.
The Economics Ministry’s economic prognosis for 2009 and 2010 is based on weak external demand and a shrinking internal demand. If the 2008 economic recession was determined by a decrease in internal demand, then the main factor in 2009 has been reduced external demand. Most likely, the 3rd quarter of 2009 will reveal a sharper GDP decrease then first two quarters. However, it is anticipated that GDP reductions will gradually diminish until mid-2010, when Latvia’s economy will hit the lowest point of its recession. Compared to the previous report on the macro economic situation Latvia, the prognosis for 2009 remains constant, and anticipates an 18% decrease of GDP. The government will continue to consolidate the state budget in 2010 and plans to substantially reduce government expenditure. As the result government and private expenditures will continue to fall. Restricted access to credit will restrict investment. Weak internal demand will decrease the volume of imports. On the other hand, as external demand grows in the second half of 2010 and manufacturer competitiveness improves, it is expected that export levels will exceed the 2009 figures. Despite positive tendencies for the second half of 2010, overall GDP could face a 4% decline in comparison with 2009.
Latvia’s economic recovery could begin in 2011, if the world’s financial markets fully stabilize andcredit availability is renewed. This would provide a positive stimulus for domestic business and
ensure a steady growth in demand for products and services in Latvia’s primary export market countries. GDP growth in 2011 is expected to increase by 1,5% in comparison with 2010. According to Economics Ministry’s experts, labour market recovery is expected a year later then the recovery of overall economic growth. It will be based on productivity and not on the number of employed. Social problems related to low employment will remain an issue for the next 3 to 4 years. The decrease in demand for labour will experience its biggest reduction in 2009 and 2010.
It is projected, that in 2009 the number of people employed will decrease in all sectors, and unemployment figures, in comparison with 2008, will increase sharply.
1 comment November 30, 2009
New rules of USA Oil market
The American authorities have declared the new rules of trade in the wholesale market of oil and mineral oil. From November, 2009 the prices manipulation will be punished by the penalty to $1 million a day. Also new rules for the futures market of the oil, directed on elimination of speculations are prepared. According to analysts, it can lead to new falling of the oil prices. The Federal Trade Commission of the USA (FTC) will supervise oil branch, imposing large penalties on those who will try to manipulate the prices for energy. New rules of the American wholesale oil market will take effect on November, 4th, 2009. New rules assume responsibility for public statements inappropriate to the validity about the planned prices, stocks or the offer of oil and mineral oil, and also for the forged statistics and reports. In FTC have underscored that will keep a close watch on attempts of artificial underestimating of the offer in the American market by taking tankers to an offshore, closing of oil refining factories on repair in peak demand and the prices or increase the export in the period of the low prices for reduction of stocks of oil in warehouses. Offers discussed now by the American authorities of struggle against speculators in the market of oil futures provide cutting off from the oil market of the large hedge, pension and other funds insuring there the risks. There are a lot of opponents of similar measures in the USA both in administration, and among legislators. Representatives of the oil companies are also against the struggle with speculates in the futures market as not meaningful, because, on there opinion, the prices are more defined by fundamental factors, rather than activity of funds.
Add comment September 7, 2009
Oil
Black gold, following the results of the tenders on Wednesday at world stock exchanges, still hardly became cheaper, as commercial stocks of oil in the USA have continued to grow. According to the data of a United States Department of Energy (DOE) about a condition of the fuel market of the country, this indicator has grown on 128 thousand barrels – to 343, 76 million barrels for last week. Thus gasoline stocks, on the contrary, have fallen to 1, 7 million barrels. Against this background the oil prices continue declining the third day successively.
It is necessary to notice that in the morning of the past day oil in expectation of reduction of commercial stocks of raw materials in the USA bargained hardly above $72 for barrel, however has slipped below this mark, and then later has fallen below $71 at all. The reason of it became strengthening of cost of US dollar. However after publication of the data about oil stocks in the USA barrel cost has started to rise again. As they say in the weekly report of a United States Department of Energy, published on Wednesday, commercial stocks of oil in the USA last week have increased by 0,128 million barrels (0, 04 %) – to 343, 76 million barrels. Thus experts, on the contrary, expected reduction of stocks of oil on 1, 15 million barrels. Meanwhile, commodity stocks of gasoline during a week on August, 15-21 were reduced to 1, 7 million barrels (0, 81 %) and have made 208,054 million barrels. Experts, in turn, predicted reductions of stocks of gasoline – on 0, 8 million barrels.
Today oil has continued to become cheaper. It is promoted by statements of China which is the second largest consumer of energy carriers in the world, about possible reduction of investments abreast industries. According to participants of the oil market, it will lead to decrease in world consumption of fuel. As to forecasts of experts concerning the further behavior of the oil prices in the world markets, analysts warn that in the near future the next records of barrel are not expected.
Add comment August 29, 2009
USA Stock Index is the highest since Obama’s election
Standard & Poor’s 500 as well as Dow Jones now are on maximum levels since Barack Obama was elected in November of last year as US president, has reported Bloomberg Agency.
Nasdaq has reached the highest point since October, raised 12 trades successively. Such long period of lifting has not been fixed from 1992.
“With the round number of 9,000 not being there for a significant amount of time, it’s encouraging,” said Michael Koskuba, a New York-based fund manager at Victory Capital Management Inc. – “It’s really a result of companies reporting better-than-expected news.”
Index Dow Jones Industrial has grown on 2, 12 % – to 9069, 29 points on Thursday, Standard & Poor’s 500 has increased the results of the trades by 2, 33 %, having made 976, 29 points, Nasdaq Composite Index for a day climbed on 2,45 % – to 1973,6 points.
From the beginning of current year Dow Jones increase on 3, 3 % and S&P 500 – 8, 1 %.
Index Nasdaq has added of 25, 15 % this year. At the same time, in the morning on Friday futures for the American indexes decrease moderately.
Citigroup Inc. raised its 2009 and 2010 profit estimates for the S&P 500 by 9.8 percent and 11 percent respectively, citing better-than-expected earnings. Experts Citigroup expect that the profit of the companies from S&P 500 during the current year will make $56 per share against earlier expected $51. The forecast for the next year has been raised to $62 per share from $56.
It’s been a good earnings season, given the backdrop that was there,” said Sarah Hunt from Alpine Mutual Funds. “When you look at some of the estimates, they are expecting a better second half.”
The Internet shop eBay stock value has jumped up on Thursday on 11 %. The results published by the company testify the stabilization in the online trade market. EBay has got in the second quarter profit at a rate of $327 million, or 25 cents per share, in comparison with $460 million, or 35 cents, one year ago. The gain has made $2, 1 billion without single factors the company has earned 37 cents per share. Analysts expected 35 cents at a gain in $1, 99 billion.
Ford increased 9.4 percent to $6.98. The only from the largest American auto manufacturers, which not using the help of the state, has won in April-June net profit after four quarter losses.
AT&T rose in price for 2, 6 % also because of positive financial results. The largest American telephone company has lowered net profit in the second quarter on 15 % – to $3, 2 billion, or 54 cents counting per share.
A gauge of homebuilders advanced 5.2 percent after sales of existing U.S. homes rose 3.6 percent in June to an annual rate of 4.89 million, the National Association of Realtors said in Washington. Economists in a survey had forecast an increase of 1.5 percent. D.R. Horton jumped 7.6 percent to $11.17.
3M have risen in price for 7, 4 % that became a record gain among the companies from Dow Jones. The company which produces about 55 thousand of names of the goods – from electronics to stationery, in the second quarter has reduced net profit to 17 % – to $783 million, or $1, 12 per share. However without some expenses the company profit has made $1, 2 on the action against 94 cents expected on the average by analysts.
The Fifth Third Bancorp surged 14 percent to $8.01 to lead a measure of financial shares in the S&P 500 to a 3 percent advance. Ohio’s largest lender posted second-quarter earnings of $1.15 a share, compared with a loss of 37 cents a share a year earlier.
Add comment July 28, 2009
Elliot wave theory for Forex technical analysis
foreign exchange market
The wave theory of Elliott – a method of a technical expertise of the markets, based on the wave theory of Elliott (Ralph Nelson Elliott), developed in 1930th years. The waves theory of Elliott represents system of empirically deduced rules for interpretation of the market behavior.
Ralph Nelson Elliott published his book (in collaboration with Charles J. Collins) called The Wave Principle (in August 1938). In it, Elliot advocated that, although stock market trends may appear random and unpredictable, they actually follow predictable, natural laws and can be measured and predicted using Fibonacci numbers. It was the new system of analyzing market trends.
Within the limits of “the bull” movement from five waves of Elliott each of waves 1, 3 and 5 is a pulse wave which consists of five waves of smaller degree while waves 2 and 4 are correcting as each of them breaks up to three smaller waves.Subwaves pulse sequence are numbered by figures, and correcting sub waves by letters.
In conformity to all time scales, the theory of Elliott says:
- Market can exist only in two phases: “bull” and “bear”.
- The “bull” is market on which “the bulls”, characterized by increase of quotations.
- “The bear” market – the market on which “the bears”, characterized by decrease in quotations.
- The both phases of the market in the chosen scale are described by 8 wave formation of market movements.
- The first five waves of any phase (are designated by figures) form the basic market movement, pulse. Final three waves (are designated by letters) form the correctional movement directed against the core. The further development along last three waves can lead to change of a phase of the market.
- Etch market wave develops in time by its own laws. The moment of its end, as well as its size, can be predicted with split-hair accuracy if all market waves which have longer time scale are correctly defined and the current condition of the market is precisely defined.
- If the predicted moment of end of a wave or its size does not correspond to earlier certain sizes, then, the initial analysis of waves of Elliott has been spent incorrectly.
There are following rules for interpretation of Elliott’s waves:
- The second wave lifting is never equal to the 100 % of lifting of the first wave. For example, in “the bull” market the second wave low never will fall below of the first wave starting level.
- The third wave in pulse sequence is never the shortest wave, more often it’s the longest.
- The fourth wave never comes to the end in the first wave’s prices range. It puts into shape the graph, but market movement is the same as well as before it, irrespective of the size and duration of its movement.
1 comment July 13, 2009
Make Money Online
There are so much ways to make money online in our time.
The Internet is the palce for web resources. Accordingly, the most part of ways to earn on the Internet is anyhow connected with creation, support and promotions sites.
If you have at least primary skills of web mastering – develop them necessarily! If you do not have such skills – be not upset, and sit down with books. Own qualitative site is always a potential source of the income which size depends only on you. You can get profit not only on a commercial site, but also on advertising placing on a site of any subjects, and on participation in various partner programs.
Another way to earn money online is Forex trading.
To start to trade on Forex, too enough only constant access to a network, desire and the small sum – only 1$. But if you wish to become the successful trader, you should study, to do many mistakes, to fall and again to rise. But, if you have abilities to this occupation, you can make Forex your main source of the income.
If you have strong business skills you can try youself in investments on the Internet. To gain money in highly remunerative investment programs (HYIP) rather risky as almost all investment programs on the Internet, accessible to private investors, are constructed, on the ponzi-scheme such as financial pyramids.
Add comment July 4, 2009
Rates have been volatile, but get ready — they may fall again
The market of the inhabited real estate in the USA remains in an uncertain situation at least till the end of 2009, and the prices for habitation in the country will continue to fall.
In the end of April, 2009 the quantity of the apartment houses exposed on sale in the USA, has made in total 3,97 million units.
– After a recent spike seen in mortgage rates, some consumers are wondering whether they’ve missed their chance to refinance into an ultra-low rate.
Fear not: While the conforming 30-year fixed-rate mortgage hit a daily average of 5.81% last Thursday, it averaged 5.53% on Tuesday, said Keith Gumbinger, vice president of HSH Associates, a publisher of consumer loan information. And it’s possible that rates could continue to fall.
Predicting interest rates is like predicting who is going to win the W World Series in January,” said Guy Cecala, publisher of Inside Mortgage Finance. That said, he calls the recent spike “somewhat of an aberration,” and expects rates will continue to drift down. Why the recent run-up in rates? Over the past month or two, “the economic skies have brightened somewhat,”
But now, rates are retreating partly because inflation doesn’t seem as immediate a threat as investors feared, Cecala said. In his opinion, nothing fundamentally has changed in the economy over recent weeks to warrant the rate rise, yet he expects volatility through the remainder of the year as investors debate the economy’s health.
“Realistically, I think that the rates will drift under 5% again. It may take a month, may take two months,” he said .
It’s also important, however, to realize that extremely low rates likely won’t be around forever, said Bob Walters, chief economist of Quicken Loans, in a statement.
“Luckily, we have seen rates drop some this week, which should help many consumers breathe a little easier,” Walters said. “But the fact remains, the government’s plan of purchasing mortgage-backed securities cannot go on indefinitely, and when it ends, we will most certainly see a spike in rates. The hope is that the Fed can keep rates low long enough to kick-start a housing recovery. Whether that will work remains to be seen.”
“Volatility is the key word in the mortgage industry these days when it comes to rates,” said Kyle Kerwin, senior vice president of mortgage lending for Signature Bank of Arkansas.
Here are five tips for those shopping for a mortgage today, particularly those who need to refinance an existing loan:
1. Get started on paperwork. Once you’ve found the mortgage professional you’d like to work with, get started on the necessary paperwork, said Dan Green, loan officer with Waterstone Mortgage in Cincinnati and author of TheMortgageReports.com. Rates move regularly, and if paperwork has been started your file can be processed more quickly when rates hit a low. When you start the application process, your credit score will be pulled and you’ll need to submit support documentation including W-2 forms and pay stubs. You might be asked for updated documents nearer to closing.
2. Make sure your credit is in good shape. Check credit reports and fix problems as soon as possible, said Mary Curran, president of Highland Financial Mortgage Corp. in Northbrook, Ill. Even seemingly small charges can haunt a borrower: A forgotten, unpaid parking ticket, for example, can noticeably affect a credit score, she said.
3. Decide at what rate it makes sense to pull the trigger. If you have a 6% rate now, rates would have to hit 5% or lower for it to make financial sense to refinance, Cecala said. Talk with your mortgage professional about what’s best for your particular situation.
4. Stick to your guns. Once you determine the rate you’d need to get, it’s probably wise to stick to that decision. Consumers sometimes gamble that rates will go lower, and the plan can backfire if rates reverse course, Kerwin said. A couple of weeks ago, rates were close to 4.5% in his market, “and people wanted to hold out for an extra eighth of a percent.”
5. Remember, rates are still good. Yes, rates could fall and create another record low as a result of a swoon in the stock market, a collapse of a major bank or a deepening of a recession, Gumbinger said. But it isn’t likely that many consumers would crave those economic shocks. “Why would anyone wish for those things again to simply get a rock-bottom, ultra low mortgage rate? If it means saving $250 per month on your mortgage but it costs you $50,000 in your 401(k), how could this be seen as any kind of benefit?” he said.
Amy Hoak is a MarketWatch reporter based in Chicago
Add comment June 21, 2009
Vauxhall In Russian
Vauxhall cars in Britain will be rebranded under the Opel name in an effort to appeal to the Russian car market, according to the former managing director of Rover, Times Online reports.
Professor Kevin Morley, who is now director of business studies at the University of Warwick, said the involvement of Russian companies in the deal to save Opel and Vauxhall would lead to thousands of cars being imported into Russia under the Opel brand.
“No one in Russia knows what a Vauxhall is,” he told The Times. “I’m sure we’ll see Vauxhall the brand disappear soon after the deal. Vauxhalls in the UK will sell here as Opels.”
But actually there is a story told that when the Russians sent a delegation to London in the latter part of the 19th century to look at our railway system, the British Government, fearing that the Russians were simply spying on us, arranged for them to visit Vauxhall, saying that it was one of our mainline stations. The delegation returned to Russia and henceforth all Russian mainline stations (and others) were called Vokzál.
Add comment June 1, 2009
