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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Suddenly Q4

 

And then it’s suddenly Q4: another grim earnings season ahead, as well as poor economic performance all over, the god-damn fiscal cliff and US elections, and presumably another rekindling of the European crisis, leading to a massive suspense just before Christmas to start 2013 in the same way as last year. Great. According to MarketBeat

The S&P 500 companies are expected to report contracting profits by about 2%, for the first time since 2009, according to S&P Capital IQ. That’s certainly not a good thing for stocks.

But let’s face it, what is these days… For today, we can stay tuned for bad economic news out of Germany, the eurozone as such and the US.

The first on up is eurozone unemployment, which has hit 11.4%, a[nother] new record. Otherwise, manufacturing is down in the UK and Greece is likely to see a sixth year of recession in 2013, suggesting that there will be another Greek bailout.

The big news today is that after seven month of negotiations, sweat and tears, Xstrata has finally agreed to recommend Glencore’s bid to its shareholders. The final vote will be at the end of the month. The offer remains at $33bn, but Xstarta’s board required the company’s senior management to be retained for at least two years following the merger, to ensure the project pipeline. Xstrata’s CEO Mick Davis, who is bound to leave his position, was going to be replaced by Glencore’s Ivan Glasenberg; under the new conditions, the position will be filled by an Xstrata board member. read article

Also in the wonderful world of M&A: Germany and France have agreed to give up some of their veto rights conditional upon getting a big equity slice of the EADS-BAE pie. The CEOs of the two companies involved in the £34bn merger said that neither France nor Germany would be allowed to hold more shares/rights than the average shareholder. This is mainly to to BAE’s worries about defence contract with other countries. read article

In Germany, it has been confirmed that Peer SteinbrueckFinance Minister from 2005-2009, will challenge Angela Merkel in next year’s national elections. Steinbrueck worked alongside the chancellor during the coalition government of the Christian and social democrats. In line with the technocracy governing Europe at the moment, Steinbrueck is an economist and has publicly spoken out against Keynes, stimuli, Swiss bank secrecy, private equity and hedge funds. He also wants Deutsche Bank to split its commercial and investment banking business for better risk management. Thank god all of this comes in a time of prosperity, otherwise it may comprise Germany’s competitive position. Oh no wait… read article

So long.

 

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One Response

  1. princess1960 says:

    hello ..Angela Merkel she trying to keep in the same situation untill election in GER ..but i think IT SP GR POR working together for stoping this (metra) she wanted from this countries .People can not resist with so much cut because unemployment is very highe and investim i zero so something go to ha ppening… I have to say and something ells /I THINK all the GV this coutries doen’t do good job too. .WHY .program cut for all this ..doesn’t do MERKEL .she say ”I give sooo and take this metra) in the end the poor people pay for all. this is not right.
    US presidential i hop win who is more honest and care really for the USA i am agree for small GV ..heathcare need low spending
    all the baget needed reconstruction

    thank you sorry for to day not for all your themes i can not make comment
    have a nice day

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