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Sunday, November 28, 2010

Marks & Spencer Reliance Plans to Open 50 Indian Stores in Next Five Years

Marks & Spencer dependence Mexico SA., The joint venture between Marks & Spencer Group Plc and Reliance Industries Ltd., plans to open another 50 stores in India as rising wages and increased consumer demand is a priority market for retail .

"The past year has been very successful for us and we are very happy with how things are going," said Martin Jones, executive director of the local unit, in an interview today in New Delhi. "We have a lot of investment in the country, not only in terms of stores, but now we supply many of our products in India as well." He declined to specify the company's investment in India.

The company will increase its supply in South Asia 70 percent over the next three years from the current 42 percent. The expansion of five years, the total number of stores to 70, said Jones.

The apparel market in India is expected to grow to $ 25 million this year in more disposable income and an increase in organized retail, according to a June report by McKinsey & Company.

The market in India will be the first priority for Marks & Spencer Plc, Chief Executive, Mark Bolland, said Nov. 9. Overseas sales are expected to increase from 800 million pounds (1.25 billion) and 1 billion pounds. The company, which has over 320 stores and franchises in 41 countries, opened his shop 20 in India today.

Marks & Spencer Reliance Pvt. property is part of Reliance Industries, the most valuable company in India. The joint venture was established in April 2008.

Ireland won the approval of 85 million euros emergency

Ireland won the approval of 85 million euros (113 billion) emergency-aid package, European finance ministers struggled to contain the fiscal crisis.

Ireland will receive € 67500000000 European Union and the International Monetary Fund and provide € 17500000000 its pension reserves, Martti Salmi, a spokesman for the Finnish Ministry of Finance said Monday after finance ministers endorsed the plan in Brussels.

With bond yields to 10 years an average of more than 7.5 per cent in Greece, Ireland, Portugal, Spain and Italy on 26 November, European leaders are struggling to prevent the spread of Ireland's fiscal problems threatening the survival of the euro than 12 years of age.

"We have to discuss the wider ramifications of the current crisis and we must discuss a systemic response to this crisis," EU Economic and Monetary Union, Olli Rehn before the game that was announced this morning.

Ireland became the second euro country to find the rescue after the Greek debt crisis earlier this year destabilized the currency and forced the EU to create a rescue fund of 750 billion euros supported by IMF International.

Leaders such as Trichet, President of the EU, Herman Van Rompuy, Commission President, José Barroso, Jean-Claude Juncker, head of euro zone finance ministers of the group, German Chancellor Angela Merkel and French President Nicolas Sarkozy , had telephone conversations before the meeting today, the EU said.

"The euro is at stake here," said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. "The market has made up his mind that will choose a country at a time."

Protests in Dublin

Spain wants to end the "uncertainty" that investors concerned about the euro area, Energy Minister Eamon Ryan said the chain based in Dublin the night ready for consumption as more than 50,000 people took to the streets of Dublin to protest budget cuts.

As the crisis that began in Ireland and Greece wraps threatens to topple Portugal and Spain, investors are looking for today's meeting to provide details on the interest rate in Ireland and the fate of bondholders in the high-level banks.

Ryan said Wednesday that a November 25 report by RTE that Ireland can pay as much as 6.7 percent interest for loans of nine years was "erroneous."

The Irish Government is "confident" that can hold a "substantial package" with the EU and now the IMF, John Curran, a government spokesman, said in an interview with RTE.

Cowen Government

The Prime Minister, Brian Cowen, has overseen the collapse of Ireland's banking system and the national finances after a burst property bubble 10 years, the economy fell into recession and unemployment rose nearly 14 percent. Cowen's government is pulling the thread. The Green Party, a partner in the coalition, wants the January elections and some members of his own party are hitting your leadership.

"Ireland does not have to dance to the rhythm of the ECB and the IMF and at risk of squandering our future land any decision relating to loans or terms of payment in the next 24 hours," Ned O'Keefe, a lawmaker from the Party Cowen Fianna Fail Case said in a statement.

Irish government plans to reduce spending by 20 percent and raise taxes in the next four years to reduce its budget deficit to 3 percent of gross domestic product by 2014 from 32 percent this year, when 31 million euros in capital support for banks are included. The government expects tax revenues this year of 31.5 million euros, said on 24 November.

The protesters cheered yesterday when O'Connell Street Dublin Siobhán O'Donoghue, director of the Center for Migrant Workers Ireland, a copy of the tax break of four years of government and spending plan, and called a general election before ad budget next year December 7.

Pay your bill

Ireland has been made "on its knees" by the government and bankers, Jack O'Connor, director of the umbrella organization for unions in Ireland, told the crowd. "Several generations of Irish men and women" have to pay the bill, he said.

The need for a pact is intensifying as declines Irish bank capital. Allied Irish Banks Plc and Bank of Ireland Plc fell on November 26 bonds on concern the government will abandon its promise to protect senior bondholders and forced to share the costs of rescue. Ireland's Sunday Business Post and the Sunday Tribune reported today that the ECB damage vetoed senior bondholders.

Britain, the largest country in the EU not to use the euro, plans to offer assistance to Ireland because "the national interest of all and in Britain's national interest that we have some economic stability in Ireland and indeed throughout the euro area, "Minister of Finance George Osborne, said in Brussels.

Tax-Cut Negotiations Likely to Include Unemployment



Sen. Dick Durbin of Illinois, the No. 2 Senate Democrat, said talks on extending the Bush tax cuts-was also included the extension of emergency unemployment benefits and other tax credits.

"I put a couple of other things on the table," Durbin said today on NBC's "Meet the Press." "We have an unemployment rate," he said, and "I also want to ensure the earned income tax credit, tax credit child care, and" Making Work Pay "tax credit are part" of the discussion.

The problem is the tax cuts passed in 2001 and 2003 which are due to expire Dec. 31. Obama is scheduled to meet with Democratic congressional leaders and Republican November 30 at the White House to discuss the legislative agenda.

In addition, emergency unemployment benefits after missing the first 26 weeks of payments to expire later this month. Without congressional action, about 2 million Americans will lose the benefits of federal funds, according to an estimate of the Department of Labor.

. An opportunity for us to sit down and negotiate a solution to this is good for the economy, "Arizona Sen. Jon Kyl, R-second camera range, said there Kyl also repeated a key issue for Republicans: "We do not" believe taxes should be increased to anyone. "

Obama has said that the country can not afford to indefinitely extend the tax cuts for the wealthiest Americans, defined by the president and those individuals earning more than $ 200,000 and couples earning more than $ 250.000.

Obama tax cuts

"I think it is wrong for us to borrow $ 700 billion to make permanent the tax cuts for millionaires and billionaires," Obama told reporters Nov. 14. "It will significantly boost the economy and is very expensive, so that you can afford."

Republicans, who won a majority of seats in the House in the Nov. 2 elections and reduced the Democratic margin in the Senate, are pushing to permanently extend all current tax rates. Although Obama has said he wants to permanently extend tax cuts only on income up to $ 200,000 for individuals or $ 250,000 for families - about 97 percent of all taxpayers, according to the Internal Revenue Service - which has indicated that is open to negotiations on achieving that goal.

"We must focus on what it takes to move this economy forward," said Durbin. "We should not be concerned about the discomfort of the rich."

The legislation expires

Unless Congress acts, the marginal rates will increase for all income taxpayers. The tax credits benefit the families was reduced by half. The penalty call was married forcing some couples to pay more than if they were one will be reinstated. The rates increase for most of dividends and capital gains tax on property valued at over $ 1 million raise.

"What is likely to happen is there will be an extension of tax cuts for the entire world for a period of time," said Sen. Byron Dorgan of South Dakota, a Democrat who is retiring, in an interview CNN's "State of the Union" program.

The extension only current rates for people earning less than $ 200,000 and couples earning less than $ 250.000 would add more than $ 3 trillion to the national debt over the next decade. Keep tax cuts for those with higher incomes to add an additional $ 700 billion for debt in the next decade, the Treasury secretary, Timothy Geithner, said.

A linear extension of all policies of the Bush tax would cost the government about $ 5 billion in lost income and the interest cost of debt, the Congressional Research Service estimated last month .

U.S. State Department Planning said that launch WikiLeaks endanger lives

U.S. State Department warned WikiLeaks founder Julian Assange that the planned release of government documents endangers the life of the "countless people" and jeopardize cooperation with partner countries.

Wikileaks has provided the New York Times, The Guardian and Der Spiegel daily with about 250,000 documents for publication, State Department Legal Adviser Harold Koh, he wrote in an e-mail yesterday Assange lawyer of Jennifer Robinson.

The Pentagon said last week the U.S. Senate and House Armed Services Committees that the website WikiLeaks.org "intends to release several hundred thousand" classified U.S. State Department of cables.

The publication of classified documents that "endanger the lives of countless innocent people" of journalists to the soldiers, threatening military operations and undermine "the cooperation between countries," said U.S. Department of State in accordance with your email.

The State Department "not to enter into negotiations" with respect to a request for Assange to provide information on individuals who may be "at significant risk of harm" due to the release of publications.

"Despite his stated desire to protect those lives that have done the opposite and endangered the lives of countless people," Koh wrote.

The State Department demanded Assange return classified documents from U.S. government leaked to the website and purge all copies of the records of the organization.

Improving access

"If any of the materials intended to publish were provided by government officials, or any intermediary without proper authorization, they were provided in violation of U.S. law," Koh wrote. "While WikiLeaks said holding material, violation of the law is in progress."

Assange said today the planned release will include "all major issues" in the world today, Agence France-Presse.

"The material we are about to launch essentially covers all major issues in every country in the world," AFP quoted as saying in Jordan Assange a video link.

The New York Times, The Guardian and Der Spiegel were given early access to two previous versions of documents WikiLeaks U.S. military, with nearly 400,000 related to the war in Iraq, dated between 2003 and 2010 and 75,000 over the same period the war in Afghanistan. The documents were published on 22 October Iraq and Afghanistan Documents July 25.

National Security Risks

When Iraq documents were released, a Pentagon spokesman, Marine Colonel David Lapan, described as "raw observations from the tactical level of combat operations" and said his publication presents a risk to national security.

State Department spokesman, Philip J. Crowley, November 23, said the U.S. was preparing to launch new classified documents. The department is to "assess the potential impact on our continued diplomatic activity to notify the Congress and other governments what can happen," he said.

Launched in 2007, Wikileaks received confidential material that governments and companies want to keep secret the information and messages on the Internet "for readers and historians alike can see the evidence of the truth," the group says on its website .

Partners Fund Revenue Bonds to start next month as Yuan currency appreciates

Income Partners Asset Management (HK) Ltd., a manager of 17 years old from Hong Kong in Asia focused fixed income pools, plans to launch a yuan bond fund to meet investor demand for assets in currency appreciation.

IP renminbi Credit Fund will raise money from wealthy individuals and institutions to buy yuan mainly in investment grade bonds sold in Hong Kong, said Emil Nguy, co-founder and managing partner in charge of credit liquid investment partners income. Is expected to begin operations on December 16, he added.

Open-ended, long-only fund is "to provide foreign investors an option to play the yuan's appreciation with a yield of interest," said Nguy in an interview yesterday.

China is allowing greater use of its currency in trade and global investment to reduce dependence on U.S. dollar as the printing of money by the Federal Reserve has eroded the value of the dollar. In July, China relaxed restrictions on companies buying and selling yuan in Hong Kong and holders of yuan deposits in transfer of money to buy wealth management products.

The yuan is expected to gain 6.5 percent at the end of next year, according to the median estimate of analysts in  surveys. yuan deposits in Hong Kong banks more than doubled to 149 million yuan (22.4 billion dollars) in the six months ended September 30 Hong Kong Monetary Authority figures showed. Since the relaxation of July, the value of bonds sold in Hong Kong yuan jumped 42 percent to 50 billion yuan, according to a November 15 report by Royal Bank of Scotland Group Plc.

Caterpillar, McDonald's

Caterpillar Inc., the world's largest maker of construction equipment, sold 1 million yuan bonds in Hong Kong this month. It joins China, Development Corporation, Asian Development Bank, Hopewell Highway Infrastructure Ltd. and McDonald's Corp., which sold debt yuan in the city.

Nguy downplayed concerns that the approval on a case by case, regulations necessary for companies to reinvest the proceeds from the sale of new bonds in China discourage emissions. Ministry of Finance of China announced this week plans to sell 8 billion yuan of bonds in Hong Kong is an indication of China's determination to grow the market, he said.

"Because of the demand is so high, it can fund cheaper here," said Nguy. "The demand for investing in yuan is so high, the concern is supply."

Income Partners has approached the Bank of China International Holdings Ltd., Deutsche Bank AG, RBS and Standard Chartered Plc, in anticipation of possible locations yuan of bonds stripped of their top five customers with plans to issue debt and large operations in China. It is in the process of securing a fifth banking partner, "said Nguy.

The fragmentation of markets

Income Partners, established in 1993, manages about $ 800 million in long and only focused coverage of credit and managed accounts tailored to the needs of individual investors.

credit investors in Asia has long been frustrated by the small and fragmented regional markets in different currencies, credit rating systems are in various stages of development, and the absence of a large group of regional investors such as pension funds , mutual funds and insurance companies, said Nguy.

The regional bond market dominated by foreign investors suffered their removal both during the Asian financial crisis in 1997 and the global credit crisis latest, he said.

"You're starting to have the basic ingredients of a significant market that China has reached a stage where they can have a type in the AA ratings, and a unified market that is large enough for primary and secondary activities develop and have a large enough base of national investors, "said Nguy.

Raymond Gui Income Partners hired to help manage the fund. He was a former senior portfolio manager in Hong Kong who helped oversee fixed-income investments in China Construction Bank Corp., the second largest nation. He served as a strategist for the State Administration of Foreign Exchange from 2002 to 2004, helping the asset allocation of investment assets of the regulator, said.

Investors in Hong Kong and Singapore have shown the greatest interest in bond funds denominated in yuan, said Nguy.

France, Germany, EU Forge Plan-debt burden crisis to Share Investor

Germany and France have forged new rules for the euro crisis is intended to make investors share of the burden of any bailout plan after 2013, German government spokesman said Steffen Seibert.

The proposal, presented at a meeting of European finance ministers in Brussels today, introduce "collective action clauses" for debt issued after a temporary crisis center expires in 2013, said a French official who briefed reporters in Paris. These clauses allow bondholders to change the terms of bond contracts.

Bondholders will not automatically be required to take the losses, a position that contrasts with the recent call by German Chancellor, Angela Merkel, require investors to share costs with taxpayer bailout. The losses are determined on a case by case basis with the participation of the International Monetary Fund, the French official said.

"The terms offered to investors are not that markets do not know in other currency areas," said Seibert. "The plan is no surprise to the markets."

Merkel spoke today with French President Nicolas Sarkozy, President of the European Union, Herman Van Rompuy, Jean-Claude Juncker, head of group finance ministers of the eurozone, the European Commission Jose Barroso and European Central Bank President Jean-Claude Trichet.

Trichet and Juncker had criticized Merkel's demand that the losses of investors require a bailout. His comments helped trigger a sell-off in bonds from Ireland to Portugal. Merkel was also criticized by Spain and Greece, which said his comments risked derailing the efforts of the indebted nations of the euro, reducing the deficit.

Chinese bonds sold in Hong Kong are scarce

Chinese bonds sold in Hong Kong are scarce, such as banks and fund managers to help manage savings yuan record approaching potential issuers and ask them to offer more renminbi debt.

Hong Kong pool yuan deposits more than doubled to 149 million yuan ($ 21 billion) in the six months to September, according to the monetary authority of the island. The amount compares with less than 41 billion yuan of bonds sum so called weak.

The demand for debt is reducing borrowing costs for issuers of China at a time when the central bank is raising interest rates to fight inflation and bonds fall in most emerging nations. The performance of China's one-year Treasury bonds in the offshore market fell 26 basis points over the past three months to 1.48 percent, while bond yields jumped on the ground like 54 basis points to 2.49 percent.

"The biggest problem facing the yuan bond market on the high seas is the supply," said Emil Nguy, president of Income Partners Asset Management (HK) Ltd., which is the creation of a fund to invest in values. "We are working with several banks close to the issuers and ask them to issue the bonds. Instead of raising funds and then wait for the offer to come, we take a more proactive approach."

The goals would be limited to investment grade issuers, Nguy, one of the two founders of hedge fund 17-year-old said in an interview from Hong Kong on 23 November. The fund will target companies such as Cheung Kong Holdings Ltd., a holding company billionaire Li Ka-shing, Samsung Electronics Co., the largest South Korean electronics manufacturer, and Reliance Industries Ltd., the largest company in India.

Strong demand

China is the sale of 8 billion yuan of securities this week, the first sale of government debt yuan in Hong Kong in more than one year. Fund managers will be offered 5 million RMB of notes, with 3 million yuan for people. The only previous sales Ministry of Finance of Hong Kong raised 6 billion yuan in October 2009.

The yield on the benchmark 3.29 percent of China due in September 2020 rose seven basis points to 4.07 percent in Shanghai on 26 November. Demand is so strong in Hong Kong that China will be able to sell bonds on the high seas to 10 years "in the low 2 percent" range, "said Nguy.

The yield on China's 2.25 per cent at sea by October 27, 2011, increased six basis points to 1.48 percent on Nov. 26, according to the Hong Kong Treasury Markets Association. Similar to-maturity debt on land added one basis point. In the last three months, the Brazilian bond yields to one year rose 64 basis points to 11.98 percent and India rose 72 basis points to 7.37 percent.

'Fertile Market "

Standard Chartered Plc is working with several funds and issuers to boost bond trading dim sum, said Sundeep Bhandari, head of global markets bank Northeast Asia. the average daily turnover could increase to six times to 300 billion yuan at the end of 2011, 50 million this month, the bank estimates.

"The market is very fertile," he said Nov. 26 in an interview from Hong Kong. "We are planning four road-shows in the first week of January to explain the details of these renminbi bonds to investors."

China Development Bank this month sold 3 billion yuan bonds in Hong Kong at 2.7 percent, 38 basis points cheaper than a sale of 20 million yuan in China in October. Caterpillar Inc., the world's largest maker of construction equipment, sold 1 million yuan, of 2 percent notes in December 2012 in the city on 24 November.

Beating deposits

Yuan bonds offer higher returns on deposits in Hong Kong. HSBC, which controls two of the three largest banks in the city, offers an interest rate of 0.71 percent on deposits of 500,000 yuan or less placed with her for 12 months. The bank this month forecast of yuan deposits nearly triple to 400 billion yuan in three years from now.

An investor who bought a year bonds offshore China a year ago would have earned a return of 2.7 percent. Addition of the expectations that the yuan to gain about 5 percent a year and the attractiveness of the debt is clear, "said Nguy, whose IP renminbi credit fund should start trading on 16 December.

Haitong Securities Co. 's Hong Kong unit of a fund of 5 billion yuan of bonds in September to invest in renminbi bonds offshore.

Auction No

land bonds plummeted in the past month after the central bank raised its benchmark rate of one-year deposits by a quarter percentage point on Oct. 19, the first increase since 2007, to help contain inflation. Consumer prices rose 4.4 percent from a year earlier in October, the biggest increase since September 2008.

The Ministry of Finance on 26 November not to attract sufficient demand in a sale bill for the first time since June, due to a shortage of cash in the banks after policy makers raised the reserve requirement twice this month. The ministry sold 11.55 billion yuan from the values of three months, less than its target of 20 billion yuan. The average yield was 2.7372 percent gain, compared with 2.52 percent on outstanding debt for 91 days on 25 November.

credit-default contracts to five years in exchange of Chinese government bonds rose seven basis points to 70.5 on November 26, CMA prices show in London. Have increased 10 basis points this month. The contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent of a government or a company fail to adhere to debt agreements.

Sales Planning

The expectations of faster gains currency among the BRIC countries Brazil, Russia, India and China are also increasing the attractiveness of yuan assets. The yuan, which closed at 6.6675 per dollar on 26 November in Shanghai, has risen by 2.4 percent from dollar parity two years ending 19 June. The rate at sea in Hong Kong of 6.6485 was 0.3 percent stronger. The yuan will advance 1.5 percent in 12 months, indicating non-deliverable.

The currency will gain 6.3 percent at the end of 2011, compared with 5.2 percent in the Indian rupee, 4.8 percent for the Russian ruble and 0.3 percent for real Brazil, according to the median estimate of analysts in our surveys.

International Finance Corporation, private investment arm of the World Bank, plans to sell about 100 billion yuan of five-year bonds in Hong Kong, Nina Shapiro, treasurer of the agency, said last month. United Co. Rusal, the world's largest producer of aluminum, has met with bankers to learn about the market in yuan, Oleg Mukhamedshin, the company's capital markets manager, said in an interview Sept. 15.

"It's easier, faster and cheaper to issue yuan bonds in Hong Kong, being a financial center, the market is more efficient, so the price of these bonds will be more attractive too," said Suan Teck Kin, an economist at United Overseas Bank Ltd. in Singapore. "In China, it can be tedious because you have to jump through all the hoops on regulatory requirements."

Dubai shares fell to its lowest level in more than two months

Dubai shares fell to its lowest level in more than two months, leading a decline in the Middle East, as the emirate, said it plans to sell shares of big companies on concern a bailout Ireland does not contain the crisis in Europe.

Emaar Properties PJSC, builder of the world's tallest skyscraper, closed at its lowest level in almost three months. Aramex PJSC, the UAE-based courier company, decreased 4.3 percent. The DFM General Index fell 1.4 percent to 1659.5, its lowest level since 16 September, at the closing ceremony at 2 pm in Dubai.
Dubai plans to sell shares of some major companies in the emirate, Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Chief Prosecutor, told a conference today. The emirate has accumulated 109.3 billion U.S. dollars of debt will become a tourism, trade and financial services center, according to the International Monetary Fund. Dubai World last year have sought to alter the terms to 24.9 billion U.S. dollars of debt.

"Currently, there is very little confidence in the UAE exchanges leading to low volume and high volatility," said Shehzad Janab, director of asset management at Dubai-based Daman Investments PSC. Investors "That's not a recipe for a successful initial public offerings." They are also cautious because of debt problems in Ireland, he said.

The average number of shares traded daily in Dubai have fallen by 65 percent in 2010 from a year earlier. About 77 million shares were bought and sold today. Volumes fell after the worst global recession since the Great Depression and the collapse in property values in Dubai, the financial center of the Gulf of Mexico.

Ireland

World markets fell last week, with the Stoxx Europe 600 falling 1.1 percent in the rescue of the concern of Ireland is not to contain the crisis of sovereign debt in Europe and China will redouble its efforts to control inflation . Standard & Poor's lowered the counterparty credit rating long-term Irish banks such as Allied Irish Banks Plc and Bank of Ireland Plc.

Crude oil for January delivery fell 0.1 cent to settle at $ 83.76 a barrel on the New York Mercantile Exchange on 26 November. The six Gulf Arab nations, including the provision of the UAE, approximately one fifth of the world's oil.

Emaar fell 1.4 percent to 3.60 dirhams, the lowest since 05 September. Aramex dropped more from September 30 to 1.99 dirhams.

Israel Bonds

Abu Dhabi's measure fell 0.3 percent, QE Qatar Bahrain Index and Share Index fell by 0.8 percent. Kuwait gauge fell 0.9 percent to its lowest level in two months. Saudi Arabia's Tadawul All Share Index rose 0.2 percent and the benchmark stock index in Oman increased by 0.5 percent.

In North Africa, Egypt 30 EGX index lost 0.7 percent.

Israel's TA-25 index lost less than 0.1 percent. The benchmark bond due Shiklit Mimshal January 2020 fell, pushing the yield 4 basis points higher to 4.55 percent, the highest since Nov. 14. The shekel fell 0.8 percent to 3.6777 per dollar on 26 November.

BP Plc seeking to cover clean-up costs in the Gulf of Mexico

BP Plc, trying to cover cleanup costs in the Gulf of Mexico, agreed to sell its 60 percent interest in Pan American Energy in Argentina based oil and gas company Bridas Corp.

Bridas pay 7.06 billion U.S. dollars in cash for the operation, making it the sole owner of PAE, BP said in a statement. The transaction is expected to be completed in 2011.

BP is the objective of preserving capital and avoid risk after stroke in Macondo and the Gulf of Mexico left him facing a bill expected to reach $ 40 billion and forced the former chief executive, Tony Hayward, to resign. The oil company said in July it planned to sell $ 30 billion in assets at the end of 2011. Divestitures to date, including the sale of PAE, the total of about $ 21 billion.

"Now we have agreements in place that should ensure the majority of our goal of divestment," said BP Chief Executive Robert Dudley said in a statement. "We will continue to identify assets, in addition it may be strategically more valuable to others than to BP as completing the program."

Colombia, Tanzania

In July, BP agreed to sell assets in North America and Egypt to Apache Corp. for $ 7 billion, while in August, the company has fields in Colombia, Ecopetrol and Talisman Energy Inc. for $ 1900 million. BP has sold its operations in Vietnam and Venezuela to its partner in joint Russian venture TNK-BP for $ 1.8 billion.

The company agreed earlier this month to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent in the interests of BP BP Malawi and Tanzania to Trafigura Beheer BV unit for U.S. $ 296 million in cash. Last month, BP sold shares in four oil Gulf of Mexico deepwater and gas deposits of $ 650 million following the sale of its role as operator of the fields of Tubular Bells.

Bridas BP will pay a cash deposit of $ 3.53 billion and the rest to complete the sale, BP said. PAE controlling stakes in four hydrocarbon basins in Argentina, where is the second largest producer of oil and gas.

Bridas is 50 percent owned by China's CNOOC Ltd., which spent 3.1 billion U.S. dollars to buy the game in March. The operation marked the entry of CNOOC in Latin America and topped the 2.7 billion U.S. dollars in 2006 paid for a stake in an oilfield in Nigeria.

CNOOC and Bridas Energy Holdings will contribute $ 4,940,000,000 for Bridas to finance 70 percent of the acquisition, the company said in a statement. The remaining 30 percent will be paid with loans from third parties, CNOOC said.

EU ministers meet to reach agreement on bailout Irish

European finance ministers are quick to conclude an international rescue package of Ireland before the opening of markets to halt the country's financial crisis spread to the rest of the euro region.

The Irish government wants to reach an agreement to end the "uncertainty" that is worrying investors euro area, Energy Minister Eamon Ryan said the chain based in Dublin yesterday RTE. Finance ministers of the 16 euro countries will meet at 1 pm in Brussels before a meeting of the 27 EU ministers. The European Central Bank President Jean-Claude Trichet will also attend.

The government of Prime Minister Brian Cowen is finalizing a bailout deal that may amount to 85 million euros (113 billion) after more than 50,000 people took to the streets of Dublin yesterday to protest budget cuts. As the crisis spreads from Ireland to Portugal and Spain, investors are looking for details on the interest rate paid on their loans Ireland and the fate of bondholders in the senior banks.

"The euro is at stake here," said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. "The market has made up his mind that will choose a country at a time."

A spokesman for Irish Finance Ministry has rejected a report by Reuters that the agreement has come to rescue.

The average yield investors demand to hold debt to 10 years in Greece, Ireland, Portugal, Spain and Italy rose by 7.5 percent over November 26. The yield on the 10-year German bonds was 2.73 percent.

Cowen problems

Cowen has overseen the collapse of Ireland's banking system and the national finances after a burst property bubble 10 years, the country fell into recession and unemployment rose nearly 14 percent. Cowen's government is pulling the thread. The Green Party, a partner in the coalition, wants the January elections and some members of his own party are hitting your leadership.

Ireland will become the second country in the euro to find a rescue after the Greek debt crisis earlier this year destabilized the currency and forced the EU to create a rescue fund of 750 billion euros. Ryan said Thursday November 25 a report on RTE that Ireland can pay as much as 6.7 percent interest for loans of more than nine years was "erroneous."

"Ireland does not have to dance to the rhythm of the ECB and the IMF and at risk of squandering our future land any decision relating to loans or terms of payment in the next 24 hours," said Ned O'Keefe, a lawmaker from the ruling Cowen Fianna Fail party, in a statement.

Spending cuts

Irish government plans to reduce spending by 20 percent and raise taxes in the next four years to reduce its budget deficit to 3 percent of gross domestic product by 2014 from 32 percent this year, when 31 million euros in capital support for banks are included. The government expects tax revenues this year of 31.5 million euros, said Nov. 24.

The protesters cheered yesterday when O'Connell Street Dublin Siobhán O'Donoghue, director of the Center for Migrant Workers Ireland, broke a copy of the government's budget plan for four years, and called a general election before the announcement of next year's budget in December. 7.

Ireland has been made "on its knees" by the government and bankers, Jack O'Connor, director of the umbrella organization for unions in Ireland, told the crowd. "Several generations of Irish men and women" will have to pay the bill, he said.

Irish banks

The need for a pact is intensifying as declines Irish bank capital. Allied Irish Banks Plc and Bank of Ireland Plc fell on November 26 bonds on concern the government will abandon its promise to protect senior bondholders and forced to share the costs of rescue. Ireland's Sunday Business Post and the Sunday Tribune reported today that the ECB vetoed hurt senior bondholders.

UK Chancellor of the Treasury, George Osborne, will attend today's meeting of finance ministers of the euro zone, a British spokesman. Britain intends to make a loan bilateral actions to Ireland and not joining the euro zone finance.

Ivory Coast will Vote in Election

Ivory Coast will now vote in a presidential runoff election that has inflamed political tensions in the world producer of cocoa higher, facing a candidate backed by the north by the rebels against the owner who receives support from the south.

At least six people have died in clashes in the accumulation of the vote, prompting the government to impose a curfew at night for six days to 2 December. The curfew has delayed the start of voting by more than 7 hours in many areas of the capital.

"I feel a little scary," said Celestino N'dja, a public official, who queued to vote in the commercial capital, Abidjan. "I came early and then I go home. We have suffered over the past 10 years, we are tired of the crisis."

President Laurent Gbagbo, who has ruled for a decade, received 38 percent of the vote in the first round on Oct. 31, winning 10 of the 13 regions in the south. Alassane Ouattara, a former prime minister, won 32 percent of the vote, which was dominant in five of the six northern regions. A third candidate, Henri Konan Bedie, won 25 percent of the vote.

Gbagbo's supporters, 65, hold Ouattara, 68, leader of a revolt in 2002 that divided the country, a charge he denies. The rebels say they tried to seize power because the northerners were treated as second class citizens. Growth has averaged 1.1 percent in the eight years since the conflict began in the country remained dependent on cocoa out of the wave of foreign investment in African nations such as China.

'Unique opportunity'

"This presidential election has politicians in Ivory Coast with a unique opportunity to end a decade of crisis," said Brussels-based International Crisis Group said in a statement by email on 25 November. "Since the announcement of the results of the first round, the weather has deteriorated."

Both campaigns have intensified the negative rhetoric, prompting the Atlanta-based Carter Center, a nongovernmental organization, to encourage candidates to end the "personal attacks made in a threatening tone."

Both Gbagbo and Ouattara "have extremists in their ranks and there is no guarantee that the loser accepts the results," said Dominique Aka Assal, vice-president of the Ivorian Civil Convention, in an interview Nov. 22. "It's all or nothing for them."

However, during a televised debate on 25 November, the two candidates agreed to abide by the results announced by the electoral commission. Ouattara called for account to be released within 24 hours of the end of the vote at 5 pm today.

Economic Progress

Promote the development may be the best way to avoid a future of ethnic tensions, said Rolake Akinola, West Africa analyst at Eurasia Group.

"I live on one meal a day and can not marry because they have the means to feed a family," said Moussa Fofana, an unemployed 30 year old, as in line to vote in Attiecoube, a poor neighborhood Abidjan. "Many young people in Ivory Coast as I live a life without prospects, without hope. We really need a change."

The percentage of 21 million Ivory Coast people living in poverty increased to 49 percent in 2008 from 38 percent in 2002, according to a United Nations survey.

The situation is worse in the north, the International Monetary Fund said in a report in 2009. The annual per capita income in the North was 191,540 CFA francs (390 dollars) and 281,660 francs in the Central North, compared with 348,247 francs in the South-West.

"The promise of infrastructure development and economic opportunities people have to meet in order to keep a lid on ethnic tensions in the long term," said Akinola.

Ivory Coast's neighbors in Africa's second largest gold producer in Ghana, is in talks with companies such as BHP Billiton Ltd. and ArcelorMittal on investment projects, the Minister of Energy and Mines, said Augustine and October 5 . Channel Islands-based Randgold Resources Ltd. poured its first gold medal in Tongon mine in the country on November 8, the company said.

During the televised debate, said Gbagbo of Cote d'Ivoire to cooperate with Liberia and Guinea to the natural resources of the mines, while the goal of doubling the production of cocoa within 20 years. Ouattara said he wanted to reduce taxes to attract investors and reduce tax evasion.

The second phase of a pipeline of 1.2 billion Gas Link

Iran and Turkmenistan, today launched the second phase of a pipeline of 1.2 billion U.S. dollars to double gas exports from Turkmenistan to the Persian Gulf country of 20 million cubic meters a year, said Press TV.

The opening ceremony, attended by Iranian President Mahmoud Ahmadinejad and his Turkmen counterpart Gurbanguly Berdymukhammedov, was held today in the border city of Sarakhs in northern Iran, state news channel said.

"Iran is ready for any cooperation with Turkmenistan," said Ahmadinejad in a speech at the ceremony, part of which was broadcast live on Press TV.

Turkmenistan, the holder of the fourth largest natural gas reserves in the world, opened a gas pipeline in January 2009 to deliver gas to neighboring Iran, central Asia nation sought to diversify the markets.

New Zealand Mine Blast Inquiry for Industry May Determine Future

The future of underground mining in New Zealand is likely to be determined by a Royal Commission to investigate the cause of the deadly explosions in the mine at Pike River Coal Co., Prime Minister John Key, he said.

"Ultimately, the future of Pike River and actually underground coal mining in New Zealand is based on this," he told TV New Zealand quality assurance today. "We can not put people in environments that are dangerous."

The first explosion at the mine in Wellington, based in Pike River on the west coast of South Island took place on November 19, followed by a larger explosion on 24 November that led the police to say that none of 29 workers missing had survived. Rescuers could not enter the mine due to toxic fumes and potential explosions. The mine will not restart until you understand what caused the accumulation of methane and explosions, Key said in the interview.

"You can not reopen until at least get answers to those questions and the Royal Commission could take would be the body that determines that" he said. The proposal for a three-person panel to conduct the research will be taken to Cabinet tomorrow, he added.

A fourth explosion occurred at the mine before two pm local time today, police in New Zealand, said in a statement. No one was injured and people working near the entrance to the mine left the area, the statement said. The third blast was on 26 November.

The deaths this month were the country's worst mining disaster in 96 years.

Survey Deadline

The investigation of fatal explosions are also expected to consider the answer later and that "hopefully" take less than a year to complete, Key said Q A.

"It is the quality of responses received and the questions asked and the responses, compared with a specific time period," he said.

New Zealand West Coast has 13 coal mines, including four underground operations, the Ministry of Economic Development website. Mining employs about 6,000 people, according to www.beehive.govt.nz government website. The industry earned about NZ $ 1100000000 ($ 820 million) in export earnings in 2009.

Pike River had agreed sales contracts with international customers up to 90 percent of production for the life of the mine, CEO Peter Whittall, said in a filing this month. The company is partly owned by India's Gujarat NRE Coke Ltd and Saurashtra Fuels SA. New Zealand Oil & Gas Ltd. is the largest investor with a stake of 30 percent.

The mine is forecast to produce 320,000 to 360,000 tons of coal in the year to June, the company said Oct. 19. Almost half an April forecast due to delays with the drilling and road construction.

gold production in the third quarter in Australia won 22 %

gold production in the third quarter in Australia won 22 percent compared with the same period a year ago, as prices remained high, a research group said.

Production has increased to 67 metric tons in the three months ended September 30, 1912 tons more than a year ago, Sandra Close, director of Surbiton Associates Pty Melbourne, said in an emailed statement.

The gold went to a gain of 10 th and prices may average $ 1,375 an ounce during the first quarter of 2011, National Australia Bank Ltd. said on 23 November. Regis Resources Ltd and Integra Mining Ltd. began last quarter output, Surbiton said.

"We are now seeing the results of a sustained period of higher gold prices," said Close. "We are now seeing the effects of the revaluation of the known deposits and the presentation of the old mines back into production and some new findings, so that production is increasing."

AngloGold Ashanti Ltd. this month approved the development of the $ 600 million ($ 583 million) from the Tropicana gold project in Western Australia.

Black Friday sales up 0.3% to $ 10.7 billion

Black Friday sales were little changed, rising 0.3 percent, over last year, as the efforts of U.S. retailers to attract customers by opening false starts, ShopperTrak said.

Early Christmas sales and promotions boosted sales and traffic in the first two weeks of this month through November 13 by 6.1 percent and 6.2 percent respectively, ShopperTrak, said in a statement on its website web.

Shoppers across the country spent 10.69 billion U.S. dollars yesterday, Bill Martin, founder of Chicago-based firm ShopperTrak research, said in a statement. Black Friday is the day after Thanksgiving in the U.S. and the traditional start of the Christmas buying season.

Hundreds of people queued at individual stores across the U.S. to take advantage of special offers as they face a slow economic recovery. Sears Holdings Corp. and Toys "R" Us Inc. began its "Black Friday" doorbuster "sales on Thanksgiving Day to appeal to consumers two years after purchasing off the enthusiasm from the recession.

Sears, the largest U.S. department store, beginning at 7 am with offers that include a 58 inch Panasonic plasma TV Corp. HD $ 1,044, 55 percent off its price listed at $ 2,299.

Open Thanksgiving

Toys "R" Us, the world's largest retailer of toy, opened earlier this year to accommodate customers who said they wanted to go shopping after the Thanksgiving dinner, said Chief Executive Jerry Storch . Employees in Times Square store in New York chain Santa hats distributed to nearly 1,500 guests lining up outside before the opening, said spokeswoman Jennifer Albano.

In 2009, Black Friday spending rose 0.5 percent to 10.66 billion U.S. dollars, compared with the previous year, according to ShopperTrak.

Analyst estimates for total sales of the holiday season ranging from a few changes to increases of up to 4.5 percent. Washington-based National Retail Federation forecast to rise 2.3 percent to 447.1 billion U.S. dollars after rising 0.4 percent last year and a fall of 3.9 percent in 2008.

The projections are consistent with a rebound in U.S. consumer spending this year when the economy began adding jobs. Consumer spending, which accounts for about 70 percent of the country's economy, grew at a rate of 2.8 percent per year in the third quarter, the Commerce Department. That was the fastest since the last three months of 2006.