Moody's poised to downgrade UK banks. The move is expected as part of a broader credit downgrade of some of the
world's major banks and could be delayed until after US markets close. It is
thought that British banks including Barclays, HSBC and Royal Bank of Scotland
are facing a cut in their ratings by as much as two notches, reflecting the
continued impact of the eurozone crisis on the global banking system. The
Telegraph
C.I.A. Said to Aid in Steering Arms to Syrian Opposition. A small number of C.I.A. officers are operating secretly in southern
Turkey, helping allies decide which Syrian opposition fighters across the border
will receive arms to fight the Syrian government, according to American
officials and Arab intelligence officers. The
New York Times
L'interminable ajustement de l'immobilier espagnol. L’ajustement du secteur immobilier espagnol semble en voie d’accélération.
Ainsi, au premier trimestre les prix du logement ont baissé de 12,6% sur un an,
la chute la plus importante depuis le début de la crise. La baisse totale est de
22% depuis 2008, selon les calculs de l’OCDE. Ce réajustement devrait être
renforcé par les réformes financières du gouvernement de Mariano Rajoy qui
forcent les banques à mettre leurs actifs immobiliers sur le marché. La
Tribune
Euro-Zone Leaders Tired of Criticism from Abroad. The state of the euro zone is the dominant theme at the G-20 summit in
Mexico this week. But European Commission President Barroso has had enough. He
erupted in frustration on Monday and insisted that Europe is doing all it can.
Not all of the gathered leaders would agree. Der
Spiegel
Clara Jamart: “Food prices up by 25-50%” . The price of foodstuffs is high all over the world, not just in the Sahel.
Every month, the FAO produces an index of world food prices. It was at 214
points last month, which is higher than in 2008, during the food riots when it
was at 200 points. As for the Sahel, contrary to what usually happens, the price
of cereals hasn’t dropped after the harvests. Foodstuffs are between 25-50% more
expensive compared to the average for the last five years. And it is thought
that prices could increase again by 25-30% in July and August. L'Humanité
US politicians attack 'London loophole' as JP Morgan boss explains $2bn
loss. Jamie Dimon, chief executive of JP Morgan, defended the bank’s decision to
locate in Britain large parts of the business that made a shock $2bn (£1.3bn) as
US politicians attacked its exploitation of the “London loophole”. Giving
evidence to US lawmakers yesterday[Tuesday], Mr Dimon said JP Morgan’s CIO
[Chief Investment Office] operation “could have been in London or somewhere
else” as he defended the bank’s British operations. The
Telegraph
PP and Socialists forge pact ahead of tense EU summit. The government and the main Socialist Party will come together to try to
show the rest of Europe a united Spanish front by voting together in solidarity
for the fiscal stability pact in Congress on Thursday. The move comes ahead of
an EU summit starting on June 28, which is expected to be a tense affair as
solutions to the ongoing euro crisis are discussed. El
Pais
Job Openings in U.S. Decrease by Most in Almost Four Years. Job openings in the U.S. decreased in April by the most in almost four
years, the latest sign that the labor market is cooling. The number of open
positions dropped by 325,000, the biggest decline since September 2008, to 3.42
million from 3.74 million the prior month, the Labor Department said today in
Washington. Hiring slowed from the prior month and firings climbed... Bloomberg
China's Food Fright . There’s no denying that the gastronomic horizons of Chinese cuisines
sometimes verge on the infinite. But on factors of food quality, there’s little
subtlety or nuance over the level of safety standards. In the past five years,
the number of public food and drug safety scandals has hit new highs. In 2008,
there was the tainted milk scandal. Then, this year’s poisoned medicine capsule
case and contaminated cooking oil scandal signaled that there continue to be
severe barriers to the adequate protection of public health. Caixin
China Manufacturing Slump May Match That of 2008 Crisis. China’s manufacturing may shrink for an eighth month in June, matching the
streak during the global financial crisis in a signal the government’s stimulus
has yet to reverse the economy’s slowdown. The preliminary reading was 48.1 for
a purchasing managers’ index today from HSBC Holdings Plc and Markit Economics.
Above-50 readings indicate expansion. The lowest crisis level was 40.9 in
November 2008, when industrial production increased 5.4 percent from a year
earlier, compared with a gain of 9.6 percent last month. Bloomberg
BoE lends banks $7.86B from new support facility. The Bank of England said Wednesday it lent banks 5 billion pounds ($7.86
billion) in the first use of a facility set up late last year to shield the U.K.
financial system from fallout from the euro-zone debt crisis. The BOE said it
allotted the full GBP5 billion on offer in the auction and banks taking up the
six-month loans will pay 0.75% interest, 25 basis points above the BOE's key
rate. Market
Watch
U.K. can’t keep blaming Europe for dismal economy . Growth is flat. The central bank is pumping emergency cash into the system. Retail sales are declining, and house prices outside central
London are falling. The U.K. might have the Olympics to look forward to this
summer, but not much else. Market
Watch
Europe Will Emerge Stronger Than Ever: Mark Mobius. It’s hard to be bullish with a growing chorus of voices chanting the end
of the euro zone is nigh. But one influential investor thinks Europe will emerge
from its debt crisis intact and stronger than ever. Mark Mobius, Executive
Chairman of Templeton Emerging Markets Group, told CNBC Asia that European
countries are engaged in a prolonged and necessary game of chicken. CNBC
Friggit juin 2012 : la baisse des prix s’amplifie et se
généralise. Pour le mois de juin 2012, les courbes de Friggit montrent des baisses
importantes des prix de l’immobilier et cela aussi bien en Province qu’à Paris
ou en Ile-de-France. Les volumes de transactions chutent également après les
effets d’aubaine liés à l’augmentation des impôts sur les plus-values et à la
baisse des aides à l’achat. Découvrez les mises à jour importantes des travaux
de Jacques Friggit. Immobilier
danger
GEAB N°66 is available! Red alert / Global systemic crisis –
September-October 2012: When the trumpets of Jericho ring out seven times for
the world before the crisis. LEAP/E2020 has never seen the chronological convergence of such a series
of explosive and so fundamental factors (economy, finances, geopolitical…) since
2006, the start of its work on the global systemic crisis. Logically, in our
modest attempt to regularly publish a “crisis weather forecast”, we must
therefore give our readers a “Red Alert”... LEAP/E2020
- Public annoucement GEAB N°66 (June 19, 2012)
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