Financial crisis does things to people

This just in from the highest authority in the land:

[T]he fact is that Larry Summers right now is very comfortable making arguments, often quite passionately, that Bob Reich used to be making when he was in the Clinton White House.

Comments

[Zach]

I saw that, but is it really a substitute? His two "independent" economic advisors are JB & CR, while LS, TG, PO, and AG are all neoliberals. And so is Summers' aparrent ability to make Reich's case an actual substitute for Reich himself, or someone else (such as yourself) with a different voice?

Besides, the '90s were quite different from now, and so even if Summers & Reich are making the same point, but 15 years apart in widely different circumstances, then there is likely still a marked difference of opinion. Quite frankly, the Times' quote dismayed me...but perhaps I over-react.

BTW: I think this blog is no longer linked via Social Europe? I hope that's an oversight on their part...

[raivo pommer-eesti.]

JAPAN SOFTBANK

Softbank, now with about 20.6 million subscribers, controls about 19.2 percent of the nation's market, up 1.1 percentage points from the previous fiscal year. But average sales per user declined for voice calls, while they were up for data transmission.

Losses on investments from the market downturn dragged on its earnings, according to Softbank, which bought British cellular giant Vodafone Group PLC's struggling Japanese operations in 2006.

A major one-time loss related to payments for bonds for its mobile unit as well as a write-off for its optical fiber Internet services, also hurt results, it said.

One business area that performed better than last year was its Internet-related "cultural" businesses such as advertising, Internet shopping and auctions, Softbank said.

Softbank also introduced attractive mobile content such as video of comedy acts popular in Japan called "S-1 Battle," and easy-to-use applications called "mobile widget."

For the fiscal year ending March 31, Softbank's profit dropped 60.3 percent to 43.2 billion yen, on 2.67 trillion yen in sales, down 3.7 percent on year.

Softbank did not give a net profit forecast, but expects operating profit for the fiscal year ending March 31, 2010, to rise 17 percent from the fiscal year just ended to 420 billion yen.

[raivo pommer-www.google.fi]

Private investment groups GEM (Global Emerging Markets) Global Yield Fund Limited and GEM Investment Advisors Inc. had committed investing up to P300 million in local technology firm IPVG Corp. through the purchase of new IPVG shares and shares from existing shareholder Elite Holdings Inc.

The investment, which is for primary as well as secondary shares, involves both the company (IPVG) and one of the principal shareholders (ELITE).

The agreement also provides that IPVG shall issue to GEM or to GEM’s order, one or more warrant(s) to subscribe for up to 30 million shares.

The funding will be used for IPVG’s future business activities and engagements, and for the expansion of its operating subsidiaries.

IPVG CEO Enrique Gonzalez said the investment provides IPVG financing for expansion and for the organic capital requirements of our business subsidiaries. We welcome GEM’s entry into our company as they bring with them a strong track record in private equity and capital markets from their investment activities around the world.

“Despite a challenging global macro environment, this deal is evidence that well run companies can attract smart capital,” Gonzalez closes.

The GEM Group, comprising GEM Investment Advisors Inc. and GEM Global Yield Fund Limited and their affiliates, which was founded in 1991, is a $2.7 billion alternative investment firm engaged in the management of a diverse set of investment tools centered on emerging markets all over the world.

[raivo pommer-eesti.]

The long awaited 2009 Investment Priorities Plan (IPP) that lists business projects qualified for tax incentives from the government remains unsigned nearly after a quarter has passed into the year earning howls of frustration from the business sector which is currently reeling from a global recession.

The Board of Investments (BoI) expected Malacañang’s approval of the yearly list by the end of last month but petitions from various sectors for changes in the list that Malacañang ordered to be heard delayed its signing, Trade and Industry Secretary Peter Favila said.

Favila said the BoI had to conduct new hearings for the late petitions despite the BoI completing all public hearings along with involved government agencies on the list as early as February this year.

“The IPP has been completed and the President has to sign it,” Favila said.

Favila, however, declined to explain what specific areas of the draft IPP were changed during the Malacañang-initiated hearings.

Favila was also asked if the President will sign the IPP before she leaves for Egypt today but he quipped “I do not ask the President for commitment.”

Initially, the BoI said the 2009 IPP focuses on the granting of incentives to all domestic micro, small and medium enterprises that would include the smallest type of projects such as sari-sari stores and three-wheel vehicles operators.

The scheme is part of plans drafted by the BoI along with other government agencies in line with a directive from the Arroyo administration to safeguard jobs and attract investments while the country suffers from the effects of the global financial slowdown.

BoI managing head and Trade Undersecretary Elmer Hernandez earlier said the new IPP may include new types of incentives that are still in the process of discussions by the IPP inter-agency committee.

[wjd123]

The President thinks Larry Summers' and Robert Reich's point of view on economic matters is converging. I don't see it. Obama thinks the convergence is that they're not only in agreement about growing the economic pie but that they're also in agreement about a bottom up approach to allowing everyone to share in the feast.

I see Summers as more interested in saving Wall Street first as the key to getting the economy going. Reich is more interested in saving Main Street first. I see Reich as more in line with Obama's bottom up approach. Summers is still a top down guy.

Today it was reported that Summers and Volker are of different minds about new regulations. Volker doesn't want to hold off on new regulations and Summers does. I see Reich as a Volker man. Obama thinks convergence means that they both agree that there should be new regulations.

I had hopes for Summers. Some time back he wrote an article in the Financial Times recognizing problems of legitimacy that came with globalism. He mentioned corporations using it as a way for them to play countries off against each other in order to avoid taxes. I know Summers is busy, but a little sign that he's still thinking about these problems would renew my hope.

I don't think Obama really has the right perspective on job loss when it comes trade, and I have to ask myself, How come? It may be true that improvements in technology are cutting down on the number of manufacturing jobs in our country. However, every time I hear this argument I see it as being used as a smoke screen for free trade international corporations that want to practice labor arbitrage.

A worker who loses his or her job to new technology won't like it, but he or she can accept progress. A worker who loses his or her job to cheap labor doesn't see it as progress. He or she sees it as an attempt to undermine his or her position in our political economy. Dani explained the difference with his post on "Trade and Procedural Fairness."

Obama's bottom up approach to policy should make this easy to understand. Instead we get trial balloons from his Administration about signing a trade agreement with Columbia and not renegotiating NAFTA in order to put real enforcement in its labor and environmental side agreements.

Maybe in time we'll get a reporter who will ask Summers and Reich their position on these balloons. My guess is that we'll get smoke from Summers on the Columbia matter and a no from Reich. Both of them will agree that NAFTA shouldn't be renegotiated, though I don't know if they will agree for the same reasons.

Will see. Things are complicated.

[raivo pommer-eesti.]

Metrobank global economic woes

METROPOLITAN Bank & Trust Co. said loan growth would weaken this year amid the global economic downturn.

On the sidelines of the lender’s stockholders’ meeting, Jette Gamboa, Metrobank head of investor relations, said the growth of the bank’s lending business would slow to between 5 percent and 8 percent this year from 17 percent last year.

“The global crisis is not yet over. We don’t know what is going to happen. This is not the time to take in more risk. We will have a tempered approach to credit,” Gamboa said.

The company expects consumer lending to grow by double digits but sees a more modest corporate lending business this year.

If the situation worsens, Gamboa said that it is likely that credit defaults would ensue and asset quality would deteriorate. “[But], what we would like to emphasize is we have built our systems over the last five years centered on credit excellence and risk management,” she added.

The official said the bank’s bad loan ratio however would go down to 4 percent this year from 4.5 percent last year.

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BANK ADB

The Asian Development Bank (ADB) board has agreed to triple its capital base to $165 billion to cope with the financial crisis, the bank
said on Thursday. This would ensure "much-needed resources to respond to the global economic crisis and to the longer-term development needs of the Asia and the Pacific region," the bank said in a statement.

An "overwhelming majority" of the ADB's 67 countries approved the multilateral institution's fifth general capital increase in its 42-year history on yesterday, the statement said.

"This substantial increase is a resounding vote of confidence from our shareholders for what we can achieve as a premier development partner in the region," ADB president Haruhiko Kuroda was quoted as saying.

[raivo pommer-www.google.fi]

Credit Crisis

More on our friends at Healthcare Connections, currently doing a roaring trade flogging Tamiflu to people worried about swine flu – for a total consideration of around £60, compared to the £7.10 NHS prescription price. A reader gets in touch to say that the company's sales staff told him it could take several weeks to get the medication out to him once he parted with his cash. A little disappointing since Tamiflu is most effective when used during the first few days of infection.

Horlick feels the heat again

Another blow to Nicola Horlick, right, the City superwoman who looked a little less clever when it emerged that her fund management company, Bramdean, had taken a big hit from the Madoff affair. One of Bramdean's biggest shareholders, Elsina, controlled by the entrepreneur Vincent Tchenguiz, has now called an extraordinary general meeting of the company, in a bid to unseat its entire board.

Desperate times call for desperate measures

Do you think the posh grocer Whole Foods Market is struggling to get punters through the doors of its flagship outlet in Kensington High Street in London? Efforts to pull in a crowd seem to have been stepped up: the store is hosting a series of events, ranging from Cuban dancing shows to a lecture series on coping with allergies. There is even a "Free Salsa Class for Thirsty Thursday Customers". Given the price of some of its food, perhaps a seminar on how to do a full week's shop without giving your bank manager heart failure might be more appropriate.

Primark outfoxes the demonstrators

Primark hasn't got where it is today without some smart thinking. When executives discovered the opening of a new store in Tooting, south London, due today, was to be the target of a demonstration by War on Want, they acted quickly. An embarrassing scene was avoided by the simple trick of opening the store 24 hours early – the doors were thrown open yesterday morning.

[raivo pommer-www.google.fi]

Credit Crisis

More on our friends at Healthcare Connections, currently doing a roaring trade flogging Tamiflu to people worried about swine flu – for a total consideration of around £60, compared to the £7.10 NHS prescription price. A reader gets in touch to say that the company's sales staff told him it could take several weeks to get the medication out to him once he parted with his cash. A little disappointing since Tamiflu is most effective when used during the first few days of infection.

Horlick feels the heat again

Another blow to Nicola Horlick, right, the City superwoman who looked a little less clever when it emerged that her fund management company, Bramdean, had taken a big hit from the Madoff affair. One of Bramdean's biggest shareholders, Elsina, controlled by the entrepreneur Vincent Tchenguiz, has now called an extraordinary general meeting of the company, in a bid to unseat its entire board.

Desperate times call for desperate measures

Do you think the posh grocer Whole Foods Market is struggling to get punters through the doors of its flagship outlet in Kensington High Street in London? Efforts to pull in a crowd seem to have been stepped up: the store is hosting a series of events, ranging from Cuban dancing shows to a lecture series on coping with allergies. There is even a "Free Salsa Class for Thirsty Thursday Customers". Given the price of some of its food, perhaps a seminar on how to do a full week's shop without giving your bank manager heart failure might be more appropriate.

Primark outfoxes the demonstrators

Primark hasn't got where it is today without some smart thinking. When executives discovered the opening of a new store in Tooting, south London, due today, was to be the target of a demonstration by War on Want, they acted quickly. An embarrassing scene was avoided by the simple trick of opening the store 24 hours early – the doors were thrown open yesterday morning.

[raivo pommer-eesti.]

Pian kaikki maailman pankit kriisissa

SPAIN BANK CHRISE

Spain's Santander, the euro zone's largest bank, on Wednesday said its first quarter net profit dropped by only 5 percent amid Spain's economic slump and increasing bad loans.

The bank, the biggest in Spain, said "the financial crisis and the economic slowdown have resulted in slower growth in activity and increased non-performing loans, which have required greater provisions."

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Santander said its loan-loss provisions were up 73.2 percent to ?2.234 billion ($2.9 billion). Bad loans as a proportion of lending stood at 2.49 percent, nearly double the 1.25 of a year before.

The results, described as "excellent" by bank vice president Alfredo Saenz, were seen as better than expected and pushed shares up 4.1 percent to ?6.83 ($8.87). Banks around the world have reported huge losses stemming from the collapse of securities based on U.S. mortgages to people with shaky credit.

The bank said that the year-on-year results were affected by the integration of two British acquisitions, Alliance and Leicester and the deposits and distribution channels of Bradford and Bingley, which contributed ?66 million ($85.75 million) in the quarter, as well as two months of results from U.S.-based Sovereign Bank, which registered an attributable loss of ?20 million ($25.98 million).

It added that the depreciation of the British pound and certain Latin American currencies had an impact of between 7 and 8 percentage points in profit growth in euros.

"Excluding these effects, the group's attributable profit would be practically the same as in the first quarter of 2008," Santander said.

It pointed out that net profit was actually up by 8 percent compared to the fourth quarter of the 2008.

Spain, one of Europe's economic success stories for more than a decade, has seen its economy stumble badly over the past year due to the collapse of a real estate bubble and tighter credit conditions owing to the international financial crisis.

The country has gone from being among the Europe's largest job creators to having its highest unemployment rate at 17.4 percent.

[raivo pommer-www.google.fi]

THE Australian dollar

At the local close, it was trading at US72.45c, up from Thursday's close of US72.36c.

During the session, the unit traded between US73.24c and US72.24c.

It began the local session at a six-month high of US73.18-22c.

ICAP economist Adam Carr said risk appetite was boosted by the declining US dollar.

The safe-haven currency declined during the four-day Easter break after news that US bank Wells Fargo had posted a better-than-forecast guidance for its first-quarter earnings.

"The Aussie's tracked higher," Mr Carr said. "We've had a couple of bounces up a couple of hundred points.

"US dollar weakness has been the key thing over the Easter period. Today, we've given some of those gains back, but not a lot. Significantly, we've held over US72c."

According to Wells Fargo, it expects "record" net income, about $US3 billion ($4.1 billion) for the first three months of 2009.

Markets considered it another sign of improvement in credit and lending markets. But Mr Carr said the overnight offshore session could prove volatile for the Australian dollar.

[raivo pommer-www.google.fi]

BRITICH BILLIONARE

These women are the latest in a long line of billionaire offspring who have decided to work for mom or dad. The allure seems obvious: lots of responsibility at a young age, little chance of being fired by the boss and the opportunity to contribute to the family's legacy.

But how seriously do these women take these jobs, and how likely is it that they'll actually inherit the corner offices, eventually run billion-dollar enterprises and oversee thousands of employees?

To find the most promising progeny, we scoured the daughters of the world's 793 billionaires and found 25 worth watching. They range in age from 25 to 59, include a couple sets of sisters and hail from 12 countries and work in such diverse industries as cosmetics, media and shipping.

Not included are any heiresses who have already inherited the fortune as well as the business, thus eliminating someone like Margaret (Maggie) Magerko, 43, who now runs and owns 84 Lumber, founded by her father. Also left off are ones who are succeeding on their own, such as Ralph Lauren's daughter Dylan, who owns the popular Manhattan store Dylan's Candy Bar.

So who are the rising stars? One of the best known is Donald Trump's daughter Ivanka, who seems destined for the job. At 27, she has already become a fixture in her father's empire as an executive vice president for the Trump Organization and a star in her dad's primetime show Celebrity Apprentice. Enterprising as the Donald himself, Ivanka has also found time to be a fashion model and the face of Ivanka Trump Jewelry, her own luxury diamond line.

Others already sit on the boards of the world's largest public companies. Vanisha Mittal Bhatia, 28, is a board member of steel behemoth ArcelorMittal (market cap $37 billion), along with its chief executive, her father Lakshmi Mittal, and American billionaire Wilbur Ross. She is the only family member besides her dad on the board, though her brother Aditya Mittal is CFO and member of the Group Management Board.

Meanwhile, France's Delphine Arnault-Gancia, 34, became the first woman board member of luxury goods group LVMH Moët Hennessy Louis Vuitton, run by her father, at age 28 and was named deputy managing director of Christian Dior in April 2008.

[raivo pommer-www.google.fi]

Better news on manufacturing in Europe, China and India, and positive signs on U.S. home sales and construction raised hopes on
Monday that the deepest economic slump in decades may have bottomed out.

Manufacturing in Europe declined at its slowest pace in six months, and grew in China and India in April, while pending sales of existing U.S. homes rose unexpectedly in March and U.S. construction spending rose a slim 0.3 percent the same month, its first increase since September.

A top U.S. Federal Reserve official said the recession is fading and growth will resume later this year.

"While overall activity is still contracting, it now appears as if the pace of contraction is diminishing, and at some point later this year, activity will bottom out and begin expanding again," Richmond Federal Reserve President Jeffrey Lacker said in a speech to business leaders.

European and U.S. shares rose -- Wall Street's leading indexes jumped 2.5 percent or more as investors bet the government's "stress tests" won't be bad for banks and hoped the housing data meant the recession is ending. The S&P 500 topped the psychologically important 900 level for the first time since early January.

[raivo pommer-eesti.]

German sportswear maker Adidas said yesterday its first quarter net profit fell 97 per cent as the economic crisis crimped the company's sales, especially in North America.

The Herzogenaurach-based company said net profit for the January-March period fell to just €5 million ($11.5 million) from €169 million in the first quarter of 2008.

Sales for the period fell 2 per cent to €2.58 billion from €2.62 billion in the first quarter of 2008.

The company, whose brands include Reebok and TaylorMade Adidas Golf products, said it expects sales to decrease at a low to mid-single digit rate this year.

The results pushed Adidas' stock more than 11 per cent lower to €26.21 in Frankfurt trading.

"We've faced a number of economic and market challenges in the first quarter of 2009," said Herbert Hainer, Adidas' chief executive.

"Our results have been materially affected by higher input prices, currency devaluation effects and restructuring costs," Hainer said.

[Ana]

Summers still thinks Jeffery Sachs is amazing and the bottom down approach such as "Shock Therapy" works.

I wonder if President Obama is aware of all his inconsistencies such as the "pristine environment memo regarding China". Mr. Summers now pretends to care about the environment by spending quality time with the celebrity friends of his buddy Sachs. He clearly cares a lot about looking good in the picture to be the next FED Chairman.

It's very sad to see Summers deviating Obama's from his campaign promises, Obama's team allocated only only 11 Billion for investments in the energy sector (during the campaign he promised far more action).

Mr. Summers team is spending all of its energies and the last stretch of US financial resources on bailing out the financial services industry in Trillions of dollars--dollars that are flooding international emerging markets behind the scenes due to a bank friendly SEC--not creating jobs, but searching for higher returns at an Emerging Market near you (overseas)!

In the meanwhile there is a 'bond bubble' being nurtured at the speed of light, but no one at Summers camp dares to tackle it.

[raivo pommer-www.google.fi]

Source says Bank of America needs $34 bln in capital

Stocks slid and the yen rose on Wednesday after news Bank of America needs $34 billion in fresh capital, sending shivers through investors ahead of official results of stress tests on U.S. banks due for release on Thursday.
U.S. S&P 500 futures were down 1 percent, indicating a lower market open later in the day on Wall Street, after a source familiar with the government test results on 19 banks told Reuters that Bank of America has been deemed to have additional capital needs worth nearly half its current market cap of $69.4 billion.
The yen strengthened across the board as dealers scrambled to relative safety, knocking the Australian dollar down 1.7 percent despite much stronger-than-expected Australian retail sales numbers.
"This could put a dent in the rally we've seen," said Jan Lambregts, head of Asia research at Rabobank in Hong Kong. "Definitely we'll have a breather until we get these (stress test) results. Perhaps there are a few surprises in there," Lambregts said.
The MSCI index of Asia Pacific stocks outside Japan fell 1.2 percent, after hitting a seven-month high on Tuesday. Cyclical sectors like energy and materials in addition to financials led the index lower.
Japan's markets were closed for a holiday.
Hong Kong's Hang Seng index was down 0.8 percent, weighed by 2.7 percent drop in shares of China Construction Bank after the Financial Times said Bank of America was considering the sale of an $8 billion stake in the firm.
Investor willingness to take risks has been steadily increasing over the last new months and has been strengthened by signs around the world that the global economic downturn is easing.
That has prompted a rally in equities, commodities, emerging market debt and high-yielding currencies, which may only slacken momentarily because of uncertainty over the stress tests.
"In the short term, fundamentally, a correction is overdue and U.S. bank stress test results could well become a trigger as they will reveal capital needs without any real immediate remedy," said Dariusz Kowalczyk, chief investment strategist with SJS Markets in Hong Kong.
"However, market positioning is likely to trump fundamentals, and it seems real money is coming out of the trenches and shooting with not just sniper fire but machine guns," he said in a note.
The U.S. dollar was down about 0.7 percent against the yen to 98.22 yen.
High-grade credit spreads in Asia widened slightly on the Bank of America news, though they remained near the tightest levels since October, the Asia iTraxx investment-grade index showed.
U.S. crude for June delivery was nearly unchanged on the day at $53.80 a barrel after rising to a high for the year overnight of $54.83.

[raivo pommer-eesti.]

Microsoft

has always been the direct result of the talent, hard work, and commitment of our people, eliminating positions is hard.

Today’s action includes positions in the United States and in a number of countries around the world. In the US, affected employees will be notified directly by their managers today. In other countries, local leadership teams will provide more specific information about the impact to their organizations.

With this announcement, we are mostly but not all done with the planned 5,000 job eliminations by June 2010. We are moving quickly to reach this target in response to consistent feedback from our people and business groups that it’s important to make decisions and reduce uncertainty for employees as quickly as possible, and so that organizations can concentrate their efforts and resources on strategic objectives.

As we move forward, we will continue to closely monitor the impact of the economic downturn on the company and if necessary, take further actions on our cost structure including additional job eliminations.

For those of you directly affected by today’s announcement, I want to thank you for your contribution to Microsoft and assure you that we will continue to provide support as we did during the previous job eliminations.

And for everyone across the company, I want to reemphasize how much I appreciate the way you have pulled together to help the company respond to this difficult economic environment. There’s no doubt that these are very challenging times. But together, we are making the right choices to ensure that we will continue to deliver great products and position ourselves for strong future growth and profitability.

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Travelers from Spain

Last year, the City welcomed a projected 382,000 visitors, a 20% increase over the previous year. Spanish visitors collectively spent an estimated $389 million in 2008. Travelers from Spain stay on average more than six nights and enjoy shopping and dining out as their top two activities. 84% who visit New York City come for leisure purposes and 84% stay in hotels.

“Currently, Madrid ’s tourism promotion office has an institutional agreement with NYC & Company to grow the image of both destinations,” said Pablo Bautista, CEO of the Madrid Tourist Board. “This exchange between both cities’ tourism offices started last year in New York City with the presence of the City of Madrid in a campaign that promoted its cultural and tourist attractions.”

Bautista has underlined the importance of such a cooperation between New York and Madrid and has mentioned that "there is a strong intention to reinforce in the future these agreements between both cities that will create new joint initiatives".

The New York City ads appear on street furniture throughout Spain in cities such as Madrid, Bilbao , Barcelona, Sevilla, and more. The posters promote the City’s new Real Deal promotion (nycgo.com/realdeal), which offers discounts at the City’s hotels, attractions, cultural organizations, shows, , a yearlong initiative to boost gay travel to New York City in 2009 during the 40th-anniversary year of the Stonewall Rebellion, the birthplace of the modern Gay Rights Movement. The ads launched on April 20 and will be in place until early June.

As part of the promotion, Viva Tours is offering Spanish consumers a five-day package from 749 euros, which includes air, hotel and transfers from Spain to New York City. The prices are valid through June 19. Viva Tours travel packages can be booked by Spanish consumers through a local travel agent.

“As the leading tour operator of the Spanish market in America, and particularly in New York, this agreement with NYC & Company represents a unique opportunity to reinforce our most important international destination,” said Enrique Martin-Ambrosio, General Manager of Viva Tours. “At this time, we are managing approximately 30% of the holiday packages that Spaniards are contracting to the United States, thanks to the exclusive agreements we have with the airline Iberia, which has an extensive presence in America . Furthermore, Iberia has two daily direct flights to New York City from Madrid as well as another one from Barcelona. We hope that alliances such as this one presented today will help us to increase this quota, increasing our leadership.”

[raivo pommer-eesti.]

Spain Chrise

unemployment rate has topped 17%, and economists expect it to hit 20% next year. But Depression-era scenes don't dot its landscape.

Spaniards aren't, en masse, sleeping under bridges. Tent cities haven't sprung up outside Spanish towns. Labor has yet to call a single major strike.

Europeans are notoriously quick to take to the streets to defend their economic interests. Yet, as the Continent endures its worst economic crisis since the end of World War II, things seem unusually calm.

Even Friday's May Day marches were more muted than expected. Though hundreds of thousands of people across Europe took part in the annual demonstrations, calling on governments to support jobs and workers, overall participation was less than unions had hoped for, considering the severity of the downturn.

Exact reasons for the subdued mood vary from country to country, but a common theme emerges: The very factors that make some European economies sluggish and inflexible during times of plenty also help cushion the impact of the downturn.

Spain exemplifies this. During the good times, its economy is held back by low productivity, an extensive underground economy and scant labor mobility. Studies show that Spaniards are unusually reluctant to move away from their home region -- a trait that acts as a drag on the economy.

Today, however, being close to one's extended family is a lifeline. Members of Spanish families help one another pay the mortgage, so there are fewer foreclosures. Even when they lose their homes, Spaniards rarely end up on the street. For the most part, they move in together.

"The family represents kind of a social-welfare network that allows the country to withstand a much higher rate of unemployment," says Rafael Doménech, chief economist for Spain and Europe at BBVA bank.

Then there is the question of who would lead any unrest. The huge job losses in Spain have been borne almost entirely by temporary workers -- women, immigrants and the young -- who aren't represented by anyone. The types of workers who tend to belong to labor unions -- middle-aged men on full-time contracts -- have scarcely been touched by layoffs. In fact, the latest jobs report showed they had slightly increased their number in the first quarter of the year -- even as 800,000 temporary and self-employed workers lost their jobs.

Another issue Spain shares with other southern European countries is its extensive black economy. During the good times, economists have encouraged countries like Spain and Italy to bring the black market under control. In the bad times, however, that market can give many Spaniards secret, undeclared sources of income that can keep them afloat.Analysts say it could represent as much as one-fifth of the Spanish economy, providing work for people who are formally unemployed.

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President Obama predicted Wall Street, whose shenannigans he blames for the nation’s economic collapse, won’t play as dominant a role in the economy after he’s done reforming the financial system.

Obama said he expects that government efforts to fix the economy will cause long-term changes and lead people to search for jobs in other parts of the economy, Obama said in an interview in this week’s New York Times [NYT] Magazine.

“I actually think that’s healthy. We don’t want every single college grad with mathematical aptitude to become a derivatives trader,” Obama said.

Obama is restoring more regulations on the financial sector to avoid some of the risk-taking that helped cause the current economic problems.

“Wall Street will remain a big, important part of our economy, just as it was in the ’70s and the ’80s,” he said.

“It just won’t be half of our economy.”

[raivo pommer-eesti.]

But there are at least three other parallels between Mr. Obama and Mr. Trudeau: First, both have been hailed as healers of national rifts - Mr. Obama, between black and white, being both; and Mr. Trudeau, between Canada's two solitudes, French and English, being both.

Second, both Mr. Obama and Mr. Trudeau used classical rhetoric to win audiences over to their plans. In this, both leaders took advantage of North Americans' astonishing ignorance of rhetorical techniques, which makes North American residents peculiarly vulnerable to structured language's hypnotic power.

(As an aside: In the 1980s, when I was research director on Bay Street, I had all my analysts take a simple course on rhetorical delivery, both written and spoken; and in one firm all six analysts became ranked No. 1 in their fields.)

Finally, the third similarity: Mr. Obama is, and Mr. Trudeau was, essentially a liberal activist who, using rhetorical techniques, centralized power. In the case of Mr. Trudeau, it cost Canada some economic wealth and alienated the West; in the case of Mr. Obama, the cost is only beginning. When the president of the largest mercantile power on earth effectively says the sanctity of contracts is not for the courts to uphold, and the mesmerized populace (and media) meekly assent, all commercial contracts thereby become devalued, and the market for such contracts - for what are stocks and bonds but that? - must eventually tank.

I'll therefore repeat what this column noted on Feb. 28: The market, just like in 1938, would likely stage a 40- to 50-per-cent rebound from the then-6,600 Dow's fair-value level, before likely going into a two-year funk. The rebound is two-thirds there, and you can forget the "likely": Mr. Obama just ensured the funk would be upon us before year-end.

From here on, the Dow could rise another 1,000 to 1,200 points - say about 15 per cent more. Enjoy it, but don't get taken by Mr. Obama's hypnotizing rhetoric. I'd use the last few hundred Dow points to lighten up. And if you own non-government bonds, be equally wary, because Mr. Obama will have no compunction taking your money and handing it to the unions that helped elect him. Can you hear the bell ringing?

[raivo pommer-eesti.]

Revolution der Weltwirtschaft.

Joschka Fischer, 61, (Bündnis90/Grüne) war Bundesaußenminister und Vizekanzler von 1998 bis 2005. Er schreibt exklusiv für Project Syndicate und die Süddeutsche Zeitung. (Foto: dpa)

Wer an einem See sitzt und das Wasser betrachtet, der rechnet womöglich mit vielem, aber sicher nicht mit dem Vorbeiziehen eines schwarzen Schwans. So verhält es sich auch mit der aktuellen Krise: Wenn der schwarze Schwan das Symbol für das völlig Unerwartete ist, für das Unmögliche, das aber dann doch eintrifft und das Weltbild oder gar die Welt auf den Kopf stellt - dann wird es in diesem Jahr reichlich Anlässe geben, schwarzer Schwäne zu gedenken und sich auf die Ankunft weiterer vorzubereiten.

So wird sich im November zum zwanzigsten Mal der Fall der Berliner Mauer jähren. In der Nacht des 9. November 1989 begann das Ende der Sowjetunion und ihres Imperiums - und damit auch der bipolaren Welt, die über mehr als fünf Jahrzehnte hinweg Deutschland und Europa geteilt hatte.

Kaum jemand hatte zuvor dieses weltumstürzende Ereignis für möglich gehalten, und doch geschah es, quasi über Nacht. Nach dem Verschwinden der Sowjetunion und der bipolaren Weltordnung dominierte der damals siegreiche westliche Kapitalismus, angeführt von der alleinigen Weltmacht USA, unangefochten die globale Politik und noch mehr die globale Wirtschaft.

[raivo pommer-eesti.]

Mit 60 Milliarden Euro will die Notenbank dem Pfandbriefmarkt der Europäischen Währungsunion unter die Arme greifen.

Mit ihrem Aufkaufprogramm, also der Abschöpfung von Papieren am Sekundär- und womöglich auch am Primärmarkt, wird die EZB das mittel- und langfristige Renditeniveau in diesem Marktsegment drücken, mithin indirekt das Zinsniveau lang laufender Baukredite senken.

Zu den gedeckten Bankschuldverschreibungen gehören allen voran die deutschen Pfandbriefe und mit Hypotheken besicherte Covered Bonds aus anderen Ländern. Sie erfreuten sich im vergangenen Jahr trotz der dramatischen Finanzkrise immer noch einer besseren Nachfrage und verhielten sich am Markt tendenziell stabiler als mit Hypotheken besicherte, strukturierte Kreditprodukte (MBS) und in weiteren Verschachtelungen an den Markt gestreute Kreditprodukte (CDO), deren Sekundärmarkt nahezu komplett zusammenbrach.

Gerade weil Banken jedoch mit anhaltendem Kapitalmangel kämpfen und ihnen die Möglichkeiten des Abverkaufs von Kreditrisiken an die Märkte strukturierter Kreditpapiere derzeit noch verwehrt sind, ist die Stellung des Marktes für Covered Bonds und Pfandbriefe so wichtig, um das Bau- und Hypothekengeschäft in Schwung zu halten. Die Bedeutung zeigte sich kürzlich darin, dass die Deutsche Bank eine Pfandbrief-Lizenz beantragt hat.

[raivo pommer-eesti.]

Islands Krone versucht sich zu stabilisieren

Wegen vieler hausgemachter volkswirtschaftlicher Probleme zählt Island zu den Ländern, welche die Kreditkrise am stärksten in Mitleidenschaft gezogen hat. Anfang Oktober 2008 war der Bankensektor des Landes, der massiv in Übersee expandiert war, kollabiert. Island brachte der Zusammenbruch seines Bankensystems kurz vor den Staatsbankrott. Dieser konnte am Anfang des Jahres nur durch Kredite des Internationalen Währungsfonds (IWF) und befreundeter Länder verhindert werden.

Heftig zugesetzt haben die Turbulenzen auch der Krone. Begonnen hat der Abstieg der isländischen Landeswährung aber schon viel früher, nämlich Ende 2005. Im Tief kostete da ein Euro noch 71,43 Kronen, bevor es dann im April 2009 in der Spitze sogar mehr als 197 Kronen war.

Dritte Zinssenkung seit März

In den vergangenen Wochen hat die Krone nun auf dem ausgebombten Niveau unter volatilen Schwankungen Stabilisierungsversuche unternommen. Zuletzt ist es ihr dabei gelungen, sich bis auf aktuell 168,22 Kronen zu befestigen. Geholfen hat ihr dabei natürlich wie allen anderen Schwachwährungen die zuletzt wieder gestiegene Risikobereitschaft der Investoren.

Diese Entwicklung hat auch dabei geholfen, dass die Krone auch den eingeleiteten Zinssenkungsprozess bisher gut überstanden hat. Erst an diesem Donnerstag hat die Zentralbank den Leitzins um weitere 2,5 Prozentpunkte auf 13 Prozent gesenkt. Ingesamt war dies der dritte Zinsschritt seit März (damals wurde um 100 Basispunkte gesenkt und im April um 150 Punkte). Und das Ende der Fahnenstange soll damit noch nicht erreicht sein. Zumindest stellten die Verantwortlichen weitere Zinssenkungen in Aussicht.

[raivo pommer-eesti.]

Mexikanischer Peso

Als die Schweinegrippe in Mexiko ausbrach, geriet der Peso Ende April kurzfristig unter Druck. Inzwischen beginnt sich nicht nur das Alltagsleben wieder zu normalisieren. Auch Mexikos Landeswährung ist dabei, die Kursverluste auszubügeln.

Als Stütze erweisen sich mehrere Faktoren. So hilft die größere Risikobereitschaft, aber auch die sich mehrenden Zeichen einer konjunkturelle Stabilisierung in Amerika. Als am Freitag der Arbeitsmarktbericht besser ausfiel als erwartet, legte auch der Peso auf 13,0316 Peso je Dollar zu. Insgesamt betrug das Wochenplus 5,7 Prozent, was die beste Wertentwicklung unter den lateinamerikanischen Währungen war. Auch im Verhältnis zum Euro wird die Notiz derzeit deutlich entfernt von dem im März markierten Tief von 19,55 Peso gehandelt.

Mexiko liefert rund 80 Prozent seiner Exporte in die Vereinigten Staaten. Und die Nachfrage aus Amerika ist wichtiger denn je, befürchtet das Finanzministerium unter Einberechnung der negativen Effekte der Schweingrippe doch damit, dass die Wirtschaft in diesem Jahr um 4,1 Prozent schrumpft.

[raivo pommer-eesti.]

Finanzexperten raten zu Gelassenheit

Genau diejenigen sorgen sich: Mehr als die Hälfte aller Deutschen bangt erheblich ums Ersparte, belegt eine aktuelle Umfrage des Deutschen Instituts für Altersvorsorge (DIA). Rund 75 Prozent der Deutschen fürchten, dass sie im Ruhestand viel weniger Geld zur Verfügung haben als gedacht. 2005 waren es nur halb so viele. Jeder Zweite spürt bereits, dass die Krise auf sein Einkommen oder seine Ersparnisse durchschlägt. Und jeder Fünfte beklagt Verluste bei der Geldanlage - also nicht bloß Buchverluste, sondern erlittene. Denn etliche Sparer lösten noch im Herbst ihre Aktiendepots auf.

Gerade Ältere haben nun Angst, dass sie die Rückschläge, die sie erlitten haben, nicht wieder aufholen. Mit welchem Produkt soll das auch in Zeiten der Niedrigstzinsen gehen? Aber selbst wer an Aktien und Fonds festhielt, fragt sich nun: Soll er bei den derzeitigen Aussichten nicht lieber verkaufen, bevor die Papiere noch mehr verlieren?

Ruhig bleiben, raten alle Finanzexperten: "Der größte Fehler ist: Sparer gucken nur auf ihr Aktiendepot, nicht aufs Gesamtvermögen", sagt Bernd Katzenstein vom DIA. Sie betreiben mentale Kontenbildung und versuchen unter allen Umständen - und oft mit hohen Kosten - dieses eine Konto durch wildes Hin- und Herschichten zu optimieren. Dabei verlieren sie aus dem Blick, dass ihr Gesamtvermögen viel stabiler ist und zwischenzeitliche Verluste auf dem Aktienkonto ausgleichen kann.

[raivo pommer-eesti.]

Die größte britische Bank HSBC sieht sich nach einem positiven Jahresstart für weitere Herausforderungen gut aufgestellt. Abschreibungen und Kreditrücklagen seien im Auftaktquartal 2009 im Vergleich zum Schlussquartal vergangenen Jahres zurückgegangen.

Das teilte das Institut am Montag in London mit. Erträge sowie der Vorsteuergewinn vor Neubewertung von Krediten hätten sich zwischen Januar und März erholt. Grund sei vor allem ein starkes Geschäft im Investmentbanking, das sich auch im April weiter fortgesetzt habe. Die Kernkapitalquote lag Ende März bei 9,9 Prozent.

Gegenüber dem Vorjahresquartal waren Abschreibungen und Risikovorsorge allerdings deutlich angestiegen, der Vorsteuergewinn vor der Neubewertung von Krediten lag unter dem Vergleichswert. HSBC- Chef Stephen Green sagte, das Umfeld sei weiterhin unsicher und Signale aus der Wirtschaft seien gemischt. Es gebe allerdings einige Anzeichen für eine vorsichtige Erholung.

[raivo pommer-eesti.]

Kreditkartenabrechnung hat das Amtsgericht München die Rechte der Verbraucher gestärkt. Nach einem neuen Urteil muss die Bank im Zweifelsfall nachweisen, dass der Kunde die von ihm bestrittenen Kreditkartengeschäfte wirklich getätigt hat.

Kann sie diesen Nachweis nicht führen, muss die Bank den abgebuchten Geldbetrag dem Kunden erstatten. Das Urteil ist rechtskräftig (Az.: 242 C 28708/08).

Das Gericht gab damit der Klage einer Frau statt, die von 2007 an festgestellt hatte, dass in der Kreditkartenabrechnung von ihr nicht veranlasste Abbuchungen auftauchten. Sie ließ darauf hin die Karte sperren, und die Bank erstattete zunächst auch anstandslos die nicht akzeptierten Beträge. Die Kundin selbst ließ für ihre Online- Geschäfte vorsichtshalber ein Anti-Viren-Programm auf ihrem Computer installieren.

Im September 2007 erhielt sie eine neue Kreditkarte, doch abermals gab es von ihr nicht veranlasste Abbuchungen. Sie ließ auch die zweite Karte sperren, erstattete Strafanzeige und versicherte an Eides statt, dass sie die Umsätze nicht getätigt habe. Nach Ausstellung der dritten Kreditkarte wiederholte sich das Spiel. Sie entdeckte erneut dubiose Umsätze, von denen sie nichts wusste. Die Bank erstattete ihr dieses Mal aber nur noch knapp 60 Euro, den Rest in Höhe von rund 700 Euro jedoch nicht mehr. Daraufhin erhob die Frau Klage beim Amtsgericht.

[raivo pommer-eesti.]

Der weltgrößte Reisekonzern TUI hat im ersten Quartal dank des Verkaufs der Containerreederei Hapag-Lloyd gut eine halbe Milliarde Euro verdient. Der den TUI-Aktionären zustehende Überschuss belief sich auf 553,1 Millionen Euro, wie das MDAX-Unternehmen in Hannover mitteilte.

Ohne den Verkaufserlös von knapp einer Milliarde Euro hätte TUI allerdings deutlich im Minus abgeschlossen. Auch für das Gesamtjahr rechnet der Vorstand dank des Sondererlöses mit einem deutlich verbesserten Konzernergebnis.

In der Touristik erwartet das Management vor Steuern, Zinsen und Abschreibungen auf Unternehmenswerte (EBITA) und Sondereffekten im Jahr 2009 ein stabiles Ergebnis. Hapag-Lloyd, die nur noch zu 43,33 Prozent zum Konzern gehört, dürfte nach dem Sondereffekt zum Jahresbeginn ab dem zweiten Quartal ein negatives Ergebnis abliefern, hieß es.

[raivo pommer-eesti.]

Belastet von Gewinnmitnahmen hat der deutsche Aktienmarkt Kursverluste verbucht. Damit rückt für den DAX die Marke von 5.000 Zählern erst einmal wieder aus dem Blick, betonten Händler, nachdem der Leitindex am Freitag noch etwas unter dieser Schwelle bei 4.913,90 Punkten geschlossen hatte.

Gegen Mittag fiel der DAX um 1,29 Prozent auf 4.850,48 Punkte, und der MDAX sank um 3,28 Prozent auf 5.714,27 Zähler. Für den Technologiewerte-Index TecDAX ging es um 2,90 Prozent auf 604,26 Zähler nach unten.

Frank Geilfuß, Marktanalyst beim Berliner Bankhaus Löbbecke, sagte: "Nach den jüngsten Kursgewinnen machen die Anleger zum Wochenbeginn erst einmal Kasse." Zudem habe sich die Stimmung besonders für die Finanzwerte eingetrübt und hiervon belastet würden nun auch die US-Märkte zur Eröffnung im Minus erwartet. In den USA haben sich aktuell mehr Menschen mit dem Schweinegrippe-Virus infiziert als in Mexiko, fuhr der Experte fort, und dies verunsichere die Anleger ebenfalls.

Am DAX-Ende verloren die Titel der Commerzbank 8,53 Prozent auf 5,735 Euro. "Die Luft nach oben ist erst einmal raus", resümierte Sebastian Reuter, Analyst bei Hauck & Aufhäuser Privatbankiers, die Kursentwicklung. Die Papiere haben sich seit ihrem Tief Anfang März bei 2,27 Euro mittlerweile mehr als verdoppelt.

Zudem hatte das "Wall Street Journal" am Wochenende berichtet, die 19 führenden US-Banken bräuchten noch mehr frisches Kapital als die laut Stress-Test verlangten 75 Milliarden Dollar. Die US-Notenbank (Fed) habe bei der Prüfung ursprünglich weitaus größere Kapitallücken festgestellt als schließlich bekanntgeben worden sei, berichtete das Blatt. Titel der Münchener Rück fielen indes um 3,49 Prozent auf 98,30 Euro.

Ebenfalls gemieden wurden die Aktien von MAN, die um 4,43 Prozent auf 46,78 Euro absackten. In dem Schmiergeldskandal des Münchner Maschinen- und Nutzfahrzeugkonzerns richten sich nach Medienangaben die staatsanwaltschaftlichen Ermittlungen auch gegen Führungskräfte. Aktien von K+S verloren derweil 3,16 Prozent auf 48,42 Euro.

Sowohl die UBS als auch Morgan Stanley hatten sich negativ zu dem Düngemittel- und Salzproduzenten geäußert. Die Analysten prognostizieren, dass der in den nächsten drei Monaten erwartete chinesische Vertragsabschluss deutlich schlechter ausfallen dürfte als derzeit am Markt prognostiziert.

Im MDAX zählten die Titel von TUI nach Zahlen mit minus 5,59 Prozent auf 7,60 Euro zu den größten Verlierern. Das Zahlenwerk des Reiseriesen fiel nach Einschätzung von Börsianern schwächer als erwartet aus - und das, obwohl der Verkauf der Containerreederei Hapag-Lloyd bereits eingerechnet sei. Zudem habe der Ausblick negativ überrascht.

Die Papiere von Leoni gerieten nach ebenfalls mit Enttäuschung aufgenommen Zahlen zunächst ebenfalls deutlich unter Druck, konnten sich dann aber etwas erholen und sanken zuletzt nur noch um 1,69 Prozent auf 11,60 Euro. Analyst Jürgen Pieper vom Bankhaus Metzler sieht als einzige kleine Hoffnungszeichen die Aussagen, dass es im März etwas besser gelaufen sei, als im Januar und Februar 2009.

[raivo pommer-eesti.]

Mit einem bundesweiten Aktionstag haben Tausende Mitarbeiter des größten deutschen Stahlkonzerns ThyssenKrupp gegen einen drohenden Stellenabbau protestiert.

In einem Autokorso fuhren Stahlarbeiter mit 300 Wagen durch Duisburg, teilte die Polizei mit. In Emden demonstrierten 1500 Werftarbeiter vor den Nordseewerken, an einer Kundgebung bei HDW in Kiel nahmen 1000 Beschäftigte teil. Vor dem Stahlwerk in Bochum richteten die Beschäftigten eine Mahnwache ein. Flächendeckend hatte die IG Metall zudem bundesweit zu Informationsveranstaltungen an den ThyssenKrupp- Standorten aufgerufen.

ThyssenKrupp will die Zahl der Konzern-Sparten von fünf auf zwei oder eine verringern und im Stahlbereich 1800 bis 2000 Stellen streichen. Dabei soll es keine betriebsbedingten Kündigungen geben. Die IG Metall befürchtet konzernweit den Verlust von mindestens 5000 Arbeitsplätzen.

Betriebsratschef Thomas Schlenz kündigte Bereitschaft für ein mögliches Sondierungsgespräch mit dem Konzern-Vorstand vor der Mittwoch stattfindenden Aufsichtsratssitzung an. «Ich erwarte wesentliche Zusagen zu unseren Eckpunkten, um in eine Verhandlungsposition zu kommen», sagte er der Deutschen Presse- Agentur dpa. Die Arbeitnehmer fordern die Sicherung von Arbeitsplätzen und Einkommen sowie den Erhalt der Mitbestimmung.

[raivo pommer-eesti.]

A growing number of banks are eyeing quick repayment of US government capital injections after stress tests showed major lenders are healthy enough to manage without public support.

Goldman Sachs, Morgan Stanley, Bank of America and others said they would seek early reimbursement of the capital aid injections that began last year to shore up the US financial system.

Others, notably Citigroup, may improve capital ratios by converting some of the government preferred shares to common stock, which will make the US Treasury a large stakeholder.

The Treasury has injected roughly $200 billion (R1.6 trillion) in capital into dozens of banks out of a total programme commitment for $250bn within the Capital Purchase Program and Troubled Asset Relief Program (Tarp).

Some banks had argued that the capital programme was forced on them and had imposed conditions such as limits on executive compensation. They raised fears about the state meddling in bank operations.

"These (stress test) results produced a collective sigh of relief heard around the world," said Patrick O'Hare at research firm Briefing.com.

"It has been the market's conclusion that these collective results are much less worrisome than had been thought weeks ago. Accordingly, it is now envisioning a new phase for the banks in which they start earning their way out of the Tarp halfway house in which they now reside."

The review by regulators showed that 10 big US banks need $74.6bn in extra capital buffers.

[raivo pommer-eesti.]

Ten major US banks need to raise $74.6bn to bolster reserves against a deeper economic slump, but relief that "stress tests" on banks
did not reveal wider damage lifted world shares Friday.

Federal Reserve chairman Ben Bernanke said the results "should provide considerable comfort to investors and the public," despite the need for 10 out of 19 banks tested to find new capital.

Bernanke pointed out that the Treasury "stands ready to provide whatever additional capital may be necessary to ensure that our banking system is able to navigate a challenging economic downturn."

The central bank said they showed banks can withstand a new economic storm but will be required to raise fresh capital to boost their reserves.

Treasury Secretary Timothy Geithner said in a statement the tests "will help replace the cloud of uncertainty hanging over our banking system with an unprecedented level of transparency and clarity."

Bank of America had the largest need at 33.9 billion dollars, followed by Wells Fargo with 13.7 billion.

Bernanke noted the 10 firms judged to have shortfalls "need to enhance their capital structure to put greater emphasis on common equity, which provides institutions the best protection during periods of stress."

The report released Thursday projected potential losses of 600 billion dollars in 2009 and 2010 for the banks under an "adverse" economic scenario.

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[aghadilbar]

Peace & Prosperity
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Agha Dilbar

My Open Letter (Blog) has been sent Eight Lak (800000) to International Community for the welfare of Humanity till today. I Agha Dilbar authorize Newspapers, Magazines, Internet, to Publish and Radio, T.V. Channels to broadcast this letter all round the World.
Website: http://aghadilbar.webs.com
Dear President Barrack Obama
the Great Leader of the World
I Agha Dilbar have sent Mr. President 100 registered research Letters (1000 new ideas to develop America and to Change the World for Peace and Prosperity)
Through Embassy of USA Islamabad till today and also direct sent these registered Letters to Whitehouse Washington DC 20500.These letters have been written on the guidelines of CHANGE WE NEED. And these letters are about the Common Men Problems of respected American Peoples and their Solutions. To end, Economic Recession, Unemployment and to Finish War, all round the World for Peace and Prosperity. In these letters I have sent one thousand new scientific Planning /Suggestions, about every walk of life for Peace through Friendship Progress and Prosperity all over the World.
My dear Barack Obama, the great leader of the world, my friend, my brother, provide an opportunity to Agha Dilbar to pay an official visit to America, that we two brothers sit together and by halt this horrible war. if this war continues for 10 20 or 50 –year, it will never end.
In this war 1-million people have died from 9/11 till today, if this war continues, it will become the 111- World War.200-Million people would die, if 111-World War is triggered) can take out 6.5 billion people of the World from abyss of destruction .We two brothers Barack Obama+ Agha Dillbar can put them on the road to Progress and Prosperity through Peace.
Dear President Barrack Obama considers, from 9/11 till today, America has conducted many war operations in connection with War on Terror, resulting the circle of war has spread hundred times. Millions innocent persons have died.
In this war. Many have been rendered homeless. One Lak (10000) war affected youth joined the army of Al-Qaida and Talban by the help of anti American countries have begun gorilla war in a horrible manner. It is the result of wrong war strategy. I Agha Dilbar desire to solve all above mentioned problems in a meeting with President Barrack Obama by adopting new revolutionary planning by bringing an end to present gorilla war in Iraq, Afghanistan and Pakistan. As a result the World can enter in a peaceful, advanced and progressive world, May it be so!
I Agha Dilbar have a new War Strategy to achieve success through Table Talk between Talban, Pakistan and American Gov. 90% of Talban that are fighting against Pak Army belong to Swat and Tribal Areas of NWFP. I can provide America all realistic facts in such manner that their implementation could convert these Talban into Patriotic Citizens of Pakistan.
In this War Strategy Pakistan Gov will never send his Heavy Artillery, Tanks, Cannons and Air craft in war. In this way 5-million persons will never Displaced. In the end Talban by their will handover, their Weapons to Pakistan Gov, they will come to Table Talk and Suicide Bombing will come to an end in Pakistan. Through this War Strategy Pakistani and American Gov can save expenses on war. Through this planning American and Pakistani Gov can utilize their saving on war budgets for development of Schools, Hospitals, Colonies, Markets, Industry, Roads, Bridges, Dams, Canals of Swat and Tribal Areas of NWFP that are war affected.
Due to wrong war strategies of the American and NATO forces.
The war on terror is getting worst mainly due to use of air craft, tanks, Cannons.
Because nine innocent people are killed for a single terrorist this way in these circumstances thousands
of innocent people lose their life or properties and any other source of income.
In the result many people join terrorist or become suicide bomber. As they think there is no other way to take revenge of the innocents killing of their relatives these are the basic reasons that hundreds of suicides are generated very quickly and easily in Pakistan, Afghanistan, Iraq particularly who further kill thousands of other innocent public.
On account of present war strategy, Billion Dollars are being wasted yearly.
This war can cause Fall of America instead of continuation of war; my best suggestion for America must keep his Supper Power on the World and should conquer the World instead of war, but by his No-1 scientific technology spending on agriculture, industry, trade, education, scientific development and tourism, all round the World. Making an end to Economic Crisis in America.
A new Global Package is being offered for your kind consideration America will have to make complete and final announcement that in future all Multinational American Companies will get free land on 20-years lease and will set up under the BOOT agreement (in undeveloped and poor countries) factories, mills five star hotels, schools, colleges, universities, hospitals, air companies, shipping companies, latest railway, bus transport and steel mills. All these companies will be bound to handover without any cost to under developed and poor countries well as their machinery and transport after 20-yaars.
A new suggestion in connection with Global Peace is offered that in return of export American Agriculture and Industrial Products, will give his 50% profit to the exporting countries and utilize as Aid on the development of agriculture, industry, trade, education and tourism. This suggestion, making an end to American Economic Crisis and get full support to enhance his Foreign Public Relation
. May it be so!
To make successful American Foreign Policy at Global Level the following planning is put before:
a) America will have to provide free scholar ships at least to ten top master students (in each country) of medical and science in underdeveloped and poor countries of the world.
b) Highly educated and well trained one hundred cultural groups (each group contains 100 persons) will have to arrange one hundred cultural shows for three months in big cities of underdeveloped and poor countries.
c) America will have to arrange exhibitions through his Embassies for his latest products, in the underdeveloped and poor countries .All these mentioned above industrial exhibitions will be arranged continuously for two months. In the above mentioned exhibitions present products will be sold except export order booking. In these exhibitions, American Cultural Programs will have to arrange and American Traditional Dishes will be kept for sale. In these exhibitions American Tourism Stalls will also be put-up.
Following rules and regulations will be undertaken for the progress and prosperity of American students.
a) Among metric, Fsc, Bsc, (eng} .Mbbs, Llb, Ca and diploma holders in all institutions, all those receiving degrees at the state level, ten each from girls and boys by cash prizes will be announced on behalf of the gov during invitation on lunch.
b) For above mentioned top ten intelligent students boys and girls each, tours for different historical and healthy sites will be arranged free of cast.
c) Sport Talent Schools of international level will be set up over the country at the district level, in which students of extra-ordinary sports talent taught from class one to Fsc level.
d) American states gov will announce free transport, free medical facilities and free lunch during education to all school, college and university students.

Minimize the aforesaid differences, which I will deliver to president
the increasing distress and hatred between the Muslim world and America is the major cause of weak relationship on public and government level.
As a sincere friend I have practical suggestions to Barack Obama in my official visit to America.
I request the government of America to allow me to describe (first of all my briefing with president’s advisors). My one thousand plans & ideas for changing the world before one to one meeting with the president Barack obama.thanks
Today we are presenting a new planning in America for the rapid progress in industry.

American government will allow to 50% relief in the following things. Petrol, dizel, electricity,
gas and water bills

For the establishment of new industries in industrial zone American government will allow 25%relief in taxes .

1) Sugar mills, textile mills, Garment Industry
2) Shoes tire tube factory.

3) Milk powder industry, tin pack fruit industry, ornament industry, carpet industry.
4) Frozen fish, chicken beef, and meat industry.
6) Dairy forming, poultry forming, fish forming, cattle forming, fruit forming.
7) Vegetable forming biscuit sweet industry hotel industry.
8) Electronic industry, sanitary industry paint industry.
9) Furniture industry.
10) Steel mill industry.
11) Engine industry.
12) Aero plane industry and shipping industry.
13) Computer and mobile industry.
14) Medicine industry fertilizer industry and insecticide industry.
15) Car, bus truck loader, harvester industry.

I Agha Dilbar have sent Ten Million research Peace Letters to International Community from 9/11 incident till today. This letter is my Great Peace Mission plan which is continued. Present Global Economic Crisis is the result of War on Terror. This Crisis if further accelerates could initiate a 111-World War. Please hear my Voice of Truth; I can save the World, for my Great Peace Mission, with the help of President Barrack Obama, Peace and Prosperity.
The Government of America will announce to provide free home facility to employees after 20 year of service as per following rules and regulations.

1. For providing free home facility to their employees after retirement the government will deduct 2 ½% amounts for their monthly salaries.
2. The government of America will deduct 2 ½% amounts of salaries to the employee and will deposit the same in government treasury which shall be paid to the housing company on allotment of plots.
3. The housing company shall provide beautiful home to the government or non government employee after 20 year of service.
4. The people not acquiring home after 20 year of service shall be paid in whole by deducted total amount from their salaries during their employment.
The government of America should follow the below regulations immediately. For giving facilities to the government and
private employees.

The employees working in America shall be given pension from the government treasury equivalent to 50%
Of their salaries.

Such employees who suffer from disabilities shall be given insurance benefits for their whole lives for the government treasury.
And their children of the employees who face death also be paid insurance to their parent’s salary.

All the employees working in America shall given free transportation, medical facility, food and living during their tenure.

Employees leaving their jobs in America shall be paid given 3 months advance salary.

President Barack Obama will become more popular by taking above action, and industry wills also prosper more in America.

Ten thousand small dams planning during seven years in USA as a result of this planning ten million
people shall obtain employment. Other than doubling the electricity shall also benefit fish forming, tourism, agriculture
and trading.

To obtain the subjective following rules and regulation shall be observed.

Government and private institutes of America shall pay 5%share of their income
In the new international development of corporation (IDC).


2.IDC shall invest to build ten thousand new hydro electric dams adjacent to all the rivers
with 100 km.

3.From these small dames network of rivers shall be obtained this benefit fish forming and tourism spot.

4.1500 hundred Dams shall be built each year at every cost.

5. To speed up the progress of IDC government state government, arms forces and semi government
organizations shall help and support the implementation of these small dams.

The following regulations would be implanted to install American institutions of international standard for progress and construction in all the backward countries of the world.
In the suggested institutions, the 50% investment would be done by American government, and these institutions would work private autonomous bodies.
In the underdeveloped countries, the developmental institutions would sell these services privately in the following fields, in collaborations with the suggested institutions.
Roads and bridges
Industrial zones
Housing projects
Car, bus and truck industries
Agriculture projects
Schools, colleges and universities
Hospitals and nursing training institutes
Poultry fish and cattle farm training institutes
Paper sugar and furniture industries
Textile and garment industries
Milk powder and tin pack fruit industries
Ghee oil and soap industries
Electronic and electric industries
Engineering industries
Steel railway aero plane and shipping industries

To bring an agriculture and industrial revolution, the following regulations would be implemented
a) In America, all the agricultural and technical institutions would be given following concessions instantly.
1) All the new and old agriculture and technical institutes would be from all kind of taxes i-e income Tex, sales tax and property tax
2) In America, all technical and agricultural training institutes would get 50% investment from federal and provincial governments
3) Free books would be provided to students studying in these institutes of international stand red.
4) All the expenses of students studying in these institutes would be borne by the federal and provincial governments.
5) New courses of international stand red would be planned to teach in these agricultural and technical institutes.
.

During the next seven years in America, the foiling rules and regulations would be observed to install one million wind mills and one million off shore tide tribunes.
In the result of implanting the suggested plan, besides a large scale of production of pollution free electrical energy, there will be great development in employment, agriculture and industry
1) Federal and states government would announce no tax on wind mills and off shore tide tribunes.
2) To install wind mills and off shore tide tribunes the federal and states governments provide free land near off shore.
3) To act upon the above mentioned plan, the federal and states governments America would announce to provide 50% capital to initiate the business.

To develop agriculture, industry and business to increase production and to provide employment resources, the following rules and regulations would be implemented.
a) There would be a 50% tax relief to all factories, mills, schools, collages and universities and commercial institutions, which are working in double shifts. The number of workers the second shift would be equal to the workers in the first shift.
b) In America , all federal and state government factories, mills, schools, colleges universities and all commercial institutions would be given 100% tax relief , which are running on triple shifts i.e. 24-hours,in such cases, the number of workers in second and third shifts should be equal to the number of first shift.
c) All the exporters in America, increase their exports in comparison to last year by 50%, would get 50%tax relief.
d) Those exporters who would double their exports 100% in comparison to last year would get 100% tax relief by the government.

Mr. Barack Obama you are not only the Leader of America, you are Great Leader of the World. In this connection I am waiting for your Email response, dated 2.10.2009.
Please Confirm.
Thank you, God blesses you and God bless America.
Agha Dilbar (founder)
International Revolution Movement
64-neelum block ait Lahore (Pakistan)
Phone: 0092427830084
Cell 03224628349
Email [email protected]
Website http://aghadilbar.webs.com/
This Open Letter has been sent Eight Lak (800000) to International Community for the welfare of Humanity till today. I Agha Dilbar authorize Newspapers, Magazines, Internet to publish and Radio, T.V. Channels to broadcast this letter all round the World .
I Agha Dilbar challenge with 100% trust that own result of my meeting with Barack Obama war on terror and suicide attacks in PAKISTAN, AFGHANISTAN ,IRAQ And all over the WORLD could be put to an end and due to this great success Barack Obama would be able to rule the America till 2016. And on my return of my official visit from America the world will be set on the way of implementing the CHANGE WE NEED. Live with Dignity and Die with Grace.
It has been extraordinary to read and hear, some of the things I did my decision alone by the voice of God, who called me in my heart.
Mystery of success to rule the World
Peace through friendship progress and prosperity.
Thanks
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