Personal Finance News & Advice

Wall Street opened higher Monday after the vote of austerity measures by the Greek Parliament, investors wanting to believe that this new step will move towards a resolution of the debt crisis in Greece.

In early trade, the Dow Jones gained 0.48% (61.76 points) to 12,862.99 points. The Standard & Poor's, which was accused last week its first weekly decline in six weeks, is 0.64% (8.65 points) to 1,351.29 points while the Nasdaq composite advance 0.81% (23.57 points) to 2,927.45.

"There was a little apprehensive but the fact is that (the Greek plan) was approved and it has clarified many things to contracts involving the risk that Greece represents for them, "Justice Peter Kenny, managing director of Knight Capital.

Side values, as Apple has climbed above $ 500 at the opening (1.65%), reaching a new record. 

The group has stepped up to the apple its offensive Monday against Samsung Electronics in the patent war between them, by attacking the Nexus range of smartphones equipped with the latest version of Android, the operating system from Google.

The Chairman of the Consob Giuseppe Vegas reaffirmed Wednesday that as of Thursday, the ban on naked short sales would be extended to all classes of shares.

At the beginning of November, Constable Italian Stock Exchange announced a ban on naked short sales of all equity markets regulated to reduce market volatility, a decision to take effect from 1 December at midnight.

In an interview published Wednesday by the newspaper La Repubblica, Giuseppe Vegas has also discussed the requirements of the European Banking Authority (EBA) relating to the recovery bond and that he would ask the Bank of Italy to raise the issue at European level

The new EU regulation that requires banks to value sovereign debt in their accounts at market value may cause a new credit crunch that could cripple the economy of Italy, said the president of the Italian stock market authority .

"In Italy, there are fears on banks. The money does not circulate. The main risk is the development of a credit crisis."

"In this scenario, the risk that a bank collapse is secondary.

The Bank of Japan announced the continued existence of its monetary policy while lowering its outlook, saying fear the repercussions of the crisis of European sovereign debt.

The main rate of the BoJ remains at 0.1%.

Prime Minister Georges Panpandréou announced a referendum on the bailout of the euro, which provides for the deletion of one half of the Greek debt. A gamble. The announcement plunged the European stock exchanges. Greek Prime Minister George Papandreou

Greek Prime Minister George Papandreou made a surprise and took a political risk on Monday night by announcing the holding of a referendum on the European Agreement deletion of part of the country's debt, criticized Greece for the surrender of sovereignty that it entails.

Nexans Thursday confirmed its 2011 targets after strong third quarter as forecast by a slowdown in growth due to an unfavorable base effect.

The world number two cable conducted on a quarter revenues of 1.127 billion euros at constant non-ferrous metals, an increase of 3.9%.In the first half, the group posted organic growth of 8.2%.

Nexans has maintained its annual target organic growth of between 5 and 7% and that of an operating margin of about 5.5%, but with an enhanced contribution of industry and construction segments, and a contribution weaker segment energy because of the economic environment.

"The increase in activities of medium and low voltage is subject to conditions as operators invest electricity still based on it," he told Reuters Frédéric Vincent, CEO of Nexans. "And we will be weaker in 2011 than in 2010 high-voltage ground in view of the situation in the Middle East."

Nexans notes, however, begin to restart in the Gulf.As for Libya, the end of the war could provide opportunities in energy, but not this year.

"With the end of troubles, we secure the recovery of activity in 2012 but nothing in 2011," said Frederic Vincent.

At current metal prices – especially copper, which Nexans believes it should remain around its current price in the fourth quarter – revenue the quarter stood at 1.711 billion euros.

The European Financial Stability Fund (EFSF) will not be turned into a bank, says its leader, Klaus Regling. It was one of the options mentioned to strengthen the capacity of the fund. Klaus Regling, head of European Financial Stability Fund (EFSF).

Europeans have abandoned the idea of ​​transforming the European Financial Stability Fund (EFSF) in the bank to increase its ability to help beyond the planned 440 billion euros, said its chief Klaus Regling, quoted by Handelsblatt Tuesday . This idea, "yet discussed a few weeks ago (…) is not at all on the table" before the EU summit this weekend that should answer that Europeans hope to convincingly debt crisis in the eurozone.

"The EFSF will not be a bank," he said at a conference in Munich, according to the German business daily.Give the EFSF a banking license would have allowed him to borrow from the European Central Bank (ECB) – who opposed the idea – and to leverage its financial strength as well as for future assistance to States and troubled banks in the euro area. Other means could allow an expansion of the capacity for action of the fund, for example by making him act as an insurer, extending its guarantee financial debt of the States.

According to Handelsblatt, the European Commission, Germany and other European countries have rejected the idea of ​​a banking license as contrary to EU treaties that prohibit the ECB to finance the debts of member countries. Such a solution would be to turn back the ECB's "bad bank" or defeasance structure for bonds depreciated, and would have been a step towards sharing of losses of states, including Berlin denies that.

The Senate passed a bill that seeks to penalize China, suspected of manipulating its currency. China replied firmly.

The U.S. Senate Tuesday approved a bill to penalize China, suspected of manipulating its currency to boost exports, despite the reluctance of the White House, a text that has attracted the ire of Beijing. The adoption of the bill is a "severe sprain" the rules of the World Trade Organization (WTO) can cause a "trade war", responded Wednesday to the Chinese Ministry of Foreign Affairs.

Last week, Beijing said was "strongly opposed" to the proposed U.S. law that "causes serious harm to Sino-US trade relations." The elected Senate Democratic majority, the text adopted by 63 votes against 35.But the House of Representatives is not expected to rule on the text, because the leaders of the Republican majority fear a trade war with Beijing. The Speaker of the House, John Boehner, has said recently that such a project was "dangerous".

Treasury Secretary Timothy Geithner said Tuesday night on Bloomberg TV that the senators "did not" triggered a trade war with China by adopting this text. But he reiterated that the Obama administration did not support the bill in its current draft, several provisions would be in his "conflict" with the obligations of the United States (WTO).

As we approach the November 2012 presidential election, supporters of the text argue that the U.S. economy, with its unemployment rate to 9.1%, suffers from an undervalued Chinese currency.With this bill, Senators seeking to push the Treasury to formally accuse Beijing of manipulating its currency. They provide for sanctions where appropriate. The WTO rules provide for the Member States the possibility of sanctioning a trading partner whose exports are subsidized. But these statutes do not explicitly mention the undervaluation of a currency and interpretations differ as to whether the exchange rate in this legal or not.

Last week, however, the president had accused China of "distorting" global trade by acting to lower the value of the yuan. The criminal charges against the yuan and its position very low against the dollar – giving an advantage to Chinese goods up to 30% against the U.S. equivalent products – are not played in Washington.

But opponents of the bill argue that increased exchange rate of the yuan would only create jobs in countries such as Vietnam and Malaysia, not the United States. They also believe that higher prices of imported goods from China will be at the American consumer. Proponents of the text say it is time to attack Beijing and a rise in the yuan could lead to a higher purchasing power in China, so more U.S. exports.

Democratic Senator Sherrod Brown of Ohio (center), a state factories hard hit by the recession, said the U.S. had so far been weak ahead of China, comparing U.S. trade policy to "unilateral disarmament" face in Beijing.China's central bank decided in June 2010 to let the yuan float more freely against the dollar, after having remained virtually fixed for two years. Since then it has appreciated by about 7%. The U.S. executive has always refused, since a sharp devaluation in 1994, to consider that China was engaged in a "manipulation" of its currency.

Stock Exchange Wall Street opened lower Tuesday, following a session of strong expansion, pending the vote key to the Slovak Parliament on strengthening the European Financial Stability Fund (EFSF).

Slovakia is the latest state of the euro zone that has not ratified the reform EFSF decided at the EU summit in July.

On Monday, the index had increased by 3% or more in response to joint statements by France and Germany on further steps to end the crisis.

In early trade on Tuesday, the Dow Jones fell by 0.47% (53.66 points) to 11,379.52.The Standard & Poor's, wider, yielding 0.63% (7.50 points) to 1,187.39 while the Nasdaq composite lost 0.48% (12.41 points) to 2553.64.

Values, Goldman Sachs was down 1.87% to 94.34 dollars after Citigroup had said that the exercise of the third quarter probably inflict a loss.

Research in Motion, however, is up sharply from 3.31% to 24.00 dollars. The group announced that its BlackBerry email and instant messaging were restored in Europe, the Middle East and Africa, nearly 20 hours after the crash reported in India and the region.

Toyota unveiled Tuesday its new model, the Ponam-35, a yacht of 35 feet (11 meters), it also has market in China.

The world of the automobile has entered the Japanese market for recreational boating in 1997.It is now number three boats and eight meters behind Yamaha Motor and tractor manufacturer Yanma.

The Ponam-35, which is also available as 28 and 45 feet, is powered by a 4.5-liter diesel engine derived from the Toyota Land Cruiser SUV with a technique for better stabilization.

Toyota, which wants to promote its marine business in Japan is also interested in China, where wealthy individuals are sufficiently numerous to afford a boat at 59 million yen (540,000 euros) for version 35 feet, said Shinichi Sasaki, one of its leaders.

Series Ponam is not marketed in Western countries where customers prefer models at least 18 meters.

The International Monetary Fund said it had approved an outlay of 2.11 billion dollars (1.5 billion euros) as part of the aid package to Ireland.

According to the IMF, the Irish government has pursued a "steadfast implementation" of its austerity program aimed at addressing the fiscal problems and the banking crisis.

The lender will request the country to continue on this path to avoid the risk of contagion.