European banks Societe Generale, UniCredit and Intesa Sanpaolo, which suffered heavy losses in August, will be removed from the region's blue-chip STOXX Europe 50 index, the index complier STOXX said.
Finnish phonemaker Nokia, which has lost more than 40 percent of its value this year, will also be deleted from the top pan-European index with effect on Sept.
Italian banks were also weighed by worries that the currency's bloc debt problems were spreading to Italy.
UniCredit and Intesa Sanpaolo, the two biggest banks in the country, shed 25 and 30 percent in August.

Texas Instruments said its third-quarter earnings and revenue would be worse than already low expectations as concern about an economic slowdown is stifling demand for products that use its chips. Its shares extended Thursday's slide in pre-market trading Friday.
"Macroeconomic weakness is resulting in lower demand from consumers and enterprises," Ron Slaymaker, TI's head of investor relations, told analysts on a conference call.
He ruled out any inventory adjustments as a reason for slowing demand.
The executive noted that TI is cutting expenses such as variable compensation to stop profits from falling as quickly as sales. Because the shortfall is economy related, Slaymaker said he had no way of knowing when demand would improve.
"The only solace to take away from this is that it's not TI specific," said Williams Financial analyst Cody Acree who cited warnings about weak demand across the semiconductor industry.
It forecast revenue of $3.23 billion to $3.27 billion compared with its earlier target for $3.4 billion to $3.7 billion. The new forecasts missed Wall Street expectations for earnings of 59 cents per share on revenue of $3.5 billion, according to Thomson Reuters I/B/E/S.
"It's probably a bit lower than people were thinking," said MKM Partners analyst Daniel Berenbaum. "Demand is slow."
TI shares fell just 25 cents or just under 1 percent to $25.55 in extended trading after closing at $25.80 on the New York Stock Exchange. Its stock has already fallen about 18 percent since it reported its results in late July.

US President Barack Obama has laid out a jobs package worth $447bn, staking his re-election hopes on a call for urgent action to revive the economy and challenging Republicans who have consistently opposed his initiatives.

Addressing members of Congress on Thursday, Obama said the plan, which he called the "American Jobs Act", would "jolt" the country's ailing economy - which is currently experiencing an unemployment rate of 9.1 per cent.

"It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for the long-term unemployed. It will provide a tax break for companies who hire new workers, and it will cut payroll taxes in half for every working American and every small business.

"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services," Obama said.

Describing the plan as bipartisan, Obama urged Congress to pass it without delay.

"There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that's been supported by both Democrats and Republicans – including many who sit here tonight. And everything in this bill will be paid for," he said.

Surprisingly weak jobs data has heightened fears that the US economy, the world's largest, may be headed for another recession. The Federal Reserve, the US central bank, is considering ways to bolster demand but has said the onus for recovery mainly lies with legislators who control spending.

Eyeing re-election

If his jobs plan is deemed a success, it might provide a boost in time to help Obama's re-election prospects next year. If it fails, his strategy will be to paint congressional Republicans as obstructionist and blame them for the stagnating economy.

Already on Thursday morning, White House Chief of Staff Bill Daley criticised Obama's opponents over what he described as a do-nothing climate on Capitol Hill.

"It's time for Congress, after a five-week vacation, to come back and do something and not just say 'no' to everything that gets proposed in this town," Daley said on CBS news channel.

The bruising battle in July over the country's debt levels that led to a Standard & Poor's ratings downgrade highlighted a wide chasm between Obama's Democrats and Republicans, who control the House of Representatives.

Republicans see a $800bn economic stimulus package Obama pushed through in 2009 as wasteful and want immediate cuts in the deficit. Democrats say while long-term deficits must be trimmed, the economy needs a fiscal boost.

The White House has said the jobs package will be paid for with future cuts but has not offered details. Obama will urge the congressional "super committee" that convened on Thursday to find more than $1.2tr in budget savings, but not unveil his suggestions until next week or later.

House Republican leaders John Boehner and Eric Cantor have signalled they are open to some infrastructure spending and to a programme Obama will pitch to help train unemployed workers.

"The proposals the president outlined tonight merit consideration. We hope he gives serious consideration to our ideas as well," Boehner said on Thursday.

But Mitch McConnell, the top Republican in the Senate, said the president's readiness to accuse those who don't support his ideas of being overly partisan was a political smokescreen.

"There is a much simpler reason to oppose the president's economic policies that has nothing whatsoever to do with politics - they simply don't work," he said. "This isn't a jobs plan, it's a re-election plan."

Harry Reid, the Democrats' leader in the Senate, meanwhile, said that Republicans also had their eyes squarely on the 2012 vote.

The Swiss central bank's decision to set a limit on how much the Swiss franc can appreciate against the euro is "a huge mistake," investor Jim Rogers, chairman of Rogers Holdings, told CNBC.com on Wednesday.
On Tuesday, the Swiss National Bank set a minimum exchange rate of 1.20 Swiss francs for the euro, pledging to buy other currencies in unlimited amounts to defend the target.
Analysts said this was an endurance contest by which the SNB wanted to take the shine off the Swiss franc's safe haven status, in a move that roiled markets.
The move "will work for a while, but the market will have more money in the end than the SNB," Rogers, who was the co-founder of the Quantum Fund with George Soros,
The Swiss central bank risks losing "a lot of money buying up lots of foreign currencies which they will eventually sell at a loss," he explained.

The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a commodities law that has previously been used to send financial executives to prison.
According to people familiar with the probe into the setting of London and Tokyo interbank offered rates, U.S. authorities are modeling their investigation on an earlier prosecution of three energy companies for violations of the Commodity Exchange Act, which resulted in criminal settlements and prison terms of up to 14 years. Under the act, it is illegal to transmit a false report that would affect the price of a commodity.
The interbank lending probe, led by the U.S. Commodity Futures Trading Commission and the Department of Justice, is examining possible collusion between traders and bank treasury departments in 2007 and 2008. It has also drawn in investigators from the UK, Japan and the European Union.
In its seven-year investigation into US energy trading companies, the DoJ filed criminal charges against nearly two dozen traders from numerous oil companies. Prosecutors alleged that they submitted false trade data to Platts and other publishers – whose indices are used to price and settle physical and financial derivative natural gas transactions – to benefit their positions.
American Electric Power, Mirant Energy Trading and Williams Power agreed to deferred prosecution agreements in 2005-07, while the criminal trials extended into 2008. Under the deferred prosecution agreements, the federal government agreed not to file criminal charges provided the companies complied with settlement terms and paid a total of $91m

National Australia Bank's potential exit from Britain through the sale of its UK operations is not imminent, The Australian Financial Review reported on Thursday citing sources close to the bank.
The paper said a source close to National Australia Bank denied any agreement with NBNK was imminent.
The source said Australia's biggest bank had held exploratory talks with NBNK and others but discussions had not progressed beyond it.
"Nothing has changed apart from these reports in the UK media and NBNK being forced to suspend their shares because of them," the paper cited a source as saying. It said the source added NAB remained comfortable holding the UK assets.
National Australia Bank owns 330 branches in the United Kingdom under the Yorkshire and Clydesdale brands with analysts estimating a book value of 2.8 billion pounds ($4.46 billion) for the assets.
A NAB spokeswoman declined to comment beyond what the bank had said earlier on the media reports.
NAB on Tuesday said the bank's priority was to grow the business organically but in the current climate it was natural for the bank to look at other options available

US employment growth ground to a halt in August as sagging confidence discouraged businesses from hiring, piling pressure on the Federal Reserve to provide more stimulus to aid the economy.
Nonfarm payrolls were unchanged last month, the Labour Department said on Friday, while employers created a combined 58,000 fewer jobs than had been thought in June and July.
The grim report fuelled recession fears. Prices for US stocks and oil fell, while US government debt prices rose as traders bet on a further easing of monetary policy.
"The economy is slowly grinding to a halt," said Steve Blitz, a senior economist for ITG Investment Research in New York.
Obama pressure
The report was the weakest reading on jobs in nearly a year and far below the 75,000 job gain Wall Street had expected.
The unemployment rate, however, held at 9.1 per cent as a survey of households found both job growth and an expanding labour force.
With the jobless rate stuck above 9 per cent and confidence falling, US President Barack Obama faces pressure to come up with ways to spur job creation.
The health of the labour market could determine whether he wins re-election next year.
Obama will lay out a new jobs plan in a speech to the nation on Thursday.
"This better be one hell of a speech next week," said Sal Arnuk, the co-manager of trading at Themis Trading in Chatham, New Jersey.
Friday's data, which pushed the Standard & Poor's 500 stock index down by two per cent in early trading, could strengthen the hand of officials at the US central bank who were ready at their August meeting to do more to help the sputtering economy.
The Federal Reserve's next meeting is a two-day gathering, scheduled for September 20-21.
The US central bank cut overnight interest rates to near zero in December 2008 and it has bought $2.3tn in securities in two bouts of bond buying, known as quantitative easing, or QE.
Many analysts say its arsenal is now largely depleted, although expectations grew on Friday of further action.

Months before global stock markets were roiled by volatility in August, U.S. financial regulators asked some major banks to test how their balance sheets would fare under extremely adverse conditions and present plans for raising emergency capital if the need arose, say people familiar with the matter.
One scenario that at least two banks were asked to run, said two of these people, was a fall 2008-type stock market rout. The banks were asked to present plans, these people added, for raising emergency capital in case a sudden need cropped up.
The summertime tests were a follow-up to a larger round of balance-sheet assessments that the country's 19 biggest banks undertook as part of the Comprehensive Capital Analysis and Review process that the Fed mandated in March, according to someone familiar with the matter.

Germany's top court has ruled that aid for Greece and rescue packages for other eurozone countries was legal but said parliament must have greater say in any future bailout deals.
The Constitutional Court, based in Karlsruhe, western Germany, was responding to a challenge brought by six leading German Eurosceptics.
The five academics and one politician argued that the bailouts violated property rights and broke the "no bailout" clause in the European Union's treaty.
In a landmark ruling, eagerly anticipated by jittery financial markets, the court said all "large-scale" future aid packages must be approved by the parliament's budget committee
Reading out Wednesday's judgement, Chief Justice Andreas Vosskuhle said: "The federal government is required to seek the approval of the parliament's budgetary committee before handing over guarantees."
In addition, the court ruled that parliament must have "sufficient influence" over the conditions attached to future rescue deals, likely limiting Angela Merkel's, the German chancellor, room for manoeuvre if new crises occur.
The court said that parliament may not approve deals that could lead to an unforeseeable burden on future parliaments.
The judges also said that parliament may not approve any deal that leads to a pooling of national debt, apparently ruling out the idea of "eurobonds".
Economists fear that requiring parliamentary assent for future rescue deals may slow down the process of helping debt-wracked eurozone nations, where rapid decisions to stem swift market moves are often required.

HSBC said Wednesday it is cutting about 3,000 jobs over the next three years in Hong Kong as part of its previously announced global restructuring
The job cuts are part of the first stage of the reorganization, which will also include cuts to operations in the United States, Canada, Mexico and Brazil, said a spokesman, speaking under cover of anonymity in line with company policy.
The British bank said in August that it cut 30,000 jobs worldwide by 2013 - about 10% of its workforce - and selling nearly half of its retail bank branches in the U.S. save up to 3.5 billion dollars as part of a plan to focus on fast growing emerging markets.
HSBC joins other large financial institutions that have announced layoffs this summer, including Goldman Sachs Group Inc., Bank of New York Mellon Corp., Bank of America Corp. and others.
Big banks aren't raking in the fat profits they used to earn from large bets on risky trading and complicated investments, which backfired and fueled the global financial crisis. Large shareholders are now pressing for cost cuts to improve returns.

HSBC will try to redeploy some staff to other roles elsewhere in the company so the number of people actually losing their jobs in Hong may be less than 3,000, said the speacker of HSBC BANK

Oil prices rose to near $87 a barrel Wednesday amid a strong rebound in equity markets, a weaker dollar and hopes that President Barack Obama will announce new economic support measures in a major policy speech later this week.

By early afternoon in Europe, benchmark oil for October delivery was up 72 cents to $86.74 in electronic trading on the New York Mercantile Exchange. Crude fell 43 cents to settle at $86.02 on Tuesday.

In London, Brent crude for October delivery was up 10 cents at $112.99 on the ICE Futures exchange.

Crude has traded between $80 and $90 for the last month — down from near $115 in May — as investors worry a sluggish U.S. economy and high unemployment rate will stymie consumer demand. Obama is scheduled Thursday to announce new government measures to create jobs and spur economic growth.

Europe's debt crisis has also weighed on oil prices and equities this week but stock markets in Asia and Europe were up significantly on Wednesday, rising at least 2 percent in several locations.

"Investors have clearly become more concerned that the global economy may be sliding back to recession," Citigroup said in a report. "We don't believe this will turn into a rerun of 2007-2008."

A weaker dollar helped boost oil prices by making crude cheaper for investors holding other currencies.

European stock markets rallied on Wednesday, with London's FTSE 100 index of leading companies climbing 3.14 percent to 5,318.59 points.

In Paris, the CAC 40 jumped 3.63 percent to 3,073.18 points and in Frankfurt the DAX rose 4.07 percent to 5,405.53 points. Milan rose 4.24 percent.

Global stocks rebounded Wednesday from recent hefty losses as investor sentiment was buoyed by a German court decision backing the country's participation in European bailouts as well as by forecast-busting industrial production figures.

Though the German court said the government has to consult lawmakers in future bailouts, the decision has helped remove one potential hurdle standing in the way of a comprehensive solution to Europe's debt crisis.

"A ruling in the German Constitutional Court to reject a series of lawsuits aimed at blocking German participation in eurozone bailouts was well received by the market," said Joshua Raymond, chief market strategist at City Index.

Further support came from the news that German industrial production surged by 4 percent in July. That more than offset the 1.1 percent decline in June and outstripped market expectations for a more modest 0.5 percent increase.

In Europe, Germany's DAX closed up 4.1 percent at 5,405.53 while France's CAC-40 rose 3.6 percent to 3,073.18. Britain's FTSE 100 index ended 3.1 percent higher at 5,318.59. The euro was also supported by the positive German news, trading 0.5 percent higher at $1.4073.

In the U.S., the Dow Jones industrial average was up 1.8 percent at 11,342 while the broader Standard & Poor's 500 index rose 2.2 percent to 1,191.30.

There's little in the way of U.S. economic news over the rest of the day though the Federal Reserve's assessment of economic conditions in the U.S. — the so-called Beige Book — could muster some interest, a day ahead of a keynote speech from President Barack Obama.

The president is set to outline measures to boost employment in the U.S. The unemployment rate stands at 9.1 percent after another disappointing month in August.

Concerns over the state of the U.S. economy have combined with fears over Europe's debt crisis over the past month to send financial markets spinning.

Newsflow connected to either will likely dominate markets for some time to come.

Investors will closely watch the European Central Bank's monthly interest rate decision and the subsequent press conference from its president Jean-Claude Trichet.

In the currency markets, traders were assessing the aftermath of the Swiss National Bank's surprise decision Tuesday to peg the national currency at 1.20 francs per euro in an attempt to rein in the export-sapping appreciation of the currency. It said it would use whatever resources it has available to maintain that ceiling.

The announcement prompted a 9 percent reverse in the value of the Swiss franc Tuesday. That retreat has held Wednesday, with the euro up 0.2 percent at 1.2094 francs in late afternoon trading. The dollar, which was similarly buoyed, was down 0.2 percent at 0.8597 franc.

Lee Hardman, an analyst at the Bank of Tokyo-Mitsubishi UFJ, said the decision to announce a peg has initially helped support sentiment in the markets by potentially adding significant liquidity into financial markets.

World stock markets took a beating Monday on fears that the U.S. economy back into recession as the debt crisis in Europe was heating and economic indicators in the euro area have been collapsed.
Any unrest in the largest economy in the world cast a shadow over the markets, and a report Friday that the U.S. economy failed to add new jobs in August resulted in European and Asian stock markets falling sharply on Monday.
But the news from Europe was also discouraging. Wall Street, which was closed Monday due to Labor Day, braced for losses Tuesday after the returns in so-called peripheral euro area - Greece, Italy and Spain - has increased significantly against those of Germany, whose links are widely regarded as a safe haven.
Although retail sales in the euro zone increased by 17 nations unexpectedly in July, a survey of the service sector showed a slowdown across the continent Monday for the fifth consecutive month. The index of purchasing managers "for the euro area showed the service sector continued to grow - unlike manufacturing - but barely. This will add pressure on the European Central Bank to keep interest rates unchanged at its meeting this week.
Investors were also shaken by signs that the commitment of the Italian government for its austerity program is distorted. The government of Prime Minister Silvio Berlusconi has backtracked on some measures to reduce the deficit, prompting officials to urge EU Italy to stick to his plan promised.
The difference in interest rates between Greek and German benchmark 10-year bond, known as the spread, spiraling to new records Monday, more than 17.3 percentage points. Yields on Greek bonds were above 18 percent.

Asian stocks fell sharply Tuesday, catching up on the European market the day before and the growing fears of a deteriorating global economy.
Oil falls below $ 84 a barrel amid expectations that the continuing weakness in developed economies will hamper demand for crude oil. The rise of the dollar against the euro but lower against the yen.
Nikkei 225 in Japan by 2.1 percent, to 8,601.51, and contributed to the strength of the country's export sector, a sharp decline with increasing fears of recession in the United States last. Toshiba Corp. fell 7 per cent, and Panasonic has lost 3.1 percent.
Decline in Asia comes one day after European equities suffered sharp losses. Close FTSE 100 was down 3.6 percent, to 5,102.58. Germany's DAX index fell 5.3 percent to 5,246.18, and France's CAC-40 index fell by 4.7 percent, to 2,999.54

Oil dropped more than 2 percent Tuesday on fears that the U.S. and Europe are headed for a prolonged economic slump.
Oil prices slipped to near $84 a barrel Tuesday as fears of a recession in developed countries sent stock markets and commodities lower.

By early afternoon in Europe, benchmark oil for October delivery was down $2.32 to $84.13 in electronic trading on the New York Mercantile Exchange. Crude last settled at $86.45 on Friday because U.S. markets were closed Monday for the Labor Day holiday.
Growing concern that a debt crisis among countries using the euro currency will undermine economic growth there and around the world helped push most Asian and European stock markets lower during the last few sessions.
On Tuesday, however, some exchanges in Europe recovered as bargain hunters bought into the market. London's FTSE 100 was up 0.9 percent, while the Swiss SSMI gained nearly 4 percent after the country's central bank took steps to weaken the Swiss franc and help boost exports.
A stagnant U.S. jobs market is also hurting confidence. The Labor Department said Friday that U.S. employers stopped adding jobs in August and the unemployment rate remained at 9.1 percent.
"The price of Brent is currently being supported mainly by speculation of further quantitative easing of U.S. monetary policy," said analysts at Commerzbank in Frankfurt. "In addition, the hurricane season in the U.S. is providing psychological support. That said, we do not believe these factors could prevent a sharper price fall if recession fears continue to grow."

Mexico’s export-oriented assembly plants are closely linked to U.S.-Mexico trade in various labor-intensive industries such as auto parts and electronic goods. These export-oriented plants generate a large amount of trade with the United States and a majority of the plants have U.S.
parent companies. Foreign-owned assembly plants, which originated under Mexico’s
maquiladora program in the 1960s account for a substantial share of Mexico’s trade with the United States. The border region with the United States has the highest concentration of assembly plants and workers. The Mexican cities with the highest manufacturing activity as of December 2009 were the Mexican border cities of Tijuana, Baja California, 590 plants with 136,957 employees, and Cd. Juárez, Chihuahua, 339 plants with 168,011 employees. Prior to NAFTA, maquiladora was limited to selling up to 50% of the previous year’s export production to the domestic market. Most maquiladoras export the majority of their production to the U.S. market.
Private industry groups have stated that these operations help U.S. companies remain competitive in the world marketplace by producing goods at competitive prices. In addition, the proximity of Mexico to the United States allows production to have a high degree of U.S. content in the final product, which could help sustain jobs in the United States. Critics of these types of operations argue that they have a negative effect on the economy because they take jobs from the United States and help depress the wages of low-skilled U.S. workers.
Some observers believe that the correlation in maquiladora growth after 1993 is directly due to NAFTA, but in reality it was a combination of factors that contributed to growth. Trade liberalization, wages, and economic conditions, both in the United States and Mexico, all affected the growth of Mexican export-oriented assembly plants. Although some provisions in NAFTA may have encouraged growth in certain sectors, manufacturing activity has been more influenced by the strength of the U.S. economy and relative wages in Mexico.

Foreign direct investment (FDI) has been an integral part of the economic relationship between the United States and Mexico since NAFTA implementation. FDI consists of investments in real estate, manufacturing plants, and retail facilities, in which the foreign investor owns 10% or more of the entity. The United States is the largest source of FDI in Mexico. U.S. FDI on a historical cost basis in Mexico increased from $17 billion in 1994 to $97.9 billion in 2009, a 477% increase Mexican FDI in the United States is much lower than U.S. investment in Mexico, with levels of Mexican FDI fluctuating over the last 10 years. In 2009, Mexican FDI in the United States totaled $11.4 billion The sharp rise in U.S. investment in Mexico since NAFTA implementation is also a result of the liberalization of Mexico’s restrictions on foreign investment in the late 1980s and the early 1990s.
Prior to the mid-1980s, Mexico had a very protective policy that restricted foreign investment and controlled the exchange rate to encourage domestic growth, affecting the entire industrial sector.
Mexico’s trade liberalization measures and economic reform in the late 1980s represented a sharp shift in policy and helped bring in a steady increase of FDI flows into Mexico. NAFTA provisions on foreign investment helped to lock in the reforms and increase investor confidence. Under NAFTA, Mexico gave U.S. and Canadian investors nondiscriminatory treatment of their
investments as well as investor protection. NAFTA may have encouraged U.S. FDI in Mexico by increasing investor confidence, but much of the growth may have occurred anyway because Mexico likely would have continued to liberalize its foreign investment laws with or without the agreement.
Nearly half of total FDI investment in Mexico is in the manufacturing industry of which the maquiladora industry forms a major part. (See “Mexico’s Export-Oriented Assembly Plants”
below.) In Mexico, the industry has helped attract investment from countries such as the United States that have a relatively large amount of capital. Therefore, Mexico is able to attract some of the foreign direct investment it was seeking when it liberalized trade and investment barriers. Forthe United States, the industry is important because U.S. companies are able to locate their laborintensive operations in Mexico and lower their labor costs in the overall production process.

U.S. plans to raise billions of dollars in claims against more than 12 of the largest banks on the back of non-compliance related to the fundamental guarantees mortgages, which accelerated the occurrence of financial crisis in 2008.
The New York Times, which reported the story, citing three sources, the lawyer for the Federal Housing Finance to file today or early next week suits against Bank of America and JP Morgan and Goldman Sachs, Deutsche Bank and other banks.
And directs the attorneys of the Federal - which oversees Fannie Mae and Freddie Mac mortgage finance - charges for these banks that it has sold Rhona real estate on the grounds that securities to investors, while the matter of Bmguetredan the size of their incomes exaggerated, did not the banks check the technical due diligence imposed by securities law.
When borrowers default on the repayment obligations of lost securities that they bought their value, causing a loss estimated at more than thirty billion dollars incurred by the two companies Fannie Mae and Freddie Mac Madaumtan government, because buying them a part of such securities when the real estate bubble burst at the end of 2008, and was covered most of the these losses with taxpayers' money.
Posts banks
And refused to Bank of America and JP Morgan and Goldman Sachs to comment on the upcoming proceedings, while a spokesman for Deutsche Bank, "We can not comment on the lawsuit did not raise have not seen yet."
However, these banks said before that the losses recorded due to the economic crisis of public and not because of fraud related to mortgage, she said that Fannie Mae and Freddie Mac were known as well that these securities involve a certain amount of risk.
It is reported that this would adversely affect the performance of bank shares on the day in the financial markets, where shares of JP Morgan and Bank of America and Goldman Sachs in New York Stock Exchange listed shares of Deutsche Bank listed on the German stock exchange.
To indicate the expansion of U.S. banks to grant mortgage loans, regardless of the ability of borrowers to repay were the main reasons for the collapse of the mortgage market and the subsequent financial and economic crisis in America and then moved to Europe and the rest of the world's varying effects.

Commented Creditors International, the European Union and European Central Bank and the IMF, their discussions with Greece, warning that they may not get the third wave worth 9.49 billion dollars from the package saved from the debt crisis, if it did not achieve the objectives underlined in the austerity program and prevent a deficit of an additional in the budget year.
The troika (three institutions) had ended abruptly on Tuesday talks with the Greek government and left the country to be the resumption of talks after 10 days, came this warning from creditors after it became clear that the budget deficit this year, you'll be expected at about $ 1.7 billion.
Added to this is given to show that Athens is unable to implement structural economic reforms and privatization program and improving tax collection, expected to be decided by European finance ministers and the IMF do would stop paying for Greece, with the will of that - if passed - from the serious implications of the inability of Athens on the repayment of debt.
Angry creditors
Although the joint statement of the Troika delegation pointed out that his departure from Athens was to provide an opportunity for the authorities there to complete some of the technical aspects with regard to the budget 2012 and the structural reforms needed to stimulate economic growth, but European officials have expressed anger at the inability of Greece on the implementation of reforms, fiscal and structural agreed .
One of the most needed reforms to reduce the number of public sector employees and reduce their wages to receive between 60 and 70% of current wages, after Athens and has agreed to reduce the number of employees by about 150 thousand, they have not achieved significant progress in achieving this goal.

Agreed EU governments today to ban the import of Bologna Syrian oil, in a move to tighten the economic pressure on the regime of Bashar Assad because of the suppression of protests demanding the downfall.
The resolution to prevent the import or purchase or transfer of oil Syria crude and products of petroleum to the European Union, also includes the prohibition to provide any financial services or insurance for transactions related to the processes referred to, and made ​​Syria a day of 150 thousand barrels of oil from the total production of approximately 350 thousand barrels.
As the extension of sanctions on the European travel ban and asset freeze to include four of the business associated with the Assad regime, and three companies, including Bank of Syria, and will enter the new sanctions take effect tomorrow.
However, the oil embargo would not apply to ongoing contracts only on November 15 after a request from Italy, where there are contracts in progress between the European oil companies and two oil facilities in Syria are Syrian Petroleum and Sterol Committees of the Government.
Investment ban
It will be the decision of the European impact on Syria's oil revenues, where 95% of oil exports go to Damascus, the European Union, while European officials postponed a decision on the adoption of additional economic sanctions, where it prohibit any European investments in the oil sector in Syria.
According to industry sources said that even with the prohibition of Europe's oil imports, the Syrian oil giant Shell will continue to work with Syria, it has a joint venture with state oil company and Syria, an Indian company.
And monitoring information shown ship the first satellite yesterday that the Shell oil tanker chartered to go to the Syrian port of Banias to load quantities of crude early next week.
Before, and the U.S. President Barack Obama issued a few days ago, an executive decision to impose sanctions on oil and gas sectors Syrian, including banning the import of oil, but remain symbolic step because Washington does not import virtually any oil from Syria.

Closed the stock indices of U.S. and European yesterday decline affected not to cause the U.S. economy any job in the last month in the data is the worst year ago, the Dow Jones industrial average of 2.2% and the S & P by 2.53% and the NASDAQ 2.58%.
In Europe, the FTSEurofirst index of leading European shares by 2.5% and Germany's Dax 3.4% and France's CAC with 3.6%.
The proportion of euro volatility of stock index by 10% to more than forty-point barrier, and this is the index of leading indicators to measure the size of the concern of investors in Europe, and demonstrates the high rate on a significant decline in investor appetite for riskier assets such as stocks.
Zoellick warns
In the same direction, warned the World Bank President Robert Zoellick today that the global economy is approaching the danger zone because of the huge debt and weak growth and weak investor confidence, calling for China to accelerate the implementation of structural economic reforms to help to pay the global economy.
Zoellick said at a conference in Beijing that the financial crisis in Europe turned into a sovereign debt crisis had an impact too on the monetary union, banks and the competitiveness of some countries, considering that Washington address the issues of debt and spending and reform tax to stimulate private sector growth.
Ireland and Italy
On the other hand, the IMF said yesterday that he would give Ireland a second batch of bailout package in the amount of $ 2.11 billion, adding that his decision came only after the committed Ireland Heavily debts to the implementation of the program of economic reforms aimed at reducing debt and strengthening its financial sector, and the Irish economy has shown signs its stability, the IMF said.
The European Central Bank President Jean-Claude Trichet said today achieve the goals set by Italy to reduce its budget deficit "will be crucial and vital to maintain Rome's credit worthiness," and that relate to international markets with confidence in its economy.
Trichet called the economic conference in northern Italy, Silvio Berlusconi's government to implement a package of austerity measures adopted by the last month and requires the provision of 45.5 billion euros (64.6 billion dollars).
On the other hand, the IMF said yesterday that he would give Ireland a second batch of bailout package in the amount of $ 2.11 billion, adding that his decision came only after the committed Ireland Heavily debts to the implementation of the program of economic reforms aimed at reducing debt and strengthening its financial sector, and the Irish economy has shown signs its stability, the IMF said.
The European Central Bank President Jean-Claude Trichet said today achieve the goals set by Italy to reduce its budget deficit "will be crucial and vital to maintain Rome's credit worthiness," and that relate to international markets with confidence in its economy.
Trichet called the economic conference in northern Italy, Silvio Berlusconi's government to implement a package of austerity measures adopted by the last month and requires the provision of 45.5 billion euros (64.6 billion dollars).

Today revealed details of the economic sanctions resolution adopted yesterday by the European Union against Syria, targeting the European centers of economic power in Syria a support element for the continuation of the regime of Bashar Assad, and it comes with some big investors, mainly Syrians and the Chamber of Industry of both Aleppo and Damascus, Syria's largest city.
The European Union imposed a freeze of assets and travel bans on President of Aleppo Chamber of Industry Fares al-Shihabi, Chairman of the Chamber of Industry in Damascus Imad Ghreiwati, the founder of food commodities is Ali Tarif Akhras, a relative of one wife Asma al-Akhras Bashar al-Assad.
Included the black list, the European Essam tube holder group of companies bearing his name, and is active in the food industry, and extended sanctions to include the Land Bank Syrian owned by the government in Damascus and Cham Holding, an investment fund active in many fields Kalakar, tourism, finance, and included in the list of sanctions Mada Company for the transfer of the group Cham by the text of the resolution.
Investment ban

But analysts say the ban on the import of oil and petroleum products from Syria and punish companies and business supporters of the system will not have a significant impact will also be to ban European investments in Syria, a decision that continues to Union officials discourses around
However, experts in the industrial sector said that the Europeans find a solution for demonstrating some European capitals, from failure to agree a ban on investments, where companies Ckshal Dutch-British and France's Total has significant investments in Syria.

The size of the Mexican economy is much smaller than that of the United States. Mexico’s gross
domestic product (GDP) was an estimated $1.0 trillion in 2010, about 7% of U.S. GDP of $14.6
trillion. Mexico’s economy was hit harder than most Latin American countries during the global
recession of 2009 but showed strong economic growth in 2010. In 2009, Mexico’s the percent
change in Mexico’s real GDP growth was -6.1%, while that of the United States was -2.6%. In
2010, Mexico’s economy experienced a higher than expected growth rate of 5.0%, while the U.S.
economy experienced a somewhat lower growth rate of 2.8%. Although the Mexican economy
appears to be recovering, job creation in Mexico’s manufacturing sector remains weak and could
dampen Mexico’s economic prospects over the long-term.2
The immigration issue has received much attention by political leaders in recent years, and it is
one that can be linked to the economic situation in Mexico, although it has social and political
aspects as well. In March 2008, there were approximately 12 million unauthorized immigrants
living in the United States, with 59% from Mexico.3 Economic conditions in Mexico, as well as
in other countries, such as poverty and unemployment, are a major factor related to the migration
issue. Per capita income in Mexico is significantly lower in Mexico than in the United States. In
2010, Mexico’s per capita GDP in purchasing power parity4 was $15,720, or 67% lower than U.S.
per capita GDP of $47,160. Ten years earlier, in 2000, Mexico’s per capita GDP in purchasing
power parity was $10,561, or 70% lower than the U.S. amount of $35,265. The lower income
levels in Mexico, combined with higher poverty rates, have contributed to the migration of
workers from Mexico to the United States. These workers often send money to their families in
Mexico to help provide food and shelter. Although there is a notable income disparity with the
United States, Mexico’s per capita GDP is relatively high by global standards and falls within the
World Bank’s upper-middle income category.
The Mexican economy is very much tied to the U.S. economy because of Mexico’s reliance on
the United States as an export market and the relative importance of exports to its overall
economic performance. Exports accounted for 32% of Mexico’s GDP in 2010 (see Table 1). The
United States is, by far, Mexico’s most important partner in trade and investment, while Mexico is
the United States’ third-largest trade partner after China and Canada. Many economists and other
observers have focused much attention on the ongoing transformation of Mexico into a
manufacturing-for-export nation since the late 1980s and the importance of exports to its
economy. After oil and gas, most of Mexico’s exports are manufactured goods. Over 80% of
Mexico’s exports are headed to the United States.
Mexico’s reliance on the United States as a trade partner appears to be diminishing, although
slightly. Between 2004 and 2009, the U.S. share of Mexico’s total imports decreased from 56% to
48%, while the share of total Mexican exports going to the United States decreased from 89% to
81%.6 Mexico’s share of the U.S. market has lost ground since 2002. In 2003, China surpassed
Mexico as a top supplier of U.S. imports, and Mexico now ranks third, after China and Canada, as
a source of U.S. imports. Because over 80% of Mexico’s exports are destined for the United
States, any change in U.S. demand can have strong economic consequences in Mexican industrial
sectors.
Mexico ranks second among U.S. export markets and is the United States’ third-largest trading
partner in total trade (exports plus imports). In 2010, 12% of total U.S. merchandise exports were
destined for Mexico and 12% of U.S. merchandise imports came from Mexico. After the
significant decrease in trade in 2009 that resulted from the global economic downturn, U.S.-
Mexico trade increased considerably in 2010. U.S. exports to Mexico increased 25% in 2010
from $105.7 billion to $131.6 billion. U.S. imports from Mexico increased 40% in 2010, from
$176.3 billion to $228.8 billion. In 2009, U.S. exports to Mexico decreased by 19.6%, while
imports from Mexico decreased by 18.5%. Mexico’s second-largest trading partner is China,
accounting for approximately 6% of Mexico’s exports and imports.
Although some of the increase in U.S.-Mexico trade since the 1990s could be attributable to
NAFTA, there are other variables that affect trade, such as exchange rates and economic
conditions. Mexico’s currency crisis of 1995 limited the purchasing power of the Mexican people
in the years that followed and also made products from Mexico less expensive for the U.S.
market. Economic factors such as these played a role in the increasing U.S. trade deficit with
Mexico, which went from a $1.4 billion surplus in 1994 to a $97.2 billion deficit in 2010 (see
U.S. imports from Mexico increased from $85.0 billion in 1997 to $216.3 billion in
2008, and then decreased to $176.3 billion in 2009 before increasing to $228.8 billion in 2010.
U.S. exports to Mexico increased from $68.4 billion in 1997 to $131.5 billion in 2008, and then
decreased to $105.7 billion in 2009 before increasing to $131.6 billion in 2010

The bilateral economic relationship with Mexico is of key interest to the United States because of
Mexico’s proximity and because of strong cultural and economic ties between the two countries.
Mexico has a population of 113 million people, making it the most populous Spanish-speaking
country in the world and the third-most populous country in the Western Hemisphere (after the
United States and Brazil). The economic relationship with Mexico has developed strong ties
under the North American Free Trade Agreement (NAFTA). Trade between the two countries more than tripled since the agreement was implemented in 1994. Through NAFTA, the United States, Mexico, and Canada form the world’s largest free trade area, with about one-third the world’s total gross domestic product (GDP).
The United States and Mexico share many common interests related to trade, investment, and regulatory cooperation. The two countries share a 2,000 mile border and have extensive interconnections through the Gulf of Mexico. There are links through migration, tourism,
environment issues, health concerns, and family and cultural relationships.1 The economic relationship with Mexico is important to U.S. national interests and to the U.S. Congress for many reasons. The 112th Congress will likely maintain an active interest in Mexico on issues related to cross-border trade between the two countries, the implementation of NAFTA trucking provisions, economic conditions in Mexico, migration, counternarcotics, and border issues. This
report provides an overview of U.S.-Mexico trade and economic trends, the Mexican economy,the effects of NAFTA, and major trade issues between the United States and Mexico.

BEIRUT (Zawya Dow Jones)--A delegation of Moroccan officials and businessmen begin Saturday a 10-day road show to countries in the Gulf region to attract investment to 26 local projects, pan-Arab Asharq Al Awsat daily reports Saturday.

The projects, which have been technically and financially studied, are in the sectors of energy, manufacturing, agriculture, tourism and logistics, the paper reports without specifying from where it got the information.

The tour will include Saudi Arabia, Qatar, the United Arab Emirates, and Kuwait, and the delegation will also meet about 40 key investment personalities in government institutions, sovereign wealth funds, and the private sector, the daily reports. The road show will also witness the announcement of the opening of the Moroccan Investment Development Agency's office in Abu Dhabi.

Morocco's Investment promotion agency (AMDI) and the French Chamber of Commerce and Industry in Morocco (CFIM) signed, on Thursday in Rabat, to strengthen bilateral partnership.

The MoU is designed to further foster partnership in terms of promoting investments through the exchange of information and expertise between the two countries.

Signed by Director General of AMDI and CFIM’s President, the MoU is part of the momentum witnessed in the French-Moroccan relations.

The signing was preceded by a conference on French investments in Morocco, during which investment opportunities and the advantages offered by the Kingdom were highlighted.

Paris - The US aerospace giant, Boeing, announced that it will hold a trade summit next October 12 in Casablanca in partnership with the Ministry of Industry, Trade and New Technologies.

This trade mission aims at introducing Boeing’s suppliers to Moroccan companies and encourage strong partnerships with the country through the Moroccan Aerospace Industries Association, the aerospace company said at a press conference at the Paris Air Show in Le Bourget.

"We have a long and productive relationship with Morocco, dating back to 1969 when Royal Air Maroc first purchased a Boeing 727," said Stan Deal, vice president and general manager of Supplier Management for Boeing Commercial Airplanes at a joint press conference with Ahmed Réda Chami Industry, Trade and New Technologies Minister.

"We are experiencing an unprecedented surge in demand for airplanes. The Moroccan government has made a strong commitment to developing its aerospace industry, both in infrastructure and workforce training, that will support growth. We feel that Boeing and our suppliers can benefit from an expansion of the aerospace industry there," Deal added.

Boeing is already a shareholder in MATIS, a Moroccan company specializing in aerospace wiring and harness products that will celebrate its 10th anniversary of operation later this year. The US aerospace company has also developed strong relationships with many of the 100 other aerospace-related companies in Morocco.

Chami, for his part, recalled that "Morocco has identified the aerospace industry as a key sector for investment as part of its global industrial strategy."

"We believe that partnerships, like the one we have with Boeing, demonstrate that we have developed an attractive aerospace value proposition that includes specific incentives in infrastructure, training and taxes, among others,” the Moroccan official said.

Chami expressed satisfaction regarding the promotion of partnership with Boeing to include more of the aerospace company’s suppliers who “will find a welcoming environment for investment in Morocco."

London - Morocco has been awarded Morocco awarded the African Country of the Future 2011/12 by the FDI Intelligence, a division of the prestigious British press group The Financial Times, specializing in foreign direct investment (FDI).

Morocco, improves its ranking, as it has moved from the third position in 2009/10, to be the best investment destination in Africa.

The breakthrough of Morocco “is due to its success in attracting FDI,” said the FDI Intelligence, noting that foreign direct investment declined in South Africa and Egypt (first and second in last year’s ranking), in contrast to Morocco, where foreign investment has increased by 8% in 2010.

Morocco is one of the few countries in the region with an increase of foreign direct investment projects, said the IDF Intelligence.

The Top-10 African, led by Morocco, includes Egypt (4th), Ghana (5th), Seychelles (6th), Tunisia (7th), Namibia (8th), Ethiopia (9th) and Kenya (10th).