After Toyota , recall woes hit Honda

Toyota have confirmed the size of their massive car recall in Europe – 1.8 million vehicles will go back to dealers for a tweak on accelerator pedals that are suspected to be behind a string of accidents, some deadly.

Worldwide the recall involves some 8 million cars, by far the biggest post-sale product modification program in the history of automobiles, and it risks serious damage for Toyota, which was celebrating only recently when it overtook General Motors as the world’s biggest carmaker.

“A loss of confidence has a major effect and it can take a long time for such losses to be worked out,” says industry analyst Herbert Becker.

Local rival Honda also has problems with a recall of its own, affecting nearly 650,000 Fit, Jazz and City models worldwide. At issue is a faulty window master switch that can catch fire after water infiltration. One such fire caused the death of a young South African, and there have been two other fires in US models. The recall will begin towards the end of February.

Rusal shares fall on launch

Shares in Russian Aluminium group Rusal have fallen heavily on their launch on the Hong Kong stock exchange.

The 2.2 billion dollar IPO was undermined by concerns over debt levels. There were also worries over litigation being faced by chief executive officer Oleg Deripaska.

Shares plummeted by 9 per cent in the context of a broad market slump across Asia.

Siemens reports profits, cuts jobs

Europe’s biggest engineer Siemens says 2000 German jobs are to go in its industry sector in the next 2 years, citing a fall in demand. However the company says the cuts can be made without mandatory lays-off.

This is all despite healthy first fiscal quarter profits, themselves made possible by cost-cutting. Siemens says long-cycle businesses, with long manufacturing times, are starting to get lower levels of orders.

Toyota shifts gear in massive vehicle recall

The wheels have come off big time for Toyota with the news it is extending its vehicle recall in the biggest operation of its kind the motor industry has ever seen.

After America, European models are now being called back to dealers to be fixed, and eight million vehicles may be involved. In the US sales and production of eight models is also being suspended.

At issue is accelerator pedals that get stuck, causing crashes.

“Will it help certain brands get market share? At least in the short term, yes, I’m sure every Hyundai dealer in the US knows about their improvement in quality.‘Oh, and by the way, look at what happened across the street,” said an analyst

Rival brands are cashing in on Toyota’s misfortune, offering cash incentives for owners to switch over.

The disaster for the world’s number one carmaker began last September, when a family of three were killed when their car hurtled into a crossroads at nearly 200 kilometers an hour, sparking the initial US recall of the upmarket Lexus brand which has now spread across nearly the entire range.

Ford announced a profit in 2009

Announced that Ford -the only US car company , which managed to avoid bankruptcy- achived profits in 2009 reached 2.7 billion $ , and expected presistence of profits in 2010. The company was able to make a profit last year despite the drop in revenues by 20% compared with 2008 to 118.3 billion dollars. The company benefited from lower costs and achieve the financial arm of the profits amounted to 1.3 billion $ , and the production of popular cars such as the Fusion , Escape . Ford has reduced the cost of prodution , sales and advertising by 5.1 billion$ in 2009. The company increased its share in the markets of North and South America and Europe, although the largest decline in sales experienced by the United States in 30 years. President and chief executive Allan Mulally said in a statement that despite the challenges still faced by Ford , the year 2009 was crucial. The price of Ford shares in the market by 1% after the announcement of the statement to 11.66 dollars.

Davos , starting a remarkable absence of Dubai

Began in Switzerland World Economic Forum , the annual participation of a large number of politicans , economists , business and the noted absence of Dubai .the forum takes place amid hopes of global recovery more than expected this year .Is also expected to devote a large space for him to discuss ways to help Haiti after the devastating earthquake that hit. The cast of French President Nicolas Sarkozy this evening , the first words of the leaders participating in the new session to be held over four days until Sunday.She had started Friday morning discussion sessions on the development of the global economy and financial system with the heads of major Western banks. And participates in the fortieth session of the forum about thirty heads of state and governments , inculding the presidents of Brazil , Mexico and South Africa, South Korea , Prime Minister of Zimbabwe, and attended by at least 2500 of businessmen. The founder of the Forum , Klaus shop that Haiti should be a priority for the combined view of the enormity of the damage caused by the quake , which struck the impoverished country, killed some 200 people dead , according to new estimates.

Lower US oil stockpiles

Revealed the US Department of Energy today from lower crude oil inventories last week rose 3.9 million barrels , equivalent to 1.2% compared to the week before. Thus, the stockpile of crude for the week ending 22 January to 326.7 million barrels , less than 5.1% of the stock for the same period last year. The estimates of analysts point to an increase in the low-spirited about two million bareel of oil. In comparison , the US stockpile of gasoline by about two million barrels , equivalent to 0.9% to 229.4 million barrels , is more than the reserves last year rose by 6%.

Toyota to withdraw 2.3 million car.

Summoned the Japanese Toyota Motor , about 2.3 million vehicles in the United States to repair fautly pedals gasoline.This comes after the company withdrew its cars from the market already has begun to cast doubt on the company's products as it deems Americans safe and reliable. The company said it had recalled 2.3 million vehicles from model RAV 4 , the production (2009-2010 ) and Avalon (2005-2010 ) and Highlander (2010) and Corolla (2009-2010 ) and Camry ( 2007-2010 ) and Tundra (2007-2010 ) and Sequoia ( 2008-2010 ). spokesman John Hanson said that all cars will be withdrawn come from a single supplier refused to delect pointing out that the ultimate responsibility lies with the company. The National Committee for Traffic Safety on the roads in a statement :"The issue is serious and safety , and we are pleased that Toyota has taken immediate action to address them". This is the second big call of its kind in four months , which will be a blow the image of the company , which had long known for diligence on the safety and quality. The Toyota pulled out 4.2 million cars from the US market because of a defect in the brush lining the inside of the car by pushing on the pedals makes the speed , which increases the speed dramatically and caused the accident killed five people. Also summoned in August last more than 95 thousand cars from the US market due to failures in the cooling system.

Zoellick calls for the coordination of relief to Haiti.

Bank president underscored that the donors providing assistance to Haiti to coordinate their efforts ans act swiftly to ensure the effectiveness of relief after the earthquake , and they must remain unitil the end to rebuild that devastated countray. Robert Zoellick said that Haiti was experiencing one of the worst human develoment indicators in the world before being destroyed by the earthquake , although this is the opportunity to build back better. He stressed that the development experience from Afghanistan to Liberia to the territory of Aceh, Indonesia, devastated by the tsunami waves ( tsunami ) following the earthquake hit in 2004 , shows that donors should work with the Govemment to rebuild the country and to coordinate their aid in the development of their trust fund. Zoellick explained that this means that in the first place that " when the cameras leave donors should not be deported with them", and that the main thing with respect to the side of reconstruction is that the support must be sustained in the long term. He added that the main priority for donors should be to save lives and support communities in the provision of relief foof , water and shelter to survivors , pointing out that while many peaople think of the long-term reconstruction , it is important not to affect the humanitarian operation. The head of the World Bank that should be shared by people of Haiti the reconstruction process , it is important that these efforts are linked to the objectives of the government . The international experts have estimated the amounts needed for Haiti for the advancement of the consequences of the earthquake that hit recently , about ten billion dollars.

Construction of new homes fell in America.

Rate fell to begin construction of new housing units in the United States last month unexpectedly . He attributed the main reason for the vulnerability of large parts of the country to cold weather. She explained the Ministry of Commerce said Wednesday that the rate of wommencement of construction of housing fell by 4% , bringing the annual rate of new housing units to 557 thousand units , down from the level of 580 thousand in November before. The decline in the rate of construction in December , despite an increase in granting of building permits. The decrease in activitly to begin construction of housing by a record 38.8% to the lowest level ever at 553 thousand units in 2009 as a whole. The rate dropped to begin construction of housing for the family and on of 6.9% last month to an annual rate of 456 thousand units , after rising 4% last November. Increased building permits that give indictors on the construction of housing in the future by 10.9% to 653 thousand units last month , the highest level since October 2008. The ministry made clear that the new building permits fell 36.9% in the year 2009 in general. A separate report showed issued by the US Department of Labor producer prices rose 0.2% during the last month , boosted by higher food prices , to record the biggest rise on an annual basis since October 2008.

Dubai to spend three billion on transport.

Board chairman , Roads and Transport Authority In Dubai that the Emirate palns to spend up to three billion dollars on infrastructure projects for the transport sector in 2010 as it seeks to stimulate the economy. Mattar Al Tayer said in a news conference that investment in infrastructure is the driving force of the economy , pointing out that the budget for the transport sector amount to 10.5 billion dirhams this year ( 2.85 billion dollars ) and that the Emirate will spend more in the future , he said , adding later that the budget could rise to 10.7 billion dirhams ( 2.91 billion dollars ). He added that the Emirate did not have problems in the payment of contractors and it considers the development of infrastructure a key factor behind the development of the Emirate as a trading center and tourist destination in the Middle East , and continued investment , even with the impact of the economic crisis. Emirate officals confirmed in August that the cost of the Dubai Metro project , which began operation last September , rose 80% to 28 billion dirhams( 7.6 billion $ ) caused by the expansion of the network and add new plants. A spokesman for the company Obayashi Corp , General Contracting , on the seventh of January , work in metro project slowed down , it discusses the Japanese company , which leads the coalition responsible for the development of the project cost increases due to changes in design. He talked to Dubai can meet its obligations to contractors and consultants of the project , and that "there is no problem in this regard". The coalition includes companies , Japan is another Kajima Corp.General Contracting Company Yapi central to the establishment of Turkish industry and Mitsubishi Heavy Industries , in addition to the Mitsubishi Corp. It was initially scheduled to be supplemented by the rail network in the spring of this year , but is now expected to delay completion until the end of the year.

Greece submits nes fiscal plan to US scrutiny.

Greece may well become the first EU member state to face penalties if it fails to counter the fiscal crisis engulfing the country.

The Greeks are poised to introduce tough austerity measures to reduce its budget deficit, which is running at four times the EU limit of three per cent.

George Papaconstantinou is the Greek Finance Minister:

“Well, the political commitment is there. We presented yesterday a very serious and credible programme of fiscal consolidation, first reactions are positive and now we are moving to implementation.”

The Greek government’s latest plan looks to reduce spending by some 10 billion euros along with tax hikes and the sale of 2.5 billion euros worth of state assets.

However, the jury is out on the effectiveness of the proposals and many believe the markets will only start to believe if the plans transfer from paper into action.

Sweden’s Finance Minister Anders Borg slammed Athens for its economic mis-reporting calling it “fraudulent.” He also suggested a European bank tax similar to a US scheme, in a bid to fix broken public finances and protect against any future financial turbulence.

Bank of America reports quarterly loss.

Wall street giant Bank of America has reported a wider-than-expected quarterly loss of three point six billion euro. America’s largest bank has been hurt by still high loan losses and it’s repayment of US government bailout aid.

Morgan Stanley’s fourth quarter profits missed expectations as results were hampered by weak trading results and shares dipped one percent.

Wells Fargo, the fourth largest U.S.bank posted fourth quarter profit of one point nine billion euro. But the bank set aside three point four billion euro against loan losses in the fourth quarter that’s compared to just over five billion a year earlier.

Japanese fonts make the pretext of bankruptcy.

Confirmed Japan Airlines ( JAL ) said Tuesday it filed bankruptcy , according to the Rehabilition of the companies , as part of its quest for rectification under the restructuring plan supported by the State. The Japanese news agency (Kyodo) the decision to file for bankruptcy was made after a meeting of executives , with the arrival toured debt to 2.3 trillion yen ( 25.4 billion dollars ) the end of September. Government has also pledged to support the restructuring efforts of assessments for the largest airline in Asia , and is expected to announce today a financial package with hundreds of billions of dollars under the plan ready. Also , sources reported that the Tokyo Stock Exchange will be struck off company's shares. The financial market from 20 February in advance or even earlier in the process of bankruptcy , as it will reduce its capital by 100% . Japanese fonts and incurred during the six months beginning from March a loss of 1.5 billion$ , reports confirm that it plans to sell assets , including hotels. JAL also plans to former State-owned write 15700 jobs , or about one-third of its workforce by the end of March 2013 , also will sell or close half of its branches to reach 57 branches , instead of 110 by March 2011.

Expect a strong recovery of world tourism.

World Tourism Organization predicted Monday a strong recovery of global tourism this year after is suffered a slump last year due to global economic crisis and the spread of H1N1. The Organization of the United Nations is an annual assessment to the World Tourism in 2009 , shrank by almost 4% and likely to grow in 2010 by between 3% and 4% .She explained that the recovery of tourist movement late 2009 helped to improve the results for the year as a whole. The Secretary-General Taleb Rifai said at a news conference in the Spanish capital Madrid , said last year was one of the most difficult years for international tourism in the recent period.

Kazakhstan's economic challenges.

As Kazakhstan – Central Asia’s largest economy -takes over the chairmanship of the Organisation for Security and Co-operation in Europe, it is seeking to strengthen the region’s economic security.

The world’s largest land-locked country favours the building of highways and pipelines between Europe and China, re-creating the historic Silk Road to encourage commerce.

However, Kazakhstan’s greatest concern right now is recovering from its own recession.

After years of boom-times, fuelled by high oil prices, the economy has slumped.

In response to the global crisis, Kazakhstan devalued its currency, took control of the country’s top banks and pumped billions in state money into the economy to get it back on track.

As President Nursultan Nazarbayev told euronews: “When companies were closing everywhere, we set up 170 new businesses. That allowed us to create 400,000 new jobs. The unemployment rate in Kazakhstan has not gone up, but rather it has fallen from 7.5 percent down to six percent, and it’s all been done using our own reserves”.

Kazakhstan’s rapid economic growth since the turn of the century came mostly from major foreign investment in the attractive Caspian oil sector.

Selling some of its vast oil and gas reserves built up big enough cash reserves to avoid economic and social collapse at the peak of crisis.

But it is a double edged sword. The country’s economy is fragile, based as it is on that abundance of oil and gas.

Kazakhstan’s struggling banking system proved to be another weak spot: it flourished on cheap liquidity which has now dried up.

The local banks’ troubles have allowed Western investors greater leeway, though some seem to be ignoring transparency issues and other peculiarities of the emerging market.

Simen Munter, chairman of the European Business Association of Kazakhstan, said: “It has its challenges, but it also has quite a lot of opportunities, and I think there’s a willingness in Kazakhstan to be attractive to foreign investors, and especially to foreign investors who are able to help develop the country”.

Government intervention may have worked as an emergency measure, but in the longer term the Kazakh economy needs profound reforms to make it less dependent on the energy sector and state control, according to economic expert, writer and columnist Aigul Tulembayeva.

Tulembayeva, who is a professor at Kazakh National University, said: “Those new jobs that we have – they are being created by the state, exclusively. And this is wrong – the economy needs to find internal resources, it must seek a way out by itself, it must balance and rebuild itself – but that is not happening. I mean, instead of moving forward, our economy stagnates.”

Which means it will not be easy to maintain the living standards enjoyed by many Kazakh citizens, with their newly acquired taste for expensive cars, designer labels and luxury apartments.

A 10-year industrialisation programme is planned, as well as major investment in Kazakhstan’s promising agricultural sector.

That should be able to support the economy, keep unemployment low and prevent food shortages for the immediate future.

But, according to local experts, the era of easy money is over.

Vyacheslav Dodonov is Chief Researcher at the Kazakhstan Institute for Strategic Studies.

He told euronews: “We can hardly expect to see over the next few years, the kind of soaring growth rates that there were in the 2000s, before the crisis; in the near future it’s unlikely that we’ll see growth rates of eight to 10 per cent. Kazakhstan’s economy in the coming years will grow steadily, though at quite a moderate pace.”

At the end of the day, economists agree, the crisis may help Kazakhstan by sobering it up after years of easy credit and putting the new chair of the Organisation for Security and Co-operation in Europe on the road to more sustainable and stable development.

Societe Generale finds more toxic assets.

It may be too soon to declare the financial crisis over as Societe Generale has issued a profit warning.

France’s second largest bank said assets that it though were worth 1.4 billion euros are not.

As a result it expects to report only a “slight profit” for the fourth quarter of 2009.

Some analysts said SocGen has been lagging behind other international banks in facing up to the issue of toxic assets.

Consumer credit woes hir JPMorgan earnings.

Quarterly earnings from JPMorgan Chase have dashed hopes that consumer credit in the US is on the mend.

It reported deep losses on mortgage and credit card loans in the fourth quarter.

JPMorgan is the first of the major US banks to report its earning for the final three months of last year.

It is also considered to be one of the better managed and better capitalised financial institutions in the US and the figures do not bode well for its competitors.

Quarterly profit at the second biggest US bank soared to the equivalent of 2.3 billion euros but Chief Executive Jamie Dimon said: “We don’t know when the recovery is.”

JPMorgan’s shares fell, as did those of its major rivals Citigroup and Bank of America which are due to report their quarterly results this week.

Both banks have large consumer exposure.

Google might pull out of China.

Google entered the second week of its dispute with the Chinese government , which carried the announcement of the intention to withdraw from the Chinese market after it came under attack on a complex electronic network led to the theft of intellectual property rights of its own. The company says it is no longer willing to censor the contents of the Chinese language search engine Google CNN and try to negotiate on a search engine does not impose legal controls on the subjects or they would withdraw from the market. Control and remained on the list of research topics in Chinese on Sunday but other froms of censorship on certain issues , including the incident at Tiananmen Square in 4 June 1989 , which was the repression of supporters . The legal officier Google's David Drummond said "main objective of the cyber attacks had access to e-mail to activists human rights movements in China". And was og Google's intention to withdraw from China with interest of Internet users in China's 384 million , representing the largest Internet market in the world and quoted codes and local media sources from unnamed saying that Google had already decided to close its offices in China.

Close the two other bancks in America.

Closed the financial authorities in the states of Minnesota and Illinois , two banks on Friday to their inability to continue to rise in the activity of banks , which have been closed since early this year to four , while still hundreds more face the prospect of collapse because of the repercussions of the recession that the US economy suffered for two years. The first bank that was closed is Comionte Town &Trust , which is based in the province of Antioch Illinois. The Wall Street Journal , citing the institution of the Federal Deposit Insurance Corp.The Bank's assets reached the end of last September to 69.6 million $ , while deposits stood at 67.4 million at closing. The newspaper added that the bank branches and one , and noted that the Bank of First Bank in the city of Omirkn Graf Village ,Illinois , who are also active in Illinois would take up most of bank deposits under the CSS agreement to share losses with the institution of the Federal Deposit Insurance. The firm said the bank was shut down would cost about 18 million $. And the second bank , which was to close is St Stephen State Bank , which is active in the state of Minnesota and its assets reached the end of last September to 24.7 million $ ans deposits of 23.4 million. And devolove assets to another bank mandate is First State Bank under the agreement with the Federal Deposit Insurance Corporation , which would cost the collapse of the bank 7.2 billion dollars , reported the Wall Street Journal.

Zoellick : 64 million at risk of poverty.

World Bank President Robert Zoellick said the world will continue to suffer from the negative effects of the global crisis for years , and that 64 million more will fall in extreme poverty between 2009 and 2010. Zoellick said at a news conference in Berlin , "we still see negative repercussion of the economic crisis". The issue for the developed countries is the problem of jobs and economic growth, but for a large number of poor countries it perceives severe pain of millions of hungry and sick , and leave a significant impact of the crisis on a whole generation of children for several years. With the decline in government stimulus plans in the world , the private sector will need to play a bigger role. Zoellick warned that the interests of developed countries should assist emerging economies to emerge frome the crisis because it may represent a source of groxth , saying "the interdependence is an essential factor in the world economy and help the developing world in these difficult times is in all our interests".

Jobless claims in America.

Orders for new unemployment benefits in the United States more than expected last week , and comes with the exclusion of Congressional Budget Office reduced the unemployment rate to less than 8% before 2012 , as retail sales dropped more than forecast last month. The data for the US Department of Labor said that requests for new unemployment benefits rose by 11 thousand applications last week to reach 444 thousand requested at the level of annual increase was expected rate of three thousand. The Labor Department analyst said that the increase is expected , due partly to the demobilization and broad seasonal workers in retail , manufacturing , construction , and the second week of Junuary is likely to witness the largest increase in applications. The requests have declined steadily since last fall after being written off companies and fewer jobs , raising hopes that the employment rate may increase soon. The latest data showed that more than 5.3 million people were receiving extended benefits until the week ending on 26 December , down an estimated 135 thousand from the previous week. On the other hand the Congressional Budget Office said on Thursday that the unemployment rate in the United States which currently stands at 10% is unlikely to fall to less than 8% by 2012. The budget office said it is likely that inflation will remain low for some time with the wountry's recovery from the worst economic downtum since the Great Depression in the thirties of the contract the last century.

Rising industrial production in the euro rone

Increased rates of indusstrial production unexpectedly countries of the euro area last Nevember.The decided the European Central Bank on Thursday to keep interest rates at their current level. The European Statistics Agency ( Eurostat ) The industrial production in the region , which includes 16 of the 27 member states of the European Union rose last November -after accounting for seasonal changes - increased by 1% compared to October last year , while the expectations of the experts indicated an increase of 0.5% only. As rhe angency corrected low rates of industrial production in October last from -0.6% to -0.3%. On the other hand decided that the Board of Governors of the European Central Bank during its regular meeting to review the monetary policy to keep rates at their current level 1% , the lowest level ever. The bank's decision was consistent with the expectations of experts , where the economies of the euro began to recover with a weak inflationary pressures significantly. It is worth mentioning that the interest rate increase will increase the burden on companies whent obtaining loans , which is also reflected negatively on the consumer , and that the reduction of lending would lead to high rates of inflation. On a related development , the National Statistical Office of Spain at Madrid on Thursday that the rate of inflation , according to the index of the common retail price in the euro area showed an increase of 0.9% in December compared to the same month in 2008. The consumer prices in Spain rose last November by 0.4% .On a monthly basis prices had been stable in the last month , after rising in November.

Serious challenges facing the euro.

An official at the European Union's shaky financial situation of Greece and other member States of the European Union hit by the crisis is a "very serious challenge" to the European single currency. Speaking to the Financial Times Olli Rehn the Commissioner-designate of the Economic and Monetary Affairs of the European Union before the European Parliment said he would use all means avaible in order to assist Member States to restore stability to the finances and the implementation of the conditions that ensure growth ans stability , and put restrictions an the public finances of Member States. Rehn called for tighter restrictions on the application of the Stability and Growth vowed reached by European countries , also called for greater coordination between the twenty seven members of the European Union . He rejected suggestions from some European lawmakers to impose sanctions on countries that do not apply the standards of the European , and proposed instead to encourage those countries to take action to impliment those standards and student under the supervision of a wider EU. Facing the new Commissioner for Economic and Monetary Union lift the responsibility of the economic crisis and financial growth rates , which fell and left a number of countries mired in debt.

Genenral Motors maintains projects in China.

General Motors Corp said US auto industry that she will implement projects in China , in cooperation with the China FAW Group C orp , at a cost of two billion yuan ( 293 million dollars ) for the production of trucks and large passenger cars headed in the beginning of the Chinese market. said in a statment that the project will use the plants for the Chinese compnay will produce a hundred thousand cars and this number will double by the end of 2010. The head of GM in China , Kevin Will the China market is growing for the US company , despite the difficulties they face in the United States. A statement by GM that the project , the two companies will own equal shares will be held in the city of Hangkon FAO headquarters , and will cars for FAW shopping in China may also produce cars for the US firm that is subsequently exported . It is notworthy that GM's sales jumped 38% in the first half of this year , driven by robust demand for cars , the Mini and other small cars.

Rising US trade deficit.

US trade deficit jumped to its highest level in ten months after the economic recovery has led to increased imports. The commerce department said that the deficit rose by 9.7% in November to 36.4 billion dollars , more than economists estimated that it exprcted 34.5 billion dollars. Exports also went up by 0.9% for the seventh month in a row. The deficit with China rose 10.8% in the same month to 20.2 billion dollars , with exports to China rose to the highest level ever. However, the deficit with China remained the largest compared with other countries , although it decline by 15.9% compared with the same month in 2008. In the first eleven months in 2009 , trade deficit of 371.59 billion dollars compared with 695.94 billion dollars in the corresponding period last year. The numbers reflect the economic recession in the United States , which led lower consumer demand for foreign products.

Oil falls and the dollar fluctuate.

Fell oil futures in Asian trading to less than 82$ a barrel in light of expected decline in unit coller in the coming weeks the United States , Europe and Asia.
In electronic trading on the New York Mercantile Exchange dropped contracts for delivery in February next US.light crude rose 61 cents to the price of 81.92$ per barrel at midday local time in Singapore.
The price of US crude had hit its highest level in 15 months shy of the level of 84$ in the stage of trading yesterday , given the decline of the dollar , before ending trading at the level of settlement at 82.52 dollars a barrel.
The price of crude jumped from 69$ a barrel before the month was with many countries and especially in the United States for the bitterly cold wave , which has increased the demand for petroleum products, especially heating oil.
For his part , the dollar has lost some of the gains achived earlier in the day against the Japanese yen and euro , his remarks to an official at China's sovereign wealth fund.

Oil rises towards 83 $

Futures prices for crude oil Wednesday more than a dollar in volatile trade despite government data showed an increase in US inventories of crude oil unexpectedly last week, in addition to a large incease for gasoline and distillate stocks fell for a lot less than expected. Observers attributed the recovery of oil to the lower dollar-currency-denominated oil-against the euro and a basket of currencies , and a wave of investment funds to buy after crude prices fell below 81 $ dollowing the release of US inventory report issued by the Department of Energy. In the New York Mercantile Exchange (NYMEX) futures recorded for US crude next month delivery price ok 82.92 $ a barrel, up 1.15 $ equivalent to 1.41% after being traded in a range of 80.85 dollars to 83.15 dollars. In the report of the US Energy Information Administration released today revealed that commercial inventories of crude oil in the United States increased by 1.3 million barrels to 327.3 million barrels in the week ending in the first January.

Metro in Demachk to 1.7 milliard Dollars

Scheduled to procees to Syria this year in implementing a project to build a subway in the capital, Damascus funded nearly two billion dollars and the contribution of European probably as a government official said. The President of the Syrian State Planning Commission to facilitate Redawi that the project will start this year that starts the subway line in 2015. the daily quoted him as saying on Wednesday that the October governmental European Investment Bank and the French government expressed their willingness to contribute to the financing of the project , which will cost 1.7 milliard dollars. The lenght of the Green Line about 16.5 Kilometers and consists of 17 stations.Has been planned for the project to provide service to the largest number of passengers and the metro link with other public transport.

Growth of inflation in the euro zone.

according to data released today by the European Statistics Office (Eurostat) the high rate of inflation in the euro area to the level of 0.9% on an annual basis shy of expectations.
Economists attributed the rise mainly to the rise of oil in the last month.
Crude prices rose last month broader dialogue between seventy and 77 $ a barrel; double the level in Decembre around 2008.
the arrival rate of inflation to this level he would have achived the highest level in ten months when the inflation rate reached the level of 1.2% last February.
indicted that , despite the rise achived by inflation last month, it is still much loxer than the traget level of the European Central Bank , which tragets inflation close to 2% does not exceed the medium term.

Highest close to the japonese market .

The Nikkei index of japonese equities at the highest level in 15 months on the first trading day of the new year , boosted by gains in Japanes yen fell against other currencies, thereby supporting the export companies rose shareholder value. At the end of the day record Nikkei up by 1% to close at 10654.79 points, its highest close since early Octobre 2008. At the end of 2009 the Japanese index has increased by 19% compared with the decline by 42% finished it in 2008. the index gained the Japanese market at the end of the second Topix day's volume by 0.9% to end at the level of his handling of 915.75 points. the most shares in Japanese companies Alkaspp the day Japan Corp , which rose by 31% after reports that the Development Bank of Japan will double the credit line open to the company's troubled lesbien for up to 200 billion yen (2.2 billion dollars)

Mohammed bin Rachid inaugurates the projet this evening

Inaugurates Seikh Mohammed Bein Rached Almaktoum one of highest skyscaper in the world. Mohammed Alabar the derictor of Alimar said :" that the expected returns of the delivey of the tower will affect positively on the company's financial results in the first quarter,second and third of the courrent year 2010, estimating that 35 % in the intervention of the tower in revenues the company's revenues the new year" . and said :"that 90% of the tower have been sold , and that 85% of the amount owed has been paied to buyers the company , noting that the amounts remaining on each buyer no more than 20% of the value will be paid upon delivery of the units.