Gosh tie. What the epic week it has been! A such big eclipse. Such a huge invitation to reconsider the importance of a commitment/s or an agreement/s. It’s not that this does not matter, far from it. It matters so much, that I must surely now look at what more I can do to “honor” this and keep me alive. Before I fall a sleep, the “someone” break my spine. O C’mon! You know how it’s feels with a broken spine?! Mum-m-m, the more “intimae” characteristics, the aspects which I’m looking to hind from indiscrete eyes, - become World domain… In this way, I should say that to going through the motions, thought the sense of duty – You who should take a break! Because this, takes away for completely the true feeling of inspiration for any “one”, for any “commonwealth civilization”, for any “particular promise”… It’s exactly what, like you all know, and lead me to tie myself to a set of “OUR” circumstances. There was and keep be a good reason. That reason is still good. The 2010 is here.
World Economic Forum Global Risks report warns of long shadow of the Financial Crisis 14/01/2010 17:00 (1 Day 00:49 minutes ago) The FINANCIAL -- The World Economic Forum on January 14 released Global Risks 2010, its annual report on the most significant and underlying global risks facing the global economy this year and beyond. The World Economic Forum today released Global Risks 2010, highlighting a number of underlying risks that contributed to and were exacerbated by the financial crisis and global economic downturn. Fiscal crises and unemployment, underinvestment in infrastructure – especially in energy and agriculture – and chronic disease are identified as the pivotal areas of risk over the next years. Other risks identified as equally systemic in nature, and requiring better global governance, are transnational crime and corruption, biodiversity loss and cyber-vulnerability. According to Swiss Re, the report argues that the events of the past year have revealed a fundamental need to change thinking on global risks and how they are managed. With unprecedented levels of interconnectedness between all areas of risk, the report stresses that the need to combat governance gaps globally is greater than ever. It argues that this can only be addressed by an overhaul of current values and behaviors by decision-makers to improve coordination and supervision. Robert Greenhill, Managing Director and Chief Business Officer at the World Economic Forum, said Global Risks 2010 underlines the challenges ahead: “The findings of the report confirm that we must face up to the challenges created by these unprecedented levels of interconnectedness between risks. The financial crisis and the ensuing recession have created a more vulnerable environment where unaddressed risks may become tomorrow’s crises.”. The Global Risks report is published yearly ahead of the World Economic Forum Annual Meeting in Davos-Klosters, Switzerland, and is produced in partnership with Citigroup, Marsh & McLennan Companies (MMC), Swiss Re, the Wharton School Risk Center and Zurich Financial Services. The result of year-long consultations with experts from business, academia and policy-making, Global Risks 2010 marks the fifth edition of the report, coinciding with the 40th anniversary of the Forum. Global Risks 2010 highlights the impact of the fiscal crisis and the social and political implications of high unemployment rates in several major economies as key concerns. Notably, the current models for health, education and unemployment protection have been put under severe strain by the fiscal crisis, notwithstanding the longer-term implications of increasing life expectancy. Daniel M Hofmann, group chief economist of Zurich Financial Services said, “The events of the last year have shown that there are underlying risks within the global economy that need to be addressed. In reaction to the financial crisis, many countries have put themselves at risk of overextending their fiscal positions and being burdened with extremely high levels of debt. This could put upward pressure on real interest rates, rein back growth and lead to protracted high levels of unemployment.” More widely, the report points to the impact of the global recession on longstanding under-investment in infrastructure, especially in energy and agriculture, and the rising costs of treating chronic disease. These “creeping” risks have not appeared overnight, but the recession has limited the ability of decision-makers to combat them effectively. This is particularly true for energy with respect to the pressing global need to invest in infrastructure. John Drzik, CEO of Oliver Wyman, an MMC operating company, said, “The recent drop in oil prices has been good for consumers, but has also contributed to a significant cut in much-needed investment in energy infrastructure and renewable energy projects. This comes at a time when governments – as well as business and consumers – are looking for long-term security of an energy supply that is both sustainably-sourced and reasonably priced. The fragile global economy will make itself more susceptible to oil price-related shocks if this underinvestment continues.” A massive US$ 35 trillion of infrastructure investment is required over the next 20 years, according to the World Bank . “This is particularly acute for agriculture and food security,” said Swiss Re’s Chief Risk Officer Raj Singh. “We need a vast increase in food production to feed the growing world population, and a billion people are already undernourished. Billions of dollars need to be spent on water provision, energy supply, transport and climate change adaptation measures. Governments must work together with the private sector to make it happen. Insurers can provide risk management tools that create greater financial stability for farmers and the agriculture industry.” The report also highlights risks where the levels of awareness and preparedness are currently very low; these include transnational crime and corruption, cyber-vulnerability and biodiversity loss. Global Risks 2010 notes that the response to the impact of the financial crisis and ensuing downturn has been a greater willingness to cooperate on common strategies and develop more effective global governance to address global risks. However, Sheana Tambourgi, editor of the report and Director and Head of the Global Risk Network at the World Economic Forum, warned, “The next few months will put the willingness among global decision-makers to cooperate on addressing global risks to the test. Simply reverting to ‘business as usual’ could have serious implications in the long term in several risk areas
Europe Oil Supply Insulated From Russia, Belarus Spat, IEA Says. Jan. 15 (Bloomberg) -- Germany, Poland and three other European countries that receive Russian oil supplies via the Druzhba pipeline across Belarus can weather a potential disruption, the International Energy Agency said. “Although there is no imminent threat of tighter European crude supplies, given what is as stake for Belarus, a resolution may take some time to achieve,” the IEA said in a report today. The five European countries, which include Hungary, the Czech Republic, and Slovakia, have more than three months of emergency stocks and alternative supply routes, the IEA said. Russia and Belarus have failed to reach an oil supply deal after a tax agreement from 2007 expired at the end of last year. A dispute over customs and transit fees that year between the two countries led to supply disruptions for about three days. OAO Transneft, Russia’s state run pipeline operator, warned that oil flows to Belarus’s Mozyr refinery may stop next week as suppliers haven’t confirmed shipments. Both Belarus and Russia say the dispute won’t affect deliveries to Europe. Poland received 385,000 barrels a day, or 93 percent of its oil imports last year, through Druzhba’s northern branch, while Germany got from 300,000 to 400,000 barrels a day, or as much as 20 percent of its imports, via the link, the IEA said. Poland and Germany can take supplies through their Baltic Sea ports in the event of pipeline disruption, the IEA said. Alternative Oil Routes. The southern leg of Druzhba, which runs from Belarus through Ukraine, shipped 115,000 barrels a day to Slovakia and 130,000 barrels a day to Hungary, all of the two countries’ oil imports last year, the IEA said. The link supplied the Czech Republic with 90,000 barrels of oil a day, or 60 percent of its imports last year. Hungary and Slovakia have an alternative import route through Croatia from the Adriatic Sea while the Czech Republic can get oil supplies from Trieste, Italy, the IEA report said. Belarus received an implicit subsidy of about $2.5 billion per year under the expired accord with Russia, the IEA said. Russia, which views Belarus as a strategic ally and key transit state, allowed its neighbor to benefit from lower oil prices by discounting the export duty for supplies to its refineries. Russia, which plans to reinstate full taxation on most crude shipped to Belarusian refineries, may recoup as much as $2 billion for its budget at current oil prices, Igor Kurinnyy, an oil analyst at ING Groep NV, said by e-mail yesterday.
Belgium's diamond exports rise in Dec. Belgian polished exports in December rose 13% by volume and 18.5% by value in December, compared to the same month in 2008, according to figures published by the Antwerp World Diamond Centre Diamond Office. December polished exports totalled 687,791 carats, or $779.5 million in dollar terms. For the year as a whole, Belgium’s polished exports fell 16.5% by volume to 7.28 million carats. By value, exports of polished was 30% lower at $8.63 billion, compares to January-December 2008. Polished exports to the United States represented 27.5% of total polished diamond exports by value, and only 13.9% in volume for the year. Hong Kong accounted for 21.5% of total polished exports by value and 20.2% by volume last year. Israel was the third largest importer of Belgian polished, representing 9.9% by value and 7.3% by volume of Belgium’s total polished exports. Polished diamond imports rose 5.5% by volume to 563,879 carats in December, compared to December 2008. By value imports for the month totalled $640.8 million, an increase of 1.6% on prior year period. For the full year, polished diamond imports were 23.6% lower at 7.35 million carats in volume terms. In value terms polished imports were 34.2% lower at $7.95 billion. Rough diamond exports jumped 264.0% last month, from December 2008 to 11.96 million carats by volume. By value exports jumped 176.5% to $851.7 million. For the full year of 2009, rough exports fell 16.5% by volume and 31% by value. Rough diamond imports rose 46.1% by volume and 100.3% by value, compared to December 2008. For 2009, rough diamond imports dropped 22.9% by volume and 39.2% by value.
Intel results boost technology sector. January 14 2010 23:28. Intel gave a boost to the technology sector on Thursday, predicting a better year after fourth-quarter growth in sales of its chips was almost double the norm. The chipmaker beat analysts’ expectations with profits of $2.3bn, 875 per cent higher than a year ago, when Intel made $234m in the teeth of the recession and a failing order book. Intel’s microprocessors are used in four out of every five computers sold and its strong “holiday” quarter augurs well for PC makers, software companies and other chipmakers at the start of the US tech earnings season. “The fourth quarter was a strong ending to a year with a difficult beginning,” said Stacy Smith, chief financial officer. “We have seen a return of consumer demand and replenishment to normal inventory levels after the precipitous demand drop at the end of 2008 and the beginning of 2009.” Sales worth $10.6bn were up 13 per cent on the third quarter, nearly twice the average seasonal growth and ahead of the analysts’ consensus of $10.2bn by Thomson Reuters. Paul Otellini, chief executive, said the results had been made possible by “unprecedented operating efficiencies”. Intel, which has led other chipmakers in moving to new degrees of miniaturisation, introduced chips with circuit widths narrowing from 45 to 32 billionths of a metre at the Consumer Electronics Show in Las Vegas last week. “The demand picture in the quarter reflected broad-based strength across all regions and all product categories, with notebooks leading the way,” he told analysts. Intel beat analysts’ expectations for the current quarter with its forecasts. It predicted revenues of about $9.7bn compared with a consensus of $9.34bn by Bloomberg. For 2010, it forecast that gross margins would rise to about 61 per cent, five percentage points up on 2009. Last year was marked by a $1.45bn fine levied by the European Commission and a $1.25bn settlement with rival Advanced Micro Devices .
