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Archive for January, 2009

IMF lowers outlook for global economic growth

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 17:30

IMF lowers outlook for global economic growth

The world economy will essentially come to a halt this year as more than $2 trillion of bad assets clog the financial system, the International Monetary Fund said Wednesday.The global economy will grow by only 0.5 percent this year, the IMF said. That would be the slowest pace since World War II and is a sharp reduction from the IMF`s projection of 2.2 percent growth in November.

The IMF also raised its estimate of the total losses for banks and other financial services companies stemming from bad loans in the United States to $2.2 trillion, from $1.4 trillion in October.

The ongoing financial crisis is restricting credit for companies and consumers, and is the primary reason the global economy is in dire straits, the IMF said in two reports.

“A sustained economic recovery will not be possible until the financial sector`s functionality is restored and credit makers are unclogged,” the IMF said.

Governments should take several steps to address the crisis, including injecting capital into “viable institutions” and “carving out bad assets” from banks, according to the IMF.

Despite efforts such as last year`s $700 billion financial rescue program in the U.S. and similar steps overseas, “risks to financial stability have intensified since October,” the IMF said.

The U.S. economy will shrink by 1.6 percent this year, according to the IMF`s updated World Economic Outlook. That`s a sharper decline than the 0.7 percent dip forecast in November.

The 16 European nations that use the euro currency will see their economies shrink by 2 percent this year, while Japan`s economy will contract by 2.6 percent, according to the new IMF forecast.

AP

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IMF lowers outlook for global economic growth

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 17:30

IMF lowers outlook for global economic growth

The world economy will essentially come to a halt this year as more than $2 trillion of bad assets clog the financial system, the International Monetary Fund said Wednesday.The global economy will grow by only 0.5 percent this year, the IMF said. That would be the slowest pace since World War II and is a sharp reduction from the IMF`s projection of 2.2 percent growth in November.

The IMF also raised its estimate of the total losses for banks and other financial services companies stemming from bad loans in the United States to $2.2 trillion, from $1.4 trillion in October.

The ongoing financial crisis is restricting credit for companies and consumers, and is the primary reason the global economy is in dire straits, the IMF said in two reports.

“A sustained economic recovery will not be possible until the financial sector`s functionality is restored and credit makers are unclogged,” the IMF said.

Governments should take several steps to address the crisis, including injecting capital into “viable institutions” and “carving out bad assets” from banks, according to the IMF.

Despite efforts such as last year`s $700 billion financial rescue program in the U.S. and similar steps overseas, “risks to financial stability have intensified since October,” the IMF said.

The U.S. economy will shrink by 1.6 percent this year, according to the IMF`s updated World Economic Outlook. That`s a sharper decline than the 0.7 percent dip forecast in November.

The 16 European nations that use the euro currency will see their economies shrink by 2 percent this year, while Japan`s economy will contract by 2.6 percent, according to the new IMF forecast.

AP

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Tymoshenko: House price should be reduced

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 16:40

House price should be reduced

Tymoshenko: House price should be reduced

Prime Minister Yulia Tymoshenko considers that a house price in Ukraine should be reduced to reasonable limits at the cost of stabilization of prices for construction materials. She stated at a sitting of the Council on stabilization of building sector during the financial crisis.

“The square metre price of building should be clearly calculated, should be reduced to reasonable limits and not only at the cost of profits reduction but out of proceeds of the price, the construction materials cost,” the Head of Government noted.

Meanwhile, Yulia Tymoshenko declared that Government would require strict control over the prices of basic material and technical resources used in the building sector. “We’ll strongly tackle it, and think it over, how we can prevent, for example, speculations in local materials, to make a cement price, a metal price be adequate and comply with the current securities,” she stressed.

Government portal

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Yushchenko orders to resume power supplies to air-defense facilities

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 15:50

Yushchenko orders to resume power supplies to air-defense facilities

Ukraine President Viktor Yushchenko charged the Prosecutor General’s Office with checking the observation of the law on financing budget protected clauses and ensuring the power supply to air-defense facilities is resumed.

“I would ask you to make sure that power supplies to eight [air-defense] facilities are resumed by the end of this day,” he said at the meeting with Defense Minister Yuriy Yekhanurov and Prosecutor General Oleksandr Medvedko.

Yekhanurov told Yushchenko that 72 ministry facilities, including eight air-defense facilities, had been cut off from the electricity network due to the debts.

He said that power had been also cut at four military runways.

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NBU to provide State Mortgage Institution with UAH 1 billion, says premier

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 15:00

NBU to provide State Mortgage Institution with UAH 1 billion, says premier

The National Bank of Ukraine (NBU) will soon provide the State Mortgage Institution with UAH 1 billion for housing mortgage loans, Prime Minister Yulia Tymoshenko said, Interfax-Ukraine reported.

“Along with the National Bank, we have fully worked out UAH 1 billion for the State Mortgage Institution. We agreed with NBU First Deputy Head Anatoliy Shapovalov that the State Mortgage Institution would be soon financed with UAH 1 billion using securities,” she said at the opening of a council on tackling the crisis in the construction industry in Kyiv on Friday.

Tymoshenko also called on the central bank to provide Ukreximbank and Oschadbank with UAH 1 billion each to credit house buyers.

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Deputy speaker believes Chernovetski threatens national security

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 14:10

Deputy speaker believes Chernovetski threatens national security

Deputy Speaker Mykola Tomenko believes it is necessary to hold an emergency session of the National Security and Defense Council of Ukraine on the situation in Kyiv and activities of Kyiv authorities, he told journalists on Friday.

Tomenko pointed out that the Kyiv authorities refuse to observe the Ukrainian legislation and fulfill orders of the Cabinet of Ministers. He also added that Kyiv officials introduce illegal taxes in the city.

“It seems that in the nearest future they will charge not only dead Kyiv residents, but also all relatives of Kyiv residents, including those living in other countries”, he said.

Tomenko stressed that neither the government nor other power organs can influence Kyiv mayor Leonid Chernovetski, because the latter claimed many times that he follows the order of the President only.

“It looks like the President supports the activities of Chernovestki and his illegal actions, as he awarded recently the mayor with Yaroslav the wise order”, Tomenko underlined.

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Tymoshenko: state debt of Ukraine is one of the lowest in the world

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 13:20

state debt of Ukraine is one of the lowest in the world

Tymoshenko: state debt of Ukraine is one of the lowest in the world

Prime Minister of Ukraine Yulia Tymoshenko stands for financing of large-scale projects in different industries of economy at the expense of increase of the state debt of the country.

At the meeting on economic crisis in the construction industry Tymoshenko noted that the state debt of Ukraine is 11% of GDP and underlined that “it is one of the lowest in the world.”

According to Tymoshenko, “it makes Ukraine absolutely solvent comparing to other countries, which have 70-90% of GDP debts. We have a resource to give state guarantees.”

The premier added that she constantly holds meetings with “big investors, who want to come to Ukraine and to build ports, airports and roads.” “AS a rule, they are in one thing – guarantees of the government,” Tymoshenko said.

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Klitschko accuses King of blocking title fight

Posted by the Editor on January 30, 2009


News / 30 January 2009 | 11:40

Klitschko accuses King of blocking title fight

Ukrainian heavyweight boxer Vladimir Klitschko accused American boxing promoter Don King of blocking an undisputed world heavyweight title bout against Russian Nikolai Valuev, DPA reported.Klitschko, 33, holds the IBF, WBO, and IBO world heavyweight titles. A fight between Klitschko and Valuev, holder of the WBA heavyweight belt, would arguably make the winner the world`s unchallenged top heavyweight fighter.

Vladimir Klitschko`s older brother Vitali, holds the WBC belt, but both Klitschkos have rejected the idea of their ever fighting each other.

“Don King is the problem, he is is setting the rules… so as to make a (undisputed world championship) fight impossible,” Vladimir Klitschko said at a press conference here.

“We (the Klitschko brothers) want a fight with Valuev… and it is our understanding that he (Valuev) wants to fight me,” Vladimir Klitschko said. “But it is clear to us Donald King does not want the fight to happen.”

Valuev according to Vladimir Klitschko is managed by two boxing promoters, with King holding right of final approval of terms under which the Russian would fight.

King according to Klitschko has insisted Valuev receive a greater share of the purse than Klitschko, and that King receive sole promotion rights for the new undisputed champion`s next three fights, no matter who wins the Klitschko-Valuev fight.

“These terms obviously are unacceptable to us,” Vitali Klitschko said. “As far as we are concerned, this fight (a Valuev-Vladimir Klitschko bout) would be an extremely interesting matchup between two equal title belt holders, and we are only willing to begin talks from the assumption of a 50 – 50 split of the proceeds.”

Vladimir Klitschko in his last fight successfully defended his three champion belts in a December bout against American Hasim Rahman, stopping Rahman with a 7th round TKO.

Vitali Klitschko held onto his WBC belt with 7th round win in October against Nigerian Samuel Peter, and is scheduled to fight Cuban challenger Juan Carlos Gomez in March.

King, 76, has been a longtime controversial figure in American sports, and has faced numerous multi-million dollar lawsuits over the years from boxers, including former champs Lennox Lewis and Mike Tyson, who argued he cheated them out of money.

DPA via MSN

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