Financial Communique » Country

The crude oil price decreased for the third serial day

Viliyana Filipova — Mon, 28 Mar 2011 13:26:16 +0000

The price of oil goes down for third day and fell close to 105 dollars a barrel in the electronic trading today, affected by uncertainty surrounding the nuclear crisis in Japan and the crisis of government debt in Europe. The events in Libya in recent days also supported the fall in oil prices after armed troops of the opposition seized on the weekend five cities in the eastern part of the country, including the oil terminal in Ras Lanuf. After his capture the representatives of the Transitional National Council in Benghazi announced that Libya would resume oil exports in the near future. Firm in the oil trade will be emirate of Qatar. The U.S. light crude for May delivery cheaper by 0.3 percent to 105.08 dollars a barrel in today’s electronic trading of oil exchange in New York. Share prices on the Tokyo Stock Exchange fell after it became clear that severe leakage of radiation is difficult trying to cool the reactors at the victims Fukushima-1. The crude oil cheaper for a third day on the stock exchange in New York, which is the longest series of its decline since March 11. On Friday, its price fell 20 cents to 105.40 dollars per barrel, but compared with March 2010 it has increased by 28 per cent.
Only since the beginning of this year oil is more expensive by 15% against the unrest in the Middle East and North Africa, home to some of the main exporters of raw materials in the world. On March 7, oil ended the session at a level of 106.95 dollars a barrel, reaching price levels last seen in September 2008. The Brent crude cheaper by 0.2 percent to 115.41 dollars a barrel in electronic trading today after the Friday price fell slightly by 13 cents to 115.29 dollars per barrel.

Former head of Anglo Irish Bank arrested for financial frauds

Viliyana Filipova — Sat, 20 Mar 2010 03:22:15 +0000

The former chairman of the Anglo Irish Bank has been arrested and questioned by local police for alleged financial irregularities. Sean Fitzpatrick has left his post in December 2008 after admitting it concealed personal loans for millions of euros from the bank. He had hidden data on loans from shareholders of the bank as a temporary transfer them to another bank before the period at the end of each year, not to declare them in balance. Last year, Anglo Irish Bank reported the largest loss in corporate history of Ireland – 4,1 billion for the six months to March. Expected results that are soon to announce the bank for the last reporting period, are worse. The Bank was one of the “stars” of business in Ireland during the prime real estate in the country, lends billions of euros for projects of entrepreneurs in Ireland and Britain. In 2009, however, it was nationalized because they were threatening to declare bankruptcy. Besides the hidden loans with the bank and other related scandals, including alleged scheme to support the artificial price of its shares and the entry of a huge loan from another bank as a deposit to a customer.
Last week, Fitzpatrick said the leadership of the bank that can not pay still owed 70 million loans, with the result that the bank has brought the case against him.

Give chase regulatory havens

Viliyana Filipova — Mon, 05 Oct 2009 11:15:22 +0000

The G-20 can draw up a list of countries that have less restrictive financial regulations and to impose sanctions, said British finance minister Alistair Darling, said. “As we pursue tax shelters, so we want to pursue and regulatory havens,” Darling said in an interview. “It is good for financial stability that some companies can operate from a Caribbean island and we do not know what to do,” he said. Darling’s remark, which is one of the strongest so far on the issue by the official representatives of the G-20 suggests that the group has decided to impose financial reforms around the world to reduce the risk of another crisis like the present size. From D-20 will prepare a “temporary blacklist of regulatory havens to meeting the financial ministers of the Group in November, and “gray” list of countries which also need to tighten standards.
Among the measures against countries on the list probably is a proposal to increase the cost of doing business with banks from the list.