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Lo vamos a Investigar.... La crisis arrastra a una gran marcaCierran la versión digital del Internacional tell TribuneEl Internacional Herald Tribune es un icono de la información internacional en el mundo. Pero sus dueños propietarios del New York Times han decidido que la web del IHT no tiene suficientes visitas y que el tijeretazo al gasto del medio de comunicación es necesario El periódico digital que lleva el sello de The New York Times en todo el mundo concentrará sus esfuerzos en la web del propio NYT ya que su contenido pasará a formar parte de NYTimes com. La medida ya ha sido anunciada por un responsable de IHT a la plantilla pronosticando "decisiones difíciles" acerca de la recolocación de los trabajadores que en algún caso podrían salir de publicación digital. El International Herald Tribune es propiedad de The New York Times Media assort y está presente en 180 países pero su web ha estado a la sombra de la del ilustre The New York Times. Mientras que NYTimes com atrajo a 19,4 usuarios únicos en agosto. IHT com se quedó en los 2,5 millones según datos de Comscore. Se han dado algunos pasos previos a la desaparición de esta edición on line. Ya se podía visitar en http://iht nytimes com/ y más recientemente además de cambiar su logo ha adoptado la leyenda "La edición global de The New York Times" bajo el nombre de la cabecera. IHT ha firmado acuerdos tanto en su edición impresa como digital con la agencia Reuters y con la web BreakingViews pero el tráfico generado no ha sido suficiente como para que la versión on line pueda continuar su andadura en solitario. Aquí esta!!!!!!!U. S shares open with a dive following Europe and AsiaBy Michael M. GrynbaumPublished: October 22. 2008NEW YORK: Worries about the corporate sector sent stocks on protect Street lower again on Wednesday with the Dow Jones list dropping more than 300 points in the first half-hour of trading. Improvements in the ascribe markets - including the third straight day of declines in bank borrowing rates - did little to placate stock investors who are eying the corporate consequences of an economy that many economists accept is already in a recession. Earnings reports have been weak this week and many companies have warned about lower sales and a bleak outlook for the sell of the year. The problems have appeared in a range of industries. The aviation giant Boeing saw profits fall 38 percent measure quarter. Merck the pharmaceutical company posted a 28 percent displace in net income and ordain cut jobs. The North Carolina-based bank Wachovia which was recently acquired by Wells Fargo suffered a $23.7 billion net loss. At 10:10 a m. the broad Standard & Poor's 500-stock index was down 4 percent. The Nasdaq lost about 2.5 percent despite gains in shares of Apple and Yahoo. The Dow after falling more than 200 points on Tuesday was off 377.14 at 8,656.52 with all 30 components of the index showing a loss. Oil prices hit a low for the year trading above $68 a lay. The be at which bank lend to one another as measured by Libor fell again for 3-month and overnight loans. MultimediaThe market jitters began earlier overseas. In mid-afternoon trading the DJ Euro Stoxx 50 index a barometer of euro zone blue chips fell 4.8 percent while the FTSE 100 index in London lost 3.7 percent. The CAC 40 in Paris was off 4.4 percent and the DAX in Frankfurt slipped 4 percent. In Tokyo the Nikkei 225 stock add up plunged 6.8 percent after three days of gains as the yen surged. NEC Electronics plummeted about 20 percent. The electronics company shocked investors by slashing its annual operating profit forecast by 90 percent to 1 billion yen or $10 million citing weak bespeak. In Sydney the S&P/ASX 200 closed 3.4 percent displace. The fasten Seng index in Hong Kong closed more than 5 percent lower as Citic Pacific fell 24 percent. The company this week predicted a trading loss of up to $2 billion caused by what it said were unauthorized bets on foreign transfer markets."The main story is that deleveraging among financial institutions is continuing," Derek Halpenny senior currency economist at Bank of Tokyo-Mitsubishi UFJ in London said. "Banks worried about funding are selling assets to reduce their balance sheets."The wave of coordinated global bailouts has helped banks' capital ratios he noted but there is a painful readjustment under way that will require some measure to work through. The dollar soared against European currencies. The euro fell to $1.2858 its lowest since November 2006 from $1.3063 late Tuesday in New York. The dollar rose to 1.1665 Swiss francs from 1.1512 francs. Expectations that European central bankers will cut interest rates to stimulate growth has reduced the incentive for investors to buy short-term assets based in those currencies. In Britain the pound fell to $1.6260 from $1.6707 after the Bank of England governor. Mervyn King warned that the British currency could come under pressure and acknowledged that the country had entered what could be a painful recession."Taken together the combination of a squeeze on real take-home pay and a decline in the availability of credit poses the risk of a sharp and prolonged slowdown in domestic demand," Mr. King said Tuesday in Leeds. England. But the yen trumped all other currencies. The dollar fell to ¥99.27 from ¥100.13 while the euro fell to ¥127.69 from ¥131.58. Halpenny said the yen was benefiting from its lay as a safe-haven currency supported by the fact that lacquer is running a large current-account surplus. United States crude oil futures for December delivery cut $3.22 or 4.5 percent to $68.96 a barrel. David Jolly and Bettina Wassener contributed reporting._____________________________________________________________________________________________Wachovia reports $23.9 billion loss for 3rd quarterBy Eric DashNEW YORK: The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepares to be taken over by Wells Fargo. The tip took an $18.7 billion charge to write down the determine of good will and wrote off $6.6 billion in credit losses tied largely to its now disastrous acquire of Golden West Financial in 2006. And the red ink is unlikely to end soon. Wachovia projected an additional $26.1 billion in mortgage-related losses in 2009. And it only wrote drink a tiny portion of its $48.2 billion commercial real estate portfolio. Analysts expect that to significantly crumble as the economy plunges into a recession. Wachovia's record-setting loss translated into $11.18 a share compared with net income of $1.6 billion or 85 cents a share in the period a year earlier. It comes as the bank tries to go away cleaning up its owe mess as it formalizes its deal with Wells Fargo."Wachovia's third-quarter results were very much in line with our expectations," John Stumpf. Wells Fargo's chief executive said in a statement. Wells Fargo said it was "on bring in" to end the merger as planned in the fourth accommodate. Just more than a month ago. Wachovia's chief executive. Robert K. brace told investors the company was strong enough to remain independent. But the collapse of Lehman Brothers and Washington Mutual cast a harsh bring out onto Wachovia's troubles and the sudden withdrawal of corporate deposits led regulators to cause to find a suitor. Instead it wound up with two. Citigroup made an sign bid that required government to cover potentially tens of billions in credit losses. But four days later. Wells Fargo swooped in with a higher offer that did not require federal support. It agreed to pay $15.1 billion in an all-stock deal that is worth about $14 billion now because of a decline in Wells Fargo's share price. Wells Fargo estimated that it would absorb about $74 billion in losses. Wells's stock was down about 3 percent in morning trading Wednesday after the Wachovia earnings announcement. Wachovia's results follow a week of dismal tip earnings amid a worsening economy. Mortgages and home equity losses continue to rise as housing prices have yet to find a bottom. Losses on auto and ascribe card loans have surged. And new problems desire loans made to small corporations and commercial real estate developers are just starting to ascend. Wachovia faces all of these issues in its banking operations. Profit from its big retail banking division cut 48 percent to $857 million as it braces for higher losses. Wachovia's corporate and investment tip meanwhile was swamped in red ink and faces an uncertain future. It lost $703 million in the third quarter compared with a $212 million profit in the period a year earlier. Wachovia's capital-management arm posted a $499 million loss after it suffered absorbed a $737 million hit from propping up its Evergreen money funds. Wachovia also took a litany of charges to resolve previous troubles. The bank paid $497 million to lay allegations that it improperly sold auction-rate securities and absorbed about $397 million in securities sales including the evaporation of its Fannie Mae and Freddie Mac stock holdings. It also set aside $515 million in severance charges after it announced the elimination of more than 10,000 jobs to cut expenses.____________________________________________________________________________________________Londres. Leaders in Britain say recession is likelyBy Julia WerdigierPublished: October 22. 2008LONDON: The Bank of England governor Mervyn King has for the first measure acknowledged that Britain's economy is moving into a recession and warned against expecting any rapid improvements in the availability of ascribe. And on Wednesday. fix Minister Gordon cook echoed the substance of King's comments by warning of a "global recession," Bloomberg News reported. "We're determined to do everything we can to avoid repossession."King was more specific Tuesday night."The combination of a press on real take-home pay and a decline in the availability of credit poses the risk of a sharp and prolonged slowdown in domestic demand," King said in a speech to executives in Leeds Tuesday evening. "Indeed it now seems likely the U. K economy is entering a recession."King until now declined to remember the economy as heading into a recession but in his speech he said that accommodate prices are likely to decline advance and the pound which temporarily dropped to its lowest aim since September 2003 following his comments may continue to fall rterAttention is now shifting from the banking crisis to the real economy and "we are far from the end of the road back to stability," he said. His comments coincided with a note published Wednesday by the National Institute of Economic and Social Research saying Britain faces its first beat year recession since 1991 and the economy would shrink 0.9 percent next year. It also said that Britain's economy would suffer more than others among the seven most-developed industrialized nations because of a combination of rising household and public debt a sharp fall in consumer spending and change state in house prices."The British economy will experience next year as it experiences the worst setback among the G7 countries," the initiate said. Economists at UBS also predicted that Britain's economy would decrease more than America's or the add up of the countries that share the euro as a common currency."The downturn in growth is likely to be particularly dramatic in those countries in which similar to the U. S. the previously heavily overvalued real estate markets are now collapsing like in Britain and Spain or which are battling structural problems like Italy," the economists wrote in a say published Wednesday.______________________________________________________________________________________________RomaItaly's crisis has do riding highBy Rachel DonadioPublished: October 22. 2008ROME: This month as markets plummeted and investors panicked. Italy's billionaire fix minister. Silvio Berlusconi watched shares in some of his own companies nose-dive 40 percent. Yet he seemed buoyant as ever reveling until begin at a disco in Milan after returning from a meeting with European leaders on how to tackle the financial crisis."If I sleep for three hours. I still have enough energy to make like for another three," the newspaper La Repubblica quoted him as telling the younger crowd. "I hope that when you hit 70 you're in as good shape as I am."Beyond the theatrics and locker-room gratify for which Italy both loves and hates him the say reflected a reality: Berlusconi. 72 is riding high his cater and influence greater than ever. The cerebrate: this man with an already unparalleled lay at the center of the nation's economy and politics now stands to control billions of dollars in public money to bail out private companies should they be it and they probably will. This further expansion of Berlusconi's power which some here attack as dangerous and others hail as necessary in difficult times bears out a common saying here: there are two kinds of Italians those who work for Berlusconi and those who are about to. Berlusconi "influences the economy which needs the express now," said Stefano Folli a political commentator. "If it needs the state it needs him."This new economic power comes at a measure when Berlusconi is enjoying more political power than he has ever had in 15 years in public office. It also puts him along with Prime Minister Gordon cook of Britain hailed for his bank bailout plan among the world leaders whose political fortunes seemed to be getting a bring up from the crisis. Losers appear to be President George W. Bush whose already low survey ratings undergo sunk further amid the financial turmoil and Prime Minister Vladimir V. Putin of Russia which has been buffeted by plunging oil prices and an international come about over its war with Georgia in August. In Parliament. Berlusconi's center-right coalition the People of Liberty was elected in April by a wide nine-point margin. It is stronger than ever having shed some smaller rightist parties and governs practically unopposed because of the implosion of the left in the elections. Over the pass the main opposition group the Democratic Party change integrity with an allied centrist party. Italy of Values further splintering the ever-squabbling left and center."This is a arrange in which he's without rivals," said Ferruccio de Bortoli the editor in chief of the well-respected financial newspaper Il bushel 24 Oregon "Whether it's good for the country. I have my doubts."The Italian state has always been a major player in an economy in which personal connections are crucial. And in recent weeks. Italy like most European countries has been open to bailing out failing financial institutions. But when the head of government is also the most powerful businessman and one of the wealthiest in the private sector it has the potential to take the spoils system to a new level. In many countries the leader's popularity often rises and falls with the state of the economy. That does not be to be the case in Italy. Since Sept. 1 the Milan stock market has dropped 22 percent and economic anxieties are rising along with interest rates on mortgages. But Berlusconi's approval ratings are high at 62 percent according to a poll released measure week and conducted by the center-left La Repubblica. His leftist critics including the Democratic celebrate leader. Walter Veltroni undergo attributed his success to his move back and forth on the public and private television airwaves. Berlusconi owns Mediaset. Italy's largest private broadcaster. A government media watchdog recently reported "an imbalance" on television public affairs programs in September with far more time devoted to the government than to the opposition. change surface though Berlusconi has said the Italian economy is not in a recession a view many contend on Tuesday he called a meeting next week with banks and Confindustria the industrialists' association to make sure as he said. "that the financial crisis doesn't alter the real economy."Over all he seems to have reassured Italians that the state has their approve. Berlusconi has also tried to promote investment in his own way. This month he drew criticism for urging Italians to buy shares in Eni and Enel. Italy's largest gas companies. For a fix minister to favor certain stocks "was an evident contrast of interest," said Emma Bonino vice president of the Senate and a member of the Radical Party. Yet Berlusconi's powerful finance minister. Giulio Tremonti is come up respected and even seen as predicting the current crisis in his book. "worry and Hope," which appeared this spring and warned of the downside of globalization. Last week he said the government was prepared to free out banks on a case-by-case basis. But worry about the cater of Berlusconi and his government is high enough that on Monday Tremonti sought to play down fears of more state intervention. He said the government would approach any bailouts reluctantly saying they could be "seriously harmful" to the country's "political health.""It may be necessary but it is absolutely not an opportunity," he said. Tremonti also has a strong hand with the parties in the center-right coalition and helped push through some calculate measures over the summer giving the government more flexibility in the current crisis. Budget negotiations usually paralyze Parliament all fall. But not everyone is convinced. For all Tremonti's foresight. "the calculate was wrong because it presupposed growth," said Pier Luigi Bersani the follow finance minister for the Democrats. On Tuesday the International Monetary finance predicted two years of recession for Italy. Last week. Confindustria predicted that the Italian economy would decrease by 0.5 percent instead of growing 0.4 percent. It is hard to gauge how much Berlusconi's empire has lost. His holding affiliate. Fininvest which is not publicly traded announced Tuesday that its net acquire had fallen 20 percent this year. Shares in Mediaset undergo fallen 40 percent since the first of the year while Mondadori a publishing house is down nearly half. Shares in Mediolanum an insurance company were down about 40 percent. But in broad terms. Berlusconi has solidified his lay in Italy's economy the world's seventh largest. His daughter Marina now sits on the come in of Mediobanca the storied Milan investment tip that for decades was a balance to state financing and a bastion of old money to his new. Berlusconi recently warned that Italian companies were open to hostile takeovers and he hopes to pass a law making them more difficult. His critics fear such a law would reduce foreign investment keeping power in the hands of a homegrown few."Hostile to whom?" the left-leaning economist Tito Boeri asked in a front-page article in La Repubblica on Friday. "Hostile to our economy or to the big families that now run Italian capitalism?"And as the credit crisis deepens. Berlusconi is also moving closer to the country's two leading investment banks. Unicredit and Intesa Sanpaolo whose leaders have not been change state to the center-right coalition. At Berlusconi's behest the chief executive of Intesa Sanpaolo. Corrado Passera worked with the government to design the recent bailout of the airline Alitalia. Berlusconi had pledged during his election campaign to keep the flagship carrier Italian which meant nationalizing the airline's losses while trading favors to get private investors to buy a major stake. Unicredit's shares have plummeted in recent weeks but it has so far avoided the need for help from the express. Last week the government of Libya bought a 5 percent stake becoming the bank's back up largest shareholder. If private recapitalization fails and Unicredit turns to Berlusconi for state financing it would wind up "reducing the independence of these very important banks that had previously been out of his grasp," said Michele Polo an economics professor at Bocconi University in Milan. Is all this power for Berlusconi good for the country?"My immediate response is yes," said Alberto Bombassei vice president of Confindustria. "In difficult moments it's good for the country to undergo a more decisive government."Beyond the economic uncertainty. Berlusconi who seems to enjoy life on the precipice still remains vulnerable. He is on trial in absentia in Milan accused of concealing illegal accounts. Italy's constitutional court is reviewing a law that would grant him immunity. Paolo Bonaiuti. Berlusconi's spokesman said reports of the fix minister's increased power were overstated. "He has the support of the public," Bonaiuti said. "What's the problem?"_____________________________________________________________________________________________11.30 de la Mañana en México. Europe MarketsFTSE 100 4,040.89 -188.84 -4.46% CAC 40 3,298.18 -177.22 -5.10% DAX 4,571.07 -213.34 -4.46% EuroStoxx 50* 2,598.97 -14.71 -0.56% EUR vs USD 1.2840 -0.0233 -1.78% USD vs JPY 98.6900 -1.6000 -1.60% EUR vs JPY 126.7500 -4.4400 -3.38% EUR vs CHF 1.4960 -0.0091 -0.60% GBP vs USD 1.6248 -0.0481 -2.88% USD vs CHF 1.1648 +0.0138 +1.20% USD vs CAD 1.2500 +0.0386 +3.19% AUD vs USD 0.6697 -0.0063 -0.93% NZD vs USD 0.5931 -0.0157 -2.58% Commodities FuturesCrude Oil (bbl) $71.28 -4.67 -6.15% feed (bu) ¢412.00 -6.50 -1.55% Natural Gas (mln BTU) $6.90 +0.10 +1.52% Soybeans (bu) ¢909.00 -20.00 -2.15% Gold (tr oz) $784.00 -16.20 -2.02% ____________________________________________________________________________________________Bush invites world leaders to summitBy Sheryl Gay StolbergPublished: October 22. 2008Washington : President furnish has invited the leaders of 20 nations to come to Washington on Nov. 15 for an international arrive at meeting on the economy the White accommodate said Wednesday. The act could eventually lead to a far-reaching overhaul of the rules governing global financial markets. The arrive at meeting intended to be the first of several global economic meetings ordain go less than two weeks after the presidential election and its timing underscores the urgency the administration feels in addressing the financial crisis. The color House has said Bush would "accept input" from the president-elect although it is unclear if furnish's successor would be. The meeting will have a broad agenda laying the groundwork for the leaders to "agree on a common set of principles for ameliorate of the regulatory and institutional regimes for the world's financial sectors," Dana Perino. Bush's press secretary said in announcing the meeting. Mr. furnish has been under intense pressure for several weeks from leaders in Europe especially President Nicolas Sarkozy of France to convene an international meeting of economic powers to address the financial crisis. Sarkozy has called for strengthening and rewriting the rules governing global financial institutions fashioned after the 1944 meeting in Bretton Woods. New Hampshire in which 44 nations remade the global financial system after the Great Depression. But the White House initially sounded skeptical of the idea; administration officials undergo said Mr. Bush is wary of any attempt to allow other nations to apply control over the United States banking system. Over the pass though. Bush. Sarkozy and the president of the European Commission. José Manuel Barroso had dinner at Camp David and apparently brokered an agreement. While Sarkozy had been pressing for a meeting of the so-called Group of Eight world economic powers. Mr. Bush insisted that developing nations be included. After their dinner on Saturday night the three men issued a fit statement saying they would reach out to world leaders with the intent of convening a series of economic meetings. The venue also appears to have been an issue. Sarkozy said over the weekend that he hoped the first meeting would be held by the end of November and suggested it be convened in New York. "Since the crisis started in New York maybe we can sight the solution in New York," he said. "This is a worldwide crisis and therefore we must find a worldwide solution."By convening the meeting in Washington his home turf and by insisting that leaders from developing as well as developed nations be. Mr. Bush appeared to be putting himself firmly in rush. White House officials undergo said that the president is especially concerned that an attempt to write global financial rules could cause to be perceived capitalism and free trade; in her statement. Ms. Perino said the summit agenda would include "an opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can compound their commitment to open competitive economies as well as trade and investment liberalization."The color House drew the list of summit invitees from the so-called G20 a forum of rich and emerging nations that was convened in 1999 after an earlier international crisis. Its members are: Argentina. Australia. Brazil. Britain. Canada. China. France. Germany. India. Indonesia. Italy. Japan. South Korea. Mexico. Russia. Saudi Arabia. South Africa. Turkey the United States and the European Union. Other international officials including the managing director of the International Monetary Fund the president of the World tip and the United Nations Secretary-General have also been invited to attend the White House said._______________________________________________________________________________________________

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Lo vamos a Investigar.... La crisis arrastra a una gran marcaCierran la versión digital del Internacional Herald TribuneEl Internacional Herald Tribune es un icono de la información internacional en el mundo. Pero sus dueños propietarios del New York Times han decidido que la web del IHT no tiene suficientes visitas y que el tijeretazo al gasto del medio de comunicación es necesario El periódico digital que lleva el sello de The New York Times en todo el mundo concentrará sus esfuerzos en la web del propio NYT ya que su contenido pasará a formar parte de NYTimes com. La medida ya ha sido anunciada por un responsable de IHT a la plantilla pronosticando "decisiones difíciles" acerca de la recolocación de los trabajadores que en algún caso podrían salir de publicación digital. El International Herald Tribune es propiedad de The New York Times Media assort y está presente en 180 países pero su web ha estado a la sombra de la del ilustre The New York Times. Mientras que NYTimes com atrajo a 19,4 usuarios únicos en agosto. IHT com se quedó en los 2,5 millones según datos de Comscore. Se han dado algunos pasos previos a la desaparición de esta edición on line. Ya se podía visitar en http://iht nytimes com/ y más recientemente además de cambiar su logo ha adoptado la leyenda "La edición global de The New York Times" bajo el nombre de la cabecera. IHT ha firmado acuerdos tanto en su edición impresa como digital con la agencia Reuters y con la web BreakingViews pero el tráfico generado no ha sido suficiente como para que la versión on line pueda continuar su andadura en solitario. Aquí esta!!!!!!!U. S shares open with a dive following Europe and AsiaBy Michael M. GrynbaumPublished: October 22. 2008NEW YORK: Worries about the corporate sector sent stocks on Wall Street lower again on Wednesday with the Dow Jones index dropping more than 300 points in the first half-hour of trading. Improvements in the credit markets - including the third straight day of declines in bank borrowing rates - did little to calm stock investors who are eying the corporate consequences of an economy that many economists believe is already in a recession. Earnings reports have been weak this week and many companies have warned about displace sales and a bleak outlook for the remainder of the year. The problems undergo appeared in a range of industries. The aviation giant Boeing saw profits go 38 percent last accommodate. Merck the pharmaceutical affiliate posted a 28 percent displace in net income and ordain cut jobs. The North Carolina-based tip Wachovia which was recently acquired by Wells Fargo suffered a $23.7 billion net loss. At 10:10 a m. the broad Standard & Poor's 500-stock list was down 4 percent. The Nasdaq lost about 2.5 percent despite gains in shares of Apple and Yahoo. The Dow after falling more than 200 points on Tuesday was off 377.14 at 8,656.52 with all 30 components of the index showing a loss. Oil prices hit a low for the year trading above $68 a lay. The be at which bank lend to one another as measured by Libor fell again for 3-month and overnight loans. MultimediaThe merchandise jitters began earlier overseas. In mid-afternoon trading the DJ Euro Stoxx 50 list a barometer of euro govern blue chips cut 4.8 percent while the FTSE 100 index in London lost 3.7 percent. The CAC 40 in Paris was off 4.4 percent and the DAX in Frankfurt slipped 4 percent. In Tokyo the Nikkei 225 stock average plunged 6.8 percent after three days of gains as the yen surged. NEC Electronics plummeted about 20 percent. The electronics company shocked investors by slashing its annual operating acquire forecast by 90 percent to 1 billion yen or $10 million citing weak demand. In Sydney the S&P/ASX 200 closed 3.4 percent lower. The Hang Seng list in Hong Kong closed more than 5 percent lower as Citic Pacific fell 24 percent. The company this week predicted a trading loss of up to $2 billion caused by what it said were unauthorized bets on foreign exchange markets."The main story is that deleveraging among financial institutions is continuing," Derek Halpenny senior currency economist at Bank of Tokyo-Mitsubishi UFJ in London said. "Banks worried about funding are selling assets to reduce their balance sheets."The wave of coordinated global bailouts has helped banks' capital ratios he noted but there is a painful readjustment under way that ordain demand some time to work through. The dollar soared against European currencies. The euro fell to $1.2858 its lowest since November 2006 from $1.3063 late Tuesday in New York. The dollar rose to 1.1665 Swiss francs from 1.1512 francs. Expectations that European central bankers ordain cut arouse rates to stimulate growth has reduced the incentive for investors to buy short-term assets based in those currencies. In Britain the hit fell to $1.6260 from $1.6707 after the Bank of England governor. Mervyn King warned that the British currency could come under compel and acknowledged that the country had entered what could be a painful recession."Taken together the combination of a squeeze on real take-home pay and a decline in the availability of ascribe poses the risk of a sharp and prolonged slowdown in domestic demand," Mr. King said Tuesday in Leeds. England. But the yen trumped all other currencies. The dollar cut to ¥99.27 from ¥100.13 while the euro fell to ¥127.69 from ¥131.58. Halpenny said the yen was benefiting from its position as a safe-haven currency supported by the fact that lacquer is running a large current-account surplus. United States crude oil futures for December delivery cut $3.22 or 4.5 percent to $68.96 a barrel. David Jolly and Bettina Wassener contributed reporting._____________________________________________________________________________________________Wachovia reports $23.9 billion loss for 3rd quarterBy Eric DashNEW YORK: The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepares to be taken over by Wells Fargo. The bank took an $18.7 billion charge to write down the determine of good ordain and wrote off $6.6 billion in credit losses tied largely to its now disastrous acquire of Golden West Financial in 2006. And the red ink is unlikely to end soon. Wachovia projected an additional $26.1 billion in mortgage-related losses in 2009. And it only wrote down a tiny administer of its $48.2 billion commercial real estate portfolio. Analysts expect that to significantly deteriorate as the economy plunges into a recession. Wachovia's record-setting loss translated into $11.18 a share compared with net income of $1.6 billion or 85 cents a overlap in the period a year earlier. It comes as the bank tries to start cleaning up its mortgage mess as it formalizes its deal with Wells Fargo."Wachovia's third-quarter results were very much in line with our expectations," John Stumpf. Wells Fargo's chief executive said in a statement. Wells Fargo said it was "on track" to end the merger as planned in the fourth accommodate. Just more than a month ago. Wachovia's chief executive. Robert K. brace told investors the company was strong enough to be independent. But the collapse of Lehman Brothers and Washington Mutual cast a harsh spotlight onto Wachovia's troubles and the sudden withdrawal of corporate deposits led regulators to compel to sight a suitor. Instead it wound up with two. Citigroup made an initial bid that required government to cover potentially tens of billions in ascribe losses. But four days later. Wells Fargo swooped in with a higher offer that did not require federal give. It agreed to pay $15.1 billion in an all-stock deal that is worth about $14 billion now because of a decline in Wells Fargo's overlap price. Wells Fargo estimated that it would absorb about $74 billion in losses. Wells's stock was down about 3 percent in morning trading Wednesday after the Wachovia earnings announcement. Wachovia's results go a week of dismal tip earnings amid a worsening economy. Mortgages and home equity losses continue to rise as housing prices have yet to find a bottom. Losses on auto and credit card loans have surged. And new problems desire loans made to small corporations and commercial real estate developers are just starting to surface. Wachovia faces all of these issues in its banking operations. Profit from its big sell banking division fell 48 percent to $857 million as it braces for higher losses. Wachovia's corporate and investment bank meanwhile was swamped in red ink and faces an uncertain future. It lost $703 million in the third quarter compared with a $212 million acquire in the period a year earlier. Wachovia's capital-management arm posted a $499 million loss after it suffered absorbed a $737 million hit from propping up its Evergreen money funds. Wachovia also took a litany of charges to end previous troubles. The bank paid $497 million to settle allegations that it improperly sold auction-rate securities and absorbed about $397 million in securities sales including the evaporation of its Fannie Mae and Freddie Mac stock holdings. It also set aside $515 million in severance charges after it announced the elimination of more than 10,000 jobs to cut expenses.____________________________________________________________________________________________Londres. Leaders in Britain say recession is likelyBy Julia WerdigierPublished: October 22. 2008LONDON: The Bank of England governor Mervyn King has for the first measure acknowledged that Britain's economy is moving into a recession and warned against expecting any rapid improvements in the availability of credit. And on Wednesday. fix Minister Gordon cook echoed the substance of King's comments by warning of a "global recession," Bloomberg News reported. "We're determined to do everything we can to forbid repossession."King was more specific Tuesday night."The combination of a squeeze on real take-home pay and a decline in the availability of credit poses the risk of a sharp and prolonged slowdown in domestic demand," King said in a speech to executives in Leeds Tuesday evening. "Indeed it now seems likely the U. K economy is entering a recession."King until now declined to characterize the economy as heading into a recession but in his speech he said that house prices are likely to change state further and the pound which temporarily dropped to its lowest level since September 2003 following his comments may act to fall rterAttention is now shifting from the banking crisis to the real economy and "we are far from the end of the road back to stability," he said. His comments coincided with a note published Wednesday by the National initiate of Economic and Social Research saying Britain faces its first full year recession since 1991 and the economy would shrink 0.9 percent next year. It also said that Britain's economy would suffer more than others among the seven most-developed industrialized nations because of a combination of rising household and public debt a sharp go in consumer spending and decline in house prices."The British economy will suffer next year as it experiences the beat setback among the G7 countries," the institute said. Economists at UBS also predicted that Britain's economy would decrease more than America's or the average of the countries that share the euro as a common currency."The downturn in growth is likely to be particularly dramatic in those countries in which similar to the U. S. the previously heavily overvalued real estate markets are now collapsing like in Britain and Spain or which are battling structural problems like Italy," the economists wrote in a note published Wednesday.______________________________________________________________________________________________RomaItaly's crisis has premier riding highBy Rachel DonadioPublished: October 22. 2008ROME: This month as markets plummeted and investors panicked. Italy's billionaire prime minister. Silvio Berlusconi watched shares in some of his own companies nose-dive 40 percent. Yet he seemed buoyant as ever reveling until dawn at a disco in Milan after returning from a meeting with European leaders on how to confront the financial crisis."If I sleep for three hours. I still have enough energy to make love for another three," the newspaper La Repubblica quoted him as telling the younger crowd. "I wish that when you hit 70 you're in as good shape as I am."Beyond the theatrics and locker-room humor for which Italy both loves and hates him the remark reflected a reality: Berlusconi. 72 is riding high his power and influence greater than ever. The reason: this man with an already unparalleled position at the center of the nation's economy and politics now stands to control billions of dollars in public money to bail out private companies should they need it and they probably will. This further expansion of Berlusconi's cater which some here attack as dangerous and others applaud as necessary in difficult times bears out a common saying here: there are two kinds of Italians those who work for Berlusconi and those who are about to. Berlusconi "influences the economy which needs the state now," said Stefano Folli a political commentator. "If it needs the state it needs him."This new economic cater comes at a measure when Berlusconi is enjoying more political power than he has ever had in 15 years in public office. It also puts him along with Prime attend Gordon Brown of Britain hailed for his bank bailout plan among the world leaders whose political fortunes seemed to be getting a boost from the crisis. Losers be to be President George W. Bush whose already low poll ratings have sunk advance amid the financial turmoil and Prime Minister Vladimir V. Putin of Russia which has been buffeted by plunging oil prices and an international backlash over its war with Georgia in August. In Parliament. Berlusconi's center-right coalition the People of Liberty was elected in April by a wide nine-point margin. It is stronger than ever having remove some smaller rightist parties and governs practically unopposed because of the implosion of the left in the elections. Over the weekend the main opposition group the Democratic Party split with an allied centrist party. Italy of Values further splintering the ever-squabbling left and center."This is a phase in which he's without rivals," said Ferruccio de Bortoli the editor in chief of the well-respected financial newspaper Il Sole 24 Oregon "Whether it's good for the country. I have my doubts."The Italian state has always been a major player in an economy in which personal connections are crucial. And in recent weeks. Italy desire most European countries has been open to bailing out failing financial institutions. But when the head of government is also the most powerful businessman and one of the wealthiest in the private sector it has the potential to take the spoils system to a new level. In many countries the leader's popularity often rises and falls with the express of the economy. That does not appear to be the case in Italy. Since Sept. 1 the Milan have merchandise has dropped 22 percent and economic anxieties are rising along with interest rates on mortgages. But Berlusconi's approval ratings are high at 62 percent according to a poll released measure week and conducted by the center-left La Repubblica. His leftist critics including the Democratic Party leader. Walter Veltroni undergo attributed his success to his move back and forth on the public and private television airwaves. Berlusconi owns Mediaset. Italy's largest private broadcaster. A government media watchdog recently reported "an imbalance" on television public affairs programs in September with far more time devoted to the government than to the opposition. Even though Berlusconi has said the Italian economy is not in a recession a view many dispute on Tuesday he called a meeting next week with banks and Confindustria the industrialists' association to make sure as he said. "that the financial crisis doesn't affect the real economy."Over all he seems to have reassured Italians that the state has their back. Berlusconi has also tried to promote investment in his own way. This month he drew criticism for urging Italians to buy shares in Eni and Enel. Italy's largest gas companies. For a prime minister to favor certain stocks "was an evident contrast of arouse," said Emma Bonino vice president of the Senate and a member of the Radical Party. Yet Berlusconi's powerful finance minister. Giulio Tremonti is well respected and even seen as predicting the current crisis in his book. "Fear and Hope," which appeared this spring and warned of the downside of globalization. Last week he said the government was prepared to bail out banks on a case-by-case basis. But worry about the cater of Berlusconi and his government is high enough that on Monday Tremonti sought to play down fears of more state intervention. He said the government would come any bailouts reluctantly saying they could be "seriously harmful" to the country's "political health.""It may be necessary but it is absolutely not an opportunity," he said. Tremonti also has a strong hand with the parties in the center-right coalition and helped displace through some budget measures over the summer giving the government more flexibility in the current crisis. Budget negotiations usually paralyze Parliament all go. But not everyone is convinced. For all Tremonti's foresight. "the budget was wrong because it presupposed growth," said Pier Luigi Bersani the shadow finance minister for the Democrats. On Tuesday the International Monetary Fund predicted two years of recession for Italy. measure week. Confindustria predicted that the Italian economy would decrease by 0.5 percent instead of growing 0.4 percent. It is hard to calculate how much Berlusconi's empire has lost. His holding affiliate. Fininvest which is not publicly traded announced Tuesday that its net acquire had fallen 20 percent this year. Shares in Mediaset have fallen 40 percent since the first of the year while Mondadori a publishing house is drink nearly half. Shares in Mediolanum an insurance affiliate were down about 40 percent. But in broad terms. Berlusconi has solidified his position in Italy's economy the world's seventh largest. His daughter Marina now sits on the board of Mediobanca the storied Milan investment bank that for decades was a counterbalance to express financing and a bastion of old money to his new. Berlusconi recently warned that Italian companies were open to hostile takeovers and he hopes to pass a law making them more difficult. His critics fear such a law would reduce foreign investment keeping cater in the hands of a homegrown few."Hostile to whom?" the left-leaning economist Tito Boeri asked in a front-page article in La Repubblica on Friday. "Hostile to our economy or to the big families that now run Italian capitalism?"And as the credit crisis deepens. Berlusconi is also moving closer to the country's two leading investment banks. Unicredit and Intesa Sanpaolo whose leaders have not been close to the center-right coalition. At Berlusconi's behest the chief executive of Intesa Sanpaolo. Corrado Passera worked with the government to engineer the recent bailout of the airline Alitalia. Berlusconi had pledged during his election campaign to act the flagship carrier Italian which meant nationalizing the airline's losses while trading favors to get private investors to buy a major lay on the line. Unicredit's shares have plummeted in recent weeks but it has so far avoided the need for help from the express. Last week the government of Libya bought a 5 percent lay on the line becoming the tip's second largest shareholder. If private recapitalization fails and Unicredit turns to Berlusconi for state financing it would wind up "reducing the independence of these very important banks that had previously been out of his grasp," said Michele Polo an economics professor at Bocconi University in Milan. Is all this power for Berlusconi good for the country?"My immediate response is yes," said Alberto Bombassei vice president of Confindustria. "In difficult moments it's good for the country to have a more decisive government."Beyond the economic uncertainty. Berlusconi who seems to enjoy life on the precipice still remains vulnerable. He is on trial in absentia in Milan accused of concealing illegal accounts. Italy's constitutional court is reviewing a law that would give him immunity. Paolo Bonaiuti. Berlusconi's spokesman said reports of the prime minister's increased cater were overstated. "He has the support of the public," Bonaiuti said. "What's the problem?"_____________________________________________________________________________________________11.30 de la Mañana en México. Europe MarketsFTSE 100 4,040.89 -188.84 -4.46% CAC 40 3,298.18 -177.22 -5.10% DAX 4,571.07 -213.34 -4.46% EuroStoxx 50* 2,598.97 -14.71 -0.56% EUR vs USD 1.2840 -0.0233 -1.78% USD vs JPY 98.6900 -1.6000 -1.60% EUR vs JPY 126.7500 -4.4400 -3.38% EUR vs CHF 1.4960 -0.0091 -0.60% GBP vs USD 1.6248 -0.0481 -2.88% USD vs CHF 1.1648 +0.0138 +1.20% USD vs CAD 1.2500 +0.0386 +3.19% AUD vs USD 0.6697 -0.0063 -0.93% NZD vs USD 0.5931 -0.0157 -2.58% Commodities FuturesCrude Oil (bbl) $71.28 -4.67 -6.15% Corn (bu) ¢412.00 -6.50 -1.55% Natural Gas (mln BTU) $6.90 +0.10 +1.52% Soybeans (bu) ¢909.00 -20.00 -2.15% Gold (tr oz) $784.00 -16.20 -2.02% ____________________________________________________________________________________________Bush invites world leaders to summitBy Sheryl Gay StolbergPublished: October 22. 2008Washington : President Bush has invited the leaders of 20 nations to come to Washington on Nov. 15 for an international arrive at meeting on the economy the White House said Wednesday. The move could eventually lead to a far-reaching overhaul of the rules governing global financial markets. The arrive at meeting intended to be the first of several global economic meetings will come less than two weeks after the presidential election and its timing underscores the urgency the administration feels in addressing the financial crisis. The White House has said Bush would "welcome input" from the president-elect although it is unclear if Bush's successor would attend. The meeting ordain have a broad agenda laying the groundwork for the leaders to "agree on a common set of principles for ameliorate of the regulatory and institutional regimes for the world's financial sectors," Dana Perino. Bush's touch secretary said in announcing the meeting. Mr. furnish has been under intense pressure for several weeks from leaders in Europe especially President Nicolas Sarkozy of France to convene an international meeting of economic powers to address the financial crisis. Sarkozy has called for strengthening and rewriting the rules governing global financial institutions fashioned after the 1944 meeting in Bretton Woods. New Hampshire in which 44 nations remade the global financial system after the Great Depression. But the color House initially sounded skeptical of the idea; administration officials have said Mr. furnish is wary of any act to allow other nations to apply control over the United States banking system. Over the pass though. Bush. Sarkozy and the president of the European Commission. José Manuel Barroso had dinner at dwell David and apparently brokered an agreement. While Sarkozy had been pressing for a meeting of the so-called Group of Eight world economic powers. Mr. Bush insisted that developing nations be included. After their dinner on Saturday night the three men issued a joint statement saying they would reach out to world leaders with the intent of convening a series of economic meetings. The venue also appears to have been an air. Sarkozy said over the weekend that he hoped the first meeting would be held by the end of November and suggested it be convened in New York. "Since the crisis started in New York maybe we can find the solution in New York," he said. "This is a worldwide crisis and therefore we must find a worldwide solution."By convening the meeting in Washington his home turf and by insisting that leaders from developing as well as developed nations be. Mr. Bush appeared to be putting himself firmly in charge. color accommodate officials have said that the president is especially concerned that an attempt to rewrite global financial rules could hurt capitalism and free trade; in her statement. Ms. Perino said the summit agenda would consider "an opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open competitive economies as well as trade and investment liberalization."The White House drew the list of summit invitees from the so-called G20 a forum of rich and emerging nations that was convened in 1999 after an earlier international crisis. Its members are: Argentina. Australia. Brazil. Britain. Canada. China. France. Germany. India. Indonesia. Italy. lacquer. South Korea. Mexico. Russia. Saudi Arabia. South Africa. Turkey the United States and the European Union. Other international officials including the managing director of the International Monetary finance the president of the World tip and the United Nations Secretary-General have also been invited to attend the White House said._______________________________________________________________________________________________

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Lo vamos a Investigar.... La crisis arrastra a una gran marcaCierran la versión digital del Internacional Herald TribuneEl Internacional tell Tribune es un icono de la información internacional en el mundo. Pero sus dueños propietarios del New York Times han decidido que la web del IHT no tiene suficientes visitas y que el tijeretazo al gasto del medio de comunicación es necesario El periódico digital que lleva el sello de The New York Times en todo el mundo concentrará sus esfuerzos en la web del propio NYT ya que su contenido pasará a formar parte de NYTimes com. La medida ya ha sido anunciada por un responsable de IHT a la plantilla pronosticando "decisiones difíciles" acerca de la recolocación de los trabajadores que en algún caso podrían salir de publicación digital. El International Herald Tribune es propiedad de The New York Times Media Group y está presente en 180 países pero su web ha estado a la sombra de la del ilustre The New York Times. Mientras que NYTimes com atrajo a 19,4 usuarios únicos en agosto. IHT com se quedó en los 2,5 millones según datos de Comscore. Se han dado algunos pasos previos a la desaparición de esta edición on line. Ya se podía visitar en http://iht nytimes com/ y más recientemente además de cambiar su logo ha adoptado la leyenda "La edición global de The New York Times" bajo el nombre de la cabecera. IHT ha firmado acuerdos tanto en su edición impresa como digital con la agencia Reuters y con la web BreakingViews pero el tráfico generado no ha sido suficiente como para que la versión on lie pueda continuar su andadura en solitario. Aquí esta!!!!!!!U. S shares open with a come down following Europe and AsiaBy Michael M. GrynbaumPublished: October 22. 2008NEW YORK: Worries about the corporate sector sent stocks on Wall Street lower again on Wednesday with the Dow Jones index dropping more than 300 points in the first half-hour of trading. Improvements in the ascribe markets - including the third straight day of declines in tip borrowing rates - did little to placate stock investors who are eying the corporate consequences of an economy that many economists believe is already in a recession. Earnings reports have been weak this week and many companies undergo warned about displace sales and a bleak outlook for the remainder of the year. The problems undergo appeared in a be of industries. The aviation giant Boeing saw profits go 38 percent last quarter. Merck the pharmaceutical company posted a 28 percent drop in net income and will cut jobs. The North Carolina-based bank Wachovia which was recently acquired by Wells Fargo suffered a $23.7 billion net loss. At 10:10 a m. the broad Standard & Poor's 500-stock index was drink 4 percent. The Nasdaq lost about 2.5 percent despite gains in shares of Apple and Yahoo. The Dow after falling more than 200 points on Tuesday was off 377.14 at 8,656.52 with all 30 components of the index showing a loss. Oil prices hit a low for the year trading above $68 a lay. The be at which bank lend to one another as measured by Libor cut again for 3-month and overnight loans. MultimediaThe market jitters began earlier overseas. In mid-afternoon trading the DJ Euro Stoxx 50 list a barometer of euro zone blue chips fell 4.8 percent while the FTSE 100 index in London lost 3.7 percent. The CAC 40 in Paris was off 4.4 percent and the DAX in Frankfurt slipped 4 percent. In Tokyo the Nikkei 225 have average plunged 6.8 percent after three days of gains as the yen surged. NEC Electronics plummeted about 20 percent. The electronics company shocked investors by slashing its annual operating profit anticipate by 90 percent to 1 billion yen or $10 million citing weak demand. In Sydney the S&P/ASX 200 closed 3.4 percent displace. The fasten Seng index in Hong Kong closed more than 5 percent displace as Citic Pacific cut 24 percent. The company this week predicted a trading loss of up to $2 billion caused by what it said were unauthorized bets on foreign exchange markets."The main story is that deleveraging among financial institutions is continuing," Derek Halpenny senior currency economist at tip of Tokyo-Mitsubishi UFJ in London said. "Banks worried about funding are selling assets to reduce their fit sheets."The wave of coordinated global bailouts has helped banks' capital ratios he noted but there is a painful readjustment under way that ordain require some time to bring home the bacon through. The dollar soared against European currencies. The euro cut to $1.2858 its lowest since November 2006 from $1.3063 late Tuesday in New York. The dollar rose to 1.1665 Swiss francs from 1.1512 francs. Expectations that European central bankers will cut arouse rates to affect growth has reduced the incentive for investors to buy short-term assets based in those currencies. In Britain the hit cut to $1.6260 from $1.6707 after the Bank of England governor. Mervyn King warned that the British currency could come under pressure and acknowledged that the country had entered what could be a painful recession."Taken together the combination of a squeeze on real take-home pay and a change state in the availability of credit poses the risk of a sharp and prolonged slowdown in domestic demand," Mr. King said Tuesday in Leeds. England. But the yen trumped all other currencies. The dollar fell to ¥99.27 from ¥100.13 while the euro fell to ¥127.69 from ¥131.58. Halpenny said the yen was benefiting from its position as a safe-haven currency supported by the fact that lacquer is running a large current-account surplus. United States crude oil futures for December delivery fell $3.22 or 4.5 percent to $68.96 a lay. David Jolly and Bettina Wassener contributed reporting._____________________________________________________________________________________________Wachovia reports $23.9 billion loss for 3rd quarterBy Eric DashNEW YORK: The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepares to be taken over by Wells Fargo. The bank took an $18.7 billion charge to write drink the value of good ordain and wrote off $6.6 billion in credit losses tied largely to its now disastrous purchase of Golden West Financial in 2006. And the red ink is unlikely to end soon. Wachovia projected an additional $26.1 billion in mortgage-related losses in 2009. And it only wrote down a tiny portion of its $48.2 billion commercial real estate portfolio. Analysts expect that to significantly deteriorate as the economy plunges into a recession. Wachovia's record-setting loss translated into $11.18 a share compared with net income of $1.6 billion or 85 cents a share in the period a year earlier. It comes as the bank tries to start cleaning up its mortgage mess as it formalizes its deal with Wells Fargo."Wachovia's third-quarter results were very much in line with our expectations," John Stumpf. Wells Fargo's chief executive said in a statement. Wells Fargo said it was "on track" to end the merger as planned in the fourth accommodate. Just more than a month ago. Wachovia's chief executive. Robert K. Steel told investors the affiliate was strong enough to be independent. But the collapse of Lehman Brothers and Washington Mutual cast a harsh bring out onto Wachovia's troubles and the sudden withdrawal of corporate deposits led regulators to compel to sight a suitor. Instead it hurt up with two. Citigroup made an initial bid that required government to cover potentially tens of billions in ascribe losses. But four days later. Wells Fargo swooped in with a higher furnish that did not require federal support. It agreed to pay $15.1 billion in an all-stock deal that is worth about $14 billion now because of a decline in Wells Fargo's share price. Wells Fargo estimated that it would absorb about $74 billion in losses. Wells's have was down about 3 percent in morning trading Wednesday after the Wachovia earnings announcement. Wachovia's results go a week of dismal bank earnings amid a worsening economy. Mortgages and home equity losses continue to rise as housing prices have yet to find a furnish. Losses on auto and credit card loans have surged. And new problems like loans made to small corporations and commercial real estate developers are just starting to ascend. Wachovia faces all of these issues in its banking operations. Profit from its big sell banking division fell 48 percent to $857 million as it braces for higher losses. Wachovia's corporate and investment bank meanwhile was swamped in red ink and faces an uncertain future. It lost $703 million in the third quarter compared with a $212 million profit in the period a year earlier. Wachovia's capital-management arm posted a $499 million loss after it suffered absorbed a $737 million hit from propping up its Evergreen money funds. Wachovia also took a litany of charges to resolve previous troubles. The tip paid $497 million to settle allegations that it improperly sold auction-rate securities and absorbed about $397 million in securities sales including the evaporation of its Fannie Mae and Freddie Mac stock holdings. It also set aside $515 million in severance charges after it announced the elimination of more than 10,000 jobs to cut expenses.____________________________________________________________________________________________Londres. Leaders in Britain say recession is likelyBy Julia WerdigierPublished: October 22. 2008LONDON: The Bank of England governor Mervyn King has for the first time acknowledged that Britain's economy is moving into a recession and warned against expecting any rapid improvements in the availability of ascribe. And on Wednesday. Prime attend Gordon cook echoed the substance of King's comments by warning of a "global recession," Bloomberg News reported. "We're determined to do everything we can to forbid repossession."King was more specific Tuesday night."The combination of a squeeze on real take-home pay and a decline in the availability of credit poses the risk of a sharp and prolonged slowdown in domestic bespeak," King said in a speech to executives in Leeds Tuesday evening. "Indeed it now seems likely the U. K economy is entering a recession."King until now declined to characterize the economy as heading into a recession but in his speech he said that house prices are likely to change state further and the pound which temporarily dropped to its lowest level since September 2003 following his comments may continue to fall rterAttention is now shifting from the banking crisis to the real economy and "we are far from the end of the road approve to stability," he said. His comments coincided with a note published Wednesday by the National Institute of Economic and Social Research saying Britain faces its first full year recession since 1991 and the economy would decrease 0.9 percent next year. It also said that Britain's economy would suffer more than others among the seven most-developed industrialized nations because of a combination of rising household and public debt a sharp go in consumer spending and change state in accommodate prices."The British economy will suffer next year as it experiences the worst setback among the G7 countries," the initiate said. Economists at UBS also predicted that Britain's economy would shrink more than America's or the add up of the countries that share the euro as a common currency."The downturn in growth is likely to be particularly dramatic in those countries in which similar to the U. S. the previously heavily overvalued real estate markets are now collapsing like in Britain and Spain or which are battling structural problems like Italy," the economists wrote in a note published Wednesday.______________________________________________________________________________________________RomaItaly's crisis has premier riding highBy Rachel DonadioPublished: October 22. 2008ROME: This month as markets plummeted and investors panicked. Italy's billionaire prime minister. Silvio Berlusconi watched shares in some of his own companies nose-dive 40 percent. Yet he seemed buoyant as ever reveling until dawn at a disco in Milan after returning from a meeting with European leaders on how to tackle the financial crisis."If I sleep for three hours. I still undergo enough energy to make like for another three," the newspaper La Repubblica quoted him as telling the younger crowd. "I hope that when you hit 70 you're in as good shape as I am."Beyond the theatrics and locker-room humor for which Italy both loves and hates him the remark reflected a reality: Berlusconi. 72 is riding high his power and influence greater than ever. The cerebrate: this man with an already unparalleled lay at the bear on of the nation's economy and politics now stands to control billions of dollars in public money to bail out private companies should they need it and they probably will. This further expansion of Berlusconi's power which some here attack as dangerous and others hail as necessary in difficult times bears out a common saying here: there are two kinds of Italians those who bring home the bacon for Berlusconi and those who are about to. Berlusconi "influences the economy which needs the express now," said Stefano Folli a political commentator. "If it needs the state it needs him."This new economic cater comes at a measure when Berlusconi is enjoying more political power than he has ever had in 15 years in public office. It also puts him along with Prime Minister Gordon Brown of Britain hailed for his tip bailout intend among the world leaders whose political fortunes seemed to be getting a boost from the crisis. Losers appear to be President George W. Bush whose already low poll ratings have sunk further amid the financial turmoil and Prime Minister Vladimir V. Putin of Russia which has been buffeted by plunging oil prices and an international backlash over its war with Georgia in August. In Parliament. Berlusconi's center-right coalition the People of Liberty was elected in April by a wide nine-point margin. It is stronger than ever having shed some smaller rightist parties and governs practically unopposed because of the implosion of the left in the elections. Over the pass the main opposition group the Democratic Party split with an allied centrist party. Italy of Values further splintering the ever-squabbling left and center."This is a phase in which he's without rivals," said Ferruccio de Bortoli the editor in chief of the well-respected financial newspaper Il Sole 24 Oregon "Whether it's good for the country. I have my doubts."The Italian state has always been a major player in an economy in which personal connections are crucial. And in recent weeks. Italy desire most European countries has been open to bailing out failing financial institutions. But when the head of government is also the most powerful businessman and one of the wealthiest in the private sector it has the potential to take the spoils system to a new level. In many countries the leader's popularity often rises and falls with the state of the economy. That does not appear to be the inspect in Italy. Since Sept. 1 the Milan stock market has dropped 22 percent and economic anxieties are rising along with interest rates on mortgages. But Berlusconi's approval ratings are high at 62 percent according to a poll released last week and conducted by the center-left La Repubblica. His leftist critics including the Democratic Party leader. Walter Veltroni undergo attributed his success to his move back and forth on the public and private television airwaves. Berlusconi owns Mediaset. Italy's largest private broadcaster. A government media watchdog recently reported "an imbalance" on television public affairs programs in September with far more time devoted to the government than to the opposition. Even though Berlusconi has said the Italian economy is not in a recession a believe many dispute on Tuesday he called a meeting next week with banks and Confindustria the industrialists' association to make sure as he said. "that the financial crisis doesn't affect the real economy."Over all he seems to have reassured Italians that the state has their back. Berlusconi has also tried to promote investment in his own way. This month he drew criticism for urging Italians to buy shares in Eni and Enel. Italy's largest gas companies. For a prime minister to advance certain stocks "was an evident conflict of arouse," said Emma Bonino vice president of the Senate and a member of the Radical Party. Yet Berlusconi's powerful finance minister. Giulio Tremonti is well respected and change surface seen as predicting the current crisis in his book. "Fear and wish," which appeared this spring and warned of the downside of globalization. Last week he said the government was prepared to bail out banks on a case-by-case basis. But worry about the power of Berlusconi and his government is high enough that on Monday Tremonti sought to play drink fears of more state intervention. He said the government would come any bailouts reluctantly saying they could be "seriously harmful" to the country's "political health.""It may be necessary but it is absolutely not an opportunity," he said. Tremonti also has a strong hand with the parties in the center-right coalition and helped displace through some budget measures over the summer giving the government more flexibility in the current crisis. calculate negotiations usually paralyze Parliament all fall. But not everyone is convinced. For all Tremonti's foresight. "the calculate was do by because it presupposed growth," said Pier Luigi Bersani the shadow finance minister for the Democrats. On Tuesday the International Monetary Fund predicted two years of recession for Italy. Last week. Confindustria predicted that the Italian economy would decrease by 0.5 percent instead of growing 0.4 percent. It is hard to gauge how much Berlusconi's empire has lost. His holding company. Fininvest which is not publicly traded announced Tuesday that its net acquire had fallen 20 percent this year. Shares in Mediaset undergo fallen 40 percent since the first of the year while Mondadori a publishing house is down nearly half. Shares in Mediolanum an insurance affiliate were down about 40 percent. But in broad terms. Berlusconi has solidified his position in Italy's economy the world's seventh largest. His daughter Marina now sits on the come in of Mediobanca the storied Milan investment tip that for decades was a counterbalance to state financing and a bastion of old money to his new. Berlusconi recently warned that Italian companies were change state to hostile takeovers and he hopes to pass a law making them more difficult. His critics fear such a law would reduce foreign investment keeping power in the hands of a homegrown few."Hostile to whom?" the left-leaning economist Tito Boeri asked in a front-page article in La Repubblica on Friday. "Hostile to our economy or to the big families that now run Italian capitalism?"And as the ascribe crisis deepens. Berlusconi is also moving closer to the country's two leading investment banks. Unicredit and Intesa Sanpaolo whose leaders have not been change state to the center-right coalition. At Berlusconi's behest the chief executive of Intesa Sanpaolo. Corrado Passera worked with the government to engineer the recent bailout of the airline Alitalia. Berlusconi had pledged during his election race to act the flagship carrier Italian which meant nationalizing the airline's losses while trading favors to get private investors to buy a major lay on the line. Unicredit's shares have plummeted in recent weeks but it has so far avoided the need for help from the express. Last week the government of Libya bought a 5 percent lay on the line becoming the tip's second largest shareholder. If private recapitalization fails and Unicredit turns to Berlusconi for state financing it would go up "reducing the independence of these very important banks that had previously been out of his grasp," said Michele Polo an economics professor at Bocconi University in Milan. Is all this power for Berlusconi good for the country?"My immediate response is yes," said Alberto Bombassei vice president of Confindustria. "In difficult moments it's good for the country to undergo a more decisive government."Beyond the economic uncertainty. Berlusconi who seems to enjoy life on the precipice comfort remains vulnerable. He is on trial in absentia in Milan accused of concealing illegal accounts. Italy's constitutional court is reviewing a law that would give him immunity. Paolo Bonaiuti. Berlusconi's spokesman said reports of the prime attend's increased power were overstated. "He has the support of the public," Bonaiuti said. "What's the problem?"_____________________________________________________________________________________________11.30 de la Mañana en México. Europe MarketsFTSE 100 4,040.89 -188.84 -4.46% CAC 40 3,298.18 -177.22 -5.10% DAX 4,571.07 -213.34 -4.46% EuroStoxx 50* 2,598.97 -14.71 -0.56% EUR vs USD 1.2840 -0.0233 -1.78% USD vs JPY 98.6900 -1.6000 -1.60% EUR vs JPY 126.7500 -4.4400 -3.38% EUR vs CHF 1.4960 -0.0091 -0.60% GBP vs USD 1.6248 -0.0481 -2.88% USD vs CHF 1.1648 +0.0138 +1.20% USD vs CAD 1.2500 +0.0386 +3.19% AUD vs USD 0.6697 -0.0063 -0.93% NZD vs USD 0.5931 -0.0157 -2.58% Commodities FuturesCrude Oil (bbl) $71.28 -4.67 -6.15% Corn (bu) ¢412.00 -6.50 -1.55% Natural Gas (mln BTU) $6.90 +0.10 +1.52% Soybeans (bu) ¢909.00 -20.00 -2.15% Gold (tr oz) $784.00 -16.20 -2.02% ____________________________________________________________________________________________Bush invites world leaders to summitBy Sheryl Gay StolbergPublished: October 22. 2008Washington : President Bush has invited the leaders of 20 nations to go to Washington on Nov. 15 for an international summit meeting on the economy the White accommodate said Wednesday. The move could eventually bring about to a far-reaching overhaul of the rules governing global financial markets. The summit meeting intended to be the first of several global economic meetings will go less than two weeks after the presidential election and its timing underscores the urgency the administration feels in addressing the financial crisis. The White House has said Bush would "welcome input" from the president-elect although it is unclear if Bush's successor would attend. The meeting will have a broad agenda laying the groundwork for the leaders to "accept on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Dana Perino. Bush's press secretary said in announcing the meeting. Mr. Bush has been under intense pressure for several weeks from leaders in Europe especially President Nicolas Sarkozy of France to convene an international meeting of economic powers to address the financial crisis. Sarkozy has called for strengthening and rewriting the rules governing global financial institutions fashioned after the 1944 meeting in Bretton Woods. New Hampshire in which 44 nations remade the global financial system after the Great Depression. But the color House initially sounded skeptical of the idea; administration officials have said Mr. Bush is wary of any attempt to allow other nations to exercise control over the United States banking system. Over the weekend though. Bush. Sarkozy and the president of the European equip. José Manuel Barroso had dinner at Camp David and apparently brokered an agreement. While Sarkozy had been pressing for a meeting of the so-called assort of Eight world economic powers. Mr. Bush insisted that developing nations be included. After their dinner on Saturday night the three men issued a joint statement saying they would reach out to world leaders with the intent of convening a series of economic meetings. The venue also appears to undergo been an issue. Sarkozy said over the weekend that he hoped the first meeting would be held by the end of November and suggested it be convened in New York. "Since the crisis started in New York maybe we can find the solution in New York," he said. "This is a worldwide crisis and therefore we must sight a worldwide solution."By convening the meeting in Washington his home cover and by insisting that leaders from developing as well as developed nations be. Mr. furnish appeared to be putting himself firmly in rush. White accommodate officials undergo said that the president is especially concerned that an attempt to write global financial rules could hurt capitalism and free trade; in her statement. Ms. Perino said the summit agenda would include "an opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can compound their commitment to open competitive economies as come up as change and investment liberalization."The White House drew the enumerate of arrive at invitees from the so-called G20 a forum of rich and emerging nations that was convened in 1999 after an earlier international crisis. Its members are: Argentina. Australia. Brazil. Britain. Canada. China. France. Germany. India. Indonesia. Italy. Japan. South Korea. Mexico. Russia. Saudi Arabia. South Africa. Turkey the United States and the European Union. Other international officials including the managing director of the International Monetary Fund the president of the World Bank and the United Nations Secretary-General have also been invited to attend the White House said._______________________________________________________________________________________________

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