Despite the decline in banks in Europe, Sberbank and VTB are still in positive zone

World markets show differently directed dynamics, activity and volatility declined sharply. Stock sites in Asia rose after the news from South Korea, where GDP in III quarter has grown by a record since 2002, 2.9%, GDP growth has been observed for the third consecutive quarter. U.S. markets on Friday lost about 1%, but in the morning futures are in positive zone. The dollar remains on the annual minimum, since there were reports that China may increase the share of the euro and the yen in reserves. European markets traded with minor modifications. Pan-European FTSE Eurotop 100 index +0.08%, Britain's FTSE 100 +0.12%, the German Xetra Dax +0.32%, French Lyxor Cac 40 +0.19%. An outsider shares of the banking sector. The financial group ING plans to raise $ 7.5 billion by dopemisii and split the group in order to sell insurance unit. ING shares crashed by almost 10%, Lloyds -4.3%, Royal Bank of Scotland -3.2%, Barclays -1.5%. Oil rose in the morning to 1.5%, since the dollar remains very weak. Spot Brent $ 78.08, WTI $ 80.05. Russia market opened a slight decrease, which is not continued. Market is back in the neutral zone, where it continues to consolidate. At 15:20 MICEX index decreased by 0.14%, RTS index increased by 0.11%. Trading volumes continued to decline, up 27 billion rubles. Adjusted shares of fertilizer producers, which on Friday added more than 5%. Akron -4.8%, UralKali -2%. Oil and Gas sector in the red, better than the market looks Gazprom +0.6%. Gazpromneft -1.7%, -1.1% Lukoil, Rosneft -0.8%. Despite the decline in banks in Europe, Sberbank and VTB% +0.3% +0.6 remain in the positive zone. Dramatically stepped up purchases in the electricity sector. Today energy Minister Sergei Shmatko was made at a meeting of the International energy Minister Sergei Moscow with a report on energy Minister Sergei to 2030 WGC-2 +6.5%, OGK-3 +4.5%, OGK-6 +3%. Statistics and reporting today is not a lot, so look for external markets. At 15:30 will index of business activity of the Federal Reserve Bank of Chicago. During the week of many important statistics, ending the period of quarterly reports, so you can expect some movement and exit from the current side views. Guess direction is practically impossible, since the ideas do not. Fundamentally, there is potential for correction, but the market keeps at high levels of dollar weakness and a large amount of liquidity. Once the flow of money into our market will stop, we go down, but so far there is no reason for this. The market remains in a trading range of 1320-1400 points, the upper limit of which has not yet resigned.

In Latvia fell from outer space unknown object. Experts are exploring a radioactive crater

Yesterday in Latvia from space struck an unknown object, presumably a meteorite. The incident occurred near the town Mazsalaca in the north, near the border with Estonia. On Sunday, around 17:30 (18:30 Moscow time) in the State Fire and Rescue Service (GPSS), a resident called Mazsalatsskogo region Valmiera district with a message of "fire", what he saw in the meadow, said "Telegraf.lv. Arriving at the scene, officers found GPSS funnel up to 20 meters in diameter and 5 meters deep. About the event was informed by the Latvian Center of radiation at the crash site of the representatives of the Latvian army took measurements of radiation. According to the radio station Ekho Moskvy, a radioactive background in the funnel was slightly above the norm. According to scientists, there is no danger of increased radiation does not represent. According to specialists, the fallen object might be an artificial satellite of the Earth or its fragment. Obviously, the final answer to this question will give the scientists who will study the Earth has entered a celestial body.

EU authorities will check the sale Opel until November 27

The experts of the European Commission, the chief executive body of the European Union, until 27 November will determine whether the transaction is contrary to the sale of the German automaker Opel consortium of Austro-Canadian company Magna and Sberbank of Russia's European competition laws, said on Monday AFP. Manual GM announced the sale of a controlling stake Opel consortium Magna-Savings Bank on September 10. Following the transaction, the consortium will receive 55% of the company, employees Opel - 10%, and GM reserves at its disposal 35% of the shares. Last Thursday, Magna and Sberbank gave the European Commission documents on the transaction, and now the European experts to decide whether to approve the sale automaker. The agency notes that as the executive body of the EU may require the parties to fulfill certain conditions, or to appoint a more extensive review. The main objective of the EC experts - to determine how and to what extent the implementation of the deal will affect competition in the European market. Also, Brussels should make a separate decision on the allocation of the German automaker financial assistance from the Germanic government in the amount of € 4,5 billion on the estimated date when the EC will decide on the matter, are not reported. A few days ago, said the agency, the European Commission documents on about whether the financial assistance promised by the Government of Germany, the European legislation on competition. At the same time, the EU executive body stressed that the Commission documents on intend to block the sale of Opel consortium Magna and Savings Bank, but only wants to know "whether the unacceptable (in terms of EU legislation on competition) the conditions of allocation of money." On Friday, vice president of general Motors, John Smith reported that the signing of a definitive agreement to sell the German automaker Opel consortium of Austro-Canadian company Magna and Sberbank of Russia will be held no earlier than November 3.

New York. United States, opening tenders: The first hour of trading was in a confident growth of indexes

Today's trading on the major American venues have opened in the green zone. At 16:40 Moscow time, the Dow increased its value to 0,46%, S & P - on 0,58%, Nasdaq - on 0,71%. However today is not expected to yield important macroeconomic statistics, and the companies comprising the Dow index, the results of the quarterly reports published only telephone company Verizon Communications. 21:30 26 | 10 | 09 Moscow. Weather forecast in the financial centers of the world and in Moscow on Tuesday, October 27 19:51 26 | 10 | 09 London. Europe, the closing of the auction: Stock indexes fell on the session 19:38 26 | 10 | 09 St. Petersburg. Gazprom Neft to open up to the end of 2011 400 gas stations across Russia 19:38 26 | 10 | 09 Moscow. The newspaper "Izvestia" has replaced the chief editor 19:31 26 | 10 | 09 Beijing. China's growth may accelerate in the IV quarter of 2009 14:17 30 | 09 | 09 Moscow. Deripaska: Rusal will be ready to comment on the subject company's IPO in November 13:48 30 | 09 | 09 Lukoil plans to buy from France's Total oil refinery in Europe News New York. United States, opening tenders: The first hour of trading was in a confident growth of indexes www.k2kapital.com 26.10.2009 Today's trading on the major American venues have opened in the green zone. At 16:40 Moscow time, the Dow increased its value to 0,46%, S & P - on 0,58%, Nasdaq - on 0,71%. However today is not expected to yield important macroeconomic statistics, and the companies comprising the Dow index, the results of the quarterly reports published only telephone company Verizon Communications. The best results in the first minutes of trading among the papers that make up the Dow index was led by the operator of credit cards American Express. The company's capitalization increased by 2,7% against a background of increasing its shares from "hold" to "buy" by analyst Stifel Nicolaus. Strong growth at the opening session also demonstrated shares software maker Microsoft. Market participants continue to win back the positive statements, according to a quarterly profit rose by 5,38%. Noticeably better than the market was the opening of bidding for the securities and chemicals group Du Pont, went up by 2.14%. In turn, the leading advocate reducing shares Bank of America. Its shares fell 2.1% amid reports the average remuneration of $ 18.2 million, which the bank paid last year to each of its top managers. In addition, a slight decrease on the background of a favorable report showing stocks telephone company Verizon Communications. In the first minute session, shares fell 0.04% despite the fact that profit excluding some costs was 60 cents a share in the expected 59 cents, while sales increased by 10% to $ 27.3 billion, while analysts forecasted $ 27.2 billion An hour after trading began indices continued to show upward momentum. At 17:30 Moscow time, the growth of Dow index was 0,87%, S & P - 0,97%, Nasdaq-1,39%. In a notable plus the time traded as major contracts for oil. Brent crude futures went up by 1.1% to $ 79.79 a barrel, a mixture of WTI - on 0,91% to $ 81.23 per barrel.

Main events of the week in the economy

Conference UBS, which as one of the possible negatives for a resurgent Russia's economy from the crisis has been called excessive strengthening of the ruble, a meeting between President Dmitry Medvedev with the RSPP, as well as the adoption in first reading by the opposition criticized the budget 2010-2012 have been the main economic event of the last week . Quite controversial received the first press conference of the new top management of AvtoVAZ, which has found - albeit in theory - the possibility of bankruptcy. By the good news should include reaching agreements on two projects designed to diversify gas deliveries to Europe - South and North flows. The strong ruble as a risk factor The outgoing week started with the publication of positive data on Russia's economy, which confirmed the participants held October 21-22 conference UBS. Russia's GDP in the third quarter to the second increased by 0,6%, and in the fourth to a third is expected to grow at 3-4%, said Deputy Economic Development and Trade Klepach. According to him, against the background of growing cost of oil in 2010, GDP may grow by 2%, not 1.6% as projected earlier. The outlook on inflation again adjusted downward - on the basis of the current year could fall below 10%, said the first deputy chairman of the Central Bank Alexey Ulyukaev. About the new economic recovery and indicates the flow of real money from abroad. At a UBS conference Ulyukaev forecasted net capital inflow in the fourth quarter at 15-20 billion dollars. By negativity conference participants carried cheapening dollar. Its price is below the 26-27 rubles can be dangerous for the economy, says Klepac. According to him, if oil will cost about 80 dollars per barrel, and capital inflows continue to rise, the ruble could be enhanced to pre-crisis 23-24 rubles per dollar. Russia's economy, which depends on export earnings in foreign currency, this is not yet ready. Another obstacle to the growth of the economy - high interest rates on loans. According to Ulyukayev, administrative measures would not apply - with the banks provide educational services. The authorities are preparing a series of programs to reduce mortgage rates to 10-12%. The President talked with business On Wednesday, the president of Russia met with representatives at exhibition industry Entrepreneurs (RSPP). One of the topics for discussion was the transition to post-crisis development of the country. It is assumed that the state may reduce the degree of participation in the economy. So, perhaps corporatization of a number of state-owned corporations - except those in the present circumstances can not survive independently, "Medvedev said. The state expects from business investment in the domestic market. Capital earned in Russia, should mostly be located within the country, the president said, calling Russia's companies increasingly use innovative technologies. Technical re-equipment - that's great, but the costs would be borne by the companies themselves, so their leaders can demonstrate loyalty to the initiatives "from above", and then unleash them on the brakes, argue experts in this regard. One of the ideas expressed by the business at a meeting with the head of state - the gradual reduction of state support of banks. The latter do not have to risk giving out loans to ailing companies, say representatives of the banking community. Medvedev agreed to the idea that exit from the crisis with only three state-owned banks can not. He also called on business to state law enforcement agencies about any corruption in the courts. However, the topic of tax cuts and reducing the number of inspections - namely, the business was waiting for the president - in the course of the meeting has not sounded, noted experts. Budget had a row, but approved Wednesday was rich in the important economic events - the day the Duma passed in first reading the draft budget for 2010-2012. According to the document, the budget deficit in 2010 will make 6,8% of GDP in 2011 - 4% of GDP in 2012 - 3% of GDP. To convey his will from the reserve funds, as well as by borrowing. In general, the budget will have a social character, the basic commitment to the people are met, said Vice-Premier and Finance Minister Alexei Kudrin. Sekvestiruyut a number of investment and federal target programs. Valuation of oil the next three years in the draft budget rather conservative - 59-60 dollars per barrel. Revenues from oil exports at a price above 50 dollars per barrel will again be postponed on a rainy day, while the remaining funds will be used primarily to "sotsialku" to the detriment of investment and infrastructure projects. According to representatives of the opposition, "excess" money should be spent on development of production and basic science, but not sterilized in the "Potbelly." They refused to vote for this budget, calling it a "lime" and illogical. However, United Russia, too, found many flaws in the document, promising to seriously complete his second reading. AvtoVAZ: theory of bankruptcy Held in Monday, the first press conference of the new top management of AvtoVAZ has turned controversial: a guide auto giant for the first time publicly announced the theoretical possibility of bankruptcy, but then added that resorting to this procedure will not have to. This is possible only as a last resort, to the plant could get the time to address the issue of debt restructuring, said executive vice president of finance and corporate governance Oleg Lobanov. This production process will be saved, he said. President of AvtoVAZ, Igor Komarov expressed confidence that the resort to measures of protection from creditors, the plant will not have to. By year-end debt auto giant to reach a huge amount of 75 billion rubles, said participants of the press conference. The preferred method of restructuring - Issue of convertible bonds worth 50 billion rubles, but other possibilities will be discussed. Top managers of the auto giant made a number of optimistic statements, outlining the measures that they believe should help AvtoVAZ again win the hearts of consumers. It is a concentration on production cars at one or two platforms, the use of technology alliance Renault-Nissan and, of course, and radical improvement of the quality. Gas positive The positive news of the week should be classified and substantial agreement on the "Southern Stream" - a gas pipeline from Russia to southern Europe. On Tuesday, under Medvedev's visit to Serbia signed an agreement to establish a joint venture for the Serbian section of South Stream "-" Gazprom "will receive it 51%. This week it became known, and on consolidation of previous agreements with Turkey on "Southern Stream" - Ankara agreed to a gas pipeline in its Black Sea waters. According to the head of Gazprom, Alexei Miller, the South Stream will be completed no later than 2015. And on Thursday, Prime Minister Vladimir Putin said that South Stream can be completed even before the Baltic Sea Nord Stream "(Nord Stream). Earlier it was reported that the last to be introduced in 2011. However, even at nord Stream this week there was a positive dynamics - on Tuesday it became known that Denmark was the first country on whose territory the pipeline will pass, gave its approval for its construction. Now the project should agree on the relevant departments of the other four countries through which the pipeline will pass. After this assessment in the first half of 2010 to begin construction.

Stock markets in Europe closed on recession 0,96-1,35%

Stock markets in Europe on the basis of trading on Thursday demonstrated a decline in the range 0,96-1,35% on the background data on the growth of unemployment in the U.S., reported Agence France-Presse. By the closing of the auctions the British index FTSE 100 fell by 0,96% - to a mark of 5,207.36 points. Germanic DAX on Thursday declined to 1.21% to 5,762.93 points. The French CAC index on the basis of trades fell by 1,35% - to 3820.85 points. On Thursday, U.S. Department of Labor has published data showing that the number of initial applications for unemployment for the week ended Oct. 17 rose by 11 thousand - up to 531 thousand from the upwardly revised target of 520 thousand a week earlier. This figure exceeded the expectations of analysts, forecast an increase in the number of primary applications to a level of 515 thousand. However, forecasts ranged from 500 thousand to 540 thousand. FTSE 100 (Financial Times Stock Exchange 100 Index) - the main UK share index, calculated by the quotations of shares 100 British companies with highest market capitalization, weighted by market capitalization. CAC 40 (Cotation Assistee en Continu) - France's main stock index, is calculated as a weighted average capitalization value stock prices 40 largest companies. DAX 30 (Deutscher Aktienindex) - Germany's main stock index, calculated as an index of stock returns of the 30 largest companies (by market capitalization).

The final agreement on the Opel will be signed no earlier than Nov. 3

According to him, the decision to sign a legally binding contract can be taken at a meeting of the Board of Directors of the American company on November 3. Smith said that the leadership plans to discuss the letter from the Minister of Economy and Technologies of Germany Karl-Theodor zu Guttenberg European Commission, in which he explains, does the buyer's choice for Opel from the German government financial assistance to 4,5 billion euros. "Taking into account the importance of the transaction to Opel, GM board of directors will soon hold a scheduled monthly meeting (3 November) to consider the letter Gutenberg and changes to the proposal of the consortium Magna-Sberbank, which have been made since his last examination on Sept. 9" - quoted Smith Agence France Presse. The representatives of GM on Sept. 10 announced an agreement to sell controlling interest in its German subsidiary Opel consortium Magna-Sberbank. At the same time it was signed and a preliminary agreement, bearing a recommendation that, after completion of the transaction the consortium will receive 55% of Opel, the labor collective of the company - 10%, and the GM reserves at its disposal 35% of the shares. Until recently, the signing of a definitive agreement on the division of Opel was delayed because of continuing intensive consultations between management and union representatives of the consortium automaker in Spain and Britain over the company Magna planned job cuts. The original plan Magna, part of the restructuring of European plants Opel intended to dismiss 10,5 thousand of 55 thousand, including 4,7 thousand in the UK, 4.1 thousand in Germany and 1.7 thousand in Spain. Later executives Magna reduced the number of planned layoffs in Spain to 1.35 thousand people. Last week, representatives of the consortium Magna-Savings Bank announced changes in the restructuring plan in connection with the protests voiced by the workers at Opel plants across Europe. Magna and Savings Bank announced that guarantee the preservation of 70% of production capacity in the period from 2010 to 2013 and also undertake to invest in the development of the plant in Zaragoza.

U.S. dollar to continue declining at least until the end of the year

On Friday, the ruble continued to strengthen against the currency basket - at 13.00 Moscow time, it was worth 35.52 rubles, as against 35.61 rubles at the close of trading on Thursday. According to the exchange, the dollar traded at 28.96 rubles - is a new annual minimum, corresponding to the level of last December. Falling U.S. currency and the market Forex - the euro-dollar at 13.00 Moscow time the dollar rose to 1.5026 per euro from 1.4936 dollars late on Thursday. Since early September, the U.S. currency to the ruble fell by about 8%. Why "green" sick? What happened to our "green friend", and how serious his problem? The weakening U.S. dollar as in Russia, as well as the world currency market contributes to the monetary policy of the Federal Reserve System (FRS) the USA, which continues to gently "to reduce" the U.S. currency, said the head of the Office of Strategic Planning and Development UniCredit Bank Vladimir Osakovsky. "This supports the growth of commodity prices, particularly oil. In turn, rising in price petroleum has supported a so-called" commodity "currencies, of which the Russian Ruble", - said the expert. According to a senior analyst at IFC Metropol, Mark Rubinstein, the dollar pushed down the fundamental factors: growing trade surplus of Russia, in particular, due to the increased cost of energy, as well as the renewed inflow of foreign investment. In addition, reduced payments on external debt of Russian companies, Rubinstein recalled. In October, they had to pay 9.2 billion dollars, the plans for November more modest - 7,6 billion dollars. However, in December, the volume of payments increased to $ 17 billion, but it evens usual for the last month, the growth in demand for rubles. For now, the dollar under pressure in the form of objective factors, in particular, the weak U.S. budget, but without the speculative influence of America's falling currency would not be so quick, thinks the chief analyst at Alfa Bank Natalya Orlova. "One gets the feeling that the market does not believe in the ability of central banks to maintain stability in a pair of dollar-euro and testing their strength," - she said. Reversal or volatility? In general, respondents RIA Novosti experts believe that soon the dollar will continue to become cheaper relative to other currencies. However, as to how this trend is long term, their views diverged. Trend to the fall of the dollar will continue for as long as the Fed continues to "print dollars" as soon as machine stops working, there will be every reason for reversal, "- said Osakovsky. The Fed plans to complete action on a weaker dollar before the end of the first quarter of 2010, but given the optimism in world markets and hopes for an early end the crisis there is reason to expect this early, he believes. "I do not exclude that the Fed will cease to support the dollar by the end of 2009," - said the expert. In general, dollars are not wanted, says Rubinstein, and this means that the ruble strengthened here to stay. Bank would not deter him for as long as the cheaper dollar will not prevent the filling of the budget. "Acceptable framework for this - oil prices in the $ 77 per barrel and the dollar in the 30 rubles," - notes the analyst, adding that while this ratio does not change. Much depends on the state of the world economy, as it is, judging by the latest statistics, very good, the restoration is developing fast, Rubinstein added. In order that the dollar now has a negative mood, and soon the trend to its cheaper relative to other currencies will continue, agrees Orlova from Alfa Bank. This CBR supports the stability of the ruble and to the European currency, because more than half of its turnover is in Europe, and the volatility of the euro would lead to difficulties in business planning, said Orlov. Ruble-dollar pair is important for the movement of capital, people invested in the currency, as well as the company paying the foreign debt. And the variations are not so critical. Forecasts In the next few months the dollar will stay at around 27-28 rubles, according to Orlov. Of course, much depends on the tactics of regulators - are possible, for example, the intervention, but it is difficult to predict. In the longer term rate can vary from 25 to 30 rubles to the dollar, analysts say. "Fundamental factors pressing on the ruble - for example, the budget deficit, financed from reserve funds, have not gone away, but in the era of the weak dollar does not affect the exchange rate dynamics. Once a relationship in a pair of dollar-euro change in the ruble will affect the internal negative . Fundamentally, the dollar is 30-33 rubles, to that point he will seek ", - she said. Rubinstein notes that in the short term, there is no reason for the rebound, and the end of the year the dollar will cost about 28 rubles. "The ruble may well be strengthened and to a mark of 26-27 rubles to the dollar, and even stronger" - considers Osakovsky. According to him, for Russia's economy dollar cheaper than 30 rubles - already bad, and the lower the worse. The negative impact on innovative industries and industries with high added value, but rising in price petroleum provides capital inflows, offset by adverse effects on the economy, he said.

Stabilization loans from the World Bank

Economic health crisis shook the economy of certain countries. Majority of nations around the world have begun to rapidly search tools. Of course almost all of them asked for money from international institutions such as the International Monetary Fund and World Bank. These institutions, most countries still provide stabilization loans, but allocated money for part of a gradual, so-called tranches. And now the World Bank has pledged more money stabilizing the two countries. Those countries are Georgia and Armenia, which will have 85 and $ 60 million respectively. The money will be listed shortly and will be spent on restoring the economy from the adverse effects of economic crisis, as well as on political reform. A couple of months ago, these two countries are actively negotiating with Russia and the United States. They also requested additional funds in the form of the loan. The agreement they have received. A total of stabilization money they have collected the amount of 4,5 billion dollars. If you look at what pace with the world economy is moving now, then you can say the money the country with a weak economy will get, but here is how efficiently they will use them?

London. Europe, the closing of the auction: Index retreated to the background of statistic data on the euro-zone economy

Stock markets in Europe were closed on Wednesday lowered the leading indicators of exchange against negative statistic data on the euro-zone economy and the nervousness of players ahead of corporate accountability for the III quarter. Unpleasant surprise for the market are totals for the GDP for the euro zone II quarter of 2009, which turned out to be worse than previous estimates. Euro-zone economy declined by 0,2% (previously reported a decrease of 0,1%) due to the decline in consumer spending, investment and exports. In today's trading session, the outsiders were shares of the financial sector. Quotes of Spanish Banco Santander fell by 1% (Santander today announced an IPO in its Brazilian unit), quotes, BNP Paribas, Societe Generale and UBS declined to 1,2-5,9%. Nobel laureate Joseph Stiglitz said on Wednesday that the leading economies have not yet emerged from "a severe recession," while the tools of the monetary authorities have already exhausted their possibilities. "We are seeing a situation where monetary policy has almost reached the limit of its possibilities" - Stiglitz said, referring to the ECB. Shares of British retailer Sainsbury and Germany's Metro retail chain have fallen in price on the basis of the trading session on 3,1% and 3,2%. Sainsbury reported slowing growth in quarterly sales in stores network, operating at least a year, causing a negative response from investors. Reducing quotations Metro comes amid reports that one of the founders of Otto Bayshaym sold part of its stake in retailers. As a result of trading session on 7 October, the British FTSE 100 index dropped to 0,57% - to 5108.90 points, the Germanic DAX fell by 0,30% - to 5640.75 points. The French CAC 40 retreated 0.37% - to 3756.41 points, the Swiss SMI - on 0,27% - to 6260.15 points. Pan-European FTSEurofirst 300 index declined on the basis of trading on 0,4% and amounted to 988.76 points.

Revenue Service will inspect 27 British MPs

Revenue Service will inspect British MPs implicated in the scandal unreasonable wedge budget. It is reported by the newspaper The Daily Telegraph, whose publications have attracted global attention to the costs of parliamentarians. In May 2009 tax deputies sent a letter of appeal to voluntarily pay to the treasury. Now the tax office opened a formal investigation into the 27 parliamentarians. According to AFP, in the tax service said, commenting on the beginning of the investigation: "Testing does not necessarily mean that there is a problem. Most of the checks quickly come to an end." The scandal cost the British parliament erupted in the spring, after a series of publications in The Daily Telegraph. Journalists have found that too many MPs actively enjoy the right to compensation for its expenses from the budget. In particular, MPs were spending budget money for repair and improvement of homes, services, gardeners and cleaners, as well as other personal needs. Publications about unnecessary expenditures deputies aroused great public outcry and led to the resignation of some members of parliament. In particular, the outgoing Speaker left the House of Commons Michael Martin. The Special Committee, the inspection standards of conduct in public service, work to develop recommendations to reform the system of compensation costs. It is expected that the committee's report will be presented on November 4.

The future government of Germany is working seven days a week

The party leaders, included in a future government coalition of Germany, Angela Merkel, Horst Seehofer and Guido Westerwelle discuss the main issues on which they disagree - taxes and the state budget. In Germany, negotiations are continuing between the partners on the future of the ruling coalition - the Christian representatives of the bloc of parties CDU / CSU and the liberals of the Free Democratic Party of Germany (FDP). On Sunday, October 18, leaders of the victorious parties in the parliamentary election - Angela Merkel (Angela Merkel, CDU), Horst Seehofer (Horst Seehofer, CSU) and Guido Westerwelle (Guido Westerwelle, FDP) - consult on key controversial issues. Among other things, will discuss fiscal policy and the state budget. Taxes and budget - the main contentious issues As the German news agency dpa, the outcome of negotiations on these topics will depend on the decision of the majority of other issues in the financial sector. Hot debate about tax policy in the coalition talks had already conducted the day before, on October 17. FDP calls for tax reform and reduce the tax burden in the next 4 years for a total of 35 billion euros. The Liberals have already announced that they will not sign the coalition agreement, not having received certain concessions in this area by the Christian Democrats. Block CDU / CSU initially insisted on reducing taxes on 15 billion euros, then made concessions and agreed to a $ 20 billion. As the news agency Reuters, 17 October Horst Seehofer said that taxes should be significantly reduced. And Angela Merkel stressed that the chances of reaching a compromise in the tax field are high. Health care and energy policy Moreover, so far failed to reach agreement on a number of other clusters, particularly on health and energy policy . On Saturday, October 16, Angela Merkel, Horst Seehofer and Guido Westerwelle still managed to achieve some progress and get closer to the desired result. However, to remain unsolved, in particular, questions about the duration of operation of nuclear power and the future of Central Health Foundation. Despite all the differences, partners in the future government coalition do not doubt that next week they will be able to come to terms on all major issues, said dpa. Recall the coalition negotiations are conducted in 10 major clusters. Their aim is to develop a program of action of the future government of Germany for the next 4 years and the signing of the coalition agreement. At the end of the negotiation process among the three parties will be allocated portfolios. Partners in future coalition has reached a compromise in some areas, particularly on internal security

London. Europe, opening: Trading on the European markets began different direction

European stock indicators at the opening show mixed trends. Successfully trading session opened for the financial sector in Europe. For example, shares of HSBC, Deutsche Bank, Barclays and UBS rise in the price of 0,1-1,3%. Also in the plus and are automakers. In particular, quotes, BMW, Volkswagen AG, Peugeot, Renault and Fiat are increased by 0,3-0,6% As of 11:44 Moscow time, the British FTSE 100 fell by 0,16% to 5,247.87 points, the German DAX - on 0,01% to 5,853.45 points, while the French CAC 40 - rising by 0,1% to 3881, 4 points.

The growth of the euro may slow economic recovery in Europe - Eurogroup

Continued appreciation of European currencies against the U.S. dollar can affect export volumes and, consequently, slow process of rebuilding Europe's economy, the chairman of the Eurogroup, comprising the finance ministers of countries participating in the euro area, Luxembourg Prime Minister Jean-Claude Juncker. Words Juncker, speaking Friday at a news conference in Luxembourg, quoting Agence France Presse. The head of Eurogroup said that if "the euro will continue to linear growth, as in recent weeks, there is a risk that" the exchange rate will slow economic recovery in Europe. "I'm not very concerned about the current rate of the euro", - added, however, Juncker. This week, the agency notes, the rate of uniform European currency approached the mark of 1.50 against the dollar. On Thursday, the euro reached 1.4968 dollars mark, which was the maximum for the past 14 months. "I am very glad to hear that the American administration and U.S. monetary authorities again and again repeat that in the interests of the American economy (maintain) a strong dollar", - said Juncker. Agence France Presse notes that the United States regularly make statements supporting a strong dollar, but the Europeans suspect them of deliberately reducing the U.S. dollar exchange rate, which in the short term contributes to the growth of exports and the long term reduce the cost of government and private debts. Eurozone trade deficit in August amounted to 4 billion euros, while in July trade surplus monetary union was 12.3 billion dollars. Earlier on Friday, Karl-Theodor zu Guttenberg, Minister of Economy and Technologies of Germany, whose economy is the largest in Europe, said that the depreciation of the dollar against the European currency "is not a cause for concern on the part of Germany, and" the competitiveness of exports germanskogo not depend on the dollar. " The agency notes that the theme of exports is particularly relevant for Germany, which competes with China for the title of world's largest exporter. Zu Guttenberg also said that the weak dollar is having a "favorable effect" on the level of oil prices.

British "daughter" GAZ bought a businesswoman from China

PCB Assembly carmakers LDV - a subsidiary of Russia's concern GAZ Group will be sold to Eco Concept. The amount of the deal is not called. Assembly infrastructure of the British company LDV, specializing in the production of light-duty trucks, will become the property firm Eco Concept. As reported late on October 15 agency Reuters, the conditions have already signed the contract, the amount of which is not called, include the redeployment of production space LDV, located in Birmingham. British carmakers was until recently a subsidiary of GAZ Group - the group, which is part of the Canada-Russia consortium expressed its readiness to purchase the assets of Opel. The Chinese picked up the baton from the Russians In June 2009 LDV, after Russia's managers have financial difficulties and the inability to save the British "daughter", the company declared bankruptcy. Total staff LDV has more than 6 thousand employees, 820 jobs provided production facilities in Birmingham. According to the newspaper The Times, Eco Concept is registered as a company specializing in design developments in the field of automobile. Its owner is a Chinese businesswoman Chiu Lee, a business which has previously been associated with consulting activities in the automotive market.

At customs appeared scoop on Major Cargo Service

Employees of the main department for combating smuggling (sponge), the FCS of Russia yesterday conducted searches and seizure of documents in Major Cargo Service, which is part of the transport and logistics division of Major, one of the largest distributors of automobiles in Russia. The event was held under the excited on Monday the criminal investigation into smuggling into the territory of Russia from the European road-building special. Damage to the State until the damage is estimated at 1 million rubles. Headquartered in Novorizhskoye Major Highway, 9 employees FCS appeared in the first half of the day. Company management was presented a resolution to conduct a search in located on the same address transport and logistics firm Major Cargo Service.Holding Major works in the automotive market since 1998. Created as an official dealer of DaimlerChrysler, now sells 24 brands of cars, including Mercedes-Benz, Audi, Toyota, Ford and others. Has 30 dealers in the Moscow region, 5 in St. Petersburg, subdealers in other major cities. In addition to selling and servicing cars, the company is engaged in freight transportation. Major Cargo Service (OOO "Major Cargo Service") is included in the transport and logistics division of the holding Major and provides services for commercial and international transportation. Company also owns 100% of OOO "Major Auto Trans," which, according to the company, engaged in transportation and evacuation vehicles. Revenues in 2008 - 174.262 million dollars. Owners - Dmitry Ponomarev (he owns 60% of the Company) and Dmitri Kanareikin (40%). The event was held under the excited Oct. 12 of Customs investigations and inquiries of the FCS of Russia criminal investigation into smuggling (Part 4 of Art. 188 of the Criminal Code). As the Kommersant staff Major structural divisions of the company suspected of illegally imported into the territory of Russia from the European road-building special. In particular, in the case materials appear shovel loaders. As the suspects is a citizen of Russia, whose name has not been disclosed investigation, and a number of "persons unknown". Searches in Major Cargo Service held yesterday until late evening. Employees SPONGE seized financial and technical documentation company. As explained "Y" in the FCS, after study of the amount of damage caused to the State will be adjusted. In the meantime, it is about non-payment of customs duties on 1 million rubles. According to a source close to the investigation, transport and logistics firm Major Cargo Service allegedly already appeared in two criminal cases filed earlier on smuggling. However, from the more detailed comments on the subject in the FCS abstained. The press service of the holding Major said that in the showrooms of the company Major raids were not conducted, and "comment on the activities of Major Cargo Service press office is not authorized."

President of Romania proposed as the new Prime Minister of the former country representative at the IMF

The post of Prime Minister of Romania, suggested an independent candidate, who served previously as representative of the country in the International Monetary Fund, Lucian Croitoru. The statement was made on Oct. 15, speaking before members of Parliament, Romanian President Traian Basescu, a REGNUM correspondent reports News. According to Basescu, in the course of prior consultations with the leaders of parliamentary factions, the possibility of nomination to the post of head of government of several candidates. Lucian Croitoru was proposed by the President on the basis of "professionalism, experience and knowledge of the international monetary institutions. Among the rejected candidates were nominated by the parliamentary majority mayor of Sibiu Klaus Johannes and one of the political figures from the Liberal Democratic Party. Croitoru thanked the head of the country for their confidence and said that the short-term priorities that the government will be organizing and holding of presidential elections and the fulfillment of obligations to the IMF and the European Bank. According to the Constitution of Romania, Lucian Croitoru has a 10-day period to develop a program of the executive authority and to submit to Parliament for approval of the new government. Lucian Croitoru is an advisor to head of the National Bank of Romania, 4 years earlier was the representative of the country in the IMF. The head of the Romanian Center for Economic Policy. As REGNUM News, the political crisis in Romania was triggered in early October, when the Social Democratic Party (SDPR) has announced the release of the ruling coalition with the Liberal Democrats. October 13th Parliament adopted a majority vote, initiated by a vote of no confidence by opposition parties headed by the leader of the Liberal Democratic Party of Romania Emil Bok.

The head of the ECB: The euro is intended to be the global reserve currency.

Euro not originally conceived as a global reserve currency. This announcement was made today by the head of the European Central Bank (ECB) Jean-Claude Trichet. According to him, the ECB has never had plans to encourage use of the euro on a global scale. The head of the ECB also noted that, according to his data, in the short term, the U.S. government intends to pursue a "strong dollar". In the case of such a policy, in his opinion, the U.S. government should avoid excessive volatility, reports Reuters. In terms of head of the ECB, interest rates in the world financial system now reflect the current situation and do not contribute to the emergence of a new "bubble" in the financial market. We recall that on 28 September Jean-K.Trishe said that emergency measures introduced to restore the economy and bank lending, turn off too early. The head of the bank said the crisis was not yet complete, so "withdraw support measures of the economy sooner. At the same time, he clarified that "at some point will need to withdraw from the program support." The head of the ECB, the bank has for this strategy, and he is ready to use it when necessary. Jean-K.Trishe reported that the EU economy is already "showing signs of stabilization" and added that in his opinion, is "a strong dollar is very important.

Presidents of Russia and Armenia in Moscow today to discuss issues of trade and economic cooperation, the prospects of major joint projects

MOSCOW, October 12. Itar-Tass. Presidents of Russia and Armenia to discuss at today's talks in Moscow on issues of trade and economic cooperation, strengthening of interregional cooperation, prospects for the realization of large joint projects in energy, military-technical cooperation. Told the representative of the Kremlin administration, commenting is seventh in the current year a meeting between the two leaders, ITAR-TASS.

"They were traditionally able to discuss a wide range of issues of Russo-Armenian relations, including the issues of further development of mutually beneficial economic and trade cooperation, strengthening of interregional cooperation, the prospects for realization of large joint projects in energy, military-technical cooperation, cooperation in regional organizations, the CIS, especially in the light of the October 9 summit in Chisinau, the CSTO, EurAsEC, a number of topical international order, "- he said.

In the Kremlin, noted that "despite the impact of the global financial crisis on the national economy, the scope of bilateral economic cooperation, Russia maintains a leading position external counterpart of the republic. At a certain reduction of trade turnover in January-August of 2009 g / fall of 20.2 percent for the same period 2008 / ongoing progressive realization of joint priority investment projects. In the first half of this year, investment from Russia to Armenia's economy have exceeded 122 million dollars, and accumulated over the period since 1991 Russia's investment amounts to approximately 3.2 billion dollars - almost half of all foreign investment in the country.

A Kremlin spokesman recalled that in order to provide Armenian partners financial assistance to overcome the crisis of socio-economic phenomena in June Yerevan given Russia's state financial loan in the amount of $ 500 million

At the Armenian market effectively operate the largest domestic company "Gazprom" (GAZP), "Inter RAO UES" (IRAO), VTB Bank (VTBR), RUSAL, "VimpelCom" (VIMP), AFK "Sistema" (AFKS) and "RZD" (RZHD).

Traditionally, the prime importance is energy cooperation. "Russia's economic agents to fully address the needs of Armenia's natural gas and nuclear fuel, has successfully implemented a joint gas and nuclear energy cooperation", - said the representative of the Presidential Administration.

At the present time to take sustained measures to improve transport links with the Republic of Armenia. With the transition in 2008 the Armenian railways in concession management "RZD" began their comprehensive modernization. Ensures the regular functioning of the railway ferry port of Kavkaz port of Poti.

"Military-political cooperation, both bilaterally and in multilateral formats, integration in the CIS has a strong stabilizing influence on the situation in the Caucasus" - believe in the Kremlin. "In this context, the presidents of Russia and Armenia to discuss the work of the collective defense treaty, including the subject of the collective functioning of the CSTO rapid reaction forces, including in light passing exercises now RRF" Interaction-2009 "in Kazakhstan," - said a spokesman for the Administration of President of Russia .

In the context of the development of mechanisms to cope with global crises and to promote innovative progress Dmitry Medvedev and Serzh Sargsyan will consider the results of the last 9 October at the CIS summit in Chisinau, as well as exchange views on dialogue within the framework of EurAsEC.

Competitiveness of Europe = Commerce + Innovation

To what extent is now Europe's competitiveness in the global economic crisis, and what steps should be taken community now so that in 5-10 years do not give up their positions? These It was discussed at last week in Prague, at the informal meeting of the Council on Competitiveness of the EU.

Increased competitiveness is one of the main priorities of the EU. Council on Competitiveness emerged in 2002 through the merger of the Council of the EU internal market, Council for Industry and the Council for Scientific Research. Key aspects of EU policy in the field of competitiveness are listed in the 'Lisbon Strategy', adopted in March 2000. That it was declared an ambitious goal to achieve a leading position in the world economy.

In the Prague Congress Center of the ministers met for two days. The first of these was devoted to science and education, the second - for purely economic. Word of the European Commissioner for Science and Research Janes Potocnik:

'It should be noted that the world has changed. Instead of the economy of raw materials came to knowledge economy. In Europe, a strong tradition in science and innovation. At this should make the biggest bet. We emphasize the importance of cooperation and acceptance of what we are all different. This unification of forces and can produce useful results'.

What states are the major competitors of the European Community?

'You know that the whole world is in terms of rivalry between them. Global competitors are the United States, Japan and many other economies such as China, India or Brazil. However, there are many issues that we have to solve together. Therefore, we see our competitors as allies. That questions of natural resources, energy, pandemic, migration, food, water. Today you can find a lot in common, such as environmental protection or energy supplies. But competition for space is enough.

Thus, the European business should be based on the results of European research. In turn, the commercial sector should be more likely to embrace science. Is there enough financial support in this area?

'You say that Obama plans to invest in science 3% of GDP. We have an objective that was a long time. But today it is only 1,8%. Should be improved and the quality of investment in this area. Adheres to this policy and China. Europe needs to pay attention to it. It is a definite priority. "

Europe needs highly qualified specialists. What is being done in order to prevent 'brain drain'?

'We must create the conditions for scientists, engage in science and more young women. If this happens, it is not surprising that the best minds leave for the border '.

On the second day of the meeting of Ministers decides the mechanisms that exist at the internal single European market.

What is the impact of economic crisis on the competitiveness of Europe? According to European Commissioner Gunter Verheygena:

'The situation we are concerned, very much so. First, in Europe, a decrease in industrial production. The estimated drop in growth is from 3 to 5%, an average of 4% compared to last year. Secondly, and this is worse, while unemployment is growing. We expect that in 2010 it will be 11% '.

What do you think of the supporters of protectionism?

'We are against the creation of new inequalities. On the contrary, we should fight protectionism, not to sabotage the long-term goals. Lifting the industry to the highest level of values and creating conditions for the industry in other parts of the world. Further, we do not believe that there is a connection between the expansion of the European Union and the crisis, on the contrary, the expansion of Europe's efforts both in terms of political and economic '.

Along with the summit attended by politicians and businessmen. Among them - is probably the most high-ranking Czech top manager Ian Myunflayt, head of the company 'Microsoft' in Europe.

'I talked about the difference in the competitiveness of Europe 10 years ago and today. 'Lisbon' positioned Europe toward the United States and Japan. Today we must take into account, and China. It is not just cheap labor. Recently I was in Silicon Valley. Most of the projects started here in the last 10 years, Chinese people started living here in the first or second generation '.

Then Ian Myunflayt drew attention to the demographic aspect: While in Europe the average fertility rate is low enough, in India for 20 years at 1 pensioner will account for 4-bodied person.

On the positive side, for example, in the Czech Republic was, in sloam Myunflayta, reducing the administrative burden, for example, registration of the company: 'Previously, this required unrepresentative set of papers. Today it can be done via the Internet. "

As a state, success in terms of reforms aimed at increasing competitiveness, Mr Myunflayt called the experience of Finland.

At the summit, said about the full implementation of the directive on services. This will use the economic potential of this sector, which creates the bulk of EU's GDP. Czech Republic as chairman of the EU drew attention to the role of small and medium enterprises for the EU internal market. Experience has shown that it can cope better with the impact of the crisis. In this case the attention of Governments to continue to focus on large international companies, despite the fact that most of the jobs created small and medium enterprises.

EC calls on European governments do not "bribe" automakers state aid - newspaper

The European Competition Commission is investigating the legality of a restructuring plan carmakers Opel and Vauxhall, proposed by a consortium of Austrian-Canadian Magna and Sberbank of Russia, called on member states to prevent the "bribery" by auto manufacturers to the state aid, wrote on Friday, the British newspaper Financial Times, citing the official statement of the Commissioner Neelie Kroes.
"We can not allow anyone to give bribes to the government to steal or to reduce other people's jobs" - Kroes told journalists on Thursday held a press conference in New York.

Also, the European Commissioner stressed that the excess state aid may cause large-scale trade war between the major corporations in Europe.

"We can not allow companies to become dependent on aid. This problem - the shortest way to trade wars and poverty," - said Kroes, adding that this development is not a way to overcome the negative impact of the global economic crisis.

In turn, Germany was confident that the European Commission would support its action against Opel and Vauxhall.

"I am confident that we will be able to convince the commission that we are acting in accordance with the EU legislation", - commented the Deputy Minister of Economy of Germany Hinttse Peter (Peter Hintze).

On the eve of the British authorities have filed a complaint with the Commission on the plan of the consortium Magna Int. and the Savings Bank on the restructuring of the European Branches and Vauxhall.

In particular, the British side expresses its grave concern about the extent planned under the restructuring program cuts at the European plants of the two automakers, but also believes that the amount of state aid granted by a consortium of government of Germany, is highly overstated.

Earlier, the trade unions of Great Britain, Spain and Belgium accused Magna and Sberbank in the illegality of the planned cuts, which they believe will be more widespread in these countries than in Germany itself. However, they express confidence that their factories more productive than plants located in Germany's Opel and Vauxhall.

Manual GM announced the sale of a controlling stake Opel consortium Magna-Savings Bank on September 10. Following the transaction, the consortium will receive 55% of the company, employees Opel - 10%, and GM reserves at its disposal 35% of the shares. According to recent data, all on the European Opel plants is expected to dismiss 10,9 thousand people, including 4,7 thousand in the UK and 4.1 thousand in Germany.

Football - is big business.

In the last decade of the sport, including football, has become a big business. This is especially noticeable in the beginning of each season, when Europe is booming around the "sale" of players. Particularly highlighted are the owners of Italian clubs. For example, before the football season 1997/1998, the purchase of new players leadership teams "A" series (the so-called national championship in Italy) had spent a total of 250 million dollars. First place in this list is occupied by Inter, who for 29 million bought the famous Ronaldo from Barcelona. However, the best football of Brazil was able to keep their high status of the "expensive" players only a few weeks. After some time for his compatriot Denilson president of Spanish club Real Betis laid out $ 37 million.
The increased world prices of players forced the world's richest club Manchester United to make significant cost. Before this season, "DOJ" bought players on the 65.8 million pounds, where there is no comparison with the figure of last season - 11.4 million. One Fabien Barthez had cost the club at 7,8 million. Had declined as the revenues of the club: instead of the 42 million he received a total of 36,6. The fact that the team has not played matches of the FA Cup, and therefore had fewer home games. And even if that sale of goods with the symbol of the club has increased and income was 2 million more than a year ago is still "MJ" earns less.
Now go to the continent. Looking at the financial reports of Spanish football clubs and the results of research conducted by Deloitte & Touche, one can notice that the debts of clubs, led by the most famous Real Madrid continue to grow. At the moment, they are already about 692 million dollars, an increase over last year at 59 million, according to report author Jose Luis Sanchez Fernandez, revenue clubs also rose by 8%, but their further growth is unlikely. The situation, of course, is not threatening, but the Spanish club must be careful in the preparation of annual budgets, as a new source of income for them are only their own websites. Best of all financial and now looks like "Real Sociedad", very effectively sell a player, thereby providing a positive balance. At the other end of the series is "Real Madrid, whose debts for the 1998/99 year amounted to 103 million dollars. According to club president Florentino Perez is now the figure is 152 million dollars. The club can easily solve these problems by selling their 4.5 players, but to suggest that the leadership of the club decides to do just that, it is premature.
There are alternative sources of income. So in Girona was inaugurated the first gas station under the name of the Catalan club Barcelona. Total planned in the coming months to build five gas stations, which will regularly bring profit to the club coffers of the club.

Football and shares

Many football clubs to release their stocks. The leaders of some English clubs in 1998, announced the placing on the London Stock Exchange of 50 million ordinary shares valued at half a pound sterling. One of these clubs Birmingham City in terms of "a football issue - 25 million pounds - now occupies one of the first places all over the UK, exactly half ahead on the aggregate value of shares Scottish Celtic and English Chelsea. It is interesting to trace the fate of the exhibited shares. First, the major shareholders, which were distributed in packets for a thousand pieces, many fans are "Birmingham". Accumulated amount of leadership of the club intends to spend on advertising team, players and raising fees urgent purchase of new players. But Birmingham City - one of the middle peasants in English football. And what of such giants as Manchester United? Representatives of this team calculated that the implementation of club paraphernalia, souvenirs, forms, etc. Last year brought a revenue of $ 8.5 million pounds. Liverpool and Newcastle United, for example, earn $ 6 million. In general, top managers of Manchester United are the most experienced not only in Britain but have no equal in world football business. That only stands alone advertising campaign to promote brand company. Its outcome was the recognition of the brand of rampant Manchester United (see chart), despite the rather modest by the standards of sports performance super clubs in European competitions.

Here is another fact. When managers have decided that in Europe the opportunity to expand sales were almost exhausted, preparations began for the new season in Malaysia and Thailand. After all, everyone knows that the market of East Asia is very profitable and it can make good money. As for the exchanges, some of the eighteen English and Scottish clubs have risked to go to the exchange, only the shares of Manchester United and Birmingham City have risen in price in six months from 644 pence to 667.5. The cost of the London Stock Exchange club Manchester United has exceeded 1 billion pounds sterling (about 1,6 billion dollars). Manchester United became the first club in the world, been able to overcome the billion mark, and also to prove that modern football is one of the most profitable businesses.
But not all clubs so lucky. Because share prices are influenced by many factors. For example, after severe trauma top scorer of the penultimate European Championship by Alan Shearer's stock price of his club Newcastle United FC on the stock exchange has fallen to 10 pence, which resulted in losses amounting to about 12 million pounds. Realizing that this leads to bankruptcy, managers of the club immediately brought to market T-shirts of famous players of his team - Woods Ferdinand and David Ginola, that replenish the treasury team for 17 million pounds.
The remaining four leading European Championships (Germany, Italy, Spain, France), this process is just beginning. Only three Italian clubs - Lazio, Udinese and Roma "- and one German, Borussia Dortmund, in the past two years, came with their shares on the exchange floor of Milan and Frankfurt. Even the president of rich germanskogo club Bayern Munich "Franz Beckenbauer still claim that strongly questioned the economic feasibility of such a step. In France and Spain, did no one club, whose shares have traded on the exchange.
But what about Russia? In late February, with CSKA Moscow, a new shareholder - the British company Blue Castle Enterprises Limited. From now on, the action of football club CSKA distributed between Macasyng Holding BV (via Blue Castle Enterprises owns 49%), Russia's Bank Eurofinance (through "ABO-Capital owns 25%) and the Ministry of Defense (26%). The size of investment in the future CSKA determine among themselves two investors - Macasyng Holding BV and Russia's Bank Eurofinance. Investors are going to attract consultants from western audit company. According to Chairman of the Board of Directors of JSC PFC CSKA now negotiating with the office of the consulting company Deloitte & Touche in the UK.
Such a big difference in the development of football business lies in the fundamental difference between the approaches to the game's number one leading football powers. For the British it is primarily a business, often to the detriment of sports results. Due to this Premiership clubs in the middle of their financial condition as clearly superior to European competitors. Financial turnover of 22 clubs in this league up to the season 1998/99 was about 972 million dollars, up 18% over the previous season.


The total surplus of Premiership clubs amounted to about $ 100 million, and only four teams from twenty-two have a slight negative balance.

Bookmakers
Much of today's football also depends on the bookmakers. Especially popular are the London bookmakers, who at the beginning of each new season offer their customers a very interesting bet. For example, in the beginning of the football year 1998, they took bets on the probability of displacement coach from their positions during the season. According to bookmaker William Hill, the most serious prospects to keep his post until next summer, has a coach Arsenal's Arsene Wenger. Ironically, despite a few losses, leaders Arsenal are not thinking about how to dismiss A. Wenger.

Eurocups provide an opportunity to earn

The biggest money swirling in the International Association of Football Federations (FIFA). Here are some examples. Each team, which won the right to speak at the World Cup in 1998, will receive from FIFA million dollars. And depending on the continued success of team, this amount will increase.
At 140 million Swiss francs rose in this season revenue from UEFA Champions League compared with the tournament - 99/2000. In this regard, the European Union of Football Association has decided to increase the bonus for participation in the League each of the 32 clubs with a half to two and a half million francs. Thus, after 9 played matches the amount received Spartak Moscow is 9.5 million francs: 2.5 million was paid for participation in the group tournament, 4,5 million - the bonuses for the 9 games played, and 2 more , 5 million - a bonus for points earned.
Due to the fact that the Moscow "Spartak" did not yield in his field to the French Lyon, Arsenal will earn 20 million pounds. British during the performances in the Champions League already received from UEFA 6,5 million, however, the successful promotion in the next round of the tournament promises big profits. Part of the funds will come from the same purse of the European soccer organization, often by advertising sponsors the team. Funds needed Londoners as anyone else. The planned construction of a new stadium, according to preliminary estimates, will cost 111.6 million pounds.
Group of companies "Itera has established a prize fund of the Commonwealth Cup - 100 thousand dollars, of which the holder of the trophy fell to 35 thousand.
Very profitable in recent years embarked on a European and World Championships. Organizers of the championships are a lot of profit. For example, the championship matches Euro-96 viewers watched 400 million, which brought $ 65 million from the sale of rights to broadcast the matches. The most interesting is that the organizers of Euro 96 limited release of a modest budget to hold the opening ceremony - only 600 thousand dollars. But this is only the European Championship.

In Eastern Europe, begins a new industrial revolution

In the wheat fields of Slovakia gathering momentum output of industry in Western Europe.

Outside the medieval town of Trnava, as far as the eye could see, stretched a forest of concrete pillars. Hundreds of trucks, picking up dust, scurry back and forth, and soar into the sky cranes.

Two years later, this huge building site will be factory "Peugeot", to produce annually 300 thousand cars to be exported to Western Europe and other countries. Its surround factories suppliers, and in the region, which already boasts the factory Sony, producing a plasma TV, you will be around 10 thousand new jobs.

Milan Yankura, director of Invest Trnava, which helped bring the French avtopromyshlennikov, promising them free land, be happy: "People are totally supported this project, they understand that they will work. The mood is very positive."

Slovakia is one of the poorest members of the European Union, where she had come on Saturday, but today it was christened "European Detroit." Here is a factory Volkswagen, annually producing 250 thousand cars, and in March of Slovakia won the tender in Poland and Hungary signed a deal with the Korean company Hyundai, which plans to build its first factory in Europe.

By 2007, Slovakia, where lives little more than 5 million people, will annually produce 850 thousand vehicles, it has become the largest producer in the world in per capita terms.

Forbes magazine recently called Slovakia "investment paradise." "Slovakia is destined to become a new Hong Kong or Ireland, a small country with economic power."

In Slovakia, there is a factory Samsung, producing printers and televisions, and the plant Whirlpool, produces washing machines and is one of the steel giants in Europe.

But it is not just about cars and not only in Slovakia. New Eastern European EU members, with their low salaries and low taxes, attract more investment than China in terms of population. In April, a commercial bank Merrill Lynch said: "It is not clear why the Japanese manufacturer of cars or American manufacturer of microchips engaged in manufacturing in Western Europe. Be prepared to care industry in Western Europe."

Not far from the Slovak capital Bratislava, the modern Volkswagen plant produces 700 vehicles daily, going for export, including - in Japan and America. This is one of the three main plants of the company, which accounts for nearly a quarter of Slovak exports.

"We are in Central Europe, which reduces transportation costs, - said Thomas Shmall, one of four directors of the plant. - People here are different indeed highly qualified. Political risk, in comparison with neighboring countries, is low. The cost of labor is one of the main advantages . Given all the factors, Slovakia goes to the first place. "

Average cost of labor factory worker in Slovakia is almost 10 times lower than in Germany or Britain. In an effort to attract new investment, Slovakia has reduced the income tax of companies and introduced a single rate of income tax at 19%. Estonia simply abolished the tax on profits.

But the leaders themselves expensive European countries are already beginning to complain. Germany's Chancellor Gerhard Schroeder recently said: "This policy does not allow governments to finance infrastructure from its own sources, and this leads to financial aid from Brussels. In the end, on the shoulders of members of the EU will form the problems that we simply can not cope."

Göran Persson, Prime Minister of Sweden, said of the new EU members: "If they think we are taxed Sweden, Finland and Denmark to send money to Eastern Europe, where the rich do not pay taxes, then it is unacceptable."

But Shmall said: "Our opponents are not in Europe, and beyond. That which does not make Europe, making China".

Page No

In the wheat fields of Slovakia gathering momentum output of industry in Western Europe.

Outside the medieval town of Trnava, as far as the eye could see, stretched a forest of concrete pillars. Hundreds of trucks, picking up dust, scurry back and forth, and soar into the sky cranes.

Two years later, this huge building site will be factory "Peugeot", to produce annually 300 thousand cars to be exported to Western Europe and other countries. Its surround factories suppliers, and in the region, which already boasts the factory Sony, producing a plasma TV, you will be around 10 thousand new jobs.

Milan Yankura, director of Invest Trnava, which helped bring the French avtopromyshlennikov, promising them free land, be happy: "People are totally supported this project, they understand that they will work. The mood is very positive."

Slovakia is one of the poorest members of the European Union, where she had come on Saturday, but today it was christened "European Detroit." Here is a factory Volkswagen, annually producing 250 thousand cars, and in March of Slovakia won the tender in Poland and Hungary signed a deal with the Korean company Hyundai, which plans to build its first factory in Europe.

By 2007, Slovakia, where lives little more than 5 million people, will annually produce 850 thousand vehicles, it has become the largest producer in the world in per capita terms.

Forbes magazine recently called Slovakia "investment paradise." "Slovakia is destined to become a new Hong Kong or Ireland, a small country with economic power."

In Slovakia, there is a factory Samsung, producing printers and televisions, and the plant Whirlpool, produces washing machines and is one of the steel giants in Europe.

But it is not just about cars and not only in Slovakia. New Eastern European EU members, with their low salaries and low taxes, attract more investment than China in terms of population. In April, a commercial bank Merrill Lynch said: "It is not clear why the Japanese manufacturer of cars or American manufacturer of microchips engaged in manufacturing in Western Europe. Be prepared to care industry in Western Europe."

Not far from the Slovak capital Bratislava, the modern Volkswagen plant produces 700 vehicles daily, going for export, including - in Japan and America. This is one of the three main plants of the company, which accounts for nearly a quarter of Slovak exports.

"We are in Central Europe, which reduces transportation costs, - said Thomas Shmall, one of four directors of the plant. - People here are different indeed highly qualified. Political risk, in comparison with neighboring countries, is low. The cost of labor is one of the main advantages . Given all the factors, Slovakia goes to the first place. "

Average cost of labor factory worker in Slovakia is almost 10 times lower than in Germany or Britain. In an effort to attract new investment, Slovakia has reduced the income tax of companies and introduced a single rate of income tax at 19%. Estonia simply abolished the tax on profits.

But the leaders themselves expensive European countries are already beginning to complain. Germany's Chancellor Gerhard Schroeder recently said: "This policy does not allow governments to finance infrastructure from its own sources, and this leads to financial aid from Brussels. In the end, on the shoulders of members of the EU will form the problems that we simply can not cope."

Göran Persson, Prime Mini Page etsii Swe, said of the new EU members: "If they think we are taxed Sweden, Finland and Denmark to send money to Eastern Europe, where the rich do not pay taxes, then it is unacceptable."

But Shmall said: "Our opponents are not in Europe, and beyond. That which does not make Europe, making China".

In the wheat fields of Slovakia gathering momentum output of industry in Western Europe.

Outside the medieval town of Trnava, as far as the eye could see, stretched a forest of concrete pillars. Hundreds of trucks, picking up dust, scurry back and forth, and soar into the sky cranes.

Two years later, this huge building site will be factory "Peugeot", to produce annually 300 thousand cars to be exported to Western Europe and other countries. Its surround factories suppliers, and in the region, which already boasts the factory Sony, producing a plasma TV, you will be around 10 thousand new jobs.

Milan Yankura, director of Invest Trnava, which helped bring the French avtopromyshlennikov, promising them free land, be happy: "People are totally supported this project, they understand that they will work. The mood is very positive."

Slovakia is one of the poorest members of the European Union, where she had come on Saturday, but today it was christened "European Detroit." Here is a factory Volkswagen, annually producing 250 thousand cars, and in March of Slovakia won the tender in Poland and Hungary signed a deal with the Korean company Hyundai, which plans to build its first factory in Europe.

By 2007, Slovakia, where lives little more than 5 million people, will annually produce 850 thousand vehicles, it has become the largest producer in the world in per capita terms.

Forbes magazine recently called Slovakia "investment paradise." "Slovakia is destined to become a new Hong Kong or Ireland, a small country with economic power."

In Slovakia, there is a factory Samsung, producing printers and televisions, and the plant Whirlpool, produces washing machines and is one of the steel giants in Europe.

But it is not just about cars and not only in Slovakia. New Eastern European EU members, with their low salaries and low taxes, attract more investment than China in terms of population. In April, a commercial bank Merrill Lynch said: "It is not clear why the Japanese manufacturer of cars or American manufacturer of microchips engaged in manufacturing in Western Europe. Be prepared to care industry in Western Europe."

Not far from the Slovak capital Bratislava, the modern Volkswagen plant produces 700 vehicles daily, going for export, including - in Japan and America. This is one of the three main plants of the company, which accounts for nearly a quarter of Slovak exports.

"We are in Central Europe, which reduces transportation costs, - said Thomas Shmall, one of four directors of the plant. - People here are different indeed highly qualified. Political risk, in comparison with neighboring countries, is low. The cost of labor is one of the main advantages . Given all the factors, Slovakia goes to the first place. "

Average cost of labor factory worker in Slovakia is almost 10 times lower than in Germany or Britain. In an effort to attract new investment, Slovakia has reduced the income tax of companies and introduced a single rate of income tax at 19%. Estonia simply abolished the tax on profits.

But the leaders themselves expensive European countries are already beginning to complain. Germany's Chancellor Gerhard Schroeder recently said: "This policy does not allow governments to finance infrastructure from its own sources, and this leads to financial aid from Brussels. In the end, on the shoulders of members of the EU will form the problems that we simply can not cope."

Göran Persson, Prime Mini Page etsii Swe, said of the new EU members: "If they think we are taxed Sweden, Finland and Denmark to send money to Eastern Europe, where the rich do not pay taxes, then it is unacceptable."

But Shmall said: "Our opponents are not in Europe, and beyond. That which does not make Europe, making China".

In the wheat fields of Slovakia gathering momentum output of industry in Western Europe.

Outside the medieval town of Trnava, as far as the eye could see, stretched a forest of concrete pillars. Hundreds of trucks, picking up dust, scurry back and forth, and soar into the sky cranes.

Two years later, this huge building site will be factory "Peugeot", to produce annually 300 thousand cars to be exported to Western Europe and other countries. Its surround factories suppliers, and in the region, which already boasts the factory Sony, producing a plasma TV, you will be around 10 thousand new jobs.

Milan Yankura, director of Invest Trnava, which helped bring the French avtopromyshlennikov, promising them free land, be happy: "People are totally supported this project, they understand that they will work. The mood is very positive."

Slovakia is one of the poorest members of the European Union, where she had come on Saturday, but today it was christened "European Detroit." Here is a factory Volkswagen, annually producing 250 thousand cars, and in March of Slovakia won the tender in Poland and Hungary signed a deal with the Korean company Hyundai, which plans to build its first factory in Europe.

By 2007, Slovakia, where lives little more than 5 million people, will annually produce 850 thousand vehicles, it has become the largest producer in the world in per capita terms.

Forbes magazine recently called Slovakia "investment paradise." "Slovakia is destined to become a new Hong Kong or Ireland, a small country with economic power."

In Slovakia, there is a factory Samsung, producing printers and televisions, and the plant Whirlpool, produces washing machines and is one of the steel giants in Europe.

But it is not just about cars and not only in Slovakia. New Eastern European EU members, with their low salaries and low taxes, attract more investment than China in terms of population. In April, a commercial bank Merrill Lynch said: "It is not clear why the Japanese manufacturer of cars or American manufacturer of microchips engaged in manufacturing in Western Europe. Be prepared to care industry in Western Europe."

Not far from the Slovak capital Bratislava, the modern Volkswagen plant produces 700 vehicles daily, going for export, including - in Japan and America. This is one of the three main plants of the company, which accounts for nearly a quarter of Slovak exports.

"We are in Central Europe, which reduces transportation costs, - said Thomas Shmall, one of four directors of the plant. - People here are different indeed highly qualified. Political risk, in comparison with neighboring countries, is low. The cost of labor is one of the main advantages . Given all the factors, Slovakia goes to the first place. "

Average cost of labor factory worker in Slovakia is almost 10 times lower than in Germany or Britain. In an effort to attract new investment, Slovakia has reduced the income tax of companies and introduced a single rate of income tax at 19%. Estonia simply abolished the tax on profits.

But the leaders themselves expensive European countries are already beginning to complain. Germany's Chancellor Gerhard Schroeder recently said: "This policy does not allow governments to finance infrastructure from its own sources, and this leads to financial aid from Brussels. In the end, on the shoulders of members of the EU will form the problems that we simply can not cope."

Göran Persson, Prime Mini Page etsii Swe, said of the new EU members: "If they think we are taxed Sweden, Finland and Denmark to send money to Eastern Europe, where the rich do not pay taxes, then it is unacceptable."

But Shmall said: "Our opponents are not in Europe, and beyond. That which does not make Europe, making China".