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The Czech Central Bank Slashes Rates As Manufacturing Contracts And Exports Wane

Manuel Alvarez-Rivera (November 6th, 2008) Writes:
The Czech central bank slashed its benchmark interest rate more than expected this morning as a growing credit crunch slows down borrowing and a decline in external demand hits exports and industrial output. Manufacturing output in the Czech Republic contracted for the seventh month in a row in October, and the purchasing managers index (PMI) hit an all-time low of 41.2, just above the revised euro zone figure of 41.1, giving us some idea of just how interconnected Czech and Eurozone activity are. Sharp Rate Reduction The Prague-based Ceska Narodni Banka reduced the two-week repurchase rate by three-quarters of a percentage point to 2.75 percent, its lowest level since June 2007. The size of the cut is the largest since at least 2004. The koruna fell to 24.953 per euro immediately after the decision, and this was its lowest level since Oct. 27. It was trading ...

Hungarian Industry Takes A Pounding As The Global Storm Clouds Gather

Manuel Alvarez-Rivera (November 6th, 2008) Writes:
Hungarian manufacturing continued to contract in October following a shocking performance in September, while exports drop sharply in the midst of a looming global manufacturing recession. All of which indicates that the real economy impacts of the recent financial turbulence is now about to make its presence felt. I think we are in for a real shocker in Hungary. October PMI Down Hungary's manufacturing industry contracted sharply in October, according to the latest PMI reading, which fell 5.2 points to hit 44.7 in October - a historic low, and 0.8 points below the previous worst reading registered in October 1998, according to the latest data from the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM). Sharp Industrial Output Contraction In September Hungarian industrial production dropped the most in more than 16 years in September as the global financial crisis hit the economy and slowing growth in western Europe curbed demand for exports. Production ...

Russia’s Testing of Obama Begins

Robert Amsterdam (November 5th, 2008) Writes:
[The following analysis arrived today in my mailbox from a frequent reader, well known to us for his acerbic wit. As usual, he wishes to remain anonymous, but it seemed that this one was worth sharing. - Editor] medved110508.jpgIn his "state of the federation" speech, Medvedev hurled out a clear challenge to the new American administration: Russia will prepare a full retaliation if plans go forward to build anti-ballistic missile shield sites in Poland and the Czech Republic, beginning with the deployment of missiles in the Kaliningrad exclave. This is a clear message that Russia has no intention of backing off on the aggressive foreign policy positions it has adopted in recent months, and that there is nothing on the negotiating table for discussion with the new American administration. Take it or leave it. Or, perhaps, ...

Manufacturing Falls Off A Cliff And Unemployment Goes Through The Roof In Spain, As Global Manufacturing Plummets

Edward Hugh (November 4th, 2008) Writes:
by Edward Hugh: BarcelonaSpain's manufacturing sector continued to shrink at a record pace in October, with both output and new orders contracting and employers shedding jobs at a near record pace, according to the latest Markit Economics Purchasing Managers Index published yesterday (Monday). The Markit PMI for Spain dropped to 34.6 in October, the lowest reading registered by any eurozone economy since the series began in February 1998 and down from the already rapid 38.3 point contraction in September. On the PMI system any figure below 50.0 shows contraction while figures over 50.0 show growth. As we can see, according to this indicator Spanish manufacturing has now been weakening steadily since the start of 2006.Manufacturers reduced their workforce as production requirements fell, with staffing levels declining at the steepest pace in the survey's history. The ...

French Manufacturing Contracts At Record Pace In October

Manuel Alvarez-Rivera (November 4th, 2008) Writes:
The French manufacturing purchasing managers index was revised down to a series low 40.6 in October, down from both the 'flash' estimate of 40.8 and September's 43.0 figure, Markit Economics said in a press release issued on Monday.Disaggregating the figures, the output component fell to an all-time low of 37.8 from September's 41.7 level, while new orders slipped all the way to a series low of 34.9 for the month, down 2.6 points from September's 37.5 level. Purchase quantities and new export orders also saw some new record lows in October, falling to 33.7 and 38.5 respectively.Panelists widely reported that a weak economic climate, poor business confidence and slowing consumer spending had taken their toll on demand, with incoming new orders falling at the fastest pace registered by the survey to date in October. Weakness was ...

German Manufacturing Contracts Sharply In October

Edward Hugh (November 4th, 2008) Writes:
Germany's manufacturing sector contracted in October at the fastest pace in seven years as incoming orders and output experienced their sharpest declines in more than 12 years. The headline index in the Markit Purchasing Managers Index (PMI) for Europe's biggest economy fell in October to 42.9 from 47.4 the previous month, well below the 50 mark that separates growth from contraction.

The latest figure was the worst since the month following the Sept. 11, 2001 attacks in the United States, and also below the flash PMI reading for October of 43.3.

"The data underlined the considerable extent to which the global financial crisis has affected German manufacturing, with output and new orders both falling at the steepest rates since the survey began in April 1996," Markit said. "The investment goods sector was particularly hard hit in October, as difficult

...

Lustration and the Politics of Memory in Russia

Robert Amsterdam (October 31st, 2008) Writes:
purge_art103108.jpgOn Thursday, Oct. 30, the Russian human rights group Memorial held a ceremony in front of the former KGB offices on Lubyanskaya Ploshchad to commemorate the Day of Victims of Political Repressions, reading off a list of about 30,000 victims of Joseph Stalin's purges (this number only represents victims from Moscow in just 1938). Just a day earlier, the Canadian government stripped Helmut Oberlander of his citizenship, preparing to deport the 84-year-old alleged Nazi war criminal for his participation in mobile death squads. Last week, the intrepid Spanish judge Baltasar Garzon announced an investigation into the murders of more than 100,000 people by the dictatorship of General Francisco Franco. Throughout the month of October at the International Criminal Court in the Hague, a historic war crimes trial against the Congolese militia leader Thomas Lubanga stopped ...

Robert Gates, Missile Defense, and the Russian Nuclear Weapon Leak

Robert Amsterdam (October 31st, 2008) Writes:
robertgates103108.jpgDefense Secretary Robert Gates made some pretty interesting comments a couple days ago during a speech at the Carnegie Endowment for International Peace. With regard to the proposed anti-ballistic missile shield in Poland and the Czech Republic, Secretary Gates commented that Russia's military appeared to understand and accept that the system would not be aimed at deterring from Russia, but politically, the leadership decided to make issue of it. He also said the argument that 10 interceptors could put the Russian arsenal in jeopardy "is laughable on its face." Coincidentally, today Russia denied that it has been slowing cutting down oil exports to the Czech Republic as punishment for hosting the missile system.

Auto-Loan Companies (ACF, UPFC, CPSS) Stare Into The Abyss

Andrew Snyder (October 29th, 2008) Writes:

It’s becoming clear that subprime lending wasn’t limited to the housing market. Companies in the auto-loan business are battling hard to keep their heads above water. Andrew Snyder says small firms like AmeriCredit (NYSE:ACF), United PanAm (NASDAQ:UPFC) and Consumer Portfolio Services (NASDAQ:CPSS) will struggle to survive.

This from Today’s Financial News:

If you thought lending in the home-mortgage lending industry was tight, you will be shocked by the woes in the auto-lending world. This subprime debacle is destroying one company after the other.

Just this morning, GMAC (NYSE:GJM) announced it has stopped issuing car loans in seven European countries. October 31 will be the last day for folks from Finland, Norway, Greece, the

...

Auto-Loan Companies (ACF, UPFC, CPSS) Stare Into The Abyss

Andrew Snyder (October 29th, 2008) Writes:

It’s becoming clear that subprime lending wasn’t limited to the housing market. Companies in the auto-loan business are battling hard to keep their heads above water. Andrew Snyder says small firms like AmeriCredit (NYSE:ACF), United PanAm (NASDAQ:UPFC) and Consumer Portfolio Services (NASDAQ:CPSS) will struggle to survive.

This from Today’s Financial News:

If you thought lending in the home-mortgage lending industry was tight, you will be shocked by the woes in the auto-lending world. This subprime debacle is destroying one company after the other.

Just this morning, GMAC (NYSE:GJM) announced it has stopped issuing car loans in seven European countries. October 31 will be the last day for folks from Finland, Norway, Greece, the

...

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