Mexican Economic Growth Down 6.8% in Year 2009
Economy January 18th, 2010
Mexico’s record of economic growth to shrinking 6.8 percent in 2009. Results are the worst economic achievement for Mexico in the last 30 years.
It was announced by the Ministry of Finance of Mexico as reported by the Associated Press (AP), Saturday (30/1/2010).
“The decline of Gross Domestic Product (GDP) is due to the weakening currency and 6.2 percent of the debt crisis since 1995″ says the report.
Based on these reports, in the fourth quarter of 2009 has been improved with an increase of 1.2 percent compared with the third quarter. Although the level of economic output is 3 percent lower than the same period in 2008. However, it is the second quarter in a row in which GDP growth in the economy rose 2.9 percent in the third quarter. Previously, recorded a decrease to 10.3 percent in the second quarter.
The government originally estimated it would be full of the Mexican economy contracted in 2009 to approximately 7 percent. This year, the Ministry of Finance expects Mexico’s GDP can grow approximately 3 percent.
“Evolution recently showed the probability of economic growth may be greater than the predictions of a lot” he added.
Meanwhile, recorded as many as 181,271 people lost their jobs who are registered officially in 2009 and approximately 107 million Mexican citizens working in the informal sector
China World’s Largest Automotive Market
Economy January 15th, 2010
China automobile industry during 2009 was capable of surpassing the United States (U.S.). Panda and the country is now successfully become a leader of the world automotive industry.
Automobile industry in China had climbed well above the three-digit U.S.. And sale of almost all brands of motor vehicles in the country has increased.
Toyota China, as quoted from Insideline, Saturday (9/1/2010) reported, sales for 2009 rose 121 percent to 709 thousand units of vehicles with RAV4, Highlander, and the Corolla as the best-selling.
Duo South Korea, Hyundai and Kia are also experiencing increased sales by 85.9 percent from the previous sales reached 811,695 units.
The same thing also experienced General Motors (GM). GM in China experienced the highest progress throughout the world with record sales of 1.83 million units in 2009. This means that any market share jumped to 13.4 percent.
According to automotive research center of the world, U.S. vehicle sales fell by 21 percent to 10.4 million units last year. While in China in the first 11 months of 2009 has reached sales of 12 million units with an increase of 42 percent.
“China will be confirmed as the largest car market in the world for the first time,” said the representative of China Association of Automobile Manufacturers, Zhu Yiping.
Industry analysts estimate, sales of cars in China this year will again grow approximately 10 percent or 15 million range in the vehicle unit. This could happen due to the application of incentives, taxes, and established new subsidies their government.
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No Comments U.S protests Japan over Car Incentives
Economy January 15th, 2010
Japan received protests from members of Parliament protested the United States (U.S.) as judged unfairly subsidizing the program to run a car purchase.
Members of Parliament had also urged U.S. President Barack Obama reported Japanese automobile manufacturers to the World Trade Organization (WTO). They argued that Japan does not support and do not discriminate because it gave subsidies to trade up program of U.S. cars sold in Japan. “We can not sit still because we are doing this in accordance aturan.Produsen Japan could also participate to this program,” said a member of the Senate from Ohio Democrat Betty Sutton told reporters yesterday.
He added that the U.S. Trade Representative’s time to immediately begin discussions with the Government of Japan to identify and correct violations of Japan’s trade obligations. “If the talks fail, the U.S. must submit a formal complaint at the WTO,” he said. Trade-in program known as cash for clunkers in the U.S. have ended in late August last year with satisfactory results. Sutton previously received a letter on December 17 of the U.S. Trade Representative Ron Kirk, who said that the U.S. is concerned see a drop in vehicle sales in Japan in recent months.
He urged Tokyo to allow American cars to qualify for fleet renewal program. “We will continue to press Japan on this point, especially the possibility that Japan may extend the program beyond the purchase incentive program on March 31, 2010,” said Kirk. Speaker of the U.S. Trade Representative Nefeterius McPherson said, Japan has agreed to talks with the U.S. about the concerns raised U.S. Senate. “We hope to find a way forward through these discussions.
Our position remains that the changes needed to provide greater opportunities for U.S. vehicles qualify under the Japanese program, “said McPherson. Complaints against the Japanese Government policies had also conveyed that U.S. automakers Ford Motor Co., General Motors Corp., and Chrysler to Ron Kirk in a letter in December. In the letter mentioned that the Japanese government incentive programs effectively have barred U.S. companies participating in the program along with the car sales incentive.
Instead cash for clunkers program in the United States is open to all car manufacturers who do business in Uncle Sam’s country. The result, sales of Japanese cars and other Asian in the U.S. managed to outperform the U.S. manufacturer for Japanese cars and is known to be energy efficient options Americans. The cars made in Japan in the United States contributes nearly half of the total sales of 677,842 units. Subsidy program to prospective car buyers to absorb the total budget of $ 3 billion. “It’s not known whether it will continue the program this year or not.
tu still too early, I think it was an open question, “said Sutton. As reported earlier, U.S. auto sales in general in December rose 15.1 percent to 1.03 million units. Japanese producer Toyota Motor Corp. recorded a sales increase of 32 percent over the same month in 2008. Meanwhile, the U.S. automotive giant General Motors (GM) has decreased 6 percent in December.
Other producers, Chrysler LLC, also suffered a similar fate with GM. Chrysler sales in December fell 4 percent, bringing the total sales in 2009 fell 36 percent. While Ford Motor Co. rose 33 percent, but during 2009 fell 15.4 percent to 1.7 units of vehicles.
RI & Australia Support EAS Finance Minister Meeting
Finance January 12th, 2010
Finance Minister Sri Mulyani Indrawati and the Treasure of the Commenwealth of Australian Hon Wayne Swan welcomed the statement of the East Asia Summit (EAS) fourth in Hua Hin, about the need for organized EAS Finance Minister Meeting in a timely manner.
Both the Minister suggested that the meeting was held before the five-year EAS 2010 and proposing the implementation of the G20 and G20 Outreach initiatives as the main agenda.
This was revealed in a written statement received by reporters, in Indonesia and Australia show: Good Neighbors and Global Partners, in Building Djuanda 1 Department of Finance, Jakarta, Tuesday (10/11/2009).
In addition, the two ministers also acknowledged an important role in improving the integration of APEC economies and APEC’s potential in supporting the G20 framework of strong, sustainable and balanced growth.
In particular, both agreed that the meeting of APEC finance ministers to come to conduct extensive dialogue which includes issues of fiscal sustainability, raising the momentum of structural reform, support for capital market development, as well as efforts to meet the challenges of infrastructure in the APEC region and the trade financing needs.
Meanwhile, the two ministers mencata that Australia and Indonesia is currently considering the feasibility of a free trade agreement (Free Trade Agreement / FTA) between the two countries.
Both Ministers agreed that a comprehensive FTA or a comprehensive built with strong foundations in the Asean-Australia New Zealand Free Trade Agreement (AANZFTA) can be an opportunity to deepen the economic partnership of Indonesia and Australia.
For information, these bilateral meetings have been commenced at 14.00 pm and is closed. Present a number of preachers looked good at home and abroad that cover the event
Loan Portfolio Grows BCA 49.5%
Portfolio January 8th, 2010
BCA loan portfolio grew 49.5 per cent of the total portfolio of loans PT Bank Central Asia Tbk (BBCA) in the first half of 2008 grew by 49.5 percent or to Rp95, 6 trillion, compared to the previous year which only Rp63, 9 trillion.
“This increase is not free from pressure credit quality controlled,” said President Director of BCA DE Setijoso during the first semester of exposure to the performance-2008 at Wisma BCA, Sudirman, Thursday (24/7/2008).
Growth was supported by encouraging corporate credit grew by 64.5 percent, from previous Rp24, 9 trillion in the first half of 2007 to Rp40, 9 trillion. The high increase in corporate loans was supported by strong demand in the telecommunications sector credit, plantation, agriculture and mining.
As for the commercial credit portfolio Small and Micro Enterprises (SMEs) increased from Rp28, 1 trillion in the first half of 2007
to Rp37, 4 trillion in the first half of 2008. Not to forget, consumer credit also grew 55.9 percent, from Rp 11.1 trillion to Rp17, 3 trillion.
In this consumer sector, supported by increased financing mortgage (mortgage) which increased by 47.5 percent to Rp9, 4 trillion. Motor vehicle credit (PPP) was also increased by 95.4 percent to Rp 5, 8 trillion.
