Member countries of the oil exporting countries have lost about 700 billion dollars because of falling oil prices, said in an interview the organization’s president Chakib Kelly, cited by the BBC.
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World Bank plans to provide USD 100 billion dollars in the form of aid to developing countries since some of the poorest countries face a serious test for the global financial crisis, says Financial Times. During the international meeting this weekend of President Robert institution Zelik said it would be a historic mistake to ignore the interests of the developing world.
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U.S. shares rose more expensive, thus their weekly growth rose by the largest since 1974 after JPMorgan Chase acted to deal with problematic mortgages, interbank interest rates decreased and the profits of companies outside the financial sector grew four times faster than in the previous quarter.
Direct losses in the global economy as a result of this financial crisis will reach 2.8 trillion dollars, says the “Stabilization report of the Bank af Ingland. The financial institution twice increased its estimate of the amount of losses compared to its assessment, made in May.
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Futures of light crude oil with delivery in November closed at a level of 64.15 dollars for a barrel today in New York Exchange registered a fall of 3.69 dollars or 5.4 percent.
For the week “black gold” lost 11.1 percent of its value.
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After U.S. shares opened higher, optimism left the market and currently the main U.S. indexes are in negative territory.
After opening with over 2 percent growth at a level of 8 692 points, Dow Jones index fell by over 250 points and when compared with 1.19 percent. Last benchmark was 8 418 points.
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On increasing scholarships around the world last week, not past and the Bulgarian Stock Exchange, sending the index value SOFIX spotlight at its lowest since June 2005 and after. Lack of company’s domestic market to increase as a favorite for the week, led us to look to turn the U.S. market, which is an important barometer of investor behavior in recent weeks.
Officials of Russia and Venezuela reached an agreement to increase cooperation in oil and gas industry, announced AP.
Presidents of Russia and Venezuela Ugo Chaves and have Dmitry Medvedev attended the signing of deals between state energy companies.
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The European Commission gave permission for the purchase of Chrysler, the American division of DaimlerChrysler, the investment fund Cerberus, Reuters reported.
The deal was approved under unusual conditions for such operations, namely - not received any objection to a customer or competitor of the company.
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The fourth largest U.S. investment bank - Lehman Brothers applied for a declaration of bankruptcy, reported Bloomberg. Thus the bank, which exists in 158 years, wound up and notes the largest bank failure in the U.S. since its debts amount to 613 billion dollars.
The two potential buyers for strapped bank have withdrawn from talks to save the institution that is another victim of credit crisis in the U.S.. Of the negotiations originally issued British bank Barclays, which was a major candidate to acquire Lehman Brothers, but was refused because of lack of opportunity to obtain guarantees from the government or from other major players on Wall Street, against losses from impaired assets to Lehman. Subsequently, about three hours later, the talks went and Bank of America, which announced that it will acquire Merill Lynch.
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