Kontan Online: August 2009

Kennedy: The Fighter of The Poor and Marginalized

United States President Barack Obama delivered a word of praise for Senator Edward Kennedy, Saturday (29 / 8) local time, as the fighter of the poor and marginalized, not broken by the tragedy that tore mercilessly for his political clan.

In a quiet and touching speech at Kennedy's funeral, Obama called Kennedy, who died Tuesday at age 77 years, as the "Happy Knight" who "managed to overcome the pain and tragedy that most of us know."

The Senator from Massachusetts, the last of three brothers who experienced the tragic and bitter politics, a "fighter for those who do not have the right; the soul of the Democratic Party, and the lion the U.S. Senate," Obama said.

He delivered speech to visitors who mourn in the Roman Catholic church in Boston in front of Vicki, Kennedy's widow, the relatives of the Kennedy dynasty, and former President Jimmy Carter, Bill Clinton and George W. Bush.

Oil Price Rises to Near US$ 73/Barrel

The price of crude oil in the world's major markets continue to strengthen to near US$ 73/barrel. Through the exchange of electronic transactions in NYMEX, New York, Bangkok time Friday afternoon, the price of light sweet crude for October contract rose 38 cents to US$ 72.89 per barrel.

In the previous transaction, the price of oil rose US$ 1.06 to US$ 72.49 / barrel, even at the beginning of the week could approach US$ 75/barel. While in London ICE exchange, the price of Brent oil rose 17 cents to US$ 72.50 / barrel.

According to analysts, the rising oil price is triggered by the decline in the dollar exchange rate in the last few days. However, the increase is predicted difficult to continue, at least until early next week, given the decline in natural gas prices in the US to the lowest level in seven years

84 Banks Have Been Closed In The US

Until the third week in August 2009, the banking authority of the United States (U.S.) has closed 84 banks in trouble due to financial crisis.

Affinity Bank of Ventura in California Friday, August 28 became the 84th bank closed by U.S. banking authorities following the failure of banking functions.

According to The Federal Deposit Insurance Corporation (FDIC), affinity, which only has 10 branches, has assets of $1 billion and USD922 million others in the form of fixed-deposits.

The fixed-deposits will be taken over by Pacific Western Bank of San Diego. "Former Affinity branches in San Francisco and San Mateo as well as several other branches will be opened again on Monday next week operated by Pacific Western Bank," FDIC said.

FDIC estimates, the budget issued due to Affinity Bank bankruptcy could reach USD254 million. In addition to Affinity Bank, other banks in the U.S. that were closed at the same time is Bradford Bank in Maryland and Mainstreet Bank in Minnesota.

Business Perception Rises In Germany

Business perception among German companies for the fifth consecutive year has the highest increase in this August.

These data raise the hope of recovery in the country with the largest economy in Europe. Ifo institute's business survey yesterday said business sentiment in Germany in August rises to 90.5 points from 87.3 points in the previous month.This result is quite surprising given the predictions of analysts surveyed by Dow Jones Newswires estimated a smaller number, only 88.8 points.

Wall Street Closed Higher

Wall Street managed to close higher, as home sales data and durable consumer goods have good performance. The Dow Jones Index gained for seven days and re-record a new highest level this year. All three major indices closed positive even recording minimal gains, the trade Wednesday (26/8/2009) local time.

Oil Price Fell

Crude oil price has been stressed back to the range of USD71 level per barrel in trading Wednesday (26/8/2009) local time, along with the United States government reports (U.S.) on the increasing amount of supply last week. This is considered as a sign of weakening demand.

As quoted by Reuters on Thursday (27/8/2009), the reference price of oil for october delivery contract fell 62 cents to as low as US$ 71, 43 per barrel in the New York Mercantile Exchange (NYMEX) trading. While in London, the price of Brent crude fell 17 cents to US$ 71, 65 per barrel.

Swine Flu Endangered in the U.S.

Science adviser to President Barack Obama mentioned in his report, swine flu outbreak could kill 90,000 people in the United States.

Half of the total U.S. population is also threatened virus A (H1N1) during spring and winter of this year.

Epidemic influenza A (H1N1), "The number of infected people could rise 30 to 50 percent of the U.S. population this winter. In addition, infected showing symptoms rose from 20 to 40 percent or 60 to 120 million Americans. Of this amount, a half more have to get medical treatment, "written in a report quoted by the AFP, Tuesday

Etihad Airways and American Airlines Make Agreement

The airline of the United Arab Emirates (UEA) Eti-had Airways and American Airlines agreed rules and cooperation on code flight.

Etihad press release, Friday (21 / 8), said, in the cooperation Etihad will place code EY on some Trans Atlantic flight routes operated by airlines of the United States between Europe and the U.S., and in some optional routes operated American Airlines.

Meanwhile, American Airlines will use the code AA on the route operated Etihad Airways between Abu Dhabi and New York, Chicago, Paris, Dublin, Frankfurt, Manchester and Milan.

This new code flight will take a positive effect this week and coincides with the launch of the Etihad Air-ways flight route to Chicago, USA on 2 September 2009.

The agreement will also expand the possibilities for both airlines in providing easy access between Abu Dhabi and major cities in the United States including Washington, Los Angeles, San Francisco, and Houston.

Etihad currently flies to two destinations of North America, namely New York and Toronto, Canada. Meanwhile, American Airlines flies Trans Atlanticroutes from New York to Barcelona, Brussels, Milan, London, Paris, Rome, and Zurich

China Banking Regulatory Commission (CBRC) has submitted a draft of rule changes

China's government plans to tighten the capital of banking to reduce the liquidity of credit contributing to 60% rally in the capital market.

China Banking Regulatory Commission (CBRC) has submitted a draft of rule changes to the banking on 19 August 2009. The banking is asked to give a response until 25 August.

As a result of this policy, bank may reduce credit or release stocks to raise the minimum capital adequacy ratio to be 12%.

China's stock exchanges have bearish this weekend, in the middle of the government's efforts to reduce the credit that now exceed U.S. $ 1 trillion in the first semester.

Hang Seng Index in Hong Kong down 0.6% at 1600 local time after rising 0.5%. The Shanghai Composite Index rose 1.7%,and closed at 2.960.77 position.

Chinese bankings have sold 236.7 billion yuan (U.S. $ 34.6 billion) on the subordinate bonds this year, or nearly three times to the number of published in 2008.

Microsoft, Yahoo, and Amazon against Google

Three leading technology companies make a joint-effort to fight against Google that is going to create a biggest virtual library in the world. Amazon, Microsoft, and Yahoo will sign an Open Book Alliance pioneered by the Internet Archive.

They oppose provisions of law that can make Google as the main source in most online activities. "Google attempts to make a library-system-monopoly," said the founder of Internet Archive, Brewster Kahle, to BBC News television station , Friday 21 August 2009.

Top 100 World's Most Powerful Women

Below is the list of The Top 100 World's Most Powerful Women According to Forbes.

Rank Name Occupation Country

1 Angela Merkel Chancellor Germany

2 Sheila Bair Chairman, Federal Deposit Insurance Corp. U.S.

3 Indra Nooyi Chief executive, PepsiCo U.S.

4 Cynthia Carroll Chief executive, Anglo American U.K.

5 Ho Ching Chief executive, Temasek Singapore

6 Irene Rosenfeld Chief executive, Kraft Foods U.S.

7 Ellen Kullman Chief executive, DuPont U.S.

8 Angela Braly Chief executive, WellPoint U.S.

9 Anne Lauvergeon Chief executive, Areva France

10 Lynn Elsenhans Chief executive, Sunoco U.S.

11 Cristina Fernandez President Argentina

12 Carol Bartz Chief executive, Yahoo U.S.

13 Sonia Gandhi President, Indian National Congress Party India

14 Ursula Burns Chief executive, Xerox Corp. U.S.

15 Anne Mulcahy Chairman, Xerox Corp. U.S.

16 Safra Catz President, Oracle U.S.

17 Christine Lagarde Minister of Economy, Finance & Employment France

18 Gail Kelly Chief executive, Westpac Australia

19 Marjorie Scardino Chief executive, Pearson Plc. U.K.

20 Chanda Kochhar Chief executive, ICICI Bank India

21 Mary Sammons Chief executive, Rite Aid Corp. U.S.

22 Michelle Bachelet President Chile

23 Paula Reynolds Chief restructuring officer, AIG U.S.

24 Carol Meyrowitz Chief executive, TJX Companies U.S.

25 Andrea Jung Chief executive, Avon U.S.

26 Patricia Woertz Chief executive, Archer Daniels Midland U.S.

27 Guler Sabanci Chairman, Sabanci Holding Turkey

28 Barbara Desoer President, Bank of America Mortgage, Home Equity, & Insurance U.S.

29 Brenda Barnes Chief executive, Sara Lee Corp. U.S.

30 Risa Lavizzo-Mourey Chief executive, The Robert Wood Johnson Foundation U.S.

31 Ann Livermore Executive vice president, Hewlett-Packard U.S.

32 Cathie Lesjak Executive vice president, Hewlett-Packard U.S.

33 Marina Berlusconi Chairman, Fininvest Group Italy

34 Melinda Gates Co-chairman, Bill & Melinda Gates Foundation U.S.

35 Nancy Pelosi Speaker of the House, House of Representatives U.S.

36 Hillary Rodham Clinton Secretary of State U.S.

37 Jane Mendillo Chief executive, Harvard Management Co. U.S.

38 Margaret Chan Director-general, World Health Org. Switzerland

39 Susan Chambers Executive vice president, Global People Division, Wal-Mart Stores U.S.

40 Michelle Obama First Lady U.S.

41 Oprah Winfrey Chairman, Harpo U.S.

42 Queen Elizabeth II Queen U.K.

43 Nancy McKinstry Chief executive, Wolters Kluwer Netherlands

44 Gloria Arroyo President Philippines

45 Ana Patricia Botin Executive Chairman, Banesto Spain

46 Ann Veneman Executive Director, UNICEF U.S.

47 Yulia Tymoshenko Prime minister Ukraine

48 Ruth Bader Ginsburg Supreme Court Justice U.S.

49 Janet Robinson Chief executive, The New York Times Co. U.S.

50 Dominique Senequier Chief executive, AXA Private Equity France

51 Janet Napolitano Secretary of Homeland Security U.S.

52 Neelie Kroes Commissioner for Competition, European Union Belgium

53 Gail Boudreaux President, UnitedHealthcare U.S.

54 Sonia Sotomayor Supreme Court Justice U.S.

55 Mary Schapiro Chairman Securities & Exchange Commission U.S.

56 Kathleen Sebelius Secretary of Health & Human Services U.S.

57 Ellen Alemany Chief executive, RBS Americas and Citizens Financial Group U.S.

58 Susan Ivey Chief executive, Reynolds American U.S.

59 Amy Pascal Cochairman, Sony Pictures Entertainment U.S.

60 Helen Clark Chairman, United Nations Development Group New Zealand

61 Judy McGrath Chief executive, MTV Networks U.S.

62 Stacey Snider Chief executive, DreamWorks SKG U.S.

63 Navanethem Pillay High Commissioner for Human Rights, United Nations South Africa

64 Janet Clark Chief financial officer, Marathon Oil U.S.

65 Sherilyn McCoy Worldwide chairman, Pharmaceuticals Group, Johnson & Johnson U.S.

66 Ellen Johnson-Sirleaf President Liberia

67 Tarja Halonen President Finland

68 Mary McAleese President Ireland

69 Virginia Rometty Senior vice president, IBM U.S.

70 Angela Ahrendts Chief executive, Burberry Group Plc. U.K.

71 Sri Indrawati Coordinating Minister for the Economy and Minister of Finance Indonesia

72 Terri Dial Chief executive, U.S. Consumer Bank, Citigroup U.S.

73 Deirdre Connelly President, North American Pharmaceuticals, GlaxoSmithkline U.S.

74 Johanna Sigurdardottir Prime minister Iceland

75 Queen Rania Queen Jordan

76 Christina Gold Chief executive, Western Union U.S.

77 Colleen Goggins Worldwide chairman, Johnson & Johnson U.S.

78 Hasina Wajed Prime minister Bangladesh

79 Hyun Jeong-eun Chairman, Hyundai Group South Korea

80 Amy Schulman Senior vice president, Pfizer U.S.

81 Penny Pritzker Chairman, Classic Residence by Hyatt U.S.

82 Drew Faust President, Harvard University U.S.

83 Melanie Healey Group president, Feminine & Health Care, Procter & Gamble U.S.

84 Elizabeth Smith President, Avon U.S.

85 Deb Henretta Group president, Asia, Procter & Gamble Singapore

86 Ann Moore Chief executive, Time Inc. U.S.

87 Sallie Krawcheck Chief executive global wealth management, Bank of America U.S.

88 Pamela Nicholson President, Enterprise Rent-A-Car U.S.

89 Janice Fields Chief operating officer, McDonald's USA U.S.

90 Stephanie Burns Chief executive, Dow Corning U.S.

91 Kiran Mazumdar-Shaw Chairman, Biocon India

92 Eva Cheng Executive vice president, Amway Greater China & Southeast Asia Hong Kong

93 Efrat Peled Chief executive, Arison Investments Israel

94 Sheikha Lubna Al Qasimi Minister of the Economy United Arab Emirates

95 Charlene Begley Chief executive, GE Enterprise Solutions U.S.

96 Mindy Grossman Chief executive, HSN, Inc. U.S.

97 Sharon Allen Chairman, Deloitte & Touche U.S.

98 Anne Sweeney Co-chairman, Disney Media Networks U.S.

99 Heidi Miller Chief executive Treasury & Securities Services, JPMorgan Chase U.S.

100 Mary Erdoes Chairman, JPMorgan Global Wealth Management U.S.

U.S. accounts for 63 women, U.K. accounts for 4 women, France and India are 3 women each, Singapore 2 women, the rest is only 1 each. They are Indonesia, Argentina, Australia, Turkey, Netherlands, Italy, Philippines, Switzerland, Spain, Belgium,Ukraine, New Zealand, South Africa, Liberia, Finland, Ireland, Iceland, Jordan, Bangladesh, South Korea, Hong Kong, Israel, United Arab Emirates, Chile

A fiscal frailty - Financial Times: Analysis

Japan: Whichever party wins the election this month will have to contend with an ageing population and a mountain of debt - which together threaten to derail Asia's largest economy