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Today the United States met since the second quarter GDP was revised down from +2.4% to +1.6%. While this figure seems bad, not so much because the market was expecting a downward revision from +2.4% to +1.4%. This has given relief to the markets, which record highs this morning led by the Dow Jones (+0, 60% after opening).

We are waiting for what Ben Breanne may say today about the future of the economy during the Annual Meeting of Presidents of Central Banks, as well as the Consumer Confidence number of Michigan Universidad August (projected at 70 pts.)

With the above, the negative tone continues in international markets, but the contagion to emerging economies has been very limited.

For now, we maintain the negative bias, since there is no sign that this is over. However, we recommend caution in the current levels because the market three weeks of low accumulation

Central Securities Depository, Inc. (DCV) of Chile and the Depository Trust and Clearing (DTCC, for its acronym in English) U.S. today announced they have signed an agreement that recognizes and strengthens their relationship and will provide the foundation for future collaboration.

“We are delighted to have this opportunity to bring a new level the relationship with the central securities depository of Chile, and to working with our Chilean colleagues in addressing the needs of their markets and customer support”

The objective of this collaborative venture, which will leverage technology and expertise of both organizations is to expand offerings and capabilities of DCV and DTCC. This will allow both organizations to leverage local market knowledge and develop broader offerings in Chile and throughout Latin America, at the same time reducing risks and lowering costs.

“Chile has one of the strongest economies in Latin America and represents a strong financial market and growth in the Americas,” said William B. Amity, president and chief operating officer of DTCC. “We are delighted to have this opportunity to bring a new level the relationship with the central securities depository of Chile, and to working with our Chilean colleagues in addressing the needs of their markets and support their customers.”

“We believe that this working relationship will give DCV some strategic advantages in fulfilling our mission to make the Chilean capital markets more efficient and attractive to capital market growth,” said Fernando Yates, Director General of DCV. “We expect to benefit from the experience, technology, scale and global reach of DTCC to assist in the growth of services for capital markets in Latin America.”

Previous discussions identified some possible areas of collaboration related to operational risk and business continuity. For example, CSD currently has data centers in different parts of Santiago, the capital and largest city in Chile. However, communications with backup sites located 500 kilometers from the city of Conception were destroyed and were deactivated during the earthquake of February 2010. DTCC DCV and believe there may be an opportunity to collaborate on issues of business community, leveraging of DTCC experience after 9 / 11 is the creation of redundant backup data centers.

The agreement announced today was developed after an invitation in December 2009 by the CSD to DTCC to make a capital investment of 10% and unify DCV Directory. By making this investment and join the Board of DCV, DTCC has demonstrated its commitment to the region and their high expectations for future cooperative efforts with DCV

The new British government said its priority is to solve the massive financial problems. And it is the “number two” of the Ministry of Finance, the liberal David Laws, admitted this weekend that took money improperly diems and he lied to Parliament last year.

The MP and Treasury chief secretary admitted it had received more than 40,000 pounds ($ 58,000) for his second home. The house, however, belongs to her partner, a relationship that stealing from their friends and family, DPA said.

Laws had the opportunity last year to clarify this point in the investigation initiated by the Parliament by the fraud of diets in the House.

The millionaire congressional representative and former banker he had only the forward flight. Therefore, on Saturday afternoon packed his bags and left his post just three weeks after occupying it.

“I can not escape that some of what I did was wrong,” said Laws in their official explanation. “I do not know how I can do my work for the Treasury deciding if I should clarify the revelations about my private life and public,” he said, clarifying that it intended to protect your privacy.

Last year the Liberal Democrats were one of the more militant forces against fraud scandal in Parliament diets. As members of the new coalition led by the “Tory” David Cameron, the Liberal party also pledged to solve the problem.

The struggle to clear cases of fraud provided the leader of the Liberal Democrats, Nick Clegg, very popular. In numerous statements, the new “number two” of the British Government boasted that no member of his party was implicated in the scandal.

Confidence in the government team suffered its first setback Cameron. The executive sought to focus its direction on the economy, foreign policy and internal security, while calling for making the government more transparent.

“It is clearly a bitter and tragic setback (for Laws),” said Economy Minister, the conservative Vince Cable. Within 24 hours, the crisis was overcome and the replacement for Laws, up to now minister for Scotland Danny Alexander, assumed office.

The recent announcement by the head of the Ministry of Finance and Public Credit, in relation to the intention to limit the transactions in dollars in the bank counters as a mechanism to prevent money laundering, have a regressive effect wing border region’s economy and thus this effect will affect the rest of the economy.

This is considered the vice president of the National College of Economists, José Luis Contreras Valenzuela, saying While it is important to implement control mechanisms to prevent money laundering as part of a strategy against organized crime, it is also true that policies are implemented should not affect the smooth running of the economy.

Nor should become inhibitors of economic activity, because the crisis deepened generate better conditions for the rise in crime, he said.

“We must not fail to see that crime and the illegal actions take place more rapidly when the conditions of economic activity suffer a crisis so deep that even we could not get out. In addition, have enough memory to remember that these conditions have worsened in recent years, “he said.

He said it is important that public policy have as its fundamental objective to create conditions for healthy growth of the economy, creating jobs, facilitating the operations of enterprises and productive assets in order to create jobs and revive the market.

However, if we persist in implementing measures to absurdities such as limited-counter foreign exchange transactions, an economy where many commercial transactions occur in dollars, we think that a measure such as the Ministry of Finance audience, he said.

Contreras Valenzuela said that this business practice every day in the border cities, demand for a facility and foreign exchange controls and implemented as the one introduced by it, pushed to the users of dollars of housing market change, promoting speculation and black market dollars.

He said that in the six northern border states of Mexico accounts for forty percent of the national population in border cities like Ciudad Juarez, Tijuana, Medical, Matamoras, Reins, Nuevo Laredo, Nogales and Ague Pieta, focuses almost twenty million Mexicans.

A candidate for the mayoral coalition Palatal PT-CONVERGENCE Jose Manuel del Rio Virgin tenants met with Benito Juarez market in which endorse their commitment to promoting the economic development of a supply center you see who wins the presidential election.

In this regard, the Rio Virgin also stressed that work for those who have less, since the market is a place where most of the population attends Panatela for everyday purchases and those who offer their wares.

“The market requires my full support and if necessary the next president of Palatal will give you the maintenance required, as well as solve the problems of drainage and electricity and came here because together we will start a major movement since all Palatal we want change we live in where everyone else just want to cheat wing parties society “express

On the other hand indicated that Palatal to be a town with great wealth, marginalization and poverty still exists in some sectors of the population, so that the municipality has sought a better way “we want more jobs and we will, because we have wealth enough to generate thousands of jobs. “

In that order made it clear that you have all the experience to govern the town, so I invite the candidates of both the PRI and PAN each week to discuss a particular topic of interest and where the municipal authorities have done nothing, quote as examples “the case of both markets, the municipality and within the different categories such as health, education, security and more,” he added

I mention that being mayor of Palatal first base was formed to improve the situation of the markets.

Leaders of the Central Bank of Venezuela and the Ministry of Planning and Finance are concerned about the difficulties encountered by the installation of the band system to carry out exchange operations, said sources close to the central bank.

The total amount of the issue, the main aim was to lower the dollar side, was 50 million dollars. However, to be prohibited transactions in the swap market, the Central Bank and the Ministry of Planning and Finance study a way to fulfill this commitment and to prevent the nation lose confidence for future emissions.

The Government did not take into account that freezing the stock market could have serious implications even for its debt profile because, for example, if you do not pay the instrument issued by the Central Bank would create a precedent very difficult to overcome, said a treasurer consulted.
There is still no certainty about the increase in the quota of foreign exchange for travelers.
“It has to do with the trust that exists when you buy a part of the Republic, if not canceled in time will be uphill achieve in the future that investors are interested in buying bonds,” the treasurer. .

Therefore, a statement caught the attention of the director of the BCV, Armando Leon, which confirmed that the market for buying and selling foreign currency bonds to restart in the coming days.

“Next week should be completed and all operational and functional part of the legal foundation that will carry the system, so we should be operating,” he added.

The government suspended on May 18 called “parallel market exchange or market” which until then was in charge of brokerage firms that negotiated the purchase and sale of bonds or securities, by the allegations of “criminal offenses” in “fixation speculative” price for the transfer of the papers, said Leon Glob vision.

The president of the National Securities Commission, Tomas Sanchez, said: “We have strong presumptions that these institutions are involved in crimes exchange with the simulation of operations,” he said.

Attempts were made to verify with the authorities of the Central Bank if you really consider increasing the quota of foreign exchange for travelers, as the holder of Cadaver said Manuel Barrios, earlier this week, but none of the directors wanted to refer to the information.

The Government of Ecuador on Wednesday discussed the new development strategy, which builds on four pillars: the selective substitution of imports, surplus energy (allowing diversify dependence on oil), diversification and import substitution and build a service economy based mainly in the bioconocimiento and tourism services.

This was explained by the National Secretary of Planning (SENPLADES), Rene Ramirez, who said he also expected “to put all the incentives of economic policy” in 14 industries with the aim that these be consolidated.

“Basically we are talking about tax incentives, trade, tariff, enabling financial changes in relative prices for the construction of the domestic industry,” he said.

These industries are: tourism, fresh and processed foods, renewable energy, alternative and renewable beanery, pharmaceuticals, chemicals, biotechnology (biochemistry and biomedicine), environmental services, metallurgy, technology (hardware and software mainly), plastics and rubber, garments and footwear, vehicles, automotive, car bodies and parts (mainly linked to the inputs involved in the production of agricultural goods), transportation and logistics, construction and forest products for wood processing.

The BBVA revised upward its forecast for growth of the Colombian economy in 2010 and estimated to increase at least by 3% due to increased levels of investment and good dynamic macroeconomic figures show.

The Research chief economist at BBVA Colombia, Juana Tellez, estimated according to analysis by the financial institution of the Andean country’s economy will grow in the order of 3.0% and 4.4% this year.

“We have revised our growth forecast and even do not rule out further revised upward if the improvements in the indicators of activity are strengthened in the coming months,” the expert said at a news conference.

He indicated that likely increases in investment in machinery and recovery of building permits could anticipate an increase in stronger than forecast in private investment.

However, the drastic reduction of trade with Venezuela could have permanent effects on certain sectors of the economy that have found no effective markets to replace trade with Venezuela, “frozen” since last August by order of President Hugo Chavez.

Tellez said that although Colombian exporters have succeeded in replacing the Venezuelan market with sales to other South American countries, Central and China, enough work to overcome the difference of what has been lost in recent months by the decision of the Government of Venezuela.

As to the behavior of inflation, BBVA Research predicts that this indicator will be located at 3.4 percent in 2010 and 3.2% in 2011.

The Government expects the economy to exceed the growth target this year, expected at 2.5% due to the success of the first quarter.

The head of the Central Bank of Venezuela Armando Leon noted in the last quarter there were minor delays on a set of areas of the economy and that was the cause of the fall of 5.8% of GDP. He said already bottomed out and now must improve the performance of the economy.

Leon reported that between Friday and Saturday must be finished testing the new system for the currency market on Monday and 90% of the system is ready.

The Back’s management denied the data of Conindustria whereby 40% of imports swap was made with U.S. dollars. He said there is no way that that was true and if it appraised and its costs is another matter.

In his view, between 15% and 20% of imports may be held with the exchange.

Armando Leon said that in Venezuela, there is economic and business activity engaged in operations and investments and the proof is that they have paid almost $ 100,000,000 in foreign newspapers

The Ministry of Economy and Employment has developed over the last week an intense international campaign to promote the goods and services produced by 84 regional companies through trade shows and promotional events held in Amsterdam, London, Tokyo and Madrid.

On the one hand, 14 companies dedicated to wine and agric-food products have shown in the exhibition PLMA (Private Label Manufactures Association) Amsterdam, in order to enter or consolidate in the white label market widely distributed in large retailers in Europe.

The regional participation in this event has been promoted from the Ministry for Economy and Employment of Castillo y Leon through Adel EXCAL International with the intention to find new ways to market local products abroad in a contest for the that have flown between the 18th and 19th of May, more than 7,000 food professionals from over 90 countries.

The PLMA trade show is a meeting point for manufacturers of all food products and non-food (drugstore, cosmetics, cleaning products, detergents, etc.) to executives and purchasing managers, wholesalers and importers of large food chains Carrefour, Lid, Tosco, Buchan and others.

Throughout Europe, store brands or private labels are gaining everyday consumer loyalty. In this sense, these brands have recorded huge profits in market share across the continent in recent years. Label brands account for more than one of every three products sold in countries like Germany, UK, France, Belgium, Switzerland and Spain.