Economy and Business Info

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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.