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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

Highly speculative, world stock markets are governed by the momentum of the underwriters of securities, rather than by realities on the behavior and performance indicators developed and emerging economies. Of course the hard data does not suit them to brokers, because then there would be no bubbles where opportunistic versed mounted and snatch it for, before bursting and being dragged by losses, and successfully overcome the dividends of others in the pocket.

Because speculators are betting always win-win, whether by simple paper-the betting money in hand and lonely dreamers are outdated, remember Dostoevsky prefer living in a delusion profitable or unsubstantiated optimism must be alert to indicators of real economies. The case is like betting on roulette, more like a stroke of luck to pull water to their mill, losing on the road when it appears on the board of the bag the rate of the company concerned.

However, beware. This is just simply printing more and more contained, but it is a half-truth. The truth is that, deep down, speculators, brokers or professional underwriters, deal understood to values, i.e. values “hidden” or privileged and confidential information of the indicators of those companies with high market value. In addition, these values are subject to purchase or sell, while approaching the periodic financial reports, quarterly, semiannual and annual. O according to a new placement.

The previous information allows you to buy or sell on time or before the announcement of the company. With trap, because the corridor is managed with the advancement. However, the other side is speculative, those that move beyond inflating the values of the real situation of enterprises. Alternatively, in some sectors of economies. There are also millions of records sold. However, both cases are classified as financial crimes. However, not always punished or reaches its ultimate consequences for the investigation to comment on this type of breach. Is it because they serve businesspersons, bankers and speculators, against which the State did not lash?

Protected or not, the fact is that the mechanisms are working even in the larger exchanges in the world (despite all the “locks” of governments) as the triad New York-Tokyo-London, or Frankfurt, Paris, etc. The first and most important, because it moves up 60 percent of world trade in values, about some 3,000 large companies in the second quoted an amount 50 percent below first.

The world economy is recovering from its worst recession in decades, although some regions such as North America and Asia, recorded slower growth, according to a study released today by the International Chamber of Commerce (ICC, for its acronym in English).

There was also a marked difference between the growth prospects of different regions. Globally, the economic sentiment indicator fell slightly from 104.1 in the second quarter of 2010 to 103.2 in the third quarter. This was in part a product of the fall in the indicators of two important regions, North America and Asia.

, the overall numbers continue to show substantial gains compared to the third quarter of 2009, when the global economic indicator was 79.6.

The Report of the Global Economy Quarterly was conducted by the If institute in Munich in cooperation with the ICC, for which questioned more than 1,100 experts in 166 countries.

Western Europe, whose economy seemed to be slowing in the previous report, had a surprise performance this quarter, with Germany as the engine of growth in the euro area thanks to rising exports.

In fact, Germany, with growth of 2.2 percent, had its strongest quarter since the reunification of Germany in 1990. However, the recession in Greece and the ongoing adjustment programs in Spain and restructuring in Portugal and Ireland temper Europe’s prospects.

Meanwhile, in North America, growth has slowed in the last quarter. High unemployment in the U.S., the weak private consumption and capital spending led to a less than satisfactory, according to experts consulted.

Meanwhile, there is evidence of a slowdown in the Chinese economy. While its growth rate remains impressive, the weakening of imports and retail sales, along with the Chinese government’s withdrawal of its expansionary monetary policy that we will have an economic slowdown in coming months.

In Africa, there is a strong contrast between South Africa and Kenya, which show positive signs, and other countries with a weak scenario, such as Tanzania, Gabon and Madagascar. South Africa received a boost from hosting the World Cup.

On trade and investment across borders, the study indicates that private consumption, which is key for growth in these areas, remains weak, influenced by high rates of unemployment. Another factor limiting trade is the lack of access to commercial financing in countries such as Spain, Bulgaria, Czech Republic, Hungary and Romania. These factors, in addition to the protectionist measures in countries like Germany, Denmark and Norway, contribute to the prospects for trade and investment are not the most positive.

The chair of the organizing committee of the First International Conference on Leadership and Management, Orderable Semen, reported that everything is ready for an event that seeks to train and upgrade human resources in the various sectors of the region. Executives, entrepreneurs, managers, HR professionals, Systems and Marketing, consultants and general practitioners will have the opportunity to participate in this activity, which was first held in Ciudad Guyana. According Terrible said this is a business education event, managerial and professional looking institutionalized each year to promote the city and in general the state as space maker for the analysis, debate and presentation of issues pertaining to future development. “We must go hand in hand with advances in technology, because if we fall behind.

We consider it very timely implementation of this conference, so we are doing this every year, this is the business sector’s contribution to the region,” said. Congress is divided into four main areas: People, Technology, Organization and Marketing, all related to the subject of Management. Other guests include speakers from Brazil, Peru, Ecuador, Colombia, Argentina, Dominican Republic and the United States. Although it was estimated the participation of about 500 people, the employer reported that expectations have been exceeded and expect between 800 and 100 attendees during the two day event, whose investment is close to a million Bolivar’s.

Companies participating in this International Congress of Leadership and Management have the opportunity to present it as investment project for compliance with the Law on Science, Technology and Innovation (Loci). In addition to the conference will also feature an exhibition of stands by some companies as Resort Mining, Microsoft, HP and Renovo, so that it can produce an interesting trade, industrial and technological development. The tickets are on sale at the headquarters of FEDECAMARAS Bolivar Royal Tower. Floor 2 office 1-B, with special prices for students and academics. The investment includes snacks, support materials and attendance certificate.

Bureau Chief Vera Cruz Finance announced that since early last week began to raise a real pattern in the number of informal traders who are now working on the streets of the port of Vera Cruz.

He said the State Treasury is implementing a sweep to invite vendors to register in the register, this with the aim of starting to participate in the payment of taxes.

He explained that due to the number of complaints received by the trade established, and is making a cross with the City Council information in order to ensure that informal and is regulated by the municipality of Buenos Aires.

He said that not only street vendors were taken into account in this scan, it also noted that small businesses are not regulated properly receive the invitation to register to vote.

Ace a few days the European Commission announced the contents of the much-heralded European Digital Agenda, the first of seven flagship initiatives under the 2020 European Strategy for smart growth, sustainable and integrated. It has set seven objectives, which will translate into a hundred steps, thirty of which are legislative in nature.

I hope this new European Union strategy, as necessary for future development of the European economy more successful than its predecessor does, the Lisbon Agenda does. Having examined the various documents submitted an ambitious proposal seems critical to the economic fortunes and welfare of Europeans in the coming years.

The implementation of the European Digital Agenda, contribute significantly to economic growth in the EU and distribute the benefits of the digital age among all sectors of society. As also contained a report by the Commission on the digital competitiveness of the European economy, half the productivity growth recorded in the last fifteen years has already been promoted by information technology and communications. See previous entry: The European Commission said the investment in the digital economy remains crucial. However, although it is expected that this trend will accelerate, Europe will need to apply a series of measures to exploit fully the potential benefits of the digital economy.

finance investment projects in any economic sector. The so-called “Production Financing Program of South America will be anchored by the Central Bank (BCRA), but reservations will not be used for this purpose. The announcement had been advance Profile Journal on Sunday.

The loans will be available with an interest rate of 9.9% annual fixed weights and have a period of up to five years. Projects that a unit comprised of the Ministries of Industry and Economy will evaluate applications. For its part, the Central Bank will give financial institutions public and private resources to lend against the security of tenure of such bonds.

Industry reported this medium, have been relieved about 100 investment projects. The main areas involved are steel, petrochemicals, leather, textiles, footwear, medicines, wood and furniture, auto parts, software, toys, and dairy foods.

Indeed, the purpose of the loans is to achieve anti-inflation, given that current demand for goods and services grows above generate supply and price increases, among other factors.

The Minister of Industry, Debora Giorgio, explained, “This growth generates greater investment needs, which are aggregate demand this year and a greater supply of goods and services for the future. Furthermore, the increased investment will result in import substitution, value-added exports and supply the booming domestic market. “

The promotion of an exchange rate to help strengthen the position of Chilean farmers and to recognize the export effort is one of the main aims of the portfolio of Agriculture, led by José Antonio Galilee. Specifically in this topic, as advanced Galilee, will work with the economic ministries of the Executive.

This and other ads that will be part of the roadmap outlined yesterday portfolio Minister within the framework of the seminar “How come the 2010-2011 season?” Organized by the National Agriculture Society (SNA) and Economics and Business “El Mercuric”. On the occasion, also presented prominent business and union representatives of agriculture, who spoke about the realities of dairy items, wine, fruit, livestock and grain production.

The chair of the Finance Committee of the National Assembly (AN), Deputy Ricardo Sanguine, attributed the decline in economic activity in Venezuela to the national electricity crisis.

Indicators of Central Bank of Venezuela (BCV) showed the close of the first quarter of this year a significant fall in gross domestic product (GDP) of 5.8 points.

“We are in an energy crisis, and all productive activity, industrial, service, agriculture, electricity demand,” said the deputy Sanguine interviewed by José Vicente Hoy.

This is the fourth quarter continued to decline in the Venezuelan economy. ‘This had been observed’, Sanguine said.

‘It warned that we were down this quarter but did not imagine that 5.8 points, which is a substantial rate, which are visible from the effects of the oil sabotage and coup detach. “

The congressman recalled that despite the economic downturn in the episodes mentioned that took place in 2002, ‘advanced greatly and the following year we had significant growth, not seen in the history of Venezuela’s economy. “

‘on this occasion can not be different, “said Rep. Purist.

“We are encouraging the development of productive activities of social property, social production companies in all areas: agriculture, industry, service, distribution and marketing of products,” he said.

Sanguine said that the state control of strategic companies that were in private hands would boost the economy.

Venezuela faced in late 2009 and early 2010 an electricity crisis due to a severe drought that affected the course of the rivers that feed the main dams that generate electricity to the country.

This situation prompted the government to build national systems of electricity production alternatives to hydropower. The Geri dam supplies the country 70% of its energy.