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Wen Jiabao (born 15 September 1942) is the sixth and current Premier and Party secretary of the State Council of the People's Republic of China, serving as China's head of government and leading its cabinet. In his capacity as Premier, Wen is regarded as the leading figure behind China's economic policy. He also holds membership in the Politburo Standing Committee of the Communist Party of China, the country's de facto top power organ, where he is ranked third out of nine members.
Why Do You Care?
BUDAPEST, Hungary (AP) -- Chinese Prime Minister Wen Jiabao on Saturday offered his country's support for Europe and its common currency amid the eurozone's debt crisis.
Wen said China is a long-term investor in the European sovereign debt market and has purchased a "not small" amount of euro-denominated bonds in the past years.
"China will consistently support Europe and the euro," Wen said after a meeting with Hungarian Prime Minister Viktor Orban.
Wen is on a five-day tour that takes him to Hungary, Britain and Germany, just as Europe hammers out a plan to battle the eurozone debt crisis.
"Europe's debt crisis is expanding," Wen said. "Trust is more important than currency and gold and now, during the debt crisis, we again bring trust to Europe."
"I have total trust in Europe's economic development," Wen said.
Wen also said China would be willing to purchase Hungarian bonds -- the country does not yet use the euro -- and offered Hungary a loan of euro1 billion ($1.4 billion).
For years Hungary has been striving to attract more Chinese investment and hopes China will make use of Hungary's infrastructure and the advantages of its geographical location in Central Europe as a hub for its expanding business ventures on the rest of continent.
Orban said Hungary and China signed a dozen agreements expanding their business and cultural ties, including plans for Chinese investments of $1 billion (euro704 million) in Hungary's chemicals industry.
Wen will arrive in Britain later on Saturday and will end his European visit in Berlin, where he is expected to discuss Europe's debt crisis with German Chancellor Angela Merkel on Monday.
Wen, who is seen as the most pro-Europe leader in the Chinese Politburo, has voiced China's willingness to prop up the region's struggling economies, pledging to buy an unspecified amount of Greek government bonds during a visit to the debt-ridden country in October.
A recent report by Standard Chartered Bank said that Beijing appeared to be buying fewer American assets -- a possible sign that the country was pushing more money into European bond purchases.
China is seeking to diversify its foreign investment and reduce its reliance on U.S. bonds in the long-term, but it is likely not ready to take the risk of buying significant amounts of Greek or Portuguese bonds, said Marie Diron, head of European macro services at the UK-based consultancy Oxford Economics.
She warned that any Chinese help in buying European debt is probably limited to a small amount of financing and will be more effective as a morale-booster than a solution to Europe's structural problems.
"I would expect some reassuring statements that would defuse some of the current tensions," Diron said. "But the problems are mainly eurozone's own problems. The bulk of financing should and can only come from Europe."
While in the U.K., Wen will meet with Prime Minister David Cameron for an annual dialogue and oversee the signing of a series of governmental and business contracts.
Wen is scheduled to visit the MG car plant in Birmingham, England, on Sunday. MG, owned by the Shanghai Automotive Industry Corporation, China's largest carmaker, designs cars in the U.K. but makes its car parts in China. The parts are assembled at the Birmingham plant.
The 68-year-old Wen is expected to retire next year amid a major Chinese leadership reshuffle.
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Evangelos Venizelos is Greece's new Finance Minister. He doesn't have a strong financial background other than the fact that he was in charge of preparing Athens for the 2004 Olympics, a project which costs escalated, spending excessive amounts of state money.
Four years ago, Venizelos challenged Prime Minister George Papandreou for the Socialist party leadership but is now prepared to work with him in an attempt to save the Greece's financial future.
Why Do You Care?
Venizelos' appointment has been viewed as a political move by Papandreou to garner enough votes in the Greek parlaiment to approve the austerity measures needed to gain access to funds from an EU bailout package. Venizelos, still meeting with eurozone ministers in Luxembourg, is confident the austerity vote will be successful.
Despite Venizelos' promises, Greece is already facing a growing wave of nationwide public protest at the austerity measures it has implemented so far.
Greek Prime Minister George Papandreou on Sunday asked parliamentarians and political parties in his country to forge a "national accord" and back him in a confidence vote amid a debt crisis that threatens to cripple the country's economy.
"The consequences of a violent bankruptcy or exit from the euro would be immediately catastrophic for households, the banks and the country's credibility," Papandreou told parliament.
A failure by Venizelos in his new job could prove disastrous, not only for Greece but also, for the eurozone and the world.
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Bill Dudley is the president of the Federal Reserve Bank of New York. Dudley was the chief economist for Goldman Sachs for nine years before Timothy Geithner brought to the New York Fed. to manage the buying and selling of government securities.
Why Do You Care?
Ben Bernanke's speech on Tuesday got a lot of attention but Dudley's speech later in the day is much more interesting. Dudley analyzed the macroeconomic origins of the global imbalances that caused our economic crisis and offers a direction for the future.
Bill Dudley speaks in logical and concise language that anyone can understand.
The "Economist" recommends that you should read Dudley's speech, then sell the dollar.
Check it out here...
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Christine Lagarde has been the Minister of Economic Affairs, Finances and Industry of France since 2007. Lagarde is the first woman to become minister of Economic Affairs of a G8 country. The "Financial Times" named her as the best Finance Minster of the Eurozone. Born in Paris, she attended Le Havre (Seine-Maritime) and Holton Arms School (Bethesda, Maryland). After obtaining her Master's Degree she worked as William Cohen's congressional assistant at the United States Capitol.Why Do You Care?
Lagarde is playing a leading role in managing the global banking and Eurozone crises and, as the French Finance Minister, was the driving force behind authorizing Shari'ah compliant banks in France.
Now, despite the French supreme court recently opening an inquiry to her alleged abuse of office in connection with Bernard Tapie and the 1993 sale of Adidas, Lagarde appears to be the front-runner to replace Doninique Strauss-Kahn as the head of the International Monetary Fund (IMF).
Strauss-Kahn resigned this week to face charges in the United States that he attempted to rape a New York hotel maid.
In the Tapie case, there is suspicion that Lagarde may have shown favoritism in the 285 million euro sale of Adidas. Lagarde has downplayed her involvement.
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