Yale Fishman - Google is sending balloons in the stratosphere order to improve the Internet connection

Google is sending balloons in the stratosphere order to improve the Internet connection

After the futuristic glasses , Google announced an experimental launch of large balloons in the stratosphere, which should provide an Internet connection for the hard-accessible areas, says Yale Fishman attorney after the American giant spread the news on Saturday. Thirty balloons were launched in the area of ​​Canterbury, New Zealand, on the east coast. Actually, fifty volunteers will test the connection on the ground with an antenna mounted on the roof of their house.

“Two-thirds of the world’s population has no access to quick and cheap Internet connection yet, so there is a lot more to do in this area,” said the U.S. Company. The project “Loon” (an abbreviation for “balloon”) will launch a fleet of balloons into the stratosphere that would enable Internet access to hard-reachable areas.

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Yale Fishman - British Burberry brought optimism on European stock market

British Burberry brought optimism on European stock market

According to Yale Fishman, the stock prices rose slightly on the European stock market this morning, thanks to the good news from Burberry. But, it is expected to make cautious trading in the future due to new indicators of weakening in the Chinese economy.

FTS Eurofirst 300 index of top European shares was plus 0.2 percent at 9.30 am, after yesterday’s jump to 0.8 percent. Paris’s CAC, London’s FTSE and Frankfurt’s DAX index varied from plus 0.1 and 0.2 percent 9.30 am. Furthermore, the stock prices have risen thanks to good business results, British luxurious Burberry products, as well as the analyst’s recommendations for several companies, like the supermarket Tesco. However, some official data showed that China’s exports fell by 3.1 percent in June, compared to the same month last year, which was its first decline since January last year, when the imports declined by 0.7 percent.

“At the moment, the market is in a good mood, so investors can not be discouraged by the negative data from China, as well as the lowering of rating of Italy by Standard & Poor’s, says Basil Petrides, trader in the company Harrtman Capital. This morning, the index of Nikkei on the Tokyo Stock market dropped down by 0.4 percent. Click here to find out more.

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Yale Fishman - Investors on Wall Street plan to take a break after the growth in share prices

Investors on Wall Street plan to take a break after the growth in stock prices

Today, U.S. index demonstrated just a slight change, and it seems that investors intend to take a break after the growth in stock prices, says Yale Fishman. In the meantime, they wait for some new guidelines in order to stimulate Fed’s monetary policy (Federal Reserve System).

At 14.00 pm, Dow Jones had about 6 points minus, while Nasdaq had 3.5 points plus, and S&P 500 has not changed at all. Last week, Wall Street had generally increased its stock price volatility. Therefore, many investors are not inclined to undertake any significant investment moves, especially not before the announcement of the crucial reports on the U.S. employment in May, which will appear next Friday. In addition, the market is now focused on the economic conditions in the U.S.

After two really bad days, the indexes on European stock markets are relatively more strengthened. Currently, Frankfurt‘s DAX and London’s FTSE have between 0.44 and 0.68 percent plus, adds Fishman.

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Yale Fishman - $610,000 for a meeting with the head of Apple

An anonymous paid $610,000 for a meeting with the head of Apple

The online charity auctions site CharityBuzz made an auction for “coffee meeting” with Apple’s CEO Tim Cook, says Yale Fishman. During the auction, there were a total of 86 bids, and in the end the winner turn out to be an anonymous user with a nickname “a******** s”. He offered 610,000 dollars for the meeting, reports the source.

This initiative from CharityBuzz has a noble goal. The money collected from the bid are going to be donated to the Center for Justice and Human Rights, Robert F. Kennedy.

At this stage there is no information about what topics the winning bidder would like to discuss with the head of Apple. Some of the participants in the auction said that if they win will take the opportunity to get Cook pay attention at their firms. Among them are manufacturers of all kinds – from developers of religious applications to companies making Bluetooth Accessories, says Yale Fishman Attorney.

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Yale Fishman - IMF and WB sessions

Weak global economy is a key theme at IMF and WB sessions

Concerns about slowing of global growth, eurozone stagnation and excess liquidity in the world were the main topics at the beginning of this spring meetings of the International Monetary Fund and the World Bank, says Yale Fishman.

There are increasing calls to alleviate the country’s severe austerity programs initiated to encourage economical growth, as well as calls to the governors of central banks of the world to be careful when pumping money into financial system, as to avoid the creation of a new investment bubbles and inflation surges.

Executive Director of the IMF, Christine Lagarde, has expressed concerns about the “recovery” of world’s largest economies – stagnant Europe and Japan, slow United States, and the fast-growing emerging countries. “These three groups of countries are moving at different speeds and it’s not the healthiest way to recover. What we need is to move the global economy at full speed,” added Lagarde.

The session of the IMF began at a time when there is a great fear and uncertainty that, given that the major economies have not yet fully recovered from the financial crisis of 2008, small economies could remain exposed to continuing turmoil.

“More than four years after the onset of the global financial crisis, we are still in the process of trying to get out of the crisis,” said Luis Videgaraj Kaso, Mexican Minister of Finance and President of the Group 24 (G24).

Group 24 particularly expressed concern about the negative effects of unconventional monetary policies on developing countries. French Finance Minister Pierre Moscovici said that the awareness of the abolition of the austerity measures in Europe is growing.

“It is clear that an additional austerity measure, in terms of a severe recession, is a big mistake,” said Mr. Fishman.

World Bank President, Jim Yong Kim, asked to pay attention to alleviating poverty in poorer countries, and to take action to combat climate change. On the sidelines of the two-day session of the IMF and the World Bank, the finance ministers and governors of central banks of the Group of 20 countries and emerging market economies (G20) have held talks and discuss other important issues, such as efforts to combat tax evasion and greater transparency of banking data around the world, finishes Yale M Fishman.

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Yale Fishman - Leaving the Euro zone would take Cyprus back centuries

Leaving the Euro zone would take Cyprus back centuries

Cypriot Finance Minister Haris Georgiades, said today that the decision to leave the eurozone will take Cyprus a few centuries back, says Yale Fishman.

“The matter of leaving the single European currency is not for discussion,” said Georgiades in an address to the Financial Committee of Cypriot Parliament, reports AFP.

“It is time to correct the mistakes of the past. It is time to pay the bills and we can only spend those resources that are at our disposal. There is no other option,” said Georgiades to The Committee.

Ministers will be instructed to make from scratch the budget for next year. Every item, every ministerial program will have to be explained and justified, said Georgiades. In his earlier speech to the committee, the Governor of the Central Bank of Cyprus, Panicos Demetriades, blamed the faulted political leaders for the stringent requirements of the international aid package.

According to an agreement reached with the European Union, the European Central Bank and the International Monetary Fund, Cyprus will significantly reduce the volume of its huge banking sector, raise taxes, reduce the number of employees in the public sector and privatize some state-owned companies.

The terms in the final aid package, according Demetriades’ words, come as a result of political decisions, and the central bank has “an institutional responsibility to deal with the painful situation”, finishes Yale M. Fishman.

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Yale Fishman - Wall Street extends gains while European stock markets fall

Wall Street extends gains while European stock markets fall because of the Cyprus crisis

Because of the Cyprus crisis on Wall Street the S & P 500 and Dow Jones indexes has reached a record level, while the European markets has weakened says Yale Fishman.

On the Wall Street, the Dow Jones has strengthened 0.5 percent for 14,578 points, while the S & P 500 extends the gain of 0.8 percent for 1569 points, and the Nasdaq 0.7 percent for 3267 points. This means that S & P 500 index has reached its record high.

According to the final, third estimate, in the last quarter of the last year the U.S. economy grew up for 0.4 percent which is more than the previous estimate of 0.1 percent but less than the expected 0.5 percent.

Despite the impoverished economic indicators, the stock indexes grew up because the fund managers were beautifying their portfolios at the end of the quarter with buying the shares which in the last three months had the best performance.

However, in most of the European stock markets the prices of the shares have fallen. Frankfurt’s DAX Index is lower for 1.5 percent for 7795 points and the Paris CAC index for 1 percent for 3731 points. However, the London’s FTSE index grew up for 0.3 percent for 6411 points.

It has reached an agreement of 10 million euros between Cyprus and the international lenders who are helping this country which is avoiding a collapse of the local banks. However, the Cyprus crisis is far away from being solved. To prevent the capital flight, the Cypriot Ministry of Finance issued a meantime about the severely restricting of the movement of the capital.

However, Fishman says that the investors are afraid that the depositors from the other euro-zone countries also will begin with taking out their money from the banks with the fear that the rescue model for Cyprus will be applied in the other countries in that block.

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Yale Fishman - News From The Market

News from the market

The growing concern that the rescue plan for Cyprus could spill over into Euro zone in the future, which means that private investors will be damaged, as well as the subsequent uncertainty in Italy, contributed to the decline of euro and on Wednesday reached the four-month minimum versus the dollar, says Yale Fishman.

The euro has depreciated by 0.6 percent during the day to 1.2782 dollars, which represents the lowest level since the end of November, and 3 percent down from beginning of the year.

Investors bought more dollars which is considered as safe currency in periods of uncertainty, pushing up the dollar index, which tracks the movement of dollar against most major currencies, to the seven and a half maximum with 83,192 points.

Investor’s concerns about the safety of their deposits in Euro zone increased significantly after the Euro group chairman told Reuters on Monday that the deal with Cyprus, where private bond and deposit holders will suffer great losses instead of taxpayers, in the future will be an example for the future plans of rehabilitation of banks in the Euro zone.

The gap between yields on two-year U.S. and German bonds is the most expanded since December in favor of American records. Of course, according to traders, it gives support to the dollar.

The yen rallied because investors prefer the most liquid currency, taking into account the problems in the Euro zone. The euro has weakened 0.6 percent against the yen and now is at 120.65 yen, while the dollar fell slightly to 94.30 yen.

Yale Fishman.

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Yale Fishman - Cyprus avoid bankruptcy

Cyprus avoided bankruptcy

Cyprus has reached an agreement with the representatives of the international creditor “Troika”, says Yale Fishman. The European Union, the International Monetary Fund and the European Central Bank, will help Cyprus avoid bankruptcy and an eventual abandonment of the euro zone.

Cypriot President Nicos Anastasiades, a participant in the Brussels negotiations that lasted nearly 12 hours, said he was “pleased” with the outcome of the meeting. As a result of the negotiations Nicosia will receive 10 billion euros from the international creditors. In exchange for the assistance it will have to cut the large banking sector, carry out structural reforms and conduct a privatization of state assets.

It was agreed to make a taxation on bank deposits in the Bank of Cyprus, which exceed 100,000 euros, and this will bring about 4.2 billion euros for the government. There is a chance these measures deepen the crisis in Cyprus and lead to job losses, says Fishman.

German Finance Minister Wolfgang Schauble said today that the plan for the rescue of Cyprus is “the best possible way” and “fair to all interested parties”. “The result (of negotiations) is fair to all parties concerned, said Schauble to reporters in Berlin while presenting the Cyprus rescue plan from bankruptcy.

He said that Cyprus with that solution has “a good chance to regain its lost confidence”. “This is the best way though although it is not an easy journey”, said Schauble, adding that the plan provides restructuring of the banking system in Cyprus, while at the same time stabilize the situation in the country.

“It will be very difficult for the country, but the European Commission will do its best to mitigate the consequences this plan will have on the citizens,” said EU Economic and Financial Affairs Commissioner Olli Ren. Cyprus parliament last week rejected a previous agreement with the EU and IMF, which provided that all bank deposits in Cypriot banks are taxed.

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Yale Fishman - New rules for banks starting from 2015

New rules for banks starting from 2015

The International banking regulators made an agreement which needs to ensure that banks will have enough money in cash in any period of time. This is made to ensure the overcoming to crisis in the market says Yale Fishman.

These rules will be gradually implemented from 2015, and the banks will have the time till 2019 for adapting to them. Those are rules which are requiring banks to have sufficient cash or assets, such as shares, corporate and government bonds, which are easy to sell, in order to survive in a strong 30-day crisis.

The organization that is overseeing the Basel Committee on Bank Supervision stated that from the 1st of January, 2015 all banks need to have 60 percent of that amount. In the next four years it should be added 10 percent more of the amount. It means that till the 2019th the new standards will be fully implemented.

This time period is needed to ensure that the new standards “in any way will not interfere with the capacity of the global banking system for the finance recovery”.

These new rules should ensure that creditors will stop be dependent to the help of the Central banks which in the past few years, were financing a large amounts of money in the financial systems.

Yale Fishman says that the vast majority of the world’s largest banks, already have substantial liquid assets beyond the minimum which are required by these standards.

These new rules are part of the so-called Basel three sets of reforms. They are being introduced in order to prevent new shocks in the financial system such as the one with the collapse of Lehman Bank in year 2008. As we all remember, that failure was the reason for a severe economic and financial crisis in the U.S. and the European Union.

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