Martes 21/02/12 Camino al segundo rescate de Grecia

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China Telecom vendera iPhone 4S a partir de Marzo.

China Telecom to Start Offering IPhone 4S in March
By Bloomberg News
February 20, 2012 8:27 PM EST


China Telecom Corp. (728) will offer Apple Inc. (AAPL)’s iPhone 4S starting March 9, making it the nation’s second mobile-phone company to sell the device.
Users who commit to a two-year contract can get a free 16- gigabyte handset with a service plan costing 389 yuan ($62) a month, the state-owned parent of China Telecom, the nation’s third-largest wireless carrier, said in a statement today. A three-year plan cuts the monthly minimum to 289 yuan, it said.
For Apple, adding China Telecom as a distributor in the world’s largest mobile-phone market almost doubles the number of potential iPhone buyers who can get a subsidized handset from a service operator. China Unicom (Hong Kong) Ltd. (762), the nation’s first carrier to offer the iPhone with a service contract in October 2009, began selling the 4S in January.
“IPhone 4S has been an incredible hit with customers around the world,” Carolyn Wu, a Beijing-based spokeswoman for Apple, said by telephone. We “can’t wait to get it into the hands of even more customers in China,” she said.
China Telecom will make an “appropriate increase in marketing initiatives” in connection with iPhone sales, the company said in a filing to the Hong Kong stock exchange today. Expenses to market the phone will mean “short-term pressure on its profitability,” it said, without providing figures.
China Unicom had 43 million subscribers to its high-speed third-generation network at the end of January. China Telecom had 38.7 million 3G subscribers at the end of last month.
China Demand
Cupertino, California-based Apple had underestimated the “staggering” demand for the iPhone 4S when it started sales in China, Chief Executive Officer Tim Cook said last month.
“We thought we were betting bold,” Cook said on a Jan. 24 conference call. “We didn’t bet high enough.”
Apple’s oldest store in China was pelted with eggs from a crowd of customers on Jan. 13 when the shop, in Beijing’s Sanlitun district, failed to open on the first day of sales for the iPhone 4S. After police sealed off the area to remove more than 500 people, Apple said it would suspend sales of iPhones at all its stores.
Currently, iPhones are available in China through Apple’s online store, resellers and China Unicom.
China Mobile Ltd. (941), the world’s largest carrier by customers, is now the only Chinese wireless company not offering the iPhone with a service contract. The iPhone doesn’t support its third-generation network, based on a China-developed technology.

[admin]

6:30 a.m. EST 02/21/12Treasurys
    Price Chg Yield %
2-Year Note   0/32 0.299
10-Year Note   -11/32 2.043
* at close
6:34 a.m. EST 02/21/12Futures
  Last Change Settle
Crude Oil 104.89 2.25 103.60
Gold 1739.5 11.1 1725.9
E-mini Dow 12961 32 12870
E-mini S&P 500 1361.75 2.00 1354.75
6:44 a.m. EST 02/21/12Currencies
  Last (mid) Prior Day †
Japanese Yen (USD/JPY) 79.65 79.63
Euro (EUR/USD) 1.3204 1.3242
† Late Monday in New York.

[admin]

Copper February 21,06:39
Bid/Ask 3.7814 - 3.7832
Change +0.0373 +1.00%
Low/High 3.7405 - 3.8036
Charts

Nickel February 21,06:39
Bid/Ask 9.0862 - 9.0894
Change +0.1207 +1.35%
Low/High 8.9588 - 9.1824
Charts

Aluminum February 21,06:39
Bid/Ask 0.9793 - 0.9803
Change +0.0098 +1.01%
Low/High 0.9672 - 0.9858
Charts

Zinc February 21,06:38
Bid/Ask 0.9067 - 0.9078
Change +0.0155 +1.74%
Low/High 0.8902 - 0.9122
Charts

Lead February 21,06:39
Bid/Ask 0.9328 - 0.9342
Change +0.0109 +1.18%
Low/High 0.9216 - 0.9409
Charts

[admin]

Europe, Africa, Middle East
EURO STOXX 50 PRICE EUR 2,530.26 -20.02
(-0.79%) 06:33
FTSE 100 INDEX 5,925.24 -20.01
(-0.34%) 06:33
CAC 40 INDEX 3,447.41 -25.14
(-0.72%) 06:33
All Europe, Africa, Middle East Indexes
European News
Asia-Pacific
NIKKEI 225 9,463.02 -22.08
(-0.23%) 01:28
HONG KONG HANG SENG INDEX 21,478.72 +53.93
(0.25%) 03:01
S&​P/​ASX 200 4,291.20 +35.10
(0.82%) 00:15

[admin]

http://online.wsj.com/public/page/espanol-inicio.html

[admin]

Zona euro sella segundo plan de rescate griego
martes 21 de febrero de 2012 05:59 GYT Imprimir [-] Texto [+]
Por Annika Breidthardt y Jan Strupczewski

BRUSELAS (Reuters) - Los ministros de Finanzas de la zona euro sellaron el martes un segundo rescate para la endeudada Grecia que resuelve sus necesidades de financiación más inmediatas, pero parece improbable que reactive la economía del vapuleado país.

Tras una sesión de 13 horas de negociaciones, funcionarios de la zona euro dijeron que los ministros fijaron medidas para bajar la deuda de Grecia a cerca de un 121 por ciento del Producto Interno Bruto para el 2020, cerca de su meta original de 120.

El pacto fue alcanzado luego de que los negociadores de los tenedores de bonos privados ofrecieron aceptar una pérdida mayor para ayudar a cubrir un déficit de financiación.

El acuerdo sobre un paquete de rescate de 130.000 millones de euros con estrictas condiciones viene tras meses de incertidumbre que han sacudido al bloque monetario, y evita una inminente bancarrota del país.

"El volumen financiero (del paquete griego) es de 130.000 millones de euros y la relación deuda-PIB (será de) un 121 por ciento. Ahora hay que trabajar en el comunicado", dijo un funcionario involucrado en las negociaciones a Reuters. Otro funcionario confirmó ambas cifras.

El euro saltó casi medio centavo, revirtiendo las pérdidas anteriores, después de que Reuters informó que un acuerdo fue alcanzado.

Un informe preparado para los ministros por expertos de la UE, el BCE y el FMI, obtenido en forma exclusiva por Reuters, dijo que Grecia necesitaría ayuda extra para rebajar sus deudas a la meta oficial de 120 por ciento del PIB hacia el 2020 dado el estado en continuo deterioro de su economía.

Si Atenas no sigue adelante con las reformas estructurales y ahorros, su deuda podría alcanzar el 160 por ciento hacia esa fecha.

"Teniendo en cuenta los riesgos, el programa griego por lo tanto puede seguir siendo propenso a los accidentes, con interrogantes acerca de la sustentabilidad sobre él", dijo el reporte confidencial de nueve páginas, poniendo de relieve que los problemas de Grecia están lejos de terminar.

El acuerdo permitirá que Atenas lance un canje de bonos con inversores privados para ayudar a reducir y reestructurar sus enorme deuda, poniendo a Grecia en una base financiera más estable y dentro de la zona euro de 17 países.

Cerca de 100.000 millones de euros en deuda serán amortizados, con los bancos y aseguradoras canjeando los bonos que tienen por unos de más largo plazo que pagarán un cupón más bajo.

Los tenedores privados de deuda griega se espera que tengan pérdidas de un 53,5 por ciento o más sobre el valor nominal de sus bonos. Anteriormente se esperaba que asumieran una amortización nominal de un 50 por ciento, lo que equivale a una pérdida cercana al 70 por ciento sobre el valor presente neto de los bonos.

El informe de sustentabilidad de la deuda presentado a los ministros la semana pasada mostró que, sin medidas adicionales, la deuda griega sólo se reduciría a un 129 por ciento para el 2020.

El FMI había dicho que si la proporción no se reducía a cerca del 120 por ciento, podría no ser capaz de ayudar a financiar el rescate, poniendo todo el esquema en peligro.

Para ayudar a cubrir la brecha de financiamiento, una fuente de alto rango de la zona euro dijo el BCE renunciaría a las ganancias que ha logrado con la compra de los bonos griegos en los últimos dos años en virtud de su programa de emergencia de compra de bonos.

El BCE ha gastado unos 38.000 millones de euros en deuda del Gobierno griego que ahora tiene un valor de alrededor de 50.000 millones de euros. Al renunciar a esa ganancia y redistribuyéndola a los bancos centrales de la zona euro, el BCE indirectamente, pueden proporcionar un alivio de deuda a Atenas.

A pesar de sus partes constituyentes, los economistas dicen que el acuerdo sólo puede retrasar una moratoria más profunda en unos meses. Un cambio completo puede tardar una década, una perspectiva que llevó a miles de griegos a las calles para protestar contra las medidas de austeridad el domingo.

(Reporte adicional de Luke Baker, Julien Toyer, Robin Emmott en Bruselas, Daniel Flynn en París, Terri Kinnunen en Helsinki. Escritoo por Mike Peacock y Paul Taylor. Editado en español por Carlos Aliaga)

[admin]

7:01 a.m. EST 02/21/12Treasurys
    Price Chg Yield %
2-Year Note   0/32 0.299
10-Year Note   -10/32 2.042
* at close
7:07 a.m. EST 02/21/12Futures
  Last Change Settle
Crude Oil 104.92 2.28 103.60
Gold 1738.5 10.1 1725.9
E-mini Dow 12969 40 12870
E-mini S&P 500 1362.25 2.50 1354.75
7:17 a.m. EST 02/21/12Currencies
  Last (mid) Prior Day †
Japanese Yen (USD/JPY) 79.65 79.63
Euro (EUR/USD) 1.3209 1.3242
† Late Monday in New York.

[admin]

1.3220, a la baja el euro pero arriba de 1.32.

Brent down 119.96

El Asia cerro mixta

Futures cu down 3.7930



Yen down 79.66

Los futures del Dow Jones 31 puntos al alza.

Libor down 1.49

La gasolina en su punto mas alto este anio. Oil up 104.55. Iran ofrece venderle petroleo a India. Boicoteo sus ventas a Inglaterra y Francia. Predicen el petroleo a $120 debido al conflicto. Israel dicen esta lista para atacar a Iran.

Ag up 33.71

Au up 1,741

[admin]

Europa a la baja, no importa que se aprobara el rescate para Grecia.

[admin]

La gente se esta quejando de que se llenaba el tanque con $30 y ahora cuesta $70, la gasolina haciendole hueco a los bolsillos de los Americanos.

+29

[admin]

A pesar del rescate de Grecia, las posibilidades de un default siguen vivas

Europa sigue con problemas para contener el riesgo del default, al mismo tiempo los inversionistas alertan que Grecia muy pronto estara violando los terminos del segundo rescate en tres anios.

Los economistas desde Citigroup hasta Commerzbank AG concluyeron que Grecia nuevamente fracasaria debido a su quinto anio de recesion, proximas elecciones y revueltas civiles. El resultado seria el retiro de la ayuda y un nuevo debate acerca de prestarle mas ayuda antes que termine el anio.


Greek Rescue Leaves Europe Default Risk Alive
Europe is still struggling to avoid the threat of default as investors warned Greece will soon risk violating the terms of its second bailout in three years.

Seven months of negotiations ended in the pre-dawn hours in Brussels with Greece winning 130 billion euros ($172 billion) in aid it needs to avoid a March bankruptcy. Any respite may prove temporary after it signed up to a program of austerity and economic reform aimed at slashing debt to 120.5 percent of gross domestic product by 2020 from about 160 percent last year.

Even with investors and central bankers chipping in to relieve the debt burden, economists from Citigroup Inc. to Commerzbank AG concluded Greece may again fail to deliver amid a fifth year of recession, looming elections and social unrest. The upshot could be the removal of aid and renewed debate over the merits of fresh assistance before year-end as policy makers shift toward doing more to inoculate the rest of Europe from contagion.

“The bailout bandage is on, but it won’t take much to unravel,” said David Miller, partner at Cheviot Asset Management in London. “The euro zone has done its best to ensure that Greece will deliver on promises, but there is considerable scope for backtracking on deficit reduction.”

Financial markets signaled doubt the accord will fix Greece’s travails permanently or spell an end to the two-year debt crisis. The euro surrendered initial gains against the dollar and European stocks fell from a six-month high.

Bankruptcy Risks
By supporting Greece, Europe’s high command chose the financial and political cost of awarding fresh money over the risk of a bankruptcy that could splinter the 13-year-old euro area. At least 386 billion euros has now been committed to save Greece, Ireland and Portugal with investors predicting the government in Lisbon at least will need more support.

To tackle future fiscal emergencies and limit contagion, officials held out the prospect of boosting their firewall to 750 billion euros from a planned limit of 500 billion euros when a permanent aid fund is paired with the temporary facility starting in July. They also cajoled investors into providing more debt relief in an exchange meant to tide Greece past a March bond repayment.

In return for the new cash, Greece signed up to cuts in pensions, the minimum wage, health-care and defense spending, as well as layoffs of state employees and asset sales. It must implement that austerity with unemployment already topping 20 percent, meaning more retrenchment might end up only compounding the debt stress.

Dangers ‘Substantial’
“The danger of Greece saving itself into economic depression and having to default and exit the common currency zone remains substantial,” said Christian Schulz, an economist at Berenberg Bank in London. Jennifer McKeown of Capital Economics Ltd. repeated her forecast that Greece will quit the euro by the end of the year.

The odds that Greece will remain encumbered by debt were exposed by an analysis by European Union and International Monetary Fund experts that highlights what could go wrong with a country unable to grow out of its fiscal travails by devaluing its currency. In a worst-case scenario, the debt may rebound to 160 percent of GDP by 2020 rather than nearing the 120 percent the IMF deems “sustainable.”

“Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it,” said the report by the so-called troika, which also includes the European Central Bank.

‘Fully Fledged’ Default
The study exposes the difficulties Greece faces in delivering its promises amid a crisis-torn economy, said Guillaume Menuet, an economist at Citigroup in London. The country may miss its deficit goals as soon as June and have to prepare for a “fully fledged, coordinated default” by year- end, he said.

Joerg Kraemer, chief economist at Commerzbank in Frankfurt, calculates the debt ratio will rise to 127 percent if annual growth is 0.5 percentage points lower than assumed.

“Greece will find it difficult to shoulder even the reduced debt in the long run if it does not implement far- reaching reforms,” said Kraemer. “For the second half of the year, there is a significant probability that a frustrated EU stops payments to Greece.”

If 2010’s 110 billion-euro bailout is anything to go by, Greece will struggle to reach its targets. Privatizations supposed to reach 19 billion euros by 2015 have so far yielded about a tenth of that amount and Barclays Capital estimates that, even with promised fiscal cuts, just 16,000 state jobs were shed in the three years through the third quarter of 2011 compared with 466,000 in the private sector.

Outside Scrutiny
In a bid to prevent renewed failure even if it means eroding Greek sovereignty, European governments will tighten their scrutiny. A special account will be established that gives priority to keeping Greece solvent before releasing money for the country’s budget. A European Commission task force will also be embedded in Athens.

The biggest near-term risk may be elections which could be held as soon as April. In a poll released today, nearly every Greek questioned by GPO for Mega TV said the budget measures promised by the current government were too harsh.

“The new Greek government could refuse to follow through on its commitment,” said David Mackie, chief European economist at JPMorgan Chase & Co., who noted Europe’s leverage over Greece will recede once investors complete a debt exchange and the first aid payments are received.

Debt-Swap Relief
Other hurdles remain. Unless 90 percent of investors sign up to the bond swap, Greece may need to enforce it, creating legal difficulties. Finland and Germany are among the nations whose lawmakers must back the new loans as voters attack the bailouts. German Finance Minister Wolfgang Schaeuble said the IMF plans to add 13 billion euros to the bailout, less than the third it contributed to the first program.

The euro area has nevertheless “bought time” for countries such as Portugal to prove they are more creditworthy than Greece and to erect stronger defenses in the form of a larger bailout fund, said Carsten Brzeski, an economist at ING Groep in Brussels.

“The often-cited Greek can has again been kicked down the road,” he said. “The good thing is that the can is still on the road, but it requires a huge amount of stamina and patience to keep it there.”

[admin]

O sea que el segundo rescate a Grecia es mas o menos como ponerle un curita al cancer. Es cuestion de tiempo.

Yen up 79.61

Euro down 1.3218

+37

Inexplicable como pueden estar los futures al alza con el petroleo casi en $105.

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Ag up 33.87

[admin]

Oil up 104.84

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Alemania -0.60%

El Dow Jones a 8.58% de su nivel historico mas alto.

Europa a la baja.

Yields up 2.03%, los bonos han bajado considerablemente.

Euro down 1.3222

+36