Miercoles 20/02/13, Las minutas del Fed

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-12.52

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El oro en sus niveles mas bajos en 6 meses.

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Los inventarios de casas bajaron, lo cual es positivo para el sector.

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Au down 1,569

El oro en su nivel mas bajo en 6 meses.

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Euro down 1.3260

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Office Max y Office Depot se fusionan.

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oh,oh, las minutas del Fed expresan preocupacion por parte de sus miembros de la politica facil existente. Algunos sugirieron comenzar a ajustar politicas monetarias.

-15.93

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La actual politica monetaria expone al sistema a un riesgo excesivo para los mercados.

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Vieron tambien riesgo proveniente de Europa, especialmente para el crecimiento.

VIX up 13.33

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Las minutas no identifican a los miembros preocupados por las medidas del Fed por nombre.

Al mercado no le puede gustar estos comentarios que expresan seria preocupacion por lo que el Fed esta haciendo en estos momentos. Preocupacion por que podria causar inestabilidad y crisis en el mercado.

-20.54

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Dijeron tambien el que Fed tiene que estar preparado para cambiar de rumbo y de velocidad con respecto al QE.

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El CEO de la compania americana Titan International estaba considerando comprar una fabrica de llantas en el norte de Francia, le dijo al ministro de trabajo de Francia que seria estupido comprar e invertir en un pais donde los trabajadores ganan mucho y no trabajan tanto. Dijo tambien que lo unico que hacen los trabajadores y el gobierno es hablar.

Bienvenido al socialismo.

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Aqui el articulo en ingles.

EUROPE BUSINESS NEWSFebruary 20, 2013, 1:36 p.m. ET
U.S. CEO Blasts French Work Habits

By GABRIELE PARUSSINI
PARIS—The chief executive of a U.S. company that had considered buying a tire factory in northern France delivered a blistering critique of French work habits, writing to France's industry minister that he would be "stupid" to operate in a country where workers get high wages for little actual work.

Corporate Intelligence
Text of the Letter: 'How Stupid Do You Think We Are?'
.Maurice Taylor, the CEO of Titan International Inc., TWI -1.17%criticized France's labor culture, saying that French unions and the government do nothing but talk. His letter, published on Wednesday in French newspaper Les Echos, highlights the danger that President François Hollande's labor reform plans, including measures that would allow companies to cut working hours and wages when production slows, may be too slow-paced for foreign investors.

Titan had expressed interest in acquiring an unprofitable plant put up for sale by tire-maker Goodyear Tire & Rubber Co., GT -0.85%but the company pulled out of negotiations last year after workers, headed by the communist-backed CGT union, refused to work longer hours to save jobs.

In a Feb. 8 letter responding to an approach by Industry Minister Arnaud Montebourg, Mr. Taylor bluntly replied: "Sir, your letter states that you want Titan to start a discussion…How stupid do you think we are?"

A Titan spokeswoman said Mr. Taylor wasn't immediately available to comment.

Enlarge Image

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Titan had expressed interest in acquiring an unprofitable plant put up for sale by tire-maker Goodyear Tire & Rubber, but the company pulled out of negotiations last year.
.Mr. Montebourg dismissed the criticism on Wednesday, replying: "Your comments, which are as extremist as they are insulting, display a perfect ignorance of our country, France."

He pointed out that France is home to 20,000 foreign companies that employ about 2 million French people and account for a third of its industrial exports.

Mr. Taylor's critique—while harsher than many businesses would endorse—reflects broader concerns about France's industrial competitiveness. Tough labor laws make it expensive to fire permanent workers. Closing factories can lead to massive political backlash.

The government has moved to change things, and pushed employers to reach agreement with unions on more flexible labor conditions. It is set to send a bill to parliament next month that would let companies cut working hours and wages when times are tough, lift some legal uncertainties related to layoffs and limit the time within which employees can appeal redundancy decisions.

Mr. Taylor wrote that France risks losing all of its industrial business and told a damning tale of the company's efforts to buy the tire plant in the northern town of Amiens.

"The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three and work for three," Mr. Taylor wrote. "I told this to the French union workers to their faces. They told me that's the French way!"

The troubles at Goodyear's tire plant started in 2007 when the Akron, Ohio, company decided to restructure its two production sites in the town. Goodyear asked the staff to change production shifts so that the plant could churn out tires for agriculture machines and cars around the clock. After workers rejected the proposal, the management unveiled a plan to cut 402 jobs. Workers sued the company arguing the layoffs were unlawful.

In 2009 as the auto market was diving globally, Goodyear withdrew the job cut plan and shortly afterward began negotiations with Quincy, Ill.-based Titan to take over Goodyear's agriculture machine tire plants in Europe, including Amiens Nord, said Goodyear spokesman Catherine Dumoutier. The management came up with a new restructuring project, which involved 817 job cuts, but failed to secure court approval.

Mr. Taylor visited the Amiens plant a couple of times but got a chilly reception from CGT workers, who demanded that their jobs be secured for seven years. "We were hostile because we didn't believe in his project," said Michael Wamen, CGT's representative for the plant.

Titan pulled out of negotiations in September, citing the "heavy social climate" in France, said a spokeswoman for Mr. Montebourg. The minister spent months trying to persuade the CGT to accept Titan's proposal, and at the end of the year told Mr. Taylor that conditions had improved, and that he could come back to the negotiating table, the spokeswoman added.

Meanwhile, Goodyear decided to shut the plant. As it winds down operations, it has cut car tire output by 90% to around 2,000 tires a day from the 21,000 the plant could produce at full capacity.

Still, French labor law obliges the company to keep all the workers employed, which means many of them don't work more than a couple of hours a day, while still getting full salary, a situation that appeared to enrage Mr. Taylor.

"Titan is the one with the money and the talent to produce tires. What does the crazy union have?" he asked.

In his letter, Mr. Taylor predicts that five years from now French tire maker Michelin—the second-largest in the world after Japan's Bridgestone Corp. 5108.TO -0.39%—"won't be able to produce tires in France." A Michelin spokeswoman declined to comment.

Mr. Montebourg hit back in his response to the U.S. businessman. "Can I remind you that Titan…is 20 times smaller than Michelin…and 35 times less profitable?" Mr. Montebourg retorted in his letter. "That shows how much Titan could have learned and gained from establishing itself in France."

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Foxconn ha congelado la contratacion de trabajadores, lo que puede ser interpretado como que AAPL y las demas companias para las que presta servicios no estan aumentando pedidos. La medida resalta el aumento de los precios y la madurez de la industria.

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Efectivamente al mercado no le gusto nada la idea de que el Fed este pensando en terminar el estimulo.

Oil down 94.46

-72.29