Crude oil prices are ruling around the 70 dollars mark due to the increased demand from China and also recovery in the US demand. There have been reports of improving economic activity in US and China. The US housing sector is also showing some recovery signs with the prices showing positive growth month on month.
The European economy has also indicated that there could be recovery in economic activity in Germany and France while UK might take some more time to recover. Seasoned experts have opined that the crude oil prices may remain in the 60 dollars 80 dollars range till this year end.
Archive for June, 2009
Crude oil crosses 70 dollars
June - 27 - 2009 - Saturday ADD COMMENTS
North Korea in violent mode again
June - 21 - 2009 - Sunday ADD COMMENTS
North Korea went out of the multi-nation talks few weeks back and since then it has been doing all provocative actions. First it went ahead with long range missile test that upset South Korea and Japan, and followed it up with under ground nuclear tests.
It also warned of military retaliation against South Korea if any of its ship were intercepted in international waters by any country. The UN council has passed a strong resolution against North Korea to force it into talks. So far it has not yielded any result.
The Obama administration is likely to initiate fresh steps to bring back North Korea to the negotiation table.
US sees 40 bank closures so far in 2009
June - 15 - 2009 - Monday ADD COMMENTS
The United States saw only five bank closures in the entire 2007 while the year 2008 saw 25 bank closures due to systemic issues. And the year 2009 promises to be a bigger disaster for the US banking sector, because as of last week end 40 banks have been closed by US Bank Regulators who are expecting further closures to happen in the coming months.
As per independent experts the US banking industry is bound to see at least 70 to 80 bank closures this year due to increasing defaults by corporates and also individuals. It is important to note that the US exports have crashed in the last one year , and the jobless rate has also climbed up sharply due to many factory closures. All these have forced people to go for bankruptcy which have resulted in bad debts pileup at the banks.
The long term solution for ensuring a strong banking system lies in the restoration of jobs for the millions of people who have lost their jobs in the last two years.
