Financial News

Art Investment in 2012

A note published by Bloomberg News reports that The Scream, one of the major works by Norwegian painter Edvard Munch, may sell for at least US $80 million at a Sotheby’s auction in New York next May. This 1895 pastel on board is one of four versions of the composition, the only one left in private hands. According to Internet site Compare the Financial Markets 2012 is a good year for making an art investment: “not only did the art market performed better than the equity market in 2011, but it has also gone more mainstream, becoming thus more accessible for investors not familiar with art investments” says a text that offers four tips for investors. On 2011 The Card Players, the painting of Paul Cezanne was bought by the emirate of Qatar for US $250 million, the most ever paid for a work of art.

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Explosive Growth of Micro-Credit in China

A note published by Xinhua, the Chinese press agency, reports that in 2011 China’s micro-credit sector witnessed “an explosive growth”. In a statement published in its website the People’s Bank of China asserted that the number of micro-credit companies rose 63.81% year-on-year to reach 4,282 by the end of December. They extended 193.5 billion Yuan of new loans last year, up from 120.2 billion Yuan one year earlier. The growth of microcredit in China has been possible thanks to new official measures. In December the Central Bank launched a project to optimize credit structure and serve the development of the real economy with more emphasis on small and micro-enterprises.

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A Second Bailout for Greece

On Tuesday morning the finance ministers of the euro zone signed a deal for a second bailout for Greece including US $ 173 billion in new financing. The new deal provides short-term relief but the situation is still complicated considering that Greece’s debt stands as about 160% of the gross domestic product. In a press conference Olli Rehn vice-president of the European commission asserted “It is clear that the Greek economy cannot rely anymore on a large public administration financed by cheap debt, but rather needs to lean on investment both Greek and foreign”. Analysts say that the new deal is not the final step toward stabilizing the euro zone, both the International Monetary Fund and the European Central Bank should provide more support measures.

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Wal-Mart Profits Rise 5.4%

Wal-Mart is the world’s biggest retailer. It runs chains of large department stores and warehouse stores. According to the Forbes Global 2000 list it is the world’s 18th largest public corporation and the biggest private employer in the world with over two million employees. In its quarterly report for the three months to January 31 the company turned in a net income of US $5.2 billion, up 3.4% compared with the same period in the previous year, explains a note published by BBC News. The company’s chief executive Mike Duke said that the company has been cutting prices to tempt the shoppers: “Core customers remain cautious about their finances and they rely on Wal-Mart’s every day low price promise to help them manage through today’s economic challenges.”

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Rousseff Promises Stimuli to Promote Exports

The Brazilian president Dilma Rousseff has said that her government will implement fiscal and credit access measures to stimulate exports and production with the purpose of gaining competitiveness in the context of global crisis. In an official release the Brazilian executive said: “This year we will expand fiscal incentives to domestic production and exports. Credit will be awarded in more adequate conditions to help stimulate innovation, creation of jobs and further measures of trade defense”. Mrs. Rousseff believes that her country’s economy will keep growing: “We are certain that Brazil will be one of the countries in the world stage that will have significant growth rates, in spite of the adverse global conditions”, she asserted.

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