Hollingsworth Daily Post

• Stocks rise on recovery hopes but concerns linger
• Stocks rise worldwide on some profits, recovery hopes
• U.S. jobless number up, but moving average down
• Companies cut costs to keep earnings afloat
• Some European companies see no sign of recovery

Reuters 31 July 2009

• British Airways has reported a pre-tax loss of £148m ($245m) in the three months to the end of June.
• Royal Dutch Shell and Exxon Mobil have both reported a big fall in quarterly profits, due to the sharp decline in oil prices since mid-2008.
• The government's plans for reforming the regulation of banks are "largely cosmetic" and "lack clarity", MPs in the Treasury Select Committee say.

BBC Business News 31 July 2009

Warm and sunny at 30 degrees here in Malta,

England toil on the first day of the 3rd test after rain delays the start of play.

IMG Europe launches Mediterranean expat health plan

by Dan Judge

IMG Europe, a subsidiary of US-based health insurer International Medical Group, has created a policy for expats and local nationals in Spain, Cyprus, Portugal, Malta, Greece and Gibraltar.
Coversure International Healthcare is available through financial advisers and intermediaries and has three sub plans, Core, Prime and Prime Plus, each with various options of cover and benefits.

Coverage for the Core and Prime sub-plans is based on treatment received within the insured’s country of residence - extending to Europe when treatment is not available locally. The Prime Plus sub-plan also allows treatment to be sought in-country or across Europe, plus 90 days worldwide, excluding the US and Canada, accident and emergency.

Carl Carter, managing director of IMG Europe. “This is a highly competitive product tailored for the Mediterranean expat market. In light of recent financial hardships throughout Europe, the timing could not be better for the launch of this much needed product. We have already seen considerable demand from brokers across Europe and particularly in Cyprus, Portugal and Spain.”

Additional features of Coversure include a 10% ‘discount off the first year’s premium, and a no claims discount structure of up to 20 percent off subsequent renewal premiums.

International Adviser 22/7/2009

Hollingsworth International Financial services limited is licensed by the Malta Financial Services Authority to provide investment services under the Investment Services Act, 1994. Enrolled under the Insurance Intermediaries Act, 2006. Registration Number C32457.

For further information on the compete line of products and services provided by IMG, contact Hollingsworth International Financial Services by calling 00 356 21 316 298; email at info@hollingsworth-int.com; or visit our website www.hollingsworth.eu.com

• Australia warns of asset bubble risks, China upbeat
• Canon, Hitachi post weak earnings, Canon raises forecast
• Australian dollar hits 10-mth high on upbeat c. bank report
• Asian shares at 10-mth high; World stocks at 9-mth peak
• Earnings propel markets, but asset bubble worries increase
  

Reuters 29 July 2009

• The US and China are committed to fighting protectionism, US Treasury Secretary Timothy Geithner has said following two days of high-level talks.
• US house prices have seen their first monthly increase in nearly three years, according to a leading property index.
• Shares in China's largest housing construction company have soared by 70% on their first day of trading since they were publicly issued.

BBC Business News 29 July 2009

Malta warm and sunny at 30 degrees.
Gemma Spawforth wins a gold medal for GB in the 100 metres backstroke at the World Championships also breaking the world record.
England to host the 2015 Rugby World Cup.

• Dour company, consumer views cast recovery doubt


• U.S. consumers turn gloomier on economic worries


• British GDP shrinks faster than expected


• Ericsson, Microsoft, Schlumberger outlooks downbeat
  Reuters 27 July 2009
  


• The price of oil has risen towards $69 a barrel after investors were buoyed by rallying stock markets in Asia.


• The chancellor is to quiz bank bosses over how much they charge small firms for loans, saying he is "extremely concerned" their rates may be too high.


• The first meeting of the Obama administration's US-China Strategic and Economic Dialogue is due to get underway in Washington.

BBC Business news 27 July 2009

Weather slightly cooler in Malta at 30 degrees.

Lewsis Hamilton wins the Hungarian Grand Prix, Jensen Button still leads the Championship.

Hollingsworth Daily Post

Stocks fly as company profits, econ data encourage
* Q2 profits largely positive
* U.S. existing home sales also boosts sentiment
* U.S. new jobless claims rise in line with expectations
* French business confidence improves
* UK retail sales rise

Reuters 24 July 2009

Shares in Asia rose overnight, buoyed by upbeat results from the US which renewed hope for economy recovery.

Sales in UK shops shot up 1.2% in June following a sharp fall in May as hot summer weather boosted clothing purchases, official figures show.

Microsoft has reported disappointing results for the April to June quarter, with profits down by almost a third.

BBC Business 24 July 2009

Very hot in Malta with temparatures to hit 40 degrees over this weekend.

Hollingsworth Daily Post

Living in Malta

Making Malta your permanent or holiday home?

Why not? - Malta offers:

• Attractive residency schemes


• The government of Malta encourages overseas purchasers to buy property on the island for use as a permanent residence or holiday home - a policy which has been upheld by successive administrations.


• For those wishing to take up Permanent Residence status, financial requirements are modest.


• Pensions are freely transferable to Malta from abroad.

Hollingsworth Daily Post

• CIT rescue deal; mixed U.S. recovery signs


• CIT board approves $3 bln deal with bondholders -sources


• U.S. recession easing but not yet ended -survey


• German economy likely contracted in Q2 -Bundesbank


• U.S blue chips jump 104 pts; dollar, yen weaker

Reuters 21 July 2009

• The total exposure of the US government to the financial crisis could hit $23.7 trillion (£14.3tn), according to a watchdog report.


• China's largest housing company is seeking to raise as much as 50.2bn yuan ($7.3bn; £4.5bn) in the world's biggest share issue so far this year.


• General Motors has received three final bids for its struggling Opel business, which includes Vauxhall in the UK.

BBC Business News 21 July 2009

Warm and sunny again here in Malta , England beat Australia by 115 runs in the second Ashes test at Lords to lead the series 1-0.

Hollingsworth Daily Post

• Bank of America, GE weigh on recovery optimism
• Bank of America earnings down, GE profits tumble
• Citibank in profit thanks to one-off gain
• U.S. housing starts and permits jump in June
• German economy ministry hints at end to recession
• CIT turns to JP Morgan, Goldman Sachs for financing

Reuters 20 July 2009

• The construction of new homes in the US rose 3.6% between May and June to the highest level in seven months, official figures have shown.
• The UK economy is set to shrink by 4.5% in this year, the biggest fall in a single year since 1945, according to an influential think-tank.
• The top Barclays executive who was instrumental in the bank securing billions of pounds in overseas funding is set to quit, reports suggest.

BBC Business News 20 July 2009

• Warm and sunny in Malta today at 34 degrees.
• Stewart Cink beats veteran golfer Tom Watson in a play off at the Open Championship.
• England in the driving seat in the Second Ashes Test at Lords.

Hollingsworth Daily Post

• US, European optimism up, Asia wary of stimulus



• NY Fed index shows factories almost out of slump



• Bank of Japan extends business funds only for 3 months



• People's Bank of China makes small move to tighten policy



• Stocks rise for third day on strong U.S. results



• UK jobless at highest since January 1997

Reuters 16 July 2009

China's economy grew at an annual rate of 7.9% between April and June, up from 6.1% in the first quarter of the year, the latest official figures have shown.

The US economy will sink at a slower pace than previously thought in 2009, thanks to a rebound in the second half of the year, the Federal Reserve says.

The ex-US Treasury Secretary has admitted telling the Bank of America boss he might lose his job if he walked away from a merger from Merrill Lynch.

BBC Business News 16 July 2009

Weather here in Malta hot again at 34 degrees with a UV of 9 , also The Open golf starts today at Turnberry in Scotland , weather good for the opening day with Tiger Woods looking to win for the fourth time.

Hollingsworth Daily Post

• Japan's central bank has said that the worst of the country's recession is now over, after it decided to keep its key interest rate on hold at 0.1%.


• US chipmaker Intel has reported a better-than-expected net profit of $1bn (£610m) for April to June, excluding a massive European Commission fine.


• Two-thirds of people across the UK know someone personally who has lost a job in the recession, a BBC poll has found.

BBC Business News 15 July 2009

Weather in Malta hot with a tempearature of 31 degrees and a UV index of 9.

Hollingsworth Daily Post

Top 5 cities - Quality of living



Vienna, Austria (1st)
Zurich, Switzerland (2nd)
Geneva, Switzerland (3rd)
Dusseldorf, Germany (6th)
Munich, Germany (7th)

Top 5 cities - Infrastructure
Munich, Germany (2nd)
Copenhagen, Denmark (3rd)
Dusseldorf, Germany (6th)
Frankfurt, Germany (tied 8th)
London, UK (tied 8th)

Europe's cities once more dominate the world's top 10 for quality of living. Vienna is the city rated with the best quality of living worldwide, moving up one place in the rankings following improvements in Austria's political and social environment. Many Eastern European cities have seen an increase in quality of living. A number of countries which joined the European Union back in 2004 have experienced consistent improvement with increased stability, rising living standards and greater availability of international consumer goods. Ljubljana in Slovenia, for example, moves up four places to reach 78 while Bratislava moves up three places to 88. Zagreb moves three places to 103. In the city infrastructure index, German cities fair particularly well: "German city infrastructure is amongst the best in the world, in part due to its first class airport facilities and connections to other international destinations" said Mr Parakatil. London's ranking in the infrastructure index reflects the high level of public services offered, with its extensive public transport network and wide variety of telecommunication services. The Caucasus region of Europe experienced political instability and civil unrest in 2008. The region saw tensions escalate to violent conflict between Russia and Georgia in Abkhazia and South Ossetia. As a result relationships among these countries including the European Union and the US deteriorated considerably.

The quality of living in some of the Eastern European countries has been continuously improving. Cities such as Prague (Czech Republic), Tallinn (Estonia), Riga (Latvia), Vilnius (Lithuania), Bratislava (Slovakia), Ljubljana (Slovenia) and Warsaw (Poland) have witnessed positive improvements in living standards. Overall, the quality of living standard in most European countries remains far above the world’s average.
(Mercer 2009 - Quality of Living Survey)

Hollingsworth daily post

Imagine a mediterranean island where summers are long and golden, winters are mild and the warmth of the people is legendary. Picture yourself in a place where you and your family can enjoy the highest living standards, amidst colorful local culture and a landscape steeped in history. Imagine yourself in Malta. Malta the land of your dreams.

Malta has excellent practical reasons for making this island your permanent or holiday home or business relocation destination.

The government of Malta encourages overseas purchasers to buy property on the island for use as a permanent residence or holiday home. For those wishing to take up Permanent Residence status, financial requirements are modest. Pensions are freely transferable to Malta from abroad.

For further information please contact Hollingsworth International Financial Services Ltd on 00 356 21 316 298 or send us an email on info@hollingsworth-int.com or visit our website on http://www.hollingsworth.eu.com/

Today's Headlines

• More US consumer worries as Germany boosts hopes
• U.S. consumers fall behind on loans at record pace
• New York shares hit lowest level in two months
• Surge in German orders feeds fradile hopes of recovery
• EU warns growth may be permanently damaged by crisis
• U.S. should be open to 2nd fiscal stimulus

Reuters 8th July 2009

• Tokyo has knocked Moscow off the top spot as the world's most expensive city for expatriates, a survey suggests.
• The Commodity Futures Trading Commission (CFTC) is to hold hearings to decide whether it should clamp down on speculation in the energy market.
• The UK government is set to announce its plans to reform the financial system to prevent future crises.

BBC Business News 8th July 2009

Hollingsworth Headlines

Our daily information from today's press provided for residents of Malta and Gozo and expatriates relocating or retiring to the islands.

• Policymakers express concern, urge banks to lend, on continued sluggish lending by commercial banks.



• China offers assurances on dollar ahead of G8 summit.



• World Bank says 2009 a perilous year for world economies.

(Reuters 7 July 2009)

• The worst of the UK's recession is over, according to the British Chambers of Commerce (BCC) business group, but talk of a recovery is premature.
  


• India's government has unveiled its annual budget, saying the "first challenge" is to return to a growth rate of 9% a year "at the earliest".
  


• Oil prices are hovering at a five-week low of about $64 a barrel, amid fears that a global recovery could take longer than previously thought.

(BBC Business News 7 July 2009)

On a lighter note the weather here in Malta is 34 degrees with some cloud later and a UV index of 9. For further information please visit : http://www.hollingsworth.eu.com/

Financial Crisis - Dollar to retain its global dominance

China said the dollar will retain its global dominance for years to come, offering its assurances ahead of the Group of Eight summit just as it takes another step to boost the profile of its own yuan currency.
Beijing has floated the idea of looking for an alternative to the dollar as global reserve currency and France and Russia on Sunday called for a debate on the matter at this week's G8 summit in Italy, expanded to include China and other developing nations.

(Reuters Monday 6th July 2009)

DOLLAR PICKS UP HAVEN SUPPORT by Ed Hammond and Neil Dennis

Published: July 2 2009 Financial Times website

The dollar and yen gained steadily on Thursday as risk aversion pushed investors towards “haven” currencies following the release of US jobs data.

Wednesday’s risk appetite receded as investors became cautious ahead of June’s non-farm payrolls report, released a day earlier than usual due to the Independence Day holiday in the US.

The data showed a worse-than-expected loss of 467,000 jobs in the period, damaging hopes for a swift economic rebound.

“The FX markets’ immediate and appropriate response is to sell risk,” said Alan Ruskin at RBS Greenwich Capital.

“The dollar appears to be taking its lead from weaker risk appetite rather than softer rates.”

Fund flows data earlier this week showed US investors were increasingly keen to diversify into foreign assets, which has undermined the dollar in recent weeks. But they have remained cautious, pulling back into the safety of their domestic currency at any sign of a reversal of recovery hopes.

Against the euro, the dollar rose 0.9 per cent to $1.4009, and climbed 0.5 per cent versus the pound to $1.6403.

Bonds make a comeback

Interest in corporate bonds is irmly on the rise and new issuances have reached record levels in the first months of 2009. While not a direct replacement for cash, in the current economic environment bonds are looking a favourable alternative to simply leaving all of your cash on deposit. Despite daily news headlines of "default" and "bankruptcy", investors are not being deterred. It seems that an appetite for risk is making a comeback and with equities still a little too risky for many, corporate bonds appear to be the investment du jour. With the prospect of continued volatility and low interest rates in the foreseeable future, investors are considering alternatives to simply leaving all of their cash on deposit.
Fairbairn Private Bank
Summer 2009 Issue