Andrei Lozinschi
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Writing out of pleasure and for the love of information. Passionate about music in general and hiphop music in particular, avid reader of anything non-fiction and addicted to his computer. Andrei writes business stories because they are "cleaner" and more systematic, without any possibility for spin. Andrei hates spin. Know more about Andrei by reading between the lines of his stories.
(Andrei Lozinschi is no longer part of the team)
Posted in: Business by Andrei Lozinschi | August 11th 2010 | no comments
The U.S. Federal Reserve (Fed) has maintained Tuesday the main lending rate close to zero, in line with analysts expectations, Bloomberg informed.
The Fed kept the key rate at 0.25% and decided to reinvest the proceeds of rates received from mortgage held in long-term treasury bonds, the first attempt to stimulate growth undertaken in March 2009.
"The pace of economic [...]
Posted in: Business, U.S. News by Andrei Lozinschi | August 11th 2010 | no comments
Florida prosecutors sued the largest manufacturers of liquid crystal display (LCD) screens, including Samsung Electronics and LG Display, on charges that they have conspired in price fixing, Reuters informed.
Other companies involved in the lawsuit include AU Optronics, Hitachi, Sharp and Toshiba.
Companies are accused have been associated to restrict competition and increase [...]
Posted in: Business by Andrei Lozinschi | August 5th 2010 | no comments
Russian Prime Minister Vladimir Putin has temporarily banned exports of Russian cereals, starting August 15, following the devastating effects of drought on crops, and the announcement made Wednesday led to a skyrocketing of wheat prices to new heights, Reuters informed.
"I believe we should introduce a temporary ban on exports of cereals and other products made from cereals," Putin [...]
Posted in: Business by Andrei Lozinschi | August 5th 2010 | no comments
Economic development in the euro area has exceeded expectations in the third quarter, but the European Central Bank (ECB) maintained its forecast for a moderate and uneven recovery, ECBPresident Jean-Claude Trichet said Thursday.
"Available economic data and indicators derived from surveys suggest an acceleration of economic activity in the second quarter of this year and third [...]
Posted in: Business by Andrei Lozinschi | August 3rd 2010 | no comments
Many U.S. citizens living abroad want to give up their citizenship to no longer have to pay taxes in the United States, the Financial Times writes in its online edition.
For example, the American Embassy in London has a long list of people who have initiated steps to give up their U.S. citizenship in an attempt to avoid pressures from the Internal Revenue Service.
One of the [...]
Posted in: Business, Featured by Andrei Lozinschi | August 3rd 2010 | no comments
U.S. economy is progressing, but it has not yet fully recovered, as rising unemployment and the housing market weakness are affecting the population, said Monday, the chairman of the American Federal Reserve (Fed) Ben Bernanke, Reuters writes.
In a series of statements made before the state government authorities, Bernanke noted that financial problems at the local level have a [...]
Posted in: Business by Andrei Lozinschi | July 26th 2010 | no comments
The European Union’s stress testing of banks led to the conclusion that banks need a EUR3.5 million capital infusion, a tenth of the value estimated by analysts, while said analysts doubt the conclusions of the analysis, Bloomberg informed.
"The stress tests are an important step in many areas,” said Huw van Steenis, chief analyst of an European bank within Morgan Stanley. [...]
Posted in: Business by Andrei Lozinschi | July 26th 2010 | no comments
The global economic growth in the next three to five years will range between 3.25% and 3.5%, after the global recession that came after a six-year interval where economic growth averaged 4.7%, according to Stephen Roch, non-executive president of Morgan Stanley Asia.
"The New Normal" could be observed even starting with this year, once the economies in America, Europe and China [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | no comments
The net profit registered by cigarette maker Philip Morris International rose by 22% in the first half of the year, to $3.68 billion, backed by the 16% increase in revenues, the group announced Thursday.
Net revenues rose 15.7% in the first half, to $32.9 billion, according to the company’s financial statement.
Operating profit rose by 18.4% in the January-June interval, to [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | no comments
General Motors will take over AmeriCredit, which specializes in financing the purchase of cars, in exchange for $3.5 billion, the U.S. auto group announced Thursday, quoted by Reuters.
The GM goal is to help clients with lower income get access to car purchases.
The transaction, which needs to be approved by the AmeriCredit shareholders, will offer GM control over a financial [...]
Posted in: Business, Technology by Andrei Lozinschi | July 22nd 2010 | no comments
Russia will develop next year its own computer operating system based on Linux, said Thursday a Russian secretary of state within the Ministry of Telecommunications, quoted by RIA Novosti.
"The first version of the operating system will be launched in Russia in 2011,” said secretary of state Ilia Massoukh, adding the system will undergo constant improvement. A complete operating [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | no comments
British Petroleum will sell gas fields for $7 billion to U.S. group Apache, within a transaction that’s part of a wider plan to sell assets for a total $8.7 billion, according to the Financial Times.
Apache will pay BP close to $7 billion for natural gas fields in the United States, Canada and Egypt. These assets represent some 2% of BP’s reserves and they contribute 2.3% to [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | no comments
The CEO of british oil group British Petroleum, Tony Hayward, scolded for his poor management of the ecological disaster in the Gulf of Mexico, will announce his resignation by October in order to help the group clean up its image, according to The Times, quoted by AFP.
Hayward will leave BP before October, if the oil leaks at the base of the black tide in the Gulf of Mexico are [...]
Posted in: Business, Featured by Andrei Lozinschi | July 22nd 2010 | no comments
Apple sales rose 61.3% between April and June, the third quarter of the 2009-2010 fiscal year, to $15.7 billion, and net profit rose by 78.5%, to $3.25 billion, with solid results on all divisions and unexpectedly good performance from Mac sales.
The company’s operating profit rose 60.8%, to $4.23 billion, according to a press release issued by Apple, maker of the [...]
Posted in: Business, Featured by Andrei Lozinschi | July 22nd 2010 | no comments
Yahoo’s net profit rose 50.8% in the second quarter this year, to $213.3 million, close to analyst expectations, but revenues were not up to par, because of decreases in the expenditure of advertising companies, which determined a 6% decline in company shares, Reuters informed.
The less than expected revenues raised new question marks regarding Yahoo’s efforts to consolidate its [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | one comment
American financial group Morgan Stanley posted a net profit of $3.28 billion dollars in the first half of the year, compared to a loss of $155 million in the first six months of 2009, following a doubling in net revenues.
The profit attributble to regular shareholders reached $2.99 billion between January and June, compared to a loss of $1.83 billion in the first half of 2009, [...]
Posted in: Business by Andrei Lozinschi | July 22nd 2010 | no comments
American group Coca-Cola posted an 18% increase in net profit in the first half of the year, to four billion dollars, and a slight 5% increase in revenues, to $16.2 billion.
Coca-Cola sales rose 4% according to the group’s financial report for the first half of the year. General, administrative, production and raw material expenditure roles in the interval analyzed by 2% to some [...]
Posted in: Business by Andrei Lozinschi | July 21st 2010 | no comments
The net profit registered by American banking group Wells Fargo dropped 10% in the first half of the year, to $5.6 billion, as revenues decreased slightly, the bank announced.
Overall revenues dropped by 2% to $42.84 billion dollars in the first six months of the year, according to the Wells Fargo financial report.
In the second quarter, the bank’s profit dropped by 3% to [...]
