The Iceland President defends the towers before the crisis to promote the model of the Bank - Bloomberg

April 11 (Bloomberg) — the Icelandic President Olafur Grimsson speaks of the claims agreement filing with the United Kingdom and the Netherlands following a referendum in which Icelandic voters rejected a proposal to repay foreign applicants. Grimsson speaks of Reykjavik with Maryam Nemazee for Bloomberg Television "pulse." (Source: Bloomberg)

President ólafur r. Grimsson the Iceland defended his efforts to promote the model of Bank of the island in the years that led to the crisis, arguing that it was his duty to speak of an industry which was the creation of jobs.

"It is always the mandate of the President to support the economy of the country and these three banks were the biggest companies," he said in an interview on April 12, in Copenhagen before to speak at the Institute for Corporate Governance lessons from the crisis. "They were thousands of young Icelandic with employment opportunities, in Iceland and in other parts of the world."

The former leaders of the largest banks of the Iceland, which collapsed in 2008 after amassing debts more than 10 times the size of the economy, are now being surveyed financial crimes that prosecutors say stimulated the economic collapse of the island. Grimsson, 67, in a speech from May 2005 assigned Bank growth of the Iceland to the "corporate culture" of the country and a tendency to "challenge dominant theories taught in business schools met."

Now, Grimsson said "it would be strange if the President over the years had not participated in the promotion of the largest companies of the Iceland." Financial industry employee Island 4.3% of the active population of the country in 2006 or 7 300 persons, data show Statistics Iceland. Industry represents 5.1 per cent of workers in 2008, the Bureau believes.

The President in February blocked the efforts of the Government to settle the claims of foreign applicants from Landsbanki Islands hf, once the largest in the country second lender, arguing the taxpayers of the Iceland should not cover the losses created by poorly managed private banks. That triggered a referendum, in which 59.7% of the voters on 9 April rejected an agreement of Government with the United Kingdom and the Netherlands.

The dispute will now be settled in the Court of the European Free Trade Association at Luxembourg, where procedures are likely to take about a year, Finance Minister Steingrimur j. Sigfusson, said April 10.

Moody's Investors Service 23 February warned that failure to resolve the dispute filing, called Icesave, would trigger a junk e-mail rating downgrade. Fitch Ratings Ltd. has ranked Iceland debt non-investment grade since the veto of January 2010 the Grimsson of an applicant agreement earlier. Said companies that Iceland will experience difficulties tapping international debt markets unless the depositor claims are resolved.

Grimsson accuses rating firms to mislead the Iceland policy makers before the crisis by giving banks credit high notes. According to him, that he has travelled the world praising the "peculiar." Iceland lenders since they received very positive comments by the authorities of international rating

In an April 11 interview with Bloomberg Television, he called history of Moody on the assessment of the risks of credit "appalling."

Board of special inquiry Iceland, which last April published approximately 3,000 pages of results on the causes of the banking crisis, said the role of the Grimsson in the financial collapse was "particularly interesting", according to the report.

"It cannot avoid probing the Office of the President especially in this regard, because of his servitude, for the trip and individuals at the forefront" concluded the report. Grimsson is "moral responsibility for the theatre piece", the report. It "forcefully draws a picture embellished, arrogant and nationalist of the superiority of the Icelanders, based on the former heritage." Note that some of the qualities that the thought of the President have been admirable were exactly the characteristics that led to their and the disappearance of the nation. ?

Grimsson, stated that his support for the industry was also based on assessments by the authority of financial supervision of the Iceland. The Board of special inquiry found since the regulator does not have to monitor the banks properly.

"Although there are a number of warning signs, regulatory authorities and the international rating agencies continue to give banks very good remarks," said Grimsson. "As my colleague heads of States promote the larger companies in their countries, but a long part of the Presidency of the Iceland," he said. "" "". In the decades preceding it was mainly the fishing industry and agricultural societies but 10 years ago, that banks have become the largest companies. ?

Moody, rated the sovereign debt of the Aaa Iceland up to five months before its financial sector collapsed in October 2008, has stated in an April 2006 report written by analyst Joan Feldbaum-Vidra concerns "risks that may accompany an increased influence in the economy" have "recently been exaggerated."

Grimsson, who became President in 1996, is now touring geothermal expertise Iceland global promotion, including it in a January 28 interview in Davos, Switzerland, called "a very important global mission for the Iceland."

Olafur Hauksson, Special Prosecutor of the Iceland, has investigated 112 cases related to the banking crisis of the island. The Supreme Court sentenced March 24 brokers to failed Kaupthing Bank hf, once lender more of the Iceland, to six months in jail after finding that they manipulated bond deals. The District Court of Reykjavik sentenced April 7 Baldur Gudlaugsson, former permanent Secretary to the Ministry of finance, to two years in prison for insider trading with Landsbanki shares. Haukur Thor Haraldsson, a former manager with Landsbanki, was charged with money transfer illegally the subsidiary of the Bank to his personal account.

The full investigation of financial crimes which led to the collapse of the banking Iceland will be completed by 2014, said Hauksson.

To contact the reporters on this story: Christian Wienberg in Omar Valdimarsson London cwienberg@bloomberg.net to the valdimarsson@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger to tbrogger@bloomberg.net

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Bric leaders say increasing commodity prices poses threat to global growth - Bloomberg

BRIC leaders called for "more attention to the risk of massive cross-border capital flows" and said that the Monetary Fund International should continue to look to overhaul the role of special drawing rights as an international reserve currency system. Photographer: Nelson Ching/Bloomberg.

The leaders of the Brazil, Russia, India, China and South Africa, said excessively volatile commodity prices pose a threat to the global economy and called for greater regulation of derivatives markets.

Volatility "poses new risks for ongoing recovery of the global economy," the leaders said, according to a news release from their Summit at Chinese station of Sanya. The BRIC countries, such as the five is known, also called for greater vigilance on the impact of the movement of capital from developed economies in emerging markets and agree on a plan to make more loans in local currency.

Rising food and of fuel, prices are inflexible importers like China and the India to maintain low prices for their 2.6 billion people. Export of the country such as the Brazil, the Russia and the South Africa benefit from trade, but are concerned will that rely too heavily on resources stifle diversification of their economies, leaving vulnerable should stop the application.

"Budgetary prospects for emerging economies are more favourable, but this partly reflects the rear high asset and the prices of raw materials, low interest rates and strong capital inflows," International Monetary Fund said in a report this month. A "the reversal could leave exposed posts."

China is the largest importer in the world of soybeans and consumption of energy, according to oil imported to stimulate economic growth. In India, where hundreds of millions of people live in poverty, also said concerned about rising food prices.

"Regulation of the market for derivative products should therefore be strengthened to prevent activities capable of destabilizing the markets," said the document.

Corn, coffee and cotton prices were all more than doubled on the global markets last year, while crude oil prices are up 42% in London. Chicago Wheat futures are likely to increase by $8.60 a bushel before 31 December, 31% up from brokerage low, based in Paris this year, said OTCex group earlier this month. Corn can reach a record $ 10 per bushel, Alex Bos, an analyst of Macquarie Group Ltd. said on 6 April.

This year China expects to import of 57 million tonnes of soybeans, or almost 60 percent of world trade of animal feed and ingredient in tofu.

The release of BRICS called for greater cooperation on food safety to the lack of reliable information and timely time on the supply and demand. The international community was needed to work together to increase production, increase technological support and financing for the developing countries in "create a more equitable and just world."

In a separate agreement, the heads of the five development banks agreed on working a plan to increase the use of local when currencies make loans to the other.

"We talked about how to move more quickly to the use of national currencies," said Medvedev. "I just had a meeting with the President of the Brazil, and we have agreed to intensify work on a possible switch." We could think of such a system with the BRICs. ?

The combined gross domestic product of the five so-called BRICS nations Eclipse the economy of the United States at the end of 2014, International Monetary Fund projected published this week. The euro area will be exceeded this year, data showed. By 2016, the BRICs will have a combined GDP of $ 21 billion from a projection of 18.8 billion for the United States, according to the IMF.

Deputy Prime Minister Sergei Ivanov, said that more than US $100 barrel of oil prices are discouraging Russia diversify its economy. Ivanov, said the current price was unsustainable and that the budget of the Russia will fall into a deficit when it falls.

"When the rain of gold is poured over your head, you did are not motivated to diversify," Ivanov said in an interview on April 7 in Miami. "I would say I hate high oil and gasoline prices, but I am not happy with them.".

Bank of America, Merrill Lynch, said that it expects crude to decline later this year, as increases in prices curb demand.

Brent on average US $94 per barrel in the fourth quarter, analysts at the Bank, led by Blanch in Francisco based in New York, said in a report earlier this week. It is approximately 23% less than the current level of prices.

Gross Brent advanced to more than $127 a barrel on the ice London futures exchange this week, the highest level since August 2008 and approximately $20 price record of the year for 147.50 Brent $ per barrel.

Chinese President Hu Jintao and other leaders of bric also called for "more attention to the risks of cross-border capital flows" and said that the Monetary Fund massive International should continue to examine the role of special drawing rights as a system of reviewing international reserve currency.

"The structure of management of international financial institutions should reflect changes in the global economy, increasing the voice and representation of emerging economies and developing countries," said the press release.

At the Summit of Sanya, HU is joined by Russian President Dmitry Medvedev, the Brazilian President Dilma Rousseff, South African President Jacob Zuma and Indian Prime Minister Manmohan Singh.

To contact the reporter on this story:

To contact the editor responsible for this story: Ben Richardson at brichardson8@bloomberg.net

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Japan throws Atomic alert to highest level, correspondence Chernobyl - Bloomberg

Aerial view of the nuclear plant of Tokyo Electric Power Fukushima Dai-Ichi in the Prefecture of Fukushima at the Japan, March 20, 2011. Source: Air Photo Service via Bloomberg April 11 (Bloomberg) - Bloomberg Zeb Eckert Tokyo reports the most recent earthquake in the Japan. An earthquake of magnitude 6.6 has struck the region of the country Tohoku, southwest of Iwaki, said the United States Geological Survey. The tremor shook buildings in downtown Tokyo. Eckert speaks with Maryam Nemazee for Bloomberg Television "pulse." (Report of the Eckert came before the USGS revised the size of the earthquake of 7.1 to 6.6) Source: Bloomberg)

The Japan increased the rating of the gravity of the nuclear crisis the most high, corresponding to the 1986 Chernobyl disaster, such as prompt radiation increased the Government to expand the area evacuation and aftershocks rocked the country.

Nuclear and industrial safety of the Japan Agency raised the score to 7, a spokesman said at a press conference in Tokyo today. The accident at the station of Fukushima Dai-Ichi was already rated 5 to world-wide, the same as the collapse of reactor partial 1979-Three Mile Island in Pennsylvania.

The nuclear power plant sinistrée, 220 kilometres (135 km) North of Tokyo, is radiation leak worst civil nuclear disaster in the Japan after a magnitude-9 quake and tsunami March 11. Tokyo Electric Power Co. plant has resisted hundreds of aftershocks, and the Government expands the surrounding area of evacuation yesterday.

The Government "finally begins to wake up to the reality of the scale of the disaster," said Philip White, Liaison Officer International Information Center of the nuclear citizens, a group based in Tokyo, opposed to atomic energy. "Its belated move to evacuate people from a wider area the nuclear plant, in the same way, is a recognition that the impact on public health is potentially much greater that it was first recognized."

The International nuclear and radiological event scale rate nuclear accidents in terms of their effects on health and the environment, according to the international agency of Atomic Energy, which has helped put in place the system. Each of its represents seven steps a ten times more large increase in the severity of the incident or accident, according to the Backgrounder INES.

Levels 1 to 3 are classified as incidents and those of 4 to 7 are defined as accidents. Average level 7 there have been a "major release of radioactive material with widespread health and environmental effects requiring the implementation of countermeasures planned and prolonged", says the information sheet.

Earthquake of 11 March, the highest on record and the tsunami was approximately 27 500 dead or missing, according to the Police Office National du Japan of the nation. The Government estimated damage to 25 billion yen ($295 billion). TEPCO may face the claims by as much as 11 billion yen, according to an estimate.

An earthquake of magnitude-6. 2 struck off the coast of Chiba Prefecture is Tokyo, at 8 h 08, local time today, swaying buildings in the capital, according to the U.S. Geological Survey. This followed a magnitude 6.6 temblor yesterday and a replica of magnitude 7.1 April 7.

Is there no damage at the Fukushima plant after the latest earthquake, spokesman for the company Takashi Kurita said. There is no power outages at the station, Tepco, as is called the utility, said flash on its Web site.

TEPCO spent 7.8% at 539 yen at 11 a.m. in Tokyo. The stock has fallen 75 percent since March 10, a day before the start of the crisis.

Earthquake today briefly closes the airstrips at International of Narita Airport, interrupted ball and the metro train services in Tokyo.

The two runways at Narita reopened after the checks have been carried out after the last earthquake, Masaru Fujisaki, a spokesman for Narita International Airport Corp., said by telephone. Services of the East bullet train Japan Railway Co. and all lines operated by Tokyo Metro Co. Metro resumed, according to the spokesman for businesses.

A fire sampling build near reactor No. 4 at the Fukushima Dai-Ichi station extinguished this morning, after the fire was discovered at 6 h 38, spokesman capture Tamaki said at a press conference today. The fire was not related to the earthquake this morning, he said.

TEPCO is using emergency equipment to cool the reactors damaged in relief after that generating atomic station were eliminated by the tsunami.

The utility attempts to remove the highly contaminated water which takes efforts to obtain work cooling pumps and prevent other explosions after the explosions damaged reactor containment vessels, releasing radiation into the air and sea, and the alteration of food. Earthquake of yesterday has halted the pumping of water contaminated from the No. 2 reactor, said Tepco.

Approximately 60 000 tonnes of contamination of water is located in the basements of the buildings of the turbine and the trenches around the No. 1, 2 and 3 of the reactors, the company said last week.

"If it finds a solution long term for the large quantities of water highly radioactive reactors, the scale of the disaster may end up exceeding Chernobyl," White, of the Information Centre of the nuclear citizens, said by phone today.

To contact the reporters on this story: Michio Nakayama in Tokyo at the mnakayama4@bloomberg.net; Aaron Sheldrick in Tokyo at the asheldrick@bloomberg.net

To contact the editor responsible for this story: Amit Prakash to aprakash1@bloomberg.net

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Ouattara maintains Gbagbo under siege in Abidjan, after the rocket attack on French - Bloomberg

The forces of the elected President of C?te d'Ivoire, Alassane Ouattara guarded residence of Laurent Gbagbo in Abidjan under siege after troops loyal to former leader fired at the Embassy of France.

Gbagbo forces launched two mortars and a rocket at the residence of the Ambassador of France in Abidjan yesterday, according to a statement by email of the Embassy. The BBC World Service French combat helicopters responded by attacking the Gbagbo forces, reported today.

Gbagbo, who challenges the Ouattara internationally recognized victory in the presidential election on 28 November, remains in a bunker with his family and his senior aides. Many of his troops withdrew or defected as rebels now known as the Republican Forces swept first down in the North of Ivory Coast, producer of cocoa in the world, in Abidjan, the commercial capital.

Separately, Human Rights Watch said forces loyal to the hundreds of civilians killed Ouattara, burned at least 10 villages and summarily raped women of an ethnic group seems to be loyal to Gbagbo.

"Fighters often target people by ethnic origin, and the attacks affected disproportionately too old or weak to flee, said a report by e-mail late yesterday by the New York-based group." "" Dozens of women were also held for a day or more and raped repeatedly. ?

The killings occurred during a March by the Republican Forces offensive, in the West of the country the said group.

Abidjan was calm this morning, with recovery in some parts of the port city of electricity supply. Administration of the Ouattara has tried to mobilize the army soldiers formerly loyal to Gbagbo, who was President from 2000 until last year.

"In the"framework for the mobilization for the resumption of the service, the Prime Minister and Minister of defence"require officers, junior officers and the commanders of the army, marine, air force and Gendarmerie Nationale to register on the open lists"."," said a statement by the administration of the Ouattara received e-mail today.

Broadcasting television Ivoirienne of Gbagbo, whose offices are captured by the Republican Forces earlier this month, returned to the air yesterday, telling viewers to "the regime of Laurent Gbagbo is still in place" and calling for a "strong mobilisation" against Ouattara. It was not clear if emissions in the offices of former television State or in another location.

More than 1 million people have fled their homes during the four-month crisis, according to the United Nations. Peacekeeping forces of the French peace and the United Nations in Abidjan has launched April 4 helicopter strikes against the forces of Gbagbo.

Yesterday, the European Union lifted the restrictions on exports of cocoa in Abidjan and San Pedro port, which is also under the control of Ouattara. Cocoa in London fell by 25 pounds, or 1.3%, to 1,889 pounds ($3,095) per tonne at the end of yesterday.

Human Rights Watch report said that before February, abuse against civilians were committed mainly by forces loyal to Gbagbo. This changed after the forces nominally under the control of Prime Minister Guillaume Soro of the Ouattara launched an offensive in late February. The atrocities led to a massacre on March 29, hundreds of civilians in the town of Duékoué West near the Liberian border, is home to a large number of people from the Guéré ethnic group, most which supported Gbagbo, said the report.

Based in the Hague of the International Criminal Court began a review of allegations of crimes in C?te d'Ivoire and administration of the Ouattara has agreed to submit to its jurisdiction.

With the help of Drew Hinshaw in Dakar. Editors: Mike Harrison, Paul Sillitoe

To contact the reporters on this story: Jason McLure in Accra to the jmclure@bloomberg.net or Olivier Monnier and Pauline Bax in Abidjan via the ebowers@bloomberg.net Accra

To contact the editor responsible for this story: Antony Sguazzin to the asguazzin@bloomberg.net

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