Harvard University prepares issue of bonds worth 600 million dollars to partially repay existing obligations, announced Wall Street Journal.

According to preliminary prospectus on Dec. 3 issue will be managed by JP Morgan Securities, included UBS Financial Services.

On Wednesday by the university announced that they have lost 22 percent of the capital, or about 8 billion dollars over the past four months. Thus the richest university in the world is on track to achieve most poor return on its 40 years, notes Reuters.

Despite the recent loss of the university bonds are expected to have a high investment rating.

So far no official comment from school.

In Monday, December 1, electronic platform for trading on the New York Commodity Exchange barrel oil is trading for 47.36 dollars. The price of oil is now at the lowest levels in three years and about $ 100 cheaper than a spade registered in July this godira. The last drop in price came after members of the ward were gathered in extraordinary meeting in Cairo last weekend and failed to agree on Crop quotas despite decreasing demand. This leads many analysts to expect further price falls further, shows an analysis of The Economist.

Many people would have rejoiced in the news for the drastic decline in the price of fuel. Governments who struggles to cope with inflation earlier this year, experience some relief. Poorest nations, who spent three quarters of their income on food, were particularly sensitive on rising price of energy resources, which has led to increase in the price of foodstuffs. Wave of discontent flowing from India to Cameroon.

With the fall in the price of oil came of governments and focussing on the problem of deflation. Unlike the days of continuous increase prices, monetary policy in such conditions would not experienced any drastic fluctuation to reduce interest rates.

Not everything associated with the low price of oil, however, is cause for joy. This applies especially to the volatility of the price which bears no security for consumers and producers. Worrying is the fact that the sharp decline in the price is a symptom of a strong deterioration of the global economy - demand decreases due to the stagnation of the economy or reducing its growth worldwide. Additional negativism for the development of an American economy and falling Dow Jones Index by 7.7 percent on Monday and which was followed by a fall in the Japanese market.

Environmentalists are not satisfied with cheap oil. The period of high prices choking big appetite for extraction of oil and other forms of energy production that were associated with higher emissions of carbon dioxide in the atmosphere. While it is argued that oil is inelastic commodity (in the short term, drivers found no way to change behavior or improve fuel efficiency of their vehicles), these studies led to a curious fact that the sensitivity of high prices is significant and noticeable .

The decrease in sales of the SUV with gasoline engines in America and the increased use of public transport in the last year are a visible impact of movements in the price of oil. After raising their people are more willing to surrender their old cars for scrap and to targeting more low cost models, and to drive less. The results were lower consumption of oil and Car of the more thrifty cars to the public.

In other countries helped that fell subsidies that held the oil price artificially depressed. As a result, many drivers encounter the actual price of fuel which had to pay. The fall in the price of oil, however, can turn these trends.

People concerned about the safety of energy, also have reason to worry. Despite plans to increase use of renewables and nuclear energy in the industrialized world oil will continue to occupy a large share in meeting energy needs, particularly those related to transport.

The long-term supplies depend on continued investment in oil production, which is unprofitable because of low and unstable prices of raw materials. Oil minister of Saudi Arabia allegedly required price of 75 dollars for barrel, to encourage producers to prevent a possible shortage in the future. He argues for the development of the deposits in Canada, set in sand, which is much more expensive initiative of the use of inexpensive oil fields in Saudi Arabia.

International Association for Energy, which traces the development of countries rich in energy resources, has calculated that to meet the needs of oil in 2030 will need a yield equal to six times greater than what currently EARNING Saudi Arabia . If prices remain low so extraction is unlikely that will lead to a shortage later.

The price of oil would affect not only the demand and supply. Should be considered and given the damage that enter the environment. When the price of oil remained low serious decisions to invest in alternative industries, creating more energy plants and machinery, or change in consumer behavior that could help the world to Shake from its dependence on oil, be postponed more easily.

The biggest economic crisis since the Second World War caused significant changes in international trade.

Among them is the increase in production costs in China. European companies, which traditionally imported from the Far East have taken restructuring programs with the aim of optimizing costs. Their needs are different now. The volume of shipments fell searched dozens of times by orders for millions of units now on order 5 000 - 10 000 units.

European banks also affected by the crisis, which traditionally have issued long-term documentary credit and other instruments to finance international trade, now prefer short-term. That forced European companies to seek providers who agree to short supply and are located close to customers. On the other hand, European companies are being significantly delivaridzhavane and can not maintain large stocks, as it did before the crisis.

Following the crisis, Western consumers are oriented towards cheaper goods.

On the one hand, the above may be considered a disadvantage for Chinese exporters, on the other hand, as a competitive advantage to their competitors from Eastern Europe and especially Turkey. Large Turkish companies in the fields of electronics, household appliances and clothes already on rastove reported significant sales in the last three months, which attributed to the above. Executives of two of the biggest Turkish giants in the electronics and household appliances, "Archelik and Vestel, recently announced the much higher sales expectations, particularly in the United Kingdom. Expectations for 2009 are more optimistic and are based on the opportunities that the crisis has created.

By the end of August 2008 exports to the European Union increased annually with 924.8 million (17.1 percent), while the share in total exports decreased by 62.5 percent in January - August 2007 to 59, 8 percent for the same period in 2008 contribution to reducing the share of exports to the EU-15 have Italy, Germany and Britain. Most grow annual exports to Romania - with 303.9 million (79%) and Greece - with 257 million (31.9%). Exports to Russia increased by 132.7 million (67.7%) and Belgium - with 128.5 million (22.4%). U.S. exports fell - by 30.7% (63.4 million) for Italy - by 4 percent (37.7 million) and Ukraine - with 10.1 percent (11.7 million) .

The largest share in total exports has exports to Greece (10.1% of total exports, 1062.2 million), followed by exports to Turkey (10% of total exports, 1055.6 million).

Special interest are the markets where our exports recorded the highest growth and / or relative share is greatest, namely market in Romania, Greece, Turkey and Serbia. And the four neighboring countries are Bulgaria, which implies faster deliveries and lower transport costs. Therefore, local companies exporting to these markets have significant competitive advantages. On the other hand, the state instead to spend the surplus "wholesale" much more effective would be to concentrate its efforts to boost exports to those countries precisely where the potential for export is greatest.

Yesterday, after an extremely volatile trading, U.S. indexes ended the session in opposite directions - Dow Jones Industrial Average lost 1.5 percent to 8 451 points, technological Nasdaq added 0.27 percent to 1 649.5 points, while the broad S & P 500 gave up 1 , 18 percent.

For the past five days Dow Jones Industrial Average reported a decline of 18 percent, which is the largest weekly fall of 1914g.

During the week witnessed the coordinated reduction of interest on the part of leading central banks in the world. U.S. treasury, the euro, Canada and Sweden took a reduction of their basic rates by 0.5 percentage points.

They joined and the central banks of South Korea, Hong Kong and Taiwan. Interest rates in South Korea and Taiwan were reduced by a quarter point. Korean central bank undertook the first such move for the past five years, sedemdnevniya divest its interest rate to 5 percent.

However, exchanges worldwide are thrown down because of declines in the U.S. and fears of global recession and prolonged. The power MSCI World Index, which monitors the performance of the shares of leading companies in 23 developed countries to plunge 20 percent this week, which is the largest weekly decline for the indicator since its inception in 1970

Yesterday Brent oil variety reported a fall of 7.57 percent to 76 dollars for a barrel and lightest crude oil is depreciated by 7 percent to 80.5 dollars for a barrel.