The euro’s exchange rate went just above $1.3900 early Tuesday in Asia after falling for two straight days in a row. Apparently, the reasons why this occurred are because of the disappointing German data, as well as the concerns about debts in the peripheral euro zone.

Euro fell to as low as $1.3885 that is 2.8 percent down from its 9 and a half month record high of $1.4281 set until last week. Their lowest record for this month reached down to $1.3860, which could trigger a move toward $1.3700.

Since the policy setting meeting made with the U.S Federal Reserve last week, as well as the decision to bring in $600 billion to encourage recovery, the foreign exchange market drove its attention to the problems in peripheral euro zone sovereign debt as the topmost factor.

This includes problems about a political impasse in Dublin regarding the key-budget vote that lead to increased Irish bonds by more than 8 percent on Monday.

The unexpected fall in the output of German industry also added to the euro’s despairs although there are figures that point to a rush in German exports that might indicate solidity in Europe’s largest economy.

Currently, euro’s last was at $1.3923 in comparison to $1.3916 in New York late on Monday. It also hit its two-month low against Australia at A$1.3717. However, the drop in the single currency helped the U.S dollar to gain broadly.

The G20 summit that will be held later in the week has been perceived as a chance for the leaders of different countries to avoid a currency row to increase in a rush that might put the global recovery at risk.

Arab Bank ARBK.AM in Jordan dropped 19.7 percent from its nine-month profits to $402.3 million the same period last year. This report is based on its financial statement released on Sunday.

According to the given financial statement, the bank had a 3 percent growth in assets at the beginning of the year. That is, $52.12 billion against $50.6 billion.

Also, the bank’s balance sheet showed that they had set aside a total amount of $203 million to supply for non-performing loans during the first nine months of the year 2010, which increased from $111 million amount of money they had kept for the same period last year.

Today, most banks in Jordan are setting aside larger provisions to help them cover potential defaults and non-performing loads by real estate firms and businesses falling down from the effect of global downturn on the aid-dependent economy.

Arab Bank was established in Jerusalem, Palestine during the 1930s. This is a small bank that has evolved into one of the largest financial institutions found in the Middle East. Today, they have the largest worldwide Arab branch network. They have over 500 branches in around 30 countries from 5 different continents.

The bank’s nine-month net profit dropped down to $500.9 million from their $672.8 million last year.

However, bankers inform that while their credit provisions reflect on its profits, the Arab Bank has a healthy base that cushions them and about $8 billion shareholders equity.

Tribune creditors from three different groups filed rival proposals to reorganize the newspaper publisher and end its almost two-year stay in bankruptcy.

The three plans were filed on Friday at Delaware’s Bankruptcy Court, and they will compete for creditor votes against the proposed plan made by the company. Judge Kevin J. Carey from the U.S Bankruptcy will take care of those votes until he decides which plan to approve.

The proposals will allow the Tribune businesses, which include Los Angeles Times and Chicago Tribune to bring them out from bankruptcy. However, the creditors battle over how to divide its ownership, and resolve the fraud allegations which the company is accused of.

The Tribune owns 23 television stations. A year after real estate developer, Sam Zell bought the company, Tribune filed for bankruptcy with billions of dollars in debt.

The company proposed a reorganization plan according to a settlement between three lenders, JPMorgan Chase and Co, Oaktree Capital Management, and Angelo Gordon & Co. Included in the plan, those three lenders would end up managing the company.

The plan made by the Tribute tries to shun from as many potential lawsuits through putting up a value on legal claims, as well as settling with the bondholders.

However, the Aurelius Capital Management, which holds the largest portion of those bonds, evidently has no plans of accepting the company’s settlement, thus filed their competing plans. The other rival plans were filed by King Street Capital LP and Marathon Asset Management LP.

Their plans are different from the plans of the company through pursuing the legal claims and foregoing the settlements.

Over the weekend, Puerto Rico’s lawmakers approved the legislation to implement a temporary tax on offshore manufacturing businesses in the U.S territories hit by recession.

According to the administration officials, the new tax targets 40 to 50 operating firms on the island and is expected to make more than $75 million every year.

The legislation was cleared by both the Senate and the House along with the party lines on Saturday. The pro-statehood New Progressive Party approved the bill while the minority pro-commonwealth Popular Democratic Country was against it.

House Speaker Jennifer Gonzalez said that equal distribution on the tax burden is important to the future of the economy of Puerto Rico. However, PDP lawmakers and some business groups criticized the legislation for it passed without any public hearings and analysis. They warned that it could cause more economic crisis than the island is already facing.

The island has been in recession since the year 2006, and Governor Furtono has been struggling with the $3.2 billion deficit since he was placed in office in January 2009. This forced him to cut expenditures and fire about 13,000 employees in the public sector.

The temporary tax will start effectively in January 1 and go until the year 2016. On the first year, 4 percent tax will be charged from the firms, followed by 3.75 percent in 2012 and 2.75 percent in 2013.

It will gradually reduce to 2.5 percent in 2014, 2.25 percent in 2015 and 1 percent in 2016.

Puerto Rico is a U.S commonwealth, but it runs in a separate taxing jurisdiction and permits deferral of federal taxes on profits of offshore firms not unless they are sent back to the United States.

Aaron Kushner, a Massachusetts businessman said that his investment group will bid to purchase the Boston Globe from the New York Times Co. telling that the newspaper is a feasible business.

His investment group is called 2100 Trust, which is planning to make the offer very soon. Kushner owns the Marian Health Greeting Cards business located at Wareham, Massachusetts.

John Boit, a spokesperson for the 2100 Trust group said that Kushner is still forming a group of investors; however, he declines to give financial details regarding the potential bid.

In a statement coming from the 2100 Trust, they believe that Boston Globe has been a pillar in the city for several years. The Boston Globe’s strongest days might just be ahead of them and one of the major investments that they will make is the newsroom.

Robert Christie, the New York Times spokesman refused to give his feedback regarding the potential offer, but he said that the newspaper finances are improving.

Christie said that the Boston Globe became an important aspect of The New York Times Company; it has already made excellent progresses and solid financial footing. This signals a strong future along with digital and print progress.

Boston’s advertising person, Jack Connors denied that he is not part of the new bidding effort done by the Massachusetts investment group. Connor had previously made a bid to buy the newspaper, but they were not successful. He was with retired General Electric CEO, Jack Welch, when they made the bid.

The New York Times shares rose up to 10 percent with a closing price of $7.63 on Wednesday.

Scott Belsky, an author of “Making Ideas Happen” recognized the reason why people don’t get things accomplished. According to Belsky, man has several ideas in his mind. He contests that most businessmen undergo idea-to-idea syndrome, leaping from one idea to another without putting it into action.

Belsky is the creator of Behance LLC, a firm located in New York City that functions as networking website for creative pro called ‘The Behance Network.’ It is a tip site intended for production. Their market web-based product software is based on the ‘Action Method.’

According to Belsky, the ‘Action Method’ informs what a person should do to perform an idea. The method is divided into three steps symbolized by verbs that emphasize the next move that a person should do. The three tips include: 1. Hire the killjoys, 2. Work with a bias toward action and, 3. Change your vocabulary.

Belsky believes that an initial step in creating a team that will kill the ideas is to hire killjoys that always say no to ideas. It is vital to hire people that have less time in having beer sessions instead hire those who will add progress to your company.

Also Belsky said that the most vital attribute is the inclination to act, even though accountability is also a good feature to start with. For a person to do this, they need to unlearn certain things.

Talking action is a much better way to produce growth, even though taking action is the key to make things done. Belsky said that you need an environment where individuals are desperate in taking action steps.

Belsky is not the sole business analyst who perceives so many ideas as possible threat. Thomas Edison once said that a genius is percent inspiration, 99 percent perspiration.

U.S regulators closed three more banks on Friday, which makes a total of 133 banks to fail as of October 15 this year. Two banks were closed in Missouri and one in Kansas.

FDIC or Federal Deposit Insurance Corporation confirmed that 3 banks, Premier Bank from Jefferson City, WestBridge Bank and Trust Co from Chesterfield, and Security Savings Bank, F.S.B from Olathe, Kansas were closed.

The Premier bank has a total amount of $1.18 billion assets with $1.03 billion deposits. The flop is anticipated to cost the FDIC about $406.9 million insurance deposit fund.

FDIC stated that Providence Bank of Columbia in Missouri will take on all the deposits of the Premier bank, but this does not include some brokered deposits. They as well agreed to buy the $657.9 million of the bankrupted bank’s assets.

Security Savings Bank, F.S.B had around $508.4 million in assets while having deposits of around $397 million. The collapse was thought to cost the FDIC deposit insurance to yield $82.2 million. Security Savings Bank’s assets and deposits will be taken by Simmons First National Bank of Arkansas.

WestBridge Bank and Trust Company had around $91.5 million assets with $72.5 million deposits. The said crash will push the FDIC to give $18.7 million. Midland States Bank of Effingham, Illinois will take on the collapsed bank’s assets and deposits as what FDIC stated.

It is now smaller establishments that are closing since they are dealing with troubles in the real estate business. Smaller banks are more focusing on these loans than bigger banks.

International bankers warn that forcing several financial establishments to reach up with the new capital requirements too fast could

greatly hurt the economies around the world.

As a result of the Basel III agreement that 27 countries have settled last month, individual countries might push their banks to meet with the new capital and liquidity standards before the deadline on year 2019.

According to the chief executive of Deutsche Bank, Josef Ackerman, there really is a great concern when national governments accelerate the phasing in process on the finance industry.

Ackerman, the chairman of the Institute of International Finance, which is holding its yearly meeting in Washington this weekend, warns along with other bankers that global economy is still fragile. Forcing the capital standards too quickly could already throttle the economy even before it has recovered.

The Basal III agreement states that banks should get top-quality capital equivalent to a total of 7-percent of their risk-bearing assets. That is three times more than the current standards so they can better endure financial shocks and downturns on the economy.

They have until 2015 to meet the minimum core Tier capital requirement; that is, at least 4.5 percent of assets. By 2019, they should have additional 2.5 percent, which is called the capital conservation buffer.

Even the regulators who attended the event treated the idea that the timetable would be moved up as less important, thinking that the new requirements will not impact the economies around the world negatively.

The car rental company, Hertz Global Holdings, is planning to acquire assets that the Avis Budget may have to give away to take hold of the antitrust clearance and acquire the Dollar Thrifty Automotive Group, Inc.

The Hertz once tried to get the takeover bid for the Dollar Thrifty car rental company. However they were rejected by the shareholders of the company.

One week after Hertz dropped their pursuit, the Avis and Dollar Thrifty are now making its way to getting the approval of the regulatory group to stop its business rival.

Hertz mentioned in their conference call with the Deutsche Bank Leverage Finance that Avis may have to divest the Thrifty brand. According to the Park Ridge Company, the New Jersey-based Hertz, it is doubtful that Avis’ offer will be approved by the antitrust regulators. This is the reason why they have to divest assets to Hertz.

Avis and Dollar Thrifty are two big names in the car rental market with low-budget. Avis Budget Group manages two of most popular brands in the vehicle rental industry.

On the other hand, Dollar Thrifty was only few of the major car rental companies that placed a profit in the year 2009. They offer remarkably cheap car rentals. Their company became an important element in the rental industry while several consumers try to save a big deal of money.

Today, Hertz is keeping its eye on expanding its own low-priced brand, Advantage Rent-a-Car. Park Ridge shares were down with 2 percent at a $9.98 on the New York stock exchange on Wednesday. Since Dollar Thrifty shareholders spurned their bid, their stocks have dropped 4 percent.

Joseph Stiglitz, a Nobel Prize winning economist, said that large emerging economies can still live with weak dollar rate as his defense for the need of new round of U.S economic stimulus on Thursday.

According to Stiglitz, US monetary policy seems to be working its way through “competitive currency devaluation.” This is caused by the recent weakening of the dollar rate that makes the value of U.S exports cheaper.

Additional U.S monetary easing will most probably cause another dollar weakness. This might cause a threat to emerging countries’ exporters.

These large, emerging countries include Brazil, China and India. As mentioned by Stigilitz, these three countries are still competitive enough to withstand the present dollar rate. However, there annoyance and concern about it is really understandable.

Brazilian Finance Minister Guido Mantega said earlier this week that “global currency war” has already started and several concerns about the currency devaluation are spreading fast among emerging economies.

The reason why U.S monetary stimulus was not able to spur lending since companies are also not investing given the fact that there is less consumer demand.

He says that an excellent solution to solve this problem is to create a second wave of stimulus intended to encourage investment instead of more consumption. The U.S government is not wise not to borrow at the current low interest rates in order to enhance the economy.

Indeed, Stiglitz is not very optimistic with regards to the U.S economy’s future. He says, numbers are pretty depressing and the increased percentage of long-term unemployment remains the real problem.