Bush Calls for $150 Billion Stimulus Plan for Economy
Jan. 18 (Bloomberg) -- The Bush administration proposed a growth package of as much as $150 billion to counter escalating risks to an economic expansion now in its seventh year.
``Passing a new growth package is our most pressing economic priority,'' President George W. Bush said at the White House after meeting with his economic advisers.
Treasury Secretary Henry Paulson said the plan would help create about a half-million jobs this year. Bush said Paulson will lead the administration's efforts at crafting a deal with the Democratic-majority Congress.
While the economic fundamentals are strong, ``there is a risk of a downturn,'' Bush said. The plan must include tax incentives for businesses and ``direct and rapid income tax relief for the American people,'' he said.
Bush said the package should total about 1 percent of gross domestic product, which was an annualized $13.97 trillion in the third quarter. Paulson later cited at a press briefing an estimate of $140 billion to $150 billion.
A continued decline in the housing market and the rising cost of oil may cause more harm to the economy and jeopardize job creation, the president said.
The U.S. unemployment rate in December climbed to 5 percent, the highest in two years, from 4.7 percent the previous month. Employment growth in the U.S. was 1.33 million last year, down from 2.26 million jobs a year earlier.
Federal Reserve Chairman Ben S. Bernanke told lawmakers yesterday that a stimulus plan of up to $150 billion would be ``significant'' and not ``window dressing.''
No Specifics
Bush didn't offer specifics on a stimulus plan, saying he wants to reach an agreement with Congress. The administration is considering offering $800 tax rebates for individuals and $1,600 for households, people familiar with the discussions said.
``My advisers and many outside experts expect that our economy will continue to grow over the coming year, but at a slower rate than we have enjoyed for the past few years,'' Bush said.
While the administration has taken steps to help homeowners avert foreclosure and asked Congress to allow the Federal Housing Administration to provide additional relief, more help is needed to bolster the economy, Bush said.
``This growth package must be big enough to make a difference in an economy as large and dynamic as ours, which means it should be about 1 percent of GDP,'' Bush said.
The plan must be temporary and shouldn't include any tax increases, Bush said.
Conferring With Congress
``Yesterday I spoke to members of the congressional leadership from both political parties,'' Bush said. ``I was encouraged by those discussions, and I believe there is enough broad consensus that we can come up with a package that can be approved with bipartisan support.''
The White House and Congress are trying to hammer out an agreement quickly, with some Democrats saying it could come in 30 to 45 days.
White House spokesman Tony Fratto suggested the president may never offer a specific package of stimulus proposals on his own. ``That remains to be seen,'' Fratto said. Bush has appointed Paulson ``to come up with a bipartisan approach,'' said Ed Gillespie, the president's top political adviser.
Bush later today was to visit workers and executives at Wright Manufacturing, Inc., a lawn equipment maker, in nearby Frederick, Maryland, to show the White House is aware that Americans are feeling the pinch of higher gasoline prices and falling home values.
BLOOMBERG
Economy | Business | Social | Leaked | Opinions
Friday, January 18, 2008
U.S. Economy: Confidence Increases, Leading Index Declines
U.S. Economy: Confidence Increases, Leading Index Declines
Jan. 18 (Bloomberg) -- Confidence among U.S. consumers rose in January as gasoline prices fell, while a measure of the economy's direction over the next three to six months declined.
The improvement in consumer sentiment is at odds with comments by Federal Reserve Chairman Ben S. Bernanke, who said yesterday that risks to economic growth are ``more pronounced.'' Richmond Fed President Jeffrey Lacker said today that growth is ``very weak'' and may warrant additional interest-rate cuts.
The Reuters/University of Michigan preliminary index of consumer sentiment climbed to 80.5, from December's 75.5 reading that was the lowest since 2005. At the same time, the Conference Board reported its index of leading economic indicators dropped 0.2 percent in December, the third consecutive drop.
``The outlook is still very bleak,'' said Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts. He said the final Michigan index for the month ``may not look quite as good.''
The confidence index was forecast to fall to 74.5, according to the median of 65 economists surveyed by Bloomberg News. The monthly figure averaged 86.1 last year, down from an average of 87.6 in 2006 and has weakened in six of the past seven years since peaking at 112 in January 2000.
Stocks extended gains after the University of Michigan report was published, before reversing the advance. Stocks had risen after General Electric Co. said fourth-quarter profit rose 15 percent, buoyed by earnings from international sales.
Gasoline Relationship
Since the start of the fourth quarter, the sentiment index has tended to fluctuate in the opposite direction of gasoline prices, according to data compiled by Bloomberg. The correlation in the period was minus 0.76.
Retail gasoline prices, up about 40 percent from a year ago, have dropped about 20 cents a gallon from a peak in May of $3.21, according to the most recent figures from AAA. Prices dropped 3.4 cents in December.
The improvement in confidence was driven mainly by two groups, the report said. Households making less than $50,000 a year said bigger discounts made this a good time to buy durable goods like televisions and automobiles, while upper-income households cited an improving outlook on the economy. In addition, more people than at any time since 2001 said interest rates will drop.
Consumer Expectations
The sentiment gauge's expectations index, which some economists view as an indicator of future consumer spending, increased to 69.1 from 65.6 in December.
A measure of current conditions, which reflects Americans' perceptions of their financial situation and whether it is a good time to buy big-ticket items like cars, gained to 98.1 from 91.
The Fed may cut the benchmark interest rate by a half percentage point this month to help the economy avoid a recession, according to futures trading.
The housing recession is now in its third year and the job market is slowing. Employers added 18,000 workers in December, the lowest gain since 2004, and the unemployment rate jumped to 5 percent, according to government figures.
Consumers are becoming more careful about spending. California Pizza Kitchen Inc., the owner of the casual-dining chain of the same name, this week said quarterly profit missed the company's forecast and lowered its earnings outlook for 2008.
Discounting
Discounts are helping other companies. Wal-Mart Stores Inc., the world's largest retailer, said its December sales rose 2.4 percent, the most in four months, after it lured shoppers with price cuts on more holiday items.
Combined with gross domestic product, the Conference Board's leading indicators are used by the seven-member committee within the National Bureau of Economic Research in Cambridge, Massachusetts, to determine when economic downturns start and end.
Pending revisions, last month's rise in the coincident index signals a recession probably didn't start last month.
``The latest data suggest that growth could remain slow, and possibly be a little slower, in the first half of 2008,'' Ken Goldstein, a labor economist at the Conference Board, said in a statement.
Over the last six months, the leading indicators index dropped at an annual pace of 1.6 percent, short of the approximate 4 percent to 4.5 percent drop Conference Board economists say signals recession.
The report bears out forecasts by most economists that the U.S. will be able to skirt recession. The world's largest economy is projected to grow at a 1.1 percent annual rate this quarter and pick up speed in the following three months, according to the median forecast of economists surveyed earlier this month.
BLOOMBERG
Jan. 18 (Bloomberg) -- Confidence among U.S. consumers rose in January as gasoline prices fell, while a measure of the economy's direction over the next three to six months declined.
The improvement in consumer sentiment is at odds with comments by Federal Reserve Chairman Ben S. Bernanke, who said yesterday that risks to economic growth are ``more pronounced.'' Richmond Fed President Jeffrey Lacker said today that growth is ``very weak'' and may warrant additional interest-rate cuts.
The Reuters/University of Michigan preliminary index of consumer sentiment climbed to 80.5, from December's 75.5 reading that was the lowest since 2005. At the same time, the Conference Board reported its index of leading economic indicators dropped 0.2 percent in December, the third consecutive drop.
``The outlook is still very bleak,'' said Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts. He said the final Michigan index for the month ``may not look quite as good.''
The confidence index was forecast to fall to 74.5, according to the median of 65 economists surveyed by Bloomberg News. The monthly figure averaged 86.1 last year, down from an average of 87.6 in 2006 and has weakened in six of the past seven years since peaking at 112 in January 2000.
Stocks extended gains after the University of Michigan report was published, before reversing the advance. Stocks had risen after General Electric Co. said fourth-quarter profit rose 15 percent, buoyed by earnings from international sales.
Gasoline Relationship
Since the start of the fourth quarter, the sentiment index has tended to fluctuate in the opposite direction of gasoline prices, according to data compiled by Bloomberg. The correlation in the period was minus 0.76.
Retail gasoline prices, up about 40 percent from a year ago, have dropped about 20 cents a gallon from a peak in May of $3.21, according to the most recent figures from AAA. Prices dropped 3.4 cents in December.
The improvement in confidence was driven mainly by two groups, the report said. Households making less than $50,000 a year said bigger discounts made this a good time to buy durable goods like televisions and automobiles, while upper-income households cited an improving outlook on the economy. In addition, more people than at any time since 2001 said interest rates will drop.
Consumer Expectations
The sentiment gauge's expectations index, which some economists view as an indicator of future consumer spending, increased to 69.1 from 65.6 in December.
A measure of current conditions, which reflects Americans' perceptions of their financial situation and whether it is a good time to buy big-ticket items like cars, gained to 98.1 from 91.
The Fed may cut the benchmark interest rate by a half percentage point this month to help the economy avoid a recession, according to futures trading.
The housing recession is now in its third year and the job market is slowing. Employers added 18,000 workers in December, the lowest gain since 2004, and the unemployment rate jumped to 5 percent, according to government figures.
Consumers are becoming more careful about spending. California Pizza Kitchen Inc., the owner of the casual-dining chain of the same name, this week said quarterly profit missed the company's forecast and lowered its earnings outlook for 2008.
Discounting
Discounts are helping other companies. Wal-Mart Stores Inc., the world's largest retailer, said its December sales rose 2.4 percent, the most in four months, after it lured shoppers with price cuts on more holiday items.
Combined with gross domestic product, the Conference Board's leading indicators are used by the seven-member committee within the National Bureau of Economic Research in Cambridge, Massachusetts, to determine when economic downturns start and end.
Pending revisions, last month's rise in the coincident index signals a recession probably didn't start last month.
``The latest data suggest that growth could remain slow, and possibly be a little slower, in the first half of 2008,'' Ken Goldstein, a labor economist at the Conference Board, said in a statement.
Over the last six months, the leading indicators index dropped at an annual pace of 1.6 percent, short of the approximate 4 percent to 4.5 percent drop Conference Board economists say signals recession.
The report bears out forecasts by most economists that the U.S. will be able to skirt recession. The world's largest economy is projected to grow at a 1.1 percent annual rate this quarter and pick up speed in the following three months, according to the median forecast of economists surveyed earlier this month.
BLOOMBERG
GLOBAL INDEXES
XAK
FTSE/CySE 20
1389.36 ( 0.66%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4049.14 ( 0.65%)
Όγκος: € 9,300,841
---
FTSE 100 INDEX 5,901.70 -0.70 -0.01%
CAC 40 INDEX 5,092.40 -64.69 -1.25%
DAX INDEX 7,314.17 -99.36 -1.34%
---
US
DOW JONES INDUS. AVG 12,099.30 -59.91 -0.49%
S&P 500 INDEX 1,325.19 -8.06 -0.60%
NASDAQ COMPOSITE INDEX 2,340.02 -6.88 -0.29%
FTSE/CySE 20
1389.36 ( 0.66%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4049.14 ( 0.65%)
Όγκος: € 9,300,841
---
FTSE 100 INDEX 5,901.70 -0.70 -0.01%
CAC 40 INDEX 5,092.40 -64.69 -1.25%
DAX INDEX 7,314.17 -99.36 -1.34%
---
US
DOW JONES INDUS. AVG 12,099.30 -59.91 -0.49%
S&P 500 INDEX 1,325.19 -8.06 -0.60%
NASDAQ COMPOSITE INDEX 2,340.02 -6.88 -0.29%
ΘΕΤΙΚΗ ΚΑΙ Η ΓΕΡΜΑΝΙΑ
ΣΕ ΘΕΤΙΚΟ ΠΡΟΣΗΜΟ ΠΕΡΑΣΕ ΚΑΙ ΤΟ ΓΕΡΜΑΝΙΚΟ ΧΡΗΜΑΤΙΣΤΗΡΙΟ ΚΑΤΑΓΡΑΦΟΝΤΑΣ ΚΕΡΔΗ ΤΗΣ ΤΑΞΗΣ ΤΩΝ 0,22%.
ΑΝΟΔΙΚΗ Η ΑΣΙΑΤΙΚΗ ΑΓΟΡΑ
ΑΝΟΔΙΚΑ ΚΙΝΗΘΗΚΑΝ ΣΗΜΕΡΑ ΟΙ ΑΣΙΑΤΙΚΟΙ ΔΕΙΚΤΕΣ:
NIKKEI 225 13,861.29 77.84 0.56%
HANG SENG INDEX 25,201.87 86.89 0.35%
CSI 300 INDEX 5,414.47 48.84 0.91%
NIKKEI 225 13,861.29 77.84 0.56%
HANG SENG INDEX 25,201.87 86.89 0.35%
CSI 300 INDEX 5,414.47 48.84 0.91%
U.K. Retail Sales Unexpectedly Fall Most in 11 Months
U.K. Retail Sales Unexpectedly Fall Most in 11 Months
Jan. 18 (Bloomberg) -- U.K. retail sales unexpectedly dropped in December by the most in 11 months as higher borrowing costs and falling house prices curbed consumer spending.
Sales declined 0.4 percent from November, when they rose by the same amount, the Office for National Statistics said today in London. Economists forecast a 0.2 percent increase, the median of 31 estimates in a Bloomberg News survey showed. On the year, sales climbed 2.7 percent, the least since September 2006.
The pound dropped after the report, which showed that an interest-rate cut in December failed to encourage Christmas spending amid the worst housing market slowdown since Britain's last recession in 1992. Kesa Electricals Plc, the owner of Comet electronics stores in Britain, said yesterday that sales growth slowed during the fourth quarter.
``The consumer is feeling the headwinds from the financial and housing sectors,'' Richard McGuire, an economist at Royal Bank of Canada in London, said in a Bloomberg Television interview. ``This will provide added support in favor of a widely expected rate cut in February.''
The pound fell as much as 0.6 percent against the dollar and 0.6 percent against the euro, after the report as investors increased bets on lower rates. The currency traded at $1.9580 and 74.67 pence per euro as of 10:07 a.m. today in London.
The Bank of England reduced its benchmark rate by a quarter point to 5.5 percent in December to help stem the fallout from the U.S. subprime mortgage market collapse, which has pushed up market borrowing costs.
Slowing Growth
A Bloomberg News survey of Jan. 4 showed most economists forecast the rate will fall to 4.75 percent by the end of 2008. The economy grew 0.5 percent in the fourth quarter, the weakest pace in two years, the National Institute of Economic and Social Research estimates.
Sales at non-specialized stores, the category which includes department stores, fell 4.3 percent on the month, the biggest drop since January 2007, the statistics office said. Overall non-food sales dropped 0.9 percent, outweighing a 0.1 percent increase for food retailers.
Jean-Noel Labroue, chief executive officer of Kesa, said yesterday that market conditions were ``difficult, particularly in the U.K.'' Retailers Tesco Plc and Marks & Spencer Plc this month called for interest-rate cuts to help consumers, who have 1.4 trillion pounds ($2.8 trillion) of debt.
Lower Spending
Falling property prices may also discourage shoppers. Real- estate professionals said December was the housing market's worst month since the aftermath of the last recession in 1992, the Royal Institution of Chartered Surveyors said on Jan. 16.
Consumers may still pare spending as banks curb loans and the economy starts to slow. ``While only a minority of households may be credit constrained, they are probably sufficient to depress household spending somewhat,'' Bank of England Deputy Governor John Gieve said yesterday.
Jobs growth was still the strongest in a decade in the quarter through November, and unemployment fell to the lowest since 1975 last month. HMV sold 45 percent more video games during the Christmas season as the overall U.K. market expanded 30 percent in unit terms, the company said yesterday.
Retailers also cut prices to attract shoppers. The implied deflator, which shows annual inflation in shops, was 1.2 percent lower than a year earlier, the biggest drop in three months.
Gieve said yesterday that policy makers face ``difficult judgments'' on interest rates as they weigh risks to growth against the threat of inflation, which exceeded the 2 percent target for the past three months.
BLOOMBERG
Jan. 18 (Bloomberg) -- U.K. retail sales unexpectedly dropped in December by the most in 11 months as higher borrowing costs and falling house prices curbed consumer spending.
Sales declined 0.4 percent from November, when they rose by the same amount, the Office for National Statistics said today in London. Economists forecast a 0.2 percent increase, the median of 31 estimates in a Bloomberg News survey showed. On the year, sales climbed 2.7 percent, the least since September 2006.
The pound dropped after the report, which showed that an interest-rate cut in December failed to encourage Christmas spending amid the worst housing market slowdown since Britain's last recession in 1992. Kesa Electricals Plc, the owner of Comet electronics stores in Britain, said yesterday that sales growth slowed during the fourth quarter.
``The consumer is feeling the headwinds from the financial and housing sectors,'' Richard McGuire, an economist at Royal Bank of Canada in London, said in a Bloomberg Television interview. ``This will provide added support in favor of a widely expected rate cut in February.''
The pound fell as much as 0.6 percent against the dollar and 0.6 percent against the euro, after the report as investors increased bets on lower rates. The currency traded at $1.9580 and 74.67 pence per euro as of 10:07 a.m. today in London.
The Bank of England reduced its benchmark rate by a quarter point to 5.5 percent in December to help stem the fallout from the U.S. subprime mortgage market collapse, which has pushed up market borrowing costs.
Slowing Growth
A Bloomberg News survey of Jan. 4 showed most economists forecast the rate will fall to 4.75 percent by the end of 2008. The economy grew 0.5 percent in the fourth quarter, the weakest pace in two years, the National Institute of Economic and Social Research estimates.
Sales at non-specialized stores, the category which includes department stores, fell 4.3 percent on the month, the biggest drop since January 2007, the statistics office said. Overall non-food sales dropped 0.9 percent, outweighing a 0.1 percent increase for food retailers.
Jean-Noel Labroue, chief executive officer of Kesa, said yesterday that market conditions were ``difficult, particularly in the U.K.'' Retailers Tesco Plc and Marks & Spencer Plc this month called for interest-rate cuts to help consumers, who have 1.4 trillion pounds ($2.8 trillion) of debt.
Lower Spending
Falling property prices may also discourage shoppers. Real- estate professionals said December was the housing market's worst month since the aftermath of the last recession in 1992, the Royal Institution of Chartered Surveyors said on Jan. 16.
Consumers may still pare spending as banks curb loans and the economy starts to slow. ``While only a minority of households may be credit constrained, they are probably sufficient to depress household spending somewhat,'' Bank of England Deputy Governor John Gieve said yesterday.
Jobs growth was still the strongest in a decade in the quarter through November, and unemployment fell to the lowest since 1975 last month. HMV sold 45 percent more video games during the Christmas season as the overall U.K. market expanded 30 percent in unit terms, the company said yesterday.
Retailers also cut prices to attract shoppers. The implied deflator, which shows annual inflation in shops, was 1.2 percent lower than a year earlier, the biggest drop in three months.
Gieve said yesterday that policy makers face ``difficult judgments'' on interest rates as they weigh risks to growth against the threat of inflation, which exceeded the 2 percent target for the past three months.
BLOOMBERG
ΑΝΟΔΙΚΗ ΑΝΤΙΔΡΑΣΗ ΣΤΟ ΛΟΝΔΙΝΟ
ΑΝΟΔΙΚΗ ΑΝΤΙΔΡΑΣΗ ΚΑΤΑΓΡΑΦΕΤΑΙ ΑΥΤΗ ΤΗΝ ΣΤΙΓΜΗ ΣΤΟ ΧΡΗΜΑΤΙΣΤΗΡΙΟ ΤΟΥ ΛΟΝΔΙΝΟΥ ΜΕ ΤΟ ΓΕΝΙΚΟ ΔΕΙΚΤΗ ΝΑ ΣΗΜΕΙΩΝΕΙ ΑΥΞΗΣΗ ΤΗΣ ΤΑΞΗΣ ΤΟΥ 1,05%.
Ισχυρή κερδοφορία αναμένει για το 2008 η IBM
Ισχυρή κερδοφορία αναμένει για το 2008 η IBM
ΚΕΡΔΗ ανώτερα των εκτιμήσεων της Wall Street ανακοίνωσε πως αναμένει για το 2008 η IBM επικαλούμενη την ισχυρή ανάπτυξή της στο εξωτερικό, η οποία, σύμφωνα με την εταιρεία, αντιστάθμισε τα αδύναμα μεγέθη στις ΗΠΑ και οδήγησε σε άνοδο τη μετοχή της.
Ειδικότερα, η IBM εκτιμά πως τα κέρδη της θα παρουσιάσουν φέτος άνοδο της τάξεως του 15% με 16% και θα διαμορφωθούν μεταξύ 8,20 και 8,30 δολαρίων ανά μετοχή, τη στιγμή που οι αναλυτές της Wall Street προβλέπουν κατά μέσο όρο κέρδη 7,91 δολαρίων ανά μετοχή.
Οι αισιόδοξες αυτές προβλέψεις της κορυφαίας εταιρείας παροχής υπηρεσιών για ηλεκτρονικούς υπολογιστές, ανακοινώθηκαν εν μέσω αυξημένων ανησυχιών ότι η επιβράδυνση της αμερικανικής οικονομίας θα ψαλιδίσει τα κέρδη των επιχειρήσεων του τεχνολογικού κλάδου και όχι μόνο. Ενδεικτικές είναι οι απογοητευτικές προβλέψεις στις οποίες προέβη αυτή την εβδομάδα η Intel
Σύμφωνα με την IBM, τα ετήσια έσοδά της θα μειωθούν κατά περίπου 100 εκατ. δολάρια, σε περίπτωση που καταγραφεί πτώση 10% στα έσοδα από το αμερικανικό τμήμα χρηματοοικονομικών υπηρεσιών, το οποίο αναλογεί στο 7% σχεδόν των συνολικών εσόδων της.
Σημειώνεται ότι στο τέταρτο τρίμηνο του 2007 η εταιρεία εμφάνισε καθαρά κέρδη ύψους 3,95 δισ. δολαρίων, έναντι 3,46 δισ. δολαρίων που είχε ανακοινώσει το αντίστοιχο διάστημα του 2006. Τα έσοδά της ανήλθαν σε 28,9 δισ. δολάρια από 26,3 δισ. δολάρια.
NAFTEMPORIKI
ΚΕΡΔΗ ανώτερα των εκτιμήσεων της Wall Street ανακοίνωσε πως αναμένει για το 2008 η IBM επικαλούμενη την ισχυρή ανάπτυξή της στο εξωτερικό, η οποία, σύμφωνα με την εταιρεία, αντιστάθμισε τα αδύναμα μεγέθη στις ΗΠΑ και οδήγησε σε άνοδο τη μετοχή της.
Ειδικότερα, η IBM εκτιμά πως τα κέρδη της θα παρουσιάσουν φέτος άνοδο της τάξεως του 15% με 16% και θα διαμορφωθούν μεταξύ 8,20 και 8,30 δολαρίων ανά μετοχή, τη στιγμή που οι αναλυτές της Wall Street προβλέπουν κατά μέσο όρο κέρδη 7,91 δολαρίων ανά μετοχή.
Οι αισιόδοξες αυτές προβλέψεις της κορυφαίας εταιρείας παροχής υπηρεσιών για ηλεκτρονικούς υπολογιστές, ανακοινώθηκαν εν μέσω αυξημένων ανησυχιών ότι η επιβράδυνση της αμερικανικής οικονομίας θα ψαλιδίσει τα κέρδη των επιχειρήσεων του τεχνολογικού κλάδου και όχι μόνο. Ενδεικτικές είναι οι απογοητευτικές προβλέψεις στις οποίες προέβη αυτή την εβδομάδα η Intel
Σύμφωνα με την IBM, τα ετήσια έσοδά της θα μειωθούν κατά περίπου 100 εκατ. δολάρια, σε περίπτωση που καταγραφεί πτώση 10% στα έσοδα από το αμερικανικό τμήμα χρηματοοικονομικών υπηρεσιών, το οποίο αναλογεί στο 7% σχεδόν των συνολικών εσόδων της.
Σημειώνεται ότι στο τέταρτο τρίμηνο του 2007 η εταιρεία εμφάνισε καθαρά κέρδη ύψους 3,95 δισ. δολαρίων, έναντι 3,46 δισ. δολαρίων που είχε ανακοινώσει το αντίστοιχο διάστημα του 2006. Τα έσοδά της ανήλθαν σε 28,9 δισ. δολάρια από 26,3 δισ. δολάρια.
NAFTEMPORIKI
Οcean Tankers: Αύξηση κερδών το 2007
Οcean Tankers: Αύξηση κερδών το 2007
ΚΑΘΑΡΑ κέρδη ύψους 3,7 εκατ. δολ. έναντι μόλις 1,7 εκατ. δολ. το 2006, ανακοίνωσε για τη χρήση 2007 η εισηγμένη στο Κυπριακό Χρηματιστήριο εταιρεία της ποντοπόρου ναυτιλίας Ocean Tankers Holdings.
Τα έσοδα της εταιρείας από την εκμετάλλευση των πλοίων αυξήθηκαν σημαντικά στα 16,6 εκατ. δολ. έναντι 9,8 εκατ. δολ. στη χρήση 2006.
Όπως αναφέρει σε ανακοίνωσή της προς το ΧΑΚ η Ocean Tnakers τα έσοδα από την εκμετάλλευση των πλοίων της εταιρείας για το οικονομικό έτος 2007 είναι πολύ βελτιωμένα σε σύγκριση με τα έσοδα του έτους 2006, λόγω του ότι ο στόλος της εταιρείας αυξήθηκε σταδιακά από τρία διπλού τοιχώματος δεξαμενόπλοια το 2006 σε έντεκα διπλού τοιχώματος δεξαμενόπλοια το 2007.
Σε ό,τι αφορά τη τρέχον έτος η εταιρεία εκτιμά ότι θα είναι αισθητά βελτιωμένο σε σύγκριση με το 2007 για τους παρακάτω λόγους:
- Η εταιρεία θα κατέχει έντεκα δεξαμενόπλοια καθ' όλο το οικονομικό έτος 2008.
- Το Μάρτιο με Απρίλιο του 2008 η εταιρεία θα παραλάβει ακόμη τρία δεξαμενόπλοια τα οποία είναι ήδη χρονοναυλωμένα για 7 συν 3 χρόνια με την εταιρεία Lukoil με καθαρό εισόδημα την ημέρα ύψους 15.300 δολ.
- Τον Αύγουστο του 2008, η εταιρεία θα παραλάβει το πρώτο νεότευκτο δεξαμενόπλοιο M/T Gemi, χωρητικότητας 12.800 τόνων.
NAFTEMPORIKI
ΚΑΘΑΡΑ κέρδη ύψους 3,7 εκατ. δολ. έναντι μόλις 1,7 εκατ. δολ. το 2006, ανακοίνωσε για τη χρήση 2007 η εισηγμένη στο Κυπριακό Χρηματιστήριο εταιρεία της ποντοπόρου ναυτιλίας Ocean Tankers Holdings.
Τα έσοδα της εταιρείας από την εκμετάλλευση των πλοίων αυξήθηκαν σημαντικά στα 16,6 εκατ. δολ. έναντι 9,8 εκατ. δολ. στη χρήση 2006.
Όπως αναφέρει σε ανακοίνωσή της προς το ΧΑΚ η Ocean Tnakers τα έσοδα από την εκμετάλλευση των πλοίων της εταιρείας για το οικονομικό έτος 2007 είναι πολύ βελτιωμένα σε σύγκριση με τα έσοδα του έτους 2006, λόγω του ότι ο στόλος της εταιρείας αυξήθηκε σταδιακά από τρία διπλού τοιχώματος δεξαμενόπλοια το 2006 σε έντεκα διπλού τοιχώματος δεξαμενόπλοια το 2007.
Σε ό,τι αφορά τη τρέχον έτος η εταιρεία εκτιμά ότι θα είναι αισθητά βελτιωμένο σε σύγκριση με το 2007 για τους παρακάτω λόγους:
- Η εταιρεία θα κατέχει έντεκα δεξαμενόπλοια καθ' όλο το οικονομικό έτος 2008.
- Το Μάρτιο με Απρίλιο του 2008 η εταιρεία θα παραλάβει ακόμη τρία δεξαμενόπλοια τα οποία είναι ήδη χρονοναυλωμένα για 7 συν 3 χρόνια με την εταιρεία Lukoil με καθαρό εισόδημα την ημέρα ύψους 15.300 δολ.
- Τον Αύγουστο του 2008, η εταιρεία θα παραλάβει το πρώτο νεότευκτο δεξαμενόπλοιο M/T Gemi, χωρητικότητας 12.800 τόνων.
NAFTEMPORIKI
Τσιμέντο: Μπουμ πωλήσεων το 2007
Τσιμέντο: Μπουμ πωλήσεων το 2007
Οι έντονες κατασκευαστικές εργασίες που παρατηρήθηκαν το 2007 στην Κύπρο ανέβασαν σημαντικά τις πωλήσεις τσιμέντου. Σύμφωνα με στοιχεία της Στατιστικής Υπηρεσίας, οι πωλήσεις τσιμέντου αυξήθηκαν το 2007 κατά 10%. Έφθασαν το 1,79 εκ. τόνους έναντι 1,63 εκ. το 2006. Το 2006 η αύξηση που είχε παρατηρηθεί στις πωλήσεις τσιμέντου σε σχέση με το 2005 ήταν μόνο 2,4%.
Το Δεκέμβριο οι πωλήσεις τσιμέντου μειώθηκαν κατά 0,7%. Περιορίστηκαν στις 133,2 χιλ. τόνους σε σχέση με 134,1 χιλ. τόνους το Δεκέμβριο του 2006.
Η σημαντική άνοδος στις πωλήσεις τσιμέντου το 2007 αποδίδεται στην έξαρση των έργων στους κυκλικούς κόμβους Λεμεσού, αλλά και στα αυξημένα έργα στα αεροδρόμια Λάρνακας και Πάφου.
Εξαγωγές
Παρά την αύξηση των επιτόπιων πωλήσεων τσιμέντου, οι εξαγωγές εμφανίζονται μειωμένες λόγω των προσπαθειών των τσιμεντοποιείων για εξυπηρέτηση της ντόπιας ζήτησης. Συγκεκριμένα, οι εξαγωγές το 2007 περιορίστηκαν στις 63 χιλ. σε σχέση με 173,2 χιλ. το 2006.
STOCKWATCH.COM.CY
Οι έντονες κατασκευαστικές εργασίες που παρατηρήθηκαν το 2007 στην Κύπρο ανέβασαν σημαντικά τις πωλήσεις τσιμέντου. Σύμφωνα με στοιχεία της Στατιστικής Υπηρεσίας, οι πωλήσεις τσιμέντου αυξήθηκαν το 2007 κατά 10%. Έφθασαν το 1,79 εκ. τόνους έναντι 1,63 εκ. το 2006. Το 2006 η αύξηση που είχε παρατηρηθεί στις πωλήσεις τσιμέντου σε σχέση με το 2005 ήταν μόνο 2,4%.
Το Δεκέμβριο οι πωλήσεις τσιμέντου μειώθηκαν κατά 0,7%. Περιορίστηκαν στις 133,2 χιλ. τόνους σε σχέση με 134,1 χιλ. τόνους το Δεκέμβριο του 2006.
Η σημαντική άνοδος στις πωλήσεις τσιμέντου το 2007 αποδίδεται στην έξαρση των έργων στους κυκλικούς κόμβους Λεμεσού, αλλά και στα αυξημένα έργα στα αεροδρόμια Λάρνακας και Πάφου.
Εξαγωγές
Παρά την αύξηση των επιτόπιων πωλήσεων τσιμέντου, οι εξαγωγές εμφανίζονται μειωμένες λόγω των προσπαθειών των τσιμεντοποιείων για εξυπηρέτηση της ντόπιας ζήτησης. Συγκεκριμένα, οι εξαγωγές το 2007 περιορίστηκαν στις 63 χιλ. σε σχέση με 173,2 χιλ. το 2006.
STOCKWATCH.COM.CY
ΔΙΕΘΝΕΙΣ ΚΙΝΗΣΕΙΣ...
ΣΗΜΕΡΑ ΑΝΑΜΕΝΟΝΤΕ ΑΝΤΙΔΡΑΣΤΙΚΕΣ ΑΝΟΔΙΚΕΣ ΚΙΝΗΣΕΙΣ/ΑΓΟΡΕΣ ΣΤΙΣ ΔΙΕΘΝΕΙΣ ΑΓΟΡΕΣ ΛΟΓΩ ΤΗΣ ΒΙΑΙΗΣ ΠΤΩΣΗΣ ΤΩΝ ΤΕΛΕΥΤΑΙΩΝ ΗΜΕΡΩΝ ΣΕ ΣΥΝΔΥΑΣΜΟ ΜΕ ΤΙΣ ΑΝΑΜΕΝΟΜΕΝΕΣ ΕΞΑΓΓΕΛΙΕΣ ΣΤΗΡΙΞΗΣ ΤΗΣ ΑΜΕΡΙΚΑΝΙΚΗΣ ΟΙΚΟΝΟΜΙΑΣ ΠΡΟΣ ΑΠΟΦΥΓΗ ΤΗΣ ΥΦΕΣΗΣ.
U.K. Offers London as Base for China's $200 Bln Fund
U.K. Offers London as Base for China's $200 Bln Fund
Jan. 18 (Bloomberg) -- U.K. Prime Minister Gordon Brown has offered London as an overseas base for China's $200 billion sovereign wealth fund, aiming to encourage the world's fastest- growing major economy to invest in Britain.
``Amidst the global economy's difficulties and turbulence, the importance of China and our growing relationship is absolutely crucial to the success of the global economy,'' Brown said today in Beijing. ``We want Britain to be the number one destination for Chinese business as it chooses to invest in the rest of the world. Tens of thousands of jobs in Britain can be created from cooperation between our two countries.''
The economy of the world's most populous nation overtook the U.K. in 2005, and Britain's trade with China may grow 50 percent to $60 billion by 2010, according to a goal set today by Brown and Chinese Premier Wen Jiabao. China last year surpassed the U.K. as the biggest exporter to the Eurozone and Brown wants to sell British luxury brands to Chinese consumers, attract Chinese students to U.K. universities and draw the country's estimated 300 million soccer fans to the English Premier League.
``We can now sell China not just financial services, but also a whole range of British brands that are becoming very popular among the rising number of Chinese consumers,'' Brown said at a press conference during his first China trip as British prime minister.
China may surpass the U.K. as the second largest market for Rolls-Royce luxury cars, the brand's owner Bayerische Motoren Werke AG said in April 2007. Rolls-Royce sold 75 cars in China in 2006, half of the brand's Asia-Pacific sales and about 10 percent of global sales.
China's Sovereign Fund
China Investment Corp. was set up last year to improve the returns on the Chinese government's $1.4 trillion of foreign- currency reserves. Beijing-based CIC spent more than $8 billion last year buying stakes in Morgan Stanley, the second-biggest U.S. securities firm, and Blackstone Group LP, manager of the world's largest buyout fund.
Sovereign wealth funds, which invest money controlled by national governments, have taken stakes in banks including Citigroup Inc. and Merrill Lynch & Co. in recent weeks. China Development Bank has invested in Barclays Plc, Britain's third biggest bank.
``We welcome international investors, but they have to play by our rules,'' Jon Cunliffe, a senior economic adviser to Brown, told journalists before he and the prime minister left London. ``We're in favor of open investment, an open economy.''
Brown, whose departure yesterday was delayed by a crash- landing of another aircraft at London's Heathrow airport, met Wen this morning in central Beijing.
Contracts Signed
The two nations signed eight agreements to cooperate in education, climate change and renewable energy. BP Plc and China Petrochemical Corp. agreed to expand a factory in southwestern China to produce acetic acid. HSBC Holdings Plc and Arup agreed to help Shanghai Industrial Holdings Corp. develop methods for financing the development of energy-sustainable cities.
The two premiers agreed to allow Chinese companies to double their initial public offers on the London Stock Exchange in the next two years. Up to 15 Chinese companies currently trade their stocks on the London exchange, according to Bloomberg data.
Virgin Group Ltd. founder Richard Branson, currently seeking financing for his offer to buy Northern Rock Plc, traveled with Brown. Branson said he's confident his bid would succeed, adding he didn't plan to talk with Chinese officials about the matter.
``I'm confident that the Bank of England can put a proposition together that can save Northern Rock,'' Branson said yesterday on board his flight to Beijing. ``We are the only serious contenders. The management indicated they agree. The board have indicated they agree. Subject to what Goldman Sachs have to say, I am still confident a deal can be done.''
Options Open
Brown has repeatedly said he is keeping all options open to recover more than 25 billion pounds ($49 billion) in government loans supporting Northern Rock, including nationalizing the bank. The government would consider allowing a bid for the bank financed by a sovereign wealth fund, Michael Ellam, a spokesman for the prime minister, said on Jan. 10.
To bolster his economic message, Brown has brought along 30 chief executives from the U.K. including Philip Yea of 3i Group Plc, AstraZeneca Plc's David Brennan and Arun Sarin of Vodafone Plc. Barclays Plc Chairman Marcus Agius, Standard Life Plc Chairman Gerry Grimstone and British Energy Group Plc Chairman Adrian Montague are also on the trip.
BLOOMBERG
Jan. 18 (Bloomberg) -- U.K. Prime Minister Gordon Brown has offered London as an overseas base for China's $200 billion sovereign wealth fund, aiming to encourage the world's fastest- growing major economy to invest in Britain.
``Amidst the global economy's difficulties and turbulence, the importance of China and our growing relationship is absolutely crucial to the success of the global economy,'' Brown said today in Beijing. ``We want Britain to be the number one destination for Chinese business as it chooses to invest in the rest of the world. Tens of thousands of jobs in Britain can be created from cooperation between our two countries.''
The economy of the world's most populous nation overtook the U.K. in 2005, and Britain's trade with China may grow 50 percent to $60 billion by 2010, according to a goal set today by Brown and Chinese Premier Wen Jiabao. China last year surpassed the U.K. as the biggest exporter to the Eurozone and Brown wants to sell British luxury brands to Chinese consumers, attract Chinese students to U.K. universities and draw the country's estimated 300 million soccer fans to the English Premier League.
``We can now sell China not just financial services, but also a whole range of British brands that are becoming very popular among the rising number of Chinese consumers,'' Brown said at a press conference during his first China trip as British prime minister.
China may surpass the U.K. as the second largest market for Rolls-Royce luxury cars, the brand's owner Bayerische Motoren Werke AG said in April 2007. Rolls-Royce sold 75 cars in China in 2006, half of the brand's Asia-Pacific sales and about 10 percent of global sales.
China's Sovereign Fund
China Investment Corp. was set up last year to improve the returns on the Chinese government's $1.4 trillion of foreign- currency reserves. Beijing-based CIC spent more than $8 billion last year buying stakes in Morgan Stanley, the second-biggest U.S. securities firm, and Blackstone Group LP, manager of the world's largest buyout fund.
Sovereign wealth funds, which invest money controlled by national governments, have taken stakes in banks including Citigroup Inc. and Merrill Lynch & Co. in recent weeks. China Development Bank has invested in Barclays Plc, Britain's third biggest bank.
``We welcome international investors, but they have to play by our rules,'' Jon Cunliffe, a senior economic adviser to Brown, told journalists before he and the prime minister left London. ``We're in favor of open investment, an open economy.''
Brown, whose departure yesterday was delayed by a crash- landing of another aircraft at London's Heathrow airport, met Wen this morning in central Beijing.
Contracts Signed
The two nations signed eight agreements to cooperate in education, climate change and renewable energy. BP Plc and China Petrochemical Corp. agreed to expand a factory in southwestern China to produce acetic acid. HSBC Holdings Plc and Arup agreed to help Shanghai Industrial Holdings Corp. develop methods for financing the development of energy-sustainable cities.
The two premiers agreed to allow Chinese companies to double their initial public offers on the London Stock Exchange in the next two years. Up to 15 Chinese companies currently trade their stocks on the London exchange, according to Bloomberg data.
Virgin Group Ltd. founder Richard Branson, currently seeking financing for his offer to buy Northern Rock Plc, traveled with Brown. Branson said he's confident his bid would succeed, adding he didn't plan to talk with Chinese officials about the matter.
``I'm confident that the Bank of England can put a proposition together that can save Northern Rock,'' Branson said yesterday on board his flight to Beijing. ``We are the only serious contenders. The management indicated they agree. The board have indicated they agree. Subject to what Goldman Sachs have to say, I am still confident a deal can be done.''
Options Open
Brown has repeatedly said he is keeping all options open to recover more than 25 billion pounds ($49 billion) in government loans supporting Northern Rock, including nationalizing the bank. The government would consider allowing a bid for the bank financed by a sovereign wealth fund, Michael Ellam, a spokesman for the prime minister, said on Jan. 10.
To bolster his economic message, Brown has brought along 30 chief executives from the U.K. including Philip Yea of 3i Group Plc, AstraZeneca Plc's David Brennan and Arun Sarin of Vodafone Plc. Barclays Plc Chairman Marcus Agius, Standard Life Plc Chairman Gerry Grimstone and British Energy Group Plc Chairman Adrian Montague are also on the trip.
BLOOMBERG
NYSE Euronext to Acquire the American Stock Exchange
NYSE Euronext to Acquire the American Stock Exchange
NEW YORK--(BUSINESS WIRE)--NYSE Euronext (NYSE Euronext: NYX), the world’s largest and most liquid exchange group, has entered into a definitive agreement to acquire the American Stock Exchange® (Amex®). The proposed business combination, which has been approved by both companies’ boards of directors, will significantly enhance NYSE Euronext’s scale in U.S. options, exchange traded funds (ETFs), closed-end funds, structured products and cash equities. Subject to approval by Amex members and customary regulatory approvals, including from the U.S. Securities and Exchange Commission and Department of Justice, this transaction is expected to close in the third quarter of this year and to be accretive to NYSE Euronext’s 2009 earnings.
Under terms of the agreement, NYSE Euronext will pay $260 million in NYSE Euronext common stock for the Amex. In addition, Amex members will be entitled to receive additional shares of NYSE Euronext common stock based on the net proceeds from the expected sale of Amex’s lower Manhattan headquarters.
The acquisition of the Amex provides for a number of additional benefits and opportunities for NYSE Euronext:
Obtain a second U.S. option exchange license, which will enable NYSE Euronext to operate a compelling dual market structure making available to all customers the choice of price-time priority on NYSE Arca and the Amex’s traditional market-maker model;
Provide additional volume to NYSE Euronext’s robust U.S. options business, making it the third largest U.S. options marketplace;
Operate a third, complementary U.S. cash equities exchange, in addition to the NYSE and NYSE Arca;
Strengthen NYSE Arca’s leadership position in ETF listing and trading, joining 381 current Amex ETF listings with 240 NYSE Arca ETF listings;
Offer a leading venue for listing and trading closed-end funds and structured products, including 545 listings on Amex and over 1,000 listings on NYSE;
Realize annualized run rate cost synergies of over $100 million within two years from closing, including technology, data center and staff integration, consolidation of professional and contract services and vendors; and
Relocate Amex’s trading floor operations to the NYSE trading floor.
Source: NYSE Euronext
“The addition of the American Stock Exchange to the NYSE Euronext family is highly beneficial for our customers and shareholders, and demonstrates our ongoing commitment to growing our business and product lines,” said Duncan L. Niederauer, NYSE Euronext CEO. “NYSE Euronext is the established leader in global financial-market consolidation, offering the most attractive and diverse array of products of any global exchange. This transaction is consistent with our strategic objectives and will strengthen our competitive position in the U.S., produce significant operational efficiencies, and create new business opportunities.”
Neal Wolkoff, Chairman and CEO of the American Stock Exchange, said, “The Amex is pleased to join NYSE Euronext and be part of the world’s leading multi-asset global exchange. With the Amex’s diverse business lines and specialization in launching innovative new products, I am excited to be at the helm of the Amex as we complete this compelling and strategic business combination.”
Amex operating revenues for the year-ended December 31, 2007 were approximately $178 million, and the company generated a pre-tax net loss of approximately $36 million. On Dec. 31, 2007, the Amex employed 471 people. Upon the expected completion of Amex’s acquisition by NYSE Euronext in the third quarter of 2008, Amex is expected to operate at a breakeven level for fiscal year 2008, and in 2009 the transaction is expected to be accretive to NYSE Euronext’s earnings.
Lehman Brothers is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisors to NYSE Euronext on this transaction. Amex is represented by Morgan Stanley as financial advisor and Milbank, Tweed, Hadley & McCloy LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisors.
Analyst/Investor and Media Briefing: Jan. 17, 2008, 5:15pm (NY/ET)
NYSE Euronext and Amex senior management representatives will host a joint analyst/investor and media call via teleconference today regarding this announcement. A live audio webcast of the conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to listen to the live conference via telephone should dial-in at least 10 minutes before the call begins.
Audio replays of the conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir and by dial-in beginning approximately two hours following the conclusion of the live call.
Background
On Jan. 14, 2008, NYSE Euronext announced the signing of a definitive agreement to acquire Wombat Financial Software (Wombat), a privately held global leader in high-performance financial market data management solutions.
On April 4, 2007, the shares of NYSE Euronext began trading. The debut of NYSE Euronext followed the successful combination of NYSE Group, Inc. (NYSE Group) and Euronext N.V. (Euronext) and created the global leader in listings, in equity and derivatives trading, in market data products and financial services technology.
On Dec. 12, 2006, NYSE Group announced the signing of a definitive agreement to acquire TransactTools Inc., the global leader in enterprise messaging solutions for the securities trading industry. The transaction closed on Jan. 8, 2007.
On March 8, 2006, NYSE Group completed the merger with Archipelago Holdings to become a for-profit, publicly traded company, trading on the NYSE under symbol NYX.
On Oct. 25, 2006, NYSE Group announced an agreement to acquire the one-third ownership stake in the then Securities Industry Automation Corporation (SIAC) held by Amex for approximately $40 million in order to gain full ownership of SIAC, including Sector, Inc. and SFTI. The transaction closed on Nov. 1, 2006.
About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007. NYSE Euronext (NYSE Euronext: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges in six countries, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $30.3 trillion/€21.3 trillion total market capitalization of listed companies and average daily trading value of approximately $139 billion/€103 billion (as of September 30, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets. NYSE Euronext is part of the S&P 500 and S&P 100 indexes.
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 381 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
IMPORTANT INFORMATION WITH RESPECT TO THE MERGER
In connection with the proposed acquisition by NYSE Euronext of The Amex Membership Corporation (“Amex”), NYSE Euronext intends to file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4, containing a preliminary proxy statement/prospectus regarding the proposed transaction. The parties will file other relevant documents concerning the proposed transaction with the SEC. Such documents, however, are not currently available. AMEX MEMBERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Amex members can obtain a free copy of the final proxy statement/prospectus, as well as other filings containing information about NYSE Euronext and Amex without charge, at the SEC’s website (http://www.sec.gov). Copies of the final proxy statement/ prospectus can also be obtained, without charge, once they are filed with the SEC, by directing a request to the Office of the Corporate Secretary, NYSE Euronext, 11 Wall Street, New York 10005, 212-656-2061 or to Amex, Attention: Office of Corporate Secretary, 86 Trinity Place, NY NY 10006, 212-306-1408.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's and Amex’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's and Amex’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's and Amex’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext's and Amex’s ability to implement their respective strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and, in the case of NYSE Euronext,other factors detailed in NYSE Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext or Amex that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext and Amex disclaims any duty to update the information herein.
BUSINESS WIRE
NEW YORK--(BUSINESS WIRE)--NYSE Euronext (NYSE Euronext: NYX), the world’s largest and most liquid exchange group, has entered into a definitive agreement to acquire the American Stock Exchange® (Amex®). The proposed business combination, which has been approved by both companies’ boards of directors, will significantly enhance NYSE Euronext’s scale in U.S. options, exchange traded funds (ETFs), closed-end funds, structured products and cash equities. Subject to approval by Amex members and customary regulatory approvals, including from the U.S. Securities and Exchange Commission and Department of Justice, this transaction is expected to close in the third quarter of this year and to be accretive to NYSE Euronext’s 2009 earnings.
Under terms of the agreement, NYSE Euronext will pay $260 million in NYSE Euronext common stock for the Amex. In addition, Amex members will be entitled to receive additional shares of NYSE Euronext common stock based on the net proceeds from the expected sale of Amex’s lower Manhattan headquarters.
The acquisition of the Amex provides for a number of additional benefits and opportunities for NYSE Euronext:
Obtain a second U.S. option exchange license, which will enable NYSE Euronext to operate a compelling dual market structure making available to all customers the choice of price-time priority on NYSE Arca and the Amex’s traditional market-maker model;
Provide additional volume to NYSE Euronext’s robust U.S. options business, making it the third largest U.S. options marketplace;
Operate a third, complementary U.S. cash equities exchange, in addition to the NYSE and NYSE Arca;
Strengthen NYSE Arca’s leadership position in ETF listing and trading, joining 381 current Amex ETF listings with 240 NYSE Arca ETF listings;
Offer a leading venue for listing and trading closed-end funds and structured products, including 545 listings on Amex and over 1,000 listings on NYSE;
Realize annualized run rate cost synergies of over $100 million within two years from closing, including technology, data center and staff integration, consolidation of professional and contract services and vendors; and
Relocate Amex’s trading floor operations to the NYSE trading floor.
Source: NYSE Euronext
“The addition of the American Stock Exchange to the NYSE Euronext family is highly beneficial for our customers and shareholders, and demonstrates our ongoing commitment to growing our business and product lines,” said Duncan L. Niederauer, NYSE Euronext CEO. “NYSE Euronext is the established leader in global financial-market consolidation, offering the most attractive and diverse array of products of any global exchange. This transaction is consistent with our strategic objectives and will strengthen our competitive position in the U.S., produce significant operational efficiencies, and create new business opportunities.”
Neal Wolkoff, Chairman and CEO of the American Stock Exchange, said, “The Amex is pleased to join NYSE Euronext and be part of the world’s leading multi-asset global exchange. With the Amex’s diverse business lines and specialization in launching innovative new products, I am excited to be at the helm of the Amex as we complete this compelling and strategic business combination.”
Amex operating revenues for the year-ended December 31, 2007 were approximately $178 million, and the company generated a pre-tax net loss of approximately $36 million. On Dec. 31, 2007, the Amex employed 471 people. Upon the expected completion of Amex’s acquisition by NYSE Euronext in the third quarter of 2008, Amex is expected to operate at a breakeven level for fiscal year 2008, and in 2009 the transaction is expected to be accretive to NYSE Euronext’s earnings.
Lehman Brothers is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisors to NYSE Euronext on this transaction. Amex is represented by Morgan Stanley as financial advisor and Milbank, Tweed, Hadley & McCloy LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisors.
Analyst/Investor and Media Briefing: Jan. 17, 2008, 5:15pm (NY/ET)
NYSE Euronext and Amex senior management representatives will host a joint analyst/investor and media call via teleconference today regarding this announcement. A live audio webcast of the conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to listen to the live conference via telephone should dial-in at least 10 minutes before the call begins.
Audio replays of the conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir and by dial-in beginning approximately two hours following the conclusion of the live call.
Background
On Jan. 14, 2008, NYSE Euronext announced the signing of a definitive agreement to acquire Wombat Financial Software (Wombat), a privately held global leader in high-performance financial market data management solutions.
On April 4, 2007, the shares of NYSE Euronext began trading. The debut of NYSE Euronext followed the successful combination of NYSE Group, Inc. (NYSE Group) and Euronext N.V. (Euronext) and created the global leader in listings, in equity and derivatives trading, in market data products and financial services technology.
On Dec. 12, 2006, NYSE Group announced the signing of a definitive agreement to acquire TransactTools Inc., the global leader in enterprise messaging solutions for the securities trading industry. The transaction closed on Jan. 8, 2007.
On March 8, 2006, NYSE Group completed the merger with Archipelago Holdings to become a for-profit, publicly traded company, trading on the NYSE under symbol NYX.
On Oct. 25, 2006, NYSE Group announced an agreement to acquire the one-third ownership stake in the then Securities Industry Automation Corporation (SIAC) held by Amex for approximately $40 million in order to gain full ownership of SIAC, including Sector, Inc. and SFTI. The transaction closed on Nov. 1, 2006.
About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007. NYSE Euronext (NYSE Euronext: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges in six countries, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $30.3 trillion/€21.3 trillion total market capitalization of listed companies and average daily trading value of approximately $139 billion/€103 billion (as of September 30, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets. NYSE Euronext is part of the S&P 500 and S&P 100 indexes.
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 381 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
IMPORTANT INFORMATION WITH RESPECT TO THE MERGER
In connection with the proposed acquisition by NYSE Euronext of The Amex Membership Corporation (“Amex”), NYSE Euronext intends to file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4, containing a preliminary proxy statement/prospectus regarding the proposed transaction. The parties will file other relevant documents concerning the proposed transaction with the SEC. Such documents, however, are not currently available. AMEX MEMBERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Amex members can obtain a free copy of the final proxy statement/prospectus, as well as other filings containing information about NYSE Euronext and Amex without charge, at the SEC’s website (http://www.sec.gov). Copies of the final proxy statement/ prospectus can also be obtained, without charge, once they are filed with the SEC, by directing a request to the Office of the Corporate Secretary, NYSE Euronext, 11 Wall Street, New York 10005, 212-656-2061 or to Amex, Attention: Office of Corporate Secretary, 86 Trinity Place, NY NY 10006, 212-306-1408.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's and Amex’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's and Amex’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's and Amex’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext's and Amex’s ability to implement their respective strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and, in the case of NYSE Euronext,other factors detailed in NYSE Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext or Amex that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext and Amex disclaims any duty to update the information herein.
BUSINESS WIRE
Philips May Post Higher Fourth-Quarter Profit on Stake Sales
Philips May Post Higher Fourth-Quarter Profit on Stake Sales
Jan. 18 (Bloomberg) -- Royal Philips Electronics NV, the world's biggest maker of light bulbs and electric shavers, may say fourth-quarter profit rose 81 percent on gains from selling Taiwan Semiconductor Manufacturing Co. shares.
Net income may have increased to 1.23 billion euros ($1.8 billion) from 680 million euros a year earlier, the median estimate of 10 analysts Bloomberg News surveyed by telephone and e-mail. Revenue likely climbed 1.1 percent to 8.14 billion euros.
Chief Executive Officer Gerard Kleisterlee has sold most of Philips' semiconductor unit and shares in Taiwan Semiconductor to raise funds for acquisitions in the appliances, medical and lighting divisions. The Amsterdam-based company, also Europe's largest maker of televisions, announced or completed more than 10 billion euros of takeovers since 2005.
``The strategy will prove itself by definition,'' said Scott Geels, an analyst at Sanford C. Bernstein who has a ``market perform'' rating on the stock. ``Clearly, if the economy is slowing, you probably don't want to own those massively cyclical businesses.'' The company has said it would record about 1.03 billion euros of non-taxable gains from selling shares in Taiwan Semiconductor and LG.Philips LCD Co. It would also incur charges of 380 million euros related to plans to sell its 70 percent stake in MedQuist Inc. and the disposal of a majority stake in the chip unit in 2006.
Sales Growth
Sales growth was probably fueled by the units making lamps and appliances. Earnings before interest, tax and amortization, or Ebita, probably rose 8.1 percent to 798 million euros as profitability improved at the lighting unit, the survey shows.
Philips has sold more than two-thirds of its 16.2 percent stake in Hsinchu, Taiwan-based Taiwan Semiconductor, the world's largest customized-chipmaker, since saying in March it planned to divest its shares.
The Dutch company holds 19.9 percent of NXP BV, Europe's second-biggest semiconductor maker, after selling control of the unit to a group of buyout firms in 2006. Philips also sold a 13 percent stake in LG.Philips LCD, the world's second-largest maker of liquid-crystal displays, and now owns 19.9 percent.
``They're basically done,'' Geels said. ``Now it comes back to what people should always be looking at: growing sales and improving margins.''
Display Record
Seoul-based LG.Philips, the world's No. 2 maker of liquid- crystal displays, on Jan. 14 reported a record quarterly profit on surging demand for screens used in computers and televisions.
LG.Philips' fourth-quarter net income was 760 billion won ($811 million), compared with a loss of 174.3 billion won a year earlier. That beat the 654 billion-won median estimate of 17 analysts Bloomberg surveyed by phone and e-mail.
Of the 41 analysts covering Philips in the past year, 32 recommend buying the stock and four advise selling it, according to data compiled by Bloomberg.
Philips fell 18 cents, or 0.7 percent, to 25.65 euros in Amsterdam trading yesterday. The shares, which rose 3.3 percent last year, are down 13 percent this year, compared with an 11 percent slide in the benchmark Amsterdam Exchanges Index.
Kleisterlee, 61, received 2.54 million euros in total compensation in 2006, a 24 percent increase from 2005. The executive, who joined Philips in 1974, wasn't available for comment before the report, said company spokesman Arent Jan Hesselink.
Using Cash
Philips has said asset sales and a plan to increase debt will leave cash for takeovers in medical equipment and lighting. The company on Dec. 21 said it agreed to buy U.S. medical- equipment maker Respironics Inc. for 3.6 billion euros in its largest-ever acquisition.
Since 2005, Philips also completed or announced 10.2 billion euros of share buybacks. The company received more than 12 billion euros of proceeds from divestments over the same period.
Credit-default swap contracts based on Philips have risen 18 basis points to 64 so far this year, according to data compiled by Bloomberg. Credit-default swaps are used to speculate on a company's ability to repay debt. A rise indicates worsening perceptions of credit quality.
Standard & Poor's rates the company's debt A- and Moody's Investors Service rates it A3.
BLOOMBERG
Jan. 18 (Bloomberg) -- Royal Philips Electronics NV, the world's biggest maker of light bulbs and electric shavers, may say fourth-quarter profit rose 81 percent on gains from selling Taiwan Semiconductor Manufacturing Co. shares.
Net income may have increased to 1.23 billion euros ($1.8 billion) from 680 million euros a year earlier, the median estimate of 10 analysts Bloomberg News surveyed by telephone and e-mail. Revenue likely climbed 1.1 percent to 8.14 billion euros.
Chief Executive Officer Gerard Kleisterlee has sold most of Philips' semiconductor unit and shares in Taiwan Semiconductor to raise funds for acquisitions in the appliances, medical and lighting divisions. The Amsterdam-based company, also Europe's largest maker of televisions, announced or completed more than 10 billion euros of takeovers since 2005.
``The strategy will prove itself by definition,'' said Scott Geels, an analyst at Sanford C. Bernstein who has a ``market perform'' rating on the stock. ``Clearly, if the economy is slowing, you probably don't want to own those massively cyclical businesses.'' The company has said it would record about 1.03 billion euros of non-taxable gains from selling shares in Taiwan Semiconductor and LG.Philips LCD Co. It would also incur charges of 380 million euros related to plans to sell its 70 percent stake in MedQuist Inc. and the disposal of a majority stake in the chip unit in 2006.
Sales Growth
Sales growth was probably fueled by the units making lamps and appliances. Earnings before interest, tax and amortization, or Ebita, probably rose 8.1 percent to 798 million euros as profitability improved at the lighting unit, the survey shows.
Philips has sold more than two-thirds of its 16.2 percent stake in Hsinchu, Taiwan-based Taiwan Semiconductor, the world's largest customized-chipmaker, since saying in March it planned to divest its shares.
The Dutch company holds 19.9 percent of NXP BV, Europe's second-biggest semiconductor maker, after selling control of the unit to a group of buyout firms in 2006. Philips also sold a 13 percent stake in LG.Philips LCD, the world's second-largest maker of liquid-crystal displays, and now owns 19.9 percent.
``They're basically done,'' Geels said. ``Now it comes back to what people should always be looking at: growing sales and improving margins.''
Display Record
Seoul-based LG.Philips, the world's No. 2 maker of liquid- crystal displays, on Jan. 14 reported a record quarterly profit on surging demand for screens used in computers and televisions.
LG.Philips' fourth-quarter net income was 760 billion won ($811 million), compared with a loss of 174.3 billion won a year earlier. That beat the 654 billion-won median estimate of 17 analysts Bloomberg surveyed by phone and e-mail.
Of the 41 analysts covering Philips in the past year, 32 recommend buying the stock and four advise selling it, according to data compiled by Bloomberg.
Philips fell 18 cents, or 0.7 percent, to 25.65 euros in Amsterdam trading yesterday. The shares, which rose 3.3 percent last year, are down 13 percent this year, compared with an 11 percent slide in the benchmark Amsterdam Exchanges Index.
Kleisterlee, 61, received 2.54 million euros in total compensation in 2006, a 24 percent increase from 2005. The executive, who joined Philips in 1974, wasn't available for comment before the report, said company spokesman Arent Jan Hesselink.
Using Cash
Philips has said asset sales and a plan to increase debt will leave cash for takeovers in medical equipment and lighting. The company on Dec. 21 said it agreed to buy U.S. medical- equipment maker Respironics Inc. for 3.6 billion euros in its largest-ever acquisition.
Since 2005, Philips also completed or announced 10.2 billion euros of share buybacks. The company received more than 12 billion euros of proceeds from divestments over the same period.
Credit-default swap contracts based on Philips have risen 18 basis points to 64 so far this year, according to data compiled by Bloomberg. Credit-default swaps are used to speculate on a company's ability to repay debt. A rise indicates worsening perceptions of credit quality.
Standard & Poor's rates the company's debt A- and Moody's Investors Service rates it A3.
BLOOMBERG
Thursday, January 17, 2008
Bernanke Says Fiscal Stimulus Could Revive Expansion ($150 billion would help revive economic growth)
Bernanke Says Fiscal Stimulus Could Revive Expansion
Jan. 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said fiscal stimulus of as much as $150 billion would help revive economic growth, while warning against any widening of the budget deficit in coming years.
Bernanke's acknowledgment that the economy is weak enough to need stimulus validates forecasts that the Fed will lower interest rates by at least half a percentage point this month. President George W. Bush will tomorrow lay out the general principles he favors for a short-term stimulus, Deputy Press Secretary Tony Fratto said today.
A temporary package of at least $60 billion to $70 billion in spending by early 2009 would have a ``significant'' effect in the second half of this year, Bernanke said.
``It would certainly be measurable, it would not be window dressing,'' he told the House Budget Committee in Washington today in response to a question.
He repeated remarks from last week that the Fed is ready to take ``substantive additional action'' on interest rates to insure against risks of a recession. Treasury notes rallied and the dollar dropped after Bernanke's remarks and a report from the Fed's Philadelphia branch showing manufacturing shrank.
``Support of a temporary fiscal stimulus suggests great concern on Bernanke's part about the downside risks,'' said Robert Eisenbeis, a former research director at the Atlanta Fed. ``He certainly doesn't want to be held responsible for a recession, even though the seeds were laid'' in final years of former chairman Alan Greenspan's tenure, he said.
Timing Critical
Bernanke warned that a fiscal package could also ``prove quite counterproductive'' if it arrived at the ``wrong time or compromised fiscal discipline in the longer term.''
Bernanke reiterated that the outlook for growth in 2008 has worsened and ``the downside risks to growth have become more pronounced.'' He said the Fed isn't forecasting a recession this year.
Retail sales fell last month, unemployment rose, and housing markets are mired in the worst slump in 16 years.
Bernanke noted that banks are trying to protect asset quality and funding, and tightening credit conditions for the rest of the economy as a result.
``Banks have also evidently become more restrictive in their lending to firms and households,'' he said. ``More expensive and less-available credit seems likely to impose a measure of restraint on economic growth.''
Housing Starts Tumble
Homebuilders broke ground on the fewest homes since 1991 last month, the Commerce Department reported today. Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen.
Residential construction subtracted about 1 percent from growth in the third quarter, and likely curtailed growth even more in the fourth quarter, Bernanke said. Sluggish housing markets ``may continue to be a drag on growth for a good part of this year.''
Bernanke said inflation, both including and excluding food and energy costs, ``should moderate this year and next, so long as the public's confidence in the Federal Reserve's commitment to price stability is unshaken.'' He cited inflation expectations that appear ``well anchored'' and futures suggesting food and energy price increases will slow.
Break With Greenspan
Bernanke, as in past congressional appearances, avoided recommending any particular tax measure or spending program. His predecessor, Alan Greenspan, involved himself in shaping tax policy, recommending cuts over spending increases in 2001, a strategy which his colleagues disliked out of concern it would compromise the central bank's independence.
The chairman's speech ``is an endorsement of temporary measures, if enacted quickly, but he's covering himself to ensure he is not blamed for anything in a few years, the way Greenspan is now blamed for endorsing the Bush tax cuts,'' said Ian Morris, chief U.S. economist at HSBC Securities USA Inc.
Aside from quick implementation, a stimulus package should also be ``structured so that its effects on aggregate spending are felt as much as possible in the next 12 months,'' Bernanke said today. If stimulus comes at a time when growth is improving, it could be ``destabilizing,'' he said.
U.S. Treasury and White House officials are considering tax proposals that would provide consumers with more cash and give businesses an incentive to invest more in their capital stock, according to analysts speaking with administration officials.
Bernanke Guidance
While Bernanke stressed that it's up to elected lawmakers to decide on tax and spending proposals, he did offer advice on the types of measures that may be more effective. He urged that they ``diversify'' the components to broaden the impact.
There is the most ``bang for the buck'' from transferring funds to lower- and middle-income workers because they are more likely than the wealthy to spend the money quickly, Bernanke said. Tax rebates in 2001 helped bolster consumer spending and prevent a deeper recession, the Fed chief said.
Turning to corporate taxes, Bernanke said incentives for investment in software and equipment would be more effective than a cut in the corporate tax rate. He suggested that the rate is more a question for the longer term.
Bernanke declined to comment directly when asked by Republican legislators whether he favors making permanent the 2001 and 2003 tax cuts scheduled to expire in 2010. At the same time, he said that making dividend-tax cuts permanent could have a short-term impact on financial markets.
While stating that tax cuts ``don't generally pay for themselves'' and urging lawmakers to balance the budget, Bernanke said that for a short-term package to help the economy, it would need to widen the budget gap at least for a time.
BLOOMBERG
Jan. 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said fiscal stimulus of as much as $150 billion would help revive economic growth, while warning against any widening of the budget deficit in coming years.
Bernanke's acknowledgment that the economy is weak enough to need stimulus validates forecasts that the Fed will lower interest rates by at least half a percentage point this month. President George W. Bush will tomorrow lay out the general principles he favors for a short-term stimulus, Deputy Press Secretary Tony Fratto said today.
A temporary package of at least $60 billion to $70 billion in spending by early 2009 would have a ``significant'' effect in the second half of this year, Bernanke said.
``It would certainly be measurable, it would not be window dressing,'' he told the House Budget Committee in Washington today in response to a question.
He repeated remarks from last week that the Fed is ready to take ``substantive additional action'' on interest rates to insure against risks of a recession. Treasury notes rallied and the dollar dropped after Bernanke's remarks and a report from the Fed's Philadelphia branch showing manufacturing shrank.
``Support of a temporary fiscal stimulus suggests great concern on Bernanke's part about the downside risks,'' said Robert Eisenbeis, a former research director at the Atlanta Fed. ``He certainly doesn't want to be held responsible for a recession, even though the seeds were laid'' in final years of former chairman Alan Greenspan's tenure, he said.
Timing Critical
Bernanke warned that a fiscal package could also ``prove quite counterproductive'' if it arrived at the ``wrong time or compromised fiscal discipline in the longer term.''
Bernanke reiterated that the outlook for growth in 2008 has worsened and ``the downside risks to growth have become more pronounced.'' He said the Fed isn't forecasting a recession this year.
Retail sales fell last month, unemployment rose, and housing markets are mired in the worst slump in 16 years.
Bernanke noted that banks are trying to protect asset quality and funding, and tightening credit conditions for the rest of the economy as a result.
``Banks have also evidently become more restrictive in their lending to firms and households,'' he said. ``More expensive and less-available credit seems likely to impose a measure of restraint on economic growth.''
Housing Starts Tumble
Homebuilders broke ground on the fewest homes since 1991 last month, the Commerce Department reported today. Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen.
Residential construction subtracted about 1 percent from growth in the third quarter, and likely curtailed growth even more in the fourth quarter, Bernanke said. Sluggish housing markets ``may continue to be a drag on growth for a good part of this year.''
Bernanke said inflation, both including and excluding food and energy costs, ``should moderate this year and next, so long as the public's confidence in the Federal Reserve's commitment to price stability is unshaken.'' He cited inflation expectations that appear ``well anchored'' and futures suggesting food and energy price increases will slow.
Break With Greenspan
Bernanke, as in past congressional appearances, avoided recommending any particular tax measure or spending program. His predecessor, Alan Greenspan, involved himself in shaping tax policy, recommending cuts over spending increases in 2001, a strategy which his colleagues disliked out of concern it would compromise the central bank's independence.
The chairman's speech ``is an endorsement of temporary measures, if enacted quickly, but he's covering himself to ensure he is not blamed for anything in a few years, the way Greenspan is now blamed for endorsing the Bush tax cuts,'' said Ian Morris, chief U.S. economist at HSBC Securities USA Inc.
Aside from quick implementation, a stimulus package should also be ``structured so that its effects on aggregate spending are felt as much as possible in the next 12 months,'' Bernanke said today. If stimulus comes at a time when growth is improving, it could be ``destabilizing,'' he said.
U.S. Treasury and White House officials are considering tax proposals that would provide consumers with more cash and give businesses an incentive to invest more in their capital stock, according to analysts speaking with administration officials.
Bernanke Guidance
While Bernanke stressed that it's up to elected lawmakers to decide on tax and spending proposals, he did offer advice on the types of measures that may be more effective. He urged that they ``diversify'' the components to broaden the impact.
There is the most ``bang for the buck'' from transferring funds to lower- and middle-income workers because they are more likely than the wealthy to spend the money quickly, Bernanke said. Tax rebates in 2001 helped bolster consumer spending and prevent a deeper recession, the Fed chief said.
Turning to corporate taxes, Bernanke said incentives for investment in software and equipment would be more effective than a cut in the corporate tax rate. He suggested that the rate is more a question for the longer term.
Bernanke declined to comment directly when asked by Republican legislators whether he favors making permanent the 2001 and 2003 tax cuts scheduled to expire in 2010. At the same time, he said that making dividend-tax cuts permanent could have a short-term impact on financial markets.
While stating that tax cuts ``don't generally pay for themselves'' and urging lawmakers to balance the budget, Bernanke said that for a short-term package to help the economy, it would need to widen the budget gap at least for a time.
BLOOMBERG
GLOBAL INDEXES
XAK
FTSE/CySE 20
1380.30 ( -1.50%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4023.13 ( -1.55%)
Όγκος: € 11,766,201
---
FTSE 100 INDEX 5,902.40 -40.50 -0.68%
CAC 40 INDEX 5,157.09 -68.30 -1.31%
DAX INDEX 7,413.53 -58.04 -0.78%
---
US
DOW JONES INDUS. AVG 12,159.21 -306.95 -2.46%
S&P 500 INDEX 1,333.25 -39.95 -2.91%
NASDAQ COMPOSITE INDEX 2,346.90 -47.69 -1.99%
FTSE/CySE 20
1380.30 ( -1.50%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4023.13 ( -1.55%)
Όγκος: € 11,766,201
---
FTSE 100 INDEX 5,902.40 -40.50 -0.68%
CAC 40 INDEX 5,157.09 -68.30 -1.31%
DAX INDEX 7,413.53 -58.04 -0.78%
---
US
DOW JONES INDUS. AVG 12,159.21 -306.95 -2.46%
S&P 500 INDEX 1,333.25 -39.95 -2.91%
NASDAQ COMPOSITE INDEX 2,346.90 -47.69 -1.99%
Citigroup: Βλέπουμε πλέον ευκαιρίες στο ΧΑ
Citigroup: Βλέπουμε πλέον ευκαιρίες στο ΧΑ
«Στα τρέχοντα επίπεδα ή το πολύ κοντά στις 4300 με 4400 μονάδες το ελληνικό χρηματιστήριο και ειδικά οι τράπεζες αποτελούν ευκαιρία για τοποθετήσεις» τονίζει κορυφαίο στέλεχος της Citigroup στο «R». To στέλεχος αυτό το οποίο επιβεβαιώθηκε πλήρως στις προβλέψεις του όταν έκανε λόγω για υποχώρηση του ΧΑ κατά 10% τουλάχιστον (όταν όλοι υποστήριζαν ότι θα ενισχυθεί το ΧΑ) επανέρχεται και τονίζει ότι « ως επενδυτικός οίκος στα τρέχοντα επίπεδα θα πρέπει να αρχίζουμε να βλέπουμε αγορές ωστόσο απαιτείται προσοχή και όχι υπερβολές.
Ίσως βραχυπρόθεσμα η αγορά κινηθεί προς την περιοχή των 4.800 μονάδων και στα επίπεδα των 4.400 με 4800 μονάδων να παραμείνει για κάποιο διάστημα. Εκτίμηση μας είναι ότι το ΧΑ μπορεί σε εύθετο χρόνο να υποχωρήσει και κάτω από τις 4.300 μονάδες ωστόσο στο τέλος του 2008 δεν μπορούμε να αποκλείσουμε τελικά το ΧΑ να έχει ανέλθει στις 5500 μονάδες δηλαδή 1000 μονάδες υψηλότερα από τα τρέχοντα επίπεδα ή 20 με 22% υψηλότερα».
Το μπαράζ των ρευστοποιήσεων στις μεγάλες τράπεζες ήταν δικαιολογημένο; «Είναι σαφές ότι οι ελληνικές τράπεζες εμφάνισαν πολύ καλή συμπεριφορά το προηγούμενο διάστημα και προσέφεραν μεγάλες αποδόσεις. Είναι εύλογο funds να ρευστοποιούν».
Απώλειες 10 δις ευρώ στις τράπεζες
Συνολικά οι τράπεζες απώλεσαν περίπου 10 δις ευρώ τις δύο τελευταίες εβδομάδες. Στην δίνη βρέθηκαν η Πειραιώς η Eurobank η Alpha bank, η ΕΤΕ, το ΤΤ ωστόσο στο αντίποδα η ΑΤΕ αποδείχθηκε ίσως το πιο αμυντικό χαρτί μεταξύ των τραπεζών επιδεικνύοντας την καλύτερη συμπεριφορά.
Η αιτιολογία για την συμπεριφορά της ΑΤΕ είναι απλή. Οι ξένοι ελέγχουν μόνο το 10% ενώ το free float είναι περιορισμένο. Ταυτόχρονα όμως είναι αξιοσημείωτο ότι η ATE είναι μια από τις ελάχιστες τράπεζες στο ΧΑ που δεν προβαίνει σε επαναγορά ιδίων μετοχών.
Υπάρχουν επενδυτικές ευκαιρίες;
Οι τράπεζες που υποχώρησαν περισσότερο αναμένεται να αντιδράσουν και πιο άμεσα και πιο έντονα.
Η Πειραιώς έχασε 2 δις ευρώ σε κεφαλαιοποίηση η Eurobank αντίστοιχα 2 δις ευρώ όπως και η Εθνική η Marfin Popular και η Κύπρου από 1 δις ευρώ. Είναι πιθανό μαζί με την ΑΤΕ οι μετοχές αυτές να αντιδράσουν το επόμενο διάστημα και να συγκεντρώσουν το μεγαλύτερο ποσοστό κεφαλαίων.
REPORTER.GR
«Στα τρέχοντα επίπεδα ή το πολύ κοντά στις 4300 με 4400 μονάδες το ελληνικό χρηματιστήριο και ειδικά οι τράπεζες αποτελούν ευκαιρία για τοποθετήσεις» τονίζει κορυφαίο στέλεχος της Citigroup στο «R». To στέλεχος αυτό το οποίο επιβεβαιώθηκε πλήρως στις προβλέψεις του όταν έκανε λόγω για υποχώρηση του ΧΑ κατά 10% τουλάχιστον (όταν όλοι υποστήριζαν ότι θα ενισχυθεί το ΧΑ) επανέρχεται και τονίζει ότι « ως επενδυτικός οίκος στα τρέχοντα επίπεδα θα πρέπει να αρχίζουμε να βλέπουμε αγορές ωστόσο απαιτείται προσοχή και όχι υπερβολές.
Ίσως βραχυπρόθεσμα η αγορά κινηθεί προς την περιοχή των 4.800 μονάδων και στα επίπεδα των 4.400 με 4800 μονάδων να παραμείνει για κάποιο διάστημα. Εκτίμηση μας είναι ότι το ΧΑ μπορεί σε εύθετο χρόνο να υποχωρήσει και κάτω από τις 4.300 μονάδες ωστόσο στο τέλος του 2008 δεν μπορούμε να αποκλείσουμε τελικά το ΧΑ να έχει ανέλθει στις 5500 μονάδες δηλαδή 1000 μονάδες υψηλότερα από τα τρέχοντα επίπεδα ή 20 με 22% υψηλότερα».
Το μπαράζ των ρευστοποιήσεων στις μεγάλες τράπεζες ήταν δικαιολογημένο; «Είναι σαφές ότι οι ελληνικές τράπεζες εμφάνισαν πολύ καλή συμπεριφορά το προηγούμενο διάστημα και προσέφεραν μεγάλες αποδόσεις. Είναι εύλογο funds να ρευστοποιούν».
Απώλειες 10 δις ευρώ στις τράπεζες
Συνολικά οι τράπεζες απώλεσαν περίπου 10 δις ευρώ τις δύο τελευταίες εβδομάδες. Στην δίνη βρέθηκαν η Πειραιώς η Eurobank η Alpha bank, η ΕΤΕ, το ΤΤ ωστόσο στο αντίποδα η ΑΤΕ αποδείχθηκε ίσως το πιο αμυντικό χαρτί μεταξύ των τραπεζών επιδεικνύοντας την καλύτερη συμπεριφορά.
Η αιτιολογία για την συμπεριφορά της ΑΤΕ είναι απλή. Οι ξένοι ελέγχουν μόνο το 10% ενώ το free float είναι περιορισμένο. Ταυτόχρονα όμως είναι αξιοσημείωτο ότι η ATE είναι μια από τις ελάχιστες τράπεζες στο ΧΑ που δεν προβαίνει σε επαναγορά ιδίων μετοχών.
Υπάρχουν επενδυτικές ευκαιρίες;
Οι τράπεζες που υποχώρησαν περισσότερο αναμένεται να αντιδράσουν και πιο άμεσα και πιο έντονα.
Η Πειραιώς έχασε 2 δις ευρώ σε κεφαλαιοποίηση η Eurobank αντίστοιχα 2 δις ευρώ όπως και η Εθνική η Marfin Popular και η Κύπρου από 1 δις ευρώ. Είναι πιθανό μαζί με την ΑΤΕ οι μετοχές αυτές να αντιδράσουν το επόμενο διάστημα και να συγκεντρώσουν το μεγαλύτερο ποσοστό κεφαλαίων.
REPORTER.GR
Μπερνάνκι: Το μπαλάκι στην κυβέρνηση Μπους
Μπερνάνκι: Το μπαλάκι στην κυβέρνηση Μπους
Aυτό που ήθελαν να ακούσουν οι αγορές επανέλαβε σήμερα ο διοικητής της Fed κ. Μπεν Μπερνάνκι ενώπιον του Κονγκρέσου. Ποιο είναι αυτό; Ότι η Κεντρική Τράπεζα των Ηνωμένων Πολιτειών είναι έτοιμη να μειώσει κι άλλο τα επιτόκια. Πλην όμως, κάλεσε την κυβέρνηση Μπους να πάρει μέτρα για να θωρακίσει την οικονομία.
''Η Fed είναι έτοιμη να προβεί σε περαιτέρω μείωση του επιτοκίου δανεισμού του δολαρίου'' επανέλαβε στην ομιλία του ενώπιον του Κογκρέσου ο πρόεδρος της Fed Μπ. Μπερνάκι σήμερα, μεταθέτοντας παράλληλα τις ευθύνες για την ανάκαμψη της αμερικανικής οικονομίας στην αμερικανική κυβέρνηση.
Oπως δήλωσε ο πρόεδρος της αμερικανικής κεντρικής τράπεζας, η κυβέρνηση Μπους θα πρέπει να δράσει άμεσα για να προστατέψει τους καταναλωτές καθώς ενισχύονται οι φόβοι για οικονομική ύφεση. Ο κος Μπερνάκι κάλεσε το Κογκρέσο να σκεφτεί σοβαρά πριν προβεί σε περικοπές φόρων με σκοπό να ενισχύσει την κατάσταση.
«Για να είναι χρήσιμο ένα σχέδιο τόνωσης της οικονομίας θα πρέπει να υλοποιηθεί άμεσα και οργανωμένα έτσι ώστε τα αποτελέσματά του να γίνουν αισθητά μέσα στους επόμενους δώδεκα μήνες», τόνισε ο αξιωματούχος της Fed.
REPORTER.GR
Aυτό που ήθελαν να ακούσουν οι αγορές επανέλαβε σήμερα ο διοικητής της Fed κ. Μπεν Μπερνάνκι ενώπιον του Κονγκρέσου. Ποιο είναι αυτό; Ότι η Κεντρική Τράπεζα των Ηνωμένων Πολιτειών είναι έτοιμη να μειώσει κι άλλο τα επιτόκια. Πλην όμως, κάλεσε την κυβέρνηση Μπους να πάρει μέτρα για να θωρακίσει την οικονομία.
''Η Fed είναι έτοιμη να προβεί σε περαιτέρω μείωση του επιτοκίου δανεισμού του δολαρίου'' επανέλαβε στην ομιλία του ενώπιον του Κογκρέσου ο πρόεδρος της Fed Μπ. Μπερνάκι σήμερα, μεταθέτοντας παράλληλα τις ευθύνες για την ανάκαμψη της αμερικανικής οικονομίας στην αμερικανική κυβέρνηση.
Oπως δήλωσε ο πρόεδρος της αμερικανικής κεντρικής τράπεζας, η κυβέρνηση Μπους θα πρέπει να δράσει άμεσα για να προστατέψει τους καταναλωτές καθώς ενισχύονται οι φόβοι για οικονομική ύφεση. Ο κος Μπερνάκι κάλεσε το Κογκρέσο να σκεφτεί σοβαρά πριν προβεί σε περικοπές φόρων με σκοπό να ενισχύσει την κατάσταση.
«Για να είναι χρήσιμο ένα σχέδιο τόνωσης της οικονομίας θα πρέπει να υλοποιηθεί άμεσα και οργανωμένα έτσι ώστε τα αποτελέσματά του να γίνουν αισθητά μέσα στους επόμενους δώδεκα μήνες», τόνισε ο αξιωματούχος της Fed.
REPORTER.GR
Εξαγορά στην Τουρκία η Τιτάν
Εξαγορά στην Τουρκία η Τιτάν
Στη σύναψη συμφωνίας για τη δημιουργία μιας κοινοπρακτικής επιχείρησης στην Τουρκία, στην οποία θα συμμετέχει με ποσοστό 50% προβαίνει η Τιτάν. Στα πλαίσια αυτής της συμφωνίας, η Α.Ε. Τσιμέντων Τιτάν συμφώνησε να αγοράσει το 50% του μετοχικού κεφαλαίου της εταιρίας Adocim Cimento Beton Sanayi ve Ticaret A.S. έναντι 90,5 εκατομμυρίων ευρώ. Η Adocim είναι εταιρία παραγωγής τσιμέντου με ένα σύγχρονο εργοστάσιο στο Tokat στην περιοχή της Μαύρης Θάλασσας και ένα κέντρο άλεσης στο Tekirdag στην περιοχή της Ανατολικής Θράκης.
Η παραγωγική δυναμικότητα της εν λόγω εταιρίας ανέρχεται σε 1,5 εκατ. τόνων ετησίως. Η σχετική συμφωνία θα τεθεί σε ισχύ, μόλις ολοκληρωθεί ο νομικός και οικονομικός έλεγχος της Adocim A.S. και παρασχεθούν οι απαραίτητες εγκρίσεις από τις αρμόδιες διοικητικές αρχές.
Ο Όμιλος Τιτάν είναι ένας ανεξάρτητος παραγωγός τσιμέντου και άλλων δομικών υλικών με πάνω από 100 χρόνια βιομηχανικής εμπειρίας. Έχοντας έδρα την Ελλάδα, διαθέτει 12 εργοστάσια παραγωγής τσιμέντου σε 7 χώρες. Καθ' όλη την διάρκεια της ιστορίας του, ο Όμιλος Τιτάν επδίωξε να συνδυάσει την λειτουργική αρτιότητα με τον σεβασμό στον άνθρωπο, την κοινωνία και το περιβάλλον.
Το 2007 πούλησε πάνω από 16 εκ. τόνους τσιμέντου και υλικών με παρεμφερείς ιδιότητες, 6 εκ. μ3 ετοίμου σκυροδέματος, περισσότερο από 22 εκ. τόνους αδρανών υλικών και διάφορα ακόμη οικοδομικά υλικά όπως τσιμεντόλιθους, έτοιμα κονιάματα κλπ.
REPORTER.GR
Στη σύναψη συμφωνίας για τη δημιουργία μιας κοινοπρακτικής επιχείρησης στην Τουρκία, στην οποία θα συμμετέχει με ποσοστό 50% προβαίνει η Τιτάν. Στα πλαίσια αυτής της συμφωνίας, η Α.Ε. Τσιμέντων Τιτάν συμφώνησε να αγοράσει το 50% του μετοχικού κεφαλαίου της εταιρίας Adocim Cimento Beton Sanayi ve Ticaret A.S. έναντι 90,5 εκατομμυρίων ευρώ. Η Adocim είναι εταιρία παραγωγής τσιμέντου με ένα σύγχρονο εργοστάσιο στο Tokat στην περιοχή της Μαύρης Θάλασσας και ένα κέντρο άλεσης στο Tekirdag στην περιοχή της Ανατολικής Θράκης.
Η παραγωγική δυναμικότητα της εν λόγω εταιρίας ανέρχεται σε 1,5 εκατ. τόνων ετησίως. Η σχετική συμφωνία θα τεθεί σε ισχύ, μόλις ολοκληρωθεί ο νομικός και οικονομικός έλεγχος της Adocim A.S. και παρασχεθούν οι απαραίτητες εγκρίσεις από τις αρμόδιες διοικητικές αρχές.
Ο Όμιλος Τιτάν είναι ένας ανεξάρτητος παραγωγός τσιμέντου και άλλων δομικών υλικών με πάνω από 100 χρόνια βιομηχανικής εμπειρίας. Έχοντας έδρα την Ελλάδα, διαθέτει 12 εργοστάσια παραγωγής τσιμέντου σε 7 χώρες. Καθ' όλη την διάρκεια της ιστορίας του, ο Όμιλος Τιτάν επδίωξε να συνδυάσει την λειτουργική αρτιότητα με τον σεβασμό στον άνθρωπο, την κοινωνία και το περιβάλλον.
Το 2007 πούλησε πάνω από 16 εκ. τόνους τσιμέντου και υλικών με παρεμφερείς ιδιότητες, 6 εκ. μ3 ετοίμου σκυροδέματος, περισσότερο από 22 εκ. τόνους αδρανών υλικών και διάφορα ακόμη οικοδομικά υλικά όπως τσιμεντόλιθους, έτοιμα κονιάματα κλπ.
REPORTER.GR
Bernanke Says Fiscal Stimulus `Could Be Helpful in Principle'
Bernanke Says Fiscal Stimulus `Could Be Helpful in Principle'
Jan. 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said a ``temporary'' fiscal stimulus would help the central bank to buttress economic growth, while warning against worsening the longer-term outlook for budget deficits.
``Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policy actions alone,'' Bernanke said in testimony to the House Budget Committee. He repeated remarks from last week that the Fed is ready to take ``substantive additional action'' to insure against risks of a recession.
Bernanke's acknowledgment that the economy is weak enough to need a fiscal stimulus may reinforce forecasts for the Fed to lower interest rates at least half a point this month. It may also give impetus to the Bush administration and Congress to reach an agreement more quickly, analysts said.
The Fed chief said that a fiscal package could also ``prove quite counterproductive'' if the stimulus arrived at the ``wrong time or compromised fiscal discipline in the longer term.''
Bernanke reiterated that the outlook for growth in 2008 ``has worsened'' and ``the downside risks to growth have become more pronounced.''
Central bankers and administration officials are trying to prevent the economy from sinking into the first recession since 2001. Retail sales fell last month, unemployment rose, and housing markets are mired in the worst slump in 16 years.
Bernanke noted that banks are trying to protect asset quality and funding, and tightening credit conditions for the rest of the economy as a result.
Bank Lending
``Banks have also evidently become more restrictive in their lending to firms and households,'' he said. ``More expensive and less-available credit seems likely to impose a measure of restraint on economic growth.''
Homebuilders broke ground on the fewest homes since 1991 last month, the Commerce Department reported today. Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen.
Residential construction subtracted about 1 percent from growth in the third quarter, and ``likely curtailed growth even more in the fourth quarter,'' Bernanke said. Sluggish housing markets ``may continue to be a drag on growth for a good part of this year.''
Food, Energy Costs
Bernanke said that inflation, both including and excluding food and energy costs, ``should moderate this year and next, so long as the public's confidence in the Federal Reserve's commitment to price stability is unshaken.'' He cited inflation expectations that appear ``well anchored'' and futures suggesting food and energy price increases will slow.
Bernanke in past congressional appearances has typically avoided recommending any particular tax measure. His predecessor, Alan Greenspan, involved himself in shaping tax policy, recommending cuts over spending increases in 2001, a strategy which his colleagues disliked out of concern it would compromise the central bank's independence.
Aside from quick implementation, a stimulus package should also be ``structured so that its effects on aggregate spending are felt as much as possible in the next 12 months,'' Bernanke said today. If stimulus comes at a time when growth is improving, it could be ``destabilizing,'' he said.
U.S. Treasury and White House officials are considering tax proposals that would provide consumers with more cash and give businesses an incentive to invest more in their capital stock, according to analysts speaking with administration officials.
Faltering Expansion
Economists at JPMorgan Chase & Co. estimate that the economy grew at 1 percent in the final quarter of last year, slowing from a 4.9 percent pace the previous three months. Merrill Lynch & Co., Morgan Stanley, Goldman Sachs Group Inc. and Nomura Securities International Inc. are all predicting a recession in 2008.
Bernanke and Governor Frederic Mishkin signaled a new strategy last week, when they said in speeches that they favor greater ``insurance'' against the prospect of an economic downturn. That's a break from basing policy on central bank forecasts, which anticipate a continued expansion.
The Jan. 10 remarks by Bernanke, 54, and Mishkin the next day led traders to increase bets the central bank will cut its main interest rate to 3.75 percent from 4.25 percent currently at the conclusion of Federal Open Market Committee's two-day meeting on Jan. 30.
The Fed has reduced the benchmark rate by 1 percentage point since September. In December, Fed officials said in their statement that the outlook for inflation and growth was uncertain, a view that disappointed investors and caused a 2.5 percent decline in the Standard & Poor's 500 stock index.
Labor Market
Policy makers' shift may have been driven by the Labor Department's Jan. 4 report showing the jobless rate jumped to 5 percent in December, economists said. The figures also showed the first decline in private-sector employment since 2003. Bernanke called the jobs data ``disappointing.''
Bernanke and other policy makers continue to cite concerns about inflation pressures. The consumer price index, minus food and energy, rose at a 2.4 percent rate for the year ending December, the fastest pace since March, the Bureau of Labor Statistics said Wednesday.
BLOOMBERG
Jan. 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said a ``temporary'' fiscal stimulus would help the central bank to buttress economic growth, while warning against worsening the longer-term outlook for budget deficits.
``Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policy actions alone,'' Bernanke said in testimony to the House Budget Committee. He repeated remarks from last week that the Fed is ready to take ``substantive additional action'' to insure against risks of a recession.
Bernanke's acknowledgment that the economy is weak enough to need a fiscal stimulus may reinforce forecasts for the Fed to lower interest rates at least half a point this month. It may also give impetus to the Bush administration and Congress to reach an agreement more quickly, analysts said.
The Fed chief said that a fiscal package could also ``prove quite counterproductive'' if the stimulus arrived at the ``wrong time or compromised fiscal discipline in the longer term.''
Bernanke reiterated that the outlook for growth in 2008 ``has worsened'' and ``the downside risks to growth have become more pronounced.''
Central bankers and administration officials are trying to prevent the economy from sinking into the first recession since 2001. Retail sales fell last month, unemployment rose, and housing markets are mired in the worst slump in 16 years.
Bernanke noted that banks are trying to protect asset quality and funding, and tightening credit conditions for the rest of the economy as a result.
Bank Lending
``Banks have also evidently become more restrictive in their lending to firms and households,'' he said. ``More expensive and less-available credit seems likely to impose a measure of restraint on economic growth.''
Homebuilders broke ground on the fewest homes since 1991 last month, the Commerce Department reported today. Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen.
Residential construction subtracted about 1 percent from growth in the third quarter, and ``likely curtailed growth even more in the fourth quarter,'' Bernanke said. Sluggish housing markets ``may continue to be a drag on growth for a good part of this year.''
Food, Energy Costs
Bernanke said that inflation, both including and excluding food and energy costs, ``should moderate this year and next, so long as the public's confidence in the Federal Reserve's commitment to price stability is unshaken.'' He cited inflation expectations that appear ``well anchored'' and futures suggesting food and energy price increases will slow.
Bernanke in past congressional appearances has typically avoided recommending any particular tax measure. His predecessor, Alan Greenspan, involved himself in shaping tax policy, recommending cuts over spending increases in 2001, a strategy which his colleagues disliked out of concern it would compromise the central bank's independence.
Aside from quick implementation, a stimulus package should also be ``structured so that its effects on aggregate spending are felt as much as possible in the next 12 months,'' Bernanke said today. If stimulus comes at a time when growth is improving, it could be ``destabilizing,'' he said.
U.S. Treasury and White House officials are considering tax proposals that would provide consumers with more cash and give businesses an incentive to invest more in their capital stock, according to analysts speaking with administration officials.
Faltering Expansion
Economists at JPMorgan Chase & Co. estimate that the economy grew at 1 percent in the final quarter of last year, slowing from a 4.9 percent pace the previous three months. Merrill Lynch & Co., Morgan Stanley, Goldman Sachs Group Inc. and Nomura Securities International Inc. are all predicting a recession in 2008.
Bernanke and Governor Frederic Mishkin signaled a new strategy last week, when they said in speeches that they favor greater ``insurance'' against the prospect of an economic downturn. That's a break from basing policy on central bank forecasts, which anticipate a continued expansion.
The Jan. 10 remarks by Bernanke, 54, and Mishkin the next day led traders to increase bets the central bank will cut its main interest rate to 3.75 percent from 4.25 percent currently at the conclusion of Federal Open Market Committee's two-day meeting on Jan. 30.
The Fed has reduced the benchmark rate by 1 percentage point since September. In December, Fed officials said in their statement that the outlook for inflation and growth was uncertain, a view that disappointed investors and caused a 2.5 percent decline in the Standard & Poor's 500 stock index.
Labor Market
Policy makers' shift may have been driven by the Labor Department's Jan. 4 report showing the jobless rate jumped to 5 percent in December, economists said. The figures also showed the first decline in private-sector employment since 2003. Bernanke called the jobs data ``disappointing.''
Bernanke and other policy makers continue to cite concerns about inflation pressures. The consumer price index, minus food and energy, rose at a 2.4 percent rate for the year ending December, the fastest pace since March, the Bureau of Labor Statistics said Wednesday.
BLOOMBERG
U.S. Initial Jobless Claims Unexpectedly Decline
U.S. Initial Jobless Claims Unexpectedly Decline
Jan. 17 (Bloomberg) -- The number of Americans filing first-time claims for unemployment benefits unexpectedly fell to a three-month low last week, in a period when figures are typically distorted by holidays.
Initial jobless claims decreased by 21,000 to 301,000 in the week ended Jan. 12, the lowest since September, from 322,000 a week earlier, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, fell to a two-month low of 328,500, from 340,250.
Record exports may be encouraging businesses to hold on to workers even as the U.S. economy weakens, economists said. Still, Labor Department warned they have difficulty adjusting for firing patterns during the holidays and getting an accurate gauge of the labor market's health.
``The job market is still tight enough that it's going to generate decent income gains for consumers,'' Julia Coronado, senior economist at Barclays Capital Inc. in New York, said before the report. ``We have seen some softening in labor market conditions, but we're still seeing job growth.''
Homebuilders broke ground on the fewest new homes since 1991 last month, the Commerce Department said separately. Housing starts fell 14 percent to an annual rate of 1.006 million.
Economists predicted claims to rise to 331,000 from the previously reported 322,000 for the week ended Jan. 5, according to the median of 33 forecasts in a Bloomberg News survey. Estimates ranged from 310,000 to 350,000.
Monthly Payrolls
Today's figures correlate with the week the government conducts its monthly payrolls survey. Employers added 18,000 workers in December, the lowest gain since 2004, and the unemployment rate jumped to 5 percent, the Labor Department said on Jan. 4. It is scheduled to release the January employment report on Feb. 1.
Some economists view the level of continuing claims as a more accurate predictor of the state of hiring. The number of people staying on benefit rolls rose to 2.751 million in the week ended Jan. 5, from 2.685 million, according to today's report.
The unemployment rate among people eligible for benefits, which tends to track the U.S. jobless rate, rose to 2.1 percent, from 2 percent.
Twenty-five states and territories reported an increase in new claims, while 28 had a decline. This data is also reported with a one-week lag.
Annual Averages
Prior to this month, filings for jobless benefits were creeping higher. Weekly claims averaged 340,000 the final two months of 2007 and 322,200 for the entire year. In 2006, claims averaged 313,000.
Weakness in the labor market, along with the faltering housing market and higher gasoline and heating costs, may already be weighing on consumer spending. Sales at U.S. retailers unexpectedly dropped in December, the Commerce Department said Jan. 15, and figures for October and November were revised downward.
``Economic pressures caused deterioration in the sales climate at the end of the year,'' National Retail Federation Chief Economist Rosalind Wells said in an e-mailed statement Jan. 15. The NRF said that day that total holiday sales by U.S. retailers climbed 3 percent, the smallest gain in five years and less than the group had forecast.
Profits Weaken
Williams-Sonoma Inc., the U.S. gourmet-cookware retailer, reduced its fourth-quarter profit forecast as holiday sales declined. The company expects further weakness in January and is anticipating an ``increasingly challenging'' 2008, Chief Executive Officer Howard Lester said in a statement.
Federal Reserve Chairman Ben S. Bernanke is scheduled to testify to the House Budget Committee at 10 a.m. today about the economic outlook. Last week, he and other central bank officials said they favored greater ``insurance'' against an economic downturn.
Economists surveyed by Bloomberg News earlier this month forecast consumer spending last quarter slowed to a 2.6 percent annual rate, from 2.8 percent in the third quarter, and will ease further to a 1.6 percent pace the first three months of this year.
Economic growth will average 1.5 percent in the first half of this year, the same as is forecast for the fourth quarter, according to the median forecast in the Bloomberg News survey.
Citigroup Inc., the largest U.S. bank, said Jan. 15 it was cutting 4,200 positions and that it had the biggest loss in its 196-year history in the fourth quarter as surging defaults on home loans forced it to write down the value of subprime- mortgage investments. The company may further reduce its staff in coming months.
``We continue to make plans'' to eliminate positions as the company considers ways to reduce expenses, Chief Executive Officer Vikram Pandit said on a conference call with analysts and investors.
BLOOMBERG
Jan. 17 (Bloomberg) -- The number of Americans filing first-time claims for unemployment benefits unexpectedly fell to a three-month low last week, in a period when figures are typically distorted by holidays.
Initial jobless claims decreased by 21,000 to 301,000 in the week ended Jan. 12, the lowest since September, from 322,000 a week earlier, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, fell to a two-month low of 328,500, from 340,250.
Record exports may be encouraging businesses to hold on to workers even as the U.S. economy weakens, economists said. Still, Labor Department warned they have difficulty adjusting for firing patterns during the holidays and getting an accurate gauge of the labor market's health.
``The job market is still tight enough that it's going to generate decent income gains for consumers,'' Julia Coronado, senior economist at Barclays Capital Inc. in New York, said before the report. ``We have seen some softening in labor market conditions, but we're still seeing job growth.''
Homebuilders broke ground on the fewest new homes since 1991 last month, the Commerce Department said separately. Housing starts fell 14 percent to an annual rate of 1.006 million.
Economists predicted claims to rise to 331,000 from the previously reported 322,000 for the week ended Jan. 5, according to the median of 33 forecasts in a Bloomberg News survey. Estimates ranged from 310,000 to 350,000.
Monthly Payrolls
Today's figures correlate with the week the government conducts its monthly payrolls survey. Employers added 18,000 workers in December, the lowest gain since 2004, and the unemployment rate jumped to 5 percent, the Labor Department said on Jan. 4. It is scheduled to release the January employment report on Feb. 1.
Some economists view the level of continuing claims as a more accurate predictor of the state of hiring. The number of people staying on benefit rolls rose to 2.751 million in the week ended Jan. 5, from 2.685 million, according to today's report.
The unemployment rate among people eligible for benefits, which tends to track the U.S. jobless rate, rose to 2.1 percent, from 2 percent.
Twenty-five states and territories reported an increase in new claims, while 28 had a decline. This data is also reported with a one-week lag.
Annual Averages
Prior to this month, filings for jobless benefits were creeping higher. Weekly claims averaged 340,000 the final two months of 2007 and 322,200 for the entire year. In 2006, claims averaged 313,000.
Weakness in the labor market, along with the faltering housing market and higher gasoline and heating costs, may already be weighing on consumer spending. Sales at U.S. retailers unexpectedly dropped in December, the Commerce Department said Jan. 15, and figures for October and November were revised downward.
``Economic pressures caused deterioration in the sales climate at the end of the year,'' National Retail Federation Chief Economist Rosalind Wells said in an e-mailed statement Jan. 15. The NRF said that day that total holiday sales by U.S. retailers climbed 3 percent, the smallest gain in five years and less than the group had forecast.
Profits Weaken
Williams-Sonoma Inc., the U.S. gourmet-cookware retailer, reduced its fourth-quarter profit forecast as holiday sales declined. The company expects further weakness in January and is anticipating an ``increasingly challenging'' 2008, Chief Executive Officer Howard Lester said in a statement.
Federal Reserve Chairman Ben S. Bernanke is scheduled to testify to the House Budget Committee at 10 a.m. today about the economic outlook. Last week, he and other central bank officials said they favored greater ``insurance'' against an economic downturn.
Economists surveyed by Bloomberg News earlier this month forecast consumer spending last quarter slowed to a 2.6 percent annual rate, from 2.8 percent in the third quarter, and will ease further to a 1.6 percent pace the first three months of this year.
Economic growth will average 1.5 percent in the first half of this year, the same as is forecast for the fourth quarter, according to the median forecast in the Bloomberg News survey.
Citigroup Inc., the largest U.S. bank, said Jan. 15 it was cutting 4,200 positions and that it had the biggest loss in its 196-year history in the fourth quarter as surging defaults on home loans forced it to write down the value of subprime- mortgage investments. The company may further reduce its staff in coming months.
``We continue to make plans'' to eliminate positions as the company considers ways to reduce expenses, Chief Executive Officer Vikram Pandit said on a conference call with analysts and investors.
BLOOMBERG
Anglo May Pay $5.5 Billion for MMX Iron-Ore Assets
Anglo May Pay $5.5 Billion for MMX Iron-Ore Assets
Jan. 17 (Bloomberg) -- Anglo American Plc, the world's second-largest mining company, may pay $5.5 billion for assets from Brazilian iron-ore producer MMX Mineracao e Metalicos SA to help it supply the needs of China's booming economy.
Anglo is in discussions with Eike Batista, the controlling shareholder in Rio de Janeiro-based MMX, Anglo said today in a statement distributed by the Regulatory News Service. A new company, in which Batista currently has a 64 percent stake, will be demerged from MMX and acquired by Anglo for $361.25 a share, London-based Anglo said.
The acquisition underscores Anglo's strategy to cut its dependence on precious metals and focus on industrial commodities needed by China, the world's fastest-growing major economy. Cynthia Carroll, who became Anglo's chief executive officer in March, has sold gold, steel and paper assets and expanded in copper and iron ore to better compete with BHP Billiton Ltd., the world's largest miner.
``With resource companies making acquisitions at the top of the cycle it's very hard not to overpay,'' said Wayne McCurrie, who helps manage the equivalent of $12 billion at Momentum Group Ltd. in Johannesburg including Anglo shares. ``We are at the very top.''
In April, Anglo paid MMX and Centennial Asset Mining Fund LLC, a London-based investor, $1.15 billion for 49 percent of the Minas-Rio iron-ore project. Minas-Rio's $2.35 billion first phase will yield 26.5 million metric tons a year from the end of 2009.
Prices Triple
Contract iron-ore prices have tripled in the past five years on increased demand from China and may rise by 50 percent next year, Lehman Brothers Holdings Inc. said last month. China is the largest consumer of the steelmaking raw material. Anglo owns 65 percent of Kumba Iron Ore Ltd., Africa's largest iron- ore producer.
Anglo agreed in August to spend $1.43 billion to develop the Pebble copper deposit in Alaska in a venture with Northern Dynasty Minerals Ltd. In November, it announced a $1.7 billion expansion of its Los Bronces copper mine in Chile, and in June paid $400 million for the right to develop the Michiquillay copper deposit in Peru.
BLOOMBERG
Jan. 17 (Bloomberg) -- Anglo American Plc, the world's second-largest mining company, may pay $5.5 billion for assets from Brazilian iron-ore producer MMX Mineracao e Metalicos SA to help it supply the needs of China's booming economy.
Anglo is in discussions with Eike Batista, the controlling shareholder in Rio de Janeiro-based MMX, Anglo said today in a statement distributed by the Regulatory News Service. A new company, in which Batista currently has a 64 percent stake, will be demerged from MMX and acquired by Anglo for $361.25 a share, London-based Anglo said.
The acquisition underscores Anglo's strategy to cut its dependence on precious metals and focus on industrial commodities needed by China, the world's fastest-growing major economy. Cynthia Carroll, who became Anglo's chief executive officer in March, has sold gold, steel and paper assets and expanded in copper and iron ore to better compete with BHP Billiton Ltd., the world's largest miner.
``With resource companies making acquisitions at the top of the cycle it's very hard not to overpay,'' said Wayne McCurrie, who helps manage the equivalent of $12 billion at Momentum Group Ltd. in Johannesburg including Anglo shares. ``We are at the very top.''
In April, Anglo paid MMX and Centennial Asset Mining Fund LLC, a London-based investor, $1.15 billion for 49 percent of the Minas-Rio iron-ore project. Minas-Rio's $2.35 billion first phase will yield 26.5 million metric tons a year from the end of 2009.
Prices Triple
Contract iron-ore prices have tripled in the past five years on increased demand from China and may rise by 50 percent next year, Lehman Brothers Holdings Inc. said last month. China is the largest consumer of the steelmaking raw material. Anglo owns 65 percent of Kumba Iron Ore Ltd., Africa's largest iron- ore producer.
Anglo agreed in August to spend $1.43 billion to develop the Pebble copper deposit in Alaska in a venture with Northern Dynasty Minerals Ltd. In November, it announced a $1.7 billion expansion of its Los Bronces copper mine in Chile, and in June paid $400 million for the right to develop the Michiquillay copper deposit in Peru.
BLOOMBERG
U.S. Housing Starts Drop to Lowest Level Since 1991
U.S. Housing Starts Drop to Lowest Level Since 1991
Jan. 17 (Bloomberg) -- Builders in the U.S. broke ground in December on fewer houses than forecast, making last year's decline in homebuilding the worst in almost three decades.
The 14 percent decrease to an annual rate of 1.006 million, the lowest since 1991, followed a 1.173 million pace the prior month, the Commerce Department said today in Washington. For all of 2007, starts were down 25 percent, the biggest decline since 1980, to 1.354 million.
Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen as it enters a third year. Rising foreclosures will throw even more houses onto the market, hurting property values and threatening to push the economy into recession, economists said.
``Housing is getting punished by credit-market problems just as much as the economy is,'' said Adam York, an economist at Wachovia Corp. in Charlotte, North Carolina, who had forecast a decline to a 1.07 million pace. ``We expect this pressure to continue into 2008.''
Initial claims for unemployment insurance unexpectedly dropped to a three-month low, the Labor Department said separately today. Jobless claims declined by 21,000 to 301,000 in the week ended Jan. 12.
Economists' Forecasts
Housing starts were projected to fall to a 1.145 million pace from a previously reported 1.187 million rate in November, according to the median forecast of 74 economists polled by Bloomberg News. Estimates ranged from 1.05 million to 1.2 million.
Permits fell 8.1 percent to a 1.068 million annual rate, bringing 2007's decline to 25 percent, the biggest since 1974. Permits were forecast to drop to a 1.135 million annual pace, according to the survey median, after 1.162 million. Projections ranged from 1.05 million to 1.17 million.
Construction of single-family homes decreased 2.9 percent to a 794,000 rate, today's report showed. Work on multifamily homes, such as townhouses and apartment buildings, plunged 40 percent to an annual rate of 212,000 from the prior month.
The decrease in starts was led by a 31 percent slump in the Midwest and a 26 percent decline in the Northeast.
Federal Reserve policy makers, including Chairman Ben S. Bernanke, have signaled they may take more aggressive action in response to the increasing risk of slower growth. Central bankers are likely to cut interest rates by half a percentage point when they meet this month, according to futures trading.
Bernanke to Speak
Bernanke will testify on the economic outlook before the House Budget Committee at 10:00 a.m. today.
``The demand for housing seems to have weakened further, in part reflecting ongoing problems in mortgage markets,'' Bernanke said in a speech in Washington on Jan. 10. ``We also see considerable evidence that banks have become more restrictive in their lending to firms and households.''
New home sales will probably fall another 15 percent this year after tumbling an estimated 26 percent in 2007, according to a forecast from the Mortgage Bankers Association, the industry's largest trade group. Sales of existing homes will fall 13 percent this year, the group said.
``Conditions continue to be challenging in our markets and are expected to remain so throughout 2008,'' Robert Schottenstein, chief executive officer of M/I Homes Inc., a homebuilder in the Midwest, Florida and Mid-Atlantic states, said in a statement on Jan. 10. The Columbus, Ohio-based company said that sales fell in the fourth quarter.
BLOOMBERG
Jan. 17 (Bloomberg) -- Builders in the U.S. broke ground in December on fewer houses than forecast, making last year's decline in homebuilding the worst in almost three decades.
The 14 percent decrease to an annual rate of 1.006 million, the lowest since 1991, followed a 1.173 million pace the prior month, the Commerce Department said today in Washington. For all of 2007, starts were down 25 percent, the biggest decline since 1980, to 1.354 million.
Building permits, a sign of future construction, declined by the most in 12 years, suggesting the housing slump will deepen as it enters a third year. Rising foreclosures will throw even more houses onto the market, hurting property values and threatening to push the economy into recession, economists said.
``Housing is getting punished by credit-market problems just as much as the economy is,'' said Adam York, an economist at Wachovia Corp. in Charlotte, North Carolina, who had forecast a decline to a 1.07 million pace. ``We expect this pressure to continue into 2008.''
Initial claims for unemployment insurance unexpectedly dropped to a three-month low, the Labor Department said separately today. Jobless claims declined by 21,000 to 301,000 in the week ended Jan. 12.
Economists' Forecasts
Housing starts were projected to fall to a 1.145 million pace from a previously reported 1.187 million rate in November, according to the median forecast of 74 economists polled by Bloomberg News. Estimates ranged from 1.05 million to 1.2 million.
Permits fell 8.1 percent to a 1.068 million annual rate, bringing 2007's decline to 25 percent, the biggest since 1974. Permits were forecast to drop to a 1.135 million annual pace, according to the survey median, after 1.162 million. Projections ranged from 1.05 million to 1.17 million.
Construction of single-family homes decreased 2.9 percent to a 794,000 rate, today's report showed. Work on multifamily homes, such as townhouses and apartment buildings, plunged 40 percent to an annual rate of 212,000 from the prior month.
The decrease in starts was led by a 31 percent slump in the Midwest and a 26 percent decline in the Northeast.
Federal Reserve policy makers, including Chairman Ben S. Bernanke, have signaled they may take more aggressive action in response to the increasing risk of slower growth. Central bankers are likely to cut interest rates by half a percentage point when they meet this month, according to futures trading.
Bernanke to Speak
Bernanke will testify on the economic outlook before the House Budget Committee at 10:00 a.m. today.
``The demand for housing seems to have weakened further, in part reflecting ongoing problems in mortgage markets,'' Bernanke said in a speech in Washington on Jan. 10. ``We also see considerable evidence that banks have become more restrictive in their lending to firms and households.''
New home sales will probably fall another 15 percent this year after tumbling an estimated 26 percent in 2007, according to a forecast from the Mortgage Bankers Association, the industry's largest trade group. Sales of existing homes will fall 13 percent this year, the group said.
``Conditions continue to be challenging in our markets and are expected to remain so throughout 2008,'' Robert Schottenstein, chief executive officer of M/I Homes Inc., a homebuilder in the Midwest, Florida and Mid-Atlantic states, said in a statement on Jan. 10. The Columbus, Ohio-based company said that sales fell in the fourth quarter.
BLOOMBERG
ΧΑΚ: Ζημιές 15% σε δύο βδομάδες
ΧΑΚ: Ζημιές 15% σε δύο βδομάδες
Οι διεθνείς αναταράξεις στις αγορές επηρεάζουν το κυπριακό χρηματιστήριο που βρέθηκε από τις αρχές του έτους σε ντόμινο ρευστοποιήσεων. Σε δύο μόλις βδομάδες ο ΓΔ τιμών ΧΑΚ χάνει 15,2% από την αξία του. Χθες έκλεισε στις 4.086,58 μονάδες στο χαμηλότερο επίπεδο των τελευταίων δέκα μηνών, συγκεκριμένα από τις 16 Μαρτίου 2007. Από τα ιστορικά ψηλά της 31ης Οκτωβρίου του 2007, ο ΓΔ του ΧΑΚ χάνει 25,9% από την αξία του.
Έντονες πιέσεις δέχονται οι τράπεζες κυρίως λόγω των ρευστοποιήσεων ξένων θεσμικών επενδυτών και των ανησυχιών για τα μελλοντικά τους κέρδη. Η Τράπεζα Κύπρου έκλεισε χθες στο ΧΑΚ στα €10,60 με ζημιές 5,86% και τζίρο €3,8 εκ. και στο ΧΑ στα €10,50 με πτώση 6,58%. Από τις αρχές του έτους, η Τρ. Κύπρου χάνει 14,9% ενώ από τα ιστορικά ψηλά των €13,78 υποχωρεί κατά 23,1%.
Η Marfin Popular έκλεισε χθες στα €7,60 στο ΧΑΚ με πτώση 2,56% και όγκο €4,5 εκ. και στο ΧΑ στα €7,60 με απώλειες 3,06%. Από τις αρχές του χρόνου, η MPB βλέπει την τιμή της μετοχής της να υποχωρεί κατά 16,7%, ενώ οι απώλειες της από τα ιστορικά ψηλά των €11,18 ανέρχονται στο 32%.
Η Ελληνική Τράπεζα υποχώρησε χθες στα €3,84 με πτώση 5,88% και τζίρο €4,4 εκ. Η HB χάνει από τις αρχές του 2008 16,5%, ενώ από τα ιστορικά ψηλά της υποχωρεί κατά 31,9%.
Οι περισσότερες εταιρείες της κύριας αγοράς παρουσιάζουν απώλειες από τις αρχές του χρόνου, πλην των εταιρειών Ζορπάς, Muskita και Vision για τις οποίες δεν υπήρξε μεταβολή στην τιμή της μετοχής τους.
Σύμφωνα με τους αναλυτές, οι απώλειες των τραπεζών αποδίδονται στο κύμα ρευστοποιήσεων των ξένων θεσμικών. Στο αρνητικό κλίμα που επηρέασε τον τραπεζικό κλάδο συνέτειναν τα αποτελέσματα της Citigroup αλλά και της JP Morgan. Η Citigroup ανακοίνωσε απώλειες ύψους $9,83 δισ. και διαγραφές ζημιών $18,1 δισ. Τα κέρδη της JP Morgan μειώθηκαν κατά 34% το τέταρτο τρίμηνο λόγω διαγραφών ύψους $1,3 δισ., εξαιτίας της έκθεσης της τράπεζας σε προϊόντα subprime.
STOCKWATCH.COM.CY
Οι διεθνείς αναταράξεις στις αγορές επηρεάζουν το κυπριακό χρηματιστήριο που βρέθηκε από τις αρχές του έτους σε ντόμινο ρευστοποιήσεων. Σε δύο μόλις βδομάδες ο ΓΔ τιμών ΧΑΚ χάνει 15,2% από την αξία του. Χθες έκλεισε στις 4.086,58 μονάδες στο χαμηλότερο επίπεδο των τελευταίων δέκα μηνών, συγκεκριμένα από τις 16 Μαρτίου 2007. Από τα ιστορικά ψηλά της 31ης Οκτωβρίου του 2007, ο ΓΔ του ΧΑΚ χάνει 25,9% από την αξία του.
Έντονες πιέσεις δέχονται οι τράπεζες κυρίως λόγω των ρευστοποιήσεων ξένων θεσμικών επενδυτών και των ανησυχιών για τα μελλοντικά τους κέρδη. Η Τράπεζα Κύπρου έκλεισε χθες στο ΧΑΚ στα €10,60 με ζημιές 5,86% και τζίρο €3,8 εκ. και στο ΧΑ στα €10,50 με πτώση 6,58%. Από τις αρχές του έτους, η Τρ. Κύπρου χάνει 14,9% ενώ από τα ιστορικά ψηλά των €13,78 υποχωρεί κατά 23,1%.
Η Marfin Popular έκλεισε χθες στα €7,60 στο ΧΑΚ με πτώση 2,56% και όγκο €4,5 εκ. και στο ΧΑ στα €7,60 με απώλειες 3,06%. Από τις αρχές του χρόνου, η MPB βλέπει την τιμή της μετοχής της να υποχωρεί κατά 16,7%, ενώ οι απώλειες της από τα ιστορικά ψηλά των €11,18 ανέρχονται στο 32%.
Η Ελληνική Τράπεζα υποχώρησε χθες στα €3,84 με πτώση 5,88% και τζίρο €4,4 εκ. Η HB χάνει από τις αρχές του 2008 16,5%, ενώ από τα ιστορικά ψηλά της υποχωρεί κατά 31,9%.
Οι περισσότερες εταιρείες της κύριας αγοράς παρουσιάζουν απώλειες από τις αρχές του χρόνου, πλην των εταιρειών Ζορπάς, Muskita και Vision για τις οποίες δεν υπήρξε μεταβολή στην τιμή της μετοχής τους.
Σύμφωνα με τους αναλυτές, οι απώλειες των τραπεζών αποδίδονται στο κύμα ρευστοποιήσεων των ξένων θεσμικών. Στο αρνητικό κλίμα που επηρέασε τον τραπεζικό κλάδο συνέτειναν τα αποτελέσματα της Citigroup αλλά και της JP Morgan. Η Citigroup ανακοίνωσε απώλειες ύψους $9,83 δισ. και διαγραφές ζημιών $18,1 δισ. Τα κέρδη της JP Morgan μειώθηκαν κατά 34% το τέταρτο τρίμηνο λόγω διαγραφών ύψους $1,3 δισ., εξαιτίας της έκθεσης της τράπεζας σε προϊόντα subprime.
STOCKWATCH.COM.CY
Merrill reports $10 billion loss
Merrill reports $10 billion loss
Nation's largest brokerage also takes $11.5 billion writedown on debt, subprime mortgages.
NEW YORK (CNNMoney.com) -- Merrill Lynch reported a quarterly operating loss of over $10 billion Thursday that was much worse than expected, and the company also announced an $11.5 billion writedown related to the subprime crisis.
Merrill (MER, Fortune 500) shares lost 1.8 percent in pre-market trading on the news.
For the quarter, Merrill posted a loss from continuing operations of $10.3 billion, or $12.57 a share. In the year-earlier period, Merrill reported a net profit of $2.3 billion, or $2.41 a share, on the same basis.
The results were far worse than anticipated. Merrill was expected to report a net loss of $4.57 a share on revenue of $702.1 million, according to analysts polled by earnings tracker Thomson Financial.
Merrill, the nation's largest brokerage, also said it would write down $11.5 billion on its collateralized debt obligations and subprime residential mortgages.
Prior to Merril's announcement, there had been intense speculation that the company could writedown as much as $15 billion during the quarter.
Merrill's results cap a particularly busy week for the financial services sector. Earlier this week, Citigroup (C, Fortune 500) recorded a $9.8 billion loss and took an $18.1 billion writedown on its subprime positions. Both JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) fared markedly better even though profit fell by more than a third each.
Seattle-based Washington Mutual (WM, Fortune 500) is due to report its fourth-quarter results after the closing bell Thursday.
CNN
Nation's largest brokerage also takes $11.5 billion writedown on debt, subprime mortgages.
NEW YORK (CNNMoney.com) -- Merrill Lynch reported a quarterly operating loss of over $10 billion Thursday that was much worse than expected, and the company also announced an $11.5 billion writedown related to the subprime crisis.
Merrill (MER, Fortune 500) shares lost 1.8 percent in pre-market trading on the news.
For the quarter, Merrill posted a loss from continuing operations of $10.3 billion, or $12.57 a share. In the year-earlier period, Merrill reported a net profit of $2.3 billion, or $2.41 a share, on the same basis.
The results were far worse than anticipated. Merrill was expected to report a net loss of $4.57 a share on revenue of $702.1 million, according to analysts polled by earnings tracker Thomson Financial.
Merrill, the nation's largest brokerage, also said it would write down $11.5 billion on its collateralized debt obligations and subprime residential mortgages.
Prior to Merril's announcement, there had been intense speculation that the company could writedown as much as $15 billion during the quarter.
Merrill's results cap a particularly busy week for the financial services sector. Earlier this week, Citigroup (C, Fortune 500) recorded a $9.8 billion loss and took an $18.1 billion writedown on its subprime positions. Both JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) fared markedly better even though profit fell by more than a third each.
Seattle-based Washington Mutual (WM, Fortune 500) is due to report its fourth-quarter results after the closing bell Thursday.
CNN
Marfin: Πώληση της Egnatia (Cyprus) στη Laiki Inv. προς €4,92 εκ.
Marfin: Πώληση της Egnatia (Cyprus) στη Laiki Inv. προς €4,92 εκ.
Η MARFIN POPULAR BANK PUBLIC CO LTD ανακοινώνει ότι έχει συμφωνηθεί η πώληση του 100% του μετοχικού κεφαλαίου της ΚΕΠΕΥ Egnatia Financial Services (Cyprus) Limited στη Λαϊκή Επενδυτική Ε.Π.Ε.Υ. Δημόσια Εταιρεία Λίμιτεδ. Η πώληση θα γίνει σε μετρητά στην ίδια τιμή που η Marfin Popular Bank είχε αγοράσει την Egnatia Financial Services (Cyprus) Limited από τους προηγούμενους της μετόχους, δηλαδή £2.882.000 / €4.924.189,35. Η συναλλαγή γίνεται σε καθαρά εμπορική βάση και δεν περιλαμβάνει υπεραξία.
STOCKWATCH.COM.CY
Η MARFIN POPULAR BANK PUBLIC CO LTD ανακοινώνει ότι έχει συμφωνηθεί η πώληση του 100% του μετοχικού κεφαλαίου της ΚΕΠΕΥ Egnatia Financial Services (Cyprus) Limited στη Λαϊκή Επενδυτική Ε.Π.Ε.Υ. Δημόσια Εταιρεία Λίμιτεδ. Η πώληση θα γίνει σε μετρητά στην ίδια τιμή που η Marfin Popular Bank είχε αγοράσει την Egnatia Financial Services (Cyprus) Limited από τους προηγούμενους της μετόχους, δηλαδή £2.882.000 / €4.924.189,35. Η συναλλαγή γίνεται σε καθαρά εμπορική βάση και δεν περιλαμβάνει υπεραξία.
STOCKWATCH.COM.CY
ΑΝΟΔΙΚΟ ΚΥΜΑ ΚΑΙ ΣΤΗΝ ΕΥΡΩΠΗ
ΑΥΤΗ ΤΗ ΣΤΙΓΜΗ ΟΙ ΚΥΡΙΟΙ ΕΥΡΩΠΑΙΚΟΙ ΔΕΙΚΤΕΣ ΠΑΡΟΥΣΙΑΖΟΥΝ ΘΕΤΙΚΟ ΠΡΟΣΗΜΟ.
ΛΟΝΔΙΝΟ +1,35%
ΦΡΑΓΚΦΟΥΡΤΗ +0,90%
ΛΟΝΔΙΝΟ +1,35%
ΦΡΑΓΚΦΟΥΡΤΗ +0,90%
ΑΝΟΔΙΚΟ ΚΥΜΑ ΣΤΙΣ ΑΓΟΡΕΣ ΤΗΣ ΑΣΙΑΣ
NIKKEI 225 13,783.45 278.94 2.07%
HANG SENG INDEX 25,011.15 560.30 2.29%
HANG SENG INDEX 25,011.15 560.30 2.29%
ΤΟ ΣΗΜΕΡΙΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Housing Starts
Dept of Commerce
8:30 AM
Jobless Claims
Dept of Labor
Housing Starts
Dept of Commerce
8:30 AM
Jobless Claims
Dept of Labor
Novartis Fourth-Quarter Net Drops on Job Cut Costs
Novartis Fourth-Quarter Net Drops on Job Cut Costs
Jan. 17 (Bloomberg) -- Novartis AG, Europe's third-largest drugmaker, said fourth-quarter profit fell because of costs from cutting jobs. The company will spend 10 billion Swiss francs ($9.1 billion) to buy back shares.
Net income dropped 45 percent to $904 million, or 41 cents a share, from $1.65 billion, or 67 cents, a year earlier, the Basel, Switzerland-based company said in a statement handed to reporters today. This fell short of the $1.5 billion median estimate of five analysts surveyed by Bloomberg News. Sales rose 5.7 percent to $9.9 billion, the company said.
Slowing sales pushed the drugmaker to cut 2,500 posts over the next two years to save $1.6 billion annually by 2010. The maker of the Diovan heart medicine has struggled in the last year with the delay of the potentially best-selling diabetes medicine Galvus, the withdrawal of its irritable bowel treatment Zelnorm and failure to win approval for the Prexige painkiller. It's also facing generic competition to a number of drugs including the Lotrel heart pill.
``Growth is sluggish and Novartis has compensated that with job cuts and share buy-backs, but it would be nice to see some top-line growth,'' Andrew Fellows, an analyst with Helvea in London said in an interview before the release.
Novartis, which also makes the Gleevec leukemia medicine, said in December it would take a restructuring charge of $450 million. It also said the fourth quarter and the first half of 2008 would be affected by a ``strong negative impact'' from its U.S. drug unit.
The Swiss drugmaker's shares fell 12 percent in 2007, making it the third-worst-performing stock on the Bloomberg Europe Pharmaceutical Index. Novartis fell 50 centimes, or 0.8 percent, to 61.25 Swiss francs yesterday in Zurich.
Job Cuts
Novartis announced a first round of cuts in October, and changed the head of its pharmaceuticals unit after regulatory delays to new diabetes and hypertension treatments. Joe Jimenez now runs the drug operation, replacing Thomas Ebeling, who moved to the smaller consumer-health business.
Novartis is pushing new products on to the market to replace revenue that will be lost to generic versions of the company's older medicines when their patents end. Diovan, Novartis's best- selling drug with $1.2 billion in sales in the second quarter, loses patent protection in 2012. Tasigna, a drug to treat leukemia in patients who no longer respond to the company's best- selling cancer medicine Gleevec, was approved for sale in the U.S. in October and in Europe the following month.
BLOOMBERG
Jan. 17 (Bloomberg) -- Novartis AG, Europe's third-largest drugmaker, said fourth-quarter profit fell because of costs from cutting jobs. The company will spend 10 billion Swiss francs ($9.1 billion) to buy back shares.
Net income dropped 45 percent to $904 million, or 41 cents a share, from $1.65 billion, or 67 cents, a year earlier, the Basel, Switzerland-based company said in a statement handed to reporters today. This fell short of the $1.5 billion median estimate of five analysts surveyed by Bloomberg News. Sales rose 5.7 percent to $9.9 billion, the company said.
Slowing sales pushed the drugmaker to cut 2,500 posts over the next two years to save $1.6 billion annually by 2010. The maker of the Diovan heart medicine has struggled in the last year with the delay of the potentially best-selling diabetes medicine Galvus, the withdrawal of its irritable bowel treatment Zelnorm and failure to win approval for the Prexige painkiller. It's also facing generic competition to a number of drugs including the Lotrel heart pill.
``Growth is sluggish and Novartis has compensated that with job cuts and share buy-backs, but it would be nice to see some top-line growth,'' Andrew Fellows, an analyst with Helvea in London said in an interview before the release.
Novartis, which also makes the Gleevec leukemia medicine, said in December it would take a restructuring charge of $450 million. It also said the fourth quarter and the first half of 2008 would be affected by a ``strong negative impact'' from its U.S. drug unit.
The Swiss drugmaker's shares fell 12 percent in 2007, making it the third-worst-performing stock on the Bloomberg Europe Pharmaceutical Index. Novartis fell 50 centimes, or 0.8 percent, to 61.25 Swiss francs yesterday in Zurich.
Job Cuts
Novartis announced a first round of cuts in October, and changed the head of its pharmaceuticals unit after regulatory delays to new diabetes and hypertension treatments. Joe Jimenez now runs the drug operation, replacing Thomas Ebeling, who moved to the smaller consumer-health business.
Novartis is pushing new products on to the market to replace revenue that will be lost to generic versions of the company's older medicines when their patents end. Diovan, Novartis's best- selling drug with $1.2 billion in sales in the second quarter, loses patent protection in 2012. Tasigna, a drug to treat leukemia in patients who no longer respond to the company's best- selling cancer medicine Gleevec, was approved for sale in the U.S. in October and in Europe the following month.
BLOOMBERG
Wednesday, January 16, 2008
Σημάδι αντίδρασης (XAA);
Σημάδι αντίδρασης;
Ελπίδα ανάκαμψης, όχι τόσο για να επανέλθει στα επίπεδα από τα οποία ξεκίνησε η διόρθωση (δηλαδή, πάνω από τις 5.100 μονάδες), όσο για να αποκατασταθεί η ηρεμία και κυρίως η ισορροπία, διαπιστώνουν οι χρηματιστές με βάση το σημερινό κλείσιμο. Στα call auctions, δηλαδή στις δημοπρασίες που διενεργούνται στο τέλος της συνεδρίασης, παρατηρήθηκαν εντολές αγορών σε περιπτώσεις μετοχών, όπως η Coca Cola, που έκλεισε με περίπου 50.000 αγοραστές και η Πειραιώς, με σχεδόν 100 χιλιάδες. Οι χρηματιστές δεν είναι βέβαιοι αν πρόκειται για short covering ή για πραγματικό ενδιαφέρον.
REPORTER.GR
Ελπίδα ανάκαμψης, όχι τόσο για να επανέλθει στα επίπεδα από τα οποία ξεκίνησε η διόρθωση (δηλαδή, πάνω από τις 5.100 μονάδες), όσο για να αποκατασταθεί η ηρεμία και κυρίως η ισορροπία, διαπιστώνουν οι χρηματιστές με βάση το σημερινό κλείσιμο. Στα call auctions, δηλαδή στις δημοπρασίες που διενεργούνται στο τέλος της συνεδρίασης, παρατηρήθηκαν εντολές αγορών σε περιπτώσεις μετοχών, όπως η Coca Cola, που έκλεισε με περίπου 50.000 αγοραστές και η Πειραιώς, με σχεδόν 100 χιλιάδες. Οι χρηματιστές δεν είναι βέβαιοι αν πρόκειται για short covering ή για πραγματικό ενδιαφέρον.
REPORTER.GR
Τράπεζες (XAA): Στα 10 δις οι απώλειες
Τράπεζες: Στα 10 δις οι απώλειες
Περί τα 10 δις ευρώ έχουν απωλέσει οι ελληνικές τράπεζες σε κεφαλαιοποίηση από τις αρχές του 2008 λόγω των μαζικών ρευστοποιήσεων από ξένους θεσμικούς επενδυτές οι οποίοι πουλούν είτε γιατί έχουν δανειστεί για αγοράσουν μετοχές είτε γιατί λόγω της κρίσης των subprime αναζητούν ρευστότητα.
REPORTER.GR
Περί τα 10 δις ευρώ έχουν απωλέσει οι ελληνικές τράπεζες σε κεφαλαιοποίηση από τις αρχές του 2008 λόγω των μαζικών ρευστοποιήσεων από ξένους θεσμικούς επενδυτές οι οποίοι πουλούν είτε γιατί έχουν δανειστεί για αγοράσουν μετοχές είτε γιατί λόγω της κρίσης των subprime αναζητούν ρευστότητα.
REPORTER.GR
Vivartia: Επιβεβαιώνει ενδιαφέρον για εταιρεία στις ΗΠΑ
Vivartia: Επιβεβαιώνει ενδιαφέρον για εταιρεία στις ΗΠΑ
Σε αρχικό στάδιο διερεύνησης με εταιρεία τροφίμων στις ΗΠΑ βρίσκεται η Vivartia, όπως αναφέρει σε απαντητική της επιστολή προς το Χ.Α. επιβεβαιώνοντας σχετικό δημοσίευμα της «Ν»
NAFTEMPORIKI
Σε αρχικό στάδιο διερεύνησης με εταιρεία τροφίμων στις ΗΠΑ βρίσκεται η Vivartia, όπως αναφέρει σε απαντητική της επιστολή προς το Χ.Α. επιβεβαιώνοντας σχετικό δημοσίευμα της «Ν»
NAFTEMPORIKI
ΤΟ ΑΥΡΙΑΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Housing Starts
Dept of Commerce
8:30 AM
Jobless Claims
Dept of Labor
Housing Starts
Dept of Commerce
8:30 AM
Jobless Claims
Dept of Labor
GLOBAL INDEXES
XAK
FTSE/CySE 20
1401.39 ( -4.49%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4086.58 ( -4.50%)
Όγκος: € 16,794,381
---
FTSE 100 INDEX 5,942.90 -82.70 -1.37%
CAC 40 INDEX 5,225.39 -25.43 -0.48%
DAX INDEX 7,471.57 -94.81 -1.25%
---
US
DOW JONES INDUS. AVG 12,466.16 -34.95 -0.28%
S&P 500 INDEX 1,373.20 -7.75 -0.56%
NASDAQ COMPOSITE INDEX 2,394.59 -23.00 -0.95%
FTSE/CySE 20
1401.39 ( -4.49%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4086.58 ( -4.50%)
Όγκος: € 16,794,381
---
FTSE 100 INDEX 5,942.90 -82.70 -1.37%
CAC 40 INDEX 5,225.39 -25.43 -0.48%
DAX INDEX 7,471.57 -94.81 -1.25%
---
US
DOW JONES INDUS. AVG 12,466.16 -34.95 -0.28%
S&P 500 INDEX 1,373.20 -7.75 -0.56%
NASDAQ COMPOSITE INDEX 2,394.59 -23.00 -0.95%
Logitech up on Microsoft bid talk, analysts wary
Logitech up on Microsoft bid talk, analysts wary
ZURICH (Reuters) - Shares in Swiss-based computer peripherals maker Logitech International SA rose as much as 12 percent on Thursday based on speculation Microsoft Corp would launch a takeover bid, traders said.
Analysts dismissed rumors of an $8 billion takeover bid as unlikely and Logitech board member Daniel Borel, the company's largest shareholder, said he had no reason to sell his 6 percent stake. He declined to comment on the speculation.
Such a deal would be Microsoft's biggest ever and while the world's largest software maker has recently shown a willingness to do bigger deals, it has focused most of its acquisitions on higher-margin Web and business software.
"I am a co-founder of Logitech. Would you be willing to sell your child?" Borel told Reuters in an interview.
"I have no reason to sell. But I will not be the one to decide. I own only some 6 percent so I will neither enable nor prevent a sale of Logitech."
Traders said rumors circulated that Logitech, with a market capitalization of about 7 billion Swiss francs ($6.3 billion), would receive a takeover bid at 48 francs per share from Microsoft.
This would be a premium of 38 percent to Wednesday's 34.80-franc closing price and value it at 9.16 billion francs.
"Rumors are rumors. I can't make any specific comment on them," Borel said.
A Logitech spokesman declined to comment. Microsoft said it does not comment on rumor or speculation.
A Logitech takeover would make the software leader the world's largest maker of computer mice and other peripheral devices as well.
"It seems out of left field. Microsoft has a small decent hardware business, but I don't see why it would do this," said Morningstar analyst Toan Tran.
Last year, Microsoft completed its biggest acquisition, paying $6 billion for digital advertising firm aQuantive.
Shares in Logitech pared gains later in the Zurich session and closed 5.8 percent higher at 36.70 francs. Microsoft shares fell 14 cents to $34.30 in afternoon Nasdaq trading.
HARDWARE
Logitech is the market share leader in PC mice, a market it has shared over the years with Microsoft which so far has showed little interest in using its market power to dominate a hardware segment such as this.
But Microsoft has established a large market for hardware with its Xbox entertainment console and Logitech's accessories would dovetail with this new segment.
"Microsoft is above all a software company -- it is a very, very large company and only in a couple of 'small' fields we compete with each other," said Borel when asked whether Microsoft would be a good partner for Logitech.
Logitech also manufactures a wide range of computer accessories, including Webcams, speakers and keyboards.
The entry of Microsoft into the Webcam market dented sales at Logitech, whose products also include remote controls.
Some market participants played down the possibility of a bid.
"Today's share price rise is probably more related to a rebound in the market than any rumors," said Michael Foeth, analyst at bank Vontobel, which rates Logitech a "buy."
"Logitech has lost almost 20 percent since the start of the year," said another Zurich trader. "Now they're covering shorts. The rumors are just a bunch of talk."
With a price-earnings ratio of 18.8 on forecast 2008 earnings, Logitech is already one of the most expensive firms in the Dow Jones index of European tech shares.
Logitech reports fiscal third-quarter results on January 17.
(Additional reporting by Katie Reid, Peter Maushagen, and Rupert Pretterklieber in Zurich, Daisuke Wakabayashi and Eric Auchard in Las Vegas; Editing by Paul Bolding and Braden Reddall)
($1=1.116 Swiss Franc)
REUTERS
ZURICH (Reuters) - Shares in Swiss-based computer peripherals maker Logitech International SA rose as much as 12 percent on Thursday based on speculation Microsoft Corp would launch a takeover bid, traders said.
Analysts dismissed rumors of an $8 billion takeover bid as unlikely and Logitech board member Daniel Borel, the company's largest shareholder, said he had no reason to sell his 6 percent stake. He declined to comment on the speculation.
Such a deal would be Microsoft's biggest ever and while the world's largest software maker has recently shown a willingness to do bigger deals, it has focused most of its acquisitions on higher-margin Web and business software.
"I am a co-founder of Logitech. Would you be willing to sell your child?" Borel told Reuters in an interview.
"I have no reason to sell. But I will not be the one to decide. I own only some 6 percent so I will neither enable nor prevent a sale of Logitech."
Traders said rumors circulated that Logitech, with a market capitalization of about 7 billion Swiss francs ($6.3 billion), would receive a takeover bid at 48 francs per share from Microsoft.
This would be a premium of 38 percent to Wednesday's 34.80-franc closing price and value it at 9.16 billion francs.
"Rumors are rumors. I can't make any specific comment on them," Borel said.
A Logitech spokesman declined to comment. Microsoft said it does not comment on rumor or speculation.
A Logitech takeover would make the software leader the world's largest maker of computer mice and other peripheral devices as well.
"It seems out of left field. Microsoft has a small decent hardware business, but I don't see why it would do this," said Morningstar analyst Toan Tran.
Last year, Microsoft completed its biggest acquisition, paying $6 billion for digital advertising firm aQuantive.
Shares in Logitech pared gains later in the Zurich session and closed 5.8 percent higher at 36.70 francs. Microsoft shares fell 14 cents to $34.30 in afternoon Nasdaq trading.
HARDWARE
Logitech is the market share leader in PC mice, a market it has shared over the years with Microsoft which so far has showed little interest in using its market power to dominate a hardware segment such as this.
But Microsoft has established a large market for hardware with its Xbox entertainment console and Logitech's accessories would dovetail with this new segment.
"Microsoft is above all a software company -- it is a very, very large company and only in a couple of 'small' fields we compete with each other," said Borel when asked whether Microsoft would be a good partner for Logitech.
Logitech also manufactures a wide range of computer accessories, including Webcams, speakers and keyboards.
The entry of Microsoft into the Webcam market dented sales at Logitech, whose products also include remote controls.
Some market participants played down the possibility of a bid.
"Today's share price rise is probably more related to a rebound in the market than any rumors," said Michael Foeth, analyst at bank Vontobel, which rates Logitech a "buy."
"Logitech has lost almost 20 percent since the start of the year," said another Zurich trader. "Now they're covering shorts. The rumors are just a bunch of talk."
With a price-earnings ratio of 18.8 on forecast 2008 earnings, Logitech is already one of the most expensive firms in the Dow Jones index of European tech shares.
Logitech reports fiscal third-quarter results on January 17.
(Additional reporting by Katie Reid, Peter Maushagen, and Rupert Pretterklieber in Zurich, Daisuke Wakabayashi and Eric Auchard in Las Vegas; Editing by Paul Bolding and Braden Reddall)
($1=1.116 Swiss Franc)
REUTERS
Oracle: Εξαγορά της BEA Systems αντί 8,5 δισ. δολ.
Oracle: Εξαγορά της BEA Systems αντί 8,5 δισ. δολ.
Σε συμφωνία για την εξαγορά της εταιρείας λογισμικού BEA Systems αντί 8,5 δισ. δολ. ή 19,38 δολ. ανά μετοχή, κατέληξε η αμερικανική Oracle Corp.
Υπενθυμίζεται ότι τον Οκτώβριο η Oracle, η τρίτη μεγαλύτερη εταιρεία λογισμικού στον κόσμο, είχε καταθέσει προσφορά ύψους 6,7 δισ. δολαρίων ή 17 δολαρίων ανά μετοχή για την εξαγορά της BEA Systems.
Η τελευταία είχε απορρίψει τότε την προσφορά χαρακτηρίζοντάς την «υπερβολικά χαμηλή».
NAFTEMPORIKI
Σε συμφωνία για την εξαγορά της εταιρείας λογισμικού BEA Systems αντί 8,5 δισ. δολ. ή 19,38 δολ. ανά μετοχή, κατέληξε η αμερικανική Oracle Corp.
Υπενθυμίζεται ότι τον Οκτώβριο η Oracle, η τρίτη μεγαλύτερη εταιρεία λογισμικού στον κόσμο, είχε καταθέσει προσφορά ύψους 6,7 δισ. δολαρίων ή 17 δολαρίων ανά μετοχή για την εξαγορά της BEA Systems.
Η τελευταία είχε απορρίψει τότε την προσφορά χαρακτηρίζοντάς την «υπερβολικά χαμηλή».
NAFTEMPORIKI
Alpha Bank: Πρόβλεψη για κέρδη πάνω από 1,4 δισ. € το 2010
Alpha Bank: Πρόβλεψη για κέρδη πάνω από 1,4 δισ. € το 2010
Για την πρόοδο στην υλοποίηση του Επιχειρησιακού Σχεδίου Αναπτύξεως Agenda 2010 ενημέρωσε η Alpha Bank [ACBr.AT] θεσμικούς επενδυτές και αναλυτές κατά την 4η Επενδυτική Ημερίδα της στο Λονδίνο, ενώ παράλληλα αύξησε τους στόχους της μέχρι τη λήξη της δεκαετίας.
Τα βασικότερα σημεία του Επικαιροποιημένου Σχεδίου Agenda 2010 συνοψίζονται στα εξής:
• Καθαρά κέρδη πλέον των Ευρώ 1.400 εκατ. το 2010, που αντιστοιχούν σε μέση ετήσια αύξηση των καθαρών κερδών ανά μετοχή κατά 23% για την περίοδο 2007-2010 (έναντι 20% στην Agenda 2010) και σε επίτευξη αποδόσεως ιδίων κεφαλαίων 30% (έναντι 28%).
• Ενίσχυση της συμβολής των εργασιών στη Νοτιοανατολική Ευρώπη στα κέρδη του Ομίλου σε 30% το 2010 (από 25%).
• Επιτάχυνση της πιστωτικής επεκτάσεως με συνακόλουθη μέση ετήσια αύξηση του σταθμισμένου για κινδύνους ενεργητικού κατά 20%.
• Ο ενδιάμεσος στόχος κερδοφορίας για το 2009 προσδιορίζεται σε Ευρώ 1.150 εκατ.
Όπως αναφέρθηκε, η επίτευξη των στόχων δεν προϋποθέτει αύξηση μετοχικού κεφαλαίου και υποστηρίζεται από την ισχυρή κεφαλαιακή βάση και τη δυναμική της κερδοφορίας του Ομίλου.
Με την ευκαιρία της σημερινής Επενδυτικής Ημερίδας, ο Δημήτριος Π. Μαντζούνης, Διευθύνων Σύμβουλος της Alpha Bank δήλωσε:
«Τα αποτελέσματα των δύο τελευταίων ετών ενισχύουν τη θέση μας στην ελληνική αγορά και επιβεβαιώνουν τις δυνατότητες του Ομίλου για περαιτέρω ανάπτυξη που θα μας οδηγήσει στην αύξηση του μεριδίου αγοράς στη Νοτιοανατολική Ευρώπη, πέραν του αρχικά προβλεπόμενου 10%. Η σημαντική αύξηση των νέων χρηματοδοτήσεων και καταθέσεων πελατείας σε όλες τις χώρες το 2007, μας οδηγεί στην αύξηση των επενδύσεών μας για επέκταση του Δικτύου ώστε να διαθέτουμε 1.500 Καταστήματα μέχρι το τέλος του 2010.
»Είμαστε αισιόδοξοι ότι θα συνεχίσουμε να δημιουργούμε συστηματικά αξία για τους Μετόχους μας βασιζόμενοι στις σημαντικά αυξημένες δυνατότητες πωλήσεων. Αυτό θα το επιτύχουμε με τη συνεχή προώθηση καινοτόμων και ανταγωνιστικών προϊόντων και την αποδεδειγμένη προσήλωσή μας στην ποιότητα του χαρτοφυλακίου, στον εξορθολογισμό του κόστους και στην ποιότητα του Προσωπικού».
Νοτιοανατολική Ευρώπη
Όπως αναφέρθηκε κατά τη διάρκεια της παρουσίασης, η παραγωγή νέων δανείων Ευρώ 3,6 δισ. το 2007 και συνολικά υπόλοιπα χρηματοδοτήσεων Ευρώ 7,6 δισ., η Alpha Bank υλοποιεί με συνέπεια τον στόχο της για δημιουργία χαρτοφυλακίου δανείων Ευρώ 18 δισ. μέχρι το 2010. Λαμβάνοντας υπόψη τη σχεδιαζόμενη αύξηση της δυναμικότητας του Δικτύου από 403 Καταστήματα στο τέλος του 2007 σε 1.010 στο τέλος του 2010 (ήτοι 240 επιπλέον Καταστήματα από αυτά που προέβλεπε η Αgenda 2010), ο στόχος για δάνεια μέχρι το τέλος της δεκαετίας αυξάνεται σε τουλάχιστον Ευρώ 25 δισ. Αντιστοίχως, η προ φόρων κερδοφορία ύψους Ευρώ 400 εκατ. από τις εργασίες στην περιοχή της Νοτιοανατολικής Ευρώπης αναθεωρείται σε Ευρώ 550 εκατ. αντικατοπτρίζοντας την διεύρυνση των στοιχείων του ενεργητικού.
Προσβλέπει σε μερίδιο πάνω από 10%
Στο τέλος της δεκαετίας, η Alpha Bank προσβλέπει στην κατάκτηση μεριδίου αγοράς μεγαλύτερου του 10% στη Νοτιοανατολική Ευρώπη με ηγετική θέση στις επιμέρους αγορές. Το όνομα της Alpha Bank στην περιοχή σε συνδυασμό με την ποιοτική επέκταση του Δικτύου που συντελείται μέσω της προσλήψεως και επιμορφώσεως κατάλληλων στελεχών, της ενιαίας εταιρικής ταυτότητας, της κεντρικά ελεγχόμενης βάσεως των προϊόντων και των αποτελεσματικών πιστωτικών κανόνων έχει ως αποτέλεσμα την περαιτέρω βελτίωση της αποτελεσματικότητας.
Όπως αναφέρθηκε κατά τη διάρκεια της παρουσίασης, οι επιδόσεις της τράπεζας εμφανίζονται σημαντικά βελτιούμενες σε όλες τις χώρες:
• Στην Κύπρο, η Αlpha Bank είναι η τρίτη μεγαλύτερη τράπεζα σε όρους χορηγήσεων.
• Στη Ρουμανία κατέχει την πέμπτη θέση.
• Στη Σερβία ολοκληρώθηκε με επιτυχία το πρόγραμμα αναδιαρθρώσεως της εξαγορασθείσας Jubanka, δημιουργώντας τις προϋποθέσεις για περαιτέρω δυναμική ανάπτυξη μεγεθών.
• Στη Βουλγαρία κατέκτησε μερίδιο αγοράς 3% σε διάστημα μικρότερο από δύο έτη.
Ελλάδα
H Αlpha Bank επιδιώκει αύξηση της κερδοφορίας των εργασιών λιανικής τραπεζικής και στην κατεύθυνση αυτή, οι πιο σημαντικές πρωτοβουλίες που έχει αναλάβει είναι οι εξής:
• Ο ανασχεδιασμός του τομέα καταναλωτικής πίστεως.
• Η εισαγωγή νέων προϊόντων για την προσέλκυση αποταμιευτικών κεφαλαίων, συμπεριλαμβανομένων των νέων τραπεζοασφαλιστικών προϊόντων που προωθεί σε συνεργασία με την AXA.
• Η ανάπτυξη του Alpha Prime, ενός δικτύου εξειδικευμένων συμβούλων επενδύσεων για την εξυπηρέτηση του εισοδηματικά υψηλότερου τμήματος της αγοράς, για την περαιτέρω αξιοποίηση της θέσεως του Ομίλου στην αγορά των αμοιβαίων κεφαλαίων.
• Η επιλεκτική επέκταση του Δικτύου, το οποίο θα αριθμεί 536 Καταστήματα στο τέλος του 2010 με στόχο τη βελτιστοποίηση της γεωγραφικής μας καλύψεως.
Στην εκδήλωση συμμετείχε ο Διευθύνων Σύμβουλος της Alpha Bank μαζί με τους Γενικούς Διευθυντές του Ομίλου και τους Εντεταλμένους Γενικούς Διευθυντές για την Τραπεζική Ιδιωτών και τη Νοτιοανατολική Ευρώπη, καθώς επίσης και τους Country Managers των χωρών Ρουμανίας, Σερβίας, Βουλγαρίας και Κύπρου.
NAFTEMPORIKI
Για την πρόοδο στην υλοποίηση του Επιχειρησιακού Σχεδίου Αναπτύξεως Agenda 2010 ενημέρωσε η Alpha Bank [ACBr.AT] θεσμικούς επενδυτές και αναλυτές κατά την 4η Επενδυτική Ημερίδα της στο Λονδίνο, ενώ παράλληλα αύξησε τους στόχους της μέχρι τη λήξη της δεκαετίας.
Τα βασικότερα σημεία του Επικαιροποιημένου Σχεδίου Agenda 2010 συνοψίζονται στα εξής:
• Καθαρά κέρδη πλέον των Ευρώ 1.400 εκατ. το 2010, που αντιστοιχούν σε μέση ετήσια αύξηση των καθαρών κερδών ανά μετοχή κατά 23% για την περίοδο 2007-2010 (έναντι 20% στην Agenda 2010) και σε επίτευξη αποδόσεως ιδίων κεφαλαίων 30% (έναντι 28%).
• Ενίσχυση της συμβολής των εργασιών στη Νοτιοανατολική Ευρώπη στα κέρδη του Ομίλου σε 30% το 2010 (από 25%).
• Επιτάχυνση της πιστωτικής επεκτάσεως με συνακόλουθη μέση ετήσια αύξηση του σταθμισμένου για κινδύνους ενεργητικού κατά 20%.
• Ο ενδιάμεσος στόχος κερδοφορίας για το 2009 προσδιορίζεται σε Ευρώ 1.150 εκατ.
Όπως αναφέρθηκε, η επίτευξη των στόχων δεν προϋποθέτει αύξηση μετοχικού κεφαλαίου και υποστηρίζεται από την ισχυρή κεφαλαιακή βάση και τη δυναμική της κερδοφορίας του Ομίλου.
Με την ευκαιρία της σημερινής Επενδυτικής Ημερίδας, ο Δημήτριος Π. Μαντζούνης, Διευθύνων Σύμβουλος της Alpha Bank δήλωσε:
«Τα αποτελέσματα των δύο τελευταίων ετών ενισχύουν τη θέση μας στην ελληνική αγορά και επιβεβαιώνουν τις δυνατότητες του Ομίλου για περαιτέρω ανάπτυξη που θα μας οδηγήσει στην αύξηση του μεριδίου αγοράς στη Νοτιοανατολική Ευρώπη, πέραν του αρχικά προβλεπόμενου 10%. Η σημαντική αύξηση των νέων χρηματοδοτήσεων και καταθέσεων πελατείας σε όλες τις χώρες το 2007, μας οδηγεί στην αύξηση των επενδύσεών μας για επέκταση του Δικτύου ώστε να διαθέτουμε 1.500 Καταστήματα μέχρι το τέλος του 2010.
»Είμαστε αισιόδοξοι ότι θα συνεχίσουμε να δημιουργούμε συστηματικά αξία για τους Μετόχους μας βασιζόμενοι στις σημαντικά αυξημένες δυνατότητες πωλήσεων. Αυτό θα το επιτύχουμε με τη συνεχή προώθηση καινοτόμων και ανταγωνιστικών προϊόντων και την αποδεδειγμένη προσήλωσή μας στην ποιότητα του χαρτοφυλακίου, στον εξορθολογισμό του κόστους και στην ποιότητα του Προσωπικού».
Νοτιοανατολική Ευρώπη
Όπως αναφέρθηκε κατά τη διάρκεια της παρουσίασης, η παραγωγή νέων δανείων Ευρώ 3,6 δισ. το 2007 και συνολικά υπόλοιπα χρηματοδοτήσεων Ευρώ 7,6 δισ., η Alpha Bank υλοποιεί με συνέπεια τον στόχο της για δημιουργία χαρτοφυλακίου δανείων Ευρώ 18 δισ. μέχρι το 2010. Λαμβάνοντας υπόψη τη σχεδιαζόμενη αύξηση της δυναμικότητας του Δικτύου από 403 Καταστήματα στο τέλος του 2007 σε 1.010 στο τέλος του 2010 (ήτοι 240 επιπλέον Καταστήματα από αυτά που προέβλεπε η Αgenda 2010), ο στόχος για δάνεια μέχρι το τέλος της δεκαετίας αυξάνεται σε τουλάχιστον Ευρώ 25 δισ. Αντιστοίχως, η προ φόρων κερδοφορία ύψους Ευρώ 400 εκατ. από τις εργασίες στην περιοχή της Νοτιοανατολικής Ευρώπης αναθεωρείται σε Ευρώ 550 εκατ. αντικατοπτρίζοντας την διεύρυνση των στοιχείων του ενεργητικού.
Προσβλέπει σε μερίδιο πάνω από 10%
Στο τέλος της δεκαετίας, η Alpha Bank προσβλέπει στην κατάκτηση μεριδίου αγοράς μεγαλύτερου του 10% στη Νοτιοανατολική Ευρώπη με ηγετική θέση στις επιμέρους αγορές. Το όνομα της Alpha Bank στην περιοχή σε συνδυασμό με την ποιοτική επέκταση του Δικτύου που συντελείται μέσω της προσλήψεως και επιμορφώσεως κατάλληλων στελεχών, της ενιαίας εταιρικής ταυτότητας, της κεντρικά ελεγχόμενης βάσεως των προϊόντων και των αποτελεσματικών πιστωτικών κανόνων έχει ως αποτέλεσμα την περαιτέρω βελτίωση της αποτελεσματικότητας.
Όπως αναφέρθηκε κατά τη διάρκεια της παρουσίασης, οι επιδόσεις της τράπεζας εμφανίζονται σημαντικά βελτιούμενες σε όλες τις χώρες:
• Στην Κύπρο, η Αlpha Bank είναι η τρίτη μεγαλύτερη τράπεζα σε όρους χορηγήσεων.
• Στη Ρουμανία κατέχει την πέμπτη θέση.
• Στη Σερβία ολοκληρώθηκε με επιτυχία το πρόγραμμα αναδιαρθρώσεως της εξαγορασθείσας Jubanka, δημιουργώντας τις προϋποθέσεις για περαιτέρω δυναμική ανάπτυξη μεγεθών.
• Στη Βουλγαρία κατέκτησε μερίδιο αγοράς 3% σε διάστημα μικρότερο από δύο έτη.
Ελλάδα
H Αlpha Bank επιδιώκει αύξηση της κερδοφορίας των εργασιών λιανικής τραπεζικής και στην κατεύθυνση αυτή, οι πιο σημαντικές πρωτοβουλίες που έχει αναλάβει είναι οι εξής:
• Ο ανασχεδιασμός του τομέα καταναλωτικής πίστεως.
• Η εισαγωγή νέων προϊόντων για την προσέλκυση αποταμιευτικών κεφαλαίων, συμπεριλαμβανομένων των νέων τραπεζοασφαλιστικών προϊόντων που προωθεί σε συνεργασία με την AXA.
• Η ανάπτυξη του Alpha Prime, ενός δικτύου εξειδικευμένων συμβούλων επενδύσεων για την εξυπηρέτηση του εισοδηματικά υψηλότερου τμήματος της αγοράς, για την περαιτέρω αξιοποίηση της θέσεως του Ομίλου στην αγορά των αμοιβαίων κεφαλαίων.
• Η επιλεκτική επέκταση του Δικτύου, το οποίο θα αριθμεί 536 Καταστήματα στο τέλος του 2010 με στόχο τη βελτιστοποίηση της γεωγραφικής μας καλύψεως.
Στην εκδήλωση συμμετείχε ο Διευθύνων Σύμβουλος της Alpha Bank μαζί με τους Γενικούς Διευθυντές του Ομίλου και τους Εντεταλμένους Γενικούς Διευθυντές για την Τραπεζική Ιδιωτών και τη Νοτιοανατολική Ευρώπη, καθώς επίσης και τους Country Managers των χωρών Ρουμανίας, Σερβίας, Βουλγαρίας και Κύπρου.
NAFTEMPORIKI
OTE: Νέο πακέτο - Ενεχυρίασε η MIG
OTE: Νέο πακέτο - Ενεχυρίασε η MIG
Σε νέο ενεχυριασμό μετοχών του ΟΤΕ προχώρησε η MIG. Το πακέτο που πραγματοποιήθηκε και αφορούσε 3,5 εκατ./ μετοχές αφορούσε πρόγραμμα δανεισμού που υλοποιεί η ΜIG με ενέχυρο μετοχές ΟΤΕ.
REPORTER.GR
Σε νέο ενεχυριασμό μετοχών του ΟΤΕ προχώρησε η MIG. Το πακέτο που πραγματοποιήθηκε και αφορούσε 3,5 εκατ./ μετοχές αφορούσε πρόγραμμα δανεισμού που υλοποιεί η ΜIG με ενέχυρο μετοχές ΟΤΕ.
REPORTER.GR
ΗΠΑ: Σε υψηλά 17 ετών ο πληθωρισμός το 2007
ΗΠΑ: Σε υψηλά 17 ετών ο πληθωρισμός το 2007
Aνοδο της τάξεως του 0,3% σημείωσε σε μηνιαία βάση το Δεκέμβριο ο δείκτης τιμών καταναλωτή στις Ηνωμένες Πολιτείες έναντι προβλέψεις για αύξηση κατά 0,2%. Το Νοέμβριο είχε αυξηθεί κατά 0,8%.
Εξαιρουμένων των κλάδων ενέργειας και τροφίμων ενισχύθηκε κατά 0,2% έναντι αύξησης 0,3% το Νοέμβριο. Η άνοδος αυτή είναι σε αντιστοιχία με τις προβλέψεις των αναλυτών.
Στο σύνολο του 2007, ο δείκτη τιμών καταναλωτή σημείωσε άνοδο κατά 4,1% έναντι ανόδου 2,5% το 2006. Πρόκειται για τη μεγαλύτερη αύξηση που έχει καταγραφεί από το 1990 (6,1%).
NAFTEMPORIKI
Aνοδο της τάξεως του 0,3% σημείωσε σε μηνιαία βάση το Δεκέμβριο ο δείκτης τιμών καταναλωτή στις Ηνωμένες Πολιτείες έναντι προβλέψεις για αύξηση κατά 0,2%. Το Νοέμβριο είχε αυξηθεί κατά 0,8%.
Εξαιρουμένων των κλάδων ενέργειας και τροφίμων ενισχύθηκε κατά 0,2% έναντι αύξησης 0,3% το Νοέμβριο. Η άνοδος αυτή είναι σε αντιστοιχία με τις προβλέψεις των αναλυτών.
Στο σύνολο του 2007, ο δείκτη τιμών καταναλωτή σημείωσε άνοδο κατά 4,1% έναντι ανόδου 2,5% το 2006. Πρόκειται για τη μεγαλύτερη αύξηση που έχει καταγραφεί από το 1990 (6,1%).
NAFTEMPORIKI
JPMorgan suffers earnings slide
JPMorgan suffers earnings slide
Profits at Wall Street firm fall short of estimates as the firm takes $1.3 billion hit related to subprime exposure.
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. reported disappointing quarterly earnings Wednesday after suffering a $1.3 billion subprime-related hit, becoming the second bank this week to post dismal results.
The company said net income fell 34 percent to $3 billion, or 86 cents a share, during the fourth quarter. The company earned $4.5 billion, or $1.09 a share, in the same period last year.
JPMorgan Chase was expected to earn 93 cents a share for the quarter ended in December, according to analysts surveyed by earnings tracker Thomson Financial.
Revenue rose 7 percent to $17.4 billion from $16.2 billion in the year-earlier period, beating estimates of $17.05 billion.
Shares of JPMorgan Chase (JPM, Fortune 500) edged lower in pre-market trading on the news.
The company reported a $1.3 billion writedown due to the decline in value of its subprime holdings, which include complex instruments known as collateralized debt obligations.
Chairman and CEO Jamie Dimon said he remained "cautious" as the firm entered 2008, warning that the company could suffer if the economy weakens.
"However, we feel well-positioned given the investments and actions we have taken over the past few years to improve our businesses' operating margins, create a stronger systems infrastructure and build a fortress balance sheet," he said in a statement.
Dimon characterized the results for the quarter as "mixed", citing weaker performance in the company's investment banking arm - the source of the write-down.
During the quarter, net income in this division fell 88 percent to $124 million from $1.01 billion a year ago.
Other units, however, showed signs of growth. The company's asset management, as well as its commercial banking and private equity businesses, all reported an uptick in profits.
There were also indicators that JPMorgan Chase is not suffering the capital roiling some of its rivals, which have looked to primarily foreign investors for help.
The company said its so-called tier 1 capital ratio - a key measure of its ability to absorb losses - stood at 8.4 percent during the quarter, unchanged from the previous quarter but down slightly from a year ago.
JPMorgan has weathered tightening credit conditions better than rivals Merrill Lynch (MER, Fortune 500) and Citigroup (C, Fortune 500), which posted a record $9.8 billion fourth-quarter loss Tuesday and took a giant $18.1 billion write-down.
Last quarter, JP Morgan reported a rise in profit, beating Wall Street estimates, even as its investment banking business was hurt by turmoil in the global credit markets.
Elsewhere in the financial sector, Wells Fargo reported a 38 percent decline in net income Wednesday. Merrill Lynch and Washington Mutual (WM, Fortune 500) are slated to post results Thursday.
CNN
Profits at Wall Street firm fall short of estimates as the firm takes $1.3 billion hit related to subprime exposure.
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. reported disappointing quarterly earnings Wednesday after suffering a $1.3 billion subprime-related hit, becoming the second bank this week to post dismal results.
The company said net income fell 34 percent to $3 billion, or 86 cents a share, during the fourth quarter. The company earned $4.5 billion, or $1.09 a share, in the same period last year.
JPMorgan Chase was expected to earn 93 cents a share for the quarter ended in December, according to analysts surveyed by earnings tracker Thomson Financial.
Revenue rose 7 percent to $17.4 billion from $16.2 billion in the year-earlier period, beating estimates of $17.05 billion.
Shares of JPMorgan Chase (JPM, Fortune 500) edged lower in pre-market trading on the news.
The company reported a $1.3 billion writedown due to the decline in value of its subprime holdings, which include complex instruments known as collateralized debt obligations.
Chairman and CEO Jamie Dimon said he remained "cautious" as the firm entered 2008, warning that the company could suffer if the economy weakens.
"However, we feel well-positioned given the investments and actions we have taken over the past few years to improve our businesses' operating margins, create a stronger systems infrastructure and build a fortress balance sheet," he said in a statement.
Dimon characterized the results for the quarter as "mixed", citing weaker performance in the company's investment banking arm - the source of the write-down.
During the quarter, net income in this division fell 88 percent to $124 million from $1.01 billion a year ago.
Other units, however, showed signs of growth. The company's asset management, as well as its commercial banking and private equity businesses, all reported an uptick in profits.
There were also indicators that JPMorgan Chase is not suffering the capital roiling some of its rivals, which have looked to primarily foreign investors for help.
The company said its so-called tier 1 capital ratio - a key measure of its ability to absorb losses - stood at 8.4 percent during the quarter, unchanged from the previous quarter but down slightly from a year ago.
JPMorgan has weathered tightening credit conditions better than rivals Merrill Lynch (MER, Fortune 500) and Citigroup (C, Fortune 500), which posted a record $9.8 billion fourth-quarter loss Tuesday and took a giant $18.1 billion write-down.
Last quarter, JP Morgan reported a rise in profit, beating Wall Street estimates, even as its investment banking business was hurt by turmoil in the global credit markets.
Elsewhere in the financial sector, Wells Fargo reported a 38 percent decline in net income Wednesday. Merrill Lynch and Washington Mutual (WM, Fortune 500) are slated to post results Thursday.
CNN
BOCY: Επιβεβαίωση αξιολογήσεων από Fitch
BOCY: Επιβεβαίωση αξιολογήσεων από Fitch
Τις αξιολογήσεις της Τρ. Κύπρου επιβεβαίωσε σε χθεσινή του έκθεση ο διεθνής οίκος Fitch Ratings. Συγκεκριμένα, επιβεβαιώνεται η μακροπρόθεσμη διαβάθμιση της τράπεζας(IDR) σε Α - με σταθερή προοπτική, η βραχυπρόθεσμη σε F2, το «support rating» (διαβάθμιση στήριξης) της τράπεζας στο 2 και το «individual rating» της σε C. Το individual rating καταγράφει τη δύναμη της τράπεζας να αντεπεξέλθει σε μελλοντικά προβλήματα χωρίς εξωτερική βοήθεια (κεντρική τράπεζα, κυβέρνηση).
«Η αξιολόγηση για το IDR και το individual rating, αντανακλά τη συνεχιζόμενη καλή κερδοφορία και αποτελεσματικότητα της Τρ. Κύπρου, την ικανοποιητική κεφαλαιοποίησή της, τους περιορισμένους κινδύνους αγοράς στους οποίους είναι εκτεθειμένη και τη βελτίωση της ποιότητας των στοιχείων ενεργητικού», σημειώνει η αναλύτρια των Fitch στο Λονδίνο, Adrea Jaehne. Οι αξιολογήσεις λαμβάνουν επίσης υπόψη το ισχυρό franchise της τράπεζας και τη σημασία της στην εγχώρια οικονομία. «Δεδομένης της θέσης “κλειδί” της τράπεζας στην οικονομία και το χρηματοπιστωτικό σύστημα, υπάρχει μεγάλη πιθανότητα η τράπεζα να λάβει στήριξη από τις κυπριακές χρηματοοικονομικές αρχές εάν χρειαστεί», επισημαίνεται.
Αναθεώρηση των αξιολογήσεων της τράπεζας προς τα πάνω αναμένεται να προκύψουν εάν η BOCY ολοκληρώσει με επιτυχία τη στρατηγική επέκτασής της, συνεχίζει τη βελτίωση της ποιότητας ενεργητικού της και διατηρώντας την ισχυρή κερδοφορία και την υγιή της κεφαλαιοποίηση. Πιέσεις στις αξιολογήσεις ενδεχομένως να ασκήσει η ραγδαία πιστωτική επέκταση και/ή τα ρίσκα ολοκλήρωσης των εξαγοραζόμενων εταιρειών της Ανατολικής Ευρώπης που θέτουν σε κίνδυνο την κερδοφορία της τράπεζας, την ποιότητα ενεργητικού ή το κεφάλαιο
STOCKWATCH.COM.CY
Τις αξιολογήσεις της Τρ. Κύπρου επιβεβαίωσε σε χθεσινή του έκθεση ο διεθνής οίκος Fitch Ratings. Συγκεκριμένα, επιβεβαιώνεται η μακροπρόθεσμη διαβάθμιση της τράπεζας(IDR) σε Α - με σταθερή προοπτική, η βραχυπρόθεσμη σε F2, το «support rating» (διαβάθμιση στήριξης) της τράπεζας στο 2 και το «individual rating» της σε C. Το individual rating καταγράφει τη δύναμη της τράπεζας να αντεπεξέλθει σε μελλοντικά προβλήματα χωρίς εξωτερική βοήθεια (κεντρική τράπεζα, κυβέρνηση).
«Η αξιολόγηση για το IDR και το individual rating, αντανακλά τη συνεχιζόμενη καλή κερδοφορία και αποτελεσματικότητα της Τρ. Κύπρου, την ικανοποιητική κεφαλαιοποίησή της, τους περιορισμένους κινδύνους αγοράς στους οποίους είναι εκτεθειμένη και τη βελτίωση της ποιότητας των στοιχείων ενεργητικού», σημειώνει η αναλύτρια των Fitch στο Λονδίνο, Adrea Jaehne. Οι αξιολογήσεις λαμβάνουν επίσης υπόψη το ισχυρό franchise της τράπεζας και τη σημασία της στην εγχώρια οικονομία. «Δεδομένης της θέσης “κλειδί” της τράπεζας στην οικονομία και το χρηματοπιστωτικό σύστημα, υπάρχει μεγάλη πιθανότητα η τράπεζα να λάβει στήριξη από τις κυπριακές χρηματοοικονομικές αρχές εάν χρειαστεί», επισημαίνεται.
Αναθεώρηση των αξιολογήσεων της τράπεζας προς τα πάνω αναμένεται να προκύψουν εάν η BOCY ολοκληρώσει με επιτυχία τη στρατηγική επέκτασής της, συνεχίζει τη βελτίωση της ποιότητας ενεργητικού της και διατηρώντας την ισχυρή κερδοφορία και την υγιή της κεφαλαιοποίηση. Πιέσεις στις αξιολογήσεις ενδεχομένως να ασκήσει η ραγδαία πιστωτική επέκταση και/ή τα ρίσκα ολοκλήρωσης των εξαγοραζόμενων εταιρειών της Ανατολικής Ευρώπης που θέτουν σε κίνδυνο την κερδοφορία της τράπεζας, την ποιότητα ενεργητικού ή το κεφάλαιο
STOCKWATCH.COM.CY
Πληθωρισμός 2,2% στο δωδεκάμηνο
Πληθωρισμός 2,2% στο δωδεκάμηνο
Σε χαμηλά επίπεδα διατηρείται ο εναρμονισμένος πληθωρισμός στην Κύπρο. Όπως προκύπτει από στοιχεία που δημοσίευσε σήμερα η Στατιστική Υπηρεσία της Ευρωπαϊκής Ένωσης (Eurostat), ο πληθωρισμός στην Κύπρο για την περίοδο Δεκεμβρίου 2006 – 2007 ανήλθε στο 2,2%. Στην ευρωζώνη ο δωδεκάμηνος πληθωρισμός ανήλθε στο 2,1% και στην ΕΕ στο 2,3%.
Οι χώρες της Ευρωπαϊκής Ένωσης με το χαμηλότερο δωδεκάμηνο πληθωρισμό ήταν η Μάλτα (0,7%), η Γαλλία, η Ολλανδία και η Φινλανδία (1,6%). Οι χώρες που σημείωσαν τη μεγαλύτερη αύξηση ήταν η Λετονία (10,1%), η Ουγγαρία (7,9%) και η Βουλγαρία (7,6%).
Δεκέμβριος
Σύμφωνα με τα στοιχεία της Eurostat, ο πληθωρισμός στην ευρωζώνη παρέμεινε αμετάβλητος στο 3,1% το Δεκέμβριο σε σχέση με τον προηγούμενο μήνα. Στην Ευρώπη των 27 ο πληθωρισμός ανήλθε στο 3,2% το Δεκέμβριο από 3,1% το Νοέμβριο. Στην Κύπρο, ο πληθωρισμός αναρριχήθηκε στο 3,7% από 3,2% το Νοέμβριο.
STOCKWATCH.COM.CY
Σε χαμηλά επίπεδα διατηρείται ο εναρμονισμένος πληθωρισμός στην Κύπρο. Όπως προκύπτει από στοιχεία που δημοσίευσε σήμερα η Στατιστική Υπηρεσία της Ευρωπαϊκής Ένωσης (Eurostat), ο πληθωρισμός στην Κύπρο για την περίοδο Δεκεμβρίου 2006 – 2007 ανήλθε στο 2,2%. Στην ευρωζώνη ο δωδεκάμηνος πληθωρισμός ανήλθε στο 2,1% και στην ΕΕ στο 2,3%.
Οι χώρες της Ευρωπαϊκής Ένωσης με το χαμηλότερο δωδεκάμηνο πληθωρισμό ήταν η Μάλτα (0,7%), η Γαλλία, η Ολλανδία και η Φινλανδία (1,6%). Οι χώρες που σημείωσαν τη μεγαλύτερη αύξηση ήταν η Λετονία (10,1%), η Ουγγαρία (7,9%) και η Βουλγαρία (7,6%).
Δεκέμβριος
Σύμφωνα με τα στοιχεία της Eurostat, ο πληθωρισμός στην ευρωζώνη παρέμεινε αμετάβλητος στο 3,1% το Δεκέμβριο σε σχέση με τον προηγούμενο μήνα. Στην Ευρώπη των 27 ο πληθωρισμός ανήλθε στο 3,2% το Δεκέμβριο από 3,1% το Νοέμβριο. Στην Κύπρο, ο πληθωρισμός αναρριχήθηκε στο 3,7% από 3,2% το Νοέμβριο.
STOCKWATCH.COM.CY
House prices (UK) fall at fastest rate since '92
House prices fall at fastest rate since '92
LONDON (Reuters) - House prices fell in December at their fastest rate since the recession of the early 1990s, a survey showed on Wednesday, raising fears the country's once buoyant housing market is heading for a sharp downturn. The Royal Institution of Chartered Surveyors' house price balance fell to -49.1 in December, its lowest since November 1992, from -40.6 in November.
REUTERS
LONDON (Reuters) - House prices fell in December at their fastest rate since the recession of the early 1990s, a survey showed on Wednesday, raising fears the country's once buoyant housing market is heading for a sharp downturn. The Royal Institution of Chartered Surveyors' house price balance fell to -49.1 in December, its lowest since November 1992, from -40.6 in November.
REUTERS
Northern Rock could be nationalised
Northern Rock could be nationalised
LONDON (Reuters) - Prime Minister Gordon Brown gave one of the strongest indications yet on Tuesday that troubled bank Northern Rock could be nationalised before being privatised again at a later stage.
REUTERS
LONDON (Reuters) - Prime Minister Gordon Brown gave one of the strongest indications yet on Tuesday that troubled bank Northern Rock
REUTERS
Tuesday, January 15, 2008
ΤΟ ΑΥΡΙΑΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Consumer Price Index
Dept of Labor
10:00 AM
Industrial Production
Federal Reserve Bank
10:30 AM
EIA Petroleum Status Report
Dept of Energy
2:00 PM
Beige Book
Federal Reserve Bank
Consumer Price Index
Dept of Labor
10:00 AM
Industrial Production
Federal Reserve Bank
10:30 AM
EIA Petroleum Status Report
Dept of Energy
2:00 PM
Beige Book
Federal Reserve Bank
Στη χειρότερη συνεδρίαση του 2008 ''παρέσυρε'' η Citigroup τη Wall
Στη χειρότερη συνεδρίαση του 2008 ''παρέσυρε'' η Citigroup τη Wall
Σε μαζικό ξεπούλημα επιδόθηκαν οι επενδυτές στη Wall, καθώς οι ζημιές ρεκόρ που εμφάνισε η Citigroup στο τέταρτο τρίμηνο, εξαιτίας της κρίσης των subprimes, θεωρούνται ο προάγγελος των διευρυμένων ζημιών που θα εμφανίσει ο τραπεζικός κλάδος διεθνώς λόγω των πιστωτικών κλυδωνισμών.
Ο Dow Jones υποχώρησε 2,17%, χάνοντας 277,04 μονάδες, στις 12.501,11 μονάδες, αγγίζοντας λίγο πριν τη λήξη το πρώτο ιστορικό χαμηλό του 2008 των 12.493,1 μονάδων (285 μονάδες χαμηλότερα), ο Nasdaq βρέθηκε στις 2.417,59 μονάδες, με απώλειες 2,45% και ο Standard & Poor's 500 υποχώρησε 2,49%, στις 1.380,96 μονάδες.
Από το sell off δεν γλύτωσε ούτε η Apple η οποία ανακοίνωσε σήμερα το λανσάρισμα των νέων προϊόντων της στην αγορά μεταξύ των οποίων περιλαμβάνεται η on-line ενοικίαση ταινιών μέσω του iTunes και το νέο notebook MacBook Air. Ετσι ο τεχνολογικός κλάδος οδηγήθηκε χαμηλότερα.
Νωρίτερα, η Citigroup ανακοίνωσε ότι στο τέταρτο τρίμηνο διέγραψε ζημιές 18 δισ. δολαρίων λόγω των subprime με αποτέλεσμα οι ζημιές της να ανέλθουν στα 9,83 δισ. ή 1,99 δολάρια ανά μετοχή έναντι κερδών 5,1 δισ. πέρυσι.
Το μέρισμα θα μειωθεί κατά 41% ενώ η τράπεζα ανακοίνωσε πως θα λάβει «ένεση ρευστότητας» 14,5 δισ. ευρώ από εξωτερικούς επενδυτές και θα προχωρήσει επίσης σε μείωση 4.200 θέσεων εργασίας κατά ενώ θα λάβει 14,5 δις δολάρια.
Να σημειωθεί ότι οι ζημίες αυτές είναι οι μεγαλύτερες στην 196ετη ιστορία της αμερικανικής τράπεζας, ενώ την αντίστοιχη περσινή περίοδο είχε καταγράψει κέρδη 5,1 δις δολαρίων ή 1,03 δολαρίων ανά μετοχή.
Επίσης αρνητική επίδραση άσκησε στην αγορά και η απρόσμενη υποχώρηση των λιανικών πωλήσεων στις ΗΠΑ το Δεκέμβριο, καθώς υποδεικνύει ότι η καταναλωτική δύναμη των αμερικανών εξασθενεί.
Αναλυτικότερα, οι πωλήσεις υποχώρησαν κατά 0,4%, σημειώνοντας την πρώτη πτώση από τον Ιούνιο, έναντι ανόδου της τάξης του 1% το Νοέμβριο. Εξαιρούμένων των οχημάτων, οι πωλήσεις σημείωσαν μείωση 0,4%.
Oσον αφορά τα έτερα μακροοικονομικά νέα της ημέρας, πτώση της τάξης του 0,1% σημείωσαν οι τιμές παραγωγού το Δεκέμβριο στις ΗΠΑ, χάρις στην υποχώρηση των ενεργειακών τιμών. Ωστόσο, ο δομικός δείκτης κινήθηκε ανοδικά, υποδεικνύοντας ότι ο κίνδυνος έντασης των πληθωριστικών πιέσεων δεν έχει παρέλθει.
Αναλυτικότερα, οι ενεργειακές τιμές χονδρικής υποχώρησαν 1,9%το Δεκέμβριο, αφού ένα μήνα νωρίτερα είχαν ανέλθει σε επίπεδα ρεκόρ. Ωστόσο, οι τιμές των τροφίμων το Δεκέμβριο αυξήθηκαν 1,3%, έναντι στασιμότητας το Νοέμβριο. Επίσης, ο δομικός δείκτης των τιμών παραγωγού, από τον οποίο εξαιρούνται τα τρόφιμα και η ενέργεια, σημείωσε άνοδο 0,2%.
Πέραν του τραπεζικού κλάδου, όπως είναι αναμενόμενο, πιέσεις δέχτηκε σήμερα και ο κλάδος λιανικής, με τη Wal- Mart Stores αρνητική πρωταγωνίστρια.
Επίσης, στον αρνητικό απόηχο της φθίνουσας πορείας των λιανικών πωλήσεων στην περίοδο των εορτών, σημαντικές πιέσεις δέχτηκε και σήμερα το δολάριο έναντι του ευρώ και του γεν, καθώς διαφαίνεται κόπωση της καταναλωτικής δύναμης των αμερικανών.
Ακόμη, ο πιέσεις δέχτηκε και ο κολοσσός βιοτεχνολογίας Genentech, καθώς η δεύτερη μεγαλύτερη εταιρεία βιοτεχνολογίας παγκοσμίως ανακοίνωσε ότι οι πωλήσεις του σκευάσματός της κατά του καρκίνου δεν ανταποκρίθηκαν στις προσδοκίες της αγοράς.
Μαζικό sell off και στις ευρω-αγορές
Σε ξεπούλημα επιδόθηκαν οι επενδυτές και στα ευρωπαϊκά χρηματιστήρια με το FTSE να κλείνει με απώλειες 3,06%, λόγω των ζημιών της Citigroup, στην άλλη πλευρά του Ατλαντικού.
Ενδεικτικό του αρνητικού κλίματος είναι το γεγονός ότι οι εθνικοί δείκτες υποχώρησαν και στα 18 χρηματιστήρια της Δυτικής Ευρώπης. Στο Λονδίνο ο FTSE 100 έκλεισε μειωμένος κατά 3,06%, χάνοντας 190 μονάδες, στις 6.025,60, στο Παρίσι ο CAC 40 πτωτικά κατά 2,83% ή κατά 153 μονάδες, στις 5.250,82 μονάδες και στη Φρανκφούρτη ο DAX με απώλειες 2,14% ή 166 μονάδες, στις 7.640,87 μονάδες.
Ο πανευρωπαϊκός δείκτης Dow Jones Stoxx 600 έως λίγο νωρίτερα υποχωρούσε 2,1%, στις 337,45 μονάδες. Να σημειωθεί ότι ο εν λόγω δείκτης απώλεσε το 16% της αξίας του από την 1η Ιουνίου, όταν είχε βρεθεί σε υψηλό επτά ετών.
Στο επίκεντρο των διευρυμένων ρευστοποιήσεων στην Ευρώπη βρέθηκε σήμερα ο κλάδος της λιανικής, καθώς η αλυσίδα σούπερ μάρκετ Tesco ανακοίνωσε πωλήσεις εορταστικής περιόδου που απογοήτευσαν την αγορά.
Συγκεκριμένα, οι πωλήσεις στα βρετανικά καταστήματα που λειτουργούν τουλάχιστον ένα χρόνο ενισχύθηκαν κατά 3,1% για την περίοδο 6 εβδομάδων που έληξε στις 5 Ιανουαρίου, ενώ οι εκτιμήσεις έκαναν λόγω για άνοδο κατά 4%. Πλέον, οι ανησυχίες των επενδυτών επικεντρώνονται στη διάχυση της κρίσης της στεγαστικής αγορά στο λιανεμπόριο. Κατόπιν τούτου, η μετοχή της Tesco έκλεισε σήμερα σε χαμηλό 4 μηνών.
Ο οικονομικός διευθυντής της Tesco δήλωσε σε συνέντευξη ότι οι Βρετανοί είναι «επιφυλακτικοί» και απηύθυνε έκκληση στην Τράπεζα της Αγγλίας να μειώσει τα επιτόκια για να τονωθεί η αγορά.
Οι αναλυτές επισημαίνουν ότι δεν αποτελεί έκπληξη το γεγονός ότι η κατάρρευση της αγοράς των ενυπόθηκων δανείων μειωμένης εξασφάλισης διαχέεται και σε άλλους τομείς της οικονομίας , ενώ επισημαίνουν ότι οι πωλήσεις της Tesco αποτελούν ακόμα ένα «σύμπτωμα» της ασθένειας.
«Βουτιά»12% και για τη μετοχή της Burberry Group, καθώς εκτιμά ότι τα κέρδη στο σύνολο της χρήσης δε θα ανταποκριθούν στις προσδοκίες της αγοράς.
Την κακή ψυχολογία των επενδυτών στην Ευρώπη επιβάρυνε και η επιδείνωση του επενδυτικού κλίματος στη Γερμανία. Συγκεκριμένα, η εμπιστοσύνη των γερμανών επενδυτών βρέθηκε σε χαμηλό 15 ετών λόγω της ανησυχίας ότι η ύφεση στην αμερικανική οικονομία θα πλήξει και την ανάπτυξη της Ευρώπης. Ειδικότερα, ο σχετικός δείκτης ZEW μειώθηκε στο -41,6 από -37,2 τον προηγούμενο μήνα. Οι αναλυτές ανέμεναν υποχώρηση στο -40.
Στον τραπεζικό κλάδο, τις μεγαλύτερες απώλειες κατέγραψαν οι Commerzbank και Northern Rock. Ειδικότερα η Northern Rock, η οποία το Σεπτέμβριο είχε δανειστεί 25 δις λίρες από την τράπεζα της Αγγλίας, προκειμένου να ενισχύσει τη ρευστότητά της, η οποία είχε στεγνώσει λόγω της έκθεσής της σε ενυπόθηκα δάνεια υψηλού ρίσκου, σημείωσε νέα βουτιά, της τάξης του 16%.
Επίσης, η γερμανική Hypo Real Estate υποχώρησε 25% καθώς τα προ φόρων κέρδη του 2007 συρρικνώθηκαν.
Απώλειες κατέγραψαν και οι φαρμακοβιομηχανίες, κυρίως η Sanofi-Aventis και η Novartis, καθώς η Morgan Stanley μείωσε της εκτιμήσεις της για τον κλάδο σε «in-line» από «attractive».
REPORTER.GR
Σε μαζικό ξεπούλημα επιδόθηκαν οι επενδυτές στη Wall, καθώς οι ζημιές ρεκόρ που εμφάνισε η Citigroup στο τέταρτο τρίμηνο, εξαιτίας της κρίσης των subprimes, θεωρούνται ο προάγγελος των διευρυμένων ζημιών που θα εμφανίσει ο τραπεζικός κλάδος διεθνώς λόγω των πιστωτικών κλυδωνισμών.
Ο Dow Jones υποχώρησε 2,17%, χάνοντας 277,04 μονάδες, στις 12.501,11 μονάδες, αγγίζοντας λίγο πριν τη λήξη το πρώτο ιστορικό χαμηλό του 2008 των 12.493,1 μονάδων (285 μονάδες χαμηλότερα), ο Nasdaq βρέθηκε στις 2.417,59 μονάδες, με απώλειες 2,45% και ο Standard & Poor's 500 υποχώρησε 2,49%, στις 1.380,96 μονάδες.
Από το sell off δεν γλύτωσε ούτε η Apple η οποία ανακοίνωσε σήμερα το λανσάρισμα των νέων προϊόντων της στην αγορά μεταξύ των οποίων περιλαμβάνεται η on-line ενοικίαση ταινιών μέσω του iTunes και το νέο notebook MacBook Air. Ετσι ο τεχνολογικός κλάδος οδηγήθηκε χαμηλότερα.
Νωρίτερα, η Citigroup ανακοίνωσε ότι στο τέταρτο τρίμηνο διέγραψε ζημιές 18 δισ. δολαρίων λόγω των subprime με αποτέλεσμα οι ζημιές της να ανέλθουν στα 9,83 δισ. ή 1,99 δολάρια ανά μετοχή έναντι κερδών 5,1 δισ. πέρυσι.
Το μέρισμα θα μειωθεί κατά 41% ενώ η τράπεζα ανακοίνωσε πως θα λάβει «ένεση ρευστότητας» 14,5 δισ. ευρώ από εξωτερικούς επενδυτές και θα προχωρήσει επίσης σε μείωση 4.200 θέσεων εργασίας κατά ενώ θα λάβει 14,5 δις δολάρια.
Να σημειωθεί ότι οι ζημίες αυτές είναι οι μεγαλύτερες στην 196ετη ιστορία της αμερικανικής τράπεζας, ενώ την αντίστοιχη περσινή περίοδο είχε καταγράψει κέρδη 5,1 δις δολαρίων ή 1,03 δολαρίων ανά μετοχή.
Επίσης αρνητική επίδραση άσκησε στην αγορά και η απρόσμενη υποχώρηση των λιανικών πωλήσεων στις ΗΠΑ το Δεκέμβριο, καθώς υποδεικνύει ότι η καταναλωτική δύναμη των αμερικανών εξασθενεί.
Αναλυτικότερα, οι πωλήσεις υποχώρησαν κατά 0,4%, σημειώνοντας την πρώτη πτώση από τον Ιούνιο, έναντι ανόδου της τάξης του 1% το Νοέμβριο. Εξαιρούμένων των οχημάτων, οι πωλήσεις σημείωσαν μείωση 0,4%.
Oσον αφορά τα έτερα μακροοικονομικά νέα της ημέρας, πτώση της τάξης του 0,1% σημείωσαν οι τιμές παραγωγού το Δεκέμβριο στις ΗΠΑ, χάρις στην υποχώρηση των ενεργειακών τιμών. Ωστόσο, ο δομικός δείκτης κινήθηκε ανοδικά, υποδεικνύοντας ότι ο κίνδυνος έντασης των πληθωριστικών πιέσεων δεν έχει παρέλθει.
Αναλυτικότερα, οι ενεργειακές τιμές χονδρικής υποχώρησαν 1,9%το Δεκέμβριο, αφού ένα μήνα νωρίτερα είχαν ανέλθει σε επίπεδα ρεκόρ. Ωστόσο, οι τιμές των τροφίμων το Δεκέμβριο αυξήθηκαν 1,3%, έναντι στασιμότητας το Νοέμβριο. Επίσης, ο δομικός δείκτης των τιμών παραγωγού, από τον οποίο εξαιρούνται τα τρόφιμα και η ενέργεια, σημείωσε άνοδο 0,2%.
Πέραν του τραπεζικού κλάδου, όπως είναι αναμενόμενο, πιέσεις δέχτηκε σήμερα και ο κλάδος λιανικής, με τη Wal- Mart Stores αρνητική πρωταγωνίστρια.
Επίσης, στον αρνητικό απόηχο της φθίνουσας πορείας των λιανικών πωλήσεων στην περίοδο των εορτών, σημαντικές πιέσεις δέχτηκε και σήμερα το δολάριο έναντι του ευρώ και του γεν, καθώς διαφαίνεται κόπωση της καταναλωτικής δύναμης των αμερικανών.
Ακόμη, ο πιέσεις δέχτηκε και ο κολοσσός βιοτεχνολογίας Genentech, καθώς η δεύτερη μεγαλύτερη εταιρεία βιοτεχνολογίας παγκοσμίως ανακοίνωσε ότι οι πωλήσεις του σκευάσματός της κατά του καρκίνου δεν ανταποκρίθηκαν στις προσδοκίες της αγοράς.
Μαζικό sell off και στις ευρω-αγορές
Σε ξεπούλημα επιδόθηκαν οι επενδυτές και στα ευρωπαϊκά χρηματιστήρια με το FTSE να κλείνει με απώλειες 3,06%, λόγω των ζημιών της Citigroup, στην άλλη πλευρά του Ατλαντικού.
Ενδεικτικό του αρνητικού κλίματος είναι το γεγονός ότι οι εθνικοί δείκτες υποχώρησαν και στα 18 χρηματιστήρια της Δυτικής Ευρώπης. Στο Λονδίνο ο FTSE 100 έκλεισε μειωμένος κατά 3,06%, χάνοντας 190 μονάδες, στις 6.025,60, στο Παρίσι ο CAC 40 πτωτικά κατά 2,83% ή κατά 153 μονάδες, στις 5.250,82 μονάδες και στη Φρανκφούρτη ο DAX με απώλειες 2,14% ή 166 μονάδες, στις 7.640,87 μονάδες.
Ο πανευρωπαϊκός δείκτης Dow Jones Stoxx 600 έως λίγο νωρίτερα υποχωρούσε 2,1%, στις 337,45 μονάδες. Να σημειωθεί ότι ο εν λόγω δείκτης απώλεσε το 16% της αξίας του από την 1η Ιουνίου, όταν είχε βρεθεί σε υψηλό επτά ετών.
Στο επίκεντρο των διευρυμένων ρευστοποιήσεων στην Ευρώπη βρέθηκε σήμερα ο κλάδος της λιανικής, καθώς η αλυσίδα σούπερ μάρκετ Tesco ανακοίνωσε πωλήσεις εορταστικής περιόδου που απογοήτευσαν την αγορά.
Συγκεκριμένα, οι πωλήσεις στα βρετανικά καταστήματα που λειτουργούν τουλάχιστον ένα χρόνο ενισχύθηκαν κατά 3,1% για την περίοδο 6 εβδομάδων που έληξε στις 5 Ιανουαρίου, ενώ οι εκτιμήσεις έκαναν λόγω για άνοδο κατά 4%. Πλέον, οι ανησυχίες των επενδυτών επικεντρώνονται στη διάχυση της κρίσης της στεγαστικής αγορά στο λιανεμπόριο. Κατόπιν τούτου, η μετοχή της Tesco έκλεισε σήμερα σε χαμηλό 4 μηνών.
Ο οικονομικός διευθυντής της Tesco δήλωσε σε συνέντευξη ότι οι Βρετανοί είναι «επιφυλακτικοί» και απηύθυνε έκκληση στην Τράπεζα της Αγγλίας να μειώσει τα επιτόκια για να τονωθεί η αγορά.
Οι αναλυτές επισημαίνουν ότι δεν αποτελεί έκπληξη το γεγονός ότι η κατάρρευση της αγοράς των ενυπόθηκων δανείων μειωμένης εξασφάλισης διαχέεται και σε άλλους τομείς της οικονομίας , ενώ επισημαίνουν ότι οι πωλήσεις της Tesco αποτελούν ακόμα ένα «σύμπτωμα» της ασθένειας.
«Βουτιά»12% και για τη μετοχή της Burberry Group, καθώς εκτιμά ότι τα κέρδη στο σύνολο της χρήσης δε θα ανταποκριθούν στις προσδοκίες της αγοράς.
Την κακή ψυχολογία των επενδυτών στην Ευρώπη επιβάρυνε και η επιδείνωση του επενδυτικού κλίματος στη Γερμανία. Συγκεκριμένα, η εμπιστοσύνη των γερμανών επενδυτών βρέθηκε σε χαμηλό 15 ετών λόγω της ανησυχίας ότι η ύφεση στην αμερικανική οικονομία θα πλήξει και την ανάπτυξη της Ευρώπης. Ειδικότερα, ο σχετικός δείκτης ZEW μειώθηκε στο -41,6 από -37,2 τον προηγούμενο μήνα. Οι αναλυτές ανέμεναν υποχώρηση στο -40.
Στον τραπεζικό κλάδο, τις μεγαλύτερες απώλειες κατέγραψαν οι Commerzbank και Northern Rock. Ειδικότερα η Northern Rock, η οποία το Σεπτέμβριο είχε δανειστεί 25 δις λίρες από την τράπεζα της Αγγλίας, προκειμένου να ενισχύσει τη ρευστότητά της, η οποία είχε στεγνώσει λόγω της έκθεσής της σε ενυπόθηκα δάνεια υψηλού ρίσκου, σημείωσε νέα βουτιά, της τάξης του 16%.
Επίσης, η γερμανική Hypo Real Estate υποχώρησε 25% καθώς τα προ φόρων κέρδη του 2007 συρρικνώθηκαν.
Απώλειες κατέγραψαν και οι φαρμακοβιομηχανίες, κυρίως η Sanofi-Aventis και η Novartis, καθώς η Morgan Stanley μείωσε της εκτιμήσεις της για τον κλάδο σε «in-line» από «attractive».
REPORTER.GR
Subscribe to:
Posts (Atom)