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Friday, December 14, 2007
Υπενθύμιση ΧΑΚ: Δεν θα διεξαχθούν χρημ. συναντήσεις στις 24, 25, 26, 31/12 και 1/1
Υπενθύμιση ΧΑΚ: Δεν θα διεξαχθούν χρημ. συναντήσεις στις 24, 25, 26, 31/12 και 1/1
Ημερομηνία Δημοσίευσης: 14/12/2007 10:06:06
Τελευταία ενημέρωση: 14/12/2007 11:59:17
Το Χρηματιστήριο Αξιών Κύπρου υπενθυμίζει το επενδυτικό κοινό και τους συντελεστές της Αγοράς, σε συνέχεια και προηγούμενης σχετικής ανακοίνωσης του ημερομηνίας 29 Νοεμβρίου 2007, ότι λόγω του ότι η 31η Δεκεμβρίου 2007 έχει κηρυχθεί ως ημέρα κατά την οποία δεν θα διενεργηθούν συναλλαγές των τραπεζών με το κοινό, δεν θα πραγματοποιηθεί κατά την ημερομηνία αυτή (31/12/07) χρηματιστηριακή συνάντηση, ούτε και εκκαθάριση ή χρηματικός διακανονισμός των χρηματιστηριακών συναλλαγών.
Υπενθυμίζεται επίσης ότι κατά την περίοδο των εορτών δεν θα διεξαχθούν χρηματιστηριακές συναντήσεις κατά τις Δημόσιες Αργίες των εορτών των Χριστουγέννων-Πρωτοχρονιάς, δηλαδή στις 24, 25 και 26 Δεκεμβρίου 2007 και 1η Ιανουαρίου 2008.
STOCKWATCH.COM.CY
Ημερομηνία Δημοσίευσης: 14/12/2007 10:06:06
Τελευταία ενημέρωση: 14/12/2007 11:59:17
Το Χρηματιστήριο Αξιών Κύπρου υπενθυμίζει το επενδυτικό κοινό και τους συντελεστές της Αγοράς, σε συνέχεια και προηγούμενης σχετικής ανακοίνωσης του ημερομηνίας 29 Νοεμβρίου 2007, ότι λόγω του ότι η 31η Δεκεμβρίου 2007 έχει κηρυχθεί ως ημέρα κατά την οποία δεν θα διενεργηθούν συναλλαγές των τραπεζών με το κοινό, δεν θα πραγματοποιηθεί κατά την ημερομηνία αυτή (31/12/07) χρηματιστηριακή συνάντηση, ούτε και εκκαθάριση ή χρηματικός διακανονισμός των χρηματιστηριακών συναλλαγών.
Υπενθυμίζεται επίσης ότι κατά την περίοδο των εορτών δεν θα διεξαχθούν χρηματιστηριακές συναντήσεις κατά τις Δημόσιες Αργίες των εορτών των Χριστουγέννων-Πρωτοχρονιάς, δηλαδή στις 24, 25 και 26 Δεκεμβρίου 2007 και 1η Ιανουαρίου 2008.
STOCKWATCH.COM.CY
Πίσω στους μεγαλομετόχους
Πίσω στους μεγαλομετόχους
Ημερομηνία Δημοσίευσης: 14/12/2007 12:35:00
• Γιατί οι μεγαλομέτοχοι αγοράζουν πίσω τις εταιρείες τους
Ολοένα και πληθαίνει το φαινόμενο της εξαγοράς δημοσίων εταιρειών από τους μεγαλομετόχους τους. Η Δημόσια Πρόταση της NKS για τη CTC είναι κάθε άλλο παρά μεμονωμένη περίπτωση. Προηγήθηκε σειρά άλλων. Συνολικά, δώδεκα εταιρείες δέχθηκαν φέτος Δημόσιες Προτάσεις για μερική ή ολική εξαγορά από τους μεγαλομετόχους τους. Παράγοντες της αγοράς αποδίδουν το φαινόμενο στις κρυμμένες αξίες των εταιρειών, στο αυξημένο κόστος παραμονής στο ΧΑΚ, αλλά και στην έλλειψη στρατηγικής από μέρους των εταιρειών.
Όλες σχεδόν οι εταιρείες εξαγοράζονται με σημαντικό premium από την τελευταία τιμή διαπραγμάτευσης πριν την ανακοίνωση της Δημόσιας Πρότασης. Εντούτοις, παράγοντες της αγοράς σημειώνουν ότι σε κάποιες περιπτώσεις οι τιμές που προσφέρονται για εξαγορά των εταιρειών είναι σχετικά χαμηλές.
«Οι εταιρείες αυτές διαπραγματεύονται σε χαμηλότερη από τη λογιστική τους αξία με αποτέλεσμα να είναι πιο ελκυστικές για τους μεγαλομετόχους», σημείωσε ο διευθύνων σύμβουλος της Εγνατία Χρηματιστηριακή (Κύπρου), Χρίστος Καλογέρης. «Κάποιες εταιρείες», τόνισε, «έχουν επιπρόσθετη κρυμμένη αξία από ακίνητα τα οποία κατέχουν και δεν έχει γίνει πρόσφατη επαναξιολόγηση».
Παρά το premium, οι προσφερόμενες τιμές εξαγοράς είναι πολύ χαμηλές σε σχέση με τις τιμές έκδοσης κατά την εισαγωγή τους στο ΧΑΚ. Η Constantinou Bros, για παράδειγμα, εισήχθηκε στο ΧΑΚ τον Ιούνιο του 2000 με τιμή έκδοσης €0,95. Ο ένας από τους δύο μεγαλομετόχους της αγόρασε πίσω το 51,9% της εταιρείας στα €0,46. Και η Ceilfloor εισήχθηκε στο ΧΑΚ το Δεκέμβριο του 1999 στα €0,87. Ο μεγαλομέτοχος της, η δημόσια εταιρεία Avacom, προσφέρει €0,10 για να εξαγοράσει μέχρι και το 100% του μετοχικού της κεφαλαίου.
Όπως υπογραμμίζει ο οικονομολόγος και πρώην πρόεδρος της Επ. Κεφαλαιαγοράς, Μάριος Κληρίδης, αρκετές εταιρείες εισήχθηκαν στο ΧΑΚ την περίοδο της ευφορίας του 1999 - 2000 χωρίς να έχουν άμεσο στόχο την παραμονή τους στο ΧΑΚ. «Είναι λογικό τώρα, κάποιες εταιρείες εκμεταλλευόμενες τις συγκυρίες και βλέποντας το αυξημένο που συνεπάγεται η παραμονή στο ΧΑΚ, να οδηγούνται εκτός», τόνισε.
Οι πλείστες από τις εταιρείες που αγοράστηκαν μέχρι φέτος παραμένουν, μέχρι στιγμής, στο ΧΑΚ, γιατί οι μεγαλομέτοχοι δεν κατέχουν πέραν του 90% του εκδομένου τους κεφαλαίου.
Άλλοι παράγοντες συνδέουν τη διαφαινόμενο έξοδο αρκετών εταιρειών με την έλλειψη μακροχρόνιας στρατηγικής κάποιων εταιρειών. «Κάποιες από τις εταιρείες αυτές έτρεξαν να μπουν σε περίοδο ευφορίας και εύκολης άντλησης κεφαλαίων πολλές φορές χωρίς συγκεκριμένη μακροχρόνια στρατηγική. Το μέλλον τους εντός ΧΑΚ δεν προμηνύεται ευοίωνο, με αποτέλεσμα οι μεγαλομέτοχοι λόγω και των υποχρεώσεων και κόστους να μην θέλουν να παραμείνουν», επεσήμανε ο κ. Καλογέρης.
«Η τάση που παρατηρείται δείχνει ένα στάδιο ωρίμανσης του ΧΑΚ. Οι εταιρείες εισήχθηκαν στο ΧΑΚ προσμένοντας ότι θα αντλήσουν κεφάλαια ή είχαν άλλες προσδοκίες. Στην πορεία συνειδητοποίησαν ότι δεν εξυπηρετούνταν τα καλώς νοούμενα συμφέροντα τους από την παραμονή τους στο ΧΑΚ», δήλωσε ο διευθυντής στρατηγικής ανάπτυξης της Ελληνικής, Γιάννης Τελώνης.
STOCKWATCH.COM.CY
Ημερομηνία Δημοσίευσης: 14/12/2007 12:35:00
• Γιατί οι μεγαλομέτοχοι αγοράζουν πίσω τις εταιρείες τους
Ολοένα και πληθαίνει το φαινόμενο της εξαγοράς δημοσίων εταιρειών από τους μεγαλομετόχους τους. Η Δημόσια Πρόταση της NKS για τη CTC είναι κάθε άλλο παρά μεμονωμένη περίπτωση. Προηγήθηκε σειρά άλλων. Συνολικά, δώδεκα εταιρείες δέχθηκαν φέτος Δημόσιες Προτάσεις για μερική ή ολική εξαγορά από τους μεγαλομετόχους τους. Παράγοντες της αγοράς αποδίδουν το φαινόμενο στις κρυμμένες αξίες των εταιρειών, στο αυξημένο κόστος παραμονής στο ΧΑΚ, αλλά και στην έλλειψη στρατηγικής από μέρους των εταιρειών.
Όλες σχεδόν οι εταιρείες εξαγοράζονται με σημαντικό premium από την τελευταία τιμή διαπραγμάτευσης πριν την ανακοίνωση της Δημόσιας Πρότασης. Εντούτοις, παράγοντες της αγοράς σημειώνουν ότι σε κάποιες περιπτώσεις οι τιμές που προσφέρονται για εξαγορά των εταιρειών είναι σχετικά χαμηλές.
«Οι εταιρείες αυτές διαπραγματεύονται σε χαμηλότερη από τη λογιστική τους αξία με αποτέλεσμα να είναι πιο ελκυστικές για τους μεγαλομετόχους», σημείωσε ο διευθύνων σύμβουλος της Εγνατία Χρηματιστηριακή (Κύπρου), Χρίστος Καλογέρης. «Κάποιες εταιρείες», τόνισε, «έχουν επιπρόσθετη κρυμμένη αξία από ακίνητα τα οποία κατέχουν και δεν έχει γίνει πρόσφατη επαναξιολόγηση».
Παρά το premium, οι προσφερόμενες τιμές εξαγοράς είναι πολύ χαμηλές σε σχέση με τις τιμές έκδοσης κατά την εισαγωγή τους στο ΧΑΚ. Η Constantinou Bros, για παράδειγμα, εισήχθηκε στο ΧΑΚ τον Ιούνιο του 2000 με τιμή έκδοσης €0,95. Ο ένας από τους δύο μεγαλομετόχους της αγόρασε πίσω το 51,9% της εταιρείας στα €0,46. Και η Ceilfloor εισήχθηκε στο ΧΑΚ το Δεκέμβριο του 1999 στα €0,87. Ο μεγαλομέτοχος της, η δημόσια εταιρεία Avacom, προσφέρει €0,10 για να εξαγοράσει μέχρι και το 100% του μετοχικού της κεφαλαίου.
Όπως υπογραμμίζει ο οικονομολόγος και πρώην πρόεδρος της Επ. Κεφαλαιαγοράς, Μάριος Κληρίδης, αρκετές εταιρείες εισήχθηκαν στο ΧΑΚ την περίοδο της ευφορίας του 1999 - 2000 χωρίς να έχουν άμεσο στόχο την παραμονή τους στο ΧΑΚ. «Είναι λογικό τώρα, κάποιες εταιρείες εκμεταλλευόμενες τις συγκυρίες και βλέποντας το αυξημένο που συνεπάγεται η παραμονή στο ΧΑΚ, να οδηγούνται εκτός», τόνισε.
Οι πλείστες από τις εταιρείες που αγοράστηκαν μέχρι φέτος παραμένουν, μέχρι στιγμής, στο ΧΑΚ, γιατί οι μεγαλομέτοχοι δεν κατέχουν πέραν του 90% του εκδομένου τους κεφαλαίου.
Άλλοι παράγοντες συνδέουν τη διαφαινόμενο έξοδο αρκετών εταιρειών με την έλλειψη μακροχρόνιας στρατηγικής κάποιων εταιρειών. «Κάποιες από τις εταιρείες αυτές έτρεξαν να μπουν σε περίοδο ευφορίας και εύκολης άντλησης κεφαλαίων πολλές φορές χωρίς συγκεκριμένη μακροχρόνια στρατηγική. Το μέλλον τους εντός ΧΑΚ δεν προμηνύεται ευοίωνο, με αποτέλεσμα οι μεγαλομέτοχοι λόγω και των υποχρεώσεων και κόστους να μην θέλουν να παραμείνουν», επεσήμανε ο κ. Καλογέρης.
«Η τάση που παρατηρείται δείχνει ένα στάδιο ωρίμανσης του ΧΑΚ. Οι εταιρείες εισήχθηκαν στο ΧΑΚ προσμένοντας ότι θα αντλήσουν κεφάλαια ή είχαν άλλες προσδοκίες. Στην πορεία συνειδητοποίησαν ότι δεν εξυπηρετούνταν τα καλώς νοούμενα συμφέροντα τους από την παραμονή τους στο ΧΑΚ», δήλωσε ο διευθυντής στρατηγικής ανάπτυξης της Ελληνικής, Γιάννης Τελώνης.
STOCKWATCH.COM.CY
U.S. Economy: Consumer Prices Rise More Than Forecast
U.S. Economy: Consumer Prices Rise More Than Forecast (Update1)
By Shobhana Chandra
Dec. 14 (Bloomberg) -- U.S. consumer prices rose the most in more than two years last month on record energy costs, reinforcing the Federal Reserve's concern that inflation will erode confidence in the economy.
The consumer price index increased 0.8 percent in November, up from 0.3 percent the previous month, the Labor Department said today in Washington. Prices excluding food and energy climbed 0.3 percent, also more than economists anticipated. Another report from the Fed showed industrial production expanded, after declining in October.
The inflation figures may explain the Fed's decision to lower its benchmark interest rate by a quarter point this week, disappointing some investors who said the cut wasn't deep enough to combat the economic slowdown. Some traders trimmed bets on a reduction in January, though most still see another cut in borrowing costs.
``There is no question inflation is going to remain a concern for policy makers,'' said David Resler, chief economist at Nomura Securities International Inc. in New York, who correctly forecast the increase in so-called core prices. ``This certainly will give some policy makers pause about the advisability and desirability of further rate cuts.''
Economists surveyed by Bloomberg News forecast consumer prices would rise 0.6 percent, according to the median of 80 estimates. Predictions ranged from gains of 0.4 percent to 1 percent. Prices excluding food and energy were forecast to rise 0.2 percent.
Market Reaction
Treasuries initially dropped after the report, sending 10- year note yields to the highest in a month, then recouped some of the losses. Ten-year yields rose to 4.24 percent at 11:46 a.m. in New York, from 4.20 percent late yesterday. The dollar extended its rally, while stocks fell.
Consumer prices increased 4.3 percent in the 12 months to November, the most since June 2006. The monthly gain, which reflected a surge in gasoline prices, was the biggest since September 2005.
The core rate increased 2.3 percent in the 12 months to November, up from a 2.2 percent October year-over-year gain.
As inflation has picked up in the last year, gold and crude oil have rallied. The dollar is down 19 percent since 2001 against a trade-weighted basket of the U.S.'s biggest trading partners.
`Reluctant' to Cut
``It puts the Fed between a rock and a hard place,'' Ethan Harris, chief U.S. economist at Lehman Brothers Holdings Inc. in New York. ``They say they are worried about inflation, but that doesn't stop them from cutting rates. They are reacting to stress in capital markets and any weakening in the economy, but only in a reluctant fashion.''
Traders pared their expectations of a quarter-point Fed rate cut at the next meeting, on Jan. 29-30, according to futures prices on the Chicago Board of Trade. Odds of a reduction to 4 percent slipped to 84 percent, from 96 percent yesterday.
Prices are rising even as economic growth is slowing after a third-quarter spurt. Gross domestic product will expand at an annual rate of 1 percent this quarter, according to the median estimate in a Bloomberg survey of economists this month.
Black & Decker Corp., the largest U.S. power-tool maker, today lowered its quarterly and annual profit forecasts because of costs tied to a recall and a slowdown in U.S. consumer spending.
More Production
U.S. industrial production increased 0.3 percent in November, exceeding the median forecast of 0.2 percent, after a 0.7 percent drop that was bigger than previously estimated, Fed figures showed today.
Inflation also accelerated in Europe. Prices in the 13- nation area rose 3.1 percent in November from the same month last year, the most since May 2001 as food prices soared.
The U.S. consumer-price report showed energy prices jumped 5.7 percent, after a 1.4 percent increase in the prior month. Gasoline prices climbed 9.3 percent and fuel oil costs jumped 14.2 percent, the most since February 2003.
Crude oil prices on the New York Mercantile Exchange averaged $94.63 a barrel last month compared with $85.66 in October. The cost reached a record $99.29 a barrel on Nov. 21. Regular gasoline at the pump exceeded $3 a gallon for most of November, according to the American Automobile Association.
Higher Airfares
U.S. carriers boosted ticket prices seven times since Sept. 1 to combat rising jet-fuel prices. The latest attempt was rolled back Dec. 3 after Continental Airlines Inc. decided against an increase, suggesting a slowing economy may rein in prices in coming months.
High oil prices are ``one of the top challenges facing the industry today,'' Tom Horton, chief financial officer of AMR Corp., parent of American Airlines, said last week at a conference.
Others are making increases stick. Kroger Co., the biggest U.S. grocery chain, this week said it charged shoppers more to recoup higher costs for cereal and cheese, helping boost third- quarter profit by 18 percent.
The consumer price index is the government's broadest gauge of costs for goods and services. Almost 60 percent of the CPI covers prices that consumers pay for services ranging from medical visits to airline fares and movie tickets.
Clothing Prices
Apparel, prescription drugs, hospital services and airfares led the increase in the cost of living last month.
The 0.8 increase in clothing prices was the biggest since 1999 and may reflect the inflationary impact of a weaker dollar on imported goods, economists said. Most apparel sold in the U.S. is now made overseas.
Food prices, which account for about a fifth of the CPI, increased 0.3 percent for a second month.
Rents, which make up almost 40 percent of the core CPI, also rose. A category designed to track rental prices for owner- occupied homes rose 0.3 percent, compared with a 0.2 percent increase the month before.
Slowing growth will help damp price pressures, economists said. The Fed's preferred gauge of inflation, which is tied to consumer spending and excludes food and energy costs, will rise 1.8 percent in 2008 after a 1.9 percent gain this year, according to the median estimate of economists surveyed by Bloomberg this month. The measure would be within the range forecast by policy makers.
Growth Forecasts
Economic growth will slow to a 1 percent pace this quarter, a fifth the rate of the previous three months, the Bloomberg monthly survey said. Economists also trimmed estimates for the first quarter of 2008 to 1.5 percent.
Other price reports also reflected surging fuel bills. Wholesale prices rose 3.2 percent in November, the biggest jump in 34 years, the Labor Department reported yesterday. The increase was driven by a record one-month gain in energy costs. Excluding food and fuel, producer prices rose 0.4 percent.
The two reports reflect differences in timing. In calculating wholesale prices, the government asks survey participants to report costs as of the Tuesday of the week that includes the 13th. Consumer prices are based on average costs over the entire month.
BLOOMBERG
By Shobhana Chandra
Dec. 14 (Bloomberg) -- U.S. consumer prices rose the most in more than two years last month on record energy costs, reinforcing the Federal Reserve's concern that inflation will erode confidence in the economy.
The consumer price index increased 0.8 percent in November, up from 0.3 percent the previous month, the Labor Department said today in Washington. Prices excluding food and energy climbed 0.3 percent, also more than economists anticipated. Another report from the Fed showed industrial production expanded, after declining in October.
The inflation figures may explain the Fed's decision to lower its benchmark interest rate by a quarter point this week, disappointing some investors who said the cut wasn't deep enough to combat the economic slowdown. Some traders trimmed bets on a reduction in January, though most still see another cut in borrowing costs.
``There is no question inflation is going to remain a concern for policy makers,'' said David Resler, chief economist at Nomura Securities International Inc. in New York, who correctly forecast the increase in so-called core prices. ``This certainly will give some policy makers pause about the advisability and desirability of further rate cuts.''
Economists surveyed by Bloomberg News forecast consumer prices would rise 0.6 percent, according to the median of 80 estimates. Predictions ranged from gains of 0.4 percent to 1 percent. Prices excluding food and energy were forecast to rise 0.2 percent.
Market Reaction
Treasuries initially dropped after the report, sending 10- year note yields to the highest in a month, then recouped some of the losses. Ten-year yields rose to 4.24 percent at 11:46 a.m. in New York, from 4.20 percent late yesterday. The dollar extended its rally, while stocks fell.
Consumer prices increased 4.3 percent in the 12 months to November, the most since June 2006. The monthly gain, which reflected a surge in gasoline prices, was the biggest since September 2005.
The core rate increased 2.3 percent in the 12 months to November, up from a 2.2 percent October year-over-year gain.
As inflation has picked up in the last year, gold and crude oil have rallied. The dollar is down 19 percent since 2001 against a trade-weighted basket of the U.S.'s biggest trading partners.
`Reluctant' to Cut
``It puts the Fed between a rock and a hard place,'' Ethan Harris, chief U.S. economist at Lehman Brothers Holdings Inc. in New York. ``They say they are worried about inflation, but that doesn't stop them from cutting rates. They are reacting to stress in capital markets and any weakening in the economy, but only in a reluctant fashion.''
Traders pared their expectations of a quarter-point Fed rate cut at the next meeting, on Jan. 29-30, according to futures prices on the Chicago Board of Trade. Odds of a reduction to 4 percent slipped to 84 percent, from 96 percent yesterday.
Prices are rising even as economic growth is slowing after a third-quarter spurt. Gross domestic product will expand at an annual rate of 1 percent this quarter, according to the median estimate in a Bloomberg survey of economists this month.
Black & Decker Corp., the largest U.S. power-tool maker, today lowered its quarterly and annual profit forecasts because of costs tied to a recall and a slowdown in U.S. consumer spending.
More Production
U.S. industrial production increased 0.3 percent in November, exceeding the median forecast of 0.2 percent, after a 0.7 percent drop that was bigger than previously estimated, Fed figures showed today.
Inflation also accelerated in Europe. Prices in the 13- nation area rose 3.1 percent in November from the same month last year, the most since May 2001 as food prices soared.
The U.S. consumer-price report showed energy prices jumped 5.7 percent, after a 1.4 percent increase in the prior month. Gasoline prices climbed 9.3 percent and fuel oil costs jumped 14.2 percent, the most since February 2003.
Crude oil prices on the New York Mercantile Exchange averaged $94.63 a barrel last month compared with $85.66 in October. The cost reached a record $99.29 a barrel on Nov. 21. Regular gasoline at the pump exceeded $3 a gallon for most of November, according to the American Automobile Association.
Higher Airfares
U.S. carriers boosted ticket prices seven times since Sept. 1 to combat rising jet-fuel prices. The latest attempt was rolled back Dec. 3 after Continental Airlines Inc. decided against an increase, suggesting a slowing economy may rein in prices in coming months.
High oil prices are ``one of the top challenges facing the industry today,'' Tom Horton, chief financial officer of AMR Corp., parent of American Airlines, said last week at a conference.
Others are making increases stick. Kroger Co., the biggest U.S. grocery chain, this week said it charged shoppers more to recoup higher costs for cereal and cheese, helping boost third- quarter profit by 18 percent.
The consumer price index is the government's broadest gauge of costs for goods and services. Almost 60 percent of the CPI covers prices that consumers pay for services ranging from medical visits to airline fares and movie tickets.
Clothing Prices
Apparel, prescription drugs, hospital services and airfares led the increase in the cost of living last month.
The 0.8 increase in clothing prices was the biggest since 1999 and may reflect the inflationary impact of a weaker dollar on imported goods, economists said. Most apparel sold in the U.S. is now made overseas.
Food prices, which account for about a fifth of the CPI, increased 0.3 percent for a second month.
Rents, which make up almost 40 percent of the core CPI, also rose. A category designed to track rental prices for owner- occupied homes rose 0.3 percent, compared with a 0.2 percent increase the month before.
Slowing growth will help damp price pressures, economists said. The Fed's preferred gauge of inflation, which is tied to consumer spending and excludes food and energy costs, will rise 1.8 percent in 2008 after a 1.9 percent gain this year, according to the median estimate of economists surveyed by Bloomberg this month. The measure would be within the range forecast by policy makers.
Growth Forecasts
Economic growth will slow to a 1 percent pace this quarter, a fifth the rate of the previous three months, the Bloomberg monthly survey said. Economists also trimmed estimates for the first quarter of 2008 to 1.5 percent.
Other price reports also reflected surging fuel bills. Wholesale prices rose 3.2 percent in November, the biggest jump in 34 years, the Labor Department reported yesterday. The increase was driven by a record one-month gain in energy costs. Excluding food and fuel, producer prices rose 0.4 percent.
The two reports reflect differences in timing. In calculating wholesale prices, the government asks survey participants to report costs as of the Tuesday of the week that includes the 13th. Consumer prices are based on average costs over the entire month.
BLOOMBERG
MPB: Νέα τιμή από HSBC
MPB: Νέα τιμή από HSBC
Στα €10,5 από €10,1 προηγουμένως, αυξάνει την τιμή στόχο για τη μετοχή της Marfin Popular Bank η HSBC, διατηρώντας τη σύσταση neutral για τον τίτλο.
Όπως αναφέρεται σε έκθεση ημερομηνίας 14 Δεκεμβρίου 2007, οι νέοι στόχοι που έθεσε ο όμιλος χρειάζονται νέα κεφάλαια προκειμένου να διατηρηθεί η κεφαλαιουχική επάρκεια της τράπεζας. Συγκεκριμένα, αναφέρεται ότι η Marfin Popular Bank έθεσε ένα πιο επιθετικό επεκτατικό πλάνο για την περίοδο 2007 - 2010, στο οποίο υπάρχει στροφή της στρατηγικής προς τις χορηγήσεις. Στο πλάνο της Marfin δίνεται έμφαση στην ανάπτυξη στην Κύπρο, στην Ελλάδα και στην αναδυόμενη Ευρώπη. Οι χορηγήσεις εκτιμάται να σημειώνουν ετήσια άνοδο την περίοδο 2007 - 2010 της τάξης του 40% έναντι 27% που ήταν στο προηγούμενο πλάνο.
Η HSBC αναμένει ότι για την περίοδο 2006 - 2010 η Marfin Popular Bank θα εμφανίσει μέση ετήσια αύξηση των κερδών ανά μετοχή της τάξης του 35% έναντι 34% που ήταν η προηγούμενη εκτίμηση.
Το κέρδος ανά μετοχή εκτιμάται να διαμορφωθεί στα €0,75 φέτος, στα €0,76 το 2008 και στα €0,84 το 2009. Το κέρδος εκτιμάται να φθάσει τα €593 εκ. φέτος, τα €612 εκ. το 2008 και τα €759 εκ. το 2009.
STOCKWATCH.COM.CY
Στα €10,5 από €10,1 προηγουμένως, αυξάνει την τιμή στόχο για τη μετοχή της Marfin Popular Bank η HSBC, διατηρώντας τη σύσταση neutral για τον τίτλο.
Όπως αναφέρεται σε έκθεση ημερομηνίας 14 Δεκεμβρίου 2007, οι νέοι στόχοι που έθεσε ο όμιλος χρειάζονται νέα κεφάλαια προκειμένου να διατηρηθεί η κεφαλαιουχική επάρκεια της τράπεζας. Συγκεκριμένα, αναφέρεται ότι η Marfin Popular Bank έθεσε ένα πιο επιθετικό επεκτατικό πλάνο για την περίοδο 2007 - 2010, στο οποίο υπάρχει στροφή της στρατηγικής προς τις χορηγήσεις. Στο πλάνο της Marfin δίνεται έμφαση στην ανάπτυξη στην Κύπρο, στην Ελλάδα και στην αναδυόμενη Ευρώπη. Οι χορηγήσεις εκτιμάται να σημειώνουν ετήσια άνοδο την περίοδο 2007 - 2010 της τάξης του 40% έναντι 27% που ήταν στο προηγούμενο πλάνο.
Η HSBC αναμένει ότι για την περίοδο 2006 - 2010 η Marfin Popular Bank θα εμφανίσει μέση ετήσια αύξηση των κερδών ανά μετοχή της τάξης του 35% έναντι 34% που ήταν η προηγούμενη εκτίμηση.
Το κέρδος ανά μετοχή εκτιμάται να διαμορφωθεί στα €0,75 φέτος, στα €0,76 το 2008 και στα €0,84 το 2009. Το κέρδος εκτιμάται να φθάσει τα €593 εκ. φέτος, τα €612 εκ. το 2008 και τα €759 εκ. το 2009.
STOCKWATCH.COM.CY
HSBC to Take Over Chinese Bank, Failed Taiwan Lender
HSBC to Take Over Chinese Bank, Failed Taiwan Lender (Update1)
By James Peng
Dec. 14 (Bloomberg) -- HSBC Holdings Plc, Europe's biggest bank by market value, agreed to take over Chinese Bank, a unit of the bankrupt Rebar Group, after the Taiwanese lender was put under government oversight in January following a run on its deposits.
Central Deposit Insurance Corp., the government's bad-debt agency, agreed to pay HSBC NT$47.49 billion ($1.5 billion) to take control of Chinese Bank, it said in a statement today. HSBC will provide between $300 million and $400 million of capital to shore up the lender's finances, the bank said in a separate release.
``Taiwan is a key component of HSBC's Greater China positioning,'' said Vincent Cheng, HSBC's Asia-Pacific chairman, in the statement. ``HSBC is strongly positioned to benefit from the growing level of trade and investment in Greater China and across the region.''
Taiwan is trying to clean up its financial industry by weeding out its weakest banks, including China United Trust & Investment Corp., which the government auctioned in October. The island's consumer banks suffered losses in 2005 and 2006 from surging defaults on credit-card loans.
HSBC negotiated the deal directly with Central Deposit Insurance after three rounds of auctions for Chinese Bank failed yesterday. In Taiwan's bank auctions, the winning bidder receives money from the government to take over sound assets, including branches, and at least half of the employees.
Industry Turmoil
Central Deposit Insurance said in July an auction of Chinese Bank failed to attract any investors amid concerns about the ``professionalism'' of the bank's 2,400 workers, at least half of whom they would be required to employ. The government assumed control of Taipei-based Chinese Bank in January after a run on its deposits.
Chinese Bank's customers withdrew NT$30 billion in five days after two other units of the Rebar Group that the company made loans to declared insolvency on Jan. 4. Chinese Bank had NT$22.9 billion more debt than assets on May 31 and a bad-loan ratio of 18.3 percent, according to Financial Supervisory Commission data.
Taiwan on Oct. 2 agreed to pay Cathay United Bank, the banking unit of Cathay Financial Holding Co., NT$12.9 billion to take control of China United Trust, after the company was put under government oversight in March because its liabilities exceeded assets.
On June 8, Central Deposit Insurance agreed to pay NT$6.9 billion to ABN Amro Holding NV for assuming control of Taitung Business Bank. Chinatrust Financial Holding Co. on May 31 accepted NT$4.49 billion for taking over the Enterprise Bank of Hualien.
The turmoil in the island's banking industry has given foreign companies an opportunity to widen their Taiwan networks through acquisitions. Taitung, a regional bank on the east coast of Taiwan, has 31 outlets on the island.
New York-based Citigroup Inc., the most profitable overseas bank in Taiwan, agreed in April to buy the Bank of Overseas Chinese for NT$14.1 billion. London-based Standard Chartered Plc September 2006 announced a NT$40.5 billion acquisition of Hsinchu International Bank, the industry's first overseas takeover.
BLOOMBERG
By James Peng
Dec. 14 (Bloomberg) -- HSBC Holdings Plc, Europe's biggest bank by market value, agreed to take over Chinese Bank, a unit of the bankrupt Rebar Group, after the Taiwanese lender was put under government oversight in January following a run on its deposits.
Central Deposit Insurance Corp., the government's bad-debt agency, agreed to pay HSBC NT$47.49 billion ($1.5 billion) to take control of Chinese Bank, it said in a statement today. HSBC will provide between $300 million and $400 million of capital to shore up the lender's finances, the bank said in a separate release.
``Taiwan is a key component of HSBC's Greater China positioning,'' said Vincent Cheng, HSBC's Asia-Pacific chairman, in the statement. ``HSBC is strongly positioned to benefit from the growing level of trade and investment in Greater China and across the region.''
Taiwan is trying to clean up its financial industry by weeding out its weakest banks, including China United Trust & Investment Corp., which the government auctioned in October. The island's consumer banks suffered losses in 2005 and 2006 from surging defaults on credit-card loans.
HSBC negotiated the deal directly with Central Deposit Insurance after three rounds of auctions for Chinese Bank failed yesterday. In Taiwan's bank auctions, the winning bidder receives money from the government to take over sound assets, including branches, and at least half of the employees.
Industry Turmoil
Central Deposit Insurance said in July an auction of Chinese Bank failed to attract any investors amid concerns about the ``professionalism'' of the bank's 2,400 workers, at least half of whom they would be required to employ. The government assumed control of Taipei-based Chinese Bank in January after a run on its deposits.
Chinese Bank's customers withdrew NT$30 billion in five days after two other units of the Rebar Group that the company made loans to declared insolvency on Jan. 4. Chinese Bank had NT$22.9 billion more debt than assets on May 31 and a bad-loan ratio of 18.3 percent, according to Financial Supervisory Commission data.
Taiwan on Oct. 2 agreed to pay Cathay United Bank, the banking unit of Cathay Financial Holding Co., NT$12.9 billion to take control of China United Trust, after the company was put under government oversight in March because its liabilities exceeded assets.
On June 8, Central Deposit Insurance agreed to pay NT$6.9 billion to ABN Amro Holding NV for assuming control of Taitung Business Bank. Chinatrust Financial Holding Co. on May 31 accepted NT$4.49 billion for taking over the Enterprise Bank of Hualien.
The turmoil in the island's banking industry has given foreign companies an opportunity to widen their Taiwan networks through acquisitions. Taitung, a regional bank on the east coast of Taiwan, has 31 outlets on the island.
New York-based Citigroup Inc., the most profitable overseas bank in Taiwan, agreed in April to buy the Bank of Overseas Chinese for NT$14.1 billion. London-based Standard Chartered Plc September 2006 announced a NT$40.5 billion acquisition of Hsinchu International Bank, the industry's first overseas takeover.
BLOOMBERG
Citigroup Rescues SIVs With $58 Billion Debt; Ratings Get Cut
Citigroup Rescues SIVs With $58 Billion Debt; Ratings Get Cut
By Shannon D. Harrington and Elizabeth Hester
Dec. 14 (Bloomberg) -- Citigroup Inc. will take over seven troubled investment funds and assume $58 billion of debt to avoid forced asset sales that would further erode confidence in capital markets. Moody's Investors Service lowered the bank's credit ratings.
The biggest U.S. bank by assets will rescue the so-called structured investment vehicles, or SIVs, taking responsibility for their $49 billion of assets, the New York-based company said in a statement late yesterday.
Citigroup follows HSBC Holdings Plc, Societe Generale SA and WestLB AG in bailing out SIVs to avert fire sales of assets. The funds, which sell short-term debt and invest the proceeds in higher-yielding securities, cut their holdings by more than 25 percent since August to $298 billion, according to Moody's. The decline may reduce the urgency for a bailout sponsored by the U.S. Treasury, Citigroup, Bank of America Corp. and JPMorgan Chase & Co.
``That was really the last major outstanding piece of the SIV problem,'' said Peter Crane, founder of Crane Data LLC, the Westborough, Massachusetts-based publisher of Money Fund Intelligence. ``The SIV problem is very close to resolution.''
Standard & Poor's 500 Index futures rose 4.5 to 1503 after Citigroup's announcement.
Moody's lowered Citigroup's credit rating to Aa3, the fourth-highest level, from Aa2 late yesterday. The bank will probably ``take sizable writedowns'' for securities backed by home mortgages and collateralized debt obligations, Moody's Senior Vice President Sean Jones said in a statement.
``Citigroup's weak earnings should prohibit the bank from rapidly restoring weak capital ratios,'' which may lead to further downgrades, Jones said.
Biggest Threats
SIVs emerged in August as one of the biggest threats to capital markets that were rocked by record high defaults on subprime mortgages. Financial institutions have since reported more than $70 billion of losses and writedowns. Citigroup invented SIVs in 1998 and was the biggest manager of the funds.
The average net asset values of SIVs tumbled to 55 percent from 71 percent a month ago and 102 percent in June, according to Moody's. The net asset value is the amount that would be left for investors if a fund had to sell holdings and repay debt. Moody's said Nov. 30 that it may cut the credit ratings on $105 billion of SIV debt.
Concerns about asset values contributed to the sudden increase in corporate borrowing costs by driving investors away from all but the safest government bonds. The amount of U.S. asset-backed commercial paper that SIVs rely on to finance investments fell about 34 percent since August, to $791 billion this week, the lowest since October 2005, the Federal Reserve in Washington said yesterday.
`Best Outcome'
Florida schools and towns pulled almost half their money last month from a $27 billion state-run fund used to pay teachers and other day-to-day expenses after discovering it invested in defaulted and downgraded SIVs. Charlotte, North Carolina-based Bank of America, the second-largest U.S. bank, said last week that it will liquidate a $12 billion enhanced cash fund after losses on holdings that included debt sold by SIVs.
Central banks in the U.S., U.K., Canada, Switzerland and the euro region agreed Dec. 12 to coordinate efforts to restore confidence in the financial system, promote lending between banks and help keep the economy out of recession.
The decision to bring the SIVs onto the balance sheet marks a turnaround for Citigroup. In a Nov. 5 regulatory filing, the company said it ``will not take actions that will require the company to consolidate the SIVs.''
Wiping Away Sins
``After considering a full range of funding options, this commitment is the best outcome for Citi and the SIVs,'' Vikram Pandit, who was named chief executive officer on Dec. 11, said in the statement.
Citigroup has reduced the assets of the SIVs from $87 billion in August. Last month, the company provided $7.6 billion of financing after the SIVs were unable to repay maturing debt. The disclosure in a filing with the U.S. Securities and Exchange Commission came a day after the company announced as much as $11 billion of writedowns on debt linked to subprime mortgages and the resignation of Chief Executive Officer Charles O. ``Chuck'' Prince III.
``It speaks to a change in leadership,'' Joshua Rosner, managing director at Graham Fisher & Co., whose New York-based firm analyzes structured finance and real estate investments. ``It speaks to a new management who can wipe away the sins, call them someone else's and start to heal.''
Citigroup said the decision was independent of the Treasury plan to create the $80 billion so-called SuperSIV that would buy assets from other funds that couldn't finance their investments.
No Need
``The need now has completely gone away,'' said Joseph Mason, associate professor of business at Drexel University in Philadelphia and a former financial economist at the Office of the Comptroller of the Currency. ``They were the only ones keeping it alive.''
Treasury spokeswoman Brookly McLaughlin declined to comment other than to point to Citigroup's statement on the SuperSIV. The company said it ``continues to support'' forming the fund.
Sixty percent of the assets in Citigroup's SIVs are debt owed by financial institutions. Another 13 percent is in mortgage-backed bonds and collateralized debt obligations, which are securities created by packaging bonds and loans. The company said 54 percent have Aaa ratings by Moody's and 43 percent are ranked Aa. The rest is rated A.
The debt Citigroup is assuming consists of $10 billion in commercial paper that matures in an average of 2.4 months. The other $48 billion is in medium-term notes that come due in 10.1 months on average.
Tier 1 Capital
Citigroup didn't give details of how it will finance the assets other than to say it will provide a ``support facility'' that will be in place early next year.
Taking on the SIV assets will reduce the capital ratio that regulators monitor to gauge the bank's ability to withstand losses on bad loans. The so-called Tier 1 ratio will drop by 0.16 percentage point from 7.32 percent as of Sept. 30, according to the company's statement. Citigroup expects the ratio to return to its target level of 7.5 percent by the end of the second quarter of 2008.
Citigroup got a $7.5 billion cash infusion last month by selling a 4.9 percent stake to the ruling family of Abu Dhabi after the bank's capital ratio fell below the company's target.
CIBC World Markets analyst Meredith Whitney says the bank still needs to raise $30 billion more, and may have to cut its dividend.
BLOOMBERG
By Shannon D. Harrington and Elizabeth Hester
Dec. 14 (Bloomberg) -- Citigroup Inc. will take over seven troubled investment funds and assume $58 billion of debt to avoid forced asset sales that would further erode confidence in capital markets. Moody's Investors Service lowered the bank's credit ratings.
The biggest U.S. bank by assets will rescue the so-called structured investment vehicles, or SIVs, taking responsibility for their $49 billion of assets, the New York-based company said in a statement late yesterday.
Citigroup follows HSBC Holdings Plc, Societe Generale SA and WestLB AG in bailing out SIVs to avert fire sales of assets. The funds, which sell short-term debt and invest the proceeds in higher-yielding securities, cut their holdings by more than 25 percent since August to $298 billion, according to Moody's. The decline may reduce the urgency for a bailout sponsored by the U.S. Treasury, Citigroup, Bank of America Corp. and JPMorgan Chase & Co.
``That was really the last major outstanding piece of the SIV problem,'' said Peter Crane, founder of Crane Data LLC, the Westborough, Massachusetts-based publisher of Money Fund Intelligence. ``The SIV problem is very close to resolution.''
Standard & Poor's 500 Index futures rose 4.5 to 1503 after Citigroup's announcement.
Moody's lowered Citigroup's credit rating to Aa3, the fourth-highest level, from Aa2 late yesterday. The bank will probably ``take sizable writedowns'' for securities backed by home mortgages and collateralized debt obligations, Moody's Senior Vice President Sean Jones said in a statement.
``Citigroup's weak earnings should prohibit the bank from rapidly restoring weak capital ratios,'' which may lead to further downgrades, Jones said.
Biggest Threats
SIVs emerged in August as one of the biggest threats to capital markets that were rocked by record high defaults on subprime mortgages. Financial institutions have since reported more than $70 billion of losses and writedowns. Citigroup invented SIVs in 1998 and was the biggest manager of the funds.
The average net asset values of SIVs tumbled to 55 percent from 71 percent a month ago and 102 percent in June, according to Moody's. The net asset value is the amount that would be left for investors if a fund had to sell holdings and repay debt. Moody's said Nov. 30 that it may cut the credit ratings on $105 billion of SIV debt.
Concerns about asset values contributed to the sudden increase in corporate borrowing costs by driving investors away from all but the safest government bonds. The amount of U.S. asset-backed commercial paper that SIVs rely on to finance investments fell about 34 percent since August, to $791 billion this week, the lowest since October 2005, the Federal Reserve in Washington said yesterday.
`Best Outcome'
Florida schools and towns pulled almost half their money last month from a $27 billion state-run fund used to pay teachers and other day-to-day expenses after discovering it invested in defaulted and downgraded SIVs. Charlotte, North Carolina-based Bank of America, the second-largest U.S. bank, said last week that it will liquidate a $12 billion enhanced cash fund after losses on holdings that included debt sold by SIVs.
Central banks in the U.S., U.K., Canada, Switzerland and the euro region agreed Dec. 12 to coordinate efforts to restore confidence in the financial system, promote lending between banks and help keep the economy out of recession.
The decision to bring the SIVs onto the balance sheet marks a turnaround for Citigroup. In a Nov. 5 regulatory filing, the company said it ``will not take actions that will require the company to consolidate the SIVs.''
Wiping Away Sins
``After considering a full range of funding options, this commitment is the best outcome for Citi and the SIVs,'' Vikram Pandit, who was named chief executive officer on Dec. 11, said in the statement.
Citigroup has reduced the assets of the SIVs from $87 billion in August. Last month, the company provided $7.6 billion of financing after the SIVs were unable to repay maturing debt. The disclosure in a filing with the U.S. Securities and Exchange Commission came a day after the company announced as much as $11 billion of writedowns on debt linked to subprime mortgages and the resignation of Chief Executive Officer Charles O. ``Chuck'' Prince III.
``It speaks to a change in leadership,'' Joshua Rosner, managing director at Graham Fisher & Co., whose New York-based firm analyzes structured finance and real estate investments. ``It speaks to a new management who can wipe away the sins, call them someone else's and start to heal.''
Citigroup said the decision was independent of the Treasury plan to create the $80 billion so-called SuperSIV that would buy assets from other funds that couldn't finance their investments.
No Need
``The need now has completely gone away,'' said Joseph Mason, associate professor of business at Drexel University in Philadelphia and a former financial economist at the Office of the Comptroller of the Currency. ``They were the only ones keeping it alive.''
Treasury spokeswoman Brookly McLaughlin declined to comment other than to point to Citigroup's statement on the SuperSIV. The company said it ``continues to support'' forming the fund.
Sixty percent of the assets in Citigroup's SIVs are debt owed by financial institutions. Another 13 percent is in mortgage-backed bonds and collateralized debt obligations, which are securities created by packaging bonds and loans. The company said 54 percent have Aaa ratings by Moody's and 43 percent are ranked Aa. The rest is rated A.
The debt Citigroup is assuming consists of $10 billion in commercial paper that matures in an average of 2.4 months. The other $48 billion is in medium-term notes that come due in 10.1 months on average.
Tier 1 Capital
Citigroup didn't give details of how it will finance the assets other than to say it will provide a ``support facility'' that will be in place early next year.
Taking on the SIV assets will reduce the capital ratio that regulators monitor to gauge the bank's ability to withstand losses on bad loans. The so-called Tier 1 ratio will drop by 0.16 percentage point from 7.32 percent as of Sept. 30, according to the company's statement. Citigroup expects the ratio to return to its target level of 7.5 percent by the end of the second quarter of 2008.
Citigroup got a $7.5 billion cash infusion last month by selling a 4.9 percent stake to the ruling family of Abu Dhabi after the bank's capital ratio fell below the company's target.
CIBC World Markets analyst Meredith Whitney says the bank still needs to raise $30 billion more, and may have to cut its dividend.
BLOOMBERG
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