Deutsche Boerse Cuts Volkswagen DAX Weighting Following Surge
Oct. 28 (Bloomberg) -- Deutsche Boerse AG reduced Volkswagen AG's weighting in the DAX Index to 10 percent after the shares surged almost fivefold in the past two days.
The rally had driven the company's weighting in the measure to 27 percent from 6.8 percent on Oct. 24, according to data compiled by Bloomberg.
BLOOMBERG
Economy | Business | Social | Leaked | Opinions
Tuesday, October 28, 2008
Ηοnda: Kάμψη κερδών κατά 41%
Ηοnda: Kάμψη κερδών κατά 41%
Σημαντική πτώση εμφάνισαν τα κέρδη της ιαπωνικής αυτοκινητοβιομχανίας Honda στο δεύτερο οικονομικό της τρίμηνο λόγω της μειωμένης ζήτησης στις ΗΠΑ και της ισχυροποίησης του γιεν [JPY=X] έναντι του δολαρίου.
Συγκεκριμένα, στο τρίμηνο που ολοκληρώθηκε τον Σεπτέμβριο, τα κέρδη της ιαπωνικής εταιρείας διαμορφώθηκαν στα 123,3 δισ. γιεν (1,3 δισ. δολ.) έναντι 208,5 δισ. γιεν στο αντίστοιχο περυσινό χρονικό διάστημα.
Οι πωλήσεις της μειώθηκαν κατά 4,9%, στα 2,83 τρισ. γιεν.
NAFTEMPORIKI
Σημαντική πτώση εμφάνισαν τα κέρδη της ιαπωνικής αυτοκινητοβιομχανίας Honda στο δεύτερο οικονομικό της τρίμηνο λόγω της μειωμένης ζήτησης στις ΗΠΑ και της ισχυροποίησης του γιεν [JPY=X] έναντι του δολαρίου.
Συγκεκριμένα, στο τρίμηνο που ολοκληρώθηκε τον Σεπτέμβριο, τα κέρδη της ιαπωνικής εταιρείας διαμορφώθηκαν στα 123,3 δισ. γιεν (1,3 δισ. δολ.) έναντι 208,5 δισ. γιεν στο αντίστοιχο περυσινό χρονικό διάστημα.
Οι πωλήσεις της μειώθηκαν κατά 4,9%, στα 2,83 τρισ. γιεν.
NAFTEMPORIKI
ΗΠΑ: Σε ιστορικά χαμηλά η καταναλωτική εμπιστοσύνη
ΗΠΑ: Σε ιστορικά χαμηλά η καταναλωτική εμπιστοσύνη
Στα χαμηλότερα επίπεδα όλων των εποχών διολίσθησε τον Οκτώβριο ο δείκτης καταναλωτικής εμπιστοσύνης στις Ηνωμένες Πολιτείες, γεγονός που εντείνει τις ανησυχίες για το ενδεχόμενο σημαντικής επιβράδυνσης των καταναλωτικών δαπανών.
Σύμφωνα με έρευνα του ινστιτούτου Conference Board, ο παραπάνω δείκτης διαμορφώθηκε στο 38, στο χαμηλότερο σημείο από το 1967, όταν πρωτοάρχισε η καταγραφή των σχετικών στοιχείων.
NAFTEMPORIKI
Στα χαμηλότερα επίπεδα όλων των εποχών διολίσθησε τον Οκτώβριο ο δείκτης καταναλωτικής εμπιστοσύνης στις Ηνωμένες Πολιτείες, γεγονός που εντείνει τις ανησυχίες για το ενδεχόμενο σημαντικής επιβράδυνσης των καταναλωτικών δαπανών.
Σύμφωνα με έρευνα του ινστιτούτου Conference Board, ο παραπάνω δείκτης διαμορφώθηκε στο 38, στο χαμηλότερο σημείο από το 1967, όταν πρωτοάρχισε η καταγραφή των σχετικών στοιχείων.
NAFTEMPORIKI
GLOBAL INDEXES
FTSE 100 INDEX 3,926.38 73.79 1.92%
CAC 40 INDEX 3,114.92 47.57 1.55%
DAX INDEX 4,823.45 488.81 11.28%
==================================
US
DOW JONES INDUS. AVG 9,065.12 889.35 10.88%
S&P 500 INDEX 940.51 91.59 10.79%
NASDAQ COMPOSITE INDEX 1,649.47 143.57 9.53%
CAC 40 INDEX 3,114.92 47.57 1.55%
DAX INDEX 4,823.45 488.81 11.28%
==================================
US
DOW JONES INDUS. AVG 9,065.12 889.35 10.88%
S&P 500 INDEX 940.51 91.59 10.79%
NASDAQ COMPOSITE INDEX 1,649.47 143.57 9.53%
UK: Repossessions soar by 71%
The Financial Services Authority has warned that around 310,000 borrowers are behind on mortgage payments and repossessions have soared by 71% compared to last year.
The financial watchdog’s report on mortgage lending shows the number of borrowers not paying back their loan jumped to 310,000 in the second quarter of 2008 from 270,000 in the same period last year - a jump of 13.5%.
The number of loans in arrears jumped by 10,500 in the first quarter of 2008 alone. Now problem mortgages account for 2.58% of all outstanding home loans.
The number of homes being repossessed by banks shot up by 71% in the last year, according to figures the FSA took from 300 mortgage lenders and administrators. Repossessions jumped to 11,000 in the second quarter from 6,500 in the same period of 2008 and from 9,100 in this year's first three months.
The government issued new court rules last week which it claimed would make repossession the last resort for banks.
Some homeowners are struggling to meet mortgage payments because of the sharp rise in mortgage rates plus growing food and energy bills. The Bank of England today warned many first-time buyers are being forced into negative equity by house prices which have fallen 12% since their summer 2007 peak and mortgage rates may jump by 2% for some high-risk borrowers.
The figures from the FSA show the continuing fall in mortgage lending with gross advances dropping by 26% in a year to £72 billion in the second quarter from £96 billion in the same period of 2007.
The FSA defines a mortgage in arrears when the borrower has missed payments which add up to 1.5% of the total loan. The financial watchdog said it used this measure because figures based on the number of months behind on payment can be affected by changes in interest rates.
CITYWIRE.CO.UK
The financial watchdog’s report on mortgage lending shows the number of borrowers not paying back their loan jumped to 310,000 in the second quarter of 2008 from 270,000 in the same period last year - a jump of 13.5%.
The number of loans in arrears jumped by 10,500 in the first quarter of 2008 alone. Now problem mortgages account for 2.58% of all outstanding home loans.
The number of homes being repossessed by banks shot up by 71% in the last year, according to figures the FSA took from 300 mortgage lenders and administrators. Repossessions jumped to 11,000 in the second quarter from 6,500 in the same period of 2008 and from 9,100 in this year's first three months.
The government issued new court rules last week which it claimed would make repossession the last resort for banks.
Some homeowners are struggling to meet mortgage payments because of the sharp rise in mortgage rates plus growing food and energy bills. The Bank of England today warned many first-time buyers are being forced into negative equity by house prices which have fallen 12% since their summer 2007 peak and mortgage rates may jump by 2% for some high-risk borrowers.
The figures from the FSA show the continuing fall in mortgage lending with gross advances dropping by 26% in a year to £72 billion in the second quarter from £96 billion in the same period of 2007.
The FSA defines a mortgage in arrears when the borrower has missed payments which add up to 1.5% of the total loan. The financial watchdog said it used this measure because figures based on the number of months behind on payment can be affected by changes in interest rates.
CITYWIRE.CO.UK
Google Settles Scanning Suits, Clears Way for Online Publishing
Google Settles Scanning Suits, Clears Way for Online Publishing
Oct. 28 (Bloomberg) -- Google Inc. will pay $125 million to settle copyright lawsuits filed by publishers and authors over its book-scanning project, a ``historic'' settlement that the company said clears the way for online book publishing.
The owner of the most popular Internet search engine said today's agreement will enable it to expand the Google Book program to include millions of copyrighted and out-of-print books, allow users to buy them and provide free access from U.S. libraries.
``The tremendous wealth of knowledge that lies within the books of the world will now be at their fingertips,'' Google co- founder Sergey Brin said today in a statement, calling the accord ``historic.''
Google's book search project, which began in 2004, works with Harvard University, the New York Public Library and other organizations to scan books. The company also works with about 10,000 publishers to digitize their books. In May, Microsoft Corp., the world's biggest software maker, ended a program that let Web users search through digital versions of books, ceding the market to Google.
Today's deal also includes a program to create a registry to compensate publishers and authors, Mountain View, California- based Google said in the statement. The settlement funds will be used to create the registry, provide compensation and cover legal fees, according to the company.
``The agreement creates an innovative framework for the use of copyrighted material in a rapidly digitizing world,'' Richard Sarnoff, chairman of the Association of American Publishers, said today in a statement.
The Author's Guild sued Google in September 2005, accusing it of using its technology and clout to infringe copyrights on a massive scale. The parties today filed a motion in Manhattan federal court to approve the settlement. Five members of the Association of American Publishers also sued in 2005.
The cases are The Author's Guild v. Google Inc., 05cv8136 and the McGraw-Hill Cos. v Google Inc., 05cv8881, both U.S. District Court for the Southern District of New York (Manhattan).
BLOOMBERG
Oct. 28 (Bloomberg) -- Google Inc. will pay $125 million to settle copyright lawsuits filed by publishers and authors over its book-scanning project, a ``historic'' settlement that the company said clears the way for online book publishing.
The owner of the most popular Internet search engine said today's agreement will enable it to expand the Google Book program to include millions of copyrighted and out-of-print books, allow users to buy them and provide free access from U.S. libraries.
``The tremendous wealth of knowledge that lies within the books of the world will now be at their fingertips,'' Google co- founder Sergey Brin said today in a statement, calling the accord ``historic.''
Google's book search project, which began in 2004, works with Harvard University, the New York Public Library and other organizations to scan books. The company also works with about 10,000 publishers to digitize their books. In May, Microsoft Corp., the world's biggest software maker, ended a program that let Web users search through digital versions of books, ceding the market to Google.
Today's deal also includes a program to create a registry to compensate publishers and authors, Mountain View, California- based Google said in the statement. The settlement funds will be used to create the registry, provide compensation and cover legal fees, according to the company.
``The agreement creates an innovative framework for the use of copyrighted material in a rapidly digitizing world,'' Richard Sarnoff, chairman of the Association of American Publishers, said today in a statement.
The Author's Guild sued Google in September 2005, accusing it of using its technology and clout to infringe copyrights on a massive scale. The parties today filed a motion in Manhattan federal court to approve the settlement. Five members of the Association of American Publishers also sued in 2005.
The cases are The Author's Guild v. Google Inc., 05cv8136 and the McGraw-Hill Cos. v Google Inc., 05cv8881, both U.S. District Court for the Southern District of New York (Manhattan).
BLOOMBERG
Consumer Confidence in U.S. Plunged to Record Low
Consumer Confidence in U.S. Plunged to Record Low
Oct. 28 (Bloomberg) -- U.S. consumer confidence fell to the lowest level on record in October as stocks plunged and banks shut off credit, raising the risk spending will tumble.
The Conference Board's confidence index decreased to 38, less than forecast and the lowest reading since monthly records began in 1967, the New York-based research group said today. A separate report showed home values continued to drop in August.
Household wealth has evaporated as the Standard & Poor's 500 index verged on its worst one-month loss in 70 years, home equity shrank and job losses mounted. The dimming outlook signals consumer spending, which accounts for more than two-thirds of the economy, will deteriorate further, deepening the U.S. slump.
``The economy feels like it is contracting at a rapid pace,'' Lewis Alexander, chief economist at Citigroup Global Markets Inc. in New York, said in a Bloomberg Television interview. ``It's clear that consumers have really been affected by the volatility we've seen in the last six weeks.''
The report underscores voter discontent with the country's direction heading into the Nov. 4 presidential election. A majority of voters think Illinois Senator Barack Obama, the Democrat, will be better able to handle the economic turmoil than Republican rival John McCain, according to polls.
Consumer confidence was projected to drop to 52, according to the median estimate in a Bloomberg News survey of 66 economists. Forecasts ranged from 45 to 56.6. September's reading was revised up to 61.4 from an originally reported 59.8.
Market Reaction
Stocks gave up some of their earlier gains following the report. The Standard & Poor's 500 index rose 15.3 points, or 1.8 percent, to 864.2 at 10:24 a.m. in New York, after being up almost 33 points earlier. Treasury securities fell.
The 23.4-point drop this month was the third biggest on record, trailing two plunges in the early 1970s linked to oil shocks. Measures on current conditions and expectations both declined.
``It doesn't get much worse than this,'' said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. ``There's a risk of a deeper, longer-lasting recession.''
Home prices in 20 U.S. metropolitan areas dropped 16.6 percent in August from the same month in 2007, the fastest pace since year-over-year records began in 2001, a report from S&P/Case-Shiller today also showed. For a fifth consecutive month, all areas showed a decrease in prices from a year earlier.
The housing slump is likely to extend well into a fourth year as foreclosures put more properties on the market and drive down prices even more.
Components Drop
The Conference Board's measure of present conditions dropped to 41.9 from 61.1 the prior month. The gauge of expectations for the next six months slumped to 35.5 from 61.5.
The share of consumers who said jobs are plentiful dropped to 8.9 percent from 12.6 percent last month. The proportion of people who said jobs are hard to get jumped 5 points to 37.2 percent.
The proportion of people who expect their incomes to rise over the next six months dropped to 10.8 percent from 15.1 percent. The share expecting more jobs decreased to 7.4 percent from 11.9 percent.
The confidence figures corroborate declines seen in other measures. A report earlier this month showed the Reuters/University of Michigan preliminary index of consumer sentiment decreased in October by the most on record.
The Conference Board's index tends to be more influenced by attitudes about the labor market, economists have said.
Job Losses
The economy lost jobs for nine consecutive months through September, bringing the total drop in payrolls to 760,000 this year, Labor Department figures showed. Some economists anticipate job losses accelerated in October.
Consumer spending probably dropped last quarter by the most in almost two decades, economists forecast a Commerce Department report will show in two days. As a result, the economy probably shrank from July to September, the survey showed.
Today's confidence report showed fewer people planned to purchase automobiles and major appliances. Home-buying plans improved.
The slump in spending may be even bigger this quarter as consumers retrench. The International Council of Shopping Centers predicts the November-December holiday season, which brings in more than a third of some retailers' annual sales, will be the weakest since 2002.
The credit freeze ``impacted consumers' attitudes,'' Farooq Kathwari, chief executive officer of home-furnishings retailer Ethan Allen Interiors Inc., said in a Bloomberg Television interview this month. ``People are cautious, people are holding back.''
BLOOMBERG
Oct. 28 (Bloomberg) -- U.S. consumer confidence fell to the lowest level on record in October as stocks plunged and banks shut off credit, raising the risk spending will tumble.
The Conference Board's confidence index decreased to 38, less than forecast and the lowest reading since monthly records began in 1967, the New York-based research group said today. A separate report showed home values continued to drop in August.
Household wealth has evaporated as the Standard & Poor's 500 index verged on its worst one-month loss in 70 years, home equity shrank and job losses mounted. The dimming outlook signals consumer spending, which accounts for more than two-thirds of the economy, will deteriorate further, deepening the U.S. slump.
``The economy feels like it is contracting at a rapid pace,'' Lewis Alexander, chief economist at Citigroup Global Markets Inc. in New York, said in a Bloomberg Television interview. ``It's clear that consumers have really been affected by the volatility we've seen in the last six weeks.''
The report underscores voter discontent with the country's direction heading into the Nov. 4 presidential election. A majority of voters think Illinois Senator Barack Obama, the Democrat, will be better able to handle the economic turmoil than Republican rival John McCain, according to polls.
Consumer confidence was projected to drop to 52, according to the median estimate in a Bloomberg News survey of 66 economists. Forecasts ranged from 45 to 56.6. September's reading was revised up to 61.4 from an originally reported 59.8.
Market Reaction
Stocks gave up some of their earlier gains following the report. The Standard & Poor's 500 index rose 15.3 points, or 1.8 percent, to 864.2 at 10:24 a.m. in New York, after being up almost 33 points earlier. Treasury securities fell.
The 23.4-point drop this month was the third biggest on record, trailing two plunges in the early 1970s linked to oil shocks. Measures on current conditions and expectations both declined.
``It doesn't get much worse than this,'' said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. ``There's a risk of a deeper, longer-lasting recession.''
Home prices in 20 U.S. metropolitan areas dropped 16.6 percent in August from the same month in 2007, the fastest pace since year-over-year records began in 2001, a report from S&P/Case-Shiller today also showed. For a fifth consecutive month, all areas showed a decrease in prices from a year earlier.
The housing slump is likely to extend well into a fourth year as foreclosures put more properties on the market and drive down prices even more.
Components Drop
The Conference Board's measure of present conditions dropped to 41.9 from 61.1 the prior month. The gauge of expectations for the next six months slumped to 35.5 from 61.5.
The share of consumers who said jobs are plentiful dropped to 8.9 percent from 12.6 percent last month. The proportion of people who said jobs are hard to get jumped 5 points to 37.2 percent.
The proportion of people who expect their incomes to rise over the next six months dropped to 10.8 percent from 15.1 percent. The share expecting more jobs decreased to 7.4 percent from 11.9 percent.
The confidence figures corroborate declines seen in other measures. A report earlier this month showed the Reuters/University of Michigan preliminary index of consumer sentiment decreased in October by the most on record.
The Conference Board's index tends to be more influenced by attitudes about the labor market, economists have said.
Job Losses
The economy lost jobs for nine consecutive months through September, bringing the total drop in payrolls to 760,000 this year, Labor Department figures showed. Some economists anticipate job losses accelerated in October.
Consumer spending probably dropped last quarter by the most in almost two decades, economists forecast a Commerce Department report will show in two days. As a result, the economy probably shrank from July to September, the survey showed.
Today's confidence report showed fewer people planned to purchase automobiles and major appliances. Home-buying plans improved.
The slump in spending may be even bigger this quarter as consumers retrench. The International Council of Shopping Centers predicts the November-December holiday season, which brings in more than a third of some retailers' annual sales, will be the weakest since 2002.
The credit freeze ``impacted consumers' attitudes,'' Farooq Kathwari, chief executive officer of home-furnishings retailer Ethan Allen Interiors Inc., said in a Bloomberg Television interview this month. ``People are cautious, people are holding back.''
BLOOMBERG
Ε.Ε.: Πράσινο στο σχέδιο ενίσχυσης των γερμανικών τραπεζών
Ε.Ε.: Πράσινο στο σχέδιο ενίσχυσης των γερμανικών τραπεζών
Η Ευρωπαϊκή Επιτροπή επικύρωσε χθες βράδυ το γερμανικό σχέδιο βοήθειας στον τραπεζικό τομέα, το οποίο προβλέπει πιστωτικές εγγυήσεις 400 δισεκατομμυρίων ευρώ και ενέσεις κεφαλαίου 80 δισεκατομμυρίων ευρώ, ανακοίνωσε σήμερα το υπουργείο Οικονομικών.
Η γερμανική κυβέρνηση "χαιρετίζει" το πράσινο φως που έδωσε ταχέως η Ευρωπαϊκή Επιτροπή και υπογραμμίζει πως "κανείς πλέον δεν αντιτίθεται στην υλοποίηση" αυτού του μηχανισμού.
NAFTEMPORIKI
Η Ευρωπαϊκή Επιτροπή επικύρωσε χθες βράδυ το γερμανικό σχέδιο βοήθειας στον τραπεζικό τομέα, το οποίο προβλέπει πιστωτικές εγγυήσεις 400 δισεκατομμυρίων ευρώ και ενέσεις κεφαλαίου 80 δισεκατομμυρίων ευρώ, ανακοίνωσε σήμερα το υπουργείο Οικονομικών.
Η γερμανική κυβέρνηση "χαιρετίζει" το πράσινο φως που έδωσε ταχέως η Ευρωπαϊκή Επιτροπή και υπογραμμίζει πως "κανείς πλέον δεν αντιτίθεται στην υλοποίηση" αυτού του μηχανισμού.
NAFTEMPORIKI
Iσλανδία: Aύξηση του βασικού επιτοκίου στο 18%
Iσλανδία: Aύξηση του βασικού επιτοκίου στο 18%
Η κεντρική τράπεζα της Ισλανδίας ανακοίνωσε την αύξηση κατά έξι ποσοστιαίες μονάδες του κυριότερου διοικητικού επιτοκίου της, στο 18%, προκειμένου να αντιμετωπίσει την κρίση. Πρόκειται για το υψηλότερο επιτόκιο στην Ευρώπη.
Η Ισλανδία, της οποίας το τραπεζικό σύστημα ισοπεδώθηκε από τη χρηματοπιστωτική κρίση, είδε το νόμισμά της, την κορώνα, να χάνει περίπου το 40% της αξίας της από την αρχή του έτους, με αποτέλεσμα τη σημαντική αύξηση του κόστους των εισαγωγών της.
Τον Οκτώβριο, ο πληθωρισμός στη χώρα επιταχύνθηκε για να φθάσει το 15,9%, ποσοστό που αποτελεί ρεκόρ, έναντι 14,0% το Σεπτέμβριο.
Ο καλπάζων πληθωρισμός απειλεί να στερήσει από τους 320.000 κατοίκους του νησιού τρέχοντα καταναλωτικά αγαθά, στην πλειοψηφία τους εισαγόμενα.
Η ανακοίνωση της Sedlabanki έρχεται λιγότερο από δύο εβδομάδες μετά την απόφαση της ίδιας κεντρικής τράπεζας να μειώσει το επιτόκιό της κατά 3,5 μονάδες, στο 12%, στην προσπάθεια να προσδώσει κάποια ενέργεια σε μία οικονομία παραδομένη στην ισχυρή ύφεση.
NAFTEMPORIKI
Η κεντρική τράπεζα της Ισλανδίας ανακοίνωσε την αύξηση κατά έξι ποσοστιαίες μονάδες του κυριότερου διοικητικού επιτοκίου της, στο 18%, προκειμένου να αντιμετωπίσει την κρίση. Πρόκειται για το υψηλότερο επιτόκιο στην Ευρώπη.
Η Ισλανδία, της οποίας το τραπεζικό σύστημα ισοπεδώθηκε από τη χρηματοπιστωτική κρίση, είδε το νόμισμά της, την κορώνα, να χάνει περίπου το 40% της αξίας της από την αρχή του έτους, με αποτέλεσμα τη σημαντική αύξηση του κόστους των εισαγωγών της.
Τον Οκτώβριο, ο πληθωρισμός στη χώρα επιταχύνθηκε για να φθάσει το 15,9%, ποσοστό που αποτελεί ρεκόρ, έναντι 14,0% το Σεπτέμβριο.
Ο καλπάζων πληθωρισμός απειλεί να στερήσει από τους 320.000 κατοίκους του νησιού τρέχοντα καταναλωτικά αγαθά, στην πλειοψηφία τους εισαγόμενα.
Η ανακοίνωση της Sedlabanki έρχεται λιγότερο από δύο εβδομάδες μετά την απόφαση της ίδιας κεντρικής τράπεζας να μειώσει το επιτόκιό της κατά 3,5 μονάδες, στο 12%, στην προσπάθεια να προσδώσει κάποια ενέργεια σε μία οικονομία παραδομένη στην ισχυρή ύφεση.
NAFTEMPORIKI
Τρισέ: Πιθανή μια μείωση των επιτοκίων στις 6 Νοεμβρίου
Τρισέ: Πιθανή μια μείωση των επιτοκίων στις 6 Νοεμβρίου
Η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) πιθανόν να μειώσει τα επιτόκια στην προσεχή συνεδρίαση των μελών της, στις 6 Νοεμβρίου, δήλωσε σήμερα ο διοικητής της τράπεζας Ζαν-Κλοντ Τρισέ, όπως μεταδίδουν τα ξένα ειδησεογραφικά πρακτορεία.
Ο Τρισέ φέρεται να υποστήριξε ότι η απόφαση της ΕΚΤ θα εξαρτηθεί από τα προσεχή στοιχεία και θα είναι συνδεδεμένη με την ανάγκη διατήρησης της σταθερότητας των τιμών.
Η ΕΚΤ μείωσε το βασικό της επιτόκιο στο 3,75% από 4,25%, τον περασμένο μήνα, στο πλαίσιο συντονισμένης προσπάθειας των μεγάλων κεντρικών τραπεζών να περιορίσουν το κόστος δανεισμού.
NAFTEMPORIKI
Η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) πιθανόν να μειώσει τα επιτόκια στην προσεχή συνεδρίαση των μελών της, στις 6 Νοεμβρίου, δήλωσε σήμερα ο διοικητής της τράπεζας Ζαν-Κλοντ Τρισέ, όπως μεταδίδουν τα ξένα ειδησεογραφικά πρακτορεία.
Ο Τρισέ φέρεται να υποστήριξε ότι η απόφαση της ΕΚΤ θα εξαρτηθεί από τα προσεχή στοιχεία και θα είναι συνδεδεμένη με την ανάγκη διατήρησης της σταθερότητας των τιμών.
Η ΕΚΤ μείωσε το βασικό της επιτόκιο στο 3,75% από 4,25%, τον περασμένο μήνα, στο πλαίσιο συντονισμένης προσπάθειας των μεγάλων κεντρικών τραπεζών να περιορίσουν το κόστος δανεισμού.
NAFTEMPORIKI
ASIA TODAY
NIKKEI 225 7,621.92 459.02 6.41%
HANG SENG INDEX 12,596.29 1,580.45 14.35%
CSI 300 INDEX 1,705.82 51.15 3.09%
HANG SENG INDEX 12,596.29 1,580.45 14.35%
CSI 300 INDEX 1,705.82 51.15 3.09%
Fed: Aρχισε η αγορά βραχυπρόθεσμων εταιρικών ομολόγων
Fed: Aρχισε η αγορά βραχυπρόθεσμων εταιρικών ομολόγων
Σε εφαρμογή τέθηκε σήμερα το πρόγραμμα της Fed για την αγορά βραχυπρόθεσμων εταιρικών ομολόγων, σε μια προσπάθεια να αναθερμάνει τις «παγωμένες» εδώ και καιρό αγορές χρέους.
Κάνοντας λόγο για «ασυνήθιστες» καταστάσεις, που χρήζουν «άμεσης αντιμετώπισης», η κεντρική τράπεζα των ΗΠΑ ανακοίνωσε τις προηγούμενες ημέρες ότι συστήνει ειδικό φορέα για την αγορά εταιρικών ομολόγων τριμήνου απευθείας από τους εκδότες. Με τα ομόλογα αυτά οι εταιρείες χρηματοδοτούν τις καθημερινές τους δραστηριότητες.
Το πρόγραμμα που ανακοίνωσε η Fed θα λήξει τον Απρίλιο του 2009.
NAFTEMPORIKI
Σε εφαρμογή τέθηκε σήμερα το πρόγραμμα της Fed για την αγορά βραχυπρόθεσμων εταιρικών ομολόγων, σε μια προσπάθεια να αναθερμάνει τις «παγωμένες» εδώ και καιρό αγορές χρέους.
Κάνοντας λόγο για «ασυνήθιστες» καταστάσεις, που χρήζουν «άμεσης αντιμετώπισης», η κεντρική τράπεζα των ΗΠΑ ανακοίνωσε τις προηγούμενες ημέρες ότι συστήνει ειδικό φορέα για την αγορά εταιρικών ομολόγων τριμήνου απευθείας από τους εκδότες. Με τα ομόλογα αυτά οι εταιρείες χρηματοδοτούν τις καθημερινές τους δραστηριότητες.
Το πρόγραμμα που ανακοίνωσε η Fed θα λήξει τον Απρίλιο του 2009.
NAFTEMPORIKI
Προβλέψεις για περικοπή ενός εκατ. θέσεων εργασίας στην ΕΕ το 2009
Προβλέψεις για περικοπή ενός εκατ. θέσεων εργασίας στην ΕΕ το 2009
Μείωση των επιτοκίων ζητούν οι επιχειρήσεις στο χώρο της Ευρωπαϊκής Ένωσης, εν μέσω προβλέψεων ότι η οικονομική επιβράδυνση στην Ευρώπη μπορεί να οδηγήσει στην περικοπή περισσοτέρων του ενός εκατομμυρίου θέσεων εργασίας το 2009.
Εξάλλου, η BusinessEurope, στην οποία μετέχουν οι εθνικές ομοσπονδίες επιχειρήσεων από 34 ευρωπαϊκές χώρες, κάλεσε τις ευρωπαϊκές κυβερνήσεις να διασφαλίσουν τη ροή χρηματοδότησης και να υιοθετήσουν μεταρρυθμίσεις με στόχο την ενίσχυση της ανταγωνιστικότητας της Ευρώπης.
Βάσει των πιο πρόσφατων οικονομικών προοπτικών της BusinessEurope, το Ακαθάριστο Εγχώριο Προϊόν της ΕΕ αναμένεται να αυξηθεί κατά 0,4% το 2009, σε σύγκριση με το 1,4% το τρέχον έτος, με τις εισαγωγές, τις εξαγωγές και την ιδιωτική κατανάλωση να μειώνονται.
Η ανεργία αναμένεται να αυξηθεί από το 7% στο 7,8% του οικονομικά ενεργού πληθυσμού, με την περικοπή 1,1 εκατ. θέσεων εργασίας και ενώ το τρέχον έτος δημιουργήθηκαν περισσότερες από 2 εκατ. θέσεις εργασίας.
NAFTEMPORIKI
Μείωση των επιτοκίων ζητούν οι επιχειρήσεις στο χώρο της Ευρωπαϊκής Ένωσης, εν μέσω προβλέψεων ότι η οικονομική επιβράδυνση στην Ευρώπη μπορεί να οδηγήσει στην περικοπή περισσοτέρων του ενός εκατομμυρίου θέσεων εργασίας το 2009.
Εξάλλου, η BusinessEurope, στην οποία μετέχουν οι εθνικές ομοσπονδίες επιχειρήσεων από 34 ευρωπαϊκές χώρες, κάλεσε τις ευρωπαϊκές κυβερνήσεις να διασφαλίσουν τη ροή χρηματοδότησης και να υιοθετήσουν μεταρρυθμίσεις με στόχο την ενίσχυση της ανταγωνιστικότητας της Ευρώπης.
Βάσει των πιο πρόσφατων οικονομικών προοπτικών της BusinessEurope, το Ακαθάριστο Εγχώριο Προϊόν της ΕΕ αναμένεται να αυξηθεί κατά 0,4% το 2009, σε σύγκριση με το 1,4% το τρέχον έτος, με τις εισαγωγές, τις εξαγωγές και την ιδιωτική κατανάλωση να μειώνονται.
Η ανεργία αναμένεται να αυξηθεί από το 7% στο 7,8% του οικονομικά ενεργού πληθυσμού, με την περικοπή 1,1 εκατ. θέσεων εργασίας και ενώ το τρέχον έτος δημιουργήθηκαν περισσότερες από 2 εκατ. θέσεις εργασίας.
NAFTEMPORIKI
Ανακάμπτουν τα ευρωπαϊκά χρηματιστήρια
Ανακάμπτουν τα ευρωπαϊκά χρηματιστήρια
Ανοδο για πρώτη φορά ύστερα από πέντε συνεχόμενες πτωτικές συνεδριάσεις σημειώνουν σήμερα οι δείκτες των ευρωπαϊκών χρηματιστηρίων.
Η ανάκαμψη των ευρωπαϊκών μετοχών αποδίδεται κυρίως στο ράλι των χρηματιστηριακών δεικτών στην Ασία και στα καλύτερα του αναμενόμενου αποτελέσματα του πετρελαϊκού κολοσσού BP για το τρίτο τρίμηνο.
Στις 10:18 o πανευρωπαϊκός δείκτης FTSEurofirst 300 διαμορφωνόταν στις 837,89 μονάδες ενισχυμένος κατά 2,7%.
Από τις αρχές Οκτωβρίου ο εν λόγω δείκτης χάνει 23%.
Οι μετοχές των πετρελαϊκών Total, ENI και Royal Dutch Shell σημειώνουν άνοδο μεταξύ 3% και 5,2%.
NAFTEMPORIKI
Ανοδο για πρώτη φορά ύστερα από πέντε συνεχόμενες πτωτικές συνεδριάσεις σημειώνουν σήμερα οι δείκτες των ευρωπαϊκών χρηματιστηρίων.
Η ανάκαμψη των ευρωπαϊκών μετοχών αποδίδεται κυρίως στο ράλι των χρηματιστηριακών δεικτών στην Ασία και στα καλύτερα του αναμενόμενου αποτελέσματα του πετρελαϊκού κολοσσού BP για το τρίτο τρίμηνο.
Στις 10:18 o πανευρωπαϊκός δείκτης FTSEurofirst 300 διαμορφωνόταν στις 837,89 μονάδες ενισχυμένος κατά 2,7%.
Από τις αρχές Οκτωβρίου ο εν λόγω δείκτης χάνει 23%.
Οι μετοχές των πετρελαϊκών Total, ENI και Royal Dutch Shell σημειώνουν άνοδο μεταξύ 3% και 5,2%.
NAFTEMPORIKI
BG Offers $3.1 Billion in Cash for Australia's Queensland Gas
BG Offers $3.1 Billion in Cash for Australia's Queensland Gas
Oct. 28 (Bloomberg) -- BG Group Plc, the third-biggest U.K. oil and gas producer, agreed to pay A$5.2 billion ($3.1 billion) for the rest of Queensland Gas Co. as it seeks to ensure the development of a planned gas export project in Australia.
BG will pay A$5.75 a share in cash, 80 percent more than Queensland Gas's last closing price, the companies said in a statement today. BG already owns a 9.9 percent stake in the Brisbane, Australia-based company.
BG Chief Executive Officer Frank Chapman, 55, last month failed in a A$13.5 billion offer for Origin Energy Ltd., Australia's biggest producer of gas from coal seams, after Origin attracted an investment of as much as $8 billion from ConocoPhillips. Buying Queensland Gas may ensure BG's project starts up before rival ventures seeking to tap Pacific region liquefied natural gas demand that Wood Mackenzie Consultants Ltd. says may jump 83 percent by 2020.
``Perhaps one of the things that BG is looking at is to get this project up and beat others to the market; that would make sense,'' said Stuart Baker, an oil and gas analyst at Morgan Stanley in Melbourne. ``At the end of the day LNG is a game for people with balance sheets; if you look around the world it's not something that small companies can manage well.''
Based on Queensland Gas's proven, probable and possible reserves, the offer price is about half as much as Houston-based ConocoPhillips paid for the Origin venture.
Risk, Uncertainty
Along with its existing holding, BG has secured pre-bid agreements or conditional commitments for 46.2 percent of Queensland Gas's shares. Those include acceptances from the two biggest institutional investors, ANZ Infrastructure Services Pty and Sentient Group, and from the chairman and managing director. They also include the stakes of the largest shareholder, AGL Energy Ltd., and directors that are conditional on there being no higher offer.
Queensland Gas jumped in Sydney trading, matching the offer price by rising to A$5.75 at 3:23 p.m. AGL advanced 5.4 percent to A$14.12. BG slumped 7.4 percent in London yesterday, extending a similar drop on Oct. 24.
The offer is still below Queensland Gas's record of A$6.39 reached less than five months ago. Since that time crude-oil prices have halved in New York and the collapse of Lehman Brothers Inc. has led to a slump in lending and tumbling stock prices.
``The risk and uncertainty facing the future clearly did change,'' Queensland Gas Managing Director Richard Cottee, 53, said on a conference call, citing an increase in Queensland Gas's weighted average cost of capital, or WACC, since the worsening of the credit crisis. ``Our WACC got whacked in the last eight weeks. We obviously believe this is delivering, in a net present value sense, the best return for our shareholders given certainty and risk.''
`Run Faster'
Should BG buy all of Queensland Gas, it will take 100 percent ownership of their proposed A$8 billion LNG project near Gladstone on the Queensland coast to tap rising demand for cleaner-burning fuel in Asia. Two rival ventures, comprising ConocoPhillips and Origin, and Malaysia's Petroliam Nasional Bhd. and Santos Ltd., have similar plans, with targeted dates for the start of exports within about a year of BG's.
Queensland Gas may have had difficulty funding its part of the LNG project, leading to delays beyond the scheduled start-up date of 2013, Morgan Stanley's Baker said.
``Everything has changed in eight weeks; this is a different environment now,'' he said. ``I applaud someone running a company who's practical enough to make a decision and respond to changes in the financial environment. Here's a guy that's said `the game's changed, it's time to pass the baton to someone who can run faster'.''
`Long-Term View'
BG, in seeking to buy Queensland Gas, is ``taking a long- term view'' on the outlook for gas demand and prices, Chief Financial Officer Ashley Almanza said on the call. The decline in the Australian dollar, which has fallen 19 percent against the British pound in the past three months, was ``not a major factor'' in the bid or its timing, he said.
BG is being advised by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. Queensland Gas is being advised by Austock Corporate Finance Pty and ABN Amro Morgans Corporate Ltd. The U.K. company, which already has initial approval for the takeover from Australia's Foreign Investment Review Board, will fund the purchase from cash and existing debt commitments.
Sydney-based AGL Energy, Australia's biggest power and gas retailer, will get access to gas reserves as part of the A$1.18 billion deal to sell its 22 percent stake to BG.
Condamine Power Station
AGL will have the right to buy 1,097 petajoules (1 trillion cubic feet) of proven, probable and possible gas reserves, in addition to exploration acreage, AGL said in a separate statement to the exchange. It also has the right to buy the Condamine power station in Queensland and a related gas supply contract.
Like Origin, Queensland Gas owns coal-seam gas fields in Queensland state. Aided by acquisitions, it has boosted proven, probably and possible, or 3P, reserves to 5,683 petajoules and is set to add a further 1,097 petajoules on the completion of an agreed takeover of Sunshine Gas Ltd. On that basis, BG is offering 83 Australian cents per gigajoule of 3P reserves, compared with A$1.65 paid by ConocoPhillips for the Origin venture, and by Petronas for its venture with Santos.
The multiple compares with 52 cents a gigajoule paid by Royal Dutch Shell Plc in June for coal-seam gas reserves owned by Arrow Energy Ltd. and 50-70 cents a gigajoule paid by Queensland Gas for Brisbane-based Sunshine Gas.
BG's offer is final in the absence of a higher competing bid, Almanza said.
BLOOMBERG
Oct. 28 (Bloomberg) -- BG Group Plc, the third-biggest U.K. oil and gas producer, agreed to pay A$5.2 billion ($3.1 billion) for the rest of Queensland Gas Co. as it seeks to ensure the development of a planned gas export project in Australia.
BG will pay A$5.75 a share in cash, 80 percent more than Queensland Gas's last closing price, the companies said in a statement today. BG already owns a 9.9 percent stake in the Brisbane, Australia-based company.
BG Chief Executive Officer Frank Chapman, 55, last month failed in a A$13.5 billion offer for Origin Energy Ltd., Australia's biggest producer of gas from coal seams, after Origin attracted an investment of as much as $8 billion from ConocoPhillips. Buying Queensland Gas may ensure BG's project starts up before rival ventures seeking to tap Pacific region liquefied natural gas demand that Wood Mackenzie Consultants Ltd. says may jump 83 percent by 2020.
``Perhaps one of the things that BG is looking at is to get this project up and beat others to the market; that would make sense,'' said Stuart Baker, an oil and gas analyst at Morgan Stanley in Melbourne. ``At the end of the day LNG is a game for people with balance sheets; if you look around the world it's not something that small companies can manage well.''
Based on Queensland Gas's proven, probable and possible reserves, the offer price is about half as much as Houston-based ConocoPhillips paid for the Origin venture.
Risk, Uncertainty
Along with its existing holding, BG has secured pre-bid agreements or conditional commitments for 46.2 percent of Queensland Gas's shares. Those include acceptances from the two biggest institutional investors, ANZ Infrastructure Services Pty and Sentient Group, and from the chairman and managing director. They also include the stakes of the largest shareholder, AGL Energy Ltd., and directors that are conditional on there being no higher offer.
Queensland Gas jumped in Sydney trading, matching the offer price by rising to A$5.75 at 3:23 p.m. AGL advanced 5.4 percent to A$14.12. BG slumped 7.4 percent in London yesterday, extending a similar drop on Oct. 24.
The offer is still below Queensland Gas's record of A$6.39 reached less than five months ago. Since that time crude-oil prices have halved in New York and the collapse of Lehman Brothers Inc. has led to a slump in lending and tumbling stock prices.
``The risk and uncertainty facing the future clearly did change,'' Queensland Gas Managing Director Richard Cottee, 53, said on a conference call, citing an increase in Queensland Gas's weighted average cost of capital, or WACC, since the worsening of the credit crisis. ``Our WACC got whacked in the last eight weeks. We obviously believe this is delivering, in a net present value sense, the best return for our shareholders given certainty and risk.''
`Run Faster'
Should BG buy all of Queensland Gas, it will take 100 percent ownership of their proposed A$8 billion LNG project near Gladstone on the Queensland coast to tap rising demand for cleaner-burning fuel in Asia. Two rival ventures, comprising ConocoPhillips and Origin, and Malaysia's Petroliam Nasional Bhd. and Santos Ltd., have similar plans, with targeted dates for the start of exports within about a year of BG's.
Queensland Gas may have had difficulty funding its part of the LNG project, leading to delays beyond the scheduled start-up date of 2013, Morgan Stanley's Baker said.
``Everything has changed in eight weeks; this is a different environment now,'' he said. ``I applaud someone running a company who's practical enough to make a decision and respond to changes in the financial environment. Here's a guy that's said `the game's changed, it's time to pass the baton to someone who can run faster'.''
`Long-Term View'
BG, in seeking to buy Queensland Gas, is ``taking a long- term view'' on the outlook for gas demand and prices, Chief Financial Officer Ashley Almanza said on the call. The decline in the Australian dollar, which has fallen 19 percent against the British pound in the past three months, was ``not a major factor'' in the bid or its timing, he said.
BG is being advised by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. Queensland Gas is being advised by Austock Corporate Finance Pty and ABN Amro Morgans Corporate Ltd. The U.K. company, which already has initial approval for the takeover from Australia's Foreign Investment Review Board, will fund the purchase from cash and existing debt commitments.
Sydney-based AGL Energy, Australia's biggest power and gas retailer, will get access to gas reserves as part of the A$1.18 billion deal to sell its 22 percent stake to BG.
Condamine Power Station
AGL will have the right to buy 1,097 petajoules (1 trillion cubic feet) of proven, probable and possible gas reserves, in addition to exploration acreage, AGL said in a separate statement to the exchange. It also has the right to buy the Condamine power station in Queensland and a related gas supply contract.
Like Origin, Queensland Gas owns coal-seam gas fields in Queensland state. Aided by acquisitions, it has boosted proven, probably and possible, or 3P, reserves to 5,683 petajoules and is set to add a further 1,097 petajoules on the completion of an agreed takeover of Sunshine Gas Ltd. On that basis, BG is offering 83 Australian cents per gigajoule of 3P reserves, compared with A$1.65 paid by ConocoPhillips for the Origin venture, and by Petronas for its venture with Santos.
The multiple compares with 52 cents a gigajoule paid by Royal Dutch Shell Plc in June for coal-seam gas reserves owned by Arrow Energy Ltd. and 50-70 cents a gigajoule paid by Queensland Gas for Brisbane-based Sunshine Gas.
BG's offer is final in the absence of a higher competing bid, Almanza said.
BLOOMBERG
Aegon Will Get $3.8 Billion Lifeline From the Dutch Government
Aegon Will Get $3.8 Billion Lifeline From the Dutch Government
Oct. 28 (Bloomberg) -- Aegon NV, the owner of U.S. insurer Transamerica Corp., got a 3 billion euro ($3.8 billion) lifeline from the Netherlands, making it the second Dutch financial company to draw on the government's bailout program.
Aegon will issue 750 million non-voting securities at 4 euros apiece to Vereniging Aegon, its largest shareholder, The Hague- based insurer said today in a statement distributed through PRNewswire. Vereniging Aegon will in turn be funded by the Dutch State, it said.
Aegon follows ING Groep NV in making use of the 20 billion euros that the Netherlands set aside for financial firms on Oct. 10. ING, the biggest Dutch financial-services firm, will receive half of the pool by selling non-voting preferred shares to the government after reporting a preliminary third-quarter net loss of about 500 million euros.
BLOOMBERG
Oct. 28 (Bloomberg) -- Aegon NV, the owner of U.S. insurer Transamerica Corp., got a 3 billion euro ($3.8 billion) lifeline from the Netherlands, making it the second Dutch financial company to draw on the government's bailout program.
Aegon will issue 750 million non-voting securities at 4 euros apiece to Vereniging Aegon, its largest shareholder, The Hague- based insurer said today in a statement distributed through PRNewswire. Vereniging Aegon will in turn be funded by the Dutch State, it said.
Aegon follows ING Groep NV in making use of the 20 billion euros that the Netherlands set aside for financial firms on Oct. 10. ING, the biggest Dutch financial-services firm, will receive half of the pool by selling non-voting preferred shares to the government after reporting a preliminary third-quarter net loss of about 500 million euros.
BLOOMBERG
BP Third-Quarter Profit Gains on Record Oil, Higher Gas Prices
BP Third-Quarter Profit Gains on Record Oil, Higher Gas Prices
Oct. 28 (Bloomberg) -- BP Plc, Europe's second-biggest oil company, said profit rose 83 percent in the third quarter as record crude and higher natural-gas prices outweighed production setbacks in Azerbaijan and the Gulf of Mexico.
Net income increased to $8.05 billion from $4.41 billion a year ago, the London-based company said today in a statement distributed by the Regulatory News Service.
Crude surged to an all-time high of $147.27 in New York on July 11, boosting earnings at oil companies. Prices have since slid more than 50 percent. Shipments through the BP-led Baku- Tbilisi-Ceyhan pipeline were disrupted by a fire and gas leak, while hurricane-induced shutdowns in the U.S. also hurt output.
``BP should still deliver one of the best year-on-year earnings per share growth rates,'' Dresdner Kleinwort analyst Colin Smith wrote in a note before the earnings were released. BP had the ``most profitable barrels in the period.''
BP stock fell 20 percent in the third quarter on concern that a slowing world economy will crimp demand for fuel. That compared with a 22 percent drop for larger rival Royal Dutch Shell Plc, which reports earnings in two days. BP closed down 0.5 percent yesterday at 438 pence while Shell lost 0.8 percent to 1,460 pence.
New York oil futures were on average 57 percent higher in the third quarter compared with a year earlier. Natural-gas futures were up 44 percent. Crude has since slid close to a 17- month low on declining demand for fuel in the U.S., the world's largest importer of crude.
Analyst Recommendations
Of the 31 analysts tracked by Bloomberg who cover BP, 20 recommend buying the shares, 9 advise holding the stock and two say ``sell.''
Excluding one-time items and gains or losses from inventories, profit was expected to climb 62 percent to $6.82 billion, according to the median estimate of 10 analysts surveyed by Bloomberg News.
Chief Executive Officer Tony Hayward pledged earlier this year to boost output 13 percent in the next five years to 4.3 million barrels of oil equivalent a day. BP is budgeting an average oil price of $60 a barrel to keep production above 4 million barrels a day through 2020.
Last month, BP paid $1.9 billion for Arkansas natural-gas properties from Chesapeake Energy Corp., tapping fuel from rock formations that are more costly to exploit than traditional fields. The purchase followed BP's $1.75 billion acquisition of Chesapeake's assets in Oklahoma's Woodford Shale formation back in July.
BP also settled a dispute over the running of the company's joint venture in Russia with its billionaire co-owners after Hayward agreed to replace TNK-BP's CEO Robert Dudley.
TNK-BP Settlement
The accord left BP with its stake in the 50-50 venture intact while acceding to demands by the Russian billionaires -- Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, collectively known as AAR -- for a more independent board. TNK-BP accounts for almost a quarter of BP's global output and reserves.
BP was forced to halt its 475,000-barrel-a-day Texas City refinery for three weeks on Sept. 11 as Hurricane Ike swept through the region.
Oil shipments through the BTC pipeline, which transports Azeri crude blend from the Caspian Sea to Turkey's Mediterranean Sea, have been disrupted since August. BP also suffered a shutdown from its Angolan Greater Plutonio fields of about two months after an equipment failure.
BP's Global Indicator Margin, a broad measure of refining profitability, averaged $8.03 a barrel in the third quarter, unchanged from a year earlier, according to BP's Web site.
BP will hold a conference call on the third-quarter earnings at 2 p.m. London time.
BLOOMBERG
Oct. 28 (Bloomberg) -- BP Plc, Europe's second-biggest oil company, said profit rose 83 percent in the third quarter as record crude and higher natural-gas prices outweighed production setbacks in Azerbaijan and the Gulf of Mexico.
Net income increased to $8.05 billion from $4.41 billion a year ago, the London-based company said today in a statement distributed by the Regulatory News Service.
Crude surged to an all-time high of $147.27 in New York on July 11, boosting earnings at oil companies. Prices have since slid more than 50 percent. Shipments through the BP-led Baku- Tbilisi-Ceyhan pipeline were disrupted by a fire and gas leak, while hurricane-induced shutdowns in the U.S. also hurt output.
``BP should still deliver one of the best year-on-year earnings per share growth rates,'' Dresdner Kleinwort analyst Colin Smith wrote in a note before the earnings were released. BP had the ``most profitable barrels in the period.''
BP stock fell 20 percent in the third quarter on concern that a slowing world economy will crimp demand for fuel. That compared with a 22 percent drop for larger rival Royal Dutch Shell Plc, which reports earnings in two days. BP closed down 0.5 percent yesterday at 438 pence while Shell lost 0.8 percent to 1,460 pence.
New York oil futures were on average 57 percent higher in the third quarter compared with a year earlier. Natural-gas futures were up 44 percent. Crude has since slid close to a 17- month low on declining demand for fuel in the U.S., the world's largest importer of crude.
Analyst Recommendations
Of the 31 analysts tracked by Bloomberg who cover BP, 20 recommend buying the shares, 9 advise holding the stock and two say ``sell.''
Excluding one-time items and gains or losses from inventories, profit was expected to climb 62 percent to $6.82 billion, according to the median estimate of 10 analysts surveyed by Bloomberg News.
Chief Executive Officer Tony Hayward pledged earlier this year to boost output 13 percent in the next five years to 4.3 million barrels of oil equivalent a day. BP is budgeting an average oil price of $60 a barrel to keep production above 4 million barrels a day through 2020.
Last month, BP paid $1.9 billion for Arkansas natural-gas properties from Chesapeake Energy Corp., tapping fuel from rock formations that are more costly to exploit than traditional fields. The purchase followed BP's $1.75 billion acquisition of Chesapeake's assets in Oklahoma's Woodford Shale formation back in July.
BP also settled a dispute over the running of the company's joint venture in Russia with its billionaire co-owners after Hayward agreed to replace TNK-BP's CEO Robert Dudley.
TNK-BP Settlement
The accord left BP with its stake in the 50-50 venture intact while acceding to demands by the Russian billionaires -- Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, collectively known as AAR -- for a more independent board. TNK-BP accounts for almost a quarter of BP's global output and reserves.
BP was forced to halt its 475,000-barrel-a-day Texas City refinery for three weeks on Sept. 11 as Hurricane Ike swept through the region.
Oil shipments through the BTC pipeline, which transports Azeri crude blend from the Caspian Sea to Turkey's Mediterranean Sea, have been disrupted since August. BP also suffered a shutdown from its Angolan Greater Plutonio fields of about two months after an equipment failure.
BP's Global Indicator Margin, a broad measure of refining profitability, averaged $8.03 a barrel in the third quarter, unchanged from a year earlier, according to BP's Web site.
BP will hold a conference call on the third-quarter earnings at 2 p.m. London time.
BLOOMBERG
ΗΠΑ: Εντός της εβδομάδας η αποδέσμευση των 125 δισ. δολ. για τις εννέα τράπεζες
ΗΠΑ: Εντός της εβδομάδας η αποδέσμευση των 125 δισ. δολ. για τις εννέα τράπεζες
Αυτήν την εβδομάδα θα αποδεσμευτούν τα 125 δισεκατομμύρια δολάρια που προορίζονται για την ανακεφαλαιοποίηση των εννέα μεγαλύτερων τραπεζών των ΗΠΑ, δήλωσε ο Αμερικανός υφυπουργός Οικονομικών, αρμόδιος για τα χρηματοπιστωτικά ιδρύματα, Ντέιβιντ Νέισον.
«Σημειώσαμε σημαντική πρόοδο με τα ιδρύματα αυτά. Θέσαμε σε ισχύ χθες το βράδυ τις συμφωνίες που τα αφορούν κατά τρόπο που τα χρήματα γι'αυτά να αποδεσμευτούν στις αρχές αυτής της εβδομάδας» σημείωσε χαρακτηριστικά μιλώντας στο τηλεοπτικό δίκτυο CNBC.
Οι εννέα τράπεζες που αφορά το μέτρο αυτό είναι οι: Citigroup JPMorgan Chase, Bank of America Wells Fargo Goldman Sachs Morgan Stanley Merrill Lynch Bank of New York Mellon και State Street.
NAFTEMPORIKI
Αυτήν την εβδομάδα θα αποδεσμευτούν τα 125 δισεκατομμύρια δολάρια που προορίζονται για την ανακεφαλαιοποίηση των εννέα μεγαλύτερων τραπεζών των ΗΠΑ, δήλωσε ο Αμερικανός υφυπουργός Οικονομικών, αρμόδιος για τα χρηματοπιστωτικά ιδρύματα, Ντέιβιντ Νέισον.
«Σημειώσαμε σημαντική πρόοδο με τα ιδρύματα αυτά. Θέσαμε σε ισχύ χθες το βράδυ τις συμφωνίες που τα αφορούν κατά τρόπο που τα χρήματα γι'αυτά να αποδεσμευτούν στις αρχές αυτής της εβδομάδας» σημείωσε χαρακτηριστικά μιλώντας στο τηλεοπτικό δίκτυο CNBC.
Οι εννέα τράπεζες που αφορά το μέτρο αυτό είναι οι: Citigroup JPMorgan Chase, Bank of America Wells Fargo Goldman Sachs Morgan Stanley Merrill Lynch Bank of New York Mellon και State Street.
NAFTEMPORIKI
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