Personal Spending Probably Rose
Dec. 16 (Bloomberg) -- Personal spending in the U.S. probably rose in November by the most in 10 months, fueled by income gains that will help the economy weather a deepening slump in homebuilding, economists said reports this week may show.
A 0.7 percent rise in purchases would follow a 0.2 percent October increase, according to the median estimate of economists surveyed by Bloomberg News ahead of the Commerce Department's Dec. 21 report. A separate Commerce report may show builders broke ground last month on the fewest houses in 14 years.
More jobs and growing wages will support consumer spending, which accounts for more than two-thirds of the economy, even as lower home values and credit restrictions push the housing recession into its third year. The figures bear out the Federal Reserve's forecast of ``moderate'' growth in coming months.
``The consumer is holding in there,'' said Conrad DeQuadros, a senior economist at Bear Stearns & Co. in New York. ``It looks like we are still seeing moderate growth despite the drag from the recession in housing.''
Incomes rose 0.5 percent in November, the most in four months, after a 0.2 percent gain, according to the median estimate in the Bloomberg survey.
The increase in wages reflects a job market that remains one of the few bright spots in the economy, economists said. Payrolls rose by 94,000 in November after increasing 170,000 in October, the Labor Department said Dec. 7. The jobless rate held at 4.7 percent for the third month.
Prices Increase
The income report may also show a price gauge tied to spending patterns and excluding food and energy costs, the Fed's preferred measure, rose 0.2 percent for a third month, economists forecast. The index probably gained 2 percent from November 2006, after a 1.9 percent year-over-year increase the prior month.
The figures would follow a report last week of a bigger- than-forecast increase in consumer prices, which reinforced concern that inflation remains a risk. That gives the Fed less leeway to keep trimming interest rates as the housing and credit markets deteriorate, economists said.
Housing starts, due from the Commerce Department on Dec. 18 dropped 4.3 percent to an annual rate of 1.176 million, according to the Bloomberg survey median. The pace was 1.229 million in October. Permits, a gauge of future construction, probably fell to a 1.15 million rate, the lowest since June 1993.
Builders Pessimistic
Declines in residential construction, which have subtracted from economic growth since the first quarter of 2006, will extend well into 2008, economists said. Homebuilder confidence in December held at a record low for a third month, a report tomorrow from the National Association of Home Builders/Wells Fargo is projected to show.
It's ``hard to tell'' if the worst is over, Ara Hovnanian, chief executive officer of Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, said in an interview Dec. 12. He said he was disappointed the Fed cut the benchmark target rate by only a quarter point to 4.25 percent a day earlier. ``I would have hoped for a little bolder move.''
Former Federal Reserve Chairman Alan Greenspan said on ABC's ``This Week'' program aired today that while the chance of a recession is about 50 percent, ``the real story is, with the extraordinary credit problems we're confronting, why the probabilities are not 60 percent or 70 percent.'' The reason, he said, is that low interest rates on long-term debt are helping business fund a ``significant part of its short-term liabilities.''
Exports and Inventories
Gains in exports and inventories propelled third-quarter growth to an annual rate of 4.9 percent, the strongest in four years, revised figures from the Commerce Department on Dec. 20 may show. The final estimate would be little changed from last month's preliminary data.
Growth will cool this quarter and early next year, economists said. A closely watched gauge of the economy's future dropped in November for a third time in four months, the Conference Board may report on Dec. 20. The index of leading economic indicators fell 0.3 percent, according to the Bloomberg survey median, as stocks decreased, building permits slumped, firings rose and consumers turned more pessimistic.
Moods didn't improve this month, a private report may show on Dec. 21. The Reuters/University of Michigan final index of consumer sentiment dropped at a two-year low in December, economists forecast.
BLOOMBERG
Economy | Business | Social | Leaked | Opinions
Monday, December 17, 2007
Saturday, December 15, 2007
POLL (ΧΑΚ)
ΣΕ ΠΟΙΟ ΣΗΜΕΙΟ ΠΙΣΤΕΥΕΤΕ ΘΑ ΒΡΙΣΚΕΤΑΙ Ο ΓΕΝ. ΔΕΙΚΤΗΣ ΤΟΥ ΧΑΚ ΣΤΟ ΤΕΛΟΣ ΤΟΥ 2007;
ΠΑΝΩ ΑΠΟ 5,500
3 (23%)
ΜΕΤΑΞΥ 5,000 - 5,500
8 (61%)
ΜΕΤΑΞΥ 4,500 - 5,000
2 (15%)
ΚΑΤΩ ΑΠΟ 4,500
0 (0%)
Votes so far: 13
Poll closed
ΠΑΝΩ ΑΠΟ 5,500
3 (23%)
ΜΕΤΑΞΥ 5,000 - 5,500
8 (61%)
ΜΕΤΑΞΥ 4,500 - 5,000
2 (15%)
ΚΑΤΩ ΑΠΟ 4,500
0 (0%)
Votes so far: 13
Poll closed
Ειδική δημόσια αργία η 31η Δεκεμβρίου λόγω Ευρώ
Ειδική δημόσια αργία η 31η Δεκεμβρίου λόγω Ευρώ
Για σκοπούς διευκόλυνσης της μετάβασης στο ευρώ και διεκπεραίωσης της εργασίας σε σχέση με τις αναγκαίες αλλαγές των συστημάτων πληροφορικής, το Υπουργικό Συμβούλιο αποφάσισε να κηρύξει την 31η Δεκεμβρίου, 2007 ως ειδική δημόσια αργία για συναλλαγές του κοινού με τη Δημόσια Υπηρεσία, σύμφωνα με επίσημη ανακοίνωση.
Η ανακοίνωση διευκρινίζει ότι τούτο κατέστη αναγκαίο κυρίως για τα μεγάλα μηχανογραφημένα συστήματα της Δημόσιας Υπηρεσίας (π.χ. Τμήμα Εσωτερικών Προσόδων, Τμήμα Τελωνείων, Υπηρεσία ΦΠΑ, Τμήμα Κτηματολογίου και Χωρομετρίας, Τμήμα Οδικών Μεταφορών, Υπηρεσίες Κοινωνικών Ασφαλίσεων κ.λ.π.) που η μετάπτωσή τους είναι αρκετά χρονοβόρα ούτως ώστε να γίνει έγκαιρα, και στις 2 Ιανουαρίου, 2008 να λειτουργήσουν κανονικά με ευρώ, χωρίς προβλήματα, για την εξυπηρέτηση του κοινού.
Ο Γενικός Λογιστής απέστειλε ήδη εγκύκλιο για τον τρόπο λειτουργίας των λογιστηρίων κατά την 31η Δεκεμβρίου, 2007.
Η ειδική δημόσια αργία αφορά τις συναλλαγές του κοινού με τη Δημόσια Υπηρεσία.
Για τη Δημόσια Υπηρεσία η 31η Δεκεμβρίου 2007 εξακολουθεί να είναι εργάσιμη μέρα, κατά την οποία η παρουσία όλων των δημοσίων υπαλλήλων είναι απαραίτητη, τονίζεται στην ανακοίνωση.
Επιπρόσθετα, σημειώνεται ότι ο Υπουργός Οικονομικών, για τους ίδιους λόγους, με σχετική γνωστοποίησή του κηρύσσει την 31η Δεκεμβρίου 2007, ως ημέρα κατά την οποία δεν διενεργούνται συναλλαγές των τραπεζών με το κοινό, με εξαίρεση μόνο την αποδοχή καταθέσεων σε μετρητά κατά τις ώρες 10:00 έως 13:00.
Σε παρόμοιες ρυθμίσεις θα προβούν και τα Συνεργατικά Πιστωτικά Ιδρύματα.
TYPOS.COM.CY
Για σκοπούς διευκόλυνσης της μετάβασης στο ευρώ και διεκπεραίωσης της εργασίας σε σχέση με τις αναγκαίες αλλαγές των συστημάτων πληροφορικής, το Υπουργικό Συμβούλιο αποφάσισε να κηρύξει την 31η Δεκεμβρίου, 2007 ως ειδική δημόσια αργία για συναλλαγές του κοινού με τη Δημόσια Υπηρεσία, σύμφωνα με επίσημη ανακοίνωση.
Η ανακοίνωση διευκρινίζει ότι τούτο κατέστη αναγκαίο κυρίως για τα μεγάλα μηχανογραφημένα συστήματα της Δημόσιας Υπηρεσίας (π.χ. Τμήμα Εσωτερικών Προσόδων, Τμήμα Τελωνείων, Υπηρεσία ΦΠΑ, Τμήμα Κτηματολογίου και Χωρομετρίας, Τμήμα Οδικών Μεταφορών, Υπηρεσίες Κοινωνικών Ασφαλίσεων κ.λ.π.) που η μετάπτωσή τους είναι αρκετά χρονοβόρα ούτως ώστε να γίνει έγκαιρα, και στις 2 Ιανουαρίου, 2008 να λειτουργήσουν κανονικά με ευρώ, χωρίς προβλήματα, για την εξυπηρέτηση του κοινού.
Ο Γενικός Λογιστής απέστειλε ήδη εγκύκλιο για τον τρόπο λειτουργίας των λογιστηρίων κατά την 31η Δεκεμβρίου, 2007.
Η ειδική δημόσια αργία αφορά τις συναλλαγές του κοινού με τη Δημόσια Υπηρεσία.
Για τη Δημόσια Υπηρεσία η 31η Δεκεμβρίου 2007 εξακολουθεί να είναι εργάσιμη μέρα, κατά την οποία η παρουσία όλων των δημοσίων υπαλλήλων είναι απαραίτητη, τονίζεται στην ανακοίνωση.
Επιπρόσθετα, σημειώνεται ότι ο Υπουργός Οικονομικών, για τους ίδιους λόγους, με σχετική γνωστοποίησή του κηρύσσει την 31η Δεκεμβρίου 2007, ως ημέρα κατά την οποία δεν διενεργούνται συναλλαγές των τραπεζών με το κοινό, με εξαίρεση μόνο την αποδοχή καταθέσεων σε μετρητά κατά τις ώρες 10:00 έως 13:00.
Σε παρόμοιες ρυθμίσεις θα προβούν και τα Συνεργατικά Πιστωτικά Ιδρύματα.
TYPOS.COM.CY
Friday, December 14, 2007
GLOBAL INDEXES
XAK
FTSE/CySE 20
1628.44 ( -1.31%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4749.90 ( -1.34%)
Όγκος: € 5,540,790
---
FTSE 100 INDEX 6,397.00 32.80 0.52%
CAC 40 INDEX 5,605.36 14.45 0.26%
DAX INDEX 7,948.36 20.05 0.25%
---
DOW JONES INDUS. AVG 13,339.85 -178.11 -1.32%
S&P 500 INDEX 1,467.95 -20.46 -1.37%
NASDAQ COMPOSITE INDEX 2,635.74 -32.75 -1.23%
FTSE/CySE 20
1628.44 ( -1.31%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4749.90 ( -1.34%)
Όγκος: € 5,540,790
---
FTSE 100 INDEX 6,397.00 32.80 0.52%
CAC 40 INDEX 5,605.36 14.45 0.26%
DAX INDEX 7,948.36 20.05 0.25%
---
DOW JONES INDUS. AVG 13,339.85 -178.11 -1.32%
S&P 500 INDEX 1,467.95 -20.46 -1.37%
NASDAQ COMPOSITE INDEX 2,635.74 -32.75 -1.23%
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
ΤΟ ΣΗΜΕΡΙΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Consumer Price Index
Dept of Labor
10:00 AM
Industrial Production
Federal Reserve Bank
Consumer Price Index
Dept of Labor
10:00 AM
Industrial Production
Federal Reserve Bank
Thursday, December 13, 2007
GLOBAL INDEXES
XAK
FTSE/CySE 20
1650.08 ( -1.91%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
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Όγκος: € 7,983,079
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FTSE 100 INDEX 6,364.20 -195.60 -2.98%
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DOW JONES INDUS. AVG 13,517.96 44.06 0.33%
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FTSE/CySE 20
1650.08 ( -1.91%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4814.40 ( -1.96%)
Όγκος: € 7,983,079
---
FTSE 100 INDEX 6,364.20 -195.60 -2.98%
CAC 40 INDEX 5,590.91 -152.41 -2.65%
DAX INDEX 7,928.31 -147.81 -1.83%
---
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NASDAQ COMPOSITE INDEX 2,668.49 -2.65 -0.10%
Kuwait to Pay Dow $9.5 Billion in Plastics Venture
Kuwait to Pay Dow $9.5 Billion in Plastics Venture
Dec. 13 (Bloomberg) -- Kuwait agreed to buy half of Dow Chemical Co.'s plastics assets for $9.5 billion, the biggest overseas investment by a Kuwaiti company.
Dow, the largest U.S. chemical maker, rose the most in five years in New York trading after announcing it will form a joint venture with Kuwait's Petrochemical Industries Co. The Safat, Kuwait-based company will gain a 50 percent stake in businesses that generated 22 percent of Dow's sales last year, Midland, Michigan-based Dow said today in a statement.
Persian Gulf states, flush with cash from oil revenue, have doubled their overseas investments to a record $74.5 billion this year, including today's deal, Bloomberg data show. Dow Chief Executive Officer Andrew Liveris said the new venture will have access to cheaper raw materials, and Dow will use the cash to buy specialty-chemical assets.
``It's a decent deal,'' Steve Hoedt, an analyst who helps manage $34 billion in private investments at National City Corp., including 2.4 million Dow Chemical shares, said today in a phone interview. ``North American companies don't have access to the low-cost feedstocks that companies in the Middle East do, so it makes a lot of sense for Dow to do transactions like this.''
The venture will employ 5,000 and include all Dow's plants that make polyethylene, polypropylene and polycarbonate plastics, as well as intermediate chemicals known as amines, the company said.
Shares Climb
Dow Chemical rose $3.28, or 7.9 percent, to $45:03 at 10:48 a.m. in New York Stock Exchange composite trading. A close at that price would be the biggest percentage gain since October 2002. Before today, Dow had gained 4.6 percent in 2007.
``This is a landmark deal,'' Liveris said in a phone interview. ``Apart from the cash, the half we still own will be enormously benefited by Kuwait Petroleum's oil and gas position in future projects, not just the ones in Kuwait, but elsewhere, like in China.''
Kuwait Petrochemical Industries will provide the venture with raw materials through its owner, Kuwait Petroleum Corp., which is building refineries in emerging regions, the companies said. Kuwait Petrochemical refineries may provide half of the raw materials for the venture in 10 to 15 years, Liveris said.
Sales from specialty products, such as insulation and water- treatment filters, will rise to two-thirds of Dow's total from half after the transaction closes late next year, Liveris said in the interview. Dow will continue to get half of the earnings from the basics venture.
Transforming Dow
Liveris said the deal shows that the market undervalues Dow, because Kuwait has valued one-quarter of Dow's business at half the company's market value. In January, the CEO promised to transform Dow to reduce wide swings in profit when prices for commodity chemicals, such as ethylene, reach a cyclical trough.
``This marks an important milestone in our transformational strategy: growing our basics businesses through joint ventures; reducing our capital intensity; and freeing up cash to invest in our portfolio of performance and market facing businesses,'' Liveris said in the statement.
At $9.5 billion, the Dow agreement is the second-biggest acquisition by a Gulf investor after Saudi Basic Industries Corp.'s $11.6 billion purchase of General Electric Co.'s plastics unit this year.
`More Deals'
``We will see more deals like this and there are a lot of talks going on in Qatar, Oman and elsewhere,'' Abdullah bin Zaid al-Hagbani, secretary-general of the Gulf Petrochemicals and Chemicals Association, said in reference to the Dow joint venture.
Dow first partnered with Kuwait in their Equate plastics joint venture a decade ago, Liveris said.
The U.S. chemical maker postponed an investor meeting in October, fueling speculation that the company was working on a major transaction.
Dow is the world's largest producer of polyethylene, the most-used plastic, and the largest maker of amines, which are used in wood treatments, drug processing, paints and consumer products. Polyethylene is used in milk jugs, pipe and plastic bags. Polypropylene is used in fibers, plastic films and car parts, while polycarbonate is used to make CDs, among other applications.
Dow has room to increase borrowings to finance acquisitions of specialty-chemical producers, Chief Financial Officer Geoffery Merszei said last week.
Consumer-Oriented
Liveris in October repeated a January pledge to change Dow's business mix so earnings won't drop to less than $2 to $3 a share when chemical prices fall, perhaps by 2010. Profit excluding certain items tumbled as low as 34 cents a share in 2002, when chemical and plastic demand slumped.
Liveris is creating new consumer-oriented units to serve coatings and footwear markets, modeled after agro-science, automotive, building-solutions and water-solutions divisions that focus on specialty products with higher profit margins.
The company has announced joint ventures this year in Saudi Arabia, China, Libya and Brazil, adding to alliances in Kuwait and Malaysia, to cut project costs, access cheaper raw materials and serve faster-growing markets. Dow's costs for energy and chemical ingredients surged to $22 billion last year from $8 billion three years earlier.
Dow said last week its plastics venture with Chevron Phillips Chemical Co. probably will begin operating by March. Americas Styrenics will make polystyrene, a hard plastic used in packaging and insulation, in the Americas, reducing costs in a low profit business, the companies have said.
BLOOMBERG
Dec. 13 (Bloomberg) -- Kuwait agreed to buy half of Dow Chemical Co.'s plastics assets for $9.5 billion, the biggest overseas investment by a Kuwaiti company.
Dow, the largest U.S. chemical maker, rose the most in five years in New York trading after announcing it will form a joint venture with Kuwait's Petrochemical Industries Co. The Safat, Kuwait-based company will gain a 50 percent stake in businesses that generated 22 percent of Dow's sales last year, Midland, Michigan-based Dow said today in a statement.
Persian Gulf states, flush with cash from oil revenue, have doubled their overseas investments to a record $74.5 billion this year, including today's deal, Bloomberg data show. Dow Chief Executive Officer Andrew Liveris said the new venture will have access to cheaper raw materials, and Dow will use the cash to buy specialty-chemical assets.
``It's a decent deal,'' Steve Hoedt, an analyst who helps manage $34 billion in private investments at National City Corp., including 2.4 million Dow Chemical shares, said today in a phone interview. ``North American companies don't have access to the low-cost feedstocks that companies in the Middle East do, so it makes a lot of sense for Dow to do transactions like this.''
The venture will employ 5,000 and include all Dow's plants that make polyethylene, polypropylene and polycarbonate plastics, as well as intermediate chemicals known as amines, the company said.
Shares Climb
Dow Chemical rose $3.28, or 7.9 percent, to $45:03 at 10:48 a.m. in New York Stock Exchange composite trading. A close at that price would be the biggest percentage gain since October 2002. Before today, Dow had gained 4.6 percent in 2007.
``This is a landmark deal,'' Liveris said in a phone interview. ``Apart from the cash, the half we still own will be enormously benefited by Kuwait Petroleum's oil and gas position in future projects, not just the ones in Kuwait, but elsewhere, like in China.''
Kuwait Petrochemical Industries will provide the venture with raw materials through its owner, Kuwait Petroleum Corp., which is building refineries in emerging regions, the companies said. Kuwait Petrochemical refineries may provide half of the raw materials for the venture in 10 to 15 years, Liveris said.
Sales from specialty products, such as insulation and water- treatment filters, will rise to two-thirds of Dow's total from half after the transaction closes late next year, Liveris said in the interview. Dow will continue to get half of the earnings from the basics venture.
Transforming Dow
Liveris said the deal shows that the market undervalues Dow, because Kuwait has valued one-quarter of Dow's business at half the company's market value. In January, the CEO promised to transform Dow to reduce wide swings in profit when prices for commodity chemicals, such as ethylene, reach a cyclical trough.
``This marks an important milestone in our transformational strategy: growing our basics businesses through joint ventures; reducing our capital intensity; and freeing up cash to invest in our portfolio of performance and market facing businesses,'' Liveris said in the statement.
At $9.5 billion, the Dow agreement is the second-biggest acquisition by a Gulf investor after Saudi Basic Industries Corp.'s $11.6 billion purchase of General Electric Co.'s plastics unit this year.
`More Deals'
``We will see more deals like this and there are a lot of talks going on in Qatar, Oman and elsewhere,'' Abdullah bin Zaid al-Hagbani, secretary-general of the Gulf Petrochemicals and Chemicals Association, said in reference to the Dow joint venture.
Dow first partnered with Kuwait in their Equate plastics joint venture a decade ago, Liveris said.
The U.S. chemical maker postponed an investor meeting in October, fueling speculation that the company was working on a major transaction.
Dow is the world's largest producer of polyethylene, the most-used plastic, and the largest maker of amines, which are used in wood treatments, drug processing, paints and consumer products. Polyethylene is used in milk jugs, pipe and plastic bags. Polypropylene is used in fibers, plastic films and car parts, while polycarbonate is used to make CDs, among other applications.
Dow has room to increase borrowings to finance acquisitions of specialty-chemical producers, Chief Financial Officer Geoffery Merszei said last week.
Consumer-Oriented
Liveris in October repeated a January pledge to change Dow's business mix so earnings won't drop to less than $2 to $3 a share when chemical prices fall, perhaps by 2010. Profit excluding certain items tumbled as low as 34 cents a share in 2002, when chemical and plastic demand slumped.
Liveris is creating new consumer-oriented units to serve coatings and footwear markets, modeled after agro-science, automotive, building-solutions and water-solutions divisions that focus on specialty products with higher profit margins.
The company has announced joint ventures this year in Saudi Arabia, China, Libya and Brazil, adding to alliances in Kuwait and Malaysia, to cut project costs, access cheaper raw materials and serve faster-growing markets. Dow's costs for energy and chemical ingredients surged to $22 billion last year from $8 billion three years earlier.
Dow said last week its plastics venture with Chevron Phillips Chemical Co. probably will begin operating by March. Americas Styrenics will make polystyrene, a hard plastic used in packaging and insulation, in the Americas, reducing costs in a low profit business, the companies have said.
BLOOMBERG
Ambac Reinsures $29 Billion Portfolio to Help Capital
Ambac Reinsures $29 Billion Portfolio to Help Capital
Dec. 13 (Bloomberg) -- Ambac Financial Group Inc., the world's second-largest bond insurer, will pass off the risk of $29 billion in securities it guarantees in an effort to convince ratings companies that it still deserves a AAA credit rating.
Assured Guaranty Ltd. will reinsure the securities, New York-based Ambac said today in a statement.
Ambac, whose credit rating stands behind $556 billion of securities, is among seven AAA rated bond insurers under the scrutiny of Moody's Investors Service, Fitch Ratings and Standard & Poor's. Moody's and Fitch said last month that Ambac was ``moderately likely'' to breach capital requirements because of a deterioration in the credit quality of the securities it guarantees.
``Reinsurance is a valuable, capital-efficient and shareholder-friendly tool for managing risk and capital,'' Ambac Chief Executive Officer, Robert Genader said in the statement.
A loss of the top rating would wipe out Ambac's main business of guaranteeing debt. If all the companies were to falter, $2.4 trillion of insured securities would be thrown into doubt, costing as much as $200 billion, according to data compiled by Bloomberg.
MBIA, Security Capital
MBIA Inc., the largest bond insurer, this week said Warburg Pincus LLC will invest about $1 billion in the company, helping shore up its capital. Armonk, New York-based MBIA today canceled a conference call scheduled for tomorrow because the ratings companies won't have completed their reviews.
Security Capital Assurance Ltd. may lose its AAA credit rating at Fitch, the ratings company said yesterday, sending the shares down 22 percent.
Ambac insures $8.8 billion of securities backed by subprime mortgages and $29.2 billion of collateralized debt obligations that prepackage pools of subprime mortgage debt and slice them into new pieces with varying degrees of risk, according to the company's Web site.
Ambac fell 77 cents, or 3.1 percent, to $24.10 at 10:52 a.m. in New York Stock Exchange composite trading. The stock is down 72 percent this year before today on concern that it may lose its AAA ranking.
BLOOMBERG
Dec. 13 (Bloomberg) -- Ambac Financial Group Inc., the world's second-largest bond insurer, will pass off the risk of $29 billion in securities it guarantees in an effort to convince ratings companies that it still deserves a AAA credit rating.
Assured Guaranty Ltd. will reinsure the securities, New York-based Ambac said today in a statement.
Ambac, whose credit rating stands behind $556 billion of securities, is among seven AAA rated bond insurers under the scrutiny of Moody's Investors Service, Fitch Ratings and Standard & Poor's. Moody's and Fitch said last month that Ambac was ``moderately likely'' to breach capital requirements because of a deterioration in the credit quality of the securities it guarantees.
``Reinsurance is a valuable, capital-efficient and shareholder-friendly tool for managing risk and capital,'' Ambac Chief Executive Officer, Robert Genader said in the statement.
A loss of the top rating would wipe out Ambac's main business of guaranteeing debt. If all the companies were to falter, $2.4 trillion of insured securities would be thrown into doubt, costing as much as $200 billion, according to data compiled by Bloomberg.
MBIA, Security Capital
MBIA Inc., the largest bond insurer, this week said Warburg Pincus LLC will invest about $1 billion in the company, helping shore up its capital. Armonk, New York-based MBIA today canceled a conference call scheduled for tomorrow because the ratings companies won't have completed their reviews.
Security Capital Assurance Ltd. may lose its AAA credit rating at Fitch, the ratings company said yesterday, sending the shares down 22 percent.
Ambac insures $8.8 billion of securities backed by subprime mortgages and $29.2 billion of collateralized debt obligations that prepackage pools of subprime mortgage debt and slice them into new pieces with varying degrees of risk, according to the company's Web site.
Ambac fell 77 cents, or 3.1 percent, to $24.10 at 10:52 a.m. in New York Stock Exchange composite trading. The stock is down 72 percent this year before today on concern that it may lose its AAA ranking.
BLOOMBERG
U.S. Economy: Retail Sales Rise More Than Forecast
U.S. Economy: Retail Sales Rise More Than Forecast
Dec. 13 (Bloomberg) -- Retail sales exceeded forecasts in November, while wholesale prices jumped the most in 34 years, diminishing both the need and scope for the Federal Reserve to make deeper interest-rate cuts.
Retail sales rose 1.2 percent in November, the Commerce Department said in Washington, twice as much as economists anticipated. Separate figures from the Labor Department showed prices paid to U.S. producers climbed 3.2 percent. Excluding food and fuel, expenses rose 0.4 percent.
Treasury notes fell after the reports, which signaled the economy might avert a recession even as the housing slump shows no sign of abating. The figures are consistent with the Fed's prediction two days ago of a ``moderate'' expansion next year, while energy and commodity prices may stoke inflation. Morgan Stanley and Bank of America Corp. raised their estimates for fourth-quarter economic growth after today's reports.
``We should still see reasonable sales growth and no recession,'' said Allan Meltzer, professor of political economy at Carnegie Mellon University in Pittsburgh. ``It's quite reasonable to expect high energy prices will slow business investment and, eventually, consumer spending, but people are working, the unemployment rate is low and Christmas is Christmas.''
Sales Slowing
The government numbers for November contrast with some industry reports that suggest spending may weaken this month. Sales fell 2.7 percent in the seven days through Dec. 8, following a 4.4 percent decline a week earlier, Chicago-based research firm ShopperTrak RCT Corp. said yesterday.
``This may be the calm before the storm, but so far the consumer is weathering the bad news out there,'' said Chris Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York.
The 30-member Standard & Poor's 500 Retailing Index fell 1.9 percent to 401.84 at 10:28 a.m. in New York. The S&P 500 Index dropped 1 percent.
Purchases at furniture, electronics, building-material, and department stores all increased, the Commerce Department said. Only auto dealers and a category called miscellaneous store retailers declined in November.
The department separately reported that inventories at U.S. businesses increased less than forecast in October as sales rose, reflecting stronger demand at grocery stores. Inventories gained 0.1 percent as sales advanced 0.7 percent.
Forecasts Raised
Morgan Stanley economists lifted their estimate for economic growth this quarter after the reports, to 1.2 percent, from 0.2 percent. Their counterparts at Bank of America raised their calculation to between 0.5 percent and 1 percent, from 0.1 previously.
Excluding autos, gasoline and building materials, the figures the government uses to calculate gross domestic product, sales rose 1.1 percent, following a 0.2 percent gain the month before. The government uses data from other sources to calculate the contribution from the three categories excluded.
``It gives us one solid number for this quarter, which will aid growth,'' said Ryan Reed, an economist at National City Corp. in Cleveland, who correctly predicted the sales increase.
Sales were expected to rise 0.6 percent, based on the median forecast of 80 economists surveyed by Bloomberg News. Estimates ranged from a decline of 0.2 percent to a gain of 1.2 percent.
Fed Moves
Reed said the producer price figures may explain why the Fed has resisted cutting its benchmark rate by more than a quarter point at its the last two meetings.
Economists had forecast a 1.5 percent increase in producer prices, according to the median of 77 estimates in a Bloomberg survey. Excluding food and energy, the median forecast was for an increase of 0.2 percent following no change the prior month.
Over the past 12 months, prices rose 7.2 percent, compared with a 6.1 percent increase in the 12 months through October. Producer prices excluding food and energy climbed 2 percent for the 12-month period.
Energy costs rose 14.1 percent, a record one-month gain, after falling 0.8 percent in October. Costs for gasoline rose a record 34.8 percent. Most of the recent jump in energy prices took place in the first half of November, when the survey was conducted, economists said. The government, in calculating wholesale prices, asks survey participants to report costs as of the Tuesday of the week that includes the 13th.
``Going forward, it's something the Fed is going to have to carefully consider,'' said Reed. ``Obviously, they've been reluctant to cut rates in recent months and this is the reason why.''
Employment
More jobs and higher incomes may cushion the damage from $3- a-gallon gasoline and declining home prices, preventing a collapse in demand, economists said.
Employers hired more workers than forecast in November and hourly wages rose more than projected, the Labor Department reported last week. The figures suggested job growth remains one of the few bright spots in the economy.
Bentonville, Arkansas-based Wal-Mart Stores Inc., the world's largest retailer, said November sales rose within the company's forecast as shoppers stocked up on holiday food and gifts. Wal-Mart increased post-Thanksgiving discounts to lure shoppers burdened by higher gasoline and food costs.
The latest readings suggest consumers may be taking a breather in early December following last month's binge. The National Retail Federation has predicted the smallest holiday sales gain in five years.
Trimming Capacity
United Airlines Inc., Delta Air Lines Inc., Continental Airlines Inc. and Southwest Airlines Co. have cut 2008 U.S. capacity plans amid growing concern over rising oil prices and a weakening economy.
``We are concerned about growing evidence of slowing economic growth that would inevitably affect passenger demand, coupled with a surge in energy prices,'' Southwest Chief Executive Officer Gary Kelly said in a statement on Dec. 4.
The Fed, European Central Bank and three other central banks yesterday moved to alleviate a credit squeeze that's threatening growth. The banks took the action after interest-rate cuts in the U.S., U.K. and Canada failed to allay concerns that banks will rein in lending, sending the U.S. into recession.
BLOOMBERG
Dec. 13 (Bloomberg) -- Retail sales exceeded forecasts in November, while wholesale prices jumped the most in 34 years, diminishing both the need and scope for the Federal Reserve to make deeper interest-rate cuts.
Retail sales rose 1.2 percent in November, the Commerce Department said in Washington, twice as much as economists anticipated. Separate figures from the Labor Department showed prices paid to U.S. producers climbed 3.2 percent. Excluding food and fuel, expenses rose 0.4 percent.
Treasury notes fell after the reports, which signaled the economy might avert a recession even as the housing slump shows no sign of abating. The figures are consistent with the Fed's prediction two days ago of a ``moderate'' expansion next year, while energy and commodity prices may stoke inflation. Morgan Stanley and Bank of America Corp. raised their estimates for fourth-quarter economic growth after today's reports.
``We should still see reasonable sales growth and no recession,'' said Allan Meltzer, professor of political economy at Carnegie Mellon University in Pittsburgh. ``It's quite reasonable to expect high energy prices will slow business investment and, eventually, consumer spending, but people are working, the unemployment rate is low and Christmas is Christmas.''
Sales Slowing
The government numbers for November contrast with some industry reports that suggest spending may weaken this month. Sales fell 2.7 percent in the seven days through Dec. 8, following a 4.4 percent decline a week earlier, Chicago-based research firm ShopperTrak RCT Corp. said yesterday.
``This may be the calm before the storm, but so far the consumer is weathering the bad news out there,'' said Chris Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York.
The 30-member Standard & Poor's 500 Retailing Index fell 1.9 percent to 401.84 at 10:28 a.m. in New York. The S&P 500 Index dropped 1 percent.
Purchases at furniture, electronics, building-material, and department stores all increased, the Commerce Department said. Only auto dealers and a category called miscellaneous store retailers declined in November.
The department separately reported that inventories at U.S. businesses increased less than forecast in October as sales rose, reflecting stronger demand at grocery stores. Inventories gained 0.1 percent as sales advanced 0.7 percent.
Forecasts Raised
Morgan Stanley economists lifted their estimate for economic growth this quarter after the reports, to 1.2 percent, from 0.2 percent. Their counterparts at Bank of America raised their calculation to between 0.5 percent and 1 percent, from 0.1 previously.
Excluding autos, gasoline and building materials, the figures the government uses to calculate gross domestic product, sales rose 1.1 percent, following a 0.2 percent gain the month before. The government uses data from other sources to calculate the contribution from the three categories excluded.
``It gives us one solid number for this quarter, which will aid growth,'' said Ryan Reed, an economist at National City Corp. in Cleveland, who correctly predicted the sales increase.
Sales were expected to rise 0.6 percent, based on the median forecast of 80 economists surveyed by Bloomberg News. Estimates ranged from a decline of 0.2 percent to a gain of 1.2 percent.
Fed Moves
Reed said the producer price figures may explain why the Fed has resisted cutting its benchmark rate by more than a quarter point at its the last two meetings.
Economists had forecast a 1.5 percent increase in producer prices, according to the median of 77 estimates in a Bloomberg survey. Excluding food and energy, the median forecast was for an increase of 0.2 percent following no change the prior month.
Over the past 12 months, prices rose 7.2 percent, compared with a 6.1 percent increase in the 12 months through October. Producer prices excluding food and energy climbed 2 percent for the 12-month period.
Energy costs rose 14.1 percent, a record one-month gain, after falling 0.8 percent in October. Costs for gasoline rose a record 34.8 percent. Most of the recent jump in energy prices took place in the first half of November, when the survey was conducted, economists said. The government, in calculating wholesale prices, asks survey participants to report costs as of the Tuesday of the week that includes the 13th.
``Going forward, it's something the Fed is going to have to carefully consider,'' said Reed. ``Obviously, they've been reluctant to cut rates in recent months and this is the reason why.''
Employment
More jobs and higher incomes may cushion the damage from $3- a-gallon gasoline and declining home prices, preventing a collapse in demand, economists said.
Employers hired more workers than forecast in November and hourly wages rose more than projected, the Labor Department reported last week. The figures suggested job growth remains one of the few bright spots in the economy.
Bentonville, Arkansas-based Wal-Mart Stores Inc., the world's largest retailer, said November sales rose within the company's forecast as shoppers stocked up on holiday food and gifts. Wal-Mart increased post-Thanksgiving discounts to lure shoppers burdened by higher gasoline and food costs.
The latest readings suggest consumers may be taking a breather in early December following last month's binge. The National Retail Federation has predicted the smallest holiday sales gain in five years.
Trimming Capacity
United Airlines Inc., Delta Air Lines Inc., Continental Airlines Inc. and Southwest Airlines Co. have cut 2008 U.S. capacity plans amid growing concern over rising oil prices and a weakening economy.
``We are concerned about growing evidence of slowing economic growth that would inevitably affect passenger demand, coupled with a surge in energy prices,'' Southwest Chief Executive Officer Gary Kelly said in a statement on Dec. 4.
The Fed, European Central Bank and three other central banks yesterday moved to alleviate a credit squeeze that's threatening growth. The banks took the action after interest-rate cuts in the U.S., U.K. and Canada failed to allay concerns that banks will rein in lending, sending the U.S. into recession.
BLOOMBERG
MIG: Αγορά ιδίων μετοχών
MIG: Αγορά ιδίων μετοχών
Ημερομηνία Δημοσίευσης: 13/12/2007 18:06:57
Σε αγορά 340.000 ιδίων μετοχών, με μέση τιμή κτήσης €5,2494 ανά μετοχή και συνολική αξία συναλλαγής €1.784.796, προέβη σήμερα η Marfin Investment Group (MIG) μέσω της Επενδυτικής Τράπεζας Ελλάδος. Η μετοχή της MIG καταγράφοντας απώλειες 3,33% υποχώρησε στα €5,22.
STOCKWATCH.COM.CY
Ημερομηνία Δημοσίευσης: 13/12/2007 18:06:57
Σε αγορά 340.000 ιδίων μετοχών, με μέση τιμή κτήσης €5,2494 ανά μετοχή και συνολική αξία συναλλαγής €1.784.796, προέβη σήμερα η Marfin Investment Group (MIG) μέσω της Επενδυτικής Τράπεζας Ελλάδος. Η μετοχή της MIG καταγράφοντας απώλειες 3,33% υποχώρησε στα €5,22.
STOCKWATCH.COM.CY
ΔΠ από N. K. Shacolas στη CTC
ΔΠ από N. K. Shacolas στη CTC
Το Διοικητικό Συμβούλιο της Εταιρείας N. K. Shacolas (Holdings) Ltd συνήλθε σήμερα το απόγευμα (Τετάρτη 12 Δεκεμβρίου 2007) και αποφάσισε να υποβάλει οριστική Δημόσια Πρόταση για την απόκτηση του συνόλου των μετοχών της Cyprus Trading Corporation Plc (CTC), της οποίας οι τίτλοι είναι εισηγμένοι στο ΧΑΚ.
Το σύνολο των εκδομένων μετοχών της CTC είναι 93.248.408 ονομαστικής αξίας ΛΚ0,50 ανά μετοχή (ΛΚ 50 σεντ).
Η N. K. Shacolas (Holdings) Ltd κατέχει άμεσα 29.472.852 μετοχές, ήτοι 31,61% του συνόλου των μετοχών της CTC. Οι θυγατρικές της εταιρείες και μέλη της οικογένειας Νίκου Κ. Σιακόλα, που είναι συνδεδεμένα με αυτή, κατέχουν 14.001.990 μετοχές ή 15,02% στη CTC, ενώ με άλλα πρόσωπα που ενεργούν σε συνεννόηση με αυτήν, (όπως αυτά ορίζονται από τον Περί Δημοσίων Προτάσεων Εξαγοράς Νόμο του 2007), η Προτείνουσα κατέχει συνολικά 45.221.744 μετοχές στη CTC ή 48,50%.
Η σκοπούμενη αντιπαροχή για την απόκτηση των τίτλων της CTC είναι €2,50 Ευρώ για κάθε μετοχή και ισοδυναμεί (ισοτιμία ΛΚ1 = €0,585274 Ευρώ) με ΛΚ 1,463 ανά μετοχή, η οποία θα καταβληθεί σε μετρητά στους δικαιούχους που θα αποδεχθούν τη Δημόσια Πρόταση.
Η N. K. Shacolas (Holdings) Ltd επιζητεί να αποκτήσει με τη σκοπούμενη Δημόσια Πρόταση το 100% των μετοχών της CTC.
Η Δημόσια Πρόταση θα θεωρείται επιτυχής εφόσον, με την ολοκλήρωσή της, η N. K. Shacolas (Holdings) Ltd εξασφαλίσει, μαζί με τις μετοχές που ήδη κατέχει η ίδια, πέραν του 50% του συνόλου των εκδομένων μετοχών της CTC.
Η Δημόσια Πρόταση τελεί υπό τον όρο της παροχής κάθε αναγκαίας έγκρισης από την Επιτροπή Προστασίας Ανταγωνισμού και κάθε άλλη Αρμόδια Αρχή.
Για την πληρωμή της προτεινόμενης αντιπαροχής των μετοχών της CTC που θα αποκτηθούν, η N. K. Shacolas (Holdings) Ltd έχει προβεί σε διευθετήσεις με Τραπεζικό Ίδρυμα.
Η ανακοίνωση αυτή γίνεται σύμφωνα με το άρθρο 6(2) του 2007 του περί Δημοσίων Προτάσεων Εξαγοράς Νόμου και τις σχετικές Οδηγίες της Επιτροπής Κεφαλαιαγοράς Κύπρου.
Η ανακοίνωση αυτή αποστέλλεται στο ΧΑΚ, στην Επιτροπή Κεφαλαιαγοράς, στην Επιτροπή Προστασίας Ανταγωνισμού και θα κοινοποιηθεί στους Μετόχους της Εταιρείας και στο ευρύ επενδυτικό κοινό διά των Μέσων Μαζικής Ενημέρωσης.
STOCKWATCH.COM.CY
Το Διοικητικό Συμβούλιο της Εταιρείας N. K. Shacolas (Holdings) Ltd συνήλθε σήμερα το απόγευμα (Τετάρτη 12 Δεκεμβρίου 2007) και αποφάσισε να υποβάλει οριστική Δημόσια Πρόταση για την απόκτηση του συνόλου των μετοχών της Cyprus Trading Corporation Plc (CTC), της οποίας οι τίτλοι είναι εισηγμένοι στο ΧΑΚ.
Το σύνολο των εκδομένων μετοχών της CTC είναι 93.248.408 ονομαστικής αξίας ΛΚ0,50 ανά μετοχή (ΛΚ 50 σεντ).
Η N. K. Shacolas (Holdings) Ltd κατέχει άμεσα 29.472.852 μετοχές, ήτοι 31,61% του συνόλου των μετοχών της CTC. Οι θυγατρικές της εταιρείες και μέλη της οικογένειας Νίκου Κ. Σιακόλα, που είναι συνδεδεμένα με αυτή, κατέχουν 14.001.990 μετοχές ή 15,02% στη CTC, ενώ με άλλα πρόσωπα που ενεργούν σε συνεννόηση με αυτήν, (όπως αυτά ορίζονται από τον Περί Δημοσίων Προτάσεων Εξαγοράς Νόμο του 2007), η Προτείνουσα κατέχει συνολικά 45.221.744 μετοχές στη CTC ή 48,50%.
Η σκοπούμενη αντιπαροχή για την απόκτηση των τίτλων της CTC είναι €2,50 Ευρώ για κάθε μετοχή και ισοδυναμεί (ισοτιμία ΛΚ1 = €0,585274 Ευρώ) με ΛΚ 1,463 ανά μετοχή, η οποία θα καταβληθεί σε μετρητά στους δικαιούχους που θα αποδεχθούν τη Δημόσια Πρόταση.
Η N. K. Shacolas (Holdings) Ltd επιζητεί να αποκτήσει με τη σκοπούμενη Δημόσια Πρόταση το 100% των μετοχών της CTC.
Η Δημόσια Πρόταση θα θεωρείται επιτυχής εφόσον, με την ολοκλήρωσή της, η N. K. Shacolas (Holdings) Ltd εξασφαλίσει, μαζί με τις μετοχές που ήδη κατέχει η ίδια, πέραν του 50% του συνόλου των εκδομένων μετοχών της CTC.
Η Δημόσια Πρόταση τελεί υπό τον όρο της παροχής κάθε αναγκαίας έγκρισης από την Επιτροπή Προστασίας Ανταγωνισμού και κάθε άλλη Αρμόδια Αρχή.
Για την πληρωμή της προτεινόμενης αντιπαροχής των μετοχών της CTC που θα αποκτηθούν, η N. K. Shacolas (Holdings) Ltd έχει προβεί σε διευθετήσεις με Τραπεζικό Ίδρυμα.
Η ανακοίνωση αυτή γίνεται σύμφωνα με το άρθρο 6(2) του 2007 του περί Δημοσίων Προτάσεων Εξαγοράς Νόμου και τις σχετικές Οδηγίες της Επιτροπής Κεφαλαιαγοράς Κύπρου.
Η ανακοίνωση αυτή αποστέλλεται στο ΧΑΚ, στην Επιτροπή Κεφαλαιαγοράς, στην Επιτροπή Προστασίας Ανταγωνισμού και θα κοινοποιηθεί στους Μετόχους της Εταιρείας και στο ευρύ επενδυτικό κοινό διά των Μέσων Μαζικής Ενημέρωσης.
STOCKWATCH.COM.CY
U.S. Retail Sales Probably Rose in November on Discounts, Wages
U.S. Retail Sales Probably Rose in November on Discounts, Wages
Dec. 13 (Bloomberg) -- Retail sales in the U.S. probably increased in November as discounts and wage gains helped consumers weather near-record fuel costs, economists said before a government report today.
Purchases climbed 0.6 percent after rising 0.2 percent in October, according to the median estimate in a Bloomberg News survey. A separate report may show higher energy costs pushed wholesale prices up.
More jobs and higher incomes may cushion the damage from $3-a-gallon gasoline and falling home values, preventing a collapse in demand, economists said. Federal Reserve policy makers, who said this week that they saw ``some softening'' in spending, took additional steps yesterday to spur bank lending after lowering the benchmark interest rate.
``The big factor for the consumer is whether employment holds up in coming months,'' said Peter Kretzmer, senior economist at Bank of America Corp. in New York. ``Spending is slowing, but overall, the consumer is still holding up.''
The Commerce Department will issue the sales report at 8:30 a.m. in Washington. The 80 forecasts in the Bloomberg survey ranged from a decline of 0.2 percent to a gain of 1.2 percent. Retail sales make up almost half of all consumer spending, which in turn accounts for more than two-thirds of the economy.
The report is also forecast to show purchases excluding automobiles rose 0.6 percent after a 0.2 percent October gain, according to the survey median.
Wholesale Prices
Also at 8:30 a.m., the Labor Department may report prices paid to producers jumped 1.5 percent in November, the most in a year, after a 0.1 percent increase the prior month, according to the Bloomberg survey median. Core costs, which exclude food and energy, probably rose 0.2 percent following no change.
Employers hired more workers than forecast in November and hourly wages rose more than projected, the Labor Department reported last week. The figures suggested job growth remains one of the few bright spots in the economy.
Bentonville, Arkansas-based Wal-Mart Stores Inc., the world's largest retailer, said November sales rose within the company's forecast as shoppers stocked up on holiday food and gifts. Wal-Mart increased post-Thanksgiving discounts to lure shoppers burdened by higher gasoline and food costs.
Sales of cars and light trucks in November were stronger than most analysts projected, rising to a 16.2 million annual pace from a 16.1 million rate a month earlier.
Gasoline's Influence
The tone of today's spending report will hinge on whether a jump in receipts at service stations, reflecting higher gasoline prices, accounted for much of the expected increase in sales, economists said.
A disappointing reading would suggest demand for other goods is sagging under the weight of rising fuel costs and falling home values. Higher energy bills are siphoning cash from Americans' wallets, while lower property values make it harder for owners to tap home equity for extra cash.
United Airlines Inc., Delta Air Lines Inc., Continental Airlines Inc. and Southwest Airlines Co. have cut 2008 U.S. capacity plans amid growing concern over rising oil prices and a weakening economy.
``We are concerned about growing evidence of slowing economic growth that would inevitably affect passenger demand, coupled with a surge in energy prices,'' Southwest Chief Executive Officer Gary Kelly said in a statement on Dec. 4.
The Fed, European Central Bank and three other central banks yesterday moved to alleviate a credit squeeze that's threatening growth. The banks took the action after interest- rate cuts in the U.S., U.K. and Canada failed to allay concerns that banks will rein in lending, sending the U.S. into recession.
The economy will grow 1 percent this quarter, a fifth the pace of the previous three months, according to the median estimate of economists surveyed by Bloomberg News this month. The forecast is a half point less than projected in October. Growth in the first three months of next year will also be less than previously estimated, economists said.
BLOOMBERG
Dec. 13 (Bloomberg) -- Retail sales in the U.S. probably increased in November as discounts and wage gains helped consumers weather near-record fuel costs, economists said before a government report today.
Purchases climbed 0.6 percent after rising 0.2 percent in October, according to the median estimate in a Bloomberg News survey. A separate report may show higher energy costs pushed wholesale prices up.
More jobs and higher incomes may cushion the damage from $3-a-gallon gasoline and falling home values, preventing a collapse in demand, economists said. Federal Reserve policy makers, who said this week that they saw ``some softening'' in spending, took additional steps yesterday to spur bank lending after lowering the benchmark interest rate.
``The big factor for the consumer is whether employment holds up in coming months,'' said Peter Kretzmer, senior economist at Bank of America Corp. in New York. ``Spending is slowing, but overall, the consumer is still holding up.''
The Commerce Department will issue the sales report at 8:30 a.m. in Washington. The 80 forecasts in the Bloomberg survey ranged from a decline of 0.2 percent to a gain of 1.2 percent. Retail sales make up almost half of all consumer spending, which in turn accounts for more than two-thirds of the economy.
The report is also forecast to show purchases excluding automobiles rose 0.6 percent after a 0.2 percent October gain, according to the survey median.
Wholesale Prices
Also at 8:30 a.m., the Labor Department may report prices paid to producers jumped 1.5 percent in November, the most in a year, after a 0.1 percent increase the prior month, according to the Bloomberg survey median. Core costs, which exclude food and energy, probably rose 0.2 percent following no change.
Employers hired more workers than forecast in November and hourly wages rose more than projected, the Labor Department reported last week. The figures suggested job growth remains one of the few bright spots in the economy.
Bentonville, Arkansas-based Wal-Mart Stores Inc., the world's largest retailer, said November sales rose within the company's forecast as shoppers stocked up on holiday food and gifts. Wal-Mart increased post-Thanksgiving discounts to lure shoppers burdened by higher gasoline and food costs.
Sales of cars and light trucks in November were stronger than most analysts projected, rising to a 16.2 million annual pace from a 16.1 million rate a month earlier.
Gasoline's Influence
The tone of today's spending report will hinge on whether a jump in receipts at service stations, reflecting higher gasoline prices, accounted for much of the expected increase in sales, economists said.
A disappointing reading would suggest demand for other goods is sagging under the weight of rising fuel costs and falling home values. Higher energy bills are siphoning cash from Americans' wallets, while lower property values make it harder for owners to tap home equity for extra cash.
United Airlines Inc., Delta Air Lines Inc., Continental Airlines Inc. and Southwest Airlines Co. have cut 2008 U.S. capacity plans amid growing concern over rising oil prices and a weakening economy.
``We are concerned about growing evidence of slowing economic growth that would inevitably affect passenger demand, coupled with a surge in energy prices,'' Southwest Chief Executive Officer Gary Kelly said in a statement on Dec. 4.
The Fed, European Central Bank and three other central banks yesterday moved to alleviate a credit squeeze that's threatening growth. The banks took the action after interest- rate cuts in the U.S., U.K. and Canada failed to allay concerns that banks will rein in lending, sending the U.S. into recession.
The economy will grow 1 percent this quarter, a fifth the pace of the previous three months, according to the median estimate of economists surveyed by Bloomberg News this month. The forecast is a half point less than projected in October. Growth in the first three months of next year will also be less than previously estimated, economists said.
BLOOMBERG
MONEY FLOW!
The Fed said in a statement it will make up to $24 billion available to the ECB and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.
BLOOMBERG
BLOOMBERG
Κυπριακά growth stories: H Ocean Tankers
Κυπριακά growth stories: H Ocean Tankers
Τα ”κλειδωμένα” κέρδη-ρεκόρ βάση συμβολαίων, το ”χρυσάφι” των διπύθμενων πλοίων και ο ρόλος της οικογένειας Χατζηιωάννου στην εισηγμένη του ΧΑΚ που συγκαταλέγεται πλέον στον FTSE International της Σοφοκλέους
Μέσα σε μόλις δύο χρόνια, η Ocean Tankers δηλώνει ότι θα αυξήσει τα κέρδη της κατά δώδεκα περίπου φορές και προβλέπει περαιτέρω άνοδο επιδόσεων στο μέλλον, υποστηρίζοντας ότι το απίστευτο αυτό growth είναι περίπου με ”μαθηματικό τρόπο” εξασφαλισμένο! Και αν τα ”μαθηματικά” δεν κάνουν λάθος, τότε το P/E θα γίνει μονοψήφιο και ο δείκτης P/E θα υποχωρήσει κάτω από τη μονάδα…
Ας πάρουμε όμως τα πράγματα από την αρχή. Η Ocean Tankers εισήλθε πέρυσι στο ΧΑΚ διαθέτοντας 3 πλοία, που μέσα στο 2008 θα γίνουν 16, με απώτερο να φτάσουν σε σύντομο χρονικό διάστημα έως και τα 25!
Το μεγάλο ”τίναγμα” έγινε τον περασμένο Οκτώβριο, όταν η εισηγμένη εταιρία έδωσε 231,5 εκατ. $ προκειμένου να εξαγοράσει οκτώ πλοία, τα οποία ουσιαστικά έχουν ναυλωμένα συμβόλαια για δέκα χρόνια με τον παγκοσμίου φήμης ρωσικό Όμιλο, Lukoil.
Από τα 16 λοιπόν πλοία που διαθέτει ή έχει παραγγείλει η Ocean Tankers, τα οκτώ είναι ναυλωμένα για μια δεκαετία και τα υπόλοιπα λειτουργούν με βραχύτερες συμβάσεις μεταξύ ενός και τριών ετών.
Τι σημαίνει αυτό; Ότι στα ναυλωμένα πλοία, είναι εξασφαλισμένο και προβλέψιμο το σύνολο των εσόδων, όπως επίσης και το 75%-80% περίπου του συνολικού κόστους (έξοδα πληρώματος, κόστος ασφάλισης, κ.λπ.).
Το ”κλειδί της επιτυχίας
Το ”κλειδί της επιτυχίας” για την Ocean Tankers έγκειται στο γεγονός ότι επένδυσε από νωρίς στα διπύθμενα πλοία, που σήμερα αποτελούν μόνο το 20% των tankers και που από την 1η Ιανουαρίου του 2008 θα απαγορεύεται να ελλιμενίζονται σε λιμάνια της Ευρώπης και των ΗΠΑ τα μονοπύθμενα πλοία (το υπόλοιπο 80%).
Αποτέλεσμα της όλης αυτής κίνησης είναι να καρπωθεί η Ocean Tankers πολύ υψηλές υπεραξίες σε αρκετά σύντομο χρονικό διάστημα, καθώς οι τρέχουσες αξίες των πλοίων είναι σήμερα πολύ υψηλότερες από το κόστος κτήσης.
Οι προβλέψεις της Ocean Tankers για τη διετία 2007-2008 είναι όντως εντυπωσιακές. Σε ότι αφορά τα καθαρά κέρδη, από το 1,74 εκατ. $ πέρυσι, για φέτος εκτιμάται επίδοση 3,7 εκατ. και για το 2008 22,73 εκατ. $ (!)
Ακόμη πιο εντυπωσιακές είναι οι προβλεπόμενες μεταβολές στα ίδια κεφάλαια της εισηγμένης εταιρίας που από 34 εκατ. $ το 2006, αναμένεται να αυξηθούν φέτος στα 70 εκατ. και να εκτιναχθούν στο τέλος του 2008 στα 152 εκατ. $.
Η τόσο μεγάλη άνοδος θα προέλθει από επανεπένδυση κερδών, από ανοδική επανεκτίμηση της τρέχουσας αξίας των πλοίων και κατά 35,5 εκατ. από σχεδιαζόμενη αύξηση μετοχικού κεφαλαίου με καταβολή μετρητών, στις αρχές του 2008.
Στο βαθμό που οι σχετικές προβλέψεις επιβεβαιωθούν στην πράξη, τότε στο τέλος του 2008 το P/E της μετοχής θα υποχωρήσει στο 10,3 και ο δείκτης P/BV στο 1,5. Ακόμη πιο ελκυστικοί δείκτες προβλέπονται για τα επόμενα χρόνια, καθώς το 2009 θα λειτουργήσει το σύνολο του στόλου σε δωδεκάμηνη βάση και από το 2009 το κόστος χρηματοδότησης θα αρχίσει σταδιακά να αποκλιμακώνεται.
Το placement, η οικογένεια Χατζηιωάννου και οι τράπεζες
Ο βασικός μέτοχος και πρόεδρος της Ocean Tankers κ. Μιχάλης Ιωαννίδης διαθέτει εμπειρία αρκετών δεκαετιών στο ναυτιλιακό κλάδο, κάνοντας καριέρα στο γνωστό Όμιλο Χατζηιωάννου. Παρά την αυτόνομη πλέον δράση του, οι σχέσεις παραμένουν εξαιρετικές, με την οικογένεια Χατζηιωάννου να κατέχει το 11% της Ocean Tankers και να προτίθεται να αυξήσει το ποσοστό της γύρω στο 16% μετά και την ολοκλήρωση της επικείμενης αύξησης κεφαλαίου.
Ο κ. Ιωαννίδης προτίθεται να μειώσει το ποσοστό του από το 70% που είναι σήμερα γύρω στο 55%, είτε προχωρώντας σε κάποιο placement, είτε ρευστοποιώντας δικαιώματα. Ο ίδιος πάντως, έχει ήδη καταβάλλει στην εισηγμένη ένα μεγάλο ποσό χρημάτων προκειμένου να ολοκληρωθούν οι επενδύσεις του 2007 και ενδεχομένως ένα τμήμα αυτών να το κεφαλαιοποιήσει μέσω της δρομολογούμενης αύξησης κεφαλαίου.
Στο μετοχολόγιο της Ocean Tankers περιλαμβάνονται και οι δύο μεγαλύτεροι τραπεζικοί Όμιλοι της Κύπρου: Η Marfin Popular Bank με 5% και η Τράπεζα Κύπρου με 3,5% που προτίθεται μάλιστα να αυξήσει το μερίδιό της στο 5% μετά την ολοκλήρωση της αύξησης κεφαλαίου.
EURO2DAY.GR
Τα ”κλειδωμένα” κέρδη-ρεκόρ βάση συμβολαίων, το ”χρυσάφι” των διπύθμενων πλοίων και ο ρόλος της οικογένειας Χατζηιωάννου στην εισηγμένη του ΧΑΚ που συγκαταλέγεται πλέον στον FTSE International της Σοφοκλέους
Μέσα σε μόλις δύο χρόνια, η Ocean Tankers δηλώνει ότι θα αυξήσει τα κέρδη της κατά δώδεκα περίπου φορές και προβλέπει περαιτέρω άνοδο επιδόσεων στο μέλλον, υποστηρίζοντας ότι το απίστευτο αυτό growth είναι περίπου με ”μαθηματικό τρόπο” εξασφαλισμένο! Και αν τα ”μαθηματικά” δεν κάνουν λάθος, τότε το P/E θα γίνει μονοψήφιο και ο δείκτης P/E θα υποχωρήσει κάτω από τη μονάδα…
Ας πάρουμε όμως τα πράγματα από την αρχή. Η Ocean Tankers εισήλθε πέρυσι στο ΧΑΚ διαθέτοντας 3 πλοία, που μέσα στο 2008 θα γίνουν 16, με απώτερο να φτάσουν σε σύντομο χρονικό διάστημα έως και τα 25!
Το μεγάλο ”τίναγμα” έγινε τον περασμένο Οκτώβριο, όταν η εισηγμένη εταιρία έδωσε 231,5 εκατ. $ προκειμένου να εξαγοράσει οκτώ πλοία, τα οποία ουσιαστικά έχουν ναυλωμένα συμβόλαια για δέκα χρόνια με τον παγκοσμίου φήμης ρωσικό Όμιλο, Lukoil.
Από τα 16 λοιπόν πλοία που διαθέτει ή έχει παραγγείλει η Ocean Tankers, τα οκτώ είναι ναυλωμένα για μια δεκαετία και τα υπόλοιπα λειτουργούν με βραχύτερες συμβάσεις μεταξύ ενός και τριών ετών.
Τι σημαίνει αυτό; Ότι στα ναυλωμένα πλοία, είναι εξασφαλισμένο και προβλέψιμο το σύνολο των εσόδων, όπως επίσης και το 75%-80% περίπου του συνολικού κόστους (έξοδα πληρώματος, κόστος ασφάλισης, κ.λπ.).
Το ”κλειδί της επιτυχίας
Το ”κλειδί της επιτυχίας” για την Ocean Tankers έγκειται στο γεγονός ότι επένδυσε από νωρίς στα διπύθμενα πλοία, που σήμερα αποτελούν μόνο το 20% των tankers και που από την 1η Ιανουαρίου του 2008 θα απαγορεύεται να ελλιμενίζονται σε λιμάνια της Ευρώπης και των ΗΠΑ τα μονοπύθμενα πλοία (το υπόλοιπο 80%).
Αποτέλεσμα της όλης αυτής κίνησης είναι να καρπωθεί η Ocean Tankers πολύ υψηλές υπεραξίες σε αρκετά σύντομο χρονικό διάστημα, καθώς οι τρέχουσες αξίες των πλοίων είναι σήμερα πολύ υψηλότερες από το κόστος κτήσης.
Οι προβλέψεις της Ocean Tankers για τη διετία 2007-2008 είναι όντως εντυπωσιακές. Σε ότι αφορά τα καθαρά κέρδη, από το 1,74 εκατ. $ πέρυσι, για φέτος εκτιμάται επίδοση 3,7 εκατ. και για το 2008 22,73 εκατ. $ (!)
Ακόμη πιο εντυπωσιακές είναι οι προβλεπόμενες μεταβολές στα ίδια κεφάλαια της εισηγμένης εταιρίας που από 34 εκατ. $ το 2006, αναμένεται να αυξηθούν φέτος στα 70 εκατ. και να εκτιναχθούν στο τέλος του 2008 στα 152 εκατ. $.
Η τόσο μεγάλη άνοδος θα προέλθει από επανεπένδυση κερδών, από ανοδική επανεκτίμηση της τρέχουσας αξίας των πλοίων και κατά 35,5 εκατ. από σχεδιαζόμενη αύξηση μετοχικού κεφαλαίου με καταβολή μετρητών, στις αρχές του 2008.
Στο βαθμό που οι σχετικές προβλέψεις επιβεβαιωθούν στην πράξη, τότε στο τέλος του 2008 το P/E της μετοχής θα υποχωρήσει στο 10,3 και ο δείκτης P/BV στο 1,5. Ακόμη πιο ελκυστικοί δείκτες προβλέπονται για τα επόμενα χρόνια, καθώς το 2009 θα λειτουργήσει το σύνολο του στόλου σε δωδεκάμηνη βάση και από το 2009 το κόστος χρηματοδότησης θα αρχίσει σταδιακά να αποκλιμακώνεται.
Το placement, η οικογένεια Χατζηιωάννου και οι τράπεζες
Ο βασικός μέτοχος και πρόεδρος της Ocean Tankers κ. Μιχάλης Ιωαννίδης διαθέτει εμπειρία αρκετών δεκαετιών στο ναυτιλιακό κλάδο, κάνοντας καριέρα στο γνωστό Όμιλο Χατζηιωάννου. Παρά την αυτόνομη πλέον δράση του, οι σχέσεις παραμένουν εξαιρετικές, με την οικογένεια Χατζηιωάννου να κατέχει το 11% της Ocean Tankers και να προτίθεται να αυξήσει το ποσοστό της γύρω στο 16% μετά και την ολοκλήρωση της επικείμενης αύξησης κεφαλαίου.
Ο κ. Ιωαννίδης προτίθεται να μειώσει το ποσοστό του από το 70% που είναι σήμερα γύρω στο 55%, είτε προχωρώντας σε κάποιο placement, είτε ρευστοποιώντας δικαιώματα. Ο ίδιος πάντως, έχει ήδη καταβάλλει στην εισηγμένη ένα μεγάλο ποσό χρημάτων προκειμένου να ολοκληρωθούν οι επενδύσεις του 2007 και ενδεχομένως ένα τμήμα αυτών να το κεφαλαιοποιήσει μέσω της δρομολογούμενης αύξησης κεφαλαίου.
Στο μετοχολόγιο της Ocean Tankers περιλαμβάνονται και οι δύο μεγαλύτεροι τραπεζικοί Όμιλοι της Κύπρου: Η Marfin Popular Bank με 5% και η Τράπεζα Κύπρου με 3,5% που προτίθεται μάλιστα να αυξήσει το μερίδιό της στο 5% μετά την ολοκλήρωση της αύξησης κεφαλαίου.
EURO2DAY.GR
Στον έλεγχο Ψωμιάδη η κυπριακή Universal Bank
Στον έλεγχο Ψωμιάδη η κυπριακή Universal Bank
12/12/2007
00:51
Ενισχύει την θέση του στην Universal Bank (ΤΡΑΓ) ο όμιλος της Ασπίδας, όχι άμεσα, αλλά μέσω μετόχων που είναι φιλικά προσκείμενοι σε αυτήν. Σύμφωνα με πληροφορίες ο όμιλος ελέγχει ποσοστό που κυμαίνεται κοντά ή λίγο πάνω από το 50% και άμεσα θα υπάρξουν και αλλαγές στην διοίκηση της Τράπεζας.
Έτσι μετά την Schoeller Holdings, παρελθόν για την Universal Bank αποτελεί πλέον και η Intership Navigation που κατείχε το 9,6% της τράπεζας. Η Intership, που αγόρασε το ποσοστό αυτό από τον Όμιλο Ασπίς πριν από λίγους μήνες με αντιπαροχή 3,80 ανά μετοχή, προχώρησε στην πώληση των εν λόγω μετοχών που κατείχε στην τιμή των 5 ευρώ ανά μετοχή προς τον κ. Παύλο Σαββίδη, αλλά και σε άλλη ξένη εταιρεία. Το συνολικό κέρδος ανέρχεται για την Intership σε 1,74 εκατ. ευρώ.
Τόσο ο κ. Σαββίδης όσο και η ξένη εταιρεία, της οποίας το όνομα δεν έγινε γνωστό, φέρονται να είναι φιλικά προσκείμενες στον όμιλο Ασπίς. Συνολικά ο κ. Σαββίδης που κατείχε προηγουμένως ποσοστό 6,6% αγόρασε "πακέτο" 322.000 μετοχών, ενώ η ξένη εταιρεία 1.128.000 μετοχές.
Να σημειωθεί ότι πλέον η Ασπίς που αγόρασε πρόσφατα το ποσοστό της εταιρείας Schoeller (25,5%), κατέχει πλέον το 29,5% των μετοχών της εταιρείας, το οποίο είναι στο όριο, που δεν την καθιστά υπόχρεη για την υποβολή Δημόσιας Πρότασης προς όλους τους μετόχους.
Δεύτερος μεγαλομέτοχος της Universal Bank παραμένει από τις αρχές του έτους η Path Holdings, συμφερόντων του Άδωνη Παπαδόπουλου, με 25,49%. Επίσης η Universal Life, που πριν ένα χρόνο κατείχε γύρω στο 60% των μετοχών της Universal Bank, κατέχει σήμερα το 9,99%.
Σημειώνεται πως η μετοχή της Universal Bank ολοκλήρωσε τη συναλλαγή της Τρίτης αμετάβλητη στα 4,98 ευρώ.
CAPITAL.GR
12/12/2007
00:51
Ενισχύει την θέση του στην Universal Bank (ΤΡΑΓ) ο όμιλος της Ασπίδας, όχι άμεσα, αλλά μέσω μετόχων που είναι φιλικά προσκείμενοι σε αυτήν. Σύμφωνα με πληροφορίες ο όμιλος ελέγχει ποσοστό που κυμαίνεται κοντά ή λίγο πάνω από το 50% και άμεσα θα υπάρξουν και αλλαγές στην διοίκηση της Τράπεζας.
Έτσι μετά την Schoeller Holdings, παρελθόν για την Universal Bank αποτελεί πλέον και η Intership Navigation που κατείχε το 9,6% της τράπεζας. Η Intership, που αγόρασε το ποσοστό αυτό από τον Όμιλο Ασπίς πριν από λίγους μήνες με αντιπαροχή 3,80 ανά μετοχή, προχώρησε στην πώληση των εν λόγω μετοχών που κατείχε στην τιμή των 5 ευρώ ανά μετοχή προς τον κ. Παύλο Σαββίδη, αλλά και σε άλλη ξένη εταιρεία. Το συνολικό κέρδος ανέρχεται για την Intership σε 1,74 εκατ. ευρώ.
Τόσο ο κ. Σαββίδης όσο και η ξένη εταιρεία, της οποίας το όνομα δεν έγινε γνωστό, φέρονται να είναι φιλικά προσκείμενες στον όμιλο Ασπίς. Συνολικά ο κ. Σαββίδης που κατείχε προηγουμένως ποσοστό 6,6% αγόρασε "πακέτο" 322.000 μετοχών, ενώ η ξένη εταιρεία 1.128.000 μετοχές.
Να σημειωθεί ότι πλέον η Ασπίς που αγόρασε πρόσφατα το ποσοστό της εταιρείας Schoeller (25,5%), κατέχει πλέον το 29,5% των μετοχών της εταιρείας, το οποίο είναι στο όριο, που δεν την καθιστά υπόχρεη για την υποβολή Δημόσιας Πρότασης προς όλους τους μετόχους.
Δεύτερος μεγαλομέτοχος της Universal Bank παραμένει από τις αρχές του έτους η Path Holdings, συμφερόντων του Άδωνη Παπαδόπουλου, με 25,49%. Επίσης η Universal Life, που πριν ένα χρόνο κατείχε γύρω στο 60% των μετοχών της Universal Bank, κατέχει σήμερα το 9,99%.
Σημειώνεται πως η μετοχή της Universal Bank ολοκλήρωσε τη συναλλαγή της Τρίτης αμετάβλητη στα 4,98 ευρώ.
CAPITAL.GR
Εθνική Τράπεζα: Στα 53,90 ευρώ αυξάνει την τιμή-στόχο η Alpha Finance
Εθνική Τράπεζα: Στα 53,90 ευρώ αυξάνει την τιμή-στόχο η Alpha Finance
12/12/2007
01:49
Σε αύξηση της τιμής-στόχου για τη μετοχή της Εθνικής Τράπεζας στα 53,90 ευρώ προχώρησε η Alpha Finance, η οποία στην έκθεσή της με ημερομηνία 10 Δεκεμβρίου επαναδιατυπώνει τη σύσταση "outperform" για τον τίτλο.
Η χρηματιστηριακή αναφέρει ότι η Εθνική Τράπεζα ανακοίνωσε "ισχυρά μεγέθη" με τα κέρδη να φτάνουν στο 1,3 δισ. ευρώ, υψηλότερα τόσο των εκτιμήσεών της όσο και των μέσων προβλέψεων της αγοράς, με το καθαρό επιτοκιακό περιθώριο να αυξάνεται στα επίπεδα - ρεκόρ του 4,29% και με τα λειτουργικά κόστη να κινούνται σε επίπεδα χαμηλότερα των προβλέψεων, καταδεικνύοντας την αποδοτικότητα στον έλεγχο του κόστους της Τράπεζας.
Η Alpha Finance σημειώνει πως σε αυτό το πλαίσιο αύξησε τις εκτιμήσεις της για τα καθαρά κέρδη του 2007, του 2008 και του 2009 κατά 3%, 2% και 1% αντίστοιχα. Σε γενικές γραμμές προβλέπει μέσο ετήσιο ρυθμό αύξησης των καθαρών κερδών της τάξης του 32,7% για την περίοδο 2006-2009, ενώ προβλέπει πως τα καθαρά κέρδη θα ανέλθουν στα 2,3 δισ. ευρώ το 2010 από 990 εκατ. ευρώ το 2006. Επίσης, εκτιμά ότι τα κέρδη ανά μετοχή θα παρουσιάσουν αύξηση της τάξης του 15% σε ετήσια βάση διαμορφούμενα στα 3,99 ευρώ το 2008 από 3,47 ευρώ το 2007. Επιπλέον, προβλέπει πως τα κέρδη ανά μετοχή του 2009 θα παρουσιάσουν "άλμα" της τάξης του 22% στα 4,87 ευρώ.
Καταλύτες που θα μπορούσαν να οδηγήσουν υψηλότερα την αποτίμηση της Εθνικής Τράπεζας σύμφωνα με την Alpha Finance είναι η επιτυχημένη εφαρμογή του επιχειρησιακού σχεδίου 2007-2009 (οι επιδόσεις της Finansbank και οι δραστηριότητες στη Ν.Α. Ευρώπη αποτελούν "κλειδιά" για περαιτέρω αναβαθμίσεις), η εφαρμογή προγράμματος που θα βελτιώσει τη λειτουργική αποδοτικότητα και ένα νέο ενδεχομένως πρόγραμμα εθελουσίας εξόδου στην Ελλάδα, καθώς και πιθανές είσοδοι σε νέες αγορές με μεγάλο πληθυσμό όπως είναι η Ουκρανία και η Ρωσία, καθώς και η γρήγορη επέκταση στην Αίγυπτο.
Σύμφωνα με την Alpha Finance η μετοχή της Εθνικής Τράπεζας διαπραγματεύεται 11,7 φορές τα εκτιμώμενα κέρδη ανά μετοχή του 2008, με premium της τάξης του 6% σε σχέση με τις αντίστοιχες ευρωπαϊκές τράπεζες.
CAPITAL.GR
12/12/2007
01:49
Σε αύξηση της τιμής-στόχου για τη μετοχή της Εθνικής Τράπεζας στα 53,90 ευρώ προχώρησε η Alpha Finance, η οποία στην έκθεσή της με ημερομηνία 10 Δεκεμβρίου επαναδιατυπώνει τη σύσταση "outperform" για τον τίτλο.
Η χρηματιστηριακή αναφέρει ότι η Εθνική Τράπεζα ανακοίνωσε "ισχυρά μεγέθη" με τα κέρδη να φτάνουν στο 1,3 δισ. ευρώ, υψηλότερα τόσο των εκτιμήσεών της όσο και των μέσων προβλέψεων της αγοράς, με το καθαρό επιτοκιακό περιθώριο να αυξάνεται στα επίπεδα - ρεκόρ του 4,29% και με τα λειτουργικά κόστη να κινούνται σε επίπεδα χαμηλότερα των προβλέψεων, καταδεικνύοντας την αποδοτικότητα στον έλεγχο του κόστους της Τράπεζας.
Η Alpha Finance σημειώνει πως σε αυτό το πλαίσιο αύξησε τις εκτιμήσεις της για τα καθαρά κέρδη του 2007, του 2008 και του 2009 κατά 3%, 2% και 1% αντίστοιχα. Σε γενικές γραμμές προβλέπει μέσο ετήσιο ρυθμό αύξησης των καθαρών κερδών της τάξης του 32,7% για την περίοδο 2006-2009, ενώ προβλέπει πως τα καθαρά κέρδη θα ανέλθουν στα 2,3 δισ. ευρώ το 2010 από 990 εκατ. ευρώ το 2006. Επίσης, εκτιμά ότι τα κέρδη ανά μετοχή θα παρουσιάσουν αύξηση της τάξης του 15% σε ετήσια βάση διαμορφούμενα στα 3,99 ευρώ το 2008 από 3,47 ευρώ το 2007. Επιπλέον, προβλέπει πως τα κέρδη ανά μετοχή του 2009 θα παρουσιάσουν "άλμα" της τάξης του 22% στα 4,87 ευρώ.
Καταλύτες που θα μπορούσαν να οδηγήσουν υψηλότερα την αποτίμηση της Εθνικής Τράπεζας σύμφωνα με την Alpha Finance είναι η επιτυχημένη εφαρμογή του επιχειρησιακού σχεδίου 2007-2009 (οι επιδόσεις της Finansbank και οι δραστηριότητες στη Ν.Α. Ευρώπη αποτελούν "κλειδιά" για περαιτέρω αναβαθμίσεις), η εφαρμογή προγράμματος που θα βελτιώσει τη λειτουργική αποδοτικότητα και ένα νέο ενδεχομένως πρόγραμμα εθελουσίας εξόδου στην Ελλάδα, καθώς και πιθανές είσοδοι σε νέες αγορές με μεγάλο πληθυσμό όπως είναι η Ουκρανία και η Ρωσία, καθώς και η γρήγορη επέκταση στην Αίγυπτο.
Σύμφωνα με την Alpha Finance η μετοχή της Εθνικής Τράπεζας διαπραγματεύεται 11,7 φορές τα εκτιμώμενα κέρδη ανά μετοχή του 2008, με premium της τάξης του 6% σε σχέση με τις αντίστοιχες ευρωπαϊκές τράπεζες.
CAPITAL.GR
Sea Star Cyprus takes Adriatic, Greek seas by storm
Sea Star Cyprus takes Adriatic, Greek seas by storm
-- Majority stake in Minoan, Hellenic Seaways – faces new revolt by Grimaldi
Sea Star Capital (SEAS), the CSE listed group controlled by Greek shipping tycoon Ioannis Vardinoyannis has taken a 26.71% controlling stake in Minoan Lines and a 34.70% stake in Hellenic Seaways for a total deal value of EUR 249.6 mln, becoming a major player in the Greek passenger and freight shipping market.
SEAS bought 18.481.487 shares of Minoan or a 26.05% stake in the company at EUR 5 per share for EUR 92.407.435 and 26.935.378 shares of Hellenic Seaways or 34.70% of the capital of the non-listed company at EUR 5.75 per share for a deal valued EUR 154.878.423 from companies controlled by Greek entrepreneur Laskarides. The smaller stakes were also purchased on the same terms.
Sea Star financed the whole deal valued at EUR 250 mln from bank borrowing, but expects to pay up to EUR 100 mln in borrowing from the proceeds of its planned rights issue of EUR 169 mln of which EUR 58 mln was used to buy a 14.9% stake in Anek. SEAS was advised by Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London branch.
Sea Star Board said in an announcement that the decision to acquire the significant stakes in Minoan Lines and Hellenic Seaways was in line with its expansion strategy.
FINANCIAL MIRROR
-- Majority stake in Minoan, Hellenic Seaways – faces new revolt by Grimaldi
Sea Star Capital (SEAS), the CSE listed group controlled by Greek shipping tycoon Ioannis Vardinoyannis has taken a 26.71% controlling stake in Minoan Lines and a 34.70% stake in Hellenic Seaways for a total deal value of EUR 249.6 mln, becoming a major player in the Greek passenger and freight shipping market.
SEAS bought 18.481.487 shares of Minoan or a 26.05% stake in the company at EUR 5 per share for EUR 92.407.435 and 26.935.378 shares of Hellenic Seaways or 34.70% of the capital of the non-listed company at EUR 5.75 per share for a deal valued EUR 154.878.423 from companies controlled by Greek entrepreneur Laskarides. The smaller stakes were also purchased on the same terms.
Sea Star financed the whole deal valued at EUR 250 mln from bank borrowing, but expects to pay up to EUR 100 mln in borrowing from the proceeds of its planned rights issue of EUR 169 mln of which EUR 58 mln was used to buy a 14.9% stake in Anek. SEAS was advised by Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, London branch.
Sea Star Board said in an announcement that the decision to acquire the significant stakes in Minoan Lines and Hellenic Seaways was in line with its expansion strategy.
FINANCIAL MIRROR
Louis: Χαμηλώνει τον πήχυ η Egnatia
Ημερομηνία Δημοσίευσης: 12/12/2007 13:20:35
Στα €0,72 θεωρεί ότι βρίσκεται η δίκαιη τιμή της εταιρείας Louis, η Εgnatia Financial Services, η οποία σε έκθεση της διατηρεί τη σύσταση αγοράς για τη μετοχή, η οποία με βάση την υφιστάμενη της τιμή είναι υποτιμημένη κατά 36%. Να σημειωθεί ότι σε προηγούμενο της report η χρηματιστηριακή εταιρεία έθετε ως τιμή στόχο τα €0,80.
Η Εγνατία εκτιμά ότι το 2007 το κέρδος περιόδου της Louis θα ανέλθει σε £10 εκ., σε σχέση με την προηγούμενη της πρόβλεψη που ήταν £12,9 εκ. Σχετικά με το 2008, εκτιμά ότι τα κέρδη θα ανέλθουν σε £11,4 εκ. που είναι 17,7% χαμηλότερα σε σχέση με προηγούμενες τους προβλέψεις και το 2009 το κέρδος θα φθάσει τα £12,8 εκ.
Οι αναλυτές της Εγνατία κάνουν εκτενή αναφορά στο report τους εκτιμώντας ότι θα επέλθουν επιπλέον κόστη ύψους £7,9 εκ. για τη ναύλωση πλοίου για την αντικατάσταση του Sea Diamond, σημειώνοντας ότι θα επηρεάσει τα έξοδα που θα έχει η εταιρεία από τις κρουαζιέρες και το 2008. Όπως εξηγούν, η εταιρεία θα προχωρήσει σε αναβάθμιση του στόλου της με νεότευκτα πλοία μεγαλύτερης χωρητικότητας επιβατών, μειώνοντας όμως τον αριθμό τους από 14 σε 10. Η Εgnatia εκτιμά ότι οι αλλαγές στο στόλο της εταιρείας θα επιφέρουν θετικά αποτελέσματα από το 2009.
STOCKWATCH.COM.CY
Ημερομηνία Δημοσίευσης: 12/12/2007 13:20:35
Στα €0,72 θεωρεί ότι βρίσκεται η δίκαιη τιμή της εταιρείας Louis, η Εgnatia Financial Services, η οποία σε έκθεση της διατηρεί τη σύσταση αγοράς για τη μετοχή, η οποία με βάση την υφιστάμενη της τιμή είναι υποτιμημένη κατά 36%. Να σημειωθεί ότι σε προηγούμενο της report η χρηματιστηριακή εταιρεία έθετε ως τιμή στόχο τα €0,80.
Η Εγνατία εκτιμά ότι το 2007 το κέρδος περιόδου της Louis θα ανέλθει σε £10 εκ., σε σχέση με την προηγούμενη της πρόβλεψη που ήταν £12,9 εκ. Σχετικά με το 2008, εκτιμά ότι τα κέρδη θα ανέλθουν σε £11,4 εκ. που είναι 17,7% χαμηλότερα σε σχέση με προηγούμενες τους προβλέψεις και το 2009 το κέρδος θα φθάσει τα £12,8 εκ.
Οι αναλυτές της Εγνατία κάνουν εκτενή αναφορά στο report τους εκτιμώντας ότι θα επέλθουν επιπλέον κόστη ύψους £7,9 εκ. για τη ναύλωση πλοίου για την αντικατάσταση του Sea Diamond, σημειώνοντας ότι θα επηρεάσει τα έξοδα που θα έχει η εταιρεία από τις κρουαζιέρες και το 2008. Όπως εξηγούν, η εταιρεία θα προχωρήσει σε αναβάθμιση του στόλου της με νεότευκτα πλοία μεγαλύτερης χωρητικότητας επιβατών, μειώνοντας όμως τον αριθμό τους από 14 σε 10. Η Εgnatia εκτιμά ότι οι αλλαγές στο στόλο της εταιρείας θα επιφέρουν θετικά αποτελέσματα από το 2009.
STOCKWATCH.COM.CY
Avacom: Λεπτομέρειες για εξαγορά Ταχυδομής
Avacom: Λεπτομέρειες για εξαγορά Ταχυδομής
Ημερομηνία Δημοσίευσης: 12/12/2007 09:04:52
Θέμα: Συμπληρωματική ανακοίνωση σχετικά με την πρόσφατη ανακοίνωση εξαγοράς της εταιρείας Ταχυδομή λτδ.
Η εταιρεία Ταχυδομή Λτδ Ιδρύθηκε, το 2005 στη Λευκωσία με στόχο να δραστηριοποιηθεί στην εξειδικευμένη κατασκευή κατοικιών διαμερισμάτων και γενικότερα κτιρίων και οι μέτοχοι της είναι συνδεδεμένα άτομα και εταιρείες των κυρίων μετόχων της Avacom Public Company Ltd. Εφαρμόζει αποκλειστικά τα συστήματα Cross Wise Technology για τα οποία έχει αποκλειστικά δικαιώματα εκμετάλλευσης και προώθησης σε παγκόσμια κλίμακα.
Τα δικαιώματα απορρέουν από δίπλωμα ευρεσιτεχνίας WO 2007/057719 , PCT/GR2006/000061 τα δικαιώματα εκμετάλευσης της οποίας παραχωρήθηκαν στην Avacom Public Company Ltd μαζί με την εξαγορά της Ταχυδομής.
Η εταιρεία έχει έδρα την Λευκωσία και συνεργάτες σε όλες τις πόλεις της Κύπρου. Το πλάνο ανάπτυξης της εταιρείας μετά την ενδυνάμωση της στην Κυπριακή αγορά είναι η επέκταση των δραστηριοτήτων της σε όσο το δυνατότερο περισσότερες χώρες.
Η εταιρεία άρχισε την δραστηριοποίηση της πρός το τέλος του 2005 με τζίρο πέραν των ΛΚ 400.000 το 2006 και πέραν των ΛΚ 1,850,000 αναμενόμενο ύψος κατασκευών το 2007 και κερδοφορία πέραν των ΛΚ 350,000 Για το 2008 έχει υπογεγραμμένες συμφωνίες και αναμενόμενες για υπογραφή πέραν των ΛΚ 3,500.000. Οι εξελεγμένοι λογαριασμοί της εταιρείας θα δημοσιευθούν μαζί με τους λογαριασμούς του ομίλου. Η αναμενόμενη κερδοφορία τα επόμενα 4 χρόνια ξεπερνά τα 7,000,000 με ελάχιστη εγγυημένη κερδοφορία από τους πωλητές τα ΛΚ 2.500.000.
Η εξαγορά έγινε σε καθαρά εμπορική βάση με στόχο της ανάπτυξη της εταιρείας και ενδυνάμωση των δραστηριοτήτων της θυγατρικής εταιρείας Ceilfloor Public Company Ltd
STOCKWATCH.COM.CY
Ημερομηνία Δημοσίευσης: 12/12/2007 09:04:52
Θέμα: Συμπληρωματική ανακοίνωση σχετικά με την πρόσφατη ανακοίνωση εξαγοράς της εταιρείας Ταχυδομή λτδ.
Η εταιρεία Ταχυδομή Λτδ Ιδρύθηκε, το 2005 στη Λευκωσία με στόχο να δραστηριοποιηθεί στην εξειδικευμένη κατασκευή κατοικιών διαμερισμάτων και γενικότερα κτιρίων και οι μέτοχοι της είναι συνδεδεμένα άτομα και εταιρείες των κυρίων μετόχων της Avacom Public Company Ltd. Εφαρμόζει αποκλειστικά τα συστήματα Cross Wise Technology για τα οποία έχει αποκλειστικά δικαιώματα εκμετάλλευσης και προώθησης σε παγκόσμια κλίμακα.
Τα δικαιώματα απορρέουν από δίπλωμα ευρεσιτεχνίας WO 2007/057719 , PCT/GR2006/000061 τα δικαιώματα εκμετάλευσης της οποίας παραχωρήθηκαν στην Avacom Public Company Ltd μαζί με την εξαγορά της Ταχυδομής.
Η εταιρεία έχει έδρα την Λευκωσία και συνεργάτες σε όλες τις πόλεις της Κύπρου. Το πλάνο ανάπτυξης της εταιρείας μετά την ενδυνάμωση της στην Κυπριακή αγορά είναι η επέκταση των δραστηριοτήτων της σε όσο το δυνατότερο περισσότερες χώρες.
Η εταιρεία άρχισε την δραστηριοποίηση της πρός το τέλος του 2005 με τζίρο πέραν των ΛΚ 400.000 το 2006 και πέραν των ΛΚ 1,850,000 αναμενόμενο ύψος κατασκευών το 2007 και κερδοφορία πέραν των ΛΚ 350,000 Για το 2008 έχει υπογεγραμμένες συμφωνίες και αναμενόμενες για υπογραφή πέραν των ΛΚ 3,500.000. Οι εξελεγμένοι λογαριασμοί της εταιρείας θα δημοσιευθούν μαζί με τους λογαριασμούς του ομίλου. Η αναμενόμενη κερδοφορία τα επόμενα 4 χρόνια ξεπερνά τα 7,000,000 με ελάχιστη εγγυημένη κερδοφορία από τους πωλητές τα ΛΚ 2.500.000.
Η εξαγορά έγινε σε καθαρά εμπορική βάση με στόχο της ανάπτυξη της εταιρείας και ενδυνάμωση των δραστηριοτήτων της θυγατρικής εταιρείας Ceilfloor Public Company Ltd
STOCKWATCH.COM.CY
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Wednesday, December 12, 2007
Oil Rises More Than $4 After Central Banks Act to Spur Growth
Oil Rises More Than $4 After Central Banks Act to Spur Growth
Dec. 12 (Bloomberg) -- Crude oil rose more than $4 a barrel, the biggest gain since January, on speculation a decision by central banks to provide cash to financial institutions will spur economic growth.
The Federal Reserve, European Central Bank and three other central banks moved to end a credit squeeze that's threatened to slow the global economy and reduce energy consumption. U.S. crude-oil supplies fell as fuel use increased last week, an Energy Department report showed.
``The energy markets have been interconnected with the global capital markets for some time now,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York. ``The renewed outlook for energy demand has us back in rally mode; $100 is squarely back on the table and within reach before year end.''
Crude oil for January delivery rose $4.37, or 4.9 percent, to settle at $94.39 a barrel at 3:03 p.m. on the New York Mercantile Exchange, the highest close since Nov. 27. Oil had the biggest one-day gain since Jan. 30. Futures rose to a record $99.29 on Nov. 21.
Brent oil for January settlement rose $4.03, or 4.5 percent, to $94.02 a barrel on London's ICE Futures Europe exchange, the highest close since Nov. 26. Futures touched $94.15, the highest since Nov. 27.
The rise accelerated after a state report showed that Exxon Mobil Corp., the world's largest oil company, had a fire yesterday at its Beaumont, Texas, refinery.
Combination of Factors
``There are a combination of factors moving prices higher,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``Central banks have reached a consensus to spur growth, which should spur demand. The DOE report showed that consumption is strong despite the high prices, this shows there's been no demand destruction.''
Total implied fuel demand in the U.S. averaged 21 million barrels a day in the four weeks ended Dec. 7, up 1.4 percent from a year earlier, according to the department. Gasoline demand averaged 9.3 million barrels a day over the period, up 0.4 percent from a year earlier. The department measures shipments from refineries, pipelines and terminals to calculate demand.
Crude-oil supplies fell 722,000 barrels to 304.5 million barrels last week, the report showed. The drop left inventories 1.1 percent higher than the five-year average for the week. A 750,000 barrel decline was expected, according to the median of responses in a Bloomberg News survey.
Economic Concerns
``There was no eye-catching number today to change anyone's opinion about the market,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Tilburg, the Netherlands. ``Concerns about the economy are the primary driver of the market.''
The Fed said in a statement it will make as much as $24 billion available to the European Central Bank and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.
``Central bankers want to make the impression that they are doing something,'' Mueller said. ``The actual effect of this action is limited. There are still a lot of big problems for the economy down the road.''
Goldman Sachs Group Inc., the world's largest securities firm, raised its forecast for crude oil prices next year on concern that investment costs and weaker demand may prompt producers to limit supply. West Texas Intermediate crude oil will average $95 a barrel in 2008, up from a previous forecast of $85, the Goldman report showed.
WTI, which is traded in New York, may rise to as much as $105 a barrel by the end of next year, according to Goldman.
Goldman's Credibility
``Goldman has credibility because they were the first to predict that crude would spike to $100,'' Barakat said. ``A sharp increase in their forecast catches everyone's attention.''
Arjun Murti, a New York-based Goldman Sachs analyst who covers oil producers and refiners, roiled markets in March 2005 with a report saying prices could touch $105 a barrel during a ``super spike'' because demand was stronger than anticipated. Prices might also go as low as $50, Murti said at the time.
Norway said about 24,100 barrels of oil spilled into the North Sea when a tanker was loading during rough weather about 200 miles offshore, in the country's second-largest leak. The spill near the Statfjord A platform operated by StatoilHydro ASA occurred at 12:40 p.m. local time today. Norway is the world's fifth-largest oil exporter.
BLOOMBERG
Dec. 12 (Bloomberg) -- Crude oil rose more than $4 a barrel, the biggest gain since January, on speculation a decision by central banks to provide cash to financial institutions will spur economic growth.
The Federal Reserve, European Central Bank and three other central banks moved to end a credit squeeze that's threatened to slow the global economy and reduce energy consumption. U.S. crude-oil supplies fell as fuel use increased last week, an Energy Department report showed.
``The energy markets have been interconnected with the global capital markets for some time now,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York. ``The renewed outlook for energy demand has us back in rally mode; $100 is squarely back on the table and within reach before year end.''
Crude oil for January delivery rose $4.37, or 4.9 percent, to settle at $94.39 a barrel at 3:03 p.m. on the New York Mercantile Exchange, the highest close since Nov. 27. Oil had the biggest one-day gain since Jan. 30. Futures rose to a record $99.29 on Nov. 21.
Brent oil for January settlement rose $4.03, or 4.5 percent, to $94.02 a barrel on London's ICE Futures Europe exchange, the highest close since Nov. 26. Futures touched $94.15, the highest since Nov. 27.
The rise accelerated after a state report showed that Exxon Mobil Corp., the world's largest oil company, had a fire yesterday at its Beaumont, Texas, refinery.
Combination of Factors
``There are a combination of factors moving prices higher,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``Central banks have reached a consensus to spur growth, which should spur demand. The DOE report showed that consumption is strong despite the high prices, this shows there's been no demand destruction.''
Total implied fuel demand in the U.S. averaged 21 million barrels a day in the four weeks ended Dec. 7, up 1.4 percent from a year earlier, according to the department. Gasoline demand averaged 9.3 million barrels a day over the period, up 0.4 percent from a year earlier. The department measures shipments from refineries, pipelines and terminals to calculate demand.
Crude-oil supplies fell 722,000 barrels to 304.5 million barrels last week, the report showed. The drop left inventories 1.1 percent higher than the five-year average for the week. A 750,000 barrel decline was expected, according to the median of responses in a Bloomberg News survey.
Economic Concerns
``There was no eye-catching number today to change anyone's opinion about the market,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Tilburg, the Netherlands. ``Concerns about the economy are the primary driver of the market.''
The Fed said in a statement it will make as much as $24 billion available to the European Central Bank and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.
``Central bankers want to make the impression that they are doing something,'' Mueller said. ``The actual effect of this action is limited. There are still a lot of big problems for the economy down the road.''
Goldman Sachs Group Inc., the world's largest securities firm, raised its forecast for crude oil prices next year on concern that investment costs and weaker demand may prompt producers to limit supply. West Texas Intermediate crude oil will average $95 a barrel in 2008, up from a previous forecast of $85, the Goldman report showed.
WTI, which is traded in New York, may rise to as much as $105 a barrel by the end of next year, according to Goldman.
Goldman's Credibility
``Goldman has credibility because they were the first to predict that crude would spike to $100,'' Barakat said. ``A sharp increase in their forecast catches everyone's attention.''
Arjun Murti, a New York-based Goldman Sachs analyst who covers oil producers and refiners, roiled markets in March 2005 with a report saying prices could touch $105 a barrel during a ``super spike'' because demand was stronger than anticipated. Prices might also go as low as $50, Murti said at the time.
Norway said about 24,100 barrels of oil spilled into the North Sea when a tanker was loading during rough weather about 200 miles offshore, in the country's second-largest leak. The spill near the Statfjord A platform operated by StatoilHydro ASA occurred at 12:40 p.m. local time today. Norway is the world's fifth-largest oil exporter.
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Fed, ECB, Central Banks Work to Ease Credit Crunch
Fed, ECB, Central Banks Work to Ease Credit Crunch
Dec. 12 (Bloomberg) -- The Federal Reserve, European Central Bank and three other central banks moved in concert to alleviate a credit squeeze threatening global growth, in the biggest act of international economic cooperation since the Sept. 11 terrorist attacks.
The Fed said in a statement it will make up to $24 billion available to the ECB and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.
Central bankers took the action after interest-rate reductions in the U.S., U.K. and Canada failed to allay concerns that banks will reduce lending, sending the U.S. into recession and hobbling growth abroad. Borrowing costs have climbed as mounting losses on securities linked to subprime mortgages caused lenders to conserve cash.
``This is shock and awe,'' said Fred Goodwin, a fixed- income strategist at Lehman Brothers Holdings Inc. in London. ``The fact that it's coordinated means they have joined together in the war to attack the problem, which is that banks don't trust each other.''
A Fed official told reporters that the U.S. central bank's efforts won't add net liquidity to the banking system. The plans are aimed at buttressing so-called term funding markets, such as for one-month loans, rather than overnight cash. The Fed will balance its various operations, including daily repurchases of Treasury notes and direct loans to banks.
Bank of England
The Bank of England increased the size of reserves it will auction in money market operations and widened the range of collateral it will accept on three-month loans.
After rallying earlier, stocks surrendered their gains. The Standard & Poor's 500 Index fell 0.12 percent to 1,475.68 at 3:11 p.m. in New York, retreating from an increase of as much as 2.3 percent. The S&P 500 tumbled 2.5 percent yesterday as investors expressed disappointment at the Fed's quarter-point reduction in its benchmark rate. Treasury notes fell and the dollar strengthened against the yen.
``Ultimately the problems we're facing go beyond illiquidity,'' said Larry Hatheway, chief economist at UBS AG in London and a former researcher at the Fed ``It's another step in the healing process, but we have some way to go.''
The Fed official said on condition of anonymity that today's announcement wasn't a reaction to the slump in stocks yesterday. The agreement was reached with central banks abroad last week and was announced today at a time when markets were open in Europe and the U.S., he said.
`Elevated Pressures'
The measures are ``designed to address elevated pressures in short-term funding markets,'' the Fed said in a statement in Washington. The U.S. central bank said it's considering setting up a permanent arrangement to provide funds to banks through so- called term auction facility operations.
``The interbank market isn't working very well, and when the interbank market doesn't work very well globally, this creates some problems,'' Bank of Canada Governor David Dodge said in an interview today. ``It's part of our normal role as central banks to try to, if you will, unblock that.''
Fed Vice Chairman Donald Kohn and other officials have expressed frustration that banks haven't made more use of direct loans from the U.S. central bank. Policy makers reduced the so- called discount rate to half a percentage point more than the benchmark rate in an effort to stimulate use of the resource.
Banks' Struggle
The world's major central banks have been struggling to restore liquidity since the market for assets backed by U.S. subprime mortgages collapsed because of rising foreclosures. In August, the Fed was forced to cut its discount rate and join the European Central Bank and Bank of Japan in pumping billions of dollars into the banking system.
``They had to do something,'' said Goodwin at Lehman. ``Now that this has happened we can spend less time adding up the numbers and instead think of this as a sentiment-changing moment, when central banks tackled the problem aggressively.''
The Fed has lowered its benchmark rate three times, and was joined last week by the Bank of England and Bank of Canada. The ECB has shelved planned rate increases. On Wall Street, the chief executive officers of Merrill Lynch & Co. and Citigroup Inc. lost their jobs. Confidence among U.S. consumers, whose spending accounts for more than half of gross domestic product, has weakened.
``The central banks have been behind the curve on the coordination front,'' said Marco Annunziata, chief economist at Unicredit MIB in London. ``It's striking that only now we get a coordinated response to what has been a common problem.''
Auction Schedule
The first U.S. auction, of 28-day funds, will be $20 billion on Dec. 17. The second, on Dec. 20, will provide up to $20 billion. The central bank plans two more auctions, Jan. 14 and Jan. 28, with possible additional operations thereafter, the Fed said. Officials will consider the results and effects of the auctions as they determine whether to proceed with more and how long to set the maturities.
The Fed official said the central bank won't reveal the names of those bidding for the funds. The auctions aren't aimed at helping particular banks, he added. Officials don't expect there will be any ``stigma'' attached to lenders bidding for the funds, the official said.
``By allowing the Federal Reserve to inject term funds through a broader range of counterparties and against a broader range of collateral than open market operations, this facility could help promote the efficient dissemination of liquidity,'' the Fed statement said.
Difference From Repos
The Fed's New York branch conducts repos most days to steer the federal funds rate, the overnight lending rate between banks, to the target set by policy makers. Only primary dealers, authorized to trade directly with the New York Fed, participate.
By contrast, all ``generally sound'' deposit-taking institutions can participate in the term auction facility, the Fed said. The Fed's 12 district banks will accept the same ``wide variety'' of collateral that is used for discount-rate loans, the statement said. The regional banks determine the haircuts on the assets submitted.
The Federal Open Market Committee also authorized ``temporary reciprocal currency arrangements,'' or swap lines, for up to six months, with the ECB of as much as $20 billion and $4 billion to the SNB ``for use in their jurisdictions.''
Six years ago, the Fed sold $50 billion to the ECB after the destruction of the World Trade Center restricted foreign banks' access to dollars.
Yesterday, U.S. stocks had their biggest drop in a month and two-year Treasury yields plummeted after the Federal Open Market Committee lowered the benchmark rate by a quarter-point to 4.25 percent and said cumulative cuts of 1 percentage point this year should promote ``moderate growth.''
Some investors expected a larger reduction of a half-point to stave off a recession. The Fed's board also reduced the discount rate, covering direct loans to banks, by a quarter point to 4.75 percent, half of what many economists predicted.
BLOOMBERG
Dec. 12 (Bloomberg) -- The Federal Reserve, European Central Bank and three other central banks moved in concert to alleviate a credit squeeze threatening global growth, in the biggest act of international economic cooperation since the Sept. 11 terrorist attacks.
The Fed said in a statement it will make up to $24 billion available to the ECB and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.
Central bankers took the action after interest-rate reductions in the U.S., U.K. and Canada failed to allay concerns that banks will reduce lending, sending the U.S. into recession and hobbling growth abroad. Borrowing costs have climbed as mounting losses on securities linked to subprime mortgages caused lenders to conserve cash.
``This is shock and awe,'' said Fred Goodwin, a fixed- income strategist at Lehman Brothers Holdings Inc. in London. ``The fact that it's coordinated means they have joined together in the war to attack the problem, which is that banks don't trust each other.''
A Fed official told reporters that the U.S. central bank's efforts won't add net liquidity to the banking system. The plans are aimed at buttressing so-called term funding markets, such as for one-month loans, rather than overnight cash. The Fed will balance its various operations, including daily repurchases of Treasury notes and direct loans to banks.
Bank of England
The Bank of England increased the size of reserves it will auction in money market operations and widened the range of collateral it will accept on three-month loans.
After rallying earlier, stocks surrendered their gains. The Standard & Poor's 500 Index fell 0.12 percent to 1,475.68 at 3:11 p.m. in New York, retreating from an increase of as much as 2.3 percent. The S&P 500 tumbled 2.5 percent yesterday as investors expressed disappointment at the Fed's quarter-point reduction in its benchmark rate. Treasury notes fell and the dollar strengthened against the yen.
``Ultimately the problems we're facing go beyond illiquidity,'' said Larry Hatheway, chief economist at UBS AG in London and a former researcher at the Fed ``It's another step in the healing process, but we have some way to go.''
The Fed official said on condition of anonymity that today's announcement wasn't a reaction to the slump in stocks yesterday. The agreement was reached with central banks abroad last week and was announced today at a time when markets were open in Europe and the U.S., he said.
`Elevated Pressures'
The measures are ``designed to address elevated pressures in short-term funding markets,'' the Fed said in a statement in Washington. The U.S. central bank said it's considering setting up a permanent arrangement to provide funds to banks through so- called term auction facility operations.
``The interbank market isn't working very well, and when the interbank market doesn't work very well globally, this creates some problems,'' Bank of Canada Governor David Dodge said in an interview today. ``It's part of our normal role as central banks to try to, if you will, unblock that.''
Fed Vice Chairman Donald Kohn and other officials have expressed frustration that banks haven't made more use of direct loans from the U.S. central bank. Policy makers reduced the so- called discount rate to half a percentage point more than the benchmark rate in an effort to stimulate use of the resource.
Banks' Struggle
The world's major central banks have been struggling to restore liquidity since the market for assets backed by U.S. subprime mortgages collapsed because of rising foreclosures. In August, the Fed was forced to cut its discount rate and join the European Central Bank and Bank of Japan in pumping billions of dollars into the banking system.
``They had to do something,'' said Goodwin at Lehman. ``Now that this has happened we can spend less time adding up the numbers and instead think of this as a sentiment-changing moment, when central banks tackled the problem aggressively.''
The Fed has lowered its benchmark rate three times, and was joined last week by the Bank of England and Bank of Canada. The ECB has shelved planned rate increases. On Wall Street, the chief executive officers of Merrill Lynch & Co. and Citigroup Inc. lost their jobs. Confidence among U.S. consumers, whose spending accounts for more than half of gross domestic product, has weakened.
``The central banks have been behind the curve on the coordination front,'' said Marco Annunziata, chief economist at Unicredit MIB in London. ``It's striking that only now we get a coordinated response to what has been a common problem.''
Auction Schedule
The first U.S. auction, of 28-day funds, will be $20 billion on Dec. 17. The second, on Dec. 20, will provide up to $20 billion. The central bank plans two more auctions, Jan. 14 and Jan. 28, with possible additional operations thereafter, the Fed said. Officials will consider the results and effects of the auctions as they determine whether to proceed with more and how long to set the maturities.
The Fed official said the central bank won't reveal the names of those bidding for the funds. The auctions aren't aimed at helping particular banks, he added. Officials don't expect there will be any ``stigma'' attached to lenders bidding for the funds, the official said.
``By allowing the Federal Reserve to inject term funds through a broader range of counterparties and against a broader range of collateral than open market operations, this facility could help promote the efficient dissemination of liquidity,'' the Fed statement said.
Difference From Repos
The Fed's New York branch conducts repos most days to steer the federal funds rate, the overnight lending rate between banks, to the target set by policy makers. Only primary dealers, authorized to trade directly with the New York Fed, participate.
By contrast, all ``generally sound'' deposit-taking institutions can participate in the term auction facility, the Fed said. The Fed's 12 district banks will accept the same ``wide variety'' of collateral that is used for discount-rate loans, the statement said. The regional banks determine the haircuts on the assets submitted.
The Federal Open Market Committee also authorized ``temporary reciprocal currency arrangements,'' or swap lines, for up to six months, with the ECB of as much as $20 billion and $4 billion to the SNB ``for use in their jurisdictions.''
Six years ago, the Fed sold $50 billion to the ECB after the destruction of the World Trade Center restricted foreign banks' access to dollars.
Yesterday, U.S. stocks had their biggest drop in a month and two-year Treasury yields plummeted after the Federal Open Market Committee lowered the benchmark rate by a quarter-point to 4.25 percent and said cumulative cuts of 1 percentage point this year should promote ``moderate growth.''
Some investors expected a larger reduction of a half-point to stave off a recession. The Fed's board also reduced the discount rate, covering direct loans to banks, by a quarter point to 4.75 percent, half of what many economists predicted.
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ΠΡΟΣΟΧΗ (ΜΕΙΩΣΗ ΕΠΙΤΟΚΙΩΝ...ΚΑΙ ΑΝΟΔΙΚΕΣ ΤΑΣΕΙΣ)
ΠΡΟΣΟΧΗ!!
Η ΧΘΕΣΙΝΗ ΠΤΩΣΗ ΣΤΑ ΑΜΕΡΙΚΑΝΙΚΑ ΧΡΗΜΑΤΙΣΤΗΡΙΑ ΣΕ ΣΥΝΔΙΑΣΜΟ ΜΕ ΤΗΝ ΜΕΙΩΣΗ ΤΩΝ ΕΠΙΤΟΚΙΩΝ ΔΕΝ ΕΧΕΙ ΤΙΠΟΤΑ ΝΑ ΚΑΝΕΙ ΜΕ ΤΑ ΟΙΚΟΝΟΜΙΚΑ ΣΤΟΙΧΕΙΑ ΚΑΙ ΜΕΓΕΘΗ ΤΗΣ ΑΜΕΡΙΚΑΝΙΚΗΣ ΟΙΚΟΝΟΜΙΑΣ.
ΑΝΑΜΕΝΩ ΑΝΟΔΙΚΟ ΚΥΜΜΑ ΣΤΙΣ ΕΠΙΚΕΙΜΕΝΕΣ ΣΥΝΕΔΡΙΑΣΕΙΣ.
Η ΧΘΕΣΙΝΗ ΠΤΩΣΗ ΣΤΑ ΑΜΕΡΙΚΑΝΙΚΑ ΧΡΗΜΑΤΙΣΤΗΡΙΑ ΣΕ ΣΥΝΔΙΑΣΜΟ ΜΕ ΤΗΝ ΜΕΙΩΣΗ ΤΩΝ ΕΠΙΤΟΚΙΩΝ ΔΕΝ ΕΧΕΙ ΤΙΠΟΤΑ ΝΑ ΚΑΝΕΙ ΜΕ ΤΑ ΟΙΚΟΝΟΜΙΚΑ ΣΤΟΙΧΕΙΑ ΚΑΙ ΜΕΓΕΘΗ ΤΗΣ ΑΜΕΡΙΚΑΝΙΚΗΣ ΟΙΚΟΝΟΜΙΑΣ.
ΑΝΑΜΕΝΩ ΑΝΟΔΙΚΟ ΚΥΜΜΑ ΣΤΙΣ ΕΠΙΚΕΙΜΕΝΕΣ ΣΥΝΕΔΡΙΑΣΕΙΣ.
China Retail Sales Grow at Fastest Pace Since 1999 (+18.1%)
China Retail Sales Grow at Fastest Pace Since 1999 (Update2)
By Nipa Piboontanasawat
Dec. 12 (Bloomberg) -- China's retail sales increased at the quickest pace in at least eight years on rising incomes, aiding government efforts to curb the economy's dependence on exports and investment for growth.
Sales climbed 18.8 percent to 810.5 billion yuan ($110 billion) in November from a year earlier, the statistics bureau said today, after rising 18.1 percent in October. That was the biggest gain since 1999, according to Bloomberg data.
Stronger domestic consumption may help the world's fourth- largest economy weather weaker demand for exports in a global slowdown. Automobile sales climbed 35 percent, a boost for companies such as Geely Automobile Holdings Ltd., and furniture spending soared almost 60 percent.
``Today's number signals that there is strong growth in household demand,'' said Stephen Green, senior economist at Standard Chartered Bank Plc in Shanghai. ``This can help pick up some of the slack as export growth slows next year.''
Inflation boosted the sales figure, which topped the 18 percent median estimate of 21 economists in a Bloomberg News survey. Consumer prices rose 6.9 percent in November, the quickest pace in 11 years.
Household spending accounted for 36 percent of China's gross domestic product last year compared with more than 50 percent in the U.S., Japan and India.
Export Slowdown
China's economic growth is likely to slow to 10.7 percent in 2008 from 11.4 percent this year on reduced demand for exports, according to the Organization for Economic Co-operation and Development.
A significant global slowdown may reduce the need for economic tightening in China, ``creating a healthier environment that would foster the needed shift toward more sustainable, domestically-driven growth,'' said Frank Gong, chief China economist at JPMorgan Chase & Co. in Hong Kong.
Cosmetics sales rose 33 percent. Avon Products Inc., the world's largest door-to-door cosmetics seller, said sales of skin cream and lipstick in China helped to boost third-quarter profit.
For the first 11 months, retail sales rose 16.4 percent from a year earlier to 8.02 trillion yuan, the statistics bureau said. Sales in urban areas jumped 19.2 percent in November from a year earlier, while rural spending climbed 18 percent.
Inflation's Role
A ``large part'' of this month's spending growth was due to inflation, said Kevin Lai, senior economist at Daiwa Institute of Research in Hong Kong.
Food and fuel costs are driving consumer-price gains. Spending on meat, poultry and eggs jumped 45 percent in November from a year earlier. For grains and edible oils, the gain was 48 percent. Spending on petroleum products climbed 22 percent.
China has raised minimum wages and reduced a tax on interest income to fatten consumers' wallets. Disposable incomes among urban households, after adjusting for inflation, rose 13.2 percent to 10,346 yuan in the first nine months from the same period a year earlier.
Earnings in rural areas climbed 14.8 percent to 3,321 yuan.
Wal-Mart Stores Inc., the world's biggest retailer, this week said it had won approval to open its 100th store in the Asian nation.
BLOOMBERG
By Nipa Piboontanasawat
Dec. 12 (Bloomberg) -- China's retail sales increased at the quickest pace in at least eight years on rising incomes, aiding government efforts to curb the economy's dependence on exports and investment for growth.
Sales climbed 18.8 percent to 810.5 billion yuan ($110 billion) in November from a year earlier, the statistics bureau said today, after rising 18.1 percent in October. That was the biggest gain since 1999, according to Bloomberg data.
Stronger domestic consumption may help the world's fourth- largest economy weather weaker demand for exports in a global slowdown. Automobile sales climbed 35 percent, a boost for companies such as Geely Automobile Holdings Ltd., and furniture spending soared almost 60 percent.
``Today's number signals that there is strong growth in household demand,'' said Stephen Green, senior economist at Standard Chartered Bank Plc in Shanghai. ``This can help pick up some of the slack as export growth slows next year.''
Inflation boosted the sales figure, which topped the 18 percent median estimate of 21 economists in a Bloomberg News survey. Consumer prices rose 6.9 percent in November, the quickest pace in 11 years.
Household spending accounted for 36 percent of China's gross domestic product last year compared with more than 50 percent in the U.S., Japan and India.
Export Slowdown
China's economic growth is likely to slow to 10.7 percent in 2008 from 11.4 percent this year on reduced demand for exports, according to the Organization for Economic Co-operation and Development.
A significant global slowdown may reduce the need for economic tightening in China, ``creating a healthier environment that would foster the needed shift toward more sustainable, domestically-driven growth,'' said Frank Gong, chief China economist at JPMorgan Chase & Co. in Hong Kong.
Cosmetics sales rose 33 percent. Avon Products Inc., the world's largest door-to-door cosmetics seller, said sales of skin cream and lipstick in China helped to boost third-quarter profit.
For the first 11 months, retail sales rose 16.4 percent from a year earlier to 8.02 trillion yuan, the statistics bureau said. Sales in urban areas jumped 19.2 percent in November from a year earlier, while rural spending climbed 18 percent.
Inflation's Role
A ``large part'' of this month's spending growth was due to inflation, said Kevin Lai, senior economist at Daiwa Institute of Research in Hong Kong.
Food and fuel costs are driving consumer-price gains. Spending on meat, poultry and eggs jumped 45 percent in November from a year earlier. For grains and edible oils, the gain was 48 percent. Spending on petroleum products climbed 22 percent.
China has raised minimum wages and reduced a tax on interest income to fatten consumers' wallets. Disposable incomes among urban households, after adjusting for inflation, rose 13.2 percent to 10,346 yuan in the first nine months from the same period a year earlier.
Earnings in rural areas climbed 14.8 percent to 3,321 yuan.
Wal-Mart Stores Inc., the world's biggest retailer, this week said it had won approval to open its 100th store in the Asian nation.
BLOOMBERG
Packer's Crown Buys Cannery Casino for $1.75 Billion
Packer's Crown Buys Cannery Casino for $1.75 Billion
Dec. 12 (Bloomberg) -- Crown Ltd., Australian billionaire James Packer's gaming company, agreed to buy Cannery Casino Resorts LLC for $1.75 billion cash, doubling its gambling investments in North America.
The acquisition will add to earnings per share and be funded with existing cash reserves, Melbourne-based Crown said in a statement today.
The purchase of three casinos in the Las Vegas region and a racetrack in Pittsburgh comes less than two weeks after Packer, Crown's biggest shareholder and Australia's richest man, split his media assets into a separate company to focus on the faster growing casino business. The 40-year-old has led more than $3 billion of gaming acquisitions in North America this year, adding to assets in Australia, Macau and the U.K.
``They've been looking to expand in the U.S. and this is where they see their opportunity,'' said Sean Fenton, who helps manage the equivalent of $832 million at Jenkins Investment Management in Sydney.
Crown shares rose 3 cents to A$13.83 at the 4:10 p.m. close of trading in Sydney. The stock has fallen 2.5 percent since the split of Publishing & Broadcasting Ltd. into Crown and Consolidated Media Holdings on Dec. 4.
The assets being acquired include the Cannery Casino and Hotel in North Las Vegas, Nevada Palace Casino on the Boulder Strip in East Las Vegas and the Meadows Racetrack & Casino in Pittsburgh. Cannery also operates the Rampart Casino in Summerlin, West Las Vegas, under a management contract.
``Locals'' Market
Cannery is also developing the East Side Cannery in East Las Vegas to replace the Nevada Palace Casino and a permanent facility for the Meadows Racetrack, which when completed will give it control of 8,400 slot machines, 75 gaming tables and 720 hotel rooms.
Cannery developed the venues as ``locals'' casinos, seeking to attract residents of the area rather than tourists. The company is 58 percent owned by founders Bill Paulos and Bill Wortman's Millennium Gaming Inc., with the rest held by buyout firm Oaktree Capital Management LLC which bought a stake in 2006.
They ``have created first-class locals properties located in markets with attractive, long-term growth prospects,'' Packer said in the statement. ``Crown's skills and experience in operating successful locals casinos will enable us to grow the Cannery Casino business further.''
Crown's existing North American investments include a 19.6 percent stake in Fontainebleau Resorts LLC, which is developing a Las Vegas casino, and a half share of Canada's Gateway Casinos Income Fund.
American Expansion
In May, the company agreed to pay $22.5 million for a 37.5 percent stake in LVTI LLC., which is building the Crown Las Vegas, neighboring the Fontainebleau property.
As well as Melbourne's Crown casino, Australia's biggest, the company owns Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Crown also has a 37.9 percent stake in Melco PBL Entertainment (Macau) Ltd., which opened its first casino in May and is developing others in the former Portuguese colony.
The Cannery acquisition is subject to regulatory approval, which is expected to take at least 12 months, Crown said.
Macquarie Group Ltd. and Global Leisure Partners LLP advised Crown on the deal.
Packer, who inherited Publishing & Broadcasting in December 2005 after the death of his father Kerry, raised A$4.5 billion ($3.9 billion) last year selling the company's media assets into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd.
In June, he sold a further 25 percent stake to CVC. He returned A$2 billion of cash to shareholders through the split, freeing up the remaining cash for acquisitions.
BLOOMBERG
Dec. 12 (Bloomberg) -- Crown Ltd., Australian billionaire James Packer's gaming company, agreed to buy Cannery Casino Resorts LLC for $1.75 billion cash, doubling its gambling investments in North America.
The acquisition will add to earnings per share and be funded with existing cash reserves, Melbourne-based Crown said in a statement today.
The purchase of three casinos in the Las Vegas region and a racetrack in Pittsburgh comes less than two weeks after Packer, Crown's biggest shareholder and Australia's richest man, split his media assets into a separate company to focus on the faster growing casino business. The 40-year-old has led more than $3 billion of gaming acquisitions in North America this year, adding to assets in Australia, Macau and the U.K.
``They've been looking to expand in the U.S. and this is where they see their opportunity,'' said Sean Fenton, who helps manage the equivalent of $832 million at Jenkins Investment Management in Sydney.
Crown shares rose 3 cents to A$13.83 at the 4:10 p.m. close of trading in Sydney. The stock has fallen 2.5 percent since the split of Publishing & Broadcasting Ltd. into Crown and Consolidated Media Holdings on Dec. 4.
The assets being acquired include the Cannery Casino and Hotel in North Las Vegas, Nevada Palace Casino on the Boulder Strip in East Las Vegas and the Meadows Racetrack & Casino in Pittsburgh. Cannery also operates the Rampart Casino in Summerlin, West Las Vegas, under a management contract.
``Locals'' Market
Cannery is also developing the East Side Cannery in East Las Vegas to replace the Nevada Palace Casino and a permanent facility for the Meadows Racetrack, which when completed will give it control of 8,400 slot machines, 75 gaming tables and 720 hotel rooms.
Cannery developed the venues as ``locals'' casinos, seeking to attract residents of the area rather than tourists. The company is 58 percent owned by founders Bill Paulos and Bill Wortman's Millennium Gaming Inc., with the rest held by buyout firm Oaktree Capital Management LLC which bought a stake in 2006.
They ``have created first-class locals properties located in markets with attractive, long-term growth prospects,'' Packer said in the statement. ``Crown's skills and experience in operating successful locals casinos will enable us to grow the Cannery Casino business further.''
Crown's existing North American investments include a 19.6 percent stake in Fontainebleau Resorts LLC, which is developing a Las Vegas casino, and a half share of Canada's Gateway Casinos Income Fund.
American Expansion
In May, the company agreed to pay $22.5 million for a 37.5 percent stake in LVTI LLC., which is building the Crown Las Vegas, neighboring the Fontainebleau property.
As well as Melbourne's Crown casino, Australia's biggest, the company owns Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Crown also has a 37.9 percent stake in Melco PBL Entertainment (Macau) Ltd., which opened its first casino in May and is developing others in the former Portuguese colony.
The Cannery acquisition is subject to regulatory approval, which is expected to take at least 12 months, Crown said.
Macquarie Group Ltd. and Global Leisure Partners LLP advised Crown on the deal.
Packer, who inherited Publishing & Broadcasting in December 2005 after the death of his father Kerry, raised A$4.5 billion ($3.9 billion) last year selling the company's media assets into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd.
In June, he sold a further 25 percent stake to CVC. He returned A$2 billion of cash to shareholders through the split, freeing up the remaining cash for acquisitions.
BLOOMBERG
Fed: Μείωση επιτοκίων στο 4,25%
Fed: Μείωση επιτοκίων στο 4,25%
Η ΝΑΥΤΕΜΠΟΡΙΚΗ ON LINE
Τρίτη, 11 Δεκεμβρίου 2007 21:17
Τελευταία Ενημέρωση : 12/12/2007 00:11
Σε μείωση των επιτοκίων της για τρίτη φορά από την αρχή του έτους προέβη σήμερα η Fed, προκειμένου να δώσει ώθηση στην οικονομική ανάπτυξη, όπως αναφέρει στο συνοδευτικό της κείμενο.
Το βασικό επιτόκιο μειώθηκε κατά 25 μονάδες βάσης, στο 4,25%, όπως ευρέως αναμενόταν, ενώ ένα μέλος της αρμόδιας επιτροπής τάχθηκε υπέρ επιθετικότερης μείωσης.
Παράλληλα, μειώνεται άμεσα και το προεξοφλητικό επιτόκιο για δάνεια εμπορικών τραπεζών προς αυτήν, στο 4,75% (μείωση επίσης κατά 0,25%).
Η κεντρική τράπεζα των Ηνωμένων Πολιτειών εμφανίζεται λιγότερο αισιόδοξη για τις προοπτικές της οικονομίας, καθώς διαπιστώνει εξασθένηση των καταναλωτικών δαπανών, επιδείνωση των συνθηκών στην αγορά κατοικίας και επιβράδυνση της ανάπτυξης.
Επισημαίνει ακόμη ότι οι πληθωριστικοί κίνδυνοι παραμένουν.
Οι 50 στους 52 οικονομολόγους που συμμετείχαν σε έρευνα της WSJ θεωρούσαν αναμενόμενη τη σημερινή απόφαση της Fed, προκειμένου να αποφευχθεί ο κίνδυνος ύφεσης [Βλέπε άρθρο] .
Πτώση πάνω από 2% στη Wall Street
Απώλειες πάνω από 2% κατέγραψαν την Τρίτη οι χρηματιστηριακοί δείκτες στη Νέα Υόρκη, καθώς διαψεύσθηκαν οι προσδοκίες για γενναία μείωση των επιτοκίων κατά 50 μονάδες βάσης από τη Fed.
Οι επενδυτές φοβούνται ότι η μείωση των αμερικανικών επιτοκίων κατά 25 μονάδες βάσης δεν θα σταθεί ικανή να αποτρέψει την ύφεση, ενώ προβληματισμό προκάλεσε το γεγονός ότι το συνοδευτικό κείμενο της απόφασης δεν εμπεριέχει σαφές μήνυμα ότι θα ακολουθήσουν νέες μειώσεις.
Ο Dow Jones [.DJI] υποχώρησε κατά 2,14% και έκλεισε στις 13.432,77 μονάδες. Μεγαλύτερες απώλειες, της τάξεως του 2,53%, κατέγραψε ο S&P 500, ενώ ο Nasdaq [.IXIC] διαμορφώθηκε στις 2.652,35 μονάδες μειωμένος κατά 2,45%.
Πρόκειται για τη μεγαλύτερη ημερήσια ποσοστιαία πτώση των δεικτών Dow Jones και S&P 500 από τις 7 Νοεμβρίου.
Οι μετοχές των Bank of America και Citigroup υποχώρησαν κατά 4,3% και 4,2% αντιστοίχως.
Aνοδος του δολαρίου
Μικρή άνοδο σημείωσε το δολάριο έναντι των βασικών του ανταγωνιστών καθώς δεν επιβεβαιώθηκαν οι ανησυχίες ορισμένων επενδυτών για επιθετική μείωση των επιτοκίων από τη Fed.
Στις 21:39 η ισοτιμία του ευρώ έναντι του δολαρίου διαμορφωνόταν στα 1,4687 δολάρια έναντι 1,4712 δολαρίων αργά χθες το βράδυ.
Την ίδια ώρα, το δολάριο ισοδυναμούσε με 110,89 γιεν [JPY=X] έναντι 111,7 γιεν χθες.
NAFTEMPORIKI
Η ΝΑΥΤΕΜΠΟΡΙΚΗ ON LINE
Τρίτη, 11 Δεκεμβρίου 2007 21:17
Τελευταία Ενημέρωση : 12/12/2007 00:11
Σε μείωση των επιτοκίων της για τρίτη φορά από την αρχή του έτους προέβη σήμερα η Fed, προκειμένου να δώσει ώθηση στην οικονομική ανάπτυξη, όπως αναφέρει στο συνοδευτικό της κείμενο.
Το βασικό επιτόκιο μειώθηκε κατά 25 μονάδες βάσης, στο 4,25%, όπως ευρέως αναμενόταν, ενώ ένα μέλος της αρμόδιας επιτροπής τάχθηκε υπέρ επιθετικότερης μείωσης.
Παράλληλα, μειώνεται άμεσα και το προεξοφλητικό επιτόκιο για δάνεια εμπορικών τραπεζών προς αυτήν, στο 4,75% (μείωση επίσης κατά 0,25%).
Η κεντρική τράπεζα των Ηνωμένων Πολιτειών εμφανίζεται λιγότερο αισιόδοξη για τις προοπτικές της οικονομίας, καθώς διαπιστώνει εξασθένηση των καταναλωτικών δαπανών, επιδείνωση των συνθηκών στην αγορά κατοικίας και επιβράδυνση της ανάπτυξης.
Επισημαίνει ακόμη ότι οι πληθωριστικοί κίνδυνοι παραμένουν.
Οι 50 στους 52 οικονομολόγους που συμμετείχαν σε έρευνα της WSJ θεωρούσαν αναμενόμενη τη σημερινή απόφαση της Fed, προκειμένου να αποφευχθεί ο κίνδυνος ύφεσης [Βλέπε άρθρο] .
Πτώση πάνω από 2% στη Wall Street
Απώλειες πάνω από 2% κατέγραψαν την Τρίτη οι χρηματιστηριακοί δείκτες στη Νέα Υόρκη, καθώς διαψεύσθηκαν οι προσδοκίες για γενναία μείωση των επιτοκίων κατά 50 μονάδες βάσης από τη Fed.
Οι επενδυτές φοβούνται ότι η μείωση των αμερικανικών επιτοκίων κατά 25 μονάδες βάσης δεν θα σταθεί ικανή να αποτρέψει την ύφεση, ενώ προβληματισμό προκάλεσε το γεγονός ότι το συνοδευτικό κείμενο της απόφασης δεν εμπεριέχει σαφές μήνυμα ότι θα ακολουθήσουν νέες μειώσεις.
Ο Dow Jones [.DJI] υποχώρησε κατά 2,14% και έκλεισε στις 13.432,77 μονάδες. Μεγαλύτερες απώλειες, της τάξεως του 2,53%, κατέγραψε ο S&P 500, ενώ ο Nasdaq [.IXIC] διαμορφώθηκε στις 2.652,35 μονάδες μειωμένος κατά 2,45%.
Πρόκειται για τη μεγαλύτερη ημερήσια ποσοστιαία πτώση των δεικτών Dow Jones και S&P 500 από τις 7 Νοεμβρίου.
Οι μετοχές των Bank of America και Citigroup υποχώρησαν κατά 4,3% και 4,2% αντιστοίχως.
Aνοδος του δολαρίου
Μικρή άνοδο σημείωσε το δολάριο έναντι των βασικών του ανταγωνιστών καθώς δεν επιβεβαιώθηκαν οι ανησυχίες ορισμένων επενδυτών για επιθετική μείωση των επιτοκίων από τη Fed.
Στις 21:39 η ισοτιμία του ευρώ έναντι του δολαρίου διαμορφωνόταν στα 1,4687 δολάρια έναντι 1,4712 δολαρίων αργά χθες το βράδυ.
Την ίδια ώρα, το δολάριο ισοδυναμούσε με 110,89 γιεν [JPY=X] έναντι 111,7 γιεν χθες.
NAFTEMPORIKI
US INDEXES
DOW JONES INDUS. AVG 13,432.77 -294.26 -2.14%
S&P 500 INDEX 1,477.65 -38.31 -2.53%
NASDAQ COMPOSITE INDEX 2,652.35 -66.60 -2.45%
S&P 500 INDEX 1,477.65 -38.31 -2.53%
NASDAQ COMPOSITE INDEX 2,652.35 -66.60 -2.45%
Tuesday, December 11, 2007
ΤΟ ΑΥΡΙΑΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Import and Export Prices
Dept of Labor
8:30 AM
International Trade
Dept of Commerce
10:30 AM
EIA Petroleum Status Report
Dept of Energy
Import and Export Prices
Dept of Labor
8:30 AM
International Trade
Dept of Commerce
10:30 AM
EIA Petroleum Status Report
Dept of Energy
EUROPEAN INDEXES
XAK
FTSE/CySE 20
1701.85 ( -0.83%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4969.21 ( -0.84%)
Όγκος: € 10,474,723
---
FTSE 100 INDEX 6,536.90 -28.50 -0.43%
CAC 40 INDEX 5,724.76 -26.16 -0.45%
DAX INDEX 8,009.42 -23.94 -0.30%
FTSE/CySE 20
1701.85 ( -0.83%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4969.21 ( -0.84%)
Όγκος: € 10,474,723
---
FTSE 100 INDEX 6,536.90 -28.50 -0.43%
CAC 40 INDEX 5,724.76 -26.16 -0.45%
DAX INDEX 8,009.42 -23.94 -0.30%
Στη Sea Star το μερίδιο Λασκαρίδη στις Μινωικές
Στη Sea Star το μερίδιο Λασκαρίδη στις Μινωικές
Τρίτη, 11 Δεκεμβρίου 2007 16:46
Πακέτο 18.942,487 μετοχών των Μινωικών Γραμμών «πέρασε» πριν από λίγο μέσω Χ.Α. στην τιμή των 5 ευρώ.
Σύμφωνα με πληροφορίες, αγοραστής των μετοχών είναι η Sea Star, συμφερόντων του Ι. Βαρδινογιάννη, ενώ πωλητής φέρεται ο όμιλος Λασκαρίδη.
NAFTEMPORIKI
Τρίτη, 11 Δεκεμβρίου 2007 16:46
Πακέτο 18.942,487 μετοχών των Μινωικών Γραμμών «πέρασε» πριν από λίγο μέσω Χ.Α. στην τιμή των 5 ευρώ.
Σύμφωνα με πληροφορίες, αγοραστής των μετοχών είναι η Sea Star, συμφερόντων του Ι. Βαρδινογιάννη, ενώ πωλητής φέρεται ο όμιλος Λασκαρίδη.
NAFTEMPORIKI
Χρηματοοικονομικό μπουμ ανεβάζει ΑΕΠ
Χρηματοοικονομικό μπουμ ανεβάζει ΑΕΠ
• Στο 4,4% ο ρυθμός οικονομίας το πρώτο εννιάμηνο
• Μεγέθυνση οικονομίας 4,6% το τρίτο τρίμηνο
Με ταχείς ρυθμούς αναπτύσσεται η οικονομία της Κύπρου. Σύμφωνα με στοιχεία που δημοσίευσε σήμερα η Στατιστική Υπηρεσία, ο ρυθμός ανάπτυξης του ΑΕΠ κατά τους πρώτους εννέα μήνες του 2007 σε σύγκριση με το αντίστοιχο εννιάμηνο του 2006 υπολογίζεται στο 4,4%.
Στο τρίτο τρίμηνο του 2007 ο ρυθμός μεγέθυνσης της οικονομίας υπολογίζεται σε 4,6%, που αποτελεί το υψηλότερο επίπεδο της τελευταίας τριετίας. Στην προκαταρκτική της εκτίμηση για το τρίτο τρίμηνο του 2007, που δημοσιεύτηκε στις 14 Νοεμβρίου 2007, η Στατιστική Υπηρεσία υπολόγιζε το ΑΕΠ στο 4,3%. Παρατηρείται δηλαδή αναθεώρηση προς τα πάνω.
Στην άνοδο του ΑΕΠ το τρίτο τρίμηνο συνέβαλαν το μπουμ των υπηρεσιών χρηματοπιστωτικής διαμεσολάβησης (+30,5%), η αύξηση του τομέα του τουρισμού (+5,8% οι αφίξεις, +11,1% τα έσοδα), αλλά και ο τομέας των ακινήτων (+9,5% στο εμβαδόν αδειών οικοδομής). Η επιτάχυνση της οικονομικής δραστηριότητας αποδίδεται ακόμη στον τομέα του λιανικού εμπορίου που αυξήθηκε κατά 8,2%, στις εγγραφές των μηχανοκίνητων οχημάτων (+32,1%) και στις εισαγωγές αγαθών (+14,2%). Αύξηση 12,3% σημείωσε και ο δείκτης αξίας κύκλου εργασιών τηλεπικοινωνιών, ενώ κατά 3,5% αυξήθηκε και ο δείκτης όγκου παραγωγής μεταποίησης.
Αντίθετα, μείωση κατέγραψαν το τρίτο τρίμηνο του 2007 οι εξαγωγές αγαθών (-4,2%) και ο δείκτης αξίας κύκλου εργασιών αεροπορικών μεταφορών (-3,8%).
STOCKWATCH.COM.CY
• Στο 4,4% ο ρυθμός οικονομίας το πρώτο εννιάμηνο
• Μεγέθυνση οικονομίας 4,6% το τρίτο τρίμηνο
Με ταχείς ρυθμούς αναπτύσσεται η οικονομία της Κύπρου. Σύμφωνα με στοιχεία που δημοσίευσε σήμερα η Στατιστική Υπηρεσία, ο ρυθμός ανάπτυξης του ΑΕΠ κατά τους πρώτους εννέα μήνες του 2007 σε σύγκριση με το αντίστοιχο εννιάμηνο του 2006 υπολογίζεται στο 4,4%.
Στο τρίτο τρίμηνο του 2007 ο ρυθμός μεγέθυνσης της οικονομίας υπολογίζεται σε 4,6%, που αποτελεί το υψηλότερο επίπεδο της τελευταίας τριετίας. Στην προκαταρκτική της εκτίμηση για το τρίτο τρίμηνο του 2007, που δημοσιεύτηκε στις 14 Νοεμβρίου 2007, η Στατιστική Υπηρεσία υπολόγιζε το ΑΕΠ στο 4,3%. Παρατηρείται δηλαδή αναθεώρηση προς τα πάνω.
Στην άνοδο του ΑΕΠ το τρίτο τρίμηνο συνέβαλαν το μπουμ των υπηρεσιών χρηματοπιστωτικής διαμεσολάβησης (+30,5%), η αύξηση του τομέα του τουρισμού (+5,8% οι αφίξεις, +11,1% τα έσοδα), αλλά και ο τομέας των ακινήτων (+9,5% στο εμβαδόν αδειών οικοδομής). Η επιτάχυνση της οικονομικής δραστηριότητας αποδίδεται ακόμη στον τομέα του λιανικού εμπορίου που αυξήθηκε κατά 8,2%, στις εγγραφές των μηχανοκίνητων οχημάτων (+32,1%) και στις εισαγωγές αγαθών (+14,2%). Αύξηση 12,3% σημείωσε και ο δείκτης αξίας κύκλου εργασιών τηλεπικοινωνιών, ενώ κατά 3,5% αυξήθηκε και ο δείκτης όγκου παραγωγής μεταποίησης.
Αντίθετα, μείωση κατέγραψαν το τρίτο τρίμηνο του 2007 οι εξαγωγές αγαθών (-4,2%) και ο δείκτης αξίας κύκλου εργασιών αεροπορικών μεταφορών (-3,8%).
STOCKWATCH.COM.CY
AT&T Raises Payout, Buys Back $15.2 Billion in Stock
AT&T Raises Payout, Buys Back $15.2 Billion in Stock (Update1)
By Julie Alnwick
Dec. 11 (Bloomberg) -- AT&T Inc., the biggest U.S. phone company, raised its dividend 13 percent and decided to buy back as much as $15.2 billion in stock after three straight quarters of accelerating sales growth.
The quarterly payout climbed to 40 cents from 35.5 cents, the San Antonio-based company said today in a statement. On an annual basis, the increase is the largest in AT&T history.
AT&T is rewarding investors after winning customers with Apple Inc.'s iPhone, which blends the best-selling iPod media player with a Web-enabled handset and made its debut in June. That helped the company gain 2 million new wireless customers last quarter, cementing its lead over rival Verizon Wireless.
AT&T plans to buy back as many as 400 million shares by 2009. The company repurchased more than $13 billion in stock under its buyback announced in 2006.
AT&T shares climbed 60 cents to $38.50 in early trading after closing at $37.90 yesterday on the New York Stock Exchange. They had climbed 6 percent this year before today.
The dividend will be payable Feb. 1 to shareholders of record as of Jan. 10.
BLOOMBERG
By Julie Alnwick
Dec. 11 (Bloomberg) -- AT&T Inc., the biggest U.S. phone company, raised its dividend 13 percent and decided to buy back as much as $15.2 billion in stock after three straight quarters of accelerating sales growth.
The quarterly payout climbed to 40 cents from 35.5 cents, the San Antonio-based company said today in a statement. On an annual basis, the increase is the largest in AT&T history.
AT&T is rewarding investors after winning customers with Apple Inc.'s iPhone, which blends the best-selling iPod media player with a Web-enabled handset and made its debut in June. That helped the company gain 2 million new wireless customers last quarter, cementing its lead over rival Verizon Wireless.
AT&T plans to buy back as many as 400 million shares by 2009. The company repurchased more than $13 billion in stock under its buyback announced in 2006.
AT&T shares climbed 60 cents to $38.50 in early trading after closing at $37.90 yesterday on the New York Stock Exchange. They had climbed 6 percent this year before today.
The dividend will be payable Feb. 1 to shareholders of record as of Jan. 10.
BLOOMBERG
Σε 24ωρη προειδοποιητική απεργία την Πέμπτη 350 υπάλληλοι της Αρχής Λιμένων
Σε 24ωρη προειδοποιητική απεργία την Πέμπτη 350 υπάλληλοι της Αρχής Λιμένων
Οι υπάλληλοι της Αρχής Λιμένων Κύπρου ζητούν τη συμπερίληψη της συλλογικής σύμβασης στον προϋπολογισμό της Αρχής Λιμένων για το 2008 (φώτο αρχείου).
Λευκωσία: Σε 24ωρη προειδοποιητική απεργία κατέχονται μεθαύριο Πέμπτη περίπου 350 υπάλληλοι της Αρχής Λιμένων Κύπρου, οι οποίοι ζητούν τη συμπερίληψη της συλλογικής σύμβασης στον προϋπολογισμό της Αρχής Λιμένων για το 2008. Η απόφαση λήφθηκε μετά από έκτακτες γενικές συνελεύσεις των συντεχνιών σε Λευκωσία, Λεμεσό και Λάρνακα και όπως δήλωσε το μεσημέρι από το λιμάνι Λεμεσού ο εκπρόσωπός τους Παύλος Τσίσος, «η απόφαση αυτή λήφθηκε κατόπιν ψηφοφορίας και δεν πρόκειται να ανασταλεί εκτός εάν η Βουλή ενημερώσει ότι δεν προτίθεται να εγκρίνει τον προϋπολογισμό ως έχει, αλλά θα αναστείλει την έγκριση του μέχρι να συμπεριληφθεί και η συλλογική μας σύμβαση που έχει λήξη από το 2006».
«Η όλη προσπάθεια που έγινε στη συλλογική σύμβαση 2004-2006 ήταν όπως οι υπάλληλοι της ΑΛΚ να αναβαθμιστούν, ώστε να κατέχουν τις ίδιες θέσεις με αυτές που βρίσκονται στον ευρύ δημόσιο τομέα και να συνάδουν με το νέο κρατικό μισθολόγιο», είπε ο κ.Τσίσος και πρόσθεσε «τίποτα περισσότερο δεν επιτεύχθηκε ή δεν διεκδικήσαμε από αυτά που υπάρχουν στο δημόσιο τομέα».
FILELEFTHEROS
Οι υπάλληλοι της Αρχής Λιμένων Κύπρου ζητούν τη συμπερίληψη της συλλογικής σύμβασης στον προϋπολογισμό της Αρχής Λιμένων για το 2008 (φώτο αρχείου).
Λευκωσία: Σε 24ωρη προειδοποιητική απεργία κατέχονται μεθαύριο Πέμπτη περίπου 350 υπάλληλοι της Αρχής Λιμένων Κύπρου, οι οποίοι ζητούν τη συμπερίληψη της συλλογικής σύμβασης στον προϋπολογισμό της Αρχής Λιμένων για το 2008. Η απόφαση λήφθηκε μετά από έκτακτες γενικές συνελεύσεις των συντεχνιών σε Λευκωσία, Λεμεσό και Λάρνακα και όπως δήλωσε το μεσημέρι από το λιμάνι Λεμεσού ο εκπρόσωπός τους Παύλος Τσίσος, «η απόφαση αυτή λήφθηκε κατόπιν ψηφοφορίας και δεν πρόκειται να ανασταλεί εκτός εάν η Βουλή ενημερώσει ότι δεν προτίθεται να εγκρίνει τον προϋπολογισμό ως έχει, αλλά θα αναστείλει την έγκριση του μέχρι να συμπεριληφθεί και η συλλογική μας σύμβαση που έχει λήξη από το 2006».
«Η όλη προσπάθεια που έγινε στη συλλογική σύμβαση 2004-2006 ήταν όπως οι υπάλληλοι της ΑΛΚ να αναβαθμιστούν, ώστε να κατέχουν τις ίδιες θέσεις με αυτές που βρίσκονται στον ευρύ δημόσιο τομέα και να συνάδουν με το νέο κρατικό μισθολόγιο», είπε ο κ.Τσίσος και πρόσθεσε «τίποτα περισσότερο δεν επιτεύχθηκε ή δεν διεκδικήσαμε από αυτά που υπάρχουν στο δημόσιο τομέα».
FILELEFTHEROS
CAIR: Ποιες πτήσεις ακυρώνονται αύριο
CAIR: Ποιες πτήσεις ακυρώνονται αύριο
Δώδεκα συνολικά πτήσεις των Κυπριακών Αερογραμμών θα ακυρωθούν λόγω της αυριανής πανελλαδικής απεργίας. Όπως αναφέρεται σε ανακοίνωση των Κυπριακών Αερογραμμών, αναπόφευκτα ακυρώνονται δώδεκα πτήσεις της εταιρείας από και προς Αθήνα, Θεσσαλονίκη και Ηράκλειο.
Θα ακυρωθούν, επίσης, δύο πτήσεις κοινού κωδικού με τις Ολυμπιακές Αερογραμμές, για τις οποίες έχουν ήδη γίνει διευθετήσεις να πραγματοποιηθούν μεθαύριο Πέμπτη 13 Δεκεμβρίου, με αναχωρήσεις που θα ξεκινήσουν λίγο μετά τα μεσάνυχτα, όταν θα λήξει η απεργία.
Συγκεκριμένα, θα ακυρωθούν τέσσερις πτήσεις από Λάρνακα προς Αθήνα και τέσσερις από Αθήνα προς Λάρνακα, καθώς επίσης δύο πτήσεις από και προς Θεσσαλονίκη και δύο πτήσεις από και προς Ηράκλειο.
STOCKWATCH.COM.CY
Δώδεκα συνολικά πτήσεις των Κυπριακών Αερογραμμών θα ακυρωθούν λόγω της αυριανής πανελλαδικής απεργίας. Όπως αναφέρεται σε ανακοίνωση των Κυπριακών Αερογραμμών, αναπόφευκτα ακυρώνονται δώδεκα πτήσεις της εταιρείας από και προς Αθήνα, Θεσσαλονίκη και Ηράκλειο.
Θα ακυρωθούν, επίσης, δύο πτήσεις κοινού κωδικού με τις Ολυμπιακές Αερογραμμές, για τις οποίες έχουν ήδη γίνει διευθετήσεις να πραγματοποιηθούν μεθαύριο Πέμπτη 13 Δεκεμβρίου, με αναχωρήσεις που θα ξεκινήσουν λίγο μετά τα μεσάνυχτα, όταν θα λήξει η απεργία.
Συγκεκριμένα, θα ακυρωθούν τέσσερις πτήσεις από Λάρνακα προς Αθήνα και τέσσερις από Αθήνα προς Λάρνακα, καθώς επίσης δύο πτήσεις από και προς Θεσσαλονίκη και δύο πτήσεις από και προς Ηράκλειο.
STOCKWATCH.COM.CY
China Inflation Reaches 11-Year High, Trade Gap Grows
China Inflation Reaches 11-Year High, Trade Gap Grows (Update2)
By Nipa Piboontanasawat
Dec. 11 (Bloomberg) -- China's inflation accelerated at the quickest pace in 11 years and the trade surplus swelled, adding pressure on the central bank to raise interest rates and let the currency appreciate faster to cool the economy.
Consumer prices rose 6.9 percent in November from a year earlier after climbing 6.5 percent in October, the statistics bureau said today. That was more than the 6.5 percent median estimate of 21 economists surveyed by Bloomberg News.
Surging food and fuel costs and a record $238 billion surplus in the first 11 months have prompted the government to name inflation and overheating as the biggest threats to growth. U.S. Treasury Secretary Henry Paulson is in Beijing to press for yuan gains that would narrow the trade gap and staunch the flow of money into the world's fastest-growing major economy.
``Liquidity from the trade surplus will continue to cause the economy to overheat in 2008,'' said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong. ``The yuan will need to appreciate at a firmer pace, interest rates will rise and the reserve requirement for banks will go to 17 percent by the end of next year.''
The yuan gained by the most in a month against the dollar. The currency, which has climbed 12 percent since a fixed exchange rate was scrapped in July 2005, rose 0.22 percent to 7.3792 per dollar as of 4:46 p.m. in Shanghai from 7.3952 late yesterday. It touched 7.3770, the highest since the end of the dollar link.
The People's Bank of China last week ordered lenders to set aside 14.5 percent of deposits as reserves, up from 13.5 percent. China's one-year lending rate is at a nine-year high of 7.29 percent after five increases this year.
U.S. Gap
The yield on the 4.68 percent bond due September 2022 rose 4 basis points, or 0.04 percentage point, to 4.72 percent.
The trade surplus climbed 14.7 percent to $26.3 billion in November from a year earlier, the third-biggest monthly total, the customs bureau said today. The $15.2 billion trade surplus with the U.S. pushed the 11-month total with that country to $149.2 billion.
The central bank will strictly control bank lending, raise interest rates this month and allow a faster pace of currency appreciation in 2008, said Liang Hong, a senior economist at Goldman Sachs Group Inc. in Hong Kong.
Export Growth
People's Bank of China Governor Zhou Xiaochuan said today that currency policy will be used to help narrow the trade gap.
A stronger Chinese currency would lower import costs and push up export prices. Export growth has slowed from 29 percent in the seven months through July to between 22 percent and 23 percent for each of the past four months, after cuts to tax incentives.
``A more flexible currency is especially important now, when the risks of inflation are clearly rising in the Chinese economy,'' Paulson said last week. The Treasury Secretary, in Beijing for the so-called Strategic Economic Dialogue, is fending off calls in Congress for legislation to punish China for its currency policy.
The inflation rate is almost double the 3.5 percent pace in the U.S. in October. It's also more than the 3.01 percent increase in wholesale prices in India, the key inflation measure for the world's second-fastest growing economy, in the week ended Nov. 24.
China's inflation was 4.6 percent in the first 11 months, more than the central bank's 3 percent target for the year and the key one-year deposit rate of 3.87 percent.
Pork Prices
Pork prices surged 56 percent in November from a year earlier, driven by a shortage of pigs. Food makes up a third of the consumer price index and rising costs pose a threat to social stability, illustrated by a stampede last month at a cooking-oil sale that killed three people in the central city of Chongqing.
Overall, food climbed 18.2 percent. Non-food prices rose 1.4 percent, accelerating from a 1.1 percent gain in the previous month. Utility prices including water, electricity and gas rose 5.6 percent.
The inflow of cash from record exports, besides stoking inflation, has also fueled a surge in property and stock prices, with the benchmark CSI 300 Index gaining 152 percent this year. The central bank today ordered banks to tighten rules for real estate loans after property prices in 70 cities jumped 9.5 percent in October, the fastest pace in two years.
China's economy, the world's fourth largest, expanded 11.5 percent in the third quarter from a year earlier.
``There's a chance the central bank will raise interest rates again before the end of this year,'' said Wang Tao, head of economics and strategy for Greater China at Bank of America Corp. in Beijing. ``The government is also likely to accelerate appreciation of the currency.''
BLOOMBERG
By Nipa Piboontanasawat
Dec. 11 (Bloomberg) -- China's inflation accelerated at the quickest pace in 11 years and the trade surplus swelled, adding pressure on the central bank to raise interest rates and let the currency appreciate faster to cool the economy.
Consumer prices rose 6.9 percent in November from a year earlier after climbing 6.5 percent in October, the statistics bureau said today. That was more than the 6.5 percent median estimate of 21 economists surveyed by Bloomberg News.
Surging food and fuel costs and a record $238 billion surplus in the first 11 months have prompted the government to name inflation and overheating as the biggest threats to growth. U.S. Treasury Secretary Henry Paulson is in Beijing to press for yuan gains that would narrow the trade gap and staunch the flow of money into the world's fastest-growing major economy.
``Liquidity from the trade surplus will continue to cause the economy to overheat in 2008,'' said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong. ``The yuan will need to appreciate at a firmer pace, interest rates will rise and the reserve requirement for banks will go to 17 percent by the end of next year.''
The yuan gained by the most in a month against the dollar. The currency, which has climbed 12 percent since a fixed exchange rate was scrapped in July 2005, rose 0.22 percent to 7.3792 per dollar as of 4:46 p.m. in Shanghai from 7.3952 late yesterday. It touched 7.3770, the highest since the end of the dollar link.
The People's Bank of China last week ordered lenders to set aside 14.5 percent of deposits as reserves, up from 13.5 percent. China's one-year lending rate is at a nine-year high of 7.29 percent after five increases this year.
U.S. Gap
The yield on the 4.68 percent bond due September 2022 rose 4 basis points, or 0.04 percentage point, to 4.72 percent.
The trade surplus climbed 14.7 percent to $26.3 billion in November from a year earlier, the third-biggest monthly total, the customs bureau said today. The $15.2 billion trade surplus with the U.S. pushed the 11-month total with that country to $149.2 billion.
The central bank will strictly control bank lending, raise interest rates this month and allow a faster pace of currency appreciation in 2008, said Liang Hong, a senior economist at Goldman Sachs Group Inc. in Hong Kong.
Export Growth
People's Bank of China Governor Zhou Xiaochuan said today that currency policy will be used to help narrow the trade gap.
A stronger Chinese currency would lower import costs and push up export prices. Export growth has slowed from 29 percent in the seven months through July to between 22 percent and 23 percent for each of the past four months, after cuts to tax incentives.
``A more flexible currency is especially important now, when the risks of inflation are clearly rising in the Chinese economy,'' Paulson said last week. The Treasury Secretary, in Beijing for the so-called Strategic Economic Dialogue, is fending off calls in Congress for legislation to punish China for its currency policy.
The inflation rate is almost double the 3.5 percent pace in the U.S. in October. It's also more than the 3.01 percent increase in wholesale prices in India, the key inflation measure for the world's second-fastest growing economy, in the week ended Nov. 24.
China's inflation was 4.6 percent in the first 11 months, more than the central bank's 3 percent target for the year and the key one-year deposit rate of 3.87 percent.
Pork Prices
Pork prices surged 56 percent in November from a year earlier, driven by a shortage of pigs. Food makes up a third of the consumer price index and rising costs pose a threat to social stability, illustrated by a stampede last month at a cooking-oil sale that killed three people in the central city of Chongqing.
Overall, food climbed 18.2 percent. Non-food prices rose 1.4 percent, accelerating from a 1.1 percent gain in the previous month. Utility prices including water, electricity and gas rose 5.6 percent.
The inflow of cash from record exports, besides stoking inflation, has also fueled a surge in property and stock prices, with the benchmark CSI 300 Index gaining 152 percent this year. The central bank today ordered banks to tighten rules for real estate loans after property prices in 70 cities jumped 9.5 percent in October, the fastest pace in two years.
China's economy, the world's fourth largest, expanded 11.5 percent in the third quarter from a year earlier.
``There's a chance the central bank will raise interest rates again before the end of this year,'' said Wang Tao, head of economics and strategy for Greater China at Bank of America Corp. in Beijing. ``The government is also likely to accelerate appreciation of the currency.''
BLOOMBERG
Libya to Invest $100 Billion Abroad, Spend $155 Billion at Home
Libya to Invest $100 Billion Abroad, Spend $155 Billion at Home
By Maher Chmaytelli
Dec. 11 (Bloomberg) -- Libya has $100 billion set aside to buy foreign assets and $155 billion to spend on local projects such as housing, energy, and communications, as record oil prices swell its income, Prime Minister Baghdadi Mahmudi said.
The North African nation is considering foreign stocks, bonds and properties in established and emerging markets, Mahmudi said in an interview late yesterday in Tripoli. ``We are now preparing to invest more than $100 billion outside Libya, in different fields,'' he said, declining to name targets or regions.
The owner of Africa's largest oil reserves has deposited budget surpluses in a sovereign wealth fund designed to build up savings for future generations for when petroleum fields run dry. It's emulating Abu Dhabi, Kuwait and other Arab states of the Persian Gulf that invest part of their wealth overseas.
Africa's second-biggest oil producer after Nigeria exports $135 million worth of crude every day, when prices are at $90 a barrel, according to state-run National Oil Corp.
Oil-importing nations such as the U.S. and Japan have transferred a combined $3 trillion more to the Organization of Petroleum Exporting Countries since 2001 than they would have paid had oil stayed near $20 a barrel, according to an estimate by Goldman Sachs Group Inc. The price of crude oil tripled in four years to a record $99.29 a barrel last Nov. 21.
BLOOMBERG
By Maher Chmaytelli
Dec. 11 (Bloomberg) -- Libya has $100 billion set aside to buy foreign assets and $155 billion to spend on local projects such as housing, energy, and communications, as record oil prices swell its income, Prime Minister Baghdadi Mahmudi said.
The North African nation is considering foreign stocks, bonds and properties in established and emerging markets, Mahmudi said in an interview late yesterday in Tripoli. ``We are now preparing to invest more than $100 billion outside Libya, in different fields,'' he said, declining to name targets or regions.
The owner of Africa's largest oil reserves has deposited budget surpluses in a sovereign wealth fund designed to build up savings for future generations for when petroleum fields run dry. It's emulating Abu Dhabi, Kuwait and other Arab states of the Persian Gulf that invest part of their wealth overseas.
Africa's second-biggest oil producer after Nigeria exports $135 million worth of crude every day, when prices are at $90 a barrel, according to state-run National Oil Corp.
Oil-importing nations such as the U.S. and Japan have transferred a combined $3 trillion more to the Organization of Petroleum Exporting Countries since 2001 than they would have paid had oil stayed near $20 a barrel, according to an estimate by Goldman Sachs Group Inc. The price of crude oil tripled in four years to a record $99.29 a barrel last Nov. 21.
BLOOMBERG
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