Riqueza da casa cresce ao ritmo mais baixo desde 2016

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Alberto João Jardim pondera candidatura a comissário europeu
2003-04-20 10:33:01

O presidente regional da Madeira, Alberto João Jardim, pondera uma eventual candidatura a comissário europeu, avança este domingo o Público.

Em entrevista à RDP/Madeira, o responsável político referiu que precisa de pensar sobre essa matéria, considerando que existem pessoas mais próximas e interessadas do Governo e do PSD, de Durão Barroso, nesse cargo.

O presidente regional da Madeira, que deverá abandonar o cargo nas eleições regionais de 2004, mostrou-se contra a estratégia do primeiro-ministro, Durão Barroso, à frente do Exectutivo.

Para Alberto João Jardim, o Governo de coligação (PSD-CDP/PP) não desmantelou «o aparelho político-ideológico do Estado» e centrou demasiado a sua acção na recuperação orçamental.

O responsável madeirense pronunciou-se ainda sobre o envolvimento do ministro de Estado e da Defesa, Paulo Portas, no caso da Universidade Moderna. Jardim defendeu que não existe motivo para o ministro pedir a demissão do cargo, indica o Público.

Fonte: Diário Digital

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Philips Estimate Cuts May Be Precedent: European Stocks Outlook
By Sam Fleming
London, April 20 (Bloomberg) -- Investors in European stocks are much less optimistic in their forecasts for corporate-profit growth in the region than analysts are. The closing of this gap may cause the market rally of the past month to stall.

Investors expect earnings to increase by about 6 percent during the next year, according to a Merrill Lynch & Co. survey published last week. By contrast, analysts predict that earnings for the Dow Jones Stoxx 600 Index's members will rise 27 percent in 2003, according to JCF Group, a financial information company.

Analysts lowered earnings estimates last week at companies including Royal Philips Electronics NV, Europe's biggest consumer electronics maker, which reported a drop in first-quarter sales. As economic growth ebbs in Europe, some investors are concerned the pace of forecast cuts may accelerate.

``The economic reality hasn't changed in the past two weeks and anyone who tells you the earnings potential looks different is talking nonsense,'' said Gary Clarke, who manages the equivalent of $788 million of European stocks at Gartmore Investment Management. ``I'm still skeptical about consensus earnings estimates'' of analysts, he said.

The Dow Jones Stoxx 50 and Stoxx 600 indexes have risen by 22 percent and 19 percent, respectively, since closing at their lowest levels in more than six years on March 12.

Unjustified Gains

Siemens AG, Germany's biggest manufacturer, DaimlerChrysler AG, the world's fifth-biggest carmaker, and Infineon Technologies AG, Europe's second-biggest chipmaker, are among the companies scheduled to report results this week. All 17 western European stock markets are closed tomorrow for Easter Monday.

After Philips' consumer electronics unit recorded lower first- quarter sales, Deutsche Bank reduced its estimate for the company's 2003 earnings by a third on Wednesday. Goldman, Sachs & Co., ABN Amro Holding NV and Merrill Lynch were among other brokerages that cut estimates for the Dutch company.

Clarke said he has taken advantage of the past month's rally by selling stocks whose gains, in his opinion, aren't justified. Among these are ING Groep NV, a Dutch financial services company that's gained 41 percent since March 13, and German electronics company Singulus Technologies AG, which has advanced 47 percent.

European companies' profit will rise less than 10 percent on average, Clarke said. His outlook for earnings jibes with that of other investors, based on the results of Merrill's survey.

Fund managers now expect 6.1 percent profit growth among companies in the euro region in the coming year, down from an average of 6.3 percent in February, the survey showed.

Gap Must Close

Analysts' estimates for 2003 are moving in the opposite direction, JCF's numbers show. The 27 percent average compares with an estimate of 25 percent at the start of the year, before companies' results lowered the 2002 earnings figure.

``The divergence is a worry,'' said Katie Pybus, a strategy analyst at Henderson Global Investors, which manages about $154 billion. ``At some point, the gap has to close.''

UBS Warburg, in reducing its 2003 forecast for European corporate earnings this month, said profit may drop as much as 2 percent. That would mark a third straight year of contraction in the region. Stoxx 600 earnings shrank 21 percent in 2001 and 14 percent in 2002, according to JCF Group.

Another decline would be ``quite negative for the stock market,'' said Saul Henry, a strategist at the securities unit of UBS AG, Europe's largest bank.

``People are braced for earnings downgrades, but the question is to what extent is it in prices'' of shares, Henry said. ``People could be surprised by how many more earnings downgrades we get.''

Slowed by Economy

During the past two years, European companies have been most susceptible to reduced forecasts in the April-June quarter, Henry said. That's the case partly because when companies miss analyst predictions in the first quarter, it makes it harder for them to meet full-year forecasts, prompting downgrades.

A slowing economy in the region may cause the pace of estimate cuts to accelerate. Reports last week showed, among other things, that six German research institutes cut forecasts for growth in their country, Europe's largest economy. The Bank of France said the French economy, the third biggest, probably will stagnate in the second quarter.

The U.K. economy probably grew during the first quarter at the slowest pace in a year as consumers scaled back spending, a government report may show Friday. Expansion in Europe's second- largest economy amounted to 0.3 percent, according to an average estimate of analysts surveyed by Bloomberg News.

Siemens, the world's third-largest maker of power equipment, releases fiscal second-quarter results on Thursday. Net income at the German company probably declined 63 percent to 470.3 million euros ($512 million), according to the average forecast of 12 analysts surveyed by Bloomberg News. J.P. Morgan Chase & Co. cut its forecast of 2003 earnings by 9 percent earlier this month.

Dollar's Drop Hurts

DaimlerChrysler may report that net income, after adjusting for one-time items, rose 20 percent to 594 million euros when it releases earnings Thursday, a Bloomberg News survey of analysts showed. Sales probably dropped 9 percent to 33.6 billion euros.

Infineon, second to STMicroelectronics NV among Europe's biggest chipmakers, may disclose its eighth quarterly loss when it reports second-quarter results on Tuesday. The loss may have narrowed to 104.7 million euros from 108 million euros a year earlier, a Bloomberg survey of analysts showed.

Nestle SA, the world's largest foodmaker, reports first- quarter sales on Wednesday. Goldman Sachs said in a note Thursday that sales may be ``poor'' because of a relatively late Easter this year and higher confectionary prices.

Results from these companies and others may trigger a slew of cuts in analysts' forecasts, some investors said.

``You won't see the big advance in earnings growth in the second half that everyone's expecting,'' said Neil Birrell, who oversees $4 billion as chief investment officer at Framlington Group Plc. ``Some of the estimates out there are ridiculous.''

Last Updated: April 20, 2003 03:53 EDT

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Britain's Economic Growth Slowed in First Quarter, Analysts Say
By Julia Kollewe
London, April 20 (Bloomberg) -- Britain's economy probably expanded at the slowest pace in a year in the first quarter as consumers, who kept the U.K. out of recession last year, pared spending, analysts said ahead of a government report.

The gross domestic product of Europe's second-largest economy increased 0.3 percent in the first three months of the year, down from 0.4 percent in the fourth quarter, according to the median forecast of 22 economists surveyed by Bloomberg News.

``It's going to be tough,'' said Chris Hunt, a director at John Lewis Partnership Plc, Britain's biggest department store chain. Sales growth in 2003 will probably drop by half, he said.

Consumer spending, which accounts for about two thirds of the economy, is slowing. Retail sales declined in January and February, government figures showed. Concern about the war in Iraq has eroded business and consumer confidence. J Sainsbury Plc, the country's second-largest supermarket chain, said sales growth slowed in the fourth quarter.

``Everybody's sitting on their hands at the moment,'' said Jon Bird, sales director at Anthan Engineering Ltd., a supplier of shock absorbers to Corus Group Plc, Europe's second-largest steelmaker. ``People were concerned about the war in Iraq, now they are worried about the peace. They're very cautious at the moment.''

`Weakest of the Year'

Retail sales probably fell in the first quarter while business investment also declined, said George Buckley, an economist at Deutsche Bank AG in London. The government will release the growth figures on Friday.

Britain's retail, banking and other service industries probably expanded at a slower pace of 0.4 percent in the first quarter, compared with 0.5 percent growth in the previous three months, economists estimated.

``The first quarter might be the weakest of the year, with confidence being hit, the stock market tumbling and the build-up of tension in Iraq,'' said Mike Taylor, an economist at Merrill Lynch & Co. ``There are concerns about consumer spending. Consumers' real incomes are being squeezed.''

Rising unemployment may further deter people from spending in the months ahead, analysts said. Jobless claims rose for a second month in March, the first back-to-back increase in more than a year, as manufacturers and other private companies shed workers, a government report showed last week. Corus has cut 10,000 jobs.

Marks & Spencer Group Plc, Britain's No. 1 clothing retailer, said sales growth almost stalled in the quarter ended March 29. Supermarket chain Safeway Plc reported 2003 earnings dropped about 5.6 percent. Abbey National Plc, the U.K.'s No.2 mortgage lender, had its deposit rating cut by Moody's Investors Service last week and posted its first annual loss last year.

Brown's Forecast

Chancellor of the Exchequer Gordon Brown this month trimmed his GDP growth forecast for this year by a half-point to between 2 percent and 2.5 percent. The Bank of England will issue its own forecast next month, when most analysts predict it will reduce interest rates for a second time this year. Twenty-two out of 28 economists surveyed by Bloomberg News forecast a quarter-point cut to 3.5 percent in May.

Futures markets indicate investors are betting on another interest rate reduction by the middle of the year. The rate on a three-month sterling deposit maturing in June was 3.54 percent on Thursday, compared with 3.60 percent a month ago.

In February, the U.K. central bank forecast 2003 growth of 2.5 percent and 2.3 percent next year. Analysts expect expansion of about 2 percent this year and 2.4 percent in 2004.

With growth weaker than the bank's February forecasts, ``further downward revisions can be expected in its May inflation report,'' said Deutsche's Buckley.

Last Updated: April 20, 2003 03:47 EDT

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Fujitsu, Sharp Results May Be Downplayed: Asian Stocks Outlook
By Darren Boey
Tokyo, April 20 (Bloomberg) -- Japanese computer-related companies such as Fujitsu Ltd. and Sharp Corp. may show evidence of improvement when they report results this week. Stock prices nevertheless may languish, some investors said.

Most of the companies' earnings growth for the year ended March 31 probably resulted from cost cuts, rather than greater demand, they said. Some, including Sharp, have lowered profit estimates to reflect charges for investment losses.

``No one is guiding for strong growth,'' said John Litschke, an analyst at Loomis Sayles & Co. in San Francisco, which manages $600 million in global equities.

``It will be hard for much higher valuations to be justified'' for most technology companies, he said.

Elsewhere in Asia, banks such as South Korea's Kookmin Bank and Singapore's DBS Group Holdings Ltd. may drop as they release results. The lenders are likely to report falling earnings amid slower economic growth in the region, some analysts said.

Shares prices may decline in markets such as Hong Kong and Singapore as the spread of severe acute respiratory syndrome, or SARS, hurts business for companies such as airlines.

``Every day we have potential for this SARS to drag on,'' said Anthony Muh, who helps manage $14.5 billion of Asian assets outside Japan as regional head of investments at Citigroup Asset Management in Hong Kong. ``Clearly, it will have a heavy impact on earnings.''

Profit Forecast

Japan's Nikkei 225 Stock Average rose 0.7 percent last week after dipping to a 20-year low on April 14. The Topix index added 1.3 percent. Both benchmarks had their first gains in three weeks as results from U.S. companies such as Microsoft Corp. and Intel Corp. spurred optimism that technology spending will rise.

Fujitsu, the world's third-largest maker of memory chips for mobile phones, said last month that it expects to have its first profit in three years for the year starting April 1. The company, which has cut 30 billion yen ($252 million) in fixed costs such as wages, estimated group net income at 50 billion yen.

Sharp, Japan's largest maker of liquid-crystal display screens, said this month that full-year profit probably totaled 32 billion yen, down 14 percent from its estimate in October. The company plans to take a 30 billion-yen charge for declines in the value of stock holdings and losses on the sale of securities.

The two companies are scheduled to report results Friday. Toshiba Corp., the country's biggest chipmaker; Kyocera Corp., the world's largest maker of ceramic packaging to protect chips; Sanyo Electric Co., the world's biggest supplier of mobile phone batteries, also report that day.

`Premature' Optimism

Sony Corp., the world's No. 2 electronics maker, and NEC Corp., Japan's biggest producer of telecommunication equipment, are due to report on Thursday.

Japanese technology companies depend on sales to the U.S., which buys about a quarter of the industry's exports. Signs of a slowing economy there may point to reduced demand.

U.S. jobless-benefit claims, for example, climbed by 30,000 to 442,000 in the week ended April 12, the Labor Department said. Claims exceeded 400,000 for a ninth straight week, suggesting to some economists that the economy is too weak to create jobs.

``I believe that optimism about a U.S. growth turnaround is premature,'' said Tom Murphy, who helps manage the equivalent of $243 million as head of investment research at Deutsche Private Banking in Sydney. ``The impact on earnings of the economic slowdown that is currently occurring won't be reflected in the current results.''

Another Loss

Singapore's Chartered Semiconductor Manufacturing Co., the world's third-largest provider of made-to-order chips, last week reported its ninth consecutive quarterly loss and said customers don't see a rebound until later this year. Chartered's shares fell 1.5 percent last week.

South Korea's Samsung Electronics Co. recorded a 41 percent drop in first-quarter earnings as computer chips, cell phones and consumer electronics all became less profitable.

Even so, Samsung has a ``positive picture'' for the current quarter, Chu Woo Sik, vice president of investor relations, said on a conference call. The company's shares jumped 11 percent to 315,000 won for the week.

The first-quarter report by Kookmin, South Korea's largest lender, may show net income dropped 86 percent, said Jason Yu, a Samsung Securities Co. analyst who rates the shares ``buy.'' The results are due on Tuesday. Earlier this month, the company said profit probably fell because of losses at its credit-card unit and provisions for bad debts.

DBS Group, Singapore's biggest bank, reports results on Monday. The company may say first-quarter profit fell 16 percent because it set aside more money to cover bad loans, according to the average estimate of analysts surveyed by Bloomberg News.

Slower Economies

DBS Group makes most of its money in Singapore and Hong Kong, whose economies have slowed since the SARS outbreak began. Singapore last week lowered its economic-growth forecast for 2003 by more than half, to a range of 0.5 percent to 2.5 percent. Hong Kong has said it will cut a forecast for 3 percent growth.

Hong Kong's Hang Seng Index and Singapore's Straits Times Index both have fallen for three weeks in a row as the disease takes a toll on companies.

Shares of Cathay Pacific Airways Ltd., Hong Kong's largest airline, fell 1.7 percent last week as the spread of SARS kept many people from traveling. Singapore Airlines Ltd., the city- state's biggest carrier, dropped 2.8 percent.

Cathay, which is asking employees to take unpaid leave, said April 11 that first-half profit will be ``adversely affected'' by SARS, along with the impact of the war in Iraq.

The stock is ``cheap, but we are not quite ready to do anything yet,'' said Citigroup's Muh. Shares trade at 9.8 times estimated earnings, while the average for the benchmark Hang Seng Index is 12 times.

Singapore Airlines said last week that passenger and cargo traffic slumped to a 17-month low in March. The carrier, which will release full-year earnings on May 17, said it expects a ``very difficult year ahead.''

Last Updated: April 19, 2003 20:43 EDT

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Dollar Has Losing Week vs Euro on Signs U.S. Economy Slowing
By John Brinsley
New York, April 19 (Bloomberg) -- The dollar fell for a third week in four against the euro as traders say they are more pessimistic about prospects for U.S. economic growth.

The U.S. currency dropped 1.2 percent this week as reports showed higher jobless benefit claims and the biggest contraction in New York state manufacturing since October 2001. The dollar trimmed losses yesterday when a report said Philadelphia-area manufacturing didn't contract as much as economists had expected.

``People remain pessimistic about the U.S. economy, and that's hurting the dollar,'' said Shohgo Nagaya, foreign exchange manager at Nomura Trust and Banking Co. The currency may fall to 119 yen in the next week, he said.

The dollar traded at $1.0880 per euro at 5 p.m. yesterday in New York. The currency was also at 119.77 yen, posting its first losing week in three against its Japanese counterpart, having declined 0.7 percent.

Stock markets in the U.S. were closed yesterday and the Bond Market Association, an industry group, recommended fixed-income markets close. The Federal Reserve, banks, and the U.S. government were open.

The Fed earlier this week said March factory output fell 0.5 percent, compared with a median expectation of a 0.2 percent drop from economists in a Bloomberg News survey. A report from the New York Fed showed the state's factory index for April fell to minus 20.4 from minus 2.8 in March, the biggest drop since the aftermath of the Sept. 11 attacks.

Stocks Rise

The dollar's decline was limited after U.S. stocks rose, boosting demand for the U.S. currency.

The Standard & Poor's 500 Index rose 2.9 percent, the Dow Jones Industrial Average gained 1.6 percent and the Nasdaq Composite Index climbed 4.9 percent during the week. The gains came as companies from Citigroup Inc. and Ford Motor Co. to Intel Corp. and Microsoft Corp. reported first-quarter profits that beat analysts' expectations. The lower dollar boosted some earnings.

Favorable currency-exchange rates added $62 million to sales and $5 million to Textron Inc.'s profits, Chief Financial Officer Theodore French said. The rising value of the euro helped Colgate- Palmolive Co., the world's largest toothpaste maker, sell more in Europe, lifting sales by 19.5 percent, the company reported yesterday.

Honda

The decline in the dollar against the yen was limited by analysts' expectations Japan will sell its currency after Finance Minister Masajuro Shiokawa said the yen is ``a little too strong.''

The Bank of Japan sold about 2.4 trillion yen ($20 billion) in the first three months of the year, attempting to stem an 8.9 percent gain in the past year that threatens the country's export- led recovery.

Honda Motor Co.'s annual operating profit drops about 20 billion yen for every 1 yen the local currency gains in value against the dollar. A 1 yen movement against the euro has an effect on profit of about 4 billion yen, according to J.P. Morgan Securities Asia.

The central bank ``will come in to slow any rapid movement in the dollar down against the yen,'' said Thomas O'Malley, who oversees currency strategy in San Francisco at Barclays Global Investors, which manages about $750 billion in assets.

Shin Nakahara, a Bank of Japan policy maker, yesterday said Japan ``realistically'' can't weaken its currency. He said the central bank shouldn't rule out buying bonds overseas as a way of adding cash to the economy. Doing that would help the economy, which is on the verge of falling into a fourth recession in a decade, by weakening the yen.

The Bank of Japan buys or sells its currency at the behest of the Ministry of Finance.

Slowing Economy

The Philadelphia Federal Reserve reported yesterday its manufacturing index dropped to minus 8.8 in April from minus 8 in March, its biggest drop in 1 1/2 years. Economists surveyed by Bloomberg News had forecast a decline to minus 10.

The dollar weakened this week as investors speculated the pace of economic growth would persuade investors from outside the U.S. to keep more of their money at home. The U.S. needs $1.5 billion a day in international capital to maintain the currency's value.

The shortfall in the U.S. current account, the broadest measure of trade and investment flows, widened to a record $136.9 billion in the fourth quarter of last year, or 5.2 percent of gross domestic product -- the highest ever. Japan and Europe both have current account surpluses.

Investors from outside the U.S. sold a net $3.5 billion of U.S. stocks in January, according to the latest Treasury Department figures. In each of the previous three months, on average, they bought a net $4.2 billion.

``We'll see the resumption of the dollar selling next week when everyone comes back from the holidays,'' said Derek Kwok, director of foreign exchange in Tokyo with Barclays Plc. The dollar may fall to $1.10 per euro next week, he said.

In other trading, the dollar strengthened 0.9 percent to 1.3814 Swiss francs during the week. The British pound gained 0.04 percent to $1.5711.

Last Updated: April 19, 2003 10:06 EDT

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AMR's Flight Attendants to Vote Again on Concessions (Update1)
By Mary Schlangenstein
Fort Worth, Texas, April 19 (Bloomberg) -- American Airlines' flight attendants, angered over the disclosure of executive bonuses and a bankruptcy-protected pension plan, will vote again on whether to accept $340 million in pay, job and benefit cuts.

The Association of Professional Flight Attendants announced the plan in a letter to American Chief Executive Officer Don Carty. The re-vote is planned even though American, an AMR Corp. unit, said yesterday that six top executives would give up bonuses equal to twice their base salary.

``We remain committed to doing everything possible to enable this company to avoid a bankruptcy filing while protecting the best interests of our membership,'' union President John Ward said in the letter. Ward couldn't immediately be reached for further comment.

American is working to cut $4 billion from annual costs, with half coming from employees, to stem $5.3 billion in losses the past two years and compete against growing low-fare airlines.

``American Airlines has a valid, ratified agreement'' with the flight attendants' union, said Bruce Hicks, a company spokesman. He declined to comment further.

Pilots Talk to Lawyers

The flight attendants extended voting past an original April 15 deadline because technical glitches prevented some from casting ballots by telephone and other members had not seen last-minute changes to the concession plan. Separate concession agreements were approved by American's pilots and mechanics and other ground workers April 15, before the bonuses and pension protection were disclosed in a Securities and Exchange Commission filing.

The Allied Pilots Association, which represents the Fort Worth, Texas-based company's 13,500 pilots, hasn't signed the tentative agreement, said Capt. Steve Blankenship, an American pilot and chairman of the national communications committee.

``Right now our union leadership is in discussions with our legal counsel,'' he said today. The union will make a decision on its course of action next week.

Flight attendants approved the agreement, which includes about 2,400 layoffs and a 15.6 percent pay cut, on April 16.

The concessions cut $1.8 billion a year in labor costs, American's largest expense. The carrier wants to combine that savings with $2 billion more it's removing from yearly costs to stem losses.

American said yesterday it wouldn't retract a payment made in October to a pension plan for 45 executives to protect them from creditors should a bankruptcy occur, because it represents a benefit the executives already earned.

Carty said the airline would file for bankruptcy ``immediately'' without approval from all its unions for the concessions.

Shares of AMR rose 77 cents, or 18.2 percent, to $5 on Friday in New York Stock Exchange composite trading. They have fallen 78 percent in the past year.

Last Updated: April 19, 2003 11:26 EDT

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Associação de Municípios vai pedir compensações a Durão Barroso
2003-04-19 15:56:23

A Associação Nacional de Municípios Portugueses (ANMP) vai ser recebida segunda-feira, pelas 18:00 horas, no Palácio de S. Bento, pelo primeiro-ministro, Durão Barroso. Em debate vão estar eventuais compensações requeridas pelos presidentes de Câmara do País, em virtude da recente reforma governamental sobre a Tributação do Património Imobiliário.

A delegação da ANMP será liderada pelo seu presidente, Fernando Ruas. Os municípios quererão agora mais ajudas, uma vez que, ao já conhecido limite de endividamento das autarquias, se vem juntar agora a quebra de receitas tributárias, nomeadamente referentes à sisa - este imposto, à semelhança da contribuição autárquica, foram substituídos, pelo actual Executivo, pelo imposto municipal sobre a transmissão de imóveis e pelo imposto municipal sobre imóveis.

Fonte: Diário Digital

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Mercados: Brasil e Venezuela cooperam no petróleo
2003-04-19 11:54:16

O Brasil e a Venezuela vão assinar no dia 26 de Abril um acordo de cooperação no sector petrolífero que envolve as duas principais empresas desta área de cada um dos países, a Petrobras e a PDVSA.

O acordo será assinado na cidade brasileira do Recife pelos presidentes do Brasil e da Venzuela, Lula da Silva e Hugo Chávez, respectivamente.

Prevê-se que a cooperação se realize nas áreas da refinação e da comercialização de óleos pesados e na exploração e produção.

Fonte: Diário Digital

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Conjuntura: Turquia recebe 644 milhões do FMI
2003-04-19 11:45:54

A Turquia vai receber cerca de 644 milhões de euros de uma linha de crédito concedida pelo Fundo Monetário Internacional (FMI) em Fevereiro de 2002, anunciou a instituição no sábado.

A linha de crédito tem um valor total de 16,5 mil milhões de euros e destina-se a apoiar a Turquia no combate à recessão económica. Os 644 milhões foram desbloqueados após o conselho de administração do FMI ter concluído o quarto exame sobre a Turquia.

Até agora os turcos já utilizaram cerca de 12,8 mil milhões de euros da linha de crédito do Fundo.

Fonte: Diário Digital

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Negócios: Privatização da Enatur já tem três candidatos
2003-04-19 11:32:36

O GES/Logoplaste, a Cofina e o grupo Pestana são, até agora, os três concorrentes à privatização da Enatur, noticia o Diário de Notícias na sua edição de sábado. Os três grupos foram os únicos que levantaram o caderno de encargos da operação.

O jornal informa que o grupo Pestana irá associar-se à Fundação Oriente, liderada por Carlos Monjardino, ao operador turístico alemão Olimar e à Agência Abreu. O consórcio formado entre o grupo Espírito Santo (GES) e a Logoplaste é apontado como um dos mais fortes candidatos à vitória.

É que o consórcio ligou-se à Roland Berger, empresa de consultoria que em 2001 prestou apoio à Enatur, tendo feito a sua avaliação e elaborado os planos de gestão e marketing.

O caderno de encargos da operação de privatização da Enatur, cujo levantamento custa 20 mil euros, foi elaborado por Amaro de Matos e entregue directamente aos ministros das Finanças e da Economia, sem conhecimento prévio do ex-secretário de Estado do Turismo.

Fonte: Diário Digital

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AMR Cancels Executive Payments After Union Criticisms (Update3)
By John Hughes
Fort Worth, Texas, April 18 (Bloomberg) -- American Airlines, the world's biggest carrier, dropped plans to give top executives bonuses after unions criticized the action and threatened to withhold approval of concession agreements.

AMR Corp.'s American disclosed on the same day most employees voted on job, pay and benefit cuts that it planned to give six top executives bonuses equal to twice their base salary if they stayed in their positions through January 2005. The incentives were intended to keep executives from leaving, AMR said.

``We have all agreed to give up these retention payments in order to give our employees confidence in management's ongoing commitment to shared sacrifice,'' Don Carty, AMR's chief executive officer, said in a statement.

American is working to cut $4 billion from annual costs, with half coming from employees, to stem $5.3 billion in losses the past two years and compete against growing low-fare airlines. Carty had said he would file for Chapter 11 protection from creditors if any union rejected the cuts.

Union leaders said yesterday they were angered by the management benefits disclosed Tuesday, when pilots approved $660 million in concessions and mechanics, ground crew and baggage handlers agreed to $620 million in savings. James Little, director of the Transport Workers Union, told members yesterday that union leaders ``must reconsider whether we will sign'' the concessions.

`Next Best Thing'

American should have never put the payments in place and ``canceling them was the next best thing,'' said Sean Egan, founder of Egan-Jones Ratings Co., which has a C rating on AMR. ``The employees have already given up a lot. They're going to have to give a lot more.''

AMR shares rose 77 cents to $5 yesterday in New York Stock Exchange composite trading after the company secured the final union approval needed to avoid bankruptcy. A year ago, they traded as high as $23.66. U.S. markets are closed today for the Good Friday holiday.

The company said it won't retract a payment it made in October to a pension plan for 45 executives to protect them from creditors should a bankruptcy occur. The payment to the plan, disclosed in the same Securities and Exchange Commission filing that described the planned bonuses, represents a benefit the executives already earned, American said in the statement.

American isn't disclosing the size of the payment made in October, spokesman Bruce Hicks said.

The company's unions said last night they were consulting with attorneys on options after finding out about the extra benefits given to executives.

Apology

Carty apologized in a letter to employees, saying ``my mistake was failing to explicitly describe these retention benefits.''

``Please know that it was never my intention to mislead you,'' Carty wrote in the letter.

American ``did the only responsible thing,'' said George Price, a spokesman for American's flight attendants' union. ``The timing of the information being put out on the dates that the unions ended their balloting was nothing short of outrageous.''

The planned payments were part of a pattern that leads to distrust between labor and management, said Sam Mayer, leader of the American pilots based in New York.

``We are waiting for the leadership of the company to `get it,''' Mayer said. ``Maybe this is a first step toward that.''

Congressman's Urging

Representative James Oberstar of Minnesota, senior Democrat on the House Transportation and Infrastructure Committee, sent a letter to Carty today urging the company to give up the pay and pension benefits. Oberstar commented in the letter on the company's concern that top executives would leave for more prosperous companies.

``It is unfortunate that at least some of your executives have such limited loyalty to the company and its employees, particularly when your employees have demonstrated their loyalty to American by agreeing to reductions in wages and benefits,'' Oberstar said in the letter.

Carty has taken reductions to his compensation and benefits, including a 33 percent pay cut and no bonus for the third straight year. He said after the Sept. 11 attacks he would forego pay for the rest of the year. As a result, his 2001 salary was $585,813 and he received a payment of $693,108 under an incentive plan. His 2002 salary hasn't been published yet.

Delta Air Lines Inc. Chief Executive Officer Leo Mullin cut his compensation by $9 million earlier this month after some congressional leaders criticized airline executive raises and bonuses at a time when carriers were seeking taxpayer help.

UAL Corp. Chief Executive Officer Glenn Tilton cut his salary by an additional 14 percent the day after Mullin's announcement. President George W. Bush this week signed into law legislation that gives airlines $3 billion in aid to cover war-related losses.

Last Updated: April 18, 2003 19:17 EDT

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Europe's Dow Jones Stoxx 50, 600 Indexes Post 3rd Week of Gains
By Ben Kalman Richardson
London, April 19 (Bloomberg) -- Europe's Dow Jones Stoxx 50 and Stoxx 600 indexes recorded their third week of gains as companies including Nokia Oyj and Royal Philips Electronics NV reported earnings that surpassed analyst forecasts.

The Stoxx 50 climbed 2.2 percent in the week, led by insurers such as Allianz AG, Aegon NV and Swiss Life. The Stoxx 600 had a four-day advance of 2.2 percent. Most European markets closed on Friday for a national holiday and will be also be closed on Monday.

Some investors said this week's earnings reports indicate that the war in Iraq hasn't curbed economic and profit growth as much as anticipated, and that efforts by companies to cut costs and boost revenue are paying off.

``The earnings were good,'' said Peter Braendle, a fund manager at Swissca Portfolio Management in Zurich, which oversees $32 billion of assets. ``It doesn't mean the future is bright, but at least they didn't get any worse.''

Benchmark indexes rose in nine of the 15 Western European markets that were open on Thursday. Exchanges in Denmark and Norway were closed.

Germany's DAX Index gained 6.1 percent in the past four sessions. France's CAC 40 Index and the U.K.'s FTSE 100 Index both advanced 2.1 percent.

June futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro climbed 2.1 percent to 2305. The underlying index rose 1.3 percent to 2324.27.

`Exceptionally Strong'

Nokia, the world's largest maker of mobile phones, jumped 7.2 percent to 14.76 euros on Thursday, taking its gain for the week to 9.7 percent. Net income climbed 13 percent to 977 million euros ($1.1 billion), more than a forecast of 929 million euros from analysts surveyed by Bloomberg News.

The Finnish company said its mobile-phone operating margin, or operating profit as a percentage of sales, widened to 24 percent from 22 percent in the period.

``Nokia beat expectations through better-than-expected handset profitability,'' Richard Windsor, an analyst at Nomura International Plc, wrote in a note to investors. ``Nokia continues to be strong in China and exceptionally strong in Europe.''

The Stoxx 600 technology index, which includes Nokia, was the biggest percentage gainer this week, adding 8.1 percent.

SAP AG, the world's largest maker of business-management software, drove gains after saying first-quarter profit almost tripled to 186 million euros from a year earlier as it cut costs and gained business from U.S. rivals in a shrinking market. SAP's products help manage tasks such as accounting for customers including Nestle SA and DaimlerChrysler AG. The shares had a weekly gain of 15 percent to 94.10 euros.

Philips Loss

Philips, Europe's largest maker of consumer electronics, added 4.2 percent in the four-day week. The Dutch company on Tuesday reported a first-quarter net loss of 69 million euros, less than the average 108 million-euro loss forecast by analysts in a Bloomberg News survey. Philips also repeated its forecast for 2003 operating profit.

``Earnings that beat consensus are a key determinant of sentiment,'' said Richard Wiseman, director of European equities at Insight Investment Management in London, which oversees $98 billion of assets.

The Stoxx 600 insurance index gained 6.8 percent for the week on optimism rising equity prices will boost the value of insurance companies' investments.

Bigger Weighting

Allianz, Europe's largest insurer, has jumped 14 percent this week. On Tuesday, the company started taking orders for 4.4 billion euros of new stock it is selling to replenish reserves eroded by three years of slumping stocks markets.

The sale will boost Allianz's market value and will increase its representation in Germany's DAX Index from about 4.4 percent, investors said.

Aegon, Europe's third-largest insurance company, added 14 percent in the week. Swiss Life, Switzerland's biggest life insurer, jumped by more than a quarter.

Chubb Plc, the world's third-largest provider of security services, jumped by a third this week and was the biggest gainer in the Stoxx 600. The company said this week it received an approach that may lead to a takeover offer. Chubb didn't identify the party.

Invensys Plc, a maker of washing-machine controls and software, surged 31 percent. The company on Tuesday said it plans to sell half its business to cut debt and counter falling demand.

Last Updated: April 19, 2003 04:27 EDT

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ECB Rate Cut May Be Delayed as Iraq War Subsides, Analysts Say
By Christian Baumgaertel
Frankfurt, April 19 (Bloomberg) -- The European Central Bank will delay lowering interest rates until June as it seeks more evidence on the effects of the Iraq war on the world's second- largest economic region, according to a survey of economists.

All but two of 25 economists surveyed by Bloomberg News said the bank won't cut rates in May. Twenty-one expect a reduction of at least a quarter point in June. In a survey conducted April 4, most had forecast a May rate reduction.

``The war ended soon enough for the ECB to wait and see what the impact is on the economy,'' said Luigi Buttiglione, head of European economics at Barclays Capital Plc and a former economist at Italy's central bank, who expects a half-point cut in June. If there's no rebound, the ECB ``will be forced to cut rates again,'' he said.

The European Commission, the International Monetary Fund and the Organization for Economic Development and Cooperation have suggested the bank has room to pare borrowing costs further. ECB policy makers from President Wim Duisenberg to France's Jean- Claude Trichet said last weekend an economic recovery has become more likely, indicating they're in no hurry to lower rates.

The ECB last cut rates to 2.5 percent on March 6. Another reduction by a quarter point would take borrowing costs to the lowest level in any euro country since at least 1948.

``Compared with our last assessment, there is no real new evidence that would allow us to see more clearly at this point,'' ECB council member Yves Mersch said in an interview this week. ``Although this picture should brighten up from day to day.''

Struggling Economy

Investors have scaled back expectations for cheaper money in recent days, interest futures trading shows. The yield on a three- month euro deposit maturing in June was at 2.47 percent at the close on Thursday, up from 2.35 percent a week before.

The euro region's $7 trillion economy, second in size only to the U.S., grew at the slowest pace in almost a decade last year and may contract this quarter, the European Union has said. The ECB has cut rates six times since the start of 2001, half as often as the U.S. Federal Reserve.

Unlike the Fed, which must try to achieve a maximum amount of employment as well as stable prices, the ECB's primary task is to combat inflation.

Policy makers may look more closely at prices after the end of the war in Iraq has eased one concern about economic growth. At 2.4 percent in March, the inflation rate in the 12 nations using the euro has exceeded the ECB's 2 percent limit for most of the past 2 1/2 years.

Watching Inflation

Mersch said inflation slowing to below the ECB's ceiling ``is not an argument in itself'' to lower rates, while Bundesbank President Welteke said such a drop ``opens up room'' for even lower borrowing costs.

The central bank may also be concerned strong money supply growth may force it to reverse a rate cut quickly once growth accelerates. The ECB's M3 measure of money supply -- a gauge of future inflation -- grew an annual 8.1 percent in February after 7.2 percent in January.

The ECB has said it expects slow growth, slumping oil prices and the stronger euro to help bring inflation below 2 percent in the second half of the year.

The cost of a barrel of crude has declined by about a fourth since March 12, on expectations a war in Iraq won't last long. The euro gained more than a fifth since the beginning of 2002.

French manufacturing slowed in February and six German research institutes lowered their growth forecast for Europe's largest economy, adding to evidence the region will be slow to recover from the slowest expansion in almost a decade.

``The ECB will have new growth forecasts in June'' and they ``won't be pretty,'' said Barclay's Buttiglione. ``The crucial issue is still growth.''

Last Updated: April 19, 2003 02:55 EDT

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Conjuntura: Governo italiano prevê crescimento de 1,1% em 2003
2003-04-18 17:16:43

O Ministério da Economia italiano prevê que o Produto Interno Bruto (PIB) do país cresça 1,1% em 2003, segundo um comunicado divulgado esta sexta-feira.

Estas previsões são idênticas às do Fundo Monetário Internacional (FMI) e superam por uma décima as estimativas de crescimento apontadas por Bruxelas.

O Governo italiano adiantou ainda que o défice público deverá fixar-se este ano em 2,3% do PIB, à semelhança do que prevê a União Europeia e 0,1% aquém do que espera o FMI.

Fonte: Diário Digital

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Negócios: Polónia compra 48 aviões F-16 aos EUA por 3 mil milhões
2003-04-18 17:06:38

O Governo polaco anunciou esta sexta-feira a assinatura de um contrato com a norte-americana Lockheed Martin (LM) para a aquisição de 48 aviões F-16 por 3,21 mil milhões de euros.

O acordo prevê que a LM realize investimentos de compensação superiores a 11 mil milhões de euros na Polónia, num prazo de dez anos, a contar a partir de 2003 .

O ministro polaco da Defesa, Jerzy Szmajdzinski, referiu que o acordo irá aumentar a capacidade das forças militares do país, ao mesmo tempo que proporcionará o fortalecimento dos laços com os Estados Unidos.

O governo polaco escolheu a Lokheed Martin em detrimento do consórcio sueco-britânica BAE Systems-SAAB (que fabrica os Jas-39 Gripen) e a francesa Dassault Aviation (que constrói os Mirage 2000-5).

Os 16 primeiros aparelhos deverão ser entregues à Polónia em 2006.

Fonte: Diário Digital

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Negócios: Petrobrás reduz plano de investimentos para 2003
2003-04-18 16:42:52

A Petrobrás anunciou na quinta-feira que reduziu o plano de investimentos para o corrente exercício em cerca de 20% face ao previsto inicialmente, para 2,18 mil milhões de euros.

Ainda assim, o plano de investimentos divulgado para o período entre 2003 e 2007, 10,4 mil milhões de euros, manter-se-á inalterado, uma vez que a diferença de 547 milhões de euros referente ao corte de 2003 será distribuída entre 2004 e 2007.

A petrolífera estatal brasileira explicou que os cortes procuram compensar a actual deterioração da conjuntura económica, nomeadamente a oscilação das taxas de câmbio e dos preços internacionais do petróleo, que poderiam pôr em risco a capacidade de financiamento da empresa.

Fonte: Diário Digital

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Negócios: Hipermercados inflacionam preços, diz Governo
2003-04-18 16:07:53

A secretária de Estado do Comércio e Indústria, Rosário Ventura, disse ao Expresso, esta sexta-feira, que os hipermercados portugueses inflacionam os preços quando operam sozinhos numa localidade, sublinhando que há que criar em Portugal uma política de concorrência.

«Os grupos de distribuição chegam a praticar preços 25% mais caros nos sítios onde não têm concorrência», disse ao Expresso Maria do Rosário Ventura.

Esta questão é salientada num estudo do sector promovido pelo Ministério da Economia que irá ajudar à definição da nova lei de licenciamento de grandes superfícies.

Rosário Ventura referiu que ainda há espaço em Portugal para alguns hipermercados, mas frisou que o grosso dos investimentos dos grandes grupos de distribuição terá que cingir-se aos «formatos intermédios, entre mil e dois mil metros quadrados, ou mesmo abaixo disso».

A secretária de Estado acrescentou que a nova lei terá que observar «o equilíbrio entre a oferta e procura e entre diferentes formatos do comércio», o que significa que o potencial de crescimento das cidades será um factor a ter em conta na abertura de novas grandes superfícies.

Fonte: Diário Digital

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Conjuntura: Alemanha: estados conservadores obrigados a pagar factura do défice excessivo
2003-04-18 15:26:21

O ministro das Finanças da Alemanha, Hans Eichel, quer obrigar os estados germânicos conservadores, aqueles que são governados pela União Democrata Cristã (CDU), a pagar a factura do procedimento por défice excessivo imposta pela Comissão Europeia, segundo avançou a Focus alemã.

Eichel acusa os referidos estados não terem contribuíram devidamente para a estabilidade orçamental a que obrigavam os objectivos do Pacto de Estabilidade e Crescimento (PEC) ao chumbarem no parlamento alemão a supressão de certos benefícios fiscais, como pretendido pelo ministro.

O governante defende que estes estados deverão contribuir para o pagamento de uma eventual sanção aplicada pela União Europeia (UE), questão que está já a ser analisada por uma equipa de auditores, de acordo com a Focus.

Em 2002, a Alemanha ultrapassou os limites do PEC, ao terminar o ano com um défice orçamental correspondente a 3,7% do seu Produto Interno Bruto (PIB), quando o pacto prevê um tecto de 3%.

Fonte: Diário Digital

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TMT: Lucros da Samsung descem 41% no primeiro trimestre
2003-04-18 15:04:43

Os resultados líquidos da Samsung recuaram 41% no primeiro trimestre de 2003, para 937,7 milhões de dólares, anunciou a empresa sul-coreana esta sexta-feira.

A líder mundial no fabrico explicou que a quebra de lucros foi pior do que o previsto devido à queda de preços dos chips de memória, que provocou uma queda de 37% nos lucros operacionais deste segmento de negócio.

A Samsung adiantou que irá aumentar as suas despesas de capital em 2003 em cerca de 13%, prevendo investir cerca de 5 milhões de euros, essencialmente na unidade de semicondutores.

Fonte: Diário Digital

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Finanças: Governo revê meta para o défice nos 2,9%
2003-04-18 12:49:24

O Ministério das Finanças reviu em alta a meta para o défice público em 2003, dos anteriores 2,4% para 2,9% do Produto Interno Bruto (PIB) nacional, avançou o Expresso esta sexta-feira.

O Expresso adianta que o buraco nas receitas do Estado poderá atingir os 2400 milhões de euros (ou 1,8% do PIB) no final deste ano, se não se inverter a tendência dos primeiros três meses de 2003.

O semanário refere que, em Março, as receitas fiscais caíram 2%, quando deveriam crescer 7%, e que alguns economistas contactados receiam que, em virtude deste cenário, o Governo opte por medidas drásticas como a subida do IVA para 20%, ou a criação de um imposto extraordinário.

Segundo o Expresso, o Ministério das Finanças garante que esta derrapagem do défice para 2,9% (ou 700 milhões de euros) não põe em causa a redução em 0,5 pontos percentuais do défice estrutural exigida por Bruxelas.

O jornal sublinha ainda as críticas cada vez mais ferozes à actuação da ministra das Finanças, Manuela Ferreira Leite, personificadas quer por Miguel Cadilhe, quer pelo ex-secretário de Estado do Tesouro, Miguel Frasquilho (que abandonou o Governo em confronto com a minsitra), que defendem medidas como o choque fiscal e o aumento do investimento público.

Fonte: Diário Digital

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Autarcas de Lisboa pretendem revisão da Lei das Finanças Locais
2003-04-18 12:45:01

Os autarcas das Área Metropolitana de Lisboa (AML) pretendem que o Governo proceda à revisão da actual Lei das Finanças Locais, noticia esta sexta-feira o Diário de Notícias.

A presidente da AML, Maria Luz Rosinha, defende que as edilidades precisam de ser compensadas depois do Executivo de Durão Barroso ter efectuado mudanças na sisa e na contribuição autárquica.

A autarca revelou na quinta-feira ao DN que a partilha das receitas provenientes do IRS e do IRC com as câmaras será uma das eventuais propostas a apresentar ao Governo.

Segundo Maria Luz Rosinha, os municípios precisam de receitas para responder aos seus compromissos.

Fonte: Diário Digital

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Conjuntura: Facturação da indústria italiana cai em Fevereiro
2003-04-18 12:25:17

A facturação da indústria italiana caiu 1,7% entre Janeiro e Fevereiro, enquanto as encomendas decresceram 1,6% no mesmo período, avançou esta sexta-feira o instituto de estatísticas italianas, ISTAT.

Em termos homólogos, o índice de facturação manteve-se inalterado, enquanto o indicador dos pedidos recuou 3,7% face a Fevereiro de 2002.

O ISTAT explicou que a evolução da facturação industrial assentou num crescimento de 0,6% no mercado interno e de um recuo de 1,5% no mercado externo.

Nos primeiros dois meses de 2003, a facturação cresceu 0,6%, enquanto as encomendas diminuíram 2,7%.

Fonte: Diário Digital

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TMT: Marcas da Telefónica avaliadas em 16 mil milhões
2003-04-18 12:16:10

A Telefónica detém um total de 7.706 marcas registadas, cujo valor ascende a 16.000 milhões de euros, anunciou a empresa espanhola no relatório de prestação de contas referente ao exercício de 2002.

A Telefónica explicou que este valor é calculado anualmente pela direcção-geral de Marketing e FuturBrand e que, devido à sua natureza intangível, não pode ser considerado nas contas do grupo.

A empresa referiu que as diversas marcas que incluem a palavra Telefónica representam cerca de 90% dos 16.000 milhões e tiveram um peso entre 13 a 26% no crescimento da procura de produtos do grupo.

Além das marcas, o grupo conta igualmente com 2.182 nomes de domínio de Internet registados.

Fonte: Diário Digital

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Finanças: AHP apresenta queixa contra Unicre por abuso de posição dominante
2003-04-18 12:01:16

A Associação dos Hotéis de Portugal (AHP) vai apresentar queixa contra a Unicre por abuso de posição dominante no âmbito das comissões cobradas nas operações de pagamento da rede Visa, avançou o Público esta sexta-feira.

A AHP junta-se assim à Associação Portuguesa das Empresas de Distribuição (APED) e à Associação Nacional de Revendedores de Combustíveis (Anarec), que em breve deverão apresentar queixa junto da recém-criada Autoridade de Concorrência.

Segundo a AHP e a APED, as comissões cobradas pela Unicre por cada operação de pagamento com cartões Visa atingem, no caso do débito, uma taxa máxima de 2,5% e, no caso do crédito, uma taxa máxima de 4,5%.

O jornal adiantou que a AHP está já a estabelecer contratos com empresas internacionais que operam em Portugal para transferir os pagamentos electrónicos.

Fonte: Diário Digital

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Nuno Cardoso admite candidatura à Câmara do Porto
2003-04-18 11:55:58

O antigo presidente da Câmara Municipal do Porto Nuno Cardoso admitiu que tem vontade de se candidatar à edilidade portuense nas próximas eleições autárquicas, indica esta sexta-feira o Público.

Nuno Cardoso reafirmou essa vontade na quarta-feira à noite onde assumiu numa sessão a sua candidatura à liderança da comissão política da concelhia do Porto.

Perante os militantes do PS, o responsável prometeu unir os socialistas e abrir o partido à sociedade. Na sua intervenção, Nuno Cardoso criticou ainda a gestão do actual presidente da Câmara Municipal do Porto, Rui Rio.

Fonte: Diário Digital