Agências de viagens acusam Bruxelas de ceder a lobby das companhias aéreas

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Royal & Sun's Promina Share Sale Raises A$1.88 Bln (Update2)
By Kevin Foley
Sydney, May 11 (Bloomberg) -- Royal & Sun Alliance Insurance Group Plc raised A$1.88 billion ($1.2 billion) selling shares in its Australian and New Zealand unit Promina Group Ltd. in the year's biggest initial offering.

Institutional investors bought 74 percent of the shares at A$1.80 each, with retail investors buying the balance at A$1.70 each, Promina said. The new stock will begin trading on the Australian Stock Exchange on May 12.

London-based Royal & Sun, the world's oldest insurer, sold Promina to plug a $1.29 billion capital shortfall in the U.K. The sale is about a third the size of the total raised in all other IPOs worldwide this year, and comes as stock markets gain after the Iraq war.

``Promina has delivered strong premium growth,'' said Tan Aik Chye, who helps manage $800 million at AIB Govett Ltd. in Singapore. ``It appears it can continue to do so for the next couple of years given industry consolidation in Australia and firmer premium rates.''

Goldman Sachs Group Inc. and Macquarie Bank Ltd. were joint global managers of the sale, helped by ABN Amro Rothschild, JB Were Ltd., J.P. Morgan Chase & Co. and Merrill Lynch & Co.

Of the 242 institutions which attended presentations, only four didn't buy stock, Promina Chief Executive Mike Wilkins said. Half the company's stock was sold to Australian and New Zealand investors, with the rest mostly from the U.K., the U.S. and Asia.

Royal & Sun will receive A$1.73 billion of sale proceeds to bolster its balance sheet.

Improve Sentiment

``The IPO will certainly improve sentiment for Royal & Sun,'' said David Bradbury, who helps manage 2 billion pounds ($3.2 billion) in the U.K. for Canada Life Financial Corp.

Institutions bid for stock last week after five weeks of presentations in 29 cities around the world. The IPO was announced in November.

``The last six months has been very, very hard work,'' Promina's Wilkins said in an interview. ``But I think investment markets do always recognize an attractive opportunity.''

Promina includes Australia's No. 3 car and home insurer, New Zealand's biggest combined general and life insurer and the Tyndall funds management business. The company insures more than 2 million cars and almost 1 million homes.

To attract investors, Royal & Sun offered Promina stock at between 8.4 and 11.2 times estimated earnings of A$188 million for the year ending Dec. 31, 2003.

That compares to Sydney-based Insurance Australia Group Ltd. which trades at about 13.7 times earnings, according to a Goldman Sachs report in March.

Sale Proceeds

Royal & Sun also plans to sell U.S. units.

``After the much derided plan to raise capital, investors may now think Royal & Sun will raise more than planned'' in the U.S., said Chris Rathbone, an analyst at Williams de Broe in London, who rates Royal & Sun ``buy.''

This year, 127 companies worldwide sold stock for the first time, raising a total $3.25 billion before the Promina IPO, according to Bloomberg data.

In the first quarter, global IPOs slumped to $2.2 billion from $15.5 billion in the same period a year ago, after stock declines deterred companies and investors alike.

The biggest IPO this year before the Promina sale was Taiyo Mutual Life Insurance Co., Japan's eighth-largest life insurer by assets, which sold 76.8 billion yen ($639 million) of stock.

Last Updated: May 11, 2003 00:14 EDT

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Share Performance May Depend on Bonds: European Stocks Outlook
By Sam Fleming
London, May 11 (Bloomberg) -- European stocks' two-month rally may gain renewed momentum as the yields on benchmark bonds approach four-year lows, prompting some analysts and investors to favor equities.

``The more bond prices rise, the cheaper equities look even after the stock market rally we've had,'' said Philip Barleggs, who helps oversee the equivalent of $96 billion at Insight Investment Management in London.

Share prices slid last week after a surge that lifted the Dow Jones Stoxx 50 and 600 indexes by more than 20 percent since March 12, a week before the war in Iraq began. The Stoxx 50 shed 1.2 percent and the Stoxx 600 slid 0.8 percent.

At the same time, bonds rose, sending the yield on Germany's 10-year security below 4 percent for just the second time in four years. The first took place in February, and the yield hit bottom at 3.8 percent two days before stocks began the current advance.

Bond yields fall as prices rise, and the dividends on equities can become more valuable as a result. The Stoxx 50's average dividend yield has risen to 3.5 percent from 2.3 percent a year ago. The Stoxx 600's has shown a similar increase.

``Stocks are certainly more interesting than bonds,'' said Angelika Stueckler, who helps manage the equivalent of $5 billion in assets at Constantia Privatbank AG in Vienna.

Goldman's Switch

European stocks declined last week as the dollar dropped to a four-year low against the euro, causing concern that earnings at companies with U.S. sales would suffer.

Companies such as Bayerische Motoren Werke AG nevertheless rose as they beat analysts' earnings forecasts. The results from the German company, the world's second-largest producer of luxury cars, were released on Thursday and spurred a two-day rally of 4.4 percent.

Deutsche Telekom AG, Germany's former phone monopoly; Allianz AG, Europe's largest insurer; and two French lenders, Societe Generale SA and Credit Lyonnais SA are among companies reporting earnings this week.

Goldman, Sachs & Co. last week advised clients to increase holdings of equities versus bonds because fixed-income assets were overvalued by as much as a fifth.

Peter Oppenheimer, the firm's head of pan-European strategy, said European shares may provide returns of as much as 15 percent in the next 12 months and might outperform bonds by 3 percentage points to 4 points in the next five years.

Waiting to Invest

Before this year, the bond last yielded less than 4 percent in May 1999. That preceded the start of a one-year rally of more than 30 percent for both Stoxx indexes.

Insight's Barleggs said he trimmed stock holdings at the end of April, and will watch price moves in bonds and equities before committing more cash to either. Insight is a unit of HBOS Plc, a U.K. lender.

Concern that economic growth is slowing in Europe may deter some investors from making a switch to stocks from bonds. German bunds last week had their best weekly performance since September 2002 as signs of a faltering economy attracted investors to the perceived safety of fixed-income securities.

The evidence included a report showing industrial production in Germany, Europe's biggest economy, dropped for the first time this year in March. The 1.1 percent decline was almost twice as large as economists expected. Exports fell 0.6 percent.

GDP Forecast Coming

On Tuesday, the ZEW Center for European Economic Research will release its survey of German investor confidence. The index probably fell to 17 in May from 18.4 a month earlier, according to a median forecast of 21 economists surveyed by Bloomberg News.

The European Commission gives its forecast for the region's gross domestic product on Thursday, the same day that Deutsche Telekom reports first-quarter results.

Deutsche Telekom will probably say its loss for the quarter narrowed to 604 million euros ($694 million) from a year earlier, according to the average estimate of nine analysts surveyed by Bloomberg News.

Allianz may say on Friday it had a first-quarter loss after last month announcing it had reorganization costs and investment writedowns of 800 million euros during the period.

Last Updated: May 11, 2003 03:04 EDT

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ING Groep Takes on Egg, Starts ING Direct Internet Bank in U.K.
By Dorothy Hillenius
Amsterdam, May 11 (Bloomberg) -- ING Groep NV, the biggest Dutch financial-services company, is taking on Britain's No. 1 Internet bank, Egg Plc, by starting its own Web bank in the U.K.

ING has been using its telephone and Internet bank, ING Direct, to break into mature markets such as the U.S., Spain and Australia. The U.K. is the eighth market ING Direct is entering after it started the first one in Canada in 1997.

The Dutch banking and insurance company is trying to grab a chunk of Britain's 591 billion-pound ($948 billion) savings market, competing with the Internet banks, as well as with traditional lenders such as HSBC Holdings Plc and Barclays Plc.

``It's a challenge,'' said Hans Verkoren, global head of ING Direct, in an interview. ``There are more players in the field because we're starting now instead of two years ago.''

ING first researched the U.K. market in 2000 and decided at the time to focus on France and Italy. Last summer, ING looked at the market again and found U.K. customers had become more Internet- savvy and were more interested in savings products after stock markets slumped.

Britain is Europe's biggest Internet-banking market with 10 million online customers, according to Datamonitor. Egg has grown to be the country's largest Internet bank with more than 2 million customers, and rivals such as Virgin Group Ltd.'s Virgin Money are offering online accounts, loans and credit cards.

Competitors such as Egg and Virgin don't follow the same strategy as ING Direct, Verkoren said. ING Direct enters each market with a high-interest savings account and gradually adds low- overhead products such as mortgages and mutual funds. It leaves more-costly, infrastructure-intensive products such as credit cards and current accounts to other banks.

Competition

``Egg would have been much more of a competitor three or four years ago because when they started they were closer to our model, but they've moved away from that,'' Verkoren said.

Under Chief Executive Officer Paul Gratton, Egg has been focusing more on credit cards to expand its customer base. It offers 3.75 percent interest on its savings accounts, though the bank knocks about 1.5 percentage points off that rate for customers who want telephone support instead of just using the Internet. ING will offer 4.3 percent interest on all accounts.

``There could be a price war,'' Verkoren said. ``But we'll show the market that it's not just an introductory offer and we'll keep our rates high.''

That may give ING an advantage because, unlike Egg, ING Direct is profitable. Combined, ING's seven Internet-banking units broke even in the third quarter last year, one year ahead of schedule, and they are expected to make a profit this year, even including the investment in the new U.K. unit. Only France and Italy, the two most recent start-ups, aren't yet making money.

Egg's Loss

Egg, which was started in 1998 by U.K. insurer Prudential Plc, posted a loss of 18.3 million pounds in the first quarter because of costs from developing its unit in France, where it bought online bank ZeBank SA for $41 million last year.

The purchase pushed Egg back into a loss after two quarters of profit, and now it expects to become profitable again before 2005, the company said last month.

Egg is almost doubling its spending in France to about 300 million euros by 2005 in an effort to attract new customers and make ZeBank profitable. Its French unit has 108,000 customers, compared with 300,000 clients at ING Direct in France, and Verkoren expects ING's unit to break even this year.

Together, ING's seven Internet banks had 6.2 million customers at the end of April. Including its purchase of Entrium Direct Bankers AG in Germany, which is expected to be completed July 1, ING Direct will have 7.2 million customers with 80 billion euros in funds.

Winning Customers

Verkoren expects ING Direct to have between 8 million and 9 million customers by the end of this year, and that figure should hit 10 million in 2004, he said. The Internet bank won 1.2 million new customers in the first four months of this year.

``ING Direct has been relatively successful in attracting customers and it hasn't cost them that much,'' said Andrew Goodwin, an analyst at Commerzbank in London.

ING Direct keeps costs low, Verkoren says. A unit can break even with about 400,000 clients, each with an average 10,000 euros in deposits. At that point the unit's costs are just 50 basis points, or half a percent, of total assets, while costs for a traditional bank with branches and a full product range are about five times that.

``We can use that cost advantage to sustain the higher rates and still be profitable,'' Verkoren said. ``If traditional banks offer our rates they can't sustain it.''

Brand Awareness

In the U.K., ING will have to confront a lack of brand awareness. The Amsterdam-based company has been active in Britain since it bought the country's oldest merchant bank, Barings Plc, in 1995 after rogue trader Nick Leeson lost $1.4 billion. This is ING's first foray into the U.K. consumer-banking market.

``They may know about Barings and Mr. Leeson, but they don't know about ING,'' Verkoren said.

As for where ING Direct may next start operations, Verkoren said no decision has been made yet, though the company is always researching new markets.

``There are still some smaller Western European countries left, but those have less priority than the bigger ones,'' he said. ``We're very interested in Eastern Europe and Poland is our first choice because it's the biggest market.''

ING has conducted market research in Poland twice -- once five years ago and again two years ago -- and it found the market wasn't ready because savings rates are too low and Internet usage isn't widespread enough, Verkoren said.

``We won't be too late but if you're too early it's too costly because it takes too long to break even,'' he said. ``We might revisit it again next year.''

Last Updated: May 11, 2003 03:00 EDT

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Conjuntura: Ministro das Finanças alemão ameaça demitir-se se défice ultrapassar 3% em 2004
2003-05-10 16:54:16

O ministro das Finanças alemão, Hans Eichel, pode demitir-se se o défice público germânico em 2004 voltar a quebrar o previsto no Pacto de Estabilidade.

Segundo revelou a revista Focus alemã Eichel terá dito a outros ministros alemães que, caso o défice ultrapasse os 3% do Produto Interno Bruto (PIB), em 2004, o chanceler Gerard Schröder «terá que procurar um novo ministro das Finanças».

Segundo as regras do Pacto de Estabilidade e Crescimento (PEC), o défice do Estado não pode ultrapassar a barreira dos 3%, mas na Alemanha, esta barreira foi já quebrada no ano passado, com o país a ter um défice de 3,7% do PIB.

Fonte: Diário Digital

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Bush Says $550 Bln Tax Cut Would Bring Economy `Immediate Help'
By Heidi Przybyla
Washington, May 10 (Bloomberg) -- President George W. Bush said a $550 billion tax-cut bill passed yesterday by the House of Representatives would ``bring immediate help throughout our economy.''

Reducing taxes paid by individuals and small businesses ``would leave more money in the hands of families who need it to make purchases and to pay the bills,'' Bush said in his weekly radio address. ``The result will be more jobs, and that is our goal.''

The House legislation, passed largely on party lines, follows the outline set by Bush, though it doesn't heed his call to abolish the tax that investors pay on corporate dividends. The measure is likely to be changed once the Senate passes its version next week and the two chambers reconcile their bills.

Bush has stepped up his focus on the economy after declaring on May 1 the end of major combat operations in Iraq. Since then, he's brought his tax-cutting message to Arkansas and California. On Monday and Tuesday he'll visit New Mexico, Nebraska and Indiana as he attempts to build support among Senate Democrats including Nebraska's Ben Nelson and some reluctant Republicans, such as Maine's Olympia Snowe.

A government report showed claims for jobless benefits last week held for a 12th week above 400,000, a level some analysts say signals the economy is too weak to create jobs. The unemployment rate rose to 6 percent last month, matching an eight-year high.

Bush and congressional Republicans say the tax cuts are needed to create jobs and boost the U.S. economy, which grew at a 1.6 percent annual rate in the first three months of the year.

Bush, in today's radio address, called on voters to ``participate in this important debate and to make your voice heard'' by contacting their representatives and senators.

Democrats say the plan would widen the federal budget deficit, projected to reach at least $300 billion this year, without giving an immediate jolt to the economy.

The biggest component of the bill, and of Bush's plan, is a cut in taxes on dividends. The House would tie the dividend tax to capital gains, equalizing the rates for both on a scale of 5 percent to 15 percent. Dividends now are taxed as the same rate as regular income, as much as 38.6 percent.

The president had called for the dividend tax to be abolished.

The Senate plan, which was approved by the Finance Committee yesterday, would allow $500 in dividend income to be excluded from taxes, coupled with an exemption that increases from 10 percent to 20 percent over 10 years for amounts over $500.

Last Updated: May 10, 2003 10:08 EDT

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Powell Begins Mideast Trip as Peace Effort Marred by Violence
By Paul Basken
Washington, May 10 (Bloomberg) -- U.S. Secretary of State Colin Powell begins a Middle East trip to set in motion a new plan for ending Israeli-Palestinian violence that threatens the region a month after U.S. forces took control of Iraq.

The plan, drafted by the U.S., United Nations, European Union and Russia, calls for establishment of a Palestinian state by 2005. The U.S. released the so-called road map last week after Mahmoud Abbas, who has renounced violence, became the new Palestinian prime minister.

``We may have a fresh start,'' Powell told reporters, citing the ``new strategic situation created by the end of the regime in Baghdad'' and the appointment of Abbas, also known as Abu Mazen.

A peace accord between Palestinians and Israelis is a priority for many in the region who criticized the U.S. invasion of Iraq as protecting U.S. oil interests and Israeli security while neglecting a source of decades of conflict and terror. The latest Palestinian uprising began in September 2000.

Powell will visit Israel, the occupied territories, Egypt, Jordan and Saudi Arabia during his week of travel, which ends May 16. He'll also stop in Bulgaria, Germany and Russia -- members of the UN Security Council.

The elevation of a Palestinian leader who has spoken against violence hasn't put a halt to bloodshed or to disputes over who should make the first moves in carrying out the plan. Palestinians fired rockets from the Gaza Strip into Israel on yesterday, and Israeli troops demolished eight Palestinian homes, Associated Press reported.

`Not Going to be Easy'

``We have seen things in the area in recent days that show us that it is not going to be easy,'' Powell said.

Israeli Prime Minister Ariel Sharon has said he expected that any implementation of the peace plan would be delayed while Israel discusses a list of 15 objections it has raised. Chief among those is the road map's pledge to address the ``right of return'' to Israel for Palestinians who fled after the 1948 Israeli-Arab war.

Israel argues that such a right, set out in a United Nations resolution, would leave Jews a minority in their own country.

Palestinians have insisted that the Israelis begin by dismantling Jewish housing settlements in the occupied West Bank, in violation of UN resolutions. Israel has repeated past demands that Palestinians first crack down on anti-Israeli violence by groups such as Hamas.

`All Sides Have Duties'

``All sides of this conflict have duties,'' President George W. Bush told new graduates at the University of South Carolina yesterday. ``Israel must take tangible steps to ease the suffering of Palestinians and show respect for their dignity. And as progress is made toward peace, Israel must stop settlement activity in the occupied territories.''

Arab nations ``must fight terror in all forms and recognize and state the obvious once and for all: Israel has a right to exist as a Jewish state at peace with its neighbors.''

Bush also outlined a broader plan to encourage democracy and economic growth in the region through trade, changes in education and the judicial system, and women's rights.

Political violence has marked the week. Israeli forces on Thursday killed Eyad al-Beik, whom they described as a senior Hamas fugitive, in Gaza, the Jerusalem Post reported. Casualties this week include an 18-month-old Palestinian boy and a Palestinian who blew himself up with a car bomb.

Powell, who visited Syria last week, urged that country to crack down on terrorist groups fighting Israel or face consequences. The U.S. is counting on its show of force in Iraq as a warning to countries such as Iran and Syria.

The U.S. has begun developing, along with the UN, EU and Russia, a system for monitoring implementation of their plan. It includes the creation of a ``monitoring committee'' chaired by a U.S. coordinator that will refer disputes to higher-level quartet representatives, said Robert Satloff of the Washington Institute for Near East Policy.

That panel will include representatives of the four drafters of the plan, the Israelis and Palestinians, and probably Egypt and Jordan, which have roles in retraining Palestinian security services, said Satloff, director of policy and strategic planning at the institute, a private study group.

Avoiding Arafat

Abbas's appointment means Powell can avoid dealing with Palestinian Authority President Yasser Arafat, whom Bush has accused of supporting terrorism.

Abbas and his allies still need to complete the process of taking power from Arafat, former Israeli Prime Minister Ehud Barak wrote in an editorial in the Jerusalem Post.

Powell will be under pressure from the U.S. Congress. More than 300 lawmakers have sent Bush a letter arguing that implementation of the road map should be based on progress, rather than a three-year timetable, to ensure the Abbas government ``truly fights terrorism, rather than engages in it.''

Last Updated: May 10, 2003 00:00 EDT

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China Has Fewest SARS Cases in 20 Days; Taiwan Has 23 (Update1)
By Michael Forsythe
Beijing, May 10 (Bloomberg) -- China, which has two-thirds of the world's SARS cases, reported the fewest new cases since it began daily reports on April 20. Taiwan reported its biggest one- day increase.

China had 85 new cases of severe acute respiratory syndrome and five new deaths, taking the total number people infected in the nation to 4,884 with 235 deaths, the Ministry of Health said. Beijing, the worst SARS-hit city in the world, had 54 new patients and two deaths, taking the total to 2,227 cases and 116 deaths.

Taiwan, which has the world's fourth-highest number of SARS infections, reported 23 more cases, its biggest one-day increase, and five more deaths. Hong Kong added seven new cases and had two more deaths.

SARS probably originated in southern China's Guangdong province in November, with outbreaks starting in March in Hong Kong, Vietnam, Singapore and Toronto. The disease has caused tourism and air travel to drop in infected areas, shut down production in some factories and reduced economic forecasts.

Chinese President Hu Jintao warned a recent drop in new infections in Beijing doesn't mean the disease is coming under control. Yesterday, too, Beijing reported the fewest new cases since counting began.

``We must acknowledge that the battle against this disease is arduous and complicated,'' the Beijing Youth Daily cited Hu as saying. ``Beijing faces a very arduous task, especially in the month of May, in fighting SARS.''

Taiwan

The new cases in Taiwan took the island's total cases to 172, while the death toll climbed to 18 from 13, said Chi Hsueh-yun, a spokeswoman at the Department of Health. Taiwan reported 18 new SARS cases yesterday, surpassing Canada to become the world's fourth-most affected area, after China, Hong Kong and Singapore.

The U.S. State Department said yesterday it will let non- emergency personnel at the American Institute in Taiwan and their family members to leave the island on a voluntary basis. The U.S. doesn't have an embassy in Taiwan, which China regards as a renegade province and which is not officially recognized as a sovereign state.

``Since the U.S. is doing this, other countries may follow,'' Taiwan Premier Yu Shyi-kun told reporters at a press conference in Taipei today. ``Our Ministry of Finance Affairs is communicating with them.''

The total in Hong Kong, which has the second-highest number of cases, added up to 1,674 and fatalities rose to 212, marking the seventh consecutive day that Hong Kong has reported fewer than 10 new SARS cases. It had six new infections yesterday.

Beijing

In Beijing, the government quarantined 18,608 people at hospitals, constructions sites, apartment buildings, and even a traditional courtyard home. People are staying indoors to avoid contracting the disease. Traffic light cycles have been speeded up to account for the drop in the number of cars on city streets, Xinhua said.

In addition to the probable cases, China has 2,526 suspected SARS cases, adding 128 in the past day. Of the probable cases, 1,620 people have recovered and left the hospital, the health ministry said.

In Singapore, the number of people hospitalized for SARS remained at its lowest in more than seven weeks, after it quarantined more than 4,000 and shut schools to contain the fatal respiratory disease.

Twenty-three people were in hospital in Singapore with severe acute respiratory syndrome yesterday, the same as Thursday and the lowest since March 18. A total of 27 people in the island state have died from the disease.

There have been 7,183 SARS cases reported around the world and 514 deaths, the World Health Organization said yesterday, before China, Taiwan and Hong Kong announced today's figures. Hong Kong and China account for 90 percent of the global total.

Last Updated: May 10, 2003 06:36 EDT

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S&P 500, Nasdaq Rise a 4th Week, Longest Streak in Half a Year
By Danielle Sessa
New York, May 10 (Bloomberg) -- The Standard & Poor's 500 Index and Nasdaq Composite Index completed four straight weeks of gains, their longest rallies in more than half a year.

Computer-related shares led the advance as Nvidia Corp. forecast higher sales, and Intel Corp. said demand for personal- computer semiconductors will rise this year. Analysts surveyed by Thomson Financial expect technology stocks to post the second- fastest profit growth among the S&P 500's 10 industry groups.

``As corporate earnings continue to turn around, you're probably going to see at some point more hiring and more capital spending -- all of which will feed the economy eventually,'' Frank Gannon, who helps manage more than $7 billion at AIG SunAmerica Asset Management, told Bloomberg Television. ``Longer term, the stock market is going to continue to do well.''

The benchmark S&P 500 has climbed 17 percent since March 11 as first-quarter earnings have increased 15 percent, beating analysts' estimates by an average 6.3 percent. The Nasdaq has rallied 20 percent during that stretch.

For the week, the S&P 500 gained 0.4 percent to 933.41 and the Nasdaq rose 1.2 percent to 1520.15. The last time the indexes had four straight weeks of advances was from Oct. 7 - Nov. 1. The Dow Jones Industrial Average added 0.3 percent to 8604.60, its highest close since Jan. 16.

Computer-related shares as a group climbed 1.8 percent in the week. Companies in the S&P 500 Information Technology Index are expected to report a 29 percent earnings increase this year, according to a Thomson Financial survey of analysts. That's twice as fast as the growth rate for all S&P 500 members and trails only the energy industry's 38 percent projected rate.

Nvidia

Nvidia, which makes graphics chips for Microsoft Corp.'s Xbox video-game machine, posted the second-biggest advance in the S&P 500 for the week. It surged 34 percent as the company said sales may rise as much as 18 percent this quarter, exceeding forecasts, on higher demand for Xbox chips.

Intel, the world's biggest chipmaker, expects a ``slight'' recovery in the personal-computer industry, Chief Operating Officer Paul Otellini told Germany's Handelsblatt newspaper. Intel shares added 2.8 percent in the week.

The Philadelphia Semiconductor Index rose 2.2 percent in the week, bringing its rally this year to 21 percent.

Even as indexes finished higher, gains were limited by disappointing April retail sales and initial jobless claims. The Federal Reserve, which kept interest rates unchanged, also said slowing growth poses the greatest threat to the economy.

Retail Sales

Kohl's Corp. and Sears, Roebuck & Co. said sales at stores open more than a year fell last month amid weak demand for Easter merchandise. Jobless claims held above 400,000 for a 12th straight week, the longest stretch in 11 years.

Some investors say the reports show consumer and corporate spending has failed to rebound as expected following the war in Iraq, and may eventually sap earnings growth and weigh on share prices.

``We still have a dangerous cocktail of numbers on the business investment front and the consumer spending front,'' said Tom Murphy, who helps manage the equivalent of $257 million as head of investment research at Deutsche Private Banking in Sydney. The prospects of slowing global growth ``will temper stock market gains,'' he said.

Telecommunications stocks posted the biggest declines among the S&P 500's 10 industry groups this week. Verizon Communications Inc. triggered a drop in phone shares on Monday after the largest U.S. local-phone provider cut its price for high-speed Internet access by 30 percent.

Verizon, SBC Communications

Analysts and investors speculated that other providers would follow Verizon in reducing prices, leading to lower profit and revenue growth. Verizon slid 2.9 percent, while smaller rival SBC Communications Inc. lost 1.4 percent.

Nextel Communications Inc. shed 13 percent on concern rivals may duplicate the company's walkie-talkie service. Analysts from Goldman, Sachs & Co. and Wachovia Securities lowered their recommendations on the stock Thursday. Nextel's share price has more than doubled in the past year.

McDermott International Inc., a builder of oil-drilling platforms, recorded the largest advance in the S&P 500. The company boosted its 2003 profit forecast and said a greater emphasis on national security had bolstered demand for its government services. Shares, which have lost more than two-thirds of its value in the past 12 months, jumped 52 percent this week.

Apple Computer Inc. had the second-biggest gain in the index as the company's Internet music store sold more than 1 million songs during its first week. Apple's stock climbed 27 percent.

Now that the war in Iraq has ended, analysts say it won't be long before economic reports start to indicate a resumption in spending by companies and individuals.

``Stock investors have recently shrugged off cautious comments on the outlook'' by the Fed, said Michael Sheldon, chief market strategist at Spencer Clarke LLC. ``The stock market is a discounting mechanism. The stock market has rallied before the economy has.''

Last Updated: May 10, 2003 09:34 EDT

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AOL Shareholder Revolt Part of Broader Corporate-Reform Effort
By Jack Duffy
New York, May 10 (Bloomberg) -- AOL Time Warner Inc., facing opposition to more than half of its directors from two of its biggest investors, is the latest target of a shareholder revolt causing sweeping changes in American boardrooms.

Hewlett-Packard Co. and Alcoa Inc. shareholders approved resolutions this year obliging management to seek their approval for executive-severance packages known as golden parachutes. Apple Computer Inc. and Delta Airlines Inc. investors required the companies to expense stock options. Tellabs Inc. was ordered to hold annual elections for board members.

``We've never seen shareholders throw their weight behind corporate reform proposals in these numbers,'' said Bill Patterson, director of the AFL-CIO's Office of Investment, which oversees $450 billion in pension funds. ``It's extraordinary.''

Accounting scandals at half a dozen major U.S. companies and more than $7 trillion in stock market losses in three years have galvanized investors on issues ranging from executive pay to auditor independence. The $131 billion California Public Employees' Retirement System said yesterday it plans to withhold votes on five AOL directors because they lack independence or because they approved non-audit work for accounting firm, Ernst & Young LLP.

``Withheld votes in large amounts can send a powerful signal that investors are not happy,'' said Ann Yerger, research director at the Council of Institutional Investors, which represents 130 pension funds with more than $3 trillion in assets. ``More of our members are withholding votes from directors that are not responsive to their concerns.''

Labor-affiliated pension funds have been the most active in seeking changes. Following a ``Vote No'' campaign last year to remove Enron Corp. directors from other corporate boards, the AFL- CIO is urging Sprint Corp. shareholders to reject the appointment of Ernst & Young as the company's auditor because of its role in selling tax shelters to company executives.

Changing Their Ways

In other corporate changes prompted by organized labor, Verizon Communications Inc. and General Electric Co. eliminated pension income in calculations of bonuses for executives. The changes came after the Communications Workers of America filed resolutions criticizing the bonus formula.

Even companies with long histories of ignoring shareholder resolutions are changing their ways.

For six consecutive years, resolutions seeking an end to staggered terms for Bristol-Myers Squibb Co. board members have received majority support from its shareholders. For six years the drugmaker has ignored them. This year, Bristol-Myers will give its shareholders the final say on the issue by allowing them to vote on a binding resolution on the issue.

Bristol-Myers ``is mindful that shareholders have voted in increasing numbers for declassification since 1997,'' said company spokesman Rob Hutchinson. ``Our board is committed to the principles of corporate democracy.''

Last Updated: May 10, 2003 00:01 EDT

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Buffett's Berkshire Raises Profit 89% on Insurance Turnaround
By David Plumb
Omaha, Nebraska, May 10 (Bloomberg) -- Berkshire Hathaway Inc.'s first-quarter earnings almost doubled as its billionaire chief executive officer, Warren Buffett, squeezed a profit from his reinsurance unit for the first time in four years.

Net earnings rose 89 percent to a record $1.73 billion, or $1,127 per Class A share, from $916 million, or $598 a share. Revenue at the investment and insurance conglomerate climbed 20 percent to $11.4 billion.

Buffett earned more by turning around General Reinsurance Corp., the biggest U.S. reinsurer, which lost $6 billion since Berkshire bought it in 1998. General Re raised prices, turned away unprofitable business and experienced few catastrophic losses on property it insurers.

``The insurance businesses are going really well,'' said Guy Spier, who manages $30 million at Aquamarine LLC, a New York hedge fund with a quarter of its assets in Berkshire shares.

Berkshire, which got 62 percent of operating profit from insurance, said a sluggish U.S. economy cut into its other businesses. Earnings fell in its building-products companies, such as Benjamin Moore Paints, and at carpet maker Shaw Industries. Berkshire's aviation businesses, mainly NetJets Inc., had a loss.

Higher Premiums

Berkshire's pretax, realized investment gains rose fivefold to $811 million, which analysts said likely resulted from sales of junk bonds. Buffett last year bought about $7 billion of the below- investment-grade debt, and last week said a rally in the securities made them no longer attractive to purchase.

Berkshire's AAA credit rating, the highest possible, enabled the company to charge higher insurance premiums than lower-rated rivals. The insurance units, which include Geico Corp. and National Indemnity Co., added to Berkshire's growing pile of cash for acquisitions, which swelled to a record $19.5 billion. Cash flow from investments was $5.2 billion.

``Insurance is what kicks out the cash,'' said Lawrence Cunningham, a law professor at Boston College and author of ``How to Think Like Benjamin Graham and Invest Like Warren Buffett.'' Berkshire ``beats the competitor conglomerate companies, GE and the like, by having free funds,'' he said, referring to General Electric Co.

General Re earned a pretax underwriting profit of $32 million, compared with an $88 million loss in the same period a year earlier. Berkshire's other reinsurance businesses earned $140 million, after losing $8 million a year ago.

Geico Premiums

Geico, which sells auto policies mainly by telephone and over the Internet, reported first-quarter premiums rose 17 percent to $1.8 billion, while net profit declined 2.8 percent to $105 million.

Overall, pretax earnings from operations rose 43 percent to $1.8 billion. NetJets, the only Berkshire company that is unprofitable, reported an $8 million pretax loss. The company, which sells and rents shares in private aircraft, is posting losses as it expands, particularly in Europe, and likely won't show a profit this year, Buffett said last week.

The quarter's earnings included $65 million from Fruit of the Loom and Garan Inc., two clothing manufactures acquired last year after the first quarter. Shaw, the world's biggest carpet maker, earned 5.5 percent less, or $69 million.

Berkshire's Class A shares have fallen 4.2 percent in the last year compared with a 13 percent decline for the Standard Poor's 500 index. The company reported earnings late yesterday after composite trading closed on the New York Stock Exchange, where the shares rose $100 to $72,700.

Last Updated: May 10, 2003 01:01 EDT

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Negócios: Enron vai criar nova empresa com activos de gás e petróleo
2003-05-10 14:11:51

A Enron, ex-gigante energética norte-americana em processo de falência desde Dezembro de 2001, anunciou que vai criar uma nova empresa com os seus negócios internacionais de infra-estruturas de gás e petróleo, a InternationalCompany.

A Enron, em processo de falência desde Dezembro de 2001, irá distribuir acções da InternationalCo. entre os credores como parte do seu plano de reorganização. Os activos da nova empresa incluirão algumas participações da Enron em empresas de gás e electricidade e alguns oleodutos situados na América Latina e Caribe.

A empresa de Houston (no Texas) acrescentou que pretende criar outra empresa de menor dimensão com os pipelines dos Estados Unidos, cuja principal finalidade será reunir fundos para pagar aos credores.

A empresa que protagonizou uma das maiores falências da história dos Estados Unidos, depois de um enorme escândalo financeiro, revelou que as novas empresas terão estatutos independentes, estando ao abrigo das obrigações decorrentes da falência da Enron.

Fonte: Diário Digital

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TMT: Lucros da Telesp sobem 4% no primeiro trimestre
2003-05-10 13:51:51

Os resultados líquidos da Telesp Celular, participada da PT no mercado brasileiro, subiram 4% para 221 milhões de reais (68 milhões de euros), entre Janeiro e Fevereiro, anunciou a operadora da região de São Paulo na sexta-feira, ao fim do dia.

No mesmo período de 2002, os lucros da operadora móvel tinham ascendido a 212 milhões de reais (65 milhões de euros).

No período em análise, as receitas totais da Telesp fixaram-se em 2.681 milhões de reais (824 milhões de euros), mais 13,9% face ao período homólogo.

No primeiro trimestre, a Telesp investiu cerca de 289 milhões de reais (88 milhões de euros) na ampliação da oferta de serviços e na manutenção das suas redes.

O presidente da empresa, Fernando Xavier Ferreira, frisou que estes resultados traduzem a «sólida situação financeira e operacional» da Telesp.

Fonte: Diário Digital



Voltar

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Conjuntura: Declarações de Santana Lopes sobre CGD incomodam Governo
2003-05-10 13:05:59

As afirmações do presidente da Câmara Municipal de Lisboa, Pedro Santana Lopes, sobre o aumento de capital da Caixa Geral de Depósitos (CGD) incomodaram o Governo e os meios financeiros portugueses, garantiu o Público, no sábado, citando fontes contactadas pelo jornal.

Segundo o jornal, as declarações de Pedro Santana Lopes ao Diário Económico (DE), em que o autarca revelou que o Governo estava a estudar várias alternativas para aumentar o capital social da CGD, provocaram um forte mal-estar no Executivo e nos meios financeiros, por «partidarizarem» um assunto de Estado.

O Público refere que a entrevista ao DE terá motivado uma conversa do primeiro-ministro, José Manuel Durão Barroso, com Santana Lopes, na qual o chefe do Governo manifestou ao autarca o seu desagrado.

Fonte: Diário Digital

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Felgueiras poderá não ser extraditada... mas poderá ser julgada
2003-05-10 12:45:40

A autarca de Felgueiras, Fátima Felgueiras poderá não ser extraditada porque, segundo conta a edição do Jornal de Notícias este sábado, já terá garantida a dupla nacionalidade. No entanto, o Expresso refere que a autarca poderá ser julgada no Brasil.

O JN cita fontes judiciais portuguesas e brasileiras, referindo que se Fátima Felgueiras já tiver dupla nacionalidade, apenas pode ser localizada para efeitos de notificação. A autarca terá sido vista por duas vezes no região Sul da cidade brasileira do Rio de Janeiro e estará a morar na zona da Tijuca.

O Expresso refere que Felgueiras poderá ser julgada no Brasil pelos crimes alegadamente cometidos em Portugal. Segundo a mesma fonte, as autoridades portugueses poderão enviar o processo para o Brasil para o julgamento ser feito neste país.

A acontecer, não seria inédito porque algo semelhante já aconteceu no caso do cabo-verdiano, «Pepa», acusado do homicídio de um agente da PSP em Portugal em 2002 e que está actualmente preso em Cabo Verde.

Fonte: Diário Digital

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Negócios: Ati-Arnaud investe 2,5 M€ em terminal de carga na Madeira
2003-05-10 12:43:06

A Ati-Arnaud Transitários inaugurou, na Madeira, o maior terminal de carga das Regiões Autónomas, que representou um investimento de 2,5 milhões de euros (M€), noticiou no sábado o Diário de Notícias.

O director-geral da Ati-Arnaud, Fernando Matos Pereira, salientou que, com a inauguração desta plataforma logística, a empresa passará a oferecer na região os mais diversos serviços, como distribuição, gestão de stocks, armazenagem, etiquetagem, entre outros.

O novo terminal permitirá permitirá melhorar a qualidade de serviço transitário e diminuir custos operacionais, frisou o responsável.

Fonte: Diário Digital

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TMT: Videotelefones vão chegar a Portugal antes de Junho
2003-05-10 12:28:11

A Portugal Telecom (PT) vai colocar no mercado nacional, antes do final do mês de Maio, os videotelefones, aparelhos com serviço de voz e imagem, avançou o Expresso este sábado.

O lançamento dos videotelefones insere-se na estratégia da PT de reinventar a rede fixa, campanha que, no primeiro trimestre, conseguiu reduzir a perda de clientes em 50%.

Numa primeira fase, o serviço de voz e imagem será vocacionado para o mercado residencial, com a disponibilização de dois modelos de videotelefones.

A comercialização dos aparelhos vocacionados para empresas começará no segundo semestre e os equipamentos só poderão ser utilizados por consumidores com acesso à rede RDIS.

Fonte: Diário Digital

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Conjuntura: Electricidade: Governo quer fixar tecto para aumento das tarifas industriais
2003-05-10 12:14:13

O Ministério da Economia está a estudar um tecto máximo anual para o aumento das tarifas eléctricas industriais, avançou o semanário Expresso, no sábado.

Segundo o jornal, o Governo pretende assim evitar que as empresas nacionais sejam penalizadas pela «aplicação cega» do actual quadro regulamentar.

O Expresso avança o exemplo da Autoeuropa que, no ano passado, foi afectada por um aumento de tarifas na ordem dos 20%.

Em 2002, graças ao acordo conseguido entre o Executivo e a Entidade Reguladora do Sector Eléctrico (ERSE) os aumentos não ultrapassaram os 5%, porém, este ano a questão repete-se, sendo que os aumentos estão estimados entre 17% a 20%, refere o jornal.

Fonte: Diário Digital

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Distritais do PSD criticam Cavaco e Marcelo
2003-05-10 11:58:15

Dirigentes distritais do PSD não pouparam esta semana críticas aos ex-líderes sociais-democratas Cavaco Silva e Marcelo Rebelo de Sousa, adianta o jornal Expresso este sábado.

As críticas fizeram-se ouvir na reunião desta semana na sede do PSD, com os dirigentes distritais a acusarem Cavaco Silva, Mário Soares e Freitas do Amaral de «andarem a promover-se uns aos outros para as eleições presidenciais, com almoços, jantares e abraços, em encontros políticos anti-natura».

Marcelo Rebelo de Sousa foi criticado pelos «ataques recorrentes a Pedro Santana Lopes», semanalmente na TVI.

Fonte: Diário Digital

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Amadora: Vereadores do PS e do PSD extorquiam dinheiro a empresas
2003-05-10 11:41:34

Sobral de Sousa, um ex-vereador socialista da câmara da Amadora, escreveu uma carta a António Guterres, na altura ainda secretário-geral do PS, na qual explicava pormenorizadamente como se processava a corrupção na autarquia, refere a edição do Expresso deste sábado.

Segundo a mesma fonte, existia «uma acção concertada entre PS e PSD» que designavam um vereador «que ficava encarregado de contactar uma empresa candidata a um projecto no concelho pedindo-lhe dinheiro pela sua aprovação.

O Expresso refere ainda que, após este processo, o dinheiro adquirido por este meios era encaminhado para os cofres dos partidos, muito embora, nalguns casos, parte deste dinheiro fosse também para os autarcas que exerciam a corrupção.

Na carta, datada de 1993, Sobral de Sousa refere que «a estratégia passava por mandar retirar das sessões da câmara os processos mais atraentes para, em seguida, um vereador de cada partido contactar os proprietários, negociando com eles as contrapartidas financeiras para cada um dos dois partidos».

Entre as empresas alvo de extorsão estão o Centro Comercial Babilónia (5 mil contos),Sotanco (10 mil contos + 5 mil contos), Pimenta e Rendeiro (5 mil contos), Cooperativa da Buraca (2500 contos), Betões Duartes (2 mil contos).

O autarca conta na carta que entregou, entre 1990 e 1992: na FAUL (mil contos), na JS FAUL (390 contos), Sede do PS (3x 1650 contos). Em 1993, os valores são: sede do PS (2.500 contos), FAUL (600 contos) e Secção (400 contos).

Fonte: Diário Digital

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.S. Stocks Rise, Led by Chipmakers Intel, Nvidia; Coke Climbs
By Justin Baer
New York, May 9 (Bloomberg) -- U.S. stocks rose for the first day in three after computer-chip makers Intel Corp. and Nvidia Corp. said demand for semiconductors is improving, encouraging investors to expect accelerating growth.

``People are more willing to buy into the thesis of an economic recovery,'' said Sally Anderson, who helps manage $1.5 billion at Kopp Investment Advisors in Edina, Minnesota. ``One of the clearest ways to play a recovery is with tech stocks.''

The Standard & Poor's 500 Index gained 13.14, or 1.4 percent, to 933.41. Today's rise clinched the benchmark's fourth-straight weekly advance.

The Dow Jones Industrial Average added 113.38, or 1.3 percent, to 8604.60, the highest close since Jan. 16. Coca-Cola Co. helped pace the increase. The Nasdaq Composite Index rose 30.46, or 2 percent, to 1520.15.

The Nasdaq, which gets 42 percent of its value from computer- related companies, jumped 1.2 percent for the week. The S&P 500 added 0.4 percent and the Dow advanced 0.3 percent.

The S&P 500's semiconductor index is up 29 percent this year on optimism purchases will pick up in the second half of 2003. Last year, the benchmark slumped 51 percent as consumers and corporations bought fewer computers or opted for cheaper models as economic growth slowed.

Eleven stocks gained for every four that dropped on the New York Stock Exchange. Some 1.31 billion shares traded on the Big Board, 4.8 percent less than the three-month daily average.

Computer-Chip Recovery

Intel climbed 71 cents to $19.58. The company expects a ``slight'' recovery in the personal-computer industry, while the telecommunications industry isn't getting any worse, Chief Operating Officer Paul Otellini told Germany's Handelsblatt newspaper.

Advanced Micro Devices Inc., Intel's biggest rival in personal-computer processors, gained 10 cents to $7.35.

Semiconductors are found in devices ranging from computers and phones to cars and power tools, and a pickup in demand may signal the world's businesses are ordering more capital equipment and machinery, some investors say.

``A big concern for investors has been capital expenditures, so the (comments) from Intel represent positive news,'' said Tim Stevenson, who manages the $300 million Evergreen Special Equity Fund.

Nvidia Jumps

Nvidia, whose chips are used in Microsoft Corp.'s Xbox video- game machine, surged $5.31 to $21.37. The 33 percent increase was the largest in more than three years and represented the biggest gainer in the S&P 500. Sales this quarter may rise as much as 18 percent to $478 million, the company said, beating the $424.3 million average of analysts surveyed by Thomson Financial.

The U.S. shares of Taiwan Semiconductor Manufacturing Co., which makes chips for Nvidia, jumped 50 cents to $8.73.

Analog Devices Inc., which makes semiconductors for computers, rose $1.33 to $34.25. Applied Materials Inc., which supplies factory machinery to chipmakers, added 49 cents to $15.08. Texas Instruments Inc., the world's largest maker of chips used in cellular phones, gained $1.13 to $20.

Kopp's Anderson said she recently bought shares of Skyworks Solutions Inc., which makes semiconductors for wireless devices and should benefit as cellular phones become cheaper and more pervasive.

Coca-Cola gained $1.11 to $43.99. The world's No. 1 soft- drink company has strengthened ties to its bottlers, which may help boost sales, said Bear Stearns & Co. analyst Carlos Laboy. He upgraded the stock to ``outperform'' from ``peer perform.''

Taubman Centers Inc. rose 88 cents to $19.48. A federal judge barred the shopping mall owner's founding family from voting a series of preferred shares they control against a tender offer by rival Simon Property Group Inc. The ruling may help Simon win approval to acquire Taubman, investors said.

Manor Care Climbs

Manor Care Inc., which operates nursing homes, rehabilitation clinics and home-health services in 30 states, climbed $1.91 to $22.42. Medicare, the U.S. government's health insurance program for the elderly and disabled, proposed a 2.9 percent increase in the reimbursement rates for nursing homes in fiscal 2004.

Gateway Inc. rose 25 cents to $3.24. The personal-computer maker, which has lost money in nine of the past 10 quarters, may return to profitability in the fourth quarter, Chief Financial Officer Roderick Sherwood said at an analyst meeting in San Diego.

Genzyme Corp.'s Biosurgery unit tumbled 41 cents, or 16 percent, to $2.10. Genzyme said plans to eliminate the tracking stocks for its cancer and experimental-surgery businesses, Genzyme Molecular Oncology and Genzyme Biosurgery, will hurt earnings this year.

ImClone Systems Inc., which is embroiled in an insider- trading scandal, shed $1.21 to $19.63. Auditor KPMG LLP wants to review further the biotechnology company's finances after discovering executives didn't pay as much as $60 million in taxes starting in 1997, the Wall Street Journal reported, citing people familiar with the matter.

Kohl's Drops

Kohl's Corp. fell for a second day, dropping 63 cents to $52.62. The department-store chain said yesterday that sales fell 4.1 percent in April. Analysts had predicted a gain. The stock has declined 6.9 percent in the past two days.

S&P 500 futures expiring in June advanced 11.80 to 932.20 on the Chicago Mercantile Exchange. June futures on the Nasdaq-100 Index added 25.50 to 1143.50. The index, a benchmark for Nasdaq's largest companies, gained 24.79 to 1143.55.

Nasdaq-100 tracking shares, known by their QQQ ticker, rose 64 cents to $28.41. The S&P 500 shares known as Spiders climbed $1.28 to $93.73.

The Russell 2000 Index of smaller stocks rose 5.85, or 1.4 percent, to 413.53. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, gained 119.71, or 1.4 percent, to 8883.34. Based on the change in the Wilshire, the total value of U.S. stocks increased by $143.7 billion.


Advanced Micro Devices Inc. (AMD US)
Activision Inc. (ATVI US)
Analog Devices Inc. (ADI)
Gateway Inc. (GTW US)
Genzyme Biosurgery (GZBX US)
Genzyme Corp. (GENZ US)
ImClone Systems Inc. (IMCLE US)
Intel Corp. (INTC US)
Kohl's Corp. (KSS US)
Manor Care Inc. (HCR US)
Nvidia Corp. (NVDA US)
Taiwan Semiconductor Manufacturing Co. (TSM)
Texas Instruments Inc. (TXN US)

Last Updated: May 9, 2003 17:30 EDT

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European Stocks Fall for Second Week in Three on Dollar's Slide
By Balduin Hesse
London, May 9 (Bloomberg) -- European stocks dropped for the second week in three as the U.S. currency headed toward its biggest weekly decline against the euro since March, sending companies including Aegon NV and BASF AG lower.

The Dow Jones Stoxx 50 Index gained 1 percent to 2295.76 today, trimming its decline this week to 1.2 percent. The Stoxx 600 Index rose 0.9 percent and is 0.8 percent lower since last Friday.

The dollar has tumbled about 2.3 percent this week. Demand for the currency fell after the European Central Bank on Thursday left its benchmark rate unchanged at 2.5 percent, double the U.S. Federal Reserve's level. A lower dollar cuts the value of U.S.- dollar denominated earnings and makes the region's exporters less competitive.

``The euro at this rate is going to put a lot of pressure on earnings forecasts,'' said Mark Burgess, who helps oversee $10.3 billion as chief investment officer at American Express Asset Management. ``We are reducing stocks that will suffer from currency translation issues.''

June futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro rose 2.7 percent to 2314.00. The index added 1.2 percent to 2314.10.

The dollar's decline by more than a fifth against the euro in the last 12 months may affect many European exporters. Annual earnings fall between 5 percent to 6 percent in Europe for every 10 percent drop in the dollar, according to Deutsche Bank AG.

Currency Concern

Conversely, companies including International Business Machines Corp., 13 percent higher this year, and General Electric Co., up a fifth, benefit as the weaker dollar increases the value of sales outside the U.S. The Stoxx 600 has shed 4 percent this year, while the Standard & Poor's 500 Index in the U.S. increased by 5.8 percent.

Aegon, Europe's third-largest insurer, was among financial stocks most affected by the dollar's decline, shedding 5.1 percent for the week. Goldman, Sachs & Co. yesterday cut its recommendation for the insurer, partly on concern about the currency. About 60 percent of Aegon's profit comes from the U.S., the company and analysts have said.

BASF, the world's biggest chemicals maker, fell 7.2 percent for the week. The German company gets about a quarter of its revenue from North America.

Clariant AG, the world's second-largest specialty chemicals maker, sank 12 percent this week. The Swiss company gets about a quarter of its sales from the U.S., and the dollar has declined 18 percent against the franc in the past year.

Adecco SA, a Swiss temporary employment agency that gets about 30 percent of revenue in the U.S., shed 4.5 percent this week. The dollar has declined 18.4 percent against the Swiss francs in the past 12 months. The company was also hurt Thursday after a report showed the U.S. April jobless rate rose to 6 percent for the second time in five months.

Benchmarks Rise

Benchmark indexes advanced in nine of the 17 Western European markets. Germany's DAX Index rose 2.4 percent, the U.K.'s FTSE 100 added 1 percent and France's CAC 40 Index climbed 1 percent.

Bayerische Motoren Werke AG, the world's second-largest maker of luxury cars, led gains today by automobile shares after Morgan Stanley raised its 2003 earnings per share forecast by 5 percent to 3.05 euros.

The stock rose 4.5 percent to 29.70 euros. The company yesterday reported a 19 percent drop in first-quarter profit, less than the 30 percent decline forecast by analysts.

``The BMW figures yesterday speak for the automobile market,'' said Michael Rachor, who manages the equivalent of $230 million at Activest Investment in Munich. ``They show it is still possible to sell cars in this environment and the dollar doesn't necessarily affect all carmakers.''

Rival DaimlerChrysler AG added 1.8 percent to 28.15 euros.

ABN Amro Holding NV, the biggest Dutch bank, rose 5.7 percent to 14.92 euros after Deutsche Bank lifted its recommendation for the shares to ``buy'' from ``hold.'' The bank said in a note to clients the shares are ``cheap'' compared with rivals.

Debt Load

Royal Ahold NV, the world's third-largest retailer, climbed 9.4 percent to 5.85 euros. The company plans to cut spending and may put units up for sale to conserve cash and shrink a debt load of more than twice the company's market value.

The stock has gained 13 percent this week. The company said yesterday its U.S. Foodservice unit overstated earnings during the past three years by $880 million. That's as much as 76 percent more than estimated.

BT Group Plc jumped 5.7 percent to 186.25p. J.P. Morgan reiterated its ``overweight'' recommendation on the shares, saying it is optimistic about earnings and cash flow.

BT's main business is ``robust,'' and its ``valuation remains attractive,'' the brokerage said in a note to investors. The highest risks to the company's revenue relate to businesses that have lower gross margins, thus limiting the effect on overall earnings. BT is also making ``strong progress'' on cost-cutting, the note said.

Royal & Sun Alliance Insurance Group Plc, the world's oldest insurer, dropped 3 percent to 114.5 pence after the High Court in London ruled the company is in principle liable for asbestos claims made by former employees of Turner & Newall, once the U.K.'s biggest asbestos maker. The court didn't decide on damages.

Alstom SA, whose power equipment generates a fifth of the world's electricity, fell 11 percent to 2.84 euros, after Merrill Lynch & Co. reiterated its ``sell'' recommendation on the stock.


Aegon NV (AGN NA)

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TMT: Microsoft: 200 milhões de utilizadores podem ter dados online em perigo
2003-05-09 21:32:07

Uma falha no sistema de segurança do «Passport», serviço de identificação online da Microsoft, pôs em perigo toda a informação pessoal de um número indeterminado de utilizadores.

Cerca de 200 milhões de cibernautas podem ter sido afectados por este problema, que desprotegeu dados sobre contas de e-mail e cartões de crédito registados online.

Segundo Adam Sohn, gerente de produtos da Microsoft para serviços baseados na Internet, a empresa americana soube do problema através de um e-mail, tendo resolvido a falha técnica de imediato.

O problema na segurança do sistema «Passport» surge num momento em que a companhia criada por Bill Gates tenta justamente melhorar este aspecto do software.

Fonte: Diário Digital

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Cavaco Silva diz «tecnologias condicionam bastante o poder político»



Sexta, 9 Mai 2003 20:58

O professor universitário e ex-primeiro Ministro, Aníbal Cavaco Silva, considera que as «tecnologias condicionam bastante o poder político» e que as empresas para fazer parte da nova era da economia «terão que apostar na inovação».

Cavaco Silva, na palestra «O Desenvolvimento Económico da Década Digital» promovido pela Universidade Católica Portuguesa, frisou que o Governo «não pode ignorar o fluxo de informação digital», acrescentando que «a nova economia não pode alterar os objectivos do poder político, mas sim alterar os seus instrumentos».

O professor salientou a importância da adopção de tecnologias de informação, também, por parte das empresas.

«Ganham as empresas que apostam na inovação e que escolhem modelos adequados a este mercado», acrescentou.

Cavaco Silva apelou que houvesse uma solidariedade por parte da camada empresarial, por forma a auxiliar as empresas que têm dificuldade em aceder às tecnologias e desta forma, incentivando à igualdade de oportunidades.




por Ana Torres Pereira

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Bayer paga coima de 5,6 milhões de dólares

9-5-2003 20:19



A Bayer foi condenada ao pagamento de uma coima de 5,6 milhões de dólares por não ter acatado as regras da entidade reguladora da segurança alimentar e farmacêutica dos EUA (FDA).
A empresa alemã afirma, em comunicado, que o valor já estava provisionado, pelo que a multa não terá impacto nos resultados de 2003.

Recorda-se que Bayer e a britânica GlaxoSmithKline aceitaram pagar, no dia 17 de Abril, à administração americana, 344 milhões de dólares de coima e indemnização por terem sobrefacturado medicamentos vendidos ao abrigo do programa de ajuda aos mais carenciados, Medicaid.

A Bayer desceu 0,71 por cento para 16,80 euros em Frankfurt.

BolsaPt.com

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Acções americanas fecham a subir impulsionadas por «chips»; Nasdaq sobe 2,04%



Sexta, 9 Mai 2003 21:20

As acções americanas fecharam a semana a subir, impulsionadas pelas companhias de «chips», após a Intel e a Nvidia terem dado sinais animadores para o sector. O Nasdaq cresceu 2,04% e o Dow Jones avançou 1,34%.

O Nasdaq terminou nos 1.520,15 pontos e o Dow Jones fechou a valer 8.604,60 pontos.

As empresas de «chips» animaram a sessão de hoje em Wall Street, após um responsável da Intel ter afirmado que estima uma recuperação no sector dos computadores pessoais e a Nvidia ter anunciado estimativas acima do aguardado pelos analistas.

A Intel cresceu 3,76% e a Nvidia, que produz os «chips» para a X Box da Microsoft, disparou 33,06%, no maior ganho do S&P 500.

No Dow Jones a Coca Cola impulsionou o índice, após ter recebido uma recomendação positiva por parte da Bear Sterns. A empresa de bebidas cresceu 2,59%, a Microsoft aumentou 2,41% e a General Electric valorizou 1,62%.




por Nuno Carregueiro