Notícias de Fim de Semana - 28 e 29 de Junho de 2003
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Schroeder Vows Deep Tax Cuts, to Draw on Assets, Subsidies
June 29 (Bloomberg) -- German Chancellor Gerhard Schroeder vowed to speed up income-tax cuts and sell assets, shrink government subsidies and add debt in a bid to boost consumer demand and end a three-year spiral of weak economic growth.
Schroeder, meeting with his cabinet near Berlin, said he will reduce taxes for consumers and small and medium-sized companies by an additional 18 billion euros ($21 billion) in 2004, a year earlier than planned. Many of Germany's states say they may not be able to foot their part of the bill.
``This step is aimed at spurring consumption, boosting economic growth,'' Schroeder told reporters. He aims to lower the top rate of income tax to 42 percent from 48.5 percent and the lower rate to 15 percent from 19.9 percent by 2004. ``We may not achieve expected growth of 2 percent next year without speeding up tax cuts.''
Schroeder hopes that resuscitating consumer demand, withering as unemployment rises, may support the first signs of recovery in the economy. He needs economic growth of 2 percent next year to avoid infringing the European Union's deficit rule a third year.
The Social Democrat said the federal government needed to finance about 7 billion euros of the 18 billion in additional tax cuts next year. States and towns will finance the rest. Schroeder said he will meet the federal bill by trimming subsidies, selling government stock in Deutsche Telekom AG to a state-owned bank, the Kreditanstalt fuer Wiederaufbau, and boost net debt.
He wouldn't say how the three elements would add up to 7 billion euros. Finance Minister Hans Eichel said he hadn't decided whether to sell Telekom stock on the open market or transfer such shares to the KfW.
Last Updated: June 29, 2003 06:53 EDT
June 29 (Bloomberg) -- German Chancellor Gerhard Schroeder vowed to speed up income-tax cuts and sell assets, shrink government subsidies and add debt in a bid to boost consumer demand and end a three-year spiral of weak economic growth.
Schroeder, meeting with his cabinet near Berlin, said he will reduce taxes for consumers and small and medium-sized companies by an additional 18 billion euros ($21 billion) in 2004, a year earlier than planned. Many of Germany's states say they may not be able to foot their part of the bill.
``This step is aimed at spurring consumption, boosting economic growth,'' Schroeder told reporters. He aims to lower the top rate of income tax to 42 percent from 48.5 percent and the lower rate to 15 percent from 19.9 percent by 2004. ``We may not achieve expected growth of 2 percent next year without speeding up tax cuts.''
Schroeder hopes that resuscitating consumer demand, withering as unemployment rises, may support the first signs of recovery in the economy. He needs economic growth of 2 percent next year to avoid infringing the European Union's deficit rule a third year.
The Social Democrat said the federal government needed to finance about 7 billion euros of the 18 billion in additional tax cuts next year. States and towns will finance the rest. Schroeder said he will meet the federal bill by trimming subsidies, selling government stock in Deutsche Telekom AG to a state-owned bank, the Kreditanstalt fuer Wiederaufbau, and boost net debt.
He wouldn't say how the three elements would add up to 7 billion euros. Finance Minister Hans Eichel said he hadn't decided whether to sell Telekom stock on the open market or transfer such shares to the KfW.
Last Updated: June 29, 2003 06:53 EDT
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- Registado: 5/11/2002 11:30
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Governo apresenta projecto do TGV em Setembro
2003-06-28 16:45:26
O Governo deverá apresentar o plano de traçado e execução do TGV (combóio de alta velocidade) em Setembro. O anúncio foi feito este sábado pelo ministro das Obras Públicas, Carmona Rodrigues que garantiu que o TGV será uma prioridade.
«Penso que em Setembro teremos novidades quanto à questão da estação em Lisboa. Faltam alguns elementos do estudo que foi feito e penso que Setembro é uma altura em que já teremos uma proposta concreta», disse o ministro, citado no site da TSF.
Carmona Rodrigues, que falava à margem da cerimónia de apresentação da nova embarcação da Soflusa, adiantou ainda que o TGV é a grande prioridade do Governo para os grandes investimentos no transportes, em detrimento do novo aeroporto da Ota.
«No nosso entender, o transporte ferroviário de alta velocidade merece claramente prioridade» em relação ao novo aeroporto de Lisboa. Este projecto, assegura o ministro, «não está abandonado, mas está escrito no programa do Governo que não é prioritário para esta legislatura».
Carmona Rodrigues disse também que uma terceira ponte sobre o rio Tejo em Lisboa, foi adiada, mas não posta de parte. «A terceira travessia tem de ser feira, mas acarreta a necessidade de investimentos muito grandes», acrescentou.
Fonte: Diário Digital
2003-06-28 16:45:26
O Governo deverá apresentar o plano de traçado e execução do TGV (combóio de alta velocidade) em Setembro. O anúncio foi feito este sábado pelo ministro das Obras Públicas, Carmona Rodrigues que garantiu que o TGV será uma prioridade.
«Penso que em Setembro teremos novidades quanto à questão da estação em Lisboa. Faltam alguns elementos do estudo que foi feito e penso que Setembro é uma altura em que já teremos uma proposta concreta», disse o ministro, citado no site da TSF.
Carmona Rodrigues, que falava à margem da cerimónia de apresentação da nova embarcação da Soflusa, adiantou ainda que o TGV é a grande prioridade do Governo para os grandes investimentos no transportes, em detrimento do novo aeroporto da Ota.
«No nosso entender, o transporte ferroviário de alta velocidade merece claramente prioridade» em relação ao novo aeroporto de Lisboa. Este projecto, assegura o ministro, «não está abandonado, mas está escrito no programa do Governo que não é prioritário para esta legislatura».
Carmona Rodrigues disse também que uma terceira ponte sobre o rio Tejo em Lisboa, foi adiada, mas não posta de parte. «A terceira travessia tem de ser feira, mas acarreta a necessidade de investimentos muito grandes», acrescentou.
Fonte: Diário Digital
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Negócios: Air France retoma voos para Argélia após suspensão em 1994
2003-06-28 14:19:59
A Air France retomou este sábado as ligações aéreas regulares com a Argélia, depois de mais de oito anos de interrupção, em consequência de um sangrento sequestro a um avião da companhia no aeroporto de Argel, capital da antiga colónia francesa, noticia o site do jornal Le Parisien.
A importância económica e diplomática subjacente à retoma das ligações regulares da Air France para o país magrebino é sublinhada pelo facto de o presidente da companhia, Jean-Ciryl Spinetta, ter viajado a bordo deste voo, acompanhado pelo ministro francês dos Transportes, Gilles de Robien, e cerca de 20 executivos de empresas como a Alstom, Airbus, EADS, Snecma e a Thalès, entre outras.
Para já, os voos da Air France vão realizar-se com duas ligações regulares semanais (quatro voos no total), entre os aeroportos de Orly (Paris) e Marselha e o congénere internacional Houari Boumediène, da capital argelina.
Segundo declarações do ministro dos Transportes francês citadas no artigo, um dos motivos que justifica a composição da comitiva é a existência «de negociações entre a Airbus e a Air Algérie» tendo em vista a substituição de parte da frota da aérea argelina, actualmente composta por cerca de 40 aparelhos Boeing.
Fonte: Diário Digital
2003-06-28 14:19:59
A Air France retomou este sábado as ligações aéreas regulares com a Argélia, depois de mais de oito anos de interrupção, em consequência de um sangrento sequestro a um avião da companhia no aeroporto de Argel, capital da antiga colónia francesa, noticia o site do jornal Le Parisien.
A importância económica e diplomática subjacente à retoma das ligações regulares da Air France para o país magrebino é sublinhada pelo facto de o presidente da companhia, Jean-Ciryl Spinetta, ter viajado a bordo deste voo, acompanhado pelo ministro francês dos Transportes, Gilles de Robien, e cerca de 20 executivos de empresas como a Alstom, Airbus, EADS, Snecma e a Thalès, entre outras.
Para já, os voos da Air France vão realizar-se com duas ligações regulares semanais (quatro voos no total), entre os aeroportos de Orly (Paris) e Marselha e o congénere internacional Houari Boumediène, da capital argelina.
Segundo declarações do ministro dos Transportes francês citadas no artigo, um dos motivos que justifica a composição da comitiva é a existência «de negociações entre a Airbus e a Air Algérie» tendo em vista a substituição de parte da frota da aérea argelina, actualmente composta por cerca de 40 aparelhos Boeing.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
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Conjuntura: Presidência italiana da UE propõe reforma do PEC
2003-06-28 13:03:49
A Itália, que está prestes a assumir a presidência da União Europeia, defende uma «reforma razoável e transparente» do Pacto de Estabilidade e Crescimento (PEC) da zona euro.
Segundo o ministro italiano para os Assuntos Europeus, Rocco Buttiglione numa entrevista concedida ao jornal alemão Berliner Zeitung este sábado, o PEC transformou-se numa «hipocrisia».
A Itália vai assumir a presidência da União Europeia (UE) a partir de 1 de Julho durante os próximos seis meses, e de acordo com o entrevistado, um dos objectivos do mandato será a promoção de uma reforma que torne o PEC mais «razoável».
O responsável italiano dos Assuntos Europeus propõe uma reforma do PEC que, simultaneamente o «reforce e torne mais flexível». O PEC é o principal instrumento de convergência da política económica e financeira dos países que partilham a moeda única, em particular no limite (3%) imposto ao défice público dos Doze.
Outra ideia avançada por Buttiglione é que o Banco Central Europeu (BCE) passe a financiar os grandes projectos estruturais da União Europeia, de modo a aliviar o seu peso nos orçamentos dos Estados-membros. A Itália tem defendido, recentemente, o lançamento de grandes projectos em infra-estruturas de comunicações como uma das vias para superar as dificuldades de crescimento da economia europeia.
Fonte: Diário Digital
2003-06-28 13:03:49
A Itália, que está prestes a assumir a presidência da União Europeia, defende uma «reforma razoável e transparente» do Pacto de Estabilidade e Crescimento (PEC) da zona euro.
Segundo o ministro italiano para os Assuntos Europeus, Rocco Buttiglione numa entrevista concedida ao jornal alemão Berliner Zeitung este sábado, o PEC transformou-se numa «hipocrisia».
A Itália vai assumir a presidência da União Europeia (UE) a partir de 1 de Julho durante os próximos seis meses, e de acordo com o entrevistado, um dos objectivos do mandato será a promoção de uma reforma que torne o PEC mais «razoável».
O responsável italiano dos Assuntos Europeus propõe uma reforma do PEC que, simultaneamente o «reforce e torne mais flexível». O PEC é o principal instrumento de convergência da política económica e financeira dos países que partilham a moeda única, em particular no limite (3%) imposto ao défice público dos Doze.
Outra ideia avançada por Buttiglione é que o Banco Central Europeu (BCE) passe a financiar os grandes projectos estruturais da União Europeia, de modo a aliviar o seu peso nos orçamentos dos Estados-membros. A Itália tem defendido, recentemente, o lançamento de grandes projectos em infra-estruturas de comunicações como uma das vias para superar as dificuldades de crescimento da economia europeia.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Negócios: La Seda tem alternativa à aquisição da portuguesa Selenis
2003-06-28 12:18:27
O grupo La Seda de Barcelona vai investir cerca de 30 milhões de euros no reforço da sua capacidade de produção de «plástico ecológico» no caso de falhar a aquisição da portuguesa Selenis (ex-Trevira), refere a edição deste sábado do jornal La Gaceta de los Negocios.
O interesse do grupo catalão, participado pela holding portuguesa Imatosgil, na aquisição da antiga Trevira, tinha sido anunciado pelo presidente do grupo La Seda, em Abril passado.
Segundo o jornal espanhol, as opções da La Seda passarão por novos investimentos na fabricação de plástico (PET).
Fonte: Diário Digital
Voltar
2003-06-28 12:18:27
O grupo La Seda de Barcelona vai investir cerca de 30 milhões de euros no reforço da sua capacidade de produção de «plástico ecológico» no caso de falhar a aquisição da portuguesa Selenis (ex-Trevira), refere a edição deste sábado do jornal La Gaceta de los Negocios.
O interesse do grupo catalão, participado pela holding portuguesa Imatosgil, na aquisição da antiga Trevira, tinha sido anunciado pelo presidente do grupo La Seda, em Abril passado.
Segundo o jornal espanhol, as opções da La Seda passarão por novos investimentos na fabricação de plástico (PET).
Fonte: Diário Digital
Voltar
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- Registado: 5/11/2002 11:30
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Finanças: Banco de Portugal «sugere» aos bancos que abandonem ALD
2003-06-28 11:36:28
O Banco de Portugal (BdP) quer que os bancos deixem de efectuar contratos de aluguer de longa duração (ALD) de automóveis, avança a edição de sábado do Diário de Notícias.
Desde o início do ano, a autoridade de supervisão bancária já contactou por diversas vezes os grandes grupos bancários (em alguns casos por carta e noutros de modo informal), «sugerindo-lhes» que retirem do seu universo empresarial as empresas de ALD por si detidas, diz o diário.
«Em causa está o facto de as empresas de ALD não serem classificadas como sociedades financeiras, nem poderem ser consideradas como sociedades de serviços auxiliares das instituições de crédito, de acordo com a nova tipologia de instituições financeiras, consagrada na legislação aprovada no final do ano passado» explica a mesma fonte.
Fonte: Diário Digital
2003-06-28 11:36:28
O Banco de Portugal (BdP) quer que os bancos deixem de efectuar contratos de aluguer de longa duração (ALD) de automóveis, avança a edição de sábado do Diário de Notícias.
Desde o início do ano, a autoridade de supervisão bancária já contactou por diversas vezes os grandes grupos bancários (em alguns casos por carta e noutros de modo informal), «sugerindo-lhes» que retirem do seu universo empresarial as empresas de ALD por si detidas, diz o diário.
«Em causa está o facto de as empresas de ALD não serem classificadas como sociedades financeiras, nem poderem ser consideradas como sociedades de serviços auxiliares das instituições de crédito, de acordo com a nova tipologia de instituições financeiras, consagrada na legislação aprovada no final do ano passado» explica a mesma fonte.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
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President Bush's Friend Is a Pessimistic Fed: David DeRosa
June 27 (Bloomberg) -- President George W. Bush is lucky that the U.S. Federal Open Market Committee isn't as optimistic as he and his aides are about the future of the economy.
Otherwise, the FOMC wouldn't be giving him what could be termed the ``accommodative stance to end all accommodative stances.'' The term is Fed speak for easy monetary policy, or lower interest rates.
This was confirmed in yesterday's move by the FOMC to lower the federal funds target by 25 basis points to a 45-year low of 1 percent. That act in and of itself hardly speaks to a sanguine outlook for growth.
The FOMC did note some improvement in the economy with respect to the robustness of productivity and improvements in spending, financial conditions, labor and product markets. Still, the bottom line is that the FOMC believes the chances of achieving or failing to achieve ``sustainable'' economic growth over the next several quarters is about even.
The Committee is worried, though not excessively, that there may be a ``an unwelcome substantial fall in inflation.'' That's probably more Fed speak for a temporary spat of deflation, or a general decline in prices.
Few Bullets
On these grounds the FOMC felt justified in lowering the target for federal funds, the rate for overnight interbank borrowing of reserves.
One member of the FOMC, Robert Parry, president of the San Francisco Fed bank, preferred a reduction in the target by a half percentage point.
The 1 percent target is apt to take on a symbolic stature. If the FOMC lowers the rate again, say by another quarter percentage point, the market will begin wondering if the next stop isn't zero. And it may be correct in thinking so.
Fed officials now have only a few bullets left because the federal funds rate can't go below zero.
Meantime, President Bush and his advisers are putting on a game face about the economy.
Here one can see an essential difference between a central banker who is in charge of monetary policy and a Treasury secretary who directs fiscal policy.
Snow and Optimism
U.S. Treasury Secretary John Snow admits economic growth in the U.S. has been ``too anemic'' yet he professes optimism. The president got a tax reduction act through Congress and interest rates are at historic lows.
Of course that is all part of the act. If you want to be Treasury secretary, you better become a Pollyanna -- you must never admit you are concerned about the state of the economy.
Optimism is your watchword because no secretary wants to risk scaring anyone into delaying starting a new business or making a commitment to expand an existing business. At the same time, the worst thing that could happen to Bush is that the FOMC started to believe Snow about the state of the economy.
A central bank chief on the other hand plays the role of a sphinx. Obscurity is touted as being desirable to keep market participants guessing about what will be the next round of policy.
The Cinch
But there is a more substantive difference that the latest rounds of policy-making illustrate. The president and his aides went through a knocked-down, dragged-out political battle to get only a portion of the proposed tax cut package.
Along the way the Bush administration got entangled in all manner of political flap trap over the equity of its package. Fiscal policy is difficult because there are the inevitable Republican versus Democrat issues.
By comparison, monetary policy is a cinch. Want to lower the interest rate? Just call for a vote at the FOMC and ``all in favor say aye.''
Last Updated: June 27, 2003 00:02 EDT
June 27 (Bloomberg) -- President George W. Bush is lucky that the U.S. Federal Open Market Committee isn't as optimistic as he and his aides are about the future of the economy.
Otherwise, the FOMC wouldn't be giving him what could be termed the ``accommodative stance to end all accommodative stances.'' The term is Fed speak for easy monetary policy, or lower interest rates.
This was confirmed in yesterday's move by the FOMC to lower the federal funds target by 25 basis points to a 45-year low of 1 percent. That act in and of itself hardly speaks to a sanguine outlook for growth.
The FOMC did note some improvement in the economy with respect to the robustness of productivity and improvements in spending, financial conditions, labor and product markets. Still, the bottom line is that the FOMC believes the chances of achieving or failing to achieve ``sustainable'' economic growth over the next several quarters is about even.
The Committee is worried, though not excessively, that there may be a ``an unwelcome substantial fall in inflation.'' That's probably more Fed speak for a temporary spat of deflation, or a general decline in prices.
Few Bullets
On these grounds the FOMC felt justified in lowering the target for federal funds, the rate for overnight interbank borrowing of reserves.
One member of the FOMC, Robert Parry, president of the San Francisco Fed bank, preferred a reduction in the target by a half percentage point.
The 1 percent target is apt to take on a symbolic stature. If the FOMC lowers the rate again, say by another quarter percentage point, the market will begin wondering if the next stop isn't zero. And it may be correct in thinking so.
Fed officials now have only a few bullets left because the federal funds rate can't go below zero.
Meantime, President Bush and his advisers are putting on a game face about the economy.
Here one can see an essential difference between a central banker who is in charge of monetary policy and a Treasury secretary who directs fiscal policy.
Snow and Optimism
U.S. Treasury Secretary John Snow admits economic growth in the U.S. has been ``too anemic'' yet he professes optimism. The president got a tax reduction act through Congress and interest rates are at historic lows.
Of course that is all part of the act. If you want to be Treasury secretary, you better become a Pollyanna -- you must never admit you are concerned about the state of the economy.
Optimism is your watchword because no secretary wants to risk scaring anyone into delaying starting a new business or making a commitment to expand an existing business. At the same time, the worst thing that could happen to Bush is that the FOMC started to believe Snow about the state of the economy.
A central bank chief on the other hand plays the role of a sphinx. Obscurity is touted as being desirable to keep market participants guessing about what will be the next round of policy.
The Cinch
But there is a more substantive difference that the latest rounds of policy-making illustrate. The president and his aides went through a knocked-down, dragged-out political battle to get only a portion of the proposed tax cut package.
Along the way the Bush administration got entangled in all manner of political flap trap over the equity of its package. Fiscal policy is difficult because there are the inevitable Republican versus Democrat issues.
By comparison, monetary policy is a cinch. Want to lower the interest rate? Just call for a vote at the FOMC and ``all in favor say aye.''
Last Updated: June 27, 2003 00:02 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Dollar Drop Hasn't Cured International Fund Blues: Chet Currier
June 27 (Bloomberg) -- A mighty boost from the currency markets hasn't done much to lift international stock mutual funds out of a decade-long funk.
Since early last year the U.S. dollar has fallen in value against leading foreign currencies, notably the euro, putting some extra kick in returns on overseas stocks held by U.S.-based funds.
Yet international funds still struggle to keep up with funds that concentrate on homegrown stocks. That naturally leads an investor to wonder -- if this doesn't get international funds out front, what will?
From as low as 86 cents in early 2002, the euro climbed as high as $1.19 recently in foreign-exchange markets. This 38 percent rise raised the value of a typical European stock held by any U.S. fund -- though some funds, it must be noted, may hedge their currency exposure and thus neutralize at least some of that effect.
According to my Bloomberg, an 18.1 percent decline in the Dow Jones STOXX 50 Index of European blue chips from late June '02 through the same point this year translated to a much smaller 3.7 percent decline for dollar investors. Over the same stretch, though, the Standard & Poor's 500 Index in this country lost only 0.1 percent.
Through early this week, an average of foreign stock funds calculated by Morningstar Inc. showed a 3.9 percent loss for the past year. That exceeded the declines posted by any broadly diversified category of U.S. stock funds -- 2.3 percent for large value funds, for instance, or a 0.4 drop for large growth funds.
Relentless Trend
As any follower of international funds can tell you, this is getting monotonous. Over the last nine years through May 31, a prominent U.S. index fund, the Vanguard 500 Index Fund, has climbed 10.5 percent a year while an overseas-stock rival, the Schwab International Index Fund, has had to settle for a 2 percent annual gain.
If it's any consolation, analysts say the strong showing of U.S. stocks lately in the face of a weak dollar is no mystery. A declining dollar is a plus for earnings of U.S.-based multinational companies, to the extent that their profits from other economies increase when converted into dollars.
Beyond that, the dollar's decline bolsters the global competitive position of U.S. companies, and serves as a deflation antidote in the U.S. economy. That carries weight at a time when many investors are more worried about the threat of deflation, or a general decline in prices and economic activity, than they are about inflation.
Matter of Policy
``In a deflation-risk world, the greatest deflation risks tend to be concentrated in the countries with the strongest currencies,'' says Richard Hoey, chief investment strategist at the fund-management firm Dreyfus Corp. ``In the current context, inflationary pressures from the dollar weakness are unlikely to be a major problem for the U.S., but deflationary pressures from a strong euro are a challenge for deflation-prone countries such as Japan and Germany.''
In Hoey's view, U.S. policy makers recognize all this and have adopted a policy ``to tolerate a decline in the dollar that is occurring as a result of fundamentals, while making comforting statements whenever the pace of decline threatens to become disorderly.''
Presumably, at some point the dollar will bottom out and start rising again. Then, a beleaguered fan of international funds might expect, we will hear that the dollar's gains reflect the preeminent strength of the U.S. economy, which explains why stocks from other countries are still lagging. Heads U.S. funds win, tails international funds lose.
Can't Quit Now
And yet many investors, professionals included, hang in there with international funds, figuring that overseas markets offer many more bargains than can be found in U.S. stocks. Or if nothing else they like the extra diversification.
Bruce Johnstone, a strategist at Fidelity Investments in Boston, reported in a Web site commentary that he keeps a third of his own retirement savings in ``diversified international equities,'' along with a third in U.S. stocks and a third in high- yield ``junk'' bonds.
I, too, devote a chunk of my 401(k) money to international funds, and have no wish to tempt fate by pulling it out of there just before a big rally erupts.
So it's back to waiting -- an activity to which international- fund investors are quite accustomed.
Last Updated: June 27, 2003 00:01 EDT
June 27 (Bloomberg) -- A mighty boost from the currency markets hasn't done much to lift international stock mutual funds out of a decade-long funk.
Since early last year the U.S. dollar has fallen in value against leading foreign currencies, notably the euro, putting some extra kick in returns on overseas stocks held by U.S.-based funds.
Yet international funds still struggle to keep up with funds that concentrate on homegrown stocks. That naturally leads an investor to wonder -- if this doesn't get international funds out front, what will?
From as low as 86 cents in early 2002, the euro climbed as high as $1.19 recently in foreign-exchange markets. This 38 percent rise raised the value of a typical European stock held by any U.S. fund -- though some funds, it must be noted, may hedge their currency exposure and thus neutralize at least some of that effect.
According to my Bloomberg, an 18.1 percent decline in the Dow Jones STOXX 50 Index of European blue chips from late June '02 through the same point this year translated to a much smaller 3.7 percent decline for dollar investors. Over the same stretch, though, the Standard & Poor's 500 Index in this country lost only 0.1 percent.
Through early this week, an average of foreign stock funds calculated by Morningstar Inc. showed a 3.9 percent loss for the past year. That exceeded the declines posted by any broadly diversified category of U.S. stock funds -- 2.3 percent for large value funds, for instance, or a 0.4 drop for large growth funds.
Relentless Trend
As any follower of international funds can tell you, this is getting monotonous. Over the last nine years through May 31, a prominent U.S. index fund, the Vanguard 500 Index Fund, has climbed 10.5 percent a year while an overseas-stock rival, the Schwab International Index Fund, has had to settle for a 2 percent annual gain.
If it's any consolation, analysts say the strong showing of U.S. stocks lately in the face of a weak dollar is no mystery. A declining dollar is a plus for earnings of U.S.-based multinational companies, to the extent that their profits from other economies increase when converted into dollars.
Beyond that, the dollar's decline bolsters the global competitive position of U.S. companies, and serves as a deflation antidote in the U.S. economy. That carries weight at a time when many investors are more worried about the threat of deflation, or a general decline in prices and economic activity, than they are about inflation.
Matter of Policy
``In a deflation-risk world, the greatest deflation risks tend to be concentrated in the countries with the strongest currencies,'' says Richard Hoey, chief investment strategist at the fund-management firm Dreyfus Corp. ``In the current context, inflationary pressures from the dollar weakness are unlikely to be a major problem for the U.S., but deflationary pressures from a strong euro are a challenge for deflation-prone countries such as Japan and Germany.''
In Hoey's view, U.S. policy makers recognize all this and have adopted a policy ``to tolerate a decline in the dollar that is occurring as a result of fundamentals, while making comforting statements whenever the pace of decline threatens to become disorderly.''
Presumably, at some point the dollar will bottom out and start rising again. Then, a beleaguered fan of international funds might expect, we will hear that the dollar's gains reflect the preeminent strength of the U.S. economy, which explains why stocks from other countries are still lagging. Heads U.S. funds win, tails international funds lose.
Can't Quit Now
And yet many investors, professionals included, hang in there with international funds, figuring that overseas markets offer many more bargains than can be found in U.S. stocks. Or if nothing else they like the extra diversification.
Bruce Johnstone, a strategist at Fidelity Investments in Boston, reported in a Web site commentary that he keeps a third of his own retirement savings in ``diversified international equities,'' along with a third in U.S. stocks and a third in high- yield ``junk'' bonds.
I, too, devote a chunk of my 401(k) money to international funds, and have no wish to tempt fate by pulling it out of there just before a big rally erupts.
So it's back to waiting -- an activity to which international- fund investors are quite accustomed.
Last Updated: June 27, 2003 00:01 EDT
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- Registado: 5/11/2002 11:30
- Localização: 4
U.S. Stocks Decline in Week, Trimming Quarterly Advances
June 27 (Bloomberg) -- U.S. stocks fell, driving the Standard & Poor's 500 Index to its first weekly drop in five and trimming the benchmark's biggest quarterly gain since 1998.
Tenet Healthcare Corp. and Avery Dennison Corp. led declines in the week after cutting their profit forecasts. Eli Lilly & Co. fell today after Merrill Lynch & Co. said sales of its biggest drug may disappoint next year and trimmed its earnings estimate.
Stocks slid even as the Federal Reserve cut its benchmark lending rate Wednesday to a 45-year low. Some investors say they want to see evidence that the economy and profit growth are gathering pace before bidding stocks higher.
``The bearish case right now is: `Listen, we've had a run-up in stocks and very little evidence that we're seeing a pickup in the economy,''' said W. Shannon Reid, who manages the $1 billion Evergreen Strategic Growth Fund. ``At the very least, you can make the argument that things have stopped getting worse, but the market doesn't just go straight up.''
For the week, the S&P 500 slipped 2 percent and the Dow Jones Industrial Average lost 2.3 percent. The Nasdaq Composite Index shed 1.2 percent, its second drop in three weeks.
Today, the S&P 500 fell 9.60, or 1 percent, to 976.22. The Dow average slipped 89.99, or 1 percent, to 8989.05. The Nasdaq retreated 8.75, or 0.5 percent, to 1625.26.
Economic Reading
Reports this week showed a decline in durable goods orders, a 19th straight week of initial jobless claims above 400,000 and a drop in consumer confidence.
Still, the S&P 500 is on pace for its best quarter in four and a half years on expectations the economy would accelerate following the Iraq war. The S&P 500 has gained 15 percent. The Dow average has risen 12 percent and Nasdaq has jumped 21 percent since March 31, the most for both measures since the fourth quarter of 2001.
About seven stocks declined for every six that advanced on the New York Stock Exchange and Nasdaq Stock Market. Some 1.2 billion shares changed hands on the Big Board, making it the slowest trading day since May 23.
Tenet, a U.S. hospital chain whose Medicare billings are under investigation, tumbled 28 percent for the week -- the biggest such decline in the S&P 500. The company reduced its full- year forecast on Monday because of rising costs and lower payments from the government. Tenet also said second-quarter results were ``significantly below'' analysts' estimates.
Avery Dennison shed 11 percent this week after the world's biggest label maker said on Monday second-quarter net income would miss its own estimates because of slowing sales growth.
Health-Care Shares
Health-care stocks were the biggest drag on the S&P 500 today, accounting for more than a quarter of its decline.
Lilly slid $1.41 to $68.12. Merrill analyst David Risinger said sales of the company's schizophrenia drug Zyprexa may disappoint next year and cut his 2004 profit estimate. The analyst downgraded the stock to ``neutral'' from ``buy.''
Abbott Laboratories fell $1.22 to $43.60. Moody's Investors Service said it may reduce the drugmaker's credit rating after Abbott said it will pay $622 million to settle civil and criminal probes into marketing practices. Lower credit ratings raise borrowing costs because investors consider the debt to be more risky.
Pfizer Inc., the world's biggest drugmaker, declined $1.00 to $35.00.
Nike, Foot Locker
Nike Inc., the No. 1 athletic-shoe maker, lost $3.85 to $53.08. The company said a dispute with Foot Locker Inc., its largest customer, hurt orders. Nike's orders for shoes and clothing for delivery to U.S. stores between June and November fell 10 percent, a bigger decline than what analysts had expected. Nike stopped shipping popular sneakers to Foot Locker last year because the retailer reduced orders for high-priced sneakers.
Foot Locker fell 40 cents to $13.10. Merrill analyst Virginia Genereux said fewer Nike orders means the retailer may not be receiving any products related to athletes including LeBron James, the top pick in the National Basketball Association's draft. Genereux cut Nike and Foot Locker to ``neutral'' from ``buy.''
Traders said corporate executives may be more optimistic about the economy's prospects because they are planning more acquisitions.
Circuit City Stores Inc. recorded the biggest advance in the S&P 500 this week after Mexican billionaire Carlos Slim made a $1.5 billion offer to buy the firm. Its shares jumped 18 percent for the week even as the company rejected the offer because it was too low.
Buying Spree
New York Community Bancorp agreed to buy Roslyn Bancorp Inc. for about $1.58 billion in stock to form the third-largest New York savings and loan by assets. Lehman Brothers Holdings Inc. is interested in buying Neuberger Berman Inc., a person familiar with the situation said.
Roslyn gained 90 cents to $21.75, bringing its advance this week to 9.1 percent.
``When you see M&A activity, it's a testament to a stronger market and stronger economy,'' said Art Hogan, chief market strategist at Jefferies & Co. in Boston.
S&P 500 futures expiring in September declined 10.20 to 973.30 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures shed 14.50 to 1202.50. The index, a benchmark for Nasdaq's largest companies, lost 9.44 to 1205.24.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol dropped 39 cents to $29.83. The S&P 500 shares known as Spiders fell $1.14 to $97.66.
The Russell 2000 Index of smaller stocks slipped 1.15, or 0.3 percent, to 448.75. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, slid 76.45, or 0.8 percent, to 9358.47. Based on changes in the Wilshire, the total value of U.S. stocks decreased by $91.7 billion.
June 27 (Bloomberg) -- U.S. stocks fell, driving the Standard & Poor's 500 Index to its first weekly drop in five and trimming the benchmark's biggest quarterly gain since 1998.
Tenet Healthcare Corp. and Avery Dennison Corp. led declines in the week after cutting their profit forecasts. Eli Lilly & Co. fell today after Merrill Lynch & Co. said sales of its biggest drug may disappoint next year and trimmed its earnings estimate.
Stocks slid even as the Federal Reserve cut its benchmark lending rate Wednesday to a 45-year low. Some investors say they want to see evidence that the economy and profit growth are gathering pace before bidding stocks higher.
``The bearish case right now is: `Listen, we've had a run-up in stocks and very little evidence that we're seeing a pickup in the economy,''' said W. Shannon Reid, who manages the $1 billion Evergreen Strategic Growth Fund. ``At the very least, you can make the argument that things have stopped getting worse, but the market doesn't just go straight up.''
For the week, the S&P 500 slipped 2 percent and the Dow Jones Industrial Average lost 2.3 percent. The Nasdaq Composite Index shed 1.2 percent, its second drop in three weeks.
Today, the S&P 500 fell 9.60, or 1 percent, to 976.22. The Dow average slipped 89.99, or 1 percent, to 8989.05. The Nasdaq retreated 8.75, or 0.5 percent, to 1625.26.
Economic Reading
Reports this week showed a decline in durable goods orders, a 19th straight week of initial jobless claims above 400,000 and a drop in consumer confidence.
Still, the S&P 500 is on pace for its best quarter in four and a half years on expectations the economy would accelerate following the Iraq war. The S&P 500 has gained 15 percent. The Dow average has risen 12 percent and Nasdaq has jumped 21 percent since March 31, the most for both measures since the fourth quarter of 2001.
About seven stocks declined for every six that advanced on the New York Stock Exchange and Nasdaq Stock Market. Some 1.2 billion shares changed hands on the Big Board, making it the slowest trading day since May 23.
Tenet, a U.S. hospital chain whose Medicare billings are under investigation, tumbled 28 percent for the week -- the biggest such decline in the S&P 500. The company reduced its full- year forecast on Monday because of rising costs and lower payments from the government. Tenet also said second-quarter results were ``significantly below'' analysts' estimates.
Avery Dennison shed 11 percent this week after the world's biggest label maker said on Monday second-quarter net income would miss its own estimates because of slowing sales growth.
Health-Care Shares
Health-care stocks were the biggest drag on the S&P 500 today, accounting for more than a quarter of its decline.
Lilly slid $1.41 to $68.12. Merrill analyst David Risinger said sales of the company's schizophrenia drug Zyprexa may disappoint next year and cut his 2004 profit estimate. The analyst downgraded the stock to ``neutral'' from ``buy.''
Abbott Laboratories fell $1.22 to $43.60. Moody's Investors Service said it may reduce the drugmaker's credit rating after Abbott said it will pay $622 million to settle civil and criminal probes into marketing practices. Lower credit ratings raise borrowing costs because investors consider the debt to be more risky.
Pfizer Inc., the world's biggest drugmaker, declined $1.00 to $35.00.
Nike, Foot Locker
Nike Inc., the No. 1 athletic-shoe maker, lost $3.85 to $53.08. The company said a dispute with Foot Locker Inc., its largest customer, hurt orders. Nike's orders for shoes and clothing for delivery to U.S. stores between June and November fell 10 percent, a bigger decline than what analysts had expected. Nike stopped shipping popular sneakers to Foot Locker last year because the retailer reduced orders for high-priced sneakers.
Foot Locker fell 40 cents to $13.10. Merrill analyst Virginia Genereux said fewer Nike orders means the retailer may not be receiving any products related to athletes including LeBron James, the top pick in the National Basketball Association's draft. Genereux cut Nike and Foot Locker to ``neutral'' from ``buy.''
Traders said corporate executives may be more optimistic about the economy's prospects because they are planning more acquisitions.
Circuit City Stores Inc. recorded the biggest advance in the S&P 500 this week after Mexican billionaire Carlos Slim made a $1.5 billion offer to buy the firm. Its shares jumped 18 percent for the week even as the company rejected the offer because it was too low.
Buying Spree
New York Community Bancorp agreed to buy Roslyn Bancorp Inc. for about $1.58 billion in stock to form the third-largest New York savings and loan by assets. Lehman Brothers Holdings Inc. is interested in buying Neuberger Berman Inc., a person familiar with the situation said.
Roslyn gained 90 cents to $21.75, bringing its advance this week to 9.1 percent.
``When you see M&A activity, it's a testament to a stronger market and stronger economy,'' said Art Hogan, chief market strategist at Jefferies & Co. in Boston.
S&P 500 futures expiring in September declined 10.20 to 973.30 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures shed 14.50 to 1202.50. The index, a benchmark for Nasdaq's largest companies, lost 9.44 to 1205.24.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol dropped 39 cents to $29.83. The S&P 500 shares known as Spiders fell $1.14 to $97.66.
The Russell 2000 Index of smaller stocks slipped 1.15, or 0.3 percent, to 448.75. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, slid 76.45, or 0.8 percent, to 9358.47. Based on changes in the Wilshire, the total value of U.S. stocks decreased by $91.7 billion.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
European Stocks Record Their Biggest Weekly Decline in Five
June 28 (Bloomberg) -- European stocks tallied their biggest weekly loss in more than a month after Heineken NV and Unilever cut sales and profit forecasts, sparking concern that a rally that sent benchmark indexes to their best quarters in more than three years may end.
The Dow Jones Stoxx 50 Index slipped 0.2 percent to 2426.84 yesterday in London, for a weekly slide of 2 percent. The Stoxx 600 added 0.1 percent, trimming its decline in the five days to 1.8 percent.
Both indexes have climbed 16 percent since the end of March, on track for their biggest gains since the fourth quarter of 1999, as the end to the Iraq war boosted optimism that corporate profits were set to recover. The forecasts from Unilever and Heineken prompted some investors to question whether the 3 1/2-month rally will continue.
``There is concern companies will give some profit warnings before releasing quarterly results,'' said Mirko Faroni, who helps manage the equivalent of $11 billion at Capitalgest SpA in Brescia, Italy. ``Investors are waiting for figures to show that recent gains in the market are justified by prospects for growth in the economy.''
The Stoxx indexes had advanced in three of the past four weeks amid optimism that economic growth will accelerate in the U.S., Europe's biggest export market. The U.S. Federal Reserve on Wednesday cut its benchmark interest rate by a quarter point to 1 percent, the lowest level since 1958, in a bid to boost growth.
European Benchmarks
Benchmark indexes yesterday rose in 13 of the 17 Western European markets. The U.K.'s FTSE 100 Index gained 0.7 percent, France's CAC 40 Index added 0.2 percent and Germany's DAX Index slipped 0.5 percent.
September futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro fell 21 to 2438. The index was little changed at 2453.49.
Heineken, the world's third-largest brewer, lost 0.7 percent to 31.18 euros, for an 8.5 percent drop this week. On Monday, the stock had its biggest decline in almost 14 years after the company said profit growth stalled in the first half as French, Dutch and U.S. customers cut back on beer drinking.
Unilever, whose biggest brands include Knorr soup, Dove soap and Hellmann's mayonnaise, rose 0.5 percent in Amsterdam to 47.34 euros, paring its slump since last Friday to 11 percent. The Anglo- Dutch company, the world's biggest maker of food and soap, on Monday cut the sales forecast for its 400 leading brands to 4 percent from as much as 6 percent.
Total Declines
Total SA today led declines in energy stocks, falling 1.1 percent to 133.6 euros and 3 percent in the week. Suez SA sold all 3.7 million shares it held in the French company, Europe's third-biggest oil producer, to raise cash to pay off debt. Suez, the world's second-biggest water company, slipped 0.1 percent to 13.95 euros, slumping 9.7 percent this week.
Elan Corp., the Irish drugmaker whose accounting is being probed by U.S. regulators, lost 5.8 percent to 4.10 euros. The stock slumped 38 percent in the week, the biggest drop in the Stoxx 600. The company said on Thursday that its failure to report 2002 results lets creditors demand immediate payment of as much as $2 billion, putting it at risk of default.
Deutsche Telekom AG, Europe's biggest phone company, was the second-biggest gainer in the Stoxx 50, adding 0.8 percent to 13.50 euros and 3.9 percent since last Friday. On Tuesday, Moody's Investors Service raised its outlook on the company's long-term debt to ``positive'' from ``stable.'' The ratings company cited its ``very significant steps'' to cut debt.
Insurers Advance
Insurers gained after Goldman, Sachs & Co. raised its recommendations on Aegon NV and Assurances Generales de France SA.
Aegon, Europe's third-largest insurer, advanced 5.6 percent to 9.03 euros after Goldman boosted its rating to ``outperform'' from ``inline,'' saying the share price doesn't reflect the profit the company can make as it cuts costs. The stock added 0.6 percent since last Friday.
AGF, the French unit of the German insurer Allianz AG, rose 0.5 percent to 35.86 euros. Goldman raised stock to ``in-line'' from ``underperform.'' It fell 0.3 percent this week.
``Insurers will benefit from a general improvement in the economy and markets,'' said Age Bruinsma, who manages the equivalent of $5.7 billion in global assets at The Hague, Netherlands-based ING Investment Management.
Royal & Sun Alliance Insurance Group Plc, a U.K. property and casualty insurer, jumped 3 percent to 139.25p, for a weekly advance of 2 percent.
Best Performer
The Stoxx 600's insurance group is the best performing industry group of 18 this quarter, surging 31 percent.
Dixons Group Plc, Europe's second-largest consumer- electronics retailer, rose 2.7 percent to 132.75p, for a five-day gain of 14 percent. The company said Wednesday that U.K. consumer confidence is reviving.
British consumers were the least pessimistic in June than at any time in the past seven months, a survey showed, as stock markets rose and retailers were more upbeat about sales. An index of consumer confidence compiled by research company Martin Hamblin GfK for the European Commission rose to minus 2, the highest since November last year, from minus 3 in May.
``We will have a good summer and a positive third quarter,'' said Roger Hornett, who helps manage $5.3 billion of assets at Theodoor Gilissen Securities in London. ``Earnings growth will improve'' and ``profit increases will surprise people.''
Falling Profit
Bradford & Bingley Plc, a U.K. bank that sells houses and rivals' financial products, tumbled 7 percent to 314.5p, falling 7.2 percent in the week. The company today said first-half profit will fall ``slightly'' amid declining demand for investment products and a slowdown in the housing market.
Eidos Plc, a maker of computer games, dropped 4.5 percent to 132.5p, sinking 15 percent this week. The company ``significantly reduced'' expectations for pretax profit for the year ending Monday because of a delay in releasing the next version of its ``Tomb Raider'' video game.
Corus Group Plc fell 4.9 percent to 14.5p, losing 9.4 percent in the week. Standard & Poor's cut the steelmaker's credit rating by two levels to B on concern that European steel prices will decline in the second half. A rating of B is five levels below investment grade.
Zeltia SA plunged 24 percent to 6.54 euros yesterday, its biggest drop since 1995. The Spanish company, which is developing drugs from marine organisms, said approval of the cancer drug Yondelis, its most advanced medicine, is unlikely in the short term.
June 28 (Bloomberg) -- European stocks tallied their biggest weekly loss in more than a month after Heineken NV and Unilever cut sales and profit forecasts, sparking concern that a rally that sent benchmark indexes to their best quarters in more than three years may end.
The Dow Jones Stoxx 50 Index slipped 0.2 percent to 2426.84 yesterday in London, for a weekly slide of 2 percent. The Stoxx 600 added 0.1 percent, trimming its decline in the five days to 1.8 percent.
Both indexes have climbed 16 percent since the end of March, on track for their biggest gains since the fourth quarter of 1999, as the end to the Iraq war boosted optimism that corporate profits were set to recover. The forecasts from Unilever and Heineken prompted some investors to question whether the 3 1/2-month rally will continue.
``There is concern companies will give some profit warnings before releasing quarterly results,'' said Mirko Faroni, who helps manage the equivalent of $11 billion at Capitalgest SpA in Brescia, Italy. ``Investors are waiting for figures to show that recent gains in the market are justified by prospects for growth in the economy.''
The Stoxx indexes had advanced in three of the past four weeks amid optimism that economic growth will accelerate in the U.S., Europe's biggest export market. The U.S. Federal Reserve on Wednesday cut its benchmark interest rate by a quarter point to 1 percent, the lowest level since 1958, in a bid to boost growth.
European Benchmarks
Benchmark indexes yesterday rose in 13 of the 17 Western European markets. The U.K.'s FTSE 100 Index gained 0.7 percent, France's CAC 40 Index added 0.2 percent and Germany's DAX Index slipped 0.5 percent.
September futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro fell 21 to 2438. The index was little changed at 2453.49.
Heineken, the world's third-largest brewer, lost 0.7 percent to 31.18 euros, for an 8.5 percent drop this week. On Monday, the stock had its biggest decline in almost 14 years after the company said profit growth stalled in the first half as French, Dutch and U.S. customers cut back on beer drinking.
Unilever, whose biggest brands include Knorr soup, Dove soap and Hellmann's mayonnaise, rose 0.5 percent in Amsterdam to 47.34 euros, paring its slump since last Friday to 11 percent. The Anglo- Dutch company, the world's biggest maker of food and soap, on Monday cut the sales forecast for its 400 leading brands to 4 percent from as much as 6 percent.
Total Declines
Total SA today led declines in energy stocks, falling 1.1 percent to 133.6 euros and 3 percent in the week. Suez SA sold all 3.7 million shares it held in the French company, Europe's third-biggest oil producer, to raise cash to pay off debt. Suez, the world's second-biggest water company, slipped 0.1 percent to 13.95 euros, slumping 9.7 percent this week.
Elan Corp., the Irish drugmaker whose accounting is being probed by U.S. regulators, lost 5.8 percent to 4.10 euros. The stock slumped 38 percent in the week, the biggest drop in the Stoxx 600. The company said on Thursday that its failure to report 2002 results lets creditors demand immediate payment of as much as $2 billion, putting it at risk of default.
Deutsche Telekom AG, Europe's biggest phone company, was the second-biggest gainer in the Stoxx 50, adding 0.8 percent to 13.50 euros and 3.9 percent since last Friday. On Tuesday, Moody's Investors Service raised its outlook on the company's long-term debt to ``positive'' from ``stable.'' The ratings company cited its ``very significant steps'' to cut debt.
Insurers Advance
Insurers gained after Goldman, Sachs & Co. raised its recommendations on Aegon NV and Assurances Generales de France SA.
Aegon, Europe's third-largest insurer, advanced 5.6 percent to 9.03 euros after Goldman boosted its rating to ``outperform'' from ``inline,'' saying the share price doesn't reflect the profit the company can make as it cuts costs. The stock added 0.6 percent since last Friday.
AGF, the French unit of the German insurer Allianz AG, rose 0.5 percent to 35.86 euros. Goldman raised stock to ``in-line'' from ``underperform.'' It fell 0.3 percent this week.
``Insurers will benefit from a general improvement in the economy and markets,'' said Age Bruinsma, who manages the equivalent of $5.7 billion in global assets at The Hague, Netherlands-based ING Investment Management.
Royal & Sun Alliance Insurance Group Plc, a U.K. property and casualty insurer, jumped 3 percent to 139.25p, for a weekly advance of 2 percent.
Best Performer
The Stoxx 600's insurance group is the best performing industry group of 18 this quarter, surging 31 percent.
Dixons Group Plc, Europe's second-largest consumer- electronics retailer, rose 2.7 percent to 132.75p, for a five-day gain of 14 percent. The company said Wednesday that U.K. consumer confidence is reviving.
British consumers were the least pessimistic in June than at any time in the past seven months, a survey showed, as stock markets rose and retailers were more upbeat about sales. An index of consumer confidence compiled by research company Martin Hamblin GfK for the European Commission rose to minus 2, the highest since November last year, from minus 3 in May.
``We will have a good summer and a positive third quarter,'' said Roger Hornett, who helps manage $5.3 billion of assets at Theodoor Gilissen Securities in London. ``Earnings growth will improve'' and ``profit increases will surprise people.''
Falling Profit
Bradford & Bingley Plc, a U.K. bank that sells houses and rivals' financial products, tumbled 7 percent to 314.5p, falling 7.2 percent in the week. The company today said first-half profit will fall ``slightly'' amid declining demand for investment products and a slowdown in the housing market.
Eidos Plc, a maker of computer games, dropped 4.5 percent to 132.5p, sinking 15 percent this week. The company ``significantly reduced'' expectations for pretax profit for the year ending Monday because of a delay in releasing the next version of its ``Tomb Raider'' video game.
Corus Group Plc fell 4.9 percent to 14.5p, losing 9.4 percent in the week. Standard & Poor's cut the steelmaker's credit rating by two levels to B on concern that European steel prices will decline in the second half. A rating of B is five levels below investment grade.
Zeltia SA plunged 24 percent to 6.54 euros yesterday, its biggest drop since 1995. The Spanish company, which is developing drugs from marine organisms, said approval of the cancer drug Yondelis, its most advanced medicine, is unlikely in the short term.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Asian Stocks Fell This Week: Sony, Taiwan Semiconductor Dropped
June 28 (Bloomberg) -- Asian stocks fell this week, with Japan's Nikkei 225 Stock Average and benchmarks in Taiwan and Hong Kong posting their first weekly declines in at least six weeks.
Exporters fell on concern a quarter-point interest-rate cut in the U.S. will do little to boost economic growth, corporate profits and demand in the companies' largest market. Sony Corp. and Taiwan Semiconductor Manufacturing Co. declined.
``Some people in the market had anticipated a 50-basis-point cut, which would have had a bigger impact in stimulating the economy,'' said Yasushi Morikawa, who helps manage the equivalent of $110 billion at Sumitomo Mitsui Asset Management Co. in Tokyo. ``Unless there's a real recovery seen in the U.S., it's difficult to see an improvement in exporters' profits.''
The Nikkei fell 0.2 percent to 9104.06 the past week, its first weekly drop since the five days ended May 16. The Topix index rose 0.5 percent to 903.06 this week, rounding off its sixth straight weekly gain. That's the longest streak since the seven weeks ended July 16, 1999.
Taiwan's TWSE Index shed 1.8 percent this week, its first drop in eight weeks and biggest since the five days to April 25.
Hong Kong's Hang Seng Index shed 2.8 percent, its first decline in nine weeks and biggest since the five days to March 28.
Lower Ratings
Japan's Sony, the second-biggest consumer electronics maker, which relies on the U.S. for more than a quarter of its sales, slid 5.1 percent to 3,340 yen. That was its first decline since the period to May 9 and the biggest since the five days to May 2.
Moody's Investors Service on Wednesday cut Sony's credit rating cut by one level to A1 from AA3 because competition is eroding earnings. That was the company's first ratings reduction in at least 17 years.
Kyocera Corp., the world's largest maker of ceramic packaging used to protect finished microchips, lost 2.7 percent to 6,950 yen in the week. The company gets more than half of its sales outside Japan.
Wednesday, the U.S. Federal Reserve cut its benchmark to a 45- year low of 1 percent. The U.S. economy ``has yet to exhibit sustainable growth,'' the central bank said.
U.S. stocks fell for the week, driving the Standard & Poor's 500 Index to its first weekly drop in five and reducing the benchmark's biggest quarterly gain since 1998. The S&P 500 slipped 2 percent and the Dow Jones Industrial Average lost 2.3 percent. The Nasdaq Composite Index shed 1.2 percent, its second decline in three weeks.
Yesterday the S&P 500 fell 9.60, or 1 percent, to 976.22. The Dow average slipped 89.99, or 1 percent, to 8989.05. The Nasdaq retreated 8.75, or 0.5 percent, to 1625.26.
Unconvinced
The U.S. economy grew in the first quarter at a 1.4 percent annual pace, slower than the government's preliminary estimate last month of 1.9 percent. Economists surveyed by Bloomberg news had forecast the government wouldn't revise the growth estimate.
``I'm not at all convinced about the prospects for the U.S. economy and a 25-basis-point cut really doesn't do enough,'' said Masanao Yoshitake, who helps manage the equivalent of $2.5 billion at Meiji Dresdner Asset Management Co. ``It's quite difficult to find any reasons to buy'' stocks.
Taiwan Semiconductor, the world's largest maker of computer chips on a subcontracting basis, shed 2.6 percent to NT$57 this week, while largest rival United Microelectronics Corp. lost 5.8 percent to NT$22.60.
Taiwan's export orders grew at their slowest pace in more than a year in May, according to a government report.
``Exporters will struggle unless we see a sustainable recovery in the U.S.,'' said Barry Dargan, who helps manage $1 billion in stocks outside the U.S. at MFS Investment Management in London.
Hong Kong
The Hong Kong Monetary Authority, the city's de facto central bank, lowered its benchmark interest rate by a quarter percentage point to 2.5 percent, matching the Fed's cut.
Hong Kong interest rates normally track U.S. rates because the city's currency is pegged to the U.S. dollar.
HSBC Holdings Plc, which runs more than 400 bank branches in the U.S., shed 2.9 percent to HK$93.25 in the past five days and contributed the most to the Hang Seng's decline in that time.
Hang Seng Bank Ltd. was the fifth-biggest drag on the benchmark, shedding 2.4 percent to HK$82.75 in the week. Hang Seng and some of its rivals warned that margins may shrink if they cut lending rates. Hang Seng kept its nominal lending rate unchanged after the Fed's decision.
South Korea's Kospi index lost 1.3 percent this week, its first losing week in six. Hyundai Motor Co., whose exports account for more than half of its sales, shed 2 percent to 32,250 won in the past five days.
Merger Delayed
Chohung Bank slid 15 percent to 4,020 won in the week, while Shinhan Financial Group Ltd. slumped 12 percent to 12,300 won. The two companies were the second and third-biggest drags on the Kospi as the government delayed a merger between the two for three years.
Australia's S&P/ASX 200 Index fell 1.7 percent, its biggest weekly decline since the period ended March 7.
News Corp., the world's fifth-largest media company, which relies on U.S. economic growth to fuel advertising sales at its Fox television network and New York Post newspaper, fell 2.5 percent to A$11.28, its third weekly decline.
BHP Billiton, the world's third-largest copper producer, lost 2.3 percent to A$8.70. The most active copper futures contract in New York this week fell to a six-week low on concern the U.S. growth won't pick up enough to boost demand for wires and pipes.
Last Updated: June 27, 2003 21:39 EDT
June 28 (Bloomberg) -- Asian stocks fell this week, with Japan's Nikkei 225 Stock Average and benchmarks in Taiwan and Hong Kong posting their first weekly declines in at least six weeks.
Exporters fell on concern a quarter-point interest-rate cut in the U.S. will do little to boost economic growth, corporate profits and demand in the companies' largest market. Sony Corp. and Taiwan Semiconductor Manufacturing Co. declined.
``Some people in the market had anticipated a 50-basis-point cut, which would have had a bigger impact in stimulating the economy,'' said Yasushi Morikawa, who helps manage the equivalent of $110 billion at Sumitomo Mitsui Asset Management Co. in Tokyo. ``Unless there's a real recovery seen in the U.S., it's difficult to see an improvement in exporters' profits.''
The Nikkei fell 0.2 percent to 9104.06 the past week, its first weekly drop since the five days ended May 16. The Topix index rose 0.5 percent to 903.06 this week, rounding off its sixth straight weekly gain. That's the longest streak since the seven weeks ended July 16, 1999.
Taiwan's TWSE Index shed 1.8 percent this week, its first drop in eight weeks and biggest since the five days to April 25.
Hong Kong's Hang Seng Index shed 2.8 percent, its first decline in nine weeks and biggest since the five days to March 28.
Lower Ratings
Japan's Sony, the second-biggest consumer electronics maker, which relies on the U.S. for more than a quarter of its sales, slid 5.1 percent to 3,340 yen. That was its first decline since the period to May 9 and the biggest since the five days to May 2.
Moody's Investors Service on Wednesday cut Sony's credit rating cut by one level to A1 from AA3 because competition is eroding earnings. That was the company's first ratings reduction in at least 17 years.
Kyocera Corp., the world's largest maker of ceramic packaging used to protect finished microchips, lost 2.7 percent to 6,950 yen in the week. The company gets more than half of its sales outside Japan.
Wednesday, the U.S. Federal Reserve cut its benchmark to a 45- year low of 1 percent. The U.S. economy ``has yet to exhibit sustainable growth,'' the central bank said.
U.S. stocks fell for the week, driving the Standard & Poor's 500 Index to its first weekly drop in five and reducing the benchmark's biggest quarterly gain since 1998. The S&P 500 slipped 2 percent and the Dow Jones Industrial Average lost 2.3 percent. The Nasdaq Composite Index shed 1.2 percent, its second decline in three weeks.
Yesterday the S&P 500 fell 9.60, or 1 percent, to 976.22. The Dow average slipped 89.99, or 1 percent, to 8989.05. The Nasdaq retreated 8.75, or 0.5 percent, to 1625.26.
Unconvinced
The U.S. economy grew in the first quarter at a 1.4 percent annual pace, slower than the government's preliminary estimate last month of 1.9 percent. Economists surveyed by Bloomberg news had forecast the government wouldn't revise the growth estimate.
``I'm not at all convinced about the prospects for the U.S. economy and a 25-basis-point cut really doesn't do enough,'' said Masanao Yoshitake, who helps manage the equivalent of $2.5 billion at Meiji Dresdner Asset Management Co. ``It's quite difficult to find any reasons to buy'' stocks.
Taiwan Semiconductor, the world's largest maker of computer chips on a subcontracting basis, shed 2.6 percent to NT$57 this week, while largest rival United Microelectronics Corp. lost 5.8 percent to NT$22.60.
Taiwan's export orders grew at their slowest pace in more than a year in May, according to a government report.
``Exporters will struggle unless we see a sustainable recovery in the U.S.,'' said Barry Dargan, who helps manage $1 billion in stocks outside the U.S. at MFS Investment Management in London.
Hong Kong
The Hong Kong Monetary Authority, the city's de facto central bank, lowered its benchmark interest rate by a quarter percentage point to 2.5 percent, matching the Fed's cut.
Hong Kong interest rates normally track U.S. rates because the city's currency is pegged to the U.S. dollar.
HSBC Holdings Plc, which runs more than 400 bank branches in the U.S., shed 2.9 percent to HK$93.25 in the past five days and contributed the most to the Hang Seng's decline in that time.
Hang Seng Bank Ltd. was the fifth-biggest drag on the benchmark, shedding 2.4 percent to HK$82.75 in the week. Hang Seng and some of its rivals warned that margins may shrink if they cut lending rates. Hang Seng kept its nominal lending rate unchanged after the Fed's decision.
South Korea's Kospi index lost 1.3 percent this week, its first losing week in six. Hyundai Motor Co., whose exports account for more than half of its sales, shed 2 percent to 32,250 won in the past five days.
Merger Delayed
Chohung Bank slid 15 percent to 4,020 won in the week, while Shinhan Financial Group Ltd. slumped 12 percent to 12,300 won. The two companies were the second and third-biggest drags on the Kospi as the government delayed a merger between the two for three years.
Australia's S&P/ASX 200 Index fell 1.7 percent, its biggest weekly decline since the period ended March 7.
News Corp., the world's fifth-largest media company, which relies on U.S. economic growth to fuel advertising sales at its Fox television network and New York Post newspaper, fell 2.5 percent to A$11.28, its third weekly decline.
BHP Billiton, the world's third-largest copper producer, lost 2.3 percent to A$8.70. The most active copper futures contract in New York this week fell to a six-week low on concern the U.S. growth won't pick up enough to boost demand for wires and pipes.
Last Updated: June 27, 2003 21:39 EDT
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Goodyear, U.S. Union Break Off Talks on New Contract (Update2)
June 28 (Bloomberg) -- Goodyear Tire & Rubber Co., North America's largest tiremaker, broke off talks for a new contract with the United Steelworkers of America, raising the possibility of a strike by about 19,000 employees.
The union rejected the company's latest offer and talks have stopped, said Wayne Ranick, the union spokesman. The union will provide more information later today, he said.
``We're disappointed that we were unable to reach an agreement in the late stage of discussions,'' said company spokesman Chuck Sinclair. ``We need to bring this process to a close so the company can continue its recovery.''
Goodyear is pushing to reduce costs after a $163.3 million net loss in the first quarter and a decline in its North American tire sales. The company, wants to close three U.S. factories and cut wage and benefit costs by $305 million, said John Sellers, the union's executive vice president, in an interview in May.
The union sought guaranteed job security for workers at all 14 factories covered by its contract, plus a promise that the company would ask its banks to restructure $2 billion in loans set for repayment in 2005, union spokesman Wayne Ranick said in an interview earlier this month.
Goodyear shares, which have declined more than two thirds in the past year, closed down 2.9 percent at $5.59 in New York.
Neither Goodyear nor the union has given the 72-hour notice required for a strike or lockout. The employees have been on the job without an agreement since their contract expired April 19.
Production Cut
A strike could reduce production by 150,000 to 200,000 tires a day. That would cost Goodyear $10 million to $13 million a day in revenue and $2 million to $4 million a day in profit, said Fitch Ratings analyst Scott Lee, who covers the tire industry.
The Steelworkers union represents about 17 percent of the 92,000 employees at Goodyear, which has 33,000 employees at 39 North American plants. The last time the Steelworkers struck Goodyear, in 1997, the 17-day walkout cost the company about $50 million.
Chief Executive Officer Robert Keegan told analysts in April that Goodyear needs to cut labor expenses and import more low-cost tires to counter a decline in North American sales. Goodyear has slashed 20,000 jobs and closed six plants since 1997.
Last Updated: June 28, 2003 03:28 EDT
June 28 (Bloomberg) -- Goodyear Tire & Rubber Co., North America's largest tiremaker, broke off talks for a new contract with the United Steelworkers of America, raising the possibility of a strike by about 19,000 employees.
The union rejected the company's latest offer and talks have stopped, said Wayne Ranick, the union spokesman. The union will provide more information later today, he said.
``We're disappointed that we were unable to reach an agreement in the late stage of discussions,'' said company spokesman Chuck Sinclair. ``We need to bring this process to a close so the company can continue its recovery.''
Goodyear is pushing to reduce costs after a $163.3 million net loss in the first quarter and a decline in its North American tire sales. The company, wants to close three U.S. factories and cut wage and benefit costs by $305 million, said John Sellers, the union's executive vice president, in an interview in May.
The union sought guaranteed job security for workers at all 14 factories covered by its contract, plus a promise that the company would ask its banks to restructure $2 billion in loans set for repayment in 2005, union spokesman Wayne Ranick said in an interview earlier this month.
Goodyear shares, which have declined more than two thirds in the past year, closed down 2.9 percent at $5.59 in New York.
Neither Goodyear nor the union has given the 72-hour notice required for a strike or lockout. The employees have been on the job without an agreement since their contract expired April 19.
Production Cut
A strike could reduce production by 150,000 to 200,000 tires a day. That would cost Goodyear $10 million to $13 million a day in revenue and $2 million to $4 million a day in profit, said Fitch Ratings analyst Scott Lee, who covers the tire industry.
The Steelworkers union represents about 17 percent of the 92,000 employees at Goodyear, which has 33,000 employees at 39 North American plants. The last time the Steelworkers struck Goodyear, in 1997, the 17-day walkout cost the company about $50 million.
Chief Executive Officer Robert Keegan told analysts in April that Goodyear needs to cut labor expenses and import more low-cost tires to counter a decline in North American sales. Goodyear has slashed 20,000 jobs and closed six plants since 1997.
Last Updated: June 28, 2003 03:28 EDT
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Germany's IG Metall Union Proposes to End Strikes (Update2)
June 28 (Bloomberg) -- The head of Germany's IG Metall, Europe's biggest industrial union, said he will propose ending strikes in the east on Monday after four weeks of disruptions at companies including Volkswagen AG.
``The drive to achieve shorter working hours in the east has failed,'' IG Metall Chairman Klaus Zwickel said at a news conference in Berlin. He plans to ask the union's 41-member board tomorrow to call off the strikes, after talks with employers broke down today following a 16-hour session.
IG Metall had threatened to extend the walkouts to Germany's western states if talks collapsed this weekend. The union has sought to reduce weekly hours for 310,000 employees in five eastern states and the capital Berlin to 35 from 38, closer to levels in western Germany.
The strikes have stopped production at companies ranging from Volkswagen to Bombardier Inc. Some executives had said the protests might deter them from investing in a region where one in five people is out of work.
Chancellor Gerhard Schroeder, pressed by executives and opposition parties to take steps to pull Europe's largest economy out of a three-year slump, yesterday called on employers and workers to settle the conflict by the end of this week.
Extension
Hasso Duevel, IG Metall's strike manager, had said the union might extend strikes to factories in western Germany next week. Works council members at DaimlerChrysler AG, Germany's largest maker of luxury cars, had promised the union ``supportive action'' should talks with employers collapse, he said.
The union and employers yesterday resumed talks that had broken off seven weeks ago. Support for labor action has been dwindling among workers at some companies, such as car-parts supplier ZF Friedrichshafen AG and at Federal-Mogul Corp.'s plant near Dresden.
With productivity in the eastern states a quarter below western levels, employers have resisted demands for equal working hours. The Gesamtmetall employers association has offered to set up an independent commission to assess whether conditions in the region allow some of the union's requests to be implemented.
Employers offered to shorten the working week by one hour to 37 from April 1, 2005, refusing to pledge further concessions. IG Metall demanded weekly hours to be gradually lowered to 35 over several years and proposed that companies either accept shorter working hours or pay higher wages.
Last Updated: June 28, 2003 05:45 EDT
June 28 (Bloomberg) -- The head of Germany's IG Metall, Europe's biggest industrial union, said he will propose ending strikes in the east on Monday after four weeks of disruptions at companies including Volkswagen AG.
``The drive to achieve shorter working hours in the east has failed,'' IG Metall Chairman Klaus Zwickel said at a news conference in Berlin. He plans to ask the union's 41-member board tomorrow to call off the strikes, after talks with employers broke down today following a 16-hour session.
IG Metall had threatened to extend the walkouts to Germany's western states if talks collapsed this weekend. The union has sought to reduce weekly hours for 310,000 employees in five eastern states and the capital Berlin to 35 from 38, closer to levels in western Germany.
The strikes have stopped production at companies ranging from Volkswagen to Bombardier Inc. Some executives had said the protests might deter them from investing in a region where one in five people is out of work.
Chancellor Gerhard Schroeder, pressed by executives and opposition parties to take steps to pull Europe's largest economy out of a three-year slump, yesterday called on employers and workers to settle the conflict by the end of this week.
Extension
Hasso Duevel, IG Metall's strike manager, had said the union might extend strikes to factories in western Germany next week. Works council members at DaimlerChrysler AG, Germany's largest maker of luxury cars, had promised the union ``supportive action'' should talks with employers collapse, he said.
The union and employers yesterday resumed talks that had broken off seven weeks ago. Support for labor action has been dwindling among workers at some companies, such as car-parts supplier ZF Friedrichshafen AG and at Federal-Mogul Corp.'s plant near Dresden.
With productivity in the eastern states a quarter below western levels, employers have resisted demands for equal working hours. The Gesamtmetall employers association has offered to set up an independent commission to assess whether conditions in the region allow some of the union's requests to be implemented.
Employers offered to shorten the working week by one hour to 37 from April 1, 2005, refusing to pledge further concessions. IG Metall demanded weekly hours to be gradually lowered to 35 over several years and proposed that companies either accept shorter working hours or pay higher wages.
Last Updated: June 28, 2003 05:45 EDT
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Finanças: Liga chumba adiamento de entrega de certidões fiscais
2003-06-28 02:17:23
A Assembleia Geral extraordinária da Liga de Clubes chumbou esta sexta-feira a proposta que previa o adiamento da entrega das certidões do Fisco e da Segurança Social. A votação foi renhida, tendo sido rejeitada por apenas dois votos.
O Gil Vicente, um dos oito clubes que apresentou a proposta, acabou por ser o carrasco da mesma, ao votar contra. O resultado final foi de 22 votos contra, 20 a favor e três abstenções. Entre os opositores da proposta contavam-se os três grandes.
A rejeição da proposta significa que os clubes terão de entregar a documentação necessária até 4 de Julho.
No entanto, o regulamento possui um buraco, que permite aos clubes que não cumpram o estipulado não sofrer consequências. Para tal, basta que encerrem as contratações até 4 de Julho.
Fonte: Diário Digital
2003-06-28 02:17:23
A Assembleia Geral extraordinária da Liga de Clubes chumbou esta sexta-feira a proposta que previa o adiamento da entrega das certidões do Fisco e da Segurança Social. A votação foi renhida, tendo sido rejeitada por apenas dois votos.
O Gil Vicente, um dos oito clubes que apresentou a proposta, acabou por ser o carrasco da mesma, ao votar contra. O resultado final foi de 22 votos contra, 20 a favor e três abstenções. Entre os opositores da proposta contavam-se os três grandes.
A rejeição da proposta significa que os clubes terão de entregar a documentação necessária até 4 de Julho.
No entanto, o regulamento possui um buraco, que permite aos clubes que não cumpram o estipulado não sofrer consequências. Para tal, basta que encerrem as contratações até 4 de Julho.
Fonte: Diário Digital
- Mensagens: 23939
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TMT: Accionista da Cabovisão recorre à protecção de falência contra credores
2003-06-28 02:03:30
A empresa-mãe da Cabovisão, a canadiana Cable Satisfaction International Inc. (CSII, única accionista), anunciou na madrugada deste sábado que pediu ao Supremo Tribunal do Québec a protecção de falência contra credores.
A empresa recorreu a esta solução ao abrigo do definido pela Companies´ Creditors Arrangement Act, sendo que - em comunicado - a CSII explica que este passo visa facilitar a implementação da reestruturação da empresa, avançada há duas semanas.
Enquanto a CSII estiver sobre protecção do tribunal, a Cabovisão vai continuar a funcionar normalmente, uma vez que a empresa esclarece que a companhia de cabo nacional não se encontra abrangida pelos trâmites legislativos da protecção de falência requerida.
Na sequência deste pedido ao Supremo Tribunal, o encontro anual da CSII foi adiado de 30 de Junho para 30 de Novembro, sendo que qualquer alteração à este pedido judicial e os seus efeitos na reestruturação financeira da empresa e da Cabovisão terá de possuir a concordância do sindicato bancário liderado pela Caisse de Dépôt et Placement du Québec (CDPQ).
Na quinta-feira, a CSII havia anunciado a obtenção de mais uma extensão do pagamento da sua linha de crédito - o que ocorreu pela sétime vez - até 8 de Julho, sujeita a algumas condições.
Há duas semanas, a CSII firmou um compromisso com a CDPQ para promover um aumento de capital e a reestruturação da empresa.
Tal como o Diário Digital havia avançado a 29 de Maio, a CSII possuía cinco propostas para a venda da empresa portuguesa.
Uma delas era de um grande grupo nacional (com fortes interesses nos media) e as restantes estrangeiras. O Expresso avançou entretanto que essa empresa é a Cofina, a qual deve manter-se atenta ao negócio.
A CSSI decidiu recorrer a este novo processo com o sindicato bancário (a estar finalizado em Setembro) para salvar a companhia passa por um aumento de capital de 45 milhões de euros (cerca de 71 milhões de dólares canadianos).
Desse valor, a CDPQ (ou qualquer co-investidor designado ou relacionado com esta entidade) terá subscrever um mínimo de 27 milhões de euros.
Os actuais investidores maioritários vão poder comprar até um máximo de 14 milhões de euros em acções da operação do aumento de capital, sendo que outros accionistas e investidores interessados vão poder subscrever até 4 milhões de euros.
A entidade bancária que suporta a operação de injecção de capital comprometeu-se ainda a garantir a cobertura total ou parcial da operação (45 milhões de euros), caso a mesma não seja totalmente atingida nos seus objectivos.
Contactada recentemente pelo Diário Digital, a CSII não quis tecer quaisquer comentários sobre o assunto. Igual atitude teve a Cabovisão, cujos responsáveis nacionais referem que qualquer decisão sobre essa matéria passa única e exclusivamente pela CSII, cujo único activo é justamente o operador nacional.
Fonte: Diário Digital
2003-06-28 02:03:30
A empresa-mãe da Cabovisão, a canadiana Cable Satisfaction International Inc. (CSII, única accionista), anunciou na madrugada deste sábado que pediu ao Supremo Tribunal do Québec a protecção de falência contra credores.
A empresa recorreu a esta solução ao abrigo do definido pela Companies´ Creditors Arrangement Act, sendo que - em comunicado - a CSII explica que este passo visa facilitar a implementação da reestruturação da empresa, avançada há duas semanas.
Enquanto a CSII estiver sobre protecção do tribunal, a Cabovisão vai continuar a funcionar normalmente, uma vez que a empresa esclarece que a companhia de cabo nacional não se encontra abrangida pelos trâmites legislativos da protecção de falência requerida.
Na sequência deste pedido ao Supremo Tribunal, o encontro anual da CSII foi adiado de 30 de Junho para 30 de Novembro, sendo que qualquer alteração à este pedido judicial e os seus efeitos na reestruturação financeira da empresa e da Cabovisão terá de possuir a concordância do sindicato bancário liderado pela Caisse de Dépôt et Placement du Québec (CDPQ).
Na quinta-feira, a CSII havia anunciado a obtenção de mais uma extensão do pagamento da sua linha de crédito - o que ocorreu pela sétime vez - até 8 de Julho, sujeita a algumas condições.
Há duas semanas, a CSII firmou um compromisso com a CDPQ para promover um aumento de capital e a reestruturação da empresa.
Tal como o Diário Digital havia avançado a 29 de Maio, a CSII possuía cinco propostas para a venda da empresa portuguesa.
Uma delas era de um grande grupo nacional (com fortes interesses nos media) e as restantes estrangeiras. O Expresso avançou entretanto que essa empresa é a Cofina, a qual deve manter-se atenta ao negócio.
A CSSI decidiu recorrer a este novo processo com o sindicato bancário (a estar finalizado em Setembro) para salvar a companhia passa por um aumento de capital de 45 milhões de euros (cerca de 71 milhões de dólares canadianos).
Desse valor, a CDPQ (ou qualquer co-investidor designado ou relacionado com esta entidade) terá subscrever um mínimo de 27 milhões de euros.
Os actuais investidores maioritários vão poder comprar até um máximo de 14 milhões de euros em acções da operação do aumento de capital, sendo que outros accionistas e investidores interessados vão poder subscrever até 4 milhões de euros.
A entidade bancária que suporta a operação de injecção de capital comprometeu-se ainda a garantir a cobertura total ou parcial da operação (45 milhões de euros), caso a mesma não seja totalmente atingida nos seus objectivos.
Contactada recentemente pelo Diário Digital, a CSII não quis tecer quaisquer comentários sobre o assunto. Igual atitude teve a Cabovisão, cujos responsáveis nacionais referem que qualquer decisão sobre essa matéria passa única e exclusivamente pela CSII, cujo único activo é justamente o operador nacional.
Fonte: Diário Digital
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Horta e Costa quer que CGD reforçe posição na operadora para 10%
Sexta, 27 Jun 2003 20:44
A Caixa Geral de Depósitos deveria reforçar a sua posição no capital da Portugal Telecom até aos 10%, por forma a que em conjunto com o BES, detenha uma participação na operadora que evite uma compra hostil, disse Horta e Costa em entrevista ao «Expresso».
Numa entrevista ao «Expresso», antecipada hoje no «site» do semanário, o presidente da Portugal Telecom afirmou que com esses 10%, mais os quase 10% que o Banco Espírito Santo detém e com «outras entidades que hoje já são accionistas da PT, poder-se-ia chegar a um núcleo duro que representasse um terço do capital».
Murteira Nabo, anterior presidente da Portugal Telecom, tinha como objectivo que o núcleo duro de accionistas nacionais da PT fosse de 30%, uma intenção que Horta e Costa já tinha afirmado que também desejava alcançar.
A instituição financeira estatal controla 4,7% do capital da Portugal Telecom, pelo que para atingir a participação desejada por Horta e Costa, teria de adquirir 5,3% do capital da empresa. A preços de mercado tal posição está avaliada em cerca de 415 milhões de euros.
Este movimento, sustenta Horta e Costa, deveria ser acompanhado por uma redução progressiva da influência do Estado na gestão do grupo, através da manutenção de uma «golden share» mais próxima dos modelos europeus, em que só o «chairman» seria indicado pelo Governo. «O Governo, ainda que informalmente, mostrou-se aberto» a que a proposta lhe seja apresentada, revelou a mesma fonte na referida entrevista.
Horta e Costa disse também que no sentido de posicionar a empresa como operador integrado de telecomunicações e entretenimento, bem como colocá-la entre os três operadores europeus mais eficientes deste sector num prazo de três anos, decidiu criar um conselho consultivo, que deverá começar a funcionar já em Julho.
O referido órgão será composto por Diogo Lucena, Aníbal Santos, Manuel Pinto Barbosa, Neves Adelino, José Tribolet, Luís Todo-Bom, Luís Nazaré e João Confraria.
As acções da Portugal Telecom fecharam a descer 0,95% para os 6,23 euros.
por Nuno Carregueiro
Sexta, 27 Jun 2003 20:44
A Caixa Geral de Depósitos deveria reforçar a sua posição no capital da Portugal Telecom até aos 10%, por forma a que em conjunto com o BES, detenha uma participação na operadora que evite uma compra hostil, disse Horta e Costa em entrevista ao «Expresso».
Numa entrevista ao «Expresso», antecipada hoje no «site» do semanário, o presidente da Portugal Telecom afirmou que com esses 10%, mais os quase 10% que o Banco Espírito Santo detém e com «outras entidades que hoje já são accionistas da PT, poder-se-ia chegar a um núcleo duro que representasse um terço do capital».
Murteira Nabo, anterior presidente da Portugal Telecom, tinha como objectivo que o núcleo duro de accionistas nacionais da PT fosse de 30%, uma intenção que Horta e Costa já tinha afirmado que também desejava alcançar.
A instituição financeira estatal controla 4,7% do capital da Portugal Telecom, pelo que para atingir a participação desejada por Horta e Costa, teria de adquirir 5,3% do capital da empresa. A preços de mercado tal posição está avaliada em cerca de 415 milhões de euros.
Este movimento, sustenta Horta e Costa, deveria ser acompanhado por uma redução progressiva da influência do Estado na gestão do grupo, através da manutenção de uma «golden share» mais próxima dos modelos europeus, em que só o «chairman» seria indicado pelo Governo. «O Governo, ainda que informalmente, mostrou-se aberto» a que a proposta lhe seja apresentada, revelou a mesma fonte na referida entrevista.
Horta e Costa disse também que no sentido de posicionar a empresa como operador integrado de telecomunicações e entretenimento, bem como colocá-la entre os três operadores europeus mais eficientes deste sector num prazo de três anos, decidiu criar um conselho consultivo, que deverá começar a funcionar já em Julho.
O referido órgão será composto por Diogo Lucena, Aníbal Santos, Manuel Pinto Barbosa, Neves Adelino, José Tribolet, Luís Todo-Bom, Luís Nazaré e João Confraria.
As acções da Portugal Telecom fecharam a descer 0,95% para os 6,23 euros.
por Nuno Carregueiro
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Banco de Portugal antecipa divulgação do relatório anual para 1 de Julho
Sexta, 27 Jun 2003 18:19
O relatório anual do Banco de Portugal relativo a 2002 vai ser apresentado na Comissão de Economia e Finanças, no Parlamento, a 1 de Julho, dias antes do debate do Estado da Nação, disse ao Negocios.pt fonte oficial da entidade supervisora.
«O Governador do Banco de Portugal acedeu ao convite de apresentação na Comissão de Economia e Finanças, o Relatório Anual relativo a 2002», disse a mesma fonte.
Esta apresentação estava prevista ocorrer a 8 de Julho, pelo que o Banco de Portugal antecipa em sete dias a sua divulgação.
A nova data vem ao encontro do repto de Ferro Rodrigues, líder da oposição, que propôs ontem que esse relatório fosse apresentado antes do debate no Parlamento sobre o Estado da Nação.
«Seria incompreensível que o Banco de Portugal não divulgasse o seu Relatório Anual antes do dia 3», por forma a que este esteja presente do Debate do Estado da Nação, afirmou o secretário-geral do Partido Socialista.
Este debate vai ocorrer na próxima quinta-feira (3 de Julho).
O Banco de Portugal tinha inicialmente marcado para 1 de Julho a apresentação do Relatório Anual de 2002 e do Boletim Económico de Junho, onde a entidade anuncia estimativas para o próximo ano, mas anunciou depois o seu adiamento para o dia 4 de Julho e, posteriormente, para 8 de Julho.
por Bárbara Leite
Sexta, 27 Jun 2003 18:19
O relatório anual do Banco de Portugal relativo a 2002 vai ser apresentado na Comissão de Economia e Finanças, no Parlamento, a 1 de Julho, dias antes do debate do Estado da Nação, disse ao Negocios.pt fonte oficial da entidade supervisora.
«O Governador do Banco de Portugal acedeu ao convite de apresentação na Comissão de Economia e Finanças, o Relatório Anual relativo a 2002», disse a mesma fonte.
Esta apresentação estava prevista ocorrer a 8 de Julho, pelo que o Banco de Portugal antecipa em sete dias a sua divulgação.
A nova data vem ao encontro do repto de Ferro Rodrigues, líder da oposição, que propôs ontem que esse relatório fosse apresentado antes do debate no Parlamento sobre o Estado da Nação.
«Seria incompreensível que o Banco de Portugal não divulgasse o seu Relatório Anual antes do dia 3», por forma a que este esteja presente do Debate do Estado da Nação, afirmou o secretário-geral do Partido Socialista.
Este debate vai ocorrer na próxima quinta-feira (3 de Julho).
O Banco de Portugal tinha inicialmente marcado para 1 de Julho a apresentação do Relatório Anual de 2002 e do Boletim Económico de Junho, onde a entidade anuncia estimativas para o próximo ano, mas anunciou depois o seu adiamento para o dia 4 de Julho e, posteriormente, para 8 de Julho.
por Bárbara Leite
- Mensagens: 23939
- Registado: 5/11/2002 11:30
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Notícias de Fim de Semana - 28 e 29 de Junho de 2003
Bolsas americanas registam primeira desvalorização em cinco semanas
Sexta, 27 Jun 2003 21:20
As Bolsas norte-americanas fecharam hoje a descer, agravando a queda acumulada nas últimas cinco sessões, que completou a primeira semana de desvalorizações nas últimas cinco. Hoje o Nasdaq caiu 0,53% e o Dow Jones desceu 0,99%.
O Nasdaq [Cot, Not, P.Target] terminou nos 1.625,28 pontos e o Dow Jones fechou a valer 8.989,05.
Na semana o S&P e o Dow Jones perderam cerca de 2%, enquanto o índice tecnológico depreciou cerca de 1%. Estas desvalorizações aconteceram apesar de a Reserva Federal norte-americana ter cortado as taxas de juro para o nível mais baixo desde 1958.
As quedas ficaram a dever-se a mais «profit warnings», desta vez emitidos pela Tenet Healthcare e Avery Dennison, aumentando o pessimismo nos investidores acerca dos resultados do segundo trimestre, que termina segunda-feira.
Hoje a Nike anunciou uma queda superior à estimada nas encomendas, o que levou as acções da produtora de artigos desportivos a cair 6,78%.
A Eli Lilly desvalorizou 2,01% após a Merrill Lynch ter cortado a recomendação da farmacêutica, citando as fracas perspectivas de vendas de um medicamento da companhia em 2004.
A explicar também a queda dos índices, a JP Morgan Chase desceu 1,4%, o Citigroup caiu 1,62% e a General Electric caiu 1,82%.
por Nuno Carregueiro
Sexta, 27 Jun 2003 21:20
As Bolsas norte-americanas fecharam hoje a descer, agravando a queda acumulada nas últimas cinco sessões, que completou a primeira semana de desvalorizações nas últimas cinco. Hoje o Nasdaq caiu 0,53% e o Dow Jones desceu 0,99%.
O Nasdaq [Cot, Not, P.Target] terminou nos 1.625,28 pontos e o Dow Jones fechou a valer 8.989,05.
Na semana o S&P e o Dow Jones perderam cerca de 2%, enquanto o índice tecnológico depreciou cerca de 1%. Estas desvalorizações aconteceram apesar de a Reserva Federal norte-americana ter cortado as taxas de juro para o nível mais baixo desde 1958.
As quedas ficaram a dever-se a mais «profit warnings», desta vez emitidos pela Tenet Healthcare e Avery Dennison, aumentando o pessimismo nos investidores acerca dos resultados do segundo trimestre, que termina segunda-feira.
Hoje a Nike anunciou uma queda superior à estimada nas encomendas, o que levou as acções da produtora de artigos desportivos a cair 6,78%.
A Eli Lilly desvalorizou 2,01% após a Merrill Lynch ter cortado a recomendação da farmacêutica, citando as fracas perspectivas de vendas de um medicamento da companhia em 2004.
A explicar também a queda dos índices, a JP Morgan Chase desceu 1,4%, o Citigroup caiu 1,62% e a General Electric caiu 1,82%.
por Nuno Carregueiro
Editado pela última vez por TRSM em 30/6/2003 8:01, num total de 1 vez.
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