Rutte elogia Trump por fazer Europa "pagar em GRANDE" os gastos com defesa

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SNPC levou seis dias a reagir a alarme de vaga de calor
2003-08-09 10:59:27

O Serviço Nacional de Protecção Civil (SNPC) demorou seis dias a reagir ao alarme de aproximação de uma vaga de calor lançado a 28 de Julho ultimo pelos técnicos do Instituto de Meteorologia (IM). O IM avançou com a previsão de uma anormal subida das temperaturas em Portugal entre domingo e quinta-feira (27 a 31 de Julho), mas as medidas de prevenção excepcionais não foram de pronto activadas, noticia este sábado o semanário Expresso.

Segundo o jornal, as probabilidades de as previsões se confirmarem ultrapassavam os 90%, porém o SNPC não reagiu, omitindo mesmo os apreensivos sinais face ao Ministério da Administração Interna.

No último sábado, quando já lavravam 486 fogos em todo o País, é que começaram a ser implementadas as acções de emergência. O Centro Nacional de Operações de Emergência de Protecção Civil somente aí reuniu e o Governo começou então perceber a real dimensão da calamidade - entretanto declarada, dois dias depois.

O porta-voz do ministro da Administração Interna, Figueiredo Lopes, declarou ao Expresso que «depois de se apagarem as chamas» é que irão ser retiradas as devidas ilações qualquer informação sobre a sua «prestação pessoal e a dos serviços que tutela». Em virtude da onda de fogos que tem varrido Portugal nas duas últimas semanas, 15 pessoas morreram, mais de 500 ficaram feridas, cerca de 200 mil hectares de floresta e pasto arderam (área equivalente a metade da região do Algarve), além dos prejuízos estimados, para já, em mil milhões de euros.

Fonte: Diário Digital



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TMT: Bruxelas vai analisar negócio entre Sky e Premier League
2003-08-09 10:39:09

A Comissão Europeia (CE) pretende analisar se existe alguma violação das regras comunitárias da concorrência no negócio acertado entre a BSkyB e a Premier League para a transmissão de 138 jogos do principal campeonato de futebol de Inglaterra.

Um porta-voz da CE citado no site do Financial Times afirma que as duas partes «concluíram o negócio sem esperar por uma autorização das autoridades europeias. Vamos colocar questões muito sérias à Liga e ela vai ter de responder».

Em causa está o facto de a Sky ter ganho todos os quatro pacotes de jogos que a Liga pôs a concurso, com um valor total de mil milhões de libras. Bruxelas queria mais concorrência no processo e foram as autoridades comunitárias que propuseram a divisão dos direitos de transmissão em quatro pacotes.

Só que a BskyB ganhou-os e nos próximos três anos vai transmitir ao vivo mais de 400 jogos de futebol. Um responsável da Premier League citado no site considera que tudo decorreu de acordo com os princípios fixados pela CE.

Fonte: Diário Digital

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Conjuntura: Custos de reestruturação da EDP vão repercutir-se nas tarifas
2003-08-09 10:08:44

A Entidade Reguladora dos Serviços Energéticos (ERSE) autorizou a EDP a repercutir nas tarifas, em 2005, o plano de racionalização de recursos humanos da empresa, avaliado em 485,7 milhões de euros.

Num comunicado divulgado na sexta-feira, a ERSE afirma que deliberou «iniciar a repercussão tarifária do plano de racionalização de recursos humanos de 2003 e 2004 em 2005». A Entidade afirma ainda que não vai proceder à revisão extraordinária das tarifas de 2003 e dos parâmetros regulatórios para 2002-2004.

A ERSE aceitou como «investimento amortizável em 20 anos», os encargos associados ao plano, até ao valor máximo de 485,7 milhões de euros. A aceitação destes valores é condicionada à apresentação de relatórios de execução e «correspondente actualização de pressupostos».

Fonte: Diário Digital

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S&P 500 Rises as Interest Rates Decline; Home Depot Advances
Aug. 8 (Bloomberg) -- The Standard & Poor's 500 Index gained for a fourth day in five as consumer stocks such as Home Depot Inc. and Wal-Mart Stores Inc. rose amid a drop in interest rates.

The S&P 500 added 3.47, or 0.4 percent, to 977.59. The Dow Jones Industrial Average increased 64.64, or 0.7 percent, to 9191.09.

The yield on the 10-year U.S. Treasury note had its biggest weekly decline in two months based on closing levels as government securities auctions met with the strongest investor demand in at least a year.

The drop ``takes away some of the fears people had that the higher rates would crunch the economy and reduce growth going forward,'' said Marshall Front, who helps manage $1.5 billion at Front Barnett Associates LLC in Chicago.

Intel Corp. and Qualcomm Inc. fell, sending the Nasdaq Composite Index to its sixth straight decline, the longest losing streak since April 2002. The Nasdaq lost 7.79, or 0.5 percent, to 1644.39.

Almost seven stocks rose for every four that fell on the New York Stock Exchange. Some 1.09 billion shares changed hands on the Big Board, 23 percent less than its three-month daily average.

For the week, the S&P 500 lost 0.3 percent, while the Dow added 0.4 percent. The Nasdaq dropped 4.2 percent, the biggest weekly decline since January 17.

Since reaching this year's high on June 17, the S&P 500 has lost 3.4 percent amid concern that rising interest rates would slow growth in the economy. The yield on the 10-year U.S. Treasury dropped 0.13 percentage point to 4.24 percent.

The benchmark indexes will be little changed until September and then they will begin to rally again as corporate profit growth exceeds analysts' forecasts, said Front.

Home Depot Gains

Home Depot rose 76 cents to $32.72, for its third straight gain. Shares of the world's largest home-improvement chain may outperform even if interest rates rise, UBS AG analyst Gary Balter wrote yesterday. Wal-Mart added 77 cents to $57.77 and was the biggest contributor to the S&P 500's advance.

McDonald's Corp. added $1.83 to $23.89. Its 8.3 percent gain was the biggest in the Dow. U.S. sales rose 9.9 percent in July, driven by demand for new salads and McGriddle breakfast sandwiches. Sales at U.S. restaurants open at least 13 months increased for the fourth straight month after declining for more than a year, the company said.

So-called consumer discretionary stocks, including Home Depot and McDonald's, accounted for almost three quarters of the gain in the S&P 500.

Technology shares dropped, as Intel lost 41 cents to $23.58 and Qualcomm slipped $1.05 to $35.36.

Univision Jumps

Univision Communications Inc. jumped $3.89 to $32.96. The 13 percent gain was the biggest in the S&P 500. The Spanish-language television broadcaster said second-quarter net income was 16 cents a share as costs declined at its TeleFutura network. That's more than the 13-cent average analyst estimate in a Thomson Financial survey.

Univision is seeking to buy Hispanic Broadcasting Corp., which rose $3.27 to $27.86. The acquisition was approved yesterday in an initial vote by the Federal Communication Commission's Republican majority, according to commission officials who asked not to be named.

Nvidia Corp., whose computer-graphics chips are used in Microsoft Corp.'s Xbox video-game machine, plunged $3.80 to $15.50. Third-quarter sales will be as little as $482.8 million, Chief Financial Officer Marvin Burkett said on a conference call. That misses the $494.5 million average analyst estimate in a Thomson Financial poll.

Computer Associates Advances

Computer Associates International Inc., the world's fifth- largest software maker, added 57 cents to $24.17. Earnings growth is likely to accelerate as the company keeps costs low, said Deutsche Bank analyst Brian Skiba. He raised his rating to ``buy'' from ``hold'' and said the stock will reach $28 in the next year, up from his previous forecast of $25.

XM Satellite Radio Holdings Inc. gained $1.44 to $11.96. The biggest U.S. satellite-radio service was raised to ``buy'' from ``hold'' by analyst Karim Zia at Deutsche Bank. XM Satellite dropped 21 percent yesterday after the company said an insurance dispute may force it to raise money to pay for a spare satellite.

Zia raised his estimates for the company's subscription numbers in 2003 and 2004, citing `` the strength of the company's new product offerings,'' according to a note to clients. Sirius Satellite Radio Inc. added 9 cents to $1.62.

HCA Inc., the biggest U.S. hospital chain, rose $1.09 to $36.94. The company ``has taken concrete steps that we believe positions the company to get back on a solid growth trajectory,'' said Merrill Lynch & Co. analyst Albert Rice. He upgraded the shares to ``buy'' from ``neutral.''

Medco Health Solutions Inc., the pharmacy benefits management unit of Merck & Co., changed hands at $20.50 on the first day of trading before an Aug. 19 spinoff. Merck's stockholders will receive 0.1206 share for every share they own.

Williams Rises

Williams Cos., the second largest U.S. natural gas pipeline owner, jumped 58 cents to $7.60. Morgan Stanley analyst Scott Soler said investors should buy the stock after it fell 20 percent since June 6. Soler upgraded his rating to ``overweight'' from ``equalweight.''

ESpeed Inc. rose $2.07 to $18.88. The electronic bond- brokerage unit of Cantor Fitzgerald LP may have earned more than Jefferies & Co. Inc. analyst Charlotte Chamberlain expected in the second-quarter because of a jump in government bond trading volume, she said. Chamberlain, whose estimate for the quarter is 14 cents a share, upgraded the company to ``buy'' from ``hold.''

Winn-Dixie Stores Inc. lost $1.82 to $9.96. The operator of supermarkets in the Southeastern U.S. reported a 4.5 percent drop last quarter, steeper than the company's forecast. Merrill Lynch & Co. analyst Mark Husson cut the stock to ``sell'' from ``neutral,'' citing rising sales by competitors.

Futures, QQQs

S&P 500 futures expiring in September gained 3.70 to 978.20 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures shed 8.00 to 1211.50. The index, a benchmark for Nasdaq's largest companies, declined 9.89 to 1207.28.

Nasdaq-100 tracking shares, known by their QQQ ticker symbol, fell 24 cents to $30.07. The S&P 500 shares, called Spiders, climbed 28 cents to $98.28.

The Russell 2000 Index of small stocks advanced 0.17 to 453.94. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, gained 30.35, or 0.3 percent, to 9392.73. Based on changes in the Wilshire, the total value of U.S. stocks increased by $36.4 billion.

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European Stocks Rise for Second Day, Buoyed by Energy Shares
Aug. 8 (Bloomberg) -- European stocks climbed, paced by energy companies including Total SA, after Citigroup Inc. raised its recommendation for the industry. Anglo American Plc and Nokia Oyj also rose.

The Dow Jones Stoxx 50 Index advanced for a second day, adding 24.08, or 1 percent, to 2429.50 as of 8:49 p.m. in Frankfurt. The Stoxx 600 gained 0.8 percent to 208.00, with almost a third of the advance coming from the energy industry.

Total, the region's third-largest oil company, Royal Dutch/Shell Group and other energy companies led the week's gains as the price of Brent crude rose amid concern Iraqi oil exports won't return to prewar levels any time soon. Crude oil increased to $32.77 a barrel on the New York Mercantile Exchange today, the highest since March 18.

``Oil companies are a good investment because with the high oil price you can expect solid profits,'' said Thomas Deser, who manages $1.8 billion in assets at Union Investment in Frankfurt and owns shares of Total SA and ENI SpA. ``Analysts will have to raise their earnings estimates for the industry as many based their calculations on an oil price of $25 to $26 for the year.''

Today's advance helped the indexes rebound from a four-day decline, trimming the Stoxx 50's drop to 0.1 percent for the week and the Stoxx 600's to 0.4 percent.

Chemical makers fell this week, led by BASF AG, the industry leader, which said quarterly profit plunged 61 percent and predicted a further drop. The stock lost 5.6 percent this week.

Relative Value

Today, benchmark indexes rose in 13 of the 17 Western European markets. Germany's DAX rose 0.01 percent and finished the week down 3.1 percent. The U.K.'s FTSE 100 added 1.3 percent, for an advance of 1.2 percent since last Friday. France's CAC rose 1.1 percent. The index lost 0.1 percent this week.

Citigroup upgraded European energy stocks to ``overweight'' from ``underweight,'' saying the industry has lagged rivals.

Energy companies are the second-worst performing group of the Stoxx 600's 18 industries since March 12, when the index fell to its lowest in six years. The energy index has added 17 percent, while the broader measure has climbed 28 percent. Insurance companies, the biggest gainers, have surged 54 percent.

Citigroup Adds

Citigroup added Total and Royal Dutch/Shell Group to its list of most-favored stocks. It deleted financial companies such as ING Groep NV, the largest Dutch financial-services company, and Legal & General Group Plc, the U.K.'s fourth-largest insurer.

On average, energy companies' stocks are trading at 13 times historical earnings per share, while the average for the Stoxx 50 is 33.76 times. Union Investment's Deser said he expects energy stocks to rise as much as 10 percent by year-end.

Today, Royal Dutch Petroleum Co., 60-owner of Royal Dutch/Shell Group, the region's largest oil company, advanced 1.5 percent to 39.50 euros for a weekly gain of 3.7 percent. Shell Transport & Trading Co., which owns the rest, rose 1.7 percent to 399 pence, advancing 3.8 percent since last Friday.

Total climbed 3.2 percent to 135.90 euros, for a five-day gain of 5.6 percent, and Eni added 3 percent to 13.45 euros. It increased 3.6 percent this week.

Alstom SA, the French maker of power stations, trains and ships, was the worst-performing stock on the Stoxx 600 this week, with a decline of 22 percent to 2.40 euros. The shares were suspended Monday and Tuesday. On Wednesday, the company presented a refinancing plan to help avoid bankruptcy.

The French government is leading more than 30 banks in a 7 billion-euro ($8 billion) rescue that includes selling new shares and converting bonds into stock, diluting the value of existing investors' holdings.

Retailers Gain

KarstadtQuelle AG, Germany's largest retailer, climbed 8.2 percent to 22.39 euros. The stock surged 21 percent this week, the biggest gainer in the Stoxx 600, after the company narrowed its second-quarter loss by 79 percent to 27.8 million euros.

Deutsche Bank AG today advised investors to buy the stock, increasing the share-price target to 25.30 euros from 15 euros previously and raising its 2003 profit estimate 30 percent to 1.34 euros per share.

Carrefour SA, the world's biggest retailer after Wal-Mart Stores Inc., rose for a second day, adding 1.5 percent to 41.10 euros after its larger rival said second-quarter earnings rose more than the company expected. Wal-Mart sales at U.S. stores open at least a year rose 4.6 percent from a year earlier, higher than the company's 4 percent forecast.

Banks' Earnings

Credit Suisse Group, Switzerland's No. 2 bank by assets, and Barclays Plc, the U.K.'s third-biggest bank, advanced for the week. Both reported second-quarter earnings that beat analysts' forecasts as they profited from cost cuts, lower provisions for bad loans and gains in stock and bond markets. Credit Suisse gained 3.3 percent to 43.08 Swiss francs since last Friday, while Barclays added 4.7 percent to 480p.

``Banks' numbers were excellent as the companies showed a strong capability to control costs,'' said Sebastien Korcha, a fund manager at Meeschaert Asset Management in Paris.

Nokia, the world's largest maker of mobile phones, advanced 1.5 percent to 12.61 euros after boosting July cellular-phone sales by 11 percent in Finland. Demand for mobiles in the country where 88 percent of the population owns a cellphone was bolstered by new models with color screens and built-in cameras.

Anglo American

Anglo American, the world's biggest precious-metals company, rose 0.9 percent to 1,100p after it posted earnings before one- time items and goodwill amortization of $856 million, beating the $835 million median forecast of seven analysts surveyed by Bloomberg News.

Net income in the first half fell 0.9 percent to $760 million after the rand appreciated, boosting costs in South Africa, home to a third of its assets, the company said.

Deutsche Boerse AG, Europe's biggest stock exchange by market value, rose 1.9 percent to 45.94 euros after saying second-quarter profit before one-time items rose 19 percent to 71.1 million euros, in-line with the average forecast of six analysts surveyed by Bloomberg News. Gains were driven by increased derivatives trading and earnings from its settlement unit. Revenue surged 71 percent to 351.9 million euros.

Ahold Receives Extension

Royal Ahold NV, the Dutch food retailer that overstated profit in the last three years, shed 1.3 percent to 6.96 euros. The company received a second extension to provide accounts for last year to its banks, a requirement to keep access to credit lines. Second-quarter sales fell 12 percent to 13 billion euros as the dollar slid in value against the euro.

Shares in Galen Holdings Plc, a Northern Ireland-based maker of hormone-therapy treatments and birth-control pills, dropped 4.3 percent to 8.25 euros after a study linked estrogen and progestin- based drugs to breast cancer.

The study in the Lancet medical journal said treatments combining the two hormones significantly raised the risk of breast cancer. A commentary accompanying the study urged women on long- term hormone therapy to stop using the drugs immediately.

September futures on the Dow Jones Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro added 0.9 percent to 2459. The index rose 1 percent to 2460.14.

Last Updated: August 8, 2003 15:23 EDT

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Asian Stocks Fall For Week: Nikkei Has Worst Week in 4 Months
Aug. 9 (Bloomberg) -- Asian stocks fell this week with Japan's Nikkei 225 Stock Average having its biggest decline in almost four months. Results from technology-related companies including Taiyo Yuden Co. raised concern that their profit outlook doesn't justify the market's gain since April.

The Nikkei dropped 3 percent to 9327.53, its biggest weekly fall since the five days ended April 11. Buying from overseas investors, which helped the Nikkei gain 31 percent since April 28, turned to selling on Tuesday.

Indonesian stocks pared losses after falling as much as 4 percent on Tuesday following the nation's worst terror attack since October last year. Hong Kong's Hang Seng Index also had its worst week in four months, while Taiwan's TWSE Index and South Korea's Kospi completed their biggest weekly drop in three months, weighed by companies including Korea Electric Power Corp. and Taiwan Semiconductor Manufacturing Co., the world's largest maker of computer chips on a subcontracting basis.

``We've entered a phase where some investors are starting to think that it's time to be locking in their recent gains,'' said Hiroyuki Kotoku, who helps oversee the equivalent of $59 billion as global investments manager at Tokio Marine & Fire Insurance Co. ``Market expectations for earnings growth in the technology industry have been too big.''

Taiyo Yuden, which makes ceramic capacitors and inductors, slid 21 percent to 1,048 yen its biggest weekly drop since the five days ended Dec. 22, 2000. The company on Wednesday widened its full-year loss estimate to 3.8 billion yen from 1.9 billion yen citing a decline in prices of condensers -- electronic components used in personal computers and mobile phones.

Declines Accelerate

Murata Manufacturing Co., the world's biggest maker of ceramic capacitors used to regulate electricity in cell phone handsets, lost 5.8 percent, to 5,340 yen. It is set to report quarterly earnings on Monday.

A shift in orders from overseas investors accelerated declines in the benchmarks, some investors said. People from outside Japan, who have been net buyers according to orders placed before the market open, turned net sellers on Tuesday for two days this week, the first time in 11 days they sold more shares than they bought.

``Recent gains were supported by foreigners and now that we are entering summer holidays, we are seeing some selling,'' said Norihito Kanai, who helps manage the equivalent of $2.5 billion at Meiji Dresdner Asset Management Co. in Tokyo.

The Topix index lost 2.7 percent to 917.47, its biggest weekly drop since April 4.

In the U.S., the Standard & Poor's 500 Index fell 0.3 percent this week, while the Dow Jones Industrial Average rose 0.4 percent. The Nasdaq Composite Index dropped 4.2 percent, the biggest weekly decline since January 17.

Since reaching this year's high on June 17, the S&P 500 has lost 3.4 percent amid concern that rising interest rates would slow growth in the economy.

Terror Attack

Indonesia's Jakarta Composite Index dropped 0.7 percent to 505.360 after a car bomb killed at least 10 people and injured 147 at the JW Marriott hotel in Jakarta.

Telkom, as the country's largest telephone company is known, dropped 3.4 percent to 4,250 rupiah.

In Hong Kong, Cathay Pacific Airways Ltd. was one of the only two stocks that gained on the 33-member Hang Seng Index this week.

Cathay, the island's largest passenger carrier, on Wednesday reported a first half loss while saying it will have a ``much- improved performance'' in the second half because severe acute respiratory syndrome has been contained. Its stock jumped 4.1 percent to HK$11.50, its biggest weekly gain in two months. The Hang Seng dropped 3 percent.

The TWSE dropped 2.9 percent to 5232.55. Exporters such as Taiwan Semiconductor and Hon Hai Precision Industry Co. were the two biggest drags on the index after the island's export growth in July missed some economists' estimates.

Taiwan Semiconductor slid 3.3 percent to NT$58. Hon Hai, the island's biggest electronics maker by sales, gave up 11 percent to NT$122.

The island's exports last month rose 4.5 percent from a year ago to $11.6 billion, the government said Thursday after the market closed. The gain lagged the median 5.8 percent forecast in a Bloomberg News survey of seven economists.

Fuel Prices

The Kospi slumped 3.2 percent to 704.14. Korea Electric Power, which spends about a fifth of its fuel budget on oil, fell on concern higher crude prices may raise the company's costs. It slid 7 percent and helped make the Korea Electric and Gas Index the biggest drag on the Kospi.

Hyundai Motor Co., South Korea's largest automaker, slipped 8.8 percent to 32,600 won on concern that its agreement with workers to increase wages may raise labor costs.

AMP Ltd., Australia's biggest life insurer, slumped 8 percent, reaching a record low during the week after a report that an internal review found its Henderson Global Investors unit may have broken rules for managing clients' money. AMP denied that Henderson, which manages 90 billion pounds ($145 billion) had breached client agreements.

The nation's benchmark S&P/ASX 200 index rose 0.3 percent to 3149.40, completing its fifth weekly gain.

Last Updated: August 8, 2003 22:11 EDT

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European, U.K. Bonds Rise in Week as Yields Attract Investors
Aug. 9 (Bloomberg) -- European and U.K. bonds gained in the week as a surge in yields boosted the appeal of fixed-rate government debt.

The German 2 percent note due June 2005 gained 0.40, or 4 euros per 1,000-euro ($1,134) face amount, to 99.30 on Friday in London. It was the bond's first weekly increase in five. The yield fell 22 basis points in the week to 2.39 percent. Last week the note had its worst week since October 1997, when yields increased 36 basis points.

``Bond markets have experienced one of the steepest sell- offs in their history,'' making bonds look attractive to investors, said Thomas Hueck, a Munich-based economist at HVB Group, Germany's second-biggest bank. It's a good time to buy because ``I am convinced that the signs of economic recovery are only temporary.''

Italy's economy, Europe's fourth largest, slipped into recession for the first time in more than a decade. Germany, the region's largest economy, also may have gone into recession in the second quarter, the Bundesbank said.

The 8 1/2 percent gilt due in December 2005 has gained 0.25, or 2.5 pounds per 1,000-pound ($1,612) face amount, to 110.28 this week. The yield declined 14 basis points to 3.83 percent, 44 basis points higher than at the start of June. Last week yields increased 37 basis points. A basis point is 0.01 percentage point.

The Bank of England this week left its benchmark rate at 3.5 percent, the lowest in 48 years, as expected by 43 economists surveyed by Bloomberg News. The U.K. central bank has lowered borrowing costs twice this year, in February and July.

Bundesbank Sale

Germany's Bundesbank sold 7 billion euros, of which it retained 442 million euros, of an existing 3.75 percent bund due July 2013. The auction drew bids totaling 8.7 billion euros, or 1.24 times the amount on offer.

The yield on the German 3 3/4 percent bund due July 2013 shed 18 basis points to 4.01 percent.

The U.S. government sold $60 billion of new securities this week at the highest yields in at least a year. The debt sales, consisting of $24 billion of three-year notes Tuesday, $18 billion of five-year debt Wednesday and $18 billion in 10-year notes yesterday, will be used to help finance a budget deficit that the Bush administration says will rise to $455 billion in the year ending Sept. 30 and $475 billion the following year.

The Greek government this week sold 1.5 billion euros of an existing 3.5 percent bond maturing in April 2008. The auction drew bids totaling 4.3 billion, or 3.91 times the debt on offer. The last auction drew bids of 2.3 times the debt on offer.

Last Updated: August 9, 2003 04:37 EDT

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Buffett's Berkshire 2nd-Qtr Profit More Than Doubles (Update4)
Aug. 8 (Bloomberg) -- Billionaire Warren Buffett's Berkshire Hathaway Inc. said second-quarter net income more than doubled as the company sold U.S. government securities at a profit and earned more from insurance.

Net income climbed to $2.23 billion, or $1,452 per Class-A share, from $1.05 billion, or $681, a year earlier, the company said in a statement. Profit excluding investment gains and losses was $862 a share, greater than a Thomson Financial analyst survey of $779.50 a share.

Berkshire, which earns about half its profit from insurance companies including General Reinsurance Co., National Indemnity Co. and Geico Corp., has benefited from the highest premiums in almost a decade and few losses from natural catastrophes. Buffett, 72, also generated about $600 million of capital gains by selling U.S. Treasury debt.

``These are fabulous numbers,'' said Keith Trauner, who helps manage the $800 million at Fairholme Capital Management, including about $250 million of Berkshire shares.

Pre-tax profit from insurance operations rose 74 percent to $1.21 billion, led by National Indemnity and General Re, which insure other insurers. Underwriting income at Berkshire Hathaway Reinsurance Group, which includes most of National Indemnity's profit, rose fivefold to $258 million.

`Benign Environment'

General Re earned $53 million from underwriting, compared with a $144 million loss last year. The subsidiary, which lost $6 billion from 1998 to 2002, raised prices, restricted policy terms and turned away more clients, leading to a 5.7 percent decline in premium income to $1.96 billion.

``There were no major insured catastrophes during the first half of 2003 and Berkshire's underwriting results benefited from this benign environment,'' the company said. The third quarter poses the highest risk for hurricanes and U.S. windstorms, Berkshire said.

Underwriting profits at Geico declined 18 percent to $67 million as the auto insurer spent more on advertising and new staff. Geico's premium income rose 16 percent to $1.9 billion.

Berkshire's building products, carpet, flight services and finance and financial products subsidiaries all showed a drop in earnings. Berkshire owns companies including Benjamin Moore & Co., Acme Brick Co., NetJets Inc. and Shaw Industries Inc., the world's largest carpet maker.

``Operating results of many of Berkshire's non-businesses in 2003 have been adversely affected to varying degrees by weakness in several sectors of the economy,'' the company said in a statement.

Bond Holdings Reduced

Buffett reduced Berkshire's bond holdings by $15.5 billion from the end of 2002 to $39.5 billion. Berkshire didn't say whether it sold some of the $7 billion of junk bonds, or below investment-grade debt, it bought last year, in addition to Treasury securities. Total realized investment gains rose to $905 million from $43 million.

The Treasury sales came before 10-year government notes tumbled in July and yields -- which move in the opposite direction of prices -- surged about 0.9 percentage point, the most since May 1984. Guy Spier of Aquamarine LLC said the sales indicated Buffett probably anticipates further drops in prices.

``He's expecting interest rates to rise,'' said Spier, who manages $30 million at Aquamarine, a New York hedge fund with a quarter of its assets in Berkshire shares.

Berkshire's total assets as of June 30 were $172.9 billion and total net worth was $70.6 billion, the company said.

Buffett's challenge is to keep Berkshire growing after four decades averaging 22 percent annual returns. He's become the world's second-richest man behind Microsoft Corp.'s Bill Gates by owning shares of companies such as Coca-Cola Co. and American Express Co., and buying entire businesses such as Dairy Queen.

Battle Over Clayton

Buffett's reputation as a bargain-hunter is working against him. Investors fought a four-month battle to block Berkshire's $1.7 billion takeover of Clayton Homes Inc., a mobile-home maker based near Knoxville, Tennessee. First Pacific Advisors, Third Avenue Management and other Clayton shareholders said Buffett's interest in the company was a reason not to sell.

Berkshire's cash holdings rose to a record $28.4 billion in the second quarter after Buffett sold bonds and searched for investments. Cash holdings more than doubled from yearend 2002.

``It's one of the biggest problems he has: more cash than ideas,'' said Lawrence Cunningham, a law professor at Boston College and author of ``How to Think Like Benjamin Graham and Invest Like Warren Buffett.''

Berkshire's A shares have fallen 0.5 percent this year, compared with an 11 percent rise in the Standard & Poor's 500 index. They rose $200 to $72,400 in New York Stock Exchange composite trading before the company announced earnings.

Insurance Costs

Berkshire's AAA credit rating, the highest possible, allows it to charge more for commercial insurance policies than rivals such as Swiss Reinsurance Co. The rating also lowers the company's funding costs.

Property and casualty commercial premiums industrywide have soared to the highest since 1994 as insurers recoup losses from Sept. 11 attacks, stock market declines in 2002 and 2001 and class action lawsuits. Insurance costs U.S. companies more than $7 of every $1,000 of revenue, compared with $4.83 in 2000.

Last Updated: August 8, 2003 21:54 EDT

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British Pound Gains for Week Against Dollar on Economic Outlook
Aug. 9 (Bloomberg) -- The British pound gained against the dollar for the second week in three on speculation the U.S. economy isn't accelerating enough to attract the foreign investment the world's largest economy needs.

The pound was at $1.6081 in London yesterday, compared with $1.6135 late Thursday and $1.6058 on Friday last week. It was at 70.28 pence per euro yesterday, compared with Thursday's 70.53p.

The U.S. economy expanded at a 2.4 percent annual rate in the second quarter, a percentage point faster than in the previous three months. The country requires about $1.5 billion a day in foreign investment to offset its record current-account deficit and keep the dollar from weakening.

``People are focusing on a U.S. recovery and a pickup in growth,'' Zahra Ward-Murphy, a currency analyst at Dresdner Kleinwort Wasserstein in London, said yesterday. ``We don't believe all the optimism.''

In the U.K., the Bank of England kept its benchmark interest rate at 3.5 percent on Thursday as signs mount that a recovery is taking hold in Europe's second-largest economy. The European Central Bank rate is 2 percent and the U.S. Federal Reserve's key rate is at 1 percent.

House prices in England and Wales increased at the slowest pace in more than a year in the second quarter as sales declined, the government said. The average cost of a home rose 12.5 percent to 149,935 pounds ($241,110).

Last Updated: August 9, 2003 04:17 EDT

[TRSM]

EUA fecham mistos

8-8-2003 21:9



Os mercados norte-americanos fecharam mistos, na sexta-feira, divididos entre os ganhos da McDonald's e as perdas dos semicondutores. Quanto ao retalho, voltou a somar ganhos, graças ao optimismo relativo ao aumento do consumo.
A McDonald’s subiu 8,3 por cento, depois de ter afirmado que as vendas das lojas abertas há mais de um ano aumentaram 4,2 por cento, em Julho, em alta pelo terceiro mês consecutivo, graças às vendas de novos produtos.

A Nvidia perdeu 19,7 por cento, fazendo alastrar as perdas pelo sector de semicondutores. A empresa, cujos ‘chips’ de gráficos são utilizados na Xbox da Microsoft, afirmou que as margens brutas (percentagem das vendas após a subtracção dos custos de produção) deverão estagnar ou recuar ligeiramente, este trimestre, face ao período terminado a 27 de Julho. Os lucros do segundo trimestre suplantaram as estimativas dos analistas.

Também a Eastman Kodak caiu 0,2 por cento, depois da Moody’s Investors Service ter cortado o rating, reflectindo a fraca geração de fluxos de caixa e a deterioração da actividade fotográfica para grande consumo. O rating continua sob revisão e pode sofrer novas reduções, avisa a agência de notação financeira.

O Dow Jones valorizou 0,71 por cento para 9.191,09 pontos, o Nasdaq Composite recuou 0,49 por cento para 1.644,03 pontos e o S&P 500 subiu 0,34 por cento para 977,39 pontos.

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