Noticias de Fim de Semana 5 e 6 de Abril de 2003
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DJ US Air Strategy Now Prepares For Baghdad Ground Assault
WASHINGTON (AP)--Allied warplanes Saturday began flying missions over the
Iraqi capital specifically designed to prepare for any future U.S. ground attack
on downtown Baghdad, the U.S. Air Force general in charge of the air war said.
Lt. Gen. Michael Moseley, speaking from his command post in Saudi Arabia, said
he hoped that the Iraqi regime would surrender before urban warfare became
necessary. But as of Saturday, the planes that would provide air support for
ground forces inside the city were implementing his plan.
He said a wide variety of aircraft already have begun performing as "airborne
forward air controllers" over Baghdad - to direct airstrikes that might be
required in the event ground forces began fighting in the city's center. He said
the planes are flying on both sides of the Tigris River, which runs through
Baghdad.
Moseley discussed the air portion of the Iraq war in a 90-minute interview
with reporters at the Pentagon.
He said the notion that allied air power has been used to soften up the Iraqi
Republican Guard ground troops, the backbone of Saddam Hussein's army, falls
short of reality.
"We're not softening them up. We're killing them," he said.
Moseley said the Republican Guard has been hit so hard over the past two weeks
that it "doesn't really exist any more" as a cohesive force that can attack in
sizable formations.
"I don't for a second believe they are 100% killed," he said, but they no
longer present the threat to U.S. ground forces that they did when the war began
March 20. Similarly, Iraq's vaunted air defenses have been ground down to the
point where U.S. aircraft can fly with impunity, he said.
As an illustration of U.S. air supremacy, Moseley said a Predator drone
aircraft that provides live video images of ground targets flew a 12-hour
mission over Baghdad on Friday.
Moseley said some Republican Guard troops have been "trying to get away" from
U.S. air and ground pressure and attempting to regroup to fight later. He
asserted that they stand no realistic chance.
"We either kill them or they give up," he said. "There's no way out for these
guys."
U.S. Commanders Cite Other Examples Of Iraqi Disarray
Other U.S. military officials have painted a similar picture of the degraded
state of Iraq's military.
"What strikes me is what seems to be a very poorly directed campaign on the
Iraqi side," said Marine Corps Gen. Peter Pace, vice chairman of the Joint
Chiefs of Staff. "Their execution on the battlefield has really been sad, from
the standpoint of military execution."
U.S. tanks and armored vehicles entered Baghdad Saturday on what military
officials called reconnaissance probes into the capital. U.S. Army units worked
to consolidate their hold on the newly renamed Baghdad International Airport
southwest of the city, while Marine forces advanced to the southeastern
outskirts.
Pentagon officials said the idea was to create a loose cordon around Baghdad,
letting civilians leave and humanitarian aid enter, as special forces and
regular troops went after Saddam Hussein's centers of power. It's a strategy
meant to avoid much of the vicious street-to-street fighting the Iraqis say they
want to inflict on American troops.
Pace said that while the battle's front lines might be somewhat stationary,
raids from the air and ground will reach into the city.
"It's really a matter of timing between our air power and our ground power,"
Pace said. "There's not going to be a waiting period. We'll continue to take the
fight to the enemy in the air and on the ground."
Pace said whether Saddam was alive or dead was irrelevant.
"Either he's alive, and giving really bad direction to his armed forces, or
he's dead and they're making things up as they go," Pace said.
(END) Dow Jones Newswires
05-04-03 1635GMT(AP-DJ-04-05-03 1635GMT)
Apr-05-2003 16:35 GMT
Source DJBK Dow Jones Bankers Wire
Categories:
G/DEF G/USG N/BKG N/CMDI N/DJG7 N/DJI N/DJIV N/DJMO N/DOI N/ECR N/EWR
N/FXW N/IPR N/WER N/DJWI N/GEN N/MLT N/NJR N/NWS N/UKMR M/NND R/IZ R/ML
R/NME R/US MST/G/DEF MST/G/EXE MST/B/BRK MST/R/IQ MST/R/MID MST/R/NME
MST/R/US
WASHINGTON (AP)--Allied warplanes Saturday began flying missions over the
Iraqi capital specifically designed to prepare for any future U.S. ground attack
on downtown Baghdad, the U.S. Air Force general in charge of the air war said.
Lt. Gen. Michael Moseley, speaking from his command post in Saudi Arabia, said
he hoped that the Iraqi regime would surrender before urban warfare became
necessary. But as of Saturday, the planes that would provide air support for
ground forces inside the city were implementing his plan.
He said a wide variety of aircraft already have begun performing as "airborne
forward air controllers" over Baghdad - to direct airstrikes that might be
required in the event ground forces began fighting in the city's center. He said
the planes are flying on both sides of the Tigris River, which runs through
Baghdad.
Moseley discussed the air portion of the Iraq war in a 90-minute interview
with reporters at the Pentagon.
He said the notion that allied air power has been used to soften up the Iraqi
Republican Guard ground troops, the backbone of Saddam Hussein's army, falls
short of reality.
"We're not softening them up. We're killing them," he said.
Moseley said the Republican Guard has been hit so hard over the past two weeks
that it "doesn't really exist any more" as a cohesive force that can attack in
sizable formations.
"I don't for a second believe they are 100% killed," he said, but they no
longer present the threat to U.S. ground forces that they did when the war began
March 20. Similarly, Iraq's vaunted air defenses have been ground down to the
point where U.S. aircraft can fly with impunity, he said.
As an illustration of U.S. air supremacy, Moseley said a Predator drone
aircraft that provides live video images of ground targets flew a 12-hour
mission over Baghdad on Friday.
Moseley said some Republican Guard troops have been "trying to get away" from
U.S. air and ground pressure and attempting to regroup to fight later. He
asserted that they stand no realistic chance.
"We either kill them or they give up," he said. "There's no way out for these
guys."
U.S. Commanders Cite Other Examples Of Iraqi Disarray
Other U.S. military officials have painted a similar picture of the degraded
state of Iraq's military.
"What strikes me is what seems to be a very poorly directed campaign on the
Iraqi side," said Marine Corps Gen. Peter Pace, vice chairman of the Joint
Chiefs of Staff. "Their execution on the battlefield has really been sad, from
the standpoint of military execution."
U.S. tanks and armored vehicles entered Baghdad Saturday on what military
officials called reconnaissance probes into the capital. U.S. Army units worked
to consolidate their hold on the newly renamed Baghdad International Airport
southwest of the city, while Marine forces advanced to the southeastern
outskirts.
Pentagon officials said the idea was to create a loose cordon around Baghdad,
letting civilians leave and humanitarian aid enter, as special forces and
regular troops went after Saddam Hussein's centers of power. It's a strategy
meant to avoid much of the vicious street-to-street fighting the Iraqis say they
want to inflict on American troops.
Pace said that while the battle's front lines might be somewhat stationary,
raids from the air and ground will reach into the city.
"It's really a matter of timing between our air power and our ground power,"
Pace said. "There's not going to be a waiting period. We'll continue to take the
fight to the enemy in the air and on the ground."
Pace said whether Saddam was alive or dead was irrelevant.
"Either he's alive, and giving really bad direction to his armed forces, or
he's dead and they're making things up as they go," Pace said.
(END) Dow Jones Newswires
05-04-03 1635GMT(AP-DJ-04-05-03 1635GMT)
Apr-05-2003 16:35 GMT
Source DJBK Dow Jones Bankers Wire
Categories:
G/DEF G/USG N/BKG N/CMDI N/DJG7 N/DJI N/DJIV N/DJMO N/DOI N/ECR N/EWR
N/FXW N/IPR N/WER N/DJWI N/GEN N/MLT N/NJR N/NWS N/UKMR M/NND R/IZ R/ML
R/NME R/US MST/G/DEF MST/G/EXE MST/B/BRK MST/R/IQ MST/R/MID MST/R/NME
MST/R/US
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Morgan Stanley diz que economia mundial vai entrar em recessão
O banco de investimento norte-americano Morgan Stanley cortou hoje sua previsão de crescimento da economia global para este ano. A instituição refere que o mundo deve entrar em recessão em 2003.
Nenhum outro grande banco de Wall Street acredita nessa possibilidade. O FMI, por exemplo, diz que o risco de uma recessão global é de apenas 15%.
Para o Morgan Stanley, a recessão seria causada pela guerra contra o Iraque, as incertezas políticas devido aos desentendimentos entre Estados Unidos e países europeus e ao impacto da epidemia de pneumonia na economia asiática.
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Francisco de Mendia, Carteira Profissional Nº 5191
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa. Portugal
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
O banco de investimento norte-americano Morgan Stanley cortou hoje sua previsão de crescimento da economia global para este ano. A instituição refere que o mundo deve entrar em recessão em 2003.
Nenhum outro grande banco de Wall Street acredita nessa possibilidade. O FMI, por exemplo, diz que o risco de uma recessão global é de apenas 15%.
Para o Morgan Stanley, a recessão seria causada pela guerra contra o Iraque, as incertezas políticas devido aos desentendimentos entre Estados Unidos e países europeus e ao impacto da epidemia de pneumonia na economia asiática.
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Francisco de Mendia, Carteira Profissional Nº 5191
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa. Portugal
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Sonae cumpre prazo para licenciamento das fábricas de Viana de Castelo e Mourão
A Imocapital, empresa controlada pela Sonae e pela espanhola Europac, cumpriu o prazo, que terminava hoje, para o licenciamento das fábricas de Viana do Castelo e Mourão, no âmbito da reprivatização da Gescartão, disse fonte oficial do Grupo Sonae à Agência Financeira.
“Já foram entregues todos os documentos necessário ao licenciamento” disse a mesma fonte. Caso o licenciamento não tivesse ocorrido até esta data, o Governo poderia executar “o penhor sobre 51% das acções da Gescartão, de forma imediata, e obter o controlo da companhia outra vez para o Estado, dispondo novamente dessas acções”, tinha afirmado o ministro da Economia, Carlos Tavares, ao Parlamento no passado dia 3 de Março .
Recorde-se que os investimentos a serem efectuados nas duas fábricas foram a solução encontrada pelo Governo para pôr fim ao contencioso que se arrastava entre o Estado e a Imocapital. Este Governo manteve as condições do concurso ao aprovar a reprivatização, mas alterou as contrapartidas que eram exigidas à Imocapital por ter vencido a privatização da Gescartão.
Assim, as obrigações alternativas previam para a fábrica de papel reciclado em Viana do Castelo, um montante de investimento no valor de 125 milhões de euros, a realizar no prazo de 24 meses após licenciamento, e 10 milhões de euros em investimento industrial que, no mínimo, absorvesse a totalidade dos recursos humanos disponíveis e libertados pela Portucel Recicla, a aplicar num dos concelhos de Mourão, Reguengos ou Portel, a realizar no prazo de 9 meses após licenciamento.
Por ter uma conclusão está ainda a 2ª fase de reprivatização da Gescartão, onde o Governo está a alienar os 35% remanescentes do capital através de uma Operação Pública de Venda (OPV), mas onde o atraso na operação ainda permite o exercício de uma opção de compra por parte da Imocapital.
Belmiro de Azevedo já afirmou que, estando dentro do prazo para exercer a sua opção de compra sobre as acções - ao mesmo preço que a Imocapital adquiriu na primeira fase – tomará a decisão que for mais conveniente oportunamente, ou seja mantém este dossier em aberto.
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Mónica Freilão, Carteira Profissional Nº 7562
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa. Portugal
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
A Imocapital, empresa controlada pela Sonae e pela espanhola Europac, cumpriu o prazo, que terminava hoje, para o licenciamento das fábricas de Viana do Castelo e Mourão, no âmbito da reprivatização da Gescartão, disse fonte oficial do Grupo Sonae à Agência Financeira.
“Já foram entregues todos os documentos necessário ao licenciamento” disse a mesma fonte. Caso o licenciamento não tivesse ocorrido até esta data, o Governo poderia executar “o penhor sobre 51% das acções da Gescartão, de forma imediata, e obter o controlo da companhia outra vez para o Estado, dispondo novamente dessas acções”, tinha afirmado o ministro da Economia, Carlos Tavares, ao Parlamento no passado dia 3 de Março .
Recorde-se que os investimentos a serem efectuados nas duas fábricas foram a solução encontrada pelo Governo para pôr fim ao contencioso que se arrastava entre o Estado e a Imocapital. Este Governo manteve as condições do concurso ao aprovar a reprivatização, mas alterou as contrapartidas que eram exigidas à Imocapital por ter vencido a privatização da Gescartão.
Assim, as obrigações alternativas previam para a fábrica de papel reciclado em Viana do Castelo, um montante de investimento no valor de 125 milhões de euros, a realizar no prazo de 24 meses após licenciamento, e 10 milhões de euros em investimento industrial que, no mínimo, absorvesse a totalidade dos recursos humanos disponíveis e libertados pela Portucel Recicla, a aplicar num dos concelhos de Mourão, Reguengos ou Portel, a realizar no prazo de 9 meses após licenciamento.
Por ter uma conclusão está ainda a 2ª fase de reprivatização da Gescartão, onde o Governo está a alienar os 35% remanescentes do capital através de uma Operação Pública de Venda (OPV), mas onde o atraso na operação ainda permite o exercício de uma opção de compra por parte da Imocapital.
Belmiro de Azevedo já afirmou que, estando dentro do prazo para exercer a sua opção de compra sobre as acções - ao mesmo preço que a Imocapital adquiriu na primeira fase – tomará a decisão que for mais conveniente oportunamente, ou seja mantém este dossier em aberto.
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Mónica Freilão, Carteira Profissional Nº 7562
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa. Portugal
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
BPP mantém negociações com Ahold para aquisição de posição na JMR
O Banco Privado Português (BPP) tem mantido negociações com a retalhista holandesa Ahold, no sentido de poder vir a adquirir a posição de 49% que esta detém na Jerónimo Martins Retalho (JMR), confirmou fonte do banco à Agência Financeira.
A aquisição “pode acontecer, temos estado a falar com eles”, disse a fonte, não acrescentando, no entanto, qualquer timing para que a operação de realize.
Apesar de se escusar a adiantar nomes de empresas que possam estar envolvidas no negócio, a mesma fonte referiu que “há vários players a nível internacional de peso. Os nacionais do sector não têm dimensão suficiente.”
Recorde-se que após ser conhecido o escândalo financeiro que atingiu a Ahold e que a obriga a um plano de reestruturação financeira, têm sido várias as notícias que dão conta de grupos interessados na participação que esta detém na JMR. No início de Março, o Semanário Económico adiantava que a Carrefour, a Auchan, a alemã Tengelmann e o BPP estavam interessados.
Notícias posteriores, da própria empresa, davam conta de que não havia qualquer intenção por parte da Ahold em abandonar o negócio em Portugal.
A reforçar esta ideia, o presidente do Grupo Jerónimo Martins, Soares dos Santos disse aos jornalistas que a Ahold tinha endereçado à JM uma carta em que dizia que não tinha recebido qualquer proposta de compra dos 49% na JMR. O mesmo responsável ressalvou ainda que “a Jerónimo Martins está atenta ao desenrolar dos acontecimentos mas a última palavra será sempre nossa”, uma vez que a JM, detentora dos restantes 51% da JMR, detém uma opção de compra sobre a posição da holandesa.
No entanto, ainda ontem a Ahold anunciou que quer abandonar os 429 supermercados que detém na Argentina, Brasil, Peru e Paraguai. Estas unidades foram responsáveis por receitas na ordem dos 2.340 milhões de euros no ano passado.
Actualmente o Banco Privado Português detém cerca de 16% do Grupo Jerónimo Martins, sendo o segundo maior accionista depois da família Soares dos Santos e dada a situação do mercado de capitais pode haver espaço para continuar a reforçar, disse ainda a mesma fonte do banco.
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Alda Martins, Carteira Profissional nº 7558
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa, Portugal.
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
O Banco Privado Português (BPP) tem mantido negociações com a retalhista holandesa Ahold, no sentido de poder vir a adquirir a posição de 49% que esta detém na Jerónimo Martins Retalho (JMR), confirmou fonte do banco à Agência Financeira.
A aquisição “pode acontecer, temos estado a falar com eles”, disse a fonte, não acrescentando, no entanto, qualquer timing para que a operação de realize.
Apesar de se escusar a adiantar nomes de empresas que possam estar envolvidas no negócio, a mesma fonte referiu que “há vários players a nível internacional de peso. Os nacionais do sector não têm dimensão suficiente.”
Recorde-se que após ser conhecido o escândalo financeiro que atingiu a Ahold e que a obriga a um plano de reestruturação financeira, têm sido várias as notícias que dão conta de grupos interessados na participação que esta detém na JMR. No início de Março, o Semanário Económico adiantava que a Carrefour, a Auchan, a alemã Tengelmann e o BPP estavam interessados.
Notícias posteriores, da própria empresa, davam conta de que não havia qualquer intenção por parte da Ahold em abandonar o negócio em Portugal.
A reforçar esta ideia, o presidente do Grupo Jerónimo Martins, Soares dos Santos disse aos jornalistas que a Ahold tinha endereçado à JM uma carta em que dizia que não tinha recebido qualquer proposta de compra dos 49% na JMR. O mesmo responsável ressalvou ainda que “a Jerónimo Martins está atenta ao desenrolar dos acontecimentos mas a última palavra será sempre nossa”, uma vez que a JM, detentora dos restantes 51% da JMR, detém uma opção de compra sobre a posição da holandesa.
No entanto, ainda ontem a Ahold anunciou que quer abandonar os 429 supermercados que detém na Argentina, Brasil, Peru e Paraguai. Estas unidades foram responsáveis por receitas na ordem dos 2.340 milhões de euros no ano passado.
Actualmente o Banco Privado Português detém cerca de 16% do Grupo Jerónimo Martins, sendo o segundo maior accionista depois da família Soares dos Santos e dada a situação do mercado de capitais pode haver espaço para continuar a reforçar, disse ainda a mesma fonte do banco.
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Alda Martins, Carteira Profissional nº 7558
Telefone.: (351) 213 713 400, Fax.: (351) 213 713 401.
Morada: Rua Castilho nº 39, 10º D, 1250-050 Lisboa, Portugal.
Copyright 2000-2002 - Agência de Notícias Financeiras, SA
Registo nº 321.910 no Instituto da Comunicação Social.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Forget about fundamentals
The market's been rallying past bad economic news on hopes for a bright future. It better be right.
April 5, 2003: 10:09 AM EST
By Justin Lahart, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Wall Street seems fixated on the idea that once Iraq is out of the way, all that ails the U.S. economy will fall by the wayside. Let's hope that's true, because if it isn't the market could be in for one heck of a drop.
Stocks have surged mightily in the 3-1/2 weeks since they hit their lows for the year, with the Dow Jones industrial average skipping more than 10 percent higher.
It's been all about the war, of course. First, there was that odd relief that came once everyone was sure war was going to happen -- one less uncertainty to deal with. Then there was the general sense, peppered with a few periods of doubt, that the war has been going swimmingly well.
But during that same period the news away from the war has been just dismal. Economic report after economic report has come in below expectations. It now appears that after starting the year on good footing, the economy may actually have contracted in February and March. If the economy doesn't stop its swoon within the next few months, instead of wondering if there will be a recession, we'll be wondering how long the recession is going to last.
Economy and Markets
108,000 jobs lost
Friday's market wrap
Retailers seek excuses
"The economy hit a brick wall in February and March," said Deutsche Bank chief U.S. economist Cary Leahey. "The risk of a recession is higher now than I thought it would have been six months ago. It's higher now than I thought it would have been six weeks ago."
News on the corporate front hasn't been good, either, with companies warning left and right that their results won't meet expectations in the upcoming earnings season. And there are bound to be more warnings in the coming week, as companies run through their numbers for the first quarter. (Click here for a line-up of the week's key events.)
Typically the ratio of companies saying they'll miss estimates to those that say they'll meet or exceed expectations is 2.3 to one, notes Ehrenkrantz King Nussbaum chief investment officer Joe Kalinowski.
This quarter, it's running at 2.9 to 1 -- the highest since the third quarter of 2001, when the Sept. 11 terror attacks damaged businesses badly. This suggests that when earnings season kicks off in another week or so, it will be rife with companies telling investors not to expect much from the just-started second quarter.
But given recent market action, Kalinowski thinks investors may be in a forgiving mood. "It's really easy for a company to come up with an excuse," he said. "The culprits are going to be war with Iraq, the CNN effect, weather and, now, SARS."
The implication will be that, once all the dust settles, we'll be back on the road to prosperity. Judging from market action, that's an implication that investors are eager to buy.
"This has been the strongest rally we've had since the bear market started," said Lowry Reports technical analyst Richard Dickson. "There continues to be good demand for stocks. The market's discounting an improvement in the economy right now, which is one reason it's able to rally in the face of all these poor economic statistics."
To gauge a rally's strength Dickson compares the volume of shares that finish higher on a given day to the volume of shares that end lower. When that ratio goes through 90 percent, as it did on March 17, when the Dow climbed 282 points, it's a sign that selling has been washed out of the market. It makes Dickson think the Dow could easily clear 9,000 again -- another 750 points up.
Kalinowski, too, thinks that stocks could continue to run higher, particularly on the resolution of war. But he worries there will come a point where, from some higher perch, investors rub their eyes and don't like what they see.
"There will come a day again where people are going to look at earnings numbers and attempt to value companies fundamentally," he said. "When that time comes, I don't know if the numbers are going to stack up."
Key events in the week ahead
February wholesale inventories, due out Tuesday morning, are expected to come in flat, against a 0.1 percent decline in January, according to economists surveyed by Briefing.com. Companies, worrying over the future, have been keeping inventories trim.
Yahoo! (YHOO: Research, Estimates), whose share have been flying lately, reports first-quarter results Wednesday. Analysts polled by Multex forecast earnings of 6 cents a share, versus last year's 2 cents.
The February trade balance, set to come out Thursday morning, is forecast to show a deficit of $42.4 billion for February versus January's $41.1 billion. The bigger the deficit, the more it cuts into gross domestic product.
Friday morning the Labor Department will release the key read on inflation at the wholesale level, the producer price index, for March. Economists expect that it rose 0.4 percent for the month, compared to 1 percent in February. That gain is all about rising energy prices -- the core PPI, which excludes food and energy, is expected to come in flat.
After a big downdraft in February, economists think retail sales stabilized in March. Overall sales are expected to rise by 0.2 percent versus February's 1.6 percent drop. Exclude autos, and they're expected to rise 0.3 percent, when they come out Friday.
General Electric (GE: Research, Estimates) reports results Friday morning. Some key divisions at the company have been hurt badly over the past year -- like jet engines, where sales have been damaged by trouble in the airline sector. Analysts expect the company earned 32 cents a share in the first quarter versus last year's 35 cents.
The University of Michigan's first sounding on consumer sentiment index for April is expected to come in at 77.6, even with its final March reading.
--*Disclaimer
The market's been rallying past bad economic news on hopes for a bright future. It better be right.
April 5, 2003: 10:09 AM EST
By Justin Lahart, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Wall Street seems fixated on the idea that once Iraq is out of the way, all that ails the U.S. economy will fall by the wayside. Let's hope that's true, because if it isn't the market could be in for one heck of a drop.
Stocks have surged mightily in the 3-1/2 weeks since they hit their lows for the year, with the Dow Jones industrial average skipping more than 10 percent higher.
It's been all about the war, of course. First, there was that odd relief that came once everyone was sure war was going to happen -- one less uncertainty to deal with. Then there was the general sense, peppered with a few periods of doubt, that the war has been going swimmingly well.
But during that same period the news away from the war has been just dismal. Economic report after economic report has come in below expectations. It now appears that after starting the year on good footing, the economy may actually have contracted in February and March. If the economy doesn't stop its swoon within the next few months, instead of wondering if there will be a recession, we'll be wondering how long the recession is going to last.
Economy and Markets
108,000 jobs lost
Friday's market wrap
Retailers seek excuses
"The economy hit a brick wall in February and March," said Deutsche Bank chief U.S. economist Cary Leahey. "The risk of a recession is higher now than I thought it would have been six months ago. It's higher now than I thought it would have been six weeks ago."
News on the corporate front hasn't been good, either, with companies warning left and right that their results won't meet expectations in the upcoming earnings season. And there are bound to be more warnings in the coming week, as companies run through their numbers for the first quarter. (Click here for a line-up of the week's key events.)
Typically the ratio of companies saying they'll miss estimates to those that say they'll meet or exceed expectations is 2.3 to one, notes Ehrenkrantz King Nussbaum chief investment officer Joe Kalinowski.
This quarter, it's running at 2.9 to 1 -- the highest since the third quarter of 2001, when the Sept. 11 terror attacks damaged businesses badly. This suggests that when earnings season kicks off in another week or so, it will be rife with companies telling investors not to expect much from the just-started second quarter.
But given recent market action, Kalinowski thinks investors may be in a forgiving mood. "It's really easy for a company to come up with an excuse," he said. "The culprits are going to be war with Iraq, the CNN effect, weather and, now, SARS."
The implication will be that, once all the dust settles, we'll be back on the road to prosperity. Judging from market action, that's an implication that investors are eager to buy.
"This has been the strongest rally we've had since the bear market started," said Lowry Reports technical analyst Richard Dickson. "There continues to be good demand for stocks. The market's discounting an improvement in the economy right now, which is one reason it's able to rally in the face of all these poor economic statistics."
To gauge a rally's strength Dickson compares the volume of shares that finish higher on a given day to the volume of shares that end lower. When that ratio goes through 90 percent, as it did on March 17, when the Dow climbed 282 points, it's a sign that selling has been washed out of the market. It makes Dickson think the Dow could easily clear 9,000 again -- another 750 points up.
Kalinowski, too, thinks that stocks could continue to run higher, particularly on the resolution of war. But he worries there will come a point where, from some higher perch, investors rub their eyes and don't like what they see.
"There will come a day again where people are going to look at earnings numbers and attempt to value companies fundamentally," he said. "When that time comes, I don't know if the numbers are going to stack up."
Key events in the week ahead
February wholesale inventories, due out Tuesday morning, are expected to come in flat, against a 0.1 percent decline in January, according to economists surveyed by Briefing.com. Companies, worrying over the future, have been keeping inventories trim.
Yahoo! (YHOO: Research, Estimates), whose share have been flying lately, reports first-quarter results Wednesday. Analysts polled by Multex forecast earnings of 6 cents a share, versus last year's 2 cents.
The February trade balance, set to come out Thursday morning, is forecast to show a deficit of $42.4 billion for February versus January's $41.1 billion. The bigger the deficit, the more it cuts into gross domestic product.
Friday morning the Labor Department will release the key read on inflation at the wholesale level, the producer price index, for March. Economists expect that it rose 0.4 percent for the month, compared to 1 percent in February. That gain is all about rising energy prices -- the core PPI, which excludes food and energy, is expected to come in flat.
After a big downdraft in February, economists think retail sales stabilized in March. Overall sales are expected to rise by 0.2 percent versus February's 1.6 percent drop. Exclude autos, and they're expected to rise 0.3 percent, when they come out Friday.
General Electric (GE: Research, Estimates) reports results Friday morning. Some key divisions at the company have been hurt badly over the past year -- like jet engines, where sales have been damaged by trouble in the airline sector. Analysts expect the company earned 32 cents a share in the first quarter versus last year's 35 cents.
The University of Michigan's first sounding on consumer sentiment index for April is expected to come in at 77.6, even with its final March reading.
--*Disclaimer
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- Registado: 5/11/2002 11:30
- Localização: 4
DJ Iraq Min Claims Iraqi Forces Have Retaken Baghdad Airport
NEW YORK (Dow Jones)--Iraqi Information Minister Muhammed Saeed Sahaf said
Saturday that Iraqi forces have "crushed" the U.S. forces at Baghdad's airport
and were only "cleaning up" the remnants of coalition troops.
Appearing on Iraqi TV, Sahaf said Iraqi troops now controlled the airport
after using "martyrdom operations," a phrase usually to describe suicide
attacks.
Sahaf's comments came after spokesmen for the U.S.-led coalition said the
airport remained under coalition control, with troops only encountering sporadic
gunfire.
However, Sahaf promised to take reporters to an Iraqi-controlled airport in an
hour or so.
His comments also came after both embedded reporters and coalition spokesmen
said U.S. troops entered Baghdad and were moving toward the city's center -
facing some opposition.
Sahaf dismissed reports of a coalition incursion into Baghdad as
disinformation. He said the reports were aimed at drawing Iraqi forces from the
fighting at the airport.
One U.S. military spokesman - Capt. Frank Thorp in Doha, Qatar - reacted to
the information minister's claims by saying "This is a desperate regime. They're
on their last legs and are spouting out quite a few mistruths.
-By Paul Rekoff, Dow Jones Newswires; 201-938-4378; hbsglobaldesk@dowjones.com
(END) Dow Jones Newswires
05-04-03 1025GMT(AP-DJ-04-05-03 1025GMT)
Apr-05-2003 10:25 GMT
Source DJBK Dow Jones Bankers Wire
Categories:
G/DEF G/USG N/BKG N/CMDI N/DJG7 N/DJI N/DJIV N/DJMO N/DOI N/ECR N/EWR
N/FXW N/IPR N/WER N/DJWI N/GEN N/MLT N/NJR N/NWS N/UKMR M/NND R/IZ R/ML
R/NME R/US MST/G/DEF MST/G/EXE MST/B/BRK MST/R/IQ MST/R/MID MST/R/NME
MST/R/US
NEW YORK (Dow Jones)--Iraqi Information Minister Muhammed Saeed Sahaf said
Saturday that Iraqi forces have "crushed" the U.S. forces at Baghdad's airport
and were only "cleaning up" the remnants of coalition troops.
Appearing on Iraqi TV, Sahaf said Iraqi troops now controlled the airport
after using "martyrdom operations," a phrase usually to describe suicide
attacks.
Sahaf's comments came after spokesmen for the U.S.-led coalition said the
airport remained under coalition control, with troops only encountering sporadic
gunfire.
However, Sahaf promised to take reporters to an Iraqi-controlled airport in an
hour or so.
His comments also came after both embedded reporters and coalition spokesmen
said U.S. troops entered Baghdad and were moving toward the city's center -
facing some opposition.
Sahaf dismissed reports of a coalition incursion into Baghdad as
disinformation. He said the reports were aimed at drawing Iraqi forces from the
fighting at the airport.
One U.S. military spokesman - Capt. Frank Thorp in Doha, Qatar - reacted to
the information minister's claims by saying "This is a desperate regime. They're
on their last legs and are spouting out quite a few mistruths.
-By Paul Rekoff, Dow Jones Newswires; 201-938-4378; hbsglobaldesk@dowjones.com
(END) Dow Jones Newswires
05-04-03 1025GMT(AP-DJ-04-05-03 1025GMT)
Apr-05-2003 10:25 GMT
Source DJBK Dow Jones Bankers Wire
Categories:
G/DEF G/USG N/BKG N/CMDI N/DJG7 N/DJI N/DJIV N/DJMO N/DOI N/ECR N/EWR
N/FXW N/IPR N/WER N/DJWI N/GEN N/MLT N/NJR N/NWS N/UKMR M/NND R/IZ R/ML
R/NME R/US MST/G/DEF MST/G/EXE MST/B/BRK MST/R/IQ MST/R/MID MST/R/NME
MST/R/US
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
VOULIAGMENI, Greece (Dow Jones)--European Central Bank President Wim
Duisenberg will stay on his position indefinitely beyond his scheduled July 9
departure, European Union officials said Saturday.
"No time frame is going to be set," said one official.
All 15 ministers agreed that keeping Duisenberg on was the best way to
reassure markets. They were meeting in a luxury hotel overlooking the
Mediterranean outside of Athens. The question of ECB leadership is being
discussed at lunch and Duisenberg is planned to give a press conference at about
1500 GMT (10 a.m. EST).
The extension is designed to allow his successor Jean-Claude Trichet to
extract himself from a French banking scandal.
The one controversial question was just how long he would remain. Irish
Finance Minister Charles McCreevy said he thought until just September or
October, but others were suggesting until the end of the year. In the end, the
ministers look ready to let Duisenberg stay as long as needed for France to come
up with a replacement. Much now depends on the fate of designated successor,
Bank of France Governor Jean-Claude Trichet. Trichet faces charges of reporting
inexact accounts at French bank Credit Lyonnais. A judgment is due June 18.
That's too late to gather the unanimous approval needed from E.U. governments to
formalize Trichet's appointment.
Trichet has denied any wrongdoing regarding Credit Lyonnais and a six-week
trial earlier this year didn't seem to provide conclusive evidence of
wrongdoing. However, prosecutors were pushing their case for a suspended prison
sentence.
The extension of Duisenberg's term will give France time to find an
alternative to Trichet if he is found guilty.
Two names consistently come up - Christian Noyer, former vice president of the
European Central Bank, and Jean Lemierre, president of the European Bank for
Reconstruction and Development.
Some finance ministers had wanted heads of state to deal with the issue at a
recent summit in Brussels. But it didn't make the summit's formal agenda, as
proceedings were overshadowed by the outbreak of the war in Iraq.
Duisenberg was appointed the ECB's first governor in 1998 at an E.U. summit.
By threatening to veto the appointment, French President Jacques Chirac forced
him into a pledge to hand the job to Trichet before the end of the governor's
eight-year tenure.
Duisenberg has told E.U. officials he is willing to stay past his July 9
retirement date to ensure a smooth transition, but how long that might be "is
completely uncertain."
"As long as the transition is smooth, I and the (ECB) governing council will
be very, very satisfied," he said Thursday.
Separately, finance ministers looked set to appoint Austrian central bank
deputy governor Gertrude Tumpel-Gugerell to one of the top six seats at the ECB.
She replaces Finnish representative Sirkka Hamalainen who retires at the end of
May.
Tumpel-Gugerell is considered an orthodox monetarist who won't shake up the
ECB's generally conservative stance to cutting interest rates. She is one of the
few women in top posts in European central banking and Austria so far has not
been represented on the ECB's executive board.
The only opposition comes from the Belgian economist, Paul de Grauwe. But he
was rejected because of his frequent criticism of the bank's policy.
-By William Echikson, Dow Jones Newswires; 32 4 7566 9736;
william.echikson@dowjones.com
(END) Dow Jones Newswires
05-04-03 1009GMT(AP-DJ-04-05-03 1009GMT)
Duisenberg will stay on his position indefinitely beyond his scheduled July 9
departure, European Union officials said Saturday.
"No time frame is going to be set," said one official.
All 15 ministers agreed that keeping Duisenberg on was the best way to
reassure markets. They were meeting in a luxury hotel overlooking the
Mediterranean outside of Athens. The question of ECB leadership is being
discussed at lunch and Duisenberg is planned to give a press conference at about
1500 GMT (10 a.m. EST).
The extension is designed to allow his successor Jean-Claude Trichet to
extract himself from a French banking scandal.
The one controversial question was just how long he would remain. Irish
Finance Minister Charles McCreevy said he thought until just September or
October, but others were suggesting until the end of the year. In the end, the
ministers look ready to let Duisenberg stay as long as needed for France to come
up with a replacement. Much now depends on the fate of designated successor,
Bank of France Governor Jean-Claude Trichet. Trichet faces charges of reporting
inexact accounts at French bank Credit Lyonnais. A judgment is due June 18.
That's too late to gather the unanimous approval needed from E.U. governments to
formalize Trichet's appointment.
Trichet has denied any wrongdoing regarding Credit Lyonnais and a six-week
trial earlier this year didn't seem to provide conclusive evidence of
wrongdoing. However, prosecutors were pushing their case for a suspended prison
sentence.
The extension of Duisenberg's term will give France time to find an
alternative to Trichet if he is found guilty.
Two names consistently come up - Christian Noyer, former vice president of the
European Central Bank, and Jean Lemierre, president of the European Bank for
Reconstruction and Development.
Some finance ministers had wanted heads of state to deal with the issue at a
recent summit in Brussels. But it didn't make the summit's formal agenda, as
proceedings were overshadowed by the outbreak of the war in Iraq.
Duisenberg was appointed the ECB's first governor in 1998 at an E.U. summit.
By threatening to veto the appointment, French President Jacques Chirac forced
him into a pledge to hand the job to Trichet before the end of the governor's
eight-year tenure.
Duisenberg has told E.U. officials he is willing to stay past his July 9
retirement date to ensure a smooth transition, but how long that might be "is
completely uncertain."
"As long as the transition is smooth, I and the (ECB) governing council will
be very, very satisfied," he said Thursday.
Separately, finance ministers looked set to appoint Austrian central bank
deputy governor Gertrude Tumpel-Gugerell to one of the top six seats at the ECB.
She replaces Finnish representative Sirkka Hamalainen who retires at the end of
May.
Tumpel-Gugerell is considered an orthodox monetarist who won't shake up the
ECB's generally conservative stance to cutting interest rates. She is one of the
few women in top posts in European central banking and Austria so far has not
been represented on the ECB's executive board.
The only opposition comes from the Belgian economist, Paul de Grauwe. But he
was rejected because of his frequent criticism of the bank's policy.
-By William Echikson, Dow Jones Newswires; 32 4 7566 9736;
william.echikson@dowjones.com
(END) Dow Jones Newswires
05-04-03 1009GMT(AP-DJ-04-05-03 1009GMT)
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
PT aguarda retoma económica para apostar em novos investimentos
Sexta, 4 Abr 2003 20:40
O presidente executivo da Portugal Telecom, Miguel Horta e Costa, concordo com o ex-líder da operadora, Murteira Nabo, de que a empresa deverá apostar na expansão em novos mercados quando a conjuntura económica melhorar, mas agora o controlo de custos e progressão das margens é o objectivo.
À saída da assembleia geral de accionistas da PT que elegeu os novos órgãos sociais para o triénio 2003 a 2005, Miguel Horta e Costa afirmou que «é evidente que aquilo que Murteira Nabo disse é partilhado por todos, mas agora vamos apostar na performance, na melhoria de margens e no controlo de custos».
O ex-líder da PT que deixou hoje o seu cargo na presidência do conselho de administração para Ernâni Lopes avançou, numa entrevista recente ao «Diário de Notícias», que a PT deveria apostar em novos mercados, como o chinês, além do reforço de posição nos mercados angola e moçambicano.
Todavia, o presidente executivo da operadora não descarta novos investimentos. «Esta casa não pode deixar de fazer investimentos, mas vamos faze-los com maior rigor e grande critério, tendo como referência a diferença do EBITDA-Capex».
A PT estima investir um valor inferior a 800 milhões de euros este ano.
As acções da PT encerraram nos 6,72 euros a subir 2,75%.
por Bárbara Leite
Sexta, 4 Abr 2003 20:40
O presidente executivo da Portugal Telecom, Miguel Horta e Costa, concordo com o ex-líder da operadora, Murteira Nabo, de que a empresa deverá apostar na expansão em novos mercados quando a conjuntura económica melhorar, mas agora o controlo de custos e progressão das margens é o objectivo.
À saída da assembleia geral de accionistas da PT que elegeu os novos órgãos sociais para o triénio 2003 a 2005, Miguel Horta e Costa afirmou que «é evidente que aquilo que Murteira Nabo disse é partilhado por todos, mas agora vamos apostar na performance, na melhoria de margens e no controlo de custos».
O ex-líder da PT que deixou hoje o seu cargo na presidência do conselho de administração para Ernâni Lopes avançou, numa entrevista recente ao «Diário de Notícias», que a PT deveria apostar em novos mercados, como o chinês, além do reforço de posição nos mercados angola e moçambicano.
Todavia, o presidente executivo da operadora não descarta novos investimentos. «Esta casa não pode deixar de fazer investimentos, mas vamos faze-los com maior rigor e grande critério, tendo como referência a diferença do EBITDA-Capex».
A PT estima investir um valor inferior a 800 milhões de euros este ano.
As acções da PT encerraram nos 6,72 euros a subir 2,75%.
por Bárbara Leite
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Ibéria aprova plano de opções sobre acções
4-4-2003 20:24
O Conselho de Administração da Ibéria aprovou hoje um plano de opções sobre acções, com prazo de cinco anos, avaliado em 29,5 milhões de euros ou dois por cento do capital social.
O plano destina-se a todos os membros do conselho de administração, bem como a 436 trabalhadores que ocupam cargos de estrutura ou de responsabilidade da companhia aérea espanhola. O preço de exercício será de 1,62 euros por acção.
BolsaPt.com
4-4-2003 20:24
O Conselho de Administração da Ibéria aprovou hoje um plano de opções sobre acções, com prazo de cinco anos, avaliado em 29,5 milhões de euros ou dois por cento do capital social.
O plano destina-se a todos os membros do conselho de administração, bem como a 436 trabalhadores que ocupam cargos de estrutura ou de responsabilidade da companhia aérea espanhola. O preço de exercício será de 1,62 euros por acção.
BolsaPt.com
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Noticias de Fim de Semana 5 e 6 de Abril de 2003
Nova Iorque fecha dividida
4-4-2003 22:23
Nova Iorque encerrou a sessão de sexta-feira mista, dividida entre o avanço das tropas aliadas no Iraque e os profit warnings de empresas como a PeopleSoft.
O Dow Jones ganhou 0,45 por cento para 8.277,15 pontos, o Nasdaq Composite desceu 0,94 por cento para 1.383,49 pontos e o S&P 500 avançou 0,27 por cento para 878,85 pontos.
Uma aparição da Saddam Hussein na televisão deixou apreensivos os investidores, já que é a primeira prova de que sobreviveu aos ataques de há duas semanas atrás.
As forças da coligação tomaram o aeroporto internacional junto a Bagdad, na sua maior conquista de guerra, mas o Iraque ameaçou enveredar por uma guerra não convencional.
A PeopleSoft perdeu quase 13 por cento, após ter avisado que os lucros e as receitas do primeiro trimestre vão desiludir os analistas, devido ao impacto da guerra.
BolsaPt.com
4-4-2003 22:23
Nova Iorque encerrou a sessão de sexta-feira mista, dividida entre o avanço das tropas aliadas no Iraque e os profit warnings de empresas como a PeopleSoft.
O Dow Jones ganhou 0,45 por cento para 8.277,15 pontos, o Nasdaq Composite desceu 0,94 por cento para 1.383,49 pontos e o S&P 500 avançou 0,27 por cento para 878,85 pontos.
Uma aparição da Saddam Hussein na televisão deixou apreensivos os investidores, já que é a primeira prova de que sobreviveu aos ataques de há duas semanas atrás.
As forças da coligação tomaram o aeroporto internacional junto a Bagdad, na sua maior conquista de guerra, mas o Iraque ameaçou enveredar por uma guerra não convencional.
A PeopleSoft perdeu quase 13 por cento, após ter avisado que os lucros e as receitas do primeiro trimestre vão desiludir os analistas, devido ao impacto da guerra.
BolsaPt.com
Editado pela última vez por TRSM em 7/4/2003 8:04, num total de 1 vez.
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