Notícias de Fim de Semana dias 14 e 15 de Junho de 2003
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Chet Currier is a Bloomberg News columnist. His opinions are his own.
The Bear Market is Dead -- Long Live the New Bull: Chet Currier
June 13 (Bloomberg) -- It's time to recognize the revitalized action in U.S. stocks for what it is fast becoming -- a new bull market.
Plenty of skeptics will say I am jumping the gun. At a price- earnings ratio of 32 to 1 for the Standard & Poor's 500 Index, the market looks too overvalued to be starting a sustainable recovery.
The problems that led to the slide of the past three years are a long way from solved, including the threat of economic deflation depressing prices, profits and jobs.
Well, since when did markets wait for a turn of events to be confirmed by hard evidence before taking it into account? If what we see now can't yet be officially stamped a new bull market, it will serve until the real thing comes along.
From its low on Oct. 9 through yesterday, the Wilshire 5000 Index of all actively traded stocks based in this country climbed 2,210 points, or 30 percent. If we use the index as a gauge of market value, $2.21 trillion was added to the wealth of stock investors.
True, that's only a fraction of the $7.41 trillion erased from investors' net worth between March 2000 and October 2002. In percentage terms, though, it matches up with the index's 31.6 percent gain in the first eight months of the recovery from the last bear market, in 1990.
After the Fall
Over an eight-month span after the market bottom following the Crash of 1987, the popular averages posted gains of between 20 percent and 25 percent.
When we say a new bull market is dawning, does that mean that stocks will encounter nothing but clear sailing ahead? Of course not. Each bull market takes a different form in both length and strength.
To find a precedent of a relatively short-lived bull that gave way to renewed troubles, we need look no further back than the early 1970s. Coming out of a 30 percent decline between December 1968 and May 1970, the S&P 500 rose 80 percent into early 1973, according to my Bloomberg.
Then it plunged anew by more than 40 percent over the next 22 months. The 1973-74 bear market took the market lower than it had been at any point in 1969 or 1970.
Leading Edge
Defining bear and bull markets has limited predictive value, at best. So why bother? For one thing, stocks are a sensitive, if imprecise, barometer of conditions in the broader economy.
The market's recent behavior can be interpreted as evidence that the dislocations caused by the Internet boom and bust are starting to correct themselves.
The median forecast of economists surveyed by Bloomberg News looks for economic growth in this country to step up from 2 percent in the soon-to-be-concluded second quarter to 3.2 percent in the third quarter; 3.5 percent in the fourth quarter and the first quarter of 2004, and 3.7 percent by next year at this time. If the forecasts err, maybe it is on the cautious side.
Too pollyannish for you? Stocks' recent gains can also be viewed more warily as a sign of new speculative energy building up in the market - enormous amounts of ``liquidity'' looking for a place to go.
Flow with the Go
``Over the last few months or so, the Federal Reserve has been communicating loud and clear with the markets,'' says Greg Jensen, an analyst at Bridgewater Associates in Wilton, Connecticut. ``The Fed wants long rates down. Bond yields have continued to fall in the face of seemingly improving economic and market conditions.''
The intent, by all accounts, is to prevent a serious spell of deflation -- and a worthy purpose that is. In the pursuit of that objective, it isn't very hard to imagine the Fed's stimulative policy encouraging renewed inflation in stock prices.
During the stock bear market, we have seen impressive, even scary, money flows into some types of real estate and bonds, including a rush of money since last winter into junk-bond mutual funds.
Though short-term interest rates have been cut to near- negligible levels, $2.18 trillion still sits in money-market mutual funds, $1 trillion of that in retail funds held by individual savers and investors.
If it didn't take strong growth conditions to pump up real estate and the junk-bond markets, the stock market could be next. Even a moderate recovery in economic activity might be all that is needed to put a new jolt in stocks.
Last Updated: June 13, 2003 00:20 EDT
The Bear Market is Dead -- Long Live the New Bull: Chet Currier
June 13 (Bloomberg) -- It's time to recognize the revitalized action in U.S. stocks for what it is fast becoming -- a new bull market.
Plenty of skeptics will say I am jumping the gun. At a price- earnings ratio of 32 to 1 for the Standard & Poor's 500 Index, the market looks too overvalued to be starting a sustainable recovery.
The problems that led to the slide of the past three years are a long way from solved, including the threat of economic deflation depressing prices, profits and jobs.
Well, since when did markets wait for a turn of events to be confirmed by hard evidence before taking it into account? If what we see now can't yet be officially stamped a new bull market, it will serve until the real thing comes along.
From its low on Oct. 9 through yesterday, the Wilshire 5000 Index of all actively traded stocks based in this country climbed 2,210 points, or 30 percent. If we use the index as a gauge of market value, $2.21 trillion was added to the wealth of stock investors.
True, that's only a fraction of the $7.41 trillion erased from investors' net worth between March 2000 and October 2002. In percentage terms, though, it matches up with the index's 31.6 percent gain in the first eight months of the recovery from the last bear market, in 1990.
After the Fall
Over an eight-month span after the market bottom following the Crash of 1987, the popular averages posted gains of between 20 percent and 25 percent.
When we say a new bull market is dawning, does that mean that stocks will encounter nothing but clear sailing ahead? Of course not. Each bull market takes a different form in both length and strength.
To find a precedent of a relatively short-lived bull that gave way to renewed troubles, we need look no further back than the early 1970s. Coming out of a 30 percent decline between December 1968 and May 1970, the S&P 500 rose 80 percent into early 1973, according to my Bloomberg.
Then it plunged anew by more than 40 percent over the next 22 months. The 1973-74 bear market took the market lower than it had been at any point in 1969 or 1970.
Leading Edge
Defining bear and bull markets has limited predictive value, at best. So why bother? For one thing, stocks are a sensitive, if imprecise, barometer of conditions in the broader economy.
The market's recent behavior can be interpreted as evidence that the dislocations caused by the Internet boom and bust are starting to correct themselves.
The median forecast of economists surveyed by Bloomberg News looks for economic growth in this country to step up from 2 percent in the soon-to-be-concluded second quarter to 3.2 percent in the third quarter; 3.5 percent in the fourth quarter and the first quarter of 2004, and 3.7 percent by next year at this time. If the forecasts err, maybe it is on the cautious side.
Too pollyannish for you? Stocks' recent gains can also be viewed more warily as a sign of new speculative energy building up in the market - enormous amounts of ``liquidity'' looking for a place to go.
Flow with the Go
``Over the last few months or so, the Federal Reserve has been communicating loud and clear with the markets,'' says Greg Jensen, an analyst at Bridgewater Associates in Wilton, Connecticut. ``The Fed wants long rates down. Bond yields have continued to fall in the face of seemingly improving economic and market conditions.''
The intent, by all accounts, is to prevent a serious spell of deflation -- and a worthy purpose that is. In the pursuit of that objective, it isn't very hard to imagine the Fed's stimulative policy encouraging renewed inflation in stock prices.
During the stock bear market, we have seen impressive, even scary, money flows into some types of real estate and bonds, including a rush of money since last winter into junk-bond mutual funds.
Though short-term interest rates have been cut to near- negligible levels, $2.18 trillion still sits in money-market mutual funds, $1 trillion of that in retail funds held by individual savers and investors.
If it didn't take strong growth conditions to pump up real estate and the junk-bond markets, the stock market could be next. Even a moderate recovery in economic activity might be all that is needed to put a new jolt in stocks.
Last Updated: June 13, 2003 00:20 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Surge in Japan's Trading May Extend Rally: Asian Stocks Outlook
June 15 (Bloomberg) -- Japanese stock trading has surged this month to levels not seen since prices peaked more than 13 years ago. The jump in buying and selling suggests the market has room to extend a six-week rally, some investors said.
On the Tokyo Stock Exchange's first section, home to Japan's biggest companies, an average of 1.45 billion shares has changed hands daily in June. The figure is 60 percent higher than the average for the first five months of this year.
More than 1.98 billion traded Friday as the exchange had its busiest day since February 1989, 10 months before the Nikkei 225 Stock Average last reached a record high. After losing more than four-fifths of its value, the benchmark has climbed 17 percent since April 28.
``Money managers from U.S. and Europe have been more eager to increase their stake in Japan,'' said Masanao Yoshitake, a senior fund manager who helps handle the equivalent of $2.5 billion at Meiji Dresdner Asset Management Co. ``Investors are getting more bullish.'' He recently bought more shares of computer-related companies, such as Sony Corp.
Japan isn't the only Asian market where trading has become heavier in June. Markets in Taiwan, Singapore and Indonesia have had increases in average daily trading of at least 30 percent.
In Malaysia, Wednesday and Thursday were the most active days since April 2002. More than 1.75 billion shares traded during the two days. Trading in Hong Kong has risen about 10 percent this month from May and by a third from April.
Overseas Buying
Friday's surge in trading ended the fourth straight week of gains for Japanese benchmarks. The Nikkei gained 2.2 percent for the week, and the Topix index rose 1.3 percent.
Demand from outside Japan has contributed to the increase in trading. Overseas investors bought 487.1 billion yen more of stock than they sold in the five days ended June 6, the eighth straight week they were net buyers of Japanese shares, the Tokyo exchange said. The total was the highest since March 2002.
Shares of some of the nation's biggest companies, such as Toyota Motor Corp. and Kyocera Corp., benefited from the jump in demand.
Toyota, Japan's second-largest company by market value after NTT DoCoMo Inc., has gained 21 percent since April 28. Kyocera, which accounts for more of the Nikkei's value than any other company, has advanced 25 percent.
Brokerages have been the Topix's biggest gainers as a group during the last six weeks, with a 38 percent rise. They stand to benefit from higher fees and commissions as trading increases.
Nikko Cordial Corp., Japan's third-largest brokerage, has soared 52 percent. Daiwa Securities Group Inc., the second- biggest, has jumped 45 percent. Nomura Holdings Inc., the No. 1 broker, has added 26 percent.
Central Bank Help
Elsewhere in Asia, stocks have also gained amid optimism that central banks in the U.S. and Europe will cut interest rates. Some investors said they expect busier days ahead.
``There's a lot more money to be had from Europe and North America'' because of lower interest rates globally, said Stewart Aldcroft, who manages the equivalent of $400 million at Investec Asset Management Ltd. in Hong Kong. ``There's a great deal of hope some sort of rally could occur in the second half.''
Average daily trading on the Taiwan Stock Exchange for the past two weeks was 4.63 billion shares, 91 percent higher than the figure for all of May.
Singapore trading averaged 1.23 billion shares, 35 percent higher. Trading in shares of Chartered Semiconductor Manufacturing Ltd., the world's fourth-largest producer of made-to-order chips, was 81 percent higher last week than the daily average for the past three months.
In Indonesia, the number of shares changing hands has also surpassed the billion-share level. This month's average on the Jakarta Stock Exchange is 1.07 billion shares, a 76 percent increase from the May figure.
Malaysia
The European Central Bank cut its benchmark interest rate earlier this month to 2 percent, the lowest in more than half a century for the dozen countries sharing the euro. Some investors said the U.S. Federal Reserve may move to lower rates on June 25, when policymakers hold their next meeting.
``Global equity strength in the most recent two weeks has been largely engineered by the world's central banks,'' Thierry Wizman, global emerging market equity strategist at Bear Stearns & Co. in New York said in a note to clients dated June 6.
Malaysian trading increased as the government of Prime Minister Mahathir Mohamad passed a 7.3 billion ringgit ($1.9 billion) economic plan to bolster consumer spending. Last week's average daily trading in Renong Bhd., a real estate, banking and transport company that was once Malaysia's biggest industrial group, was almost four times as high as a month ago.
``There is upside to this market,'' said Lim Soo Hai, who helps manage the equivalent of $200 million at Daiwa SB Investments Ltd. in Singapore.
The Kuala Lumpur Composite Index has climbed 8.4 percent in the past four weeks. In Hong Kong, the Hang Seng Index has risen 17 percent since April 25.
Trading Value
Some investors aren't convinced that increased trading is a sign of higher share prices to come. In Japan, the value of stock traded has risen less than the number of shares changing hands, and there is skepticism that stocks can rise further without a greater increase.
This month, an average of 861 billion yen has changed hands daily. That's about the same level as March 2002, when the Nikkei was near 12,000. The benchmark closed Friday at 8980.64.
``There's little chance of a well-supported rebound without significant jump in the trading value, which we've yet to see,'' said Takaaki Yoda, who helps manage the equivalent of about $850 million in Asian equities as chief investment officer at APS Asset Management (Japan) Co.
Further gains are also unlikely because the Japanese economy isn't showing signs of improving, Yoda said. A government report on Wednesday showed that the world's second-largest economy grew 0.1 percent in the first quarter as exports fell and companies slowed investment.
Last Updated: June 14, 2003 20:48 EDT
June 15 (Bloomberg) -- Japanese stock trading has surged this month to levels not seen since prices peaked more than 13 years ago. The jump in buying and selling suggests the market has room to extend a six-week rally, some investors said.
On the Tokyo Stock Exchange's first section, home to Japan's biggest companies, an average of 1.45 billion shares has changed hands daily in June. The figure is 60 percent higher than the average for the first five months of this year.
More than 1.98 billion traded Friday as the exchange had its busiest day since February 1989, 10 months before the Nikkei 225 Stock Average last reached a record high. After losing more than four-fifths of its value, the benchmark has climbed 17 percent since April 28.
``Money managers from U.S. and Europe have been more eager to increase their stake in Japan,'' said Masanao Yoshitake, a senior fund manager who helps handle the equivalent of $2.5 billion at Meiji Dresdner Asset Management Co. ``Investors are getting more bullish.'' He recently bought more shares of computer-related companies, such as Sony Corp.
Japan isn't the only Asian market where trading has become heavier in June. Markets in Taiwan, Singapore and Indonesia have had increases in average daily trading of at least 30 percent.
In Malaysia, Wednesday and Thursday were the most active days since April 2002. More than 1.75 billion shares traded during the two days. Trading in Hong Kong has risen about 10 percent this month from May and by a third from April.
Overseas Buying
Friday's surge in trading ended the fourth straight week of gains for Japanese benchmarks. The Nikkei gained 2.2 percent for the week, and the Topix index rose 1.3 percent.
Demand from outside Japan has contributed to the increase in trading. Overseas investors bought 487.1 billion yen more of stock than they sold in the five days ended June 6, the eighth straight week they were net buyers of Japanese shares, the Tokyo exchange said. The total was the highest since March 2002.
Shares of some of the nation's biggest companies, such as Toyota Motor Corp. and Kyocera Corp., benefited from the jump in demand.
Toyota, Japan's second-largest company by market value after NTT DoCoMo Inc., has gained 21 percent since April 28. Kyocera, which accounts for more of the Nikkei's value than any other company, has advanced 25 percent.
Brokerages have been the Topix's biggest gainers as a group during the last six weeks, with a 38 percent rise. They stand to benefit from higher fees and commissions as trading increases.
Nikko Cordial Corp., Japan's third-largest brokerage, has soared 52 percent. Daiwa Securities Group Inc., the second- biggest, has jumped 45 percent. Nomura Holdings Inc., the No. 1 broker, has added 26 percent.
Central Bank Help
Elsewhere in Asia, stocks have also gained amid optimism that central banks in the U.S. and Europe will cut interest rates. Some investors said they expect busier days ahead.
``There's a lot more money to be had from Europe and North America'' because of lower interest rates globally, said Stewart Aldcroft, who manages the equivalent of $400 million at Investec Asset Management Ltd. in Hong Kong. ``There's a great deal of hope some sort of rally could occur in the second half.''
Average daily trading on the Taiwan Stock Exchange for the past two weeks was 4.63 billion shares, 91 percent higher than the figure for all of May.
Singapore trading averaged 1.23 billion shares, 35 percent higher. Trading in shares of Chartered Semiconductor Manufacturing Ltd., the world's fourth-largest producer of made-to-order chips, was 81 percent higher last week than the daily average for the past three months.
In Indonesia, the number of shares changing hands has also surpassed the billion-share level. This month's average on the Jakarta Stock Exchange is 1.07 billion shares, a 76 percent increase from the May figure.
Malaysia
The European Central Bank cut its benchmark interest rate earlier this month to 2 percent, the lowest in more than half a century for the dozen countries sharing the euro. Some investors said the U.S. Federal Reserve may move to lower rates on June 25, when policymakers hold their next meeting.
``Global equity strength in the most recent two weeks has been largely engineered by the world's central banks,'' Thierry Wizman, global emerging market equity strategist at Bear Stearns & Co. in New York said in a note to clients dated June 6.
Malaysian trading increased as the government of Prime Minister Mahathir Mohamad passed a 7.3 billion ringgit ($1.9 billion) economic plan to bolster consumer spending. Last week's average daily trading in Renong Bhd., a real estate, banking and transport company that was once Malaysia's biggest industrial group, was almost four times as high as a month ago.
``There is upside to this market,'' said Lim Soo Hai, who helps manage the equivalent of $200 million at Daiwa SB Investments Ltd. in Singapore.
The Kuala Lumpur Composite Index has climbed 8.4 percent in the past four weeks. In Hong Kong, the Hang Seng Index has risen 17 percent since April 25.
Trading Value
Some investors aren't convinced that increased trading is a sign of higher share prices to come. In Japan, the value of stock traded has risen less than the number of shares changing hands, and there is skepticism that stocks can rise further without a greater increase.
This month, an average of 861 billion yen has changed hands daily. That's about the same level as March 2002, when the Nikkei was near 12,000. The benchmark closed Friday at 8980.64.
``There's little chance of a well-supported rebound without significant jump in the trading value, which we've yet to see,'' said Takaaki Yoda, who helps manage the equivalent of about $850 million in Asian equities as chief investment officer at APS Asset Management (Japan) Co.
Further gains are also unlikely because the Japanese economy isn't showing signs of improving, Yoda said. A government report on Wednesday showed that the world's second-largest economy grew 0.1 percent in the first quarter as exports fell and companies slowed investment.
Last Updated: June 14, 2003 20:48 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Takeovers May Lead to Extended Rally: European Stocks Outlook
June 15 (Bloomberg) -- European stocks may extend their advance of the past three months amid speculation that more companies may become takeover targets, some investors said.
Royal Bank of Scotland Group Plc agreed last week to purchase Churchill Insurance Group Plc from Credit Suisse Group. Lafarge SA, the world's largest maker of building materials, said it will raise 1.88 billion euros ($2.23 billion) and use some of the money to finance acquisitions.
The moves may signal that some executives are more confident about buying companies after a three-year bear market that wiped out about 4.9 trillion euros ($5.8 trillion) of the value of companies in the Dow Jones Stoxx 600 Index.
``A string of companies that have access to capital markets are going to acquire businesses and enhance market positions,'' said Neil Dwane, who oversees $35 billion in stocks as chief investment officer for European equities at Allianz Dresdner Asset Management in Munich. He recently bought shares of Roche Holding AG and SAP AG.
Last week, the benchmark Stoxx 50 and Stoxx 600 indexes advanced before erasing their gains on Friday. They slid after a survey showed U.S. consumer confidence unexpectedly fell in June, tempering optimism that economic growth will accelerate in Europe's largest export market.
The Stoxx 50 shed 0.04 percent to 2406.99 last week, its first weekly decline in three. The Stoxx 600 slipped 0.4 percent. Both have risen about 25 percent since March 12, when they reached their lowest levels in six years or more.
Royal Bank Rises
Speculation about possible corporate tie-ups may be a focus for investors this week amid a dearth of companies scheduled to report earnings.
Results are scheduled from Bouygues SA, a French construction company that controls the country's third-biggest mobile-phone network, and Hennes & Mauritz AB, Europe's largest clothing retailer.
Reports on investor and executive confidence in Germany are also due this week. They may provide evidence about the outlook for Europe's biggest economy.
Last week, Royal Bank of Scotland shares rose 6.9 percent to 1,735 pence. The company's plan to acquire Churchill Insurance for 1.1 billion pounds ($1.8 billion) in cash will create Britain's third-largest general insurer.
Lafarge said on Thursday that it would sell shares and assets to fund acquisitions, and also to cut debt. Analysts expect it to spend about 900 million euros on expansion.
Fewer Offers
Siemens AG, which last month raised 2.5 billion euros from the sale of convertible bonds, has said it may bid for businesses that Alstom SA and Invensys Plc are putting up for sale. In April, Germany's biggest electronics and engineering company agreed to buy Alstom's turbine unit for 1.1 billion euros.
Chubb Plc, the world's third-largest provider of security services, agreed on Wednesday to be bought by United Technologies Corp. for 600 million pounds. The price is about 40 percent less than Sweden's Securitas AB offered last year. Securitas gave up that bid after investors refused to back it.
About 17 percent fewer takeovers involving European companies have been announced this year than for the same period last year, according to Bloomberg data. Their value has declined by about 20 percent, to $205 billion.
Some investors said the renewed activity may indicate the worst is over for share prices.
``No one predicted the big rallies of the past at the time, but later the indicators looked very obvious,'' said Richard Wiseman, who helps manage $112 billion as the head of European equities at Insight Investment Management in London. The merger and acquisition activity ``definitely gets a tick in the box for reassuring trends. It's a good thing for the market.''
Investor Confidence
Takeover bids have fueled some of this year's best stock- market performances in Europe.
Selfridges Plc, a British department store chain, has soared 76 percent this year as it accepted a 628 million-pound takeover bid from Galen Weston, a Canadian billionaire. Shareholders have until Thursday to approve the offer.
Canary Wharf Group Plc, the developer of Britain's tallest office tower, surged 46 percent on June 6 after Morgan Stanley, the world's second-largest securities firm, said it may bid for the company.
At the same time, the region's economic indicators have shown evidence of weakness. Last week, for instance, the Swiss National Bank said the country's economy may fail to grow for a second year as exports decline.
The ZEW Center for European Economic Research will release its survey of German institutional investor confidence on Tuesday. The same day, a survey of 25,000 companies by the DIHK chambers of commerce may show German executives are growing more pessimistic.
In the U.K., a government report may show that retail sales rose 0.3 percent in May, matching April's increase, according to the median forecast of 26 economists surveyed by Bloomberg News. The Office for National Statistics will release the sales figures on Thursday.
Last Updated: June 15, 2003 03:26 EDT
June 15 (Bloomberg) -- European stocks may extend their advance of the past three months amid speculation that more companies may become takeover targets, some investors said.
Royal Bank of Scotland Group Plc agreed last week to purchase Churchill Insurance Group Plc from Credit Suisse Group. Lafarge SA, the world's largest maker of building materials, said it will raise 1.88 billion euros ($2.23 billion) and use some of the money to finance acquisitions.
The moves may signal that some executives are more confident about buying companies after a three-year bear market that wiped out about 4.9 trillion euros ($5.8 trillion) of the value of companies in the Dow Jones Stoxx 600 Index.
``A string of companies that have access to capital markets are going to acquire businesses and enhance market positions,'' said Neil Dwane, who oversees $35 billion in stocks as chief investment officer for European equities at Allianz Dresdner Asset Management in Munich. He recently bought shares of Roche Holding AG and SAP AG.
Last week, the benchmark Stoxx 50 and Stoxx 600 indexes advanced before erasing their gains on Friday. They slid after a survey showed U.S. consumer confidence unexpectedly fell in June, tempering optimism that economic growth will accelerate in Europe's largest export market.
The Stoxx 50 shed 0.04 percent to 2406.99 last week, its first weekly decline in three. The Stoxx 600 slipped 0.4 percent. Both have risen about 25 percent since March 12, when they reached their lowest levels in six years or more.
Royal Bank Rises
Speculation about possible corporate tie-ups may be a focus for investors this week amid a dearth of companies scheduled to report earnings.
Results are scheduled from Bouygues SA, a French construction company that controls the country's third-biggest mobile-phone network, and Hennes & Mauritz AB, Europe's largest clothing retailer.
Reports on investor and executive confidence in Germany are also due this week. They may provide evidence about the outlook for Europe's biggest economy.
Last week, Royal Bank of Scotland shares rose 6.9 percent to 1,735 pence. The company's plan to acquire Churchill Insurance for 1.1 billion pounds ($1.8 billion) in cash will create Britain's third-largest general insurer.
Lafarge said on Thursday that it would sell shares and assets to fund acquisitions, and also to cut debt. Analysts expect it to spend about 900 million euros on expansion.
Fewer Offers
Siemens AG, which last month raised 2.5 billion euros from the sale of convertible bonds, has said it may bid for businesses that Alstom SA and Invensys Plc are putting up for sale. In April, Germany's biggest electronics and engineering company agreed to buy Alstom's turbine unit for 1.1 billion euros.
Chubb Plc, the world's third-largest provider of security services, agreed on Wednesday to be bought by United Technologies Corp. for 600 million pounds. The price is about 40 percent less than Sweden's Securitas AB offered last year. Securitas gave up that bid after investors refused to back it.
About 17 percent fewer takeovers involving European companies have been announced this year than for the same period last year, according to Bloomberg data. Their value has declined by about 20 percent, to $205 billion.
Some investors said the renewed activity may indicate the worst is over for share prices.
``No one predicted the big rallies of the past at the time, but later the indicators looked very obvious,'' said Richard Wiseman, who helps manage $112 billion as the head of European equities at Insight Investment Management in London. The merger and acquisition activity ``definitely gets a tick in the box for reassuring trends. It's a good thing for the market.''
Investor Confidence
Takeover bids have fueled some of this year's best stock- market performances in Europe.
Selfridges Plc, a British department store chain, has soared 76 percent this year as it accepted a 628 million-pound takeover bid from Galen Weston, a Canadian billionaire. Shareholders have until Thursday to approve the offer.
Canary Wharf Group Plc, the developer of Britain's tallest office tower, surged 46 percent on June 6 after Morgan Stanley, the world's second-largest securities firm, said it may bid for the company.
At the same time, the region's economic indicators have shown evidence of weakness. Last week, for instance, the Swiss National Bank said the country's economy may fail to grow for a second year as exports decline.
The ZEW Center for European Economic Research will release its survey of German institutional investor confidence on Tuesday. The same day, a survey of 25,000 companies by the DIHK chambers of commerce may show German executives are growing more pessimistic.
In the U.K., a government report may show that retail sales rose 0.3 percent in May, matching April's increase, according to the median forecast of 26 economists surveyed by Bloomberg News. The Office for National Statistics will release the sales figures on Thursday.
Last Updated: June 15, 2003 03:26 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Dollar Falls Against Euro First Week in Three as Yields Drop
June 14 (Bloomberg) -- The dollar weakened against the euro for the first week in three amid rising expectations the U.S. Federal Reserve will cut interest rates this month, lowering returns on dollar-denominated debt.
Demand for dollars sagged in New York trading as U.S. Treasury note yields plunged to the lowest levels in more than 40 years, boosting the appeal of higher-yielding debt denominated in other currencies. The dollar lost value against all but one of the 16 most-traded currencies.
``We have low yields in the U.S. relative to the rest of the world,'' said Kenneth Buntrock, who helps manage $1.3 billion of global bonds at Loomis Sayles & Co. LP in Boston. ``It certainly doesn't attract capital.''
For the week, the dollar fell 1.4 percent to $1.1865 per euro at about 3 p.m. Friday in New York, from $1.1699 a week earlier. The dollar's all-time low of $1.1933 per euro was on May 27. Against the Japanese currency the dollar fell for the second week, dropping to 117.36 yen from 118.66 a week earlier.
Buntrock expects the dollar to weaken to $1.25 per euro during the fourth quarter. His funds hold more euro-denominated and less dollar-denominated debt than their benchmark, the Lehman Global Aggregate Index. The Loomis Sayles Global Bond Fund has performed better than 94 percent of its peers this year based on total return, according to Morningstar Inc.
Consumers' Influence
The dollar tumbled against the euro Friday after U.S. consumer confidence unexpectedly dropped and wholesale prices declined for a second month.
A decline in consumer confidence may lead to a drop in spending by consumers, which ``lowers expectations of where interest rates are going to be not just in two or three months but in two or three years,'' said Steven Englander, New York-based chief foreign exchange economist for North America at Barclays Capital Inc. Benchmark interest rates near 1 percent ``don't encourage foreign investors to buy your assets.''
The University of Michigan's preliminary June sentiment index dropped to 87.2 in June from 92.1 last month. Prices paid to factories, farmers and other producers slipped 0.3 percent in May after a record 1.9 percent slide in April, the Labor Department said. Economists surveyed by Bloomberg News predicted confidence would rise.
``With such a disappointing reading in the confidence index, the market now is once again expecting the Federal Reserve to cut rates by,'' a half percentage point, said Marc Chandler, chief currency strategist at HSBC Securities USA Inc. in New York. HSBC is the seventh-biggest trader in the $1.2 trillion-a-day foreign exchange market.
Disinflation
The decline in producer prices also fueled speculation Fed policy makers will cut interest rates to avoid a widespread decline in prices they have said could imperil an economic recovery by discouraging consumer and business spending.
A weaker dollar may stoke inflation by making imports more expensive, enabling U.S. companies to raise prices.
The dollar ``will find it hard to rally materially as long as markets view a weaker (dollar) as part of the prescription to fight disinflation pressure,'' Shahab Jalinoos, a currency strategist at USB AG in London, wrote in a report. UBS has the largest share of the foreign exchange market.
After three years of stock-market declines, the U.S. has become more dependent on foreign purchases of bonds to finance its trade gap. The dollar weakens when the U.S. fails to attract enough foreign investment to offset the deficit in its current account, the broadest measure of trade.
Trade Gap
A Commerce Department report showing the U.S. trade gap narrowed in April limited the dollar's decline. The deficit narrowed to $42 billion from a record $42.9 billion in March as imports fell, led by the biggest decline in oil prices in 12 years.
A narrower trade gap ``is a positive event for the currency,'' said Brian Taylor, chief currency trader at Manufacturers & Traders Trust Co. in Buffalo, New York.
All 22 bond-trading firms that deal directly with the Fed see it cutting the benchmark target rate by at least a quarter percentage point from 1.25 percent when policy makers meet June 24- 25. Donald Kohn, Robert McTeer and Roger Ferguson are among Fed officials who this week signaled they are prepared to cut borrowing costs.
Inflation Concerns
Fed Governor Kohn said on Tuesday that inflation is receding faster than the Fed expected and Dallas Fed President McTeer said yesterday policy makers are prepared to combat deflation. Ferguson, the Fed's vice-chairman, said it's better to prevent deflation than try to reverse it.
By contrast, European Central Bank President Wim Duisenberg said in an interview broadcast on Wednesday that it's ``too early'' to discuss lowering its benchmark rate from 2 percent. hold for the rest of the summer.''
``Every day the market continues to price in even more aggressive Fed easing,'' said Brian Garvey, senior strategist in foreign exchange at State Street Corp., the world's largest custodian of investor assets, with $7.9 trillion. By contrast, ``the ECB is probably on hold for the rest of the summer. ``The dollar continues to be a loser in an environment where bond investors are seeking out yield.''
Futures
Interest-rate futures show traders increased bets the Fed will trim its target rate for overnight loans between banks by at least a quarter percentage point at this month's meeting.
The yield on the June Eurodollar futures contract, an indication of expectations for a three-month lending rate that has exceeded the Fed's target by an average 24 basis points over the past 10 years, this week declined by 11 basis points to 1.065 percent.
While the ECB also may lower its benchmark interest rate in coming months, its higher rate favors the euro, keeping yields on euro-denominated debt securities higher than those in the U.S.
Though government debt yields are at or close to record lows in both the U.S. and Germany, German yields exceed U.S. yields by historically large margins. The German 10-year government bond's yield is about 37 basis points higher than the U.S. 10-year note yield. Over the past 10 years, the German note yield has averaged 30 basis points lower. A basis point is 0.01 percentage point.
Last Updated: June 14, 2003 09:42 EDT
June 14 (Bloomberg) -- The dollar weakened against the euro for the first week in three amid rising expectations the U.S. Federal Reserve will cut interest rates this month, lowering returns on dollar-denominated debt.
Demand for dollars sagged in New York trading as U.S. Treasury note yields plunged to the lowest levels in more than 40 years, boosting the appeal of higher-yielding debt denominated in other currencies. The dollar lost value against all but one of the 16 most-traded currencies.
``We have low yields in the U.S. relative to the rest of the world,'' said Kenneth Buntrock, who helps manage $1.3 billion of global bonds at Loomis Sayles & Co. LP in Boston. ``It certainly doesn't attract capital.''
For the week, the dollar fell 1.4 percent to $1.1865 per euro at about 3 p.m. Friday in New York, from $1.1699 a week earlier. The dollar's all-time low of $1.1933 per euro was on May 27. Against the Japanese currency the dollar fell for the second week, dropping to 117.36 yen from 118.66 a week earlier.
Buntrock expects the dollar to weaken to $1.25 per euro during the fourth quarter. His funds hold more euro-denominated and less dollar-denominated debt than their benchmark, the Lehman Global Aggregate Index. The Loomis Sayles Global Bond Fund has performed better than 94 percent of its peers this year based on total return, according to Morningstar Inc.
Consumers' Influence
The dollar tumbled against the euro Friday after U.S. consumer confidence unexpectedly dropped and wholesale prices declined for a second month.
A decline in consumer confidence may lead to a drop in spending by consumers, which ``lowers expectations of where interest rates are going to be not just in two or three months but in two or three years,'' said Steven Englander, New York-based chief foreign exchange economist for North America at Barclays Capital Inc. Benchmark interest rates near 1 percent ``don't encourage foreign investors to buy your assets.''
The University of Michigan's preliminary June sentiment index dropped to 87.2 in June from 92.1 last month. Prices paid to factories, farmers and other producers slipped 0.3 percent in May after a record 1.9 percent slide in April, the Labor Department said. Economists surveyed by Bloomberg News predicted confidence would rise.
``With such a disappointing reading in the confidence index, the market now is once again expecting the Federal Reserve to cut rates by,'' a half percentage point, said Marc Chandler, chief currency strategist at HSBC Securities USA Inc. in New York. HSBC is the seventh-biggest trader in the $1.2 trillion-a-day foreign exchange market.
Disinflation
The decline in producer prices also fueled speculation Fed policy makers will cut interest rates to avoid a widespread decline in prices they have said could imperil an economic recovery by discouraging consumer and business spending.
A weaker dollar may stoke inflation by making imports more expensive, enabling U.S. companies to raise prices.
The dollar ``will find it hard to rally materially as long as markets view a weaker (dollar) as part of the prescription to fight disinflation pressure,'' Shahab Jalinoos, a currency strategist at USB AG in London, wrote in a report. UBS has the largest share of the foreign exchange market.
After three years of stock-market declines, the U.S. has become more dependent on foreign purchases of bonds to finance its trade gap. The dollar weakens when the U.S. fails to attract enough foreign investment to offset the deficit in its current account, the broadest measure of trade.
Trade Gap
A Commerce Department report showing the U.S. trade gap narrowed in April limited the dollar's decline. The deficit narrowed to $42 billion from a record $42.9 billion in March as imports fell, led by the biggest decline in oil prices in 12 years.
A narrower trade gap ``is a positive event for the currency,'' said Brian Taylor, chief currency trader at Manufacturers & Traders Trust Co. in Buffalo, New York.
All 22 bond-trading firms that deal directly with the Fed see it cutting the benchmark target rate by at least a quarter percentage point from 1.25 percent when policy makers meet June 24- 25. Donald Kohn, Robert McTeer and Roger Ferguson are among Fed officials who this week signaled they are prepared to cut borrowing costs.
Inflation Concerns
Fed Governor Kohn said on Tuesday that inflation is receding faster than the Fed expected and Dallas Fed President McTeer said yesterday policy makers are prepared to combat deflation. Ferguson, the Fed's vice-chairman, said it's better to prevent deflation than try to reverse it.
By contrast, European Central Bank President Wim Duisenberg said in an interview broadcast on Wednesday that it's ``too early'' to discuss lowering its benchmark rate from 2 percent. hold for the rest of the summer.''
``Every day the market continues to price in even more aggressive Fed easing,'' said Brian Garvey, senior strategist in foreign exchange at State Street Corp., the world's largest custodian of investor assets, with $7.9 trillion. By contrast, ``the ECB is probably on hold for the rest of the summer. ``The dollar continues to be a loser in an environment where bond investors are seeking out yield.''
Futures
Interest-rate futures show traders increased bets the Fed will trim its target rate for overnight loans between banks by at least a quarter percentage point at this month's meeting.
The yield on the June Eurodollar futures contract, an indication of expectations for a three-month lending rate that has exceeded the Fed's target by an average 24 basis points over the past 10 years, this week declined by 11 basis points to 1.065 percent.
While the ECB also may lower its benchmark interest rate in coming months, its higher rate favors the euro, keeping yields on euro-denominated debt securities higher than those in the U.S.
Though government debt yields are at or close to record lows in both the U.S. and Germany, German yields exceed U.S. yields by historically large margins. The German 10-year government bond's yield is about 37 basis points higher than the U.S. 10-year note yield. Over the past 10 years, the German note yield has averaged 30 basis points lower. A basis point is 0.01 percentage point.
Last Updated: June 14, 2003 09:42 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Boeing Says Airlines Getting Interested in New Planes (Update2)
June 14 (Bloomberg) -- Boeing Co., the world's largest planemaker, expects airline passenger traffic to rebound to 2000 levels by the end of the year and said carriers are beginning to show more interest in ordering new planes.
``A lot of people think traffic could be back to 2000 levels by the end of this year,'' Alan Mulally, head of Boeing's commercial aircraft business, told reporters in Paris, referring to discussion he's had with airlines.
Traffic of U.S. carriers, measured by the number of miles paying passengers flew, was down 7.7 percent last year from 2000 because of slowing economic growth and the Sept. 11 terrorist attacks, according to the Air Transport Association. Airlines, facing losses and bankruptcies, canceled or delayed plane orders.
No airlines are discussing cancellations or delays now and are starting to consider new orders before demand and prices for planes increase, said Mulally, who's attending the Paris Air Show. ``What we're seeing is a firming up of the conversations.''
Chicago-based Boeing's orders last year fell to 251 from a peak of 600 in 2000, as planemakers struggled with the worst slump ever in civil aviation. Boeing has 39 orders for commercial aircraft this year, compared with 156 for rival Airbus SAS.
Mulally reiterated that he expects Boeing to deliver 280 airplanes this year and 275 to 300 in 2004. Deliveries may begin increasing in 2005, he said. Airbus is aiming for 300 deliveries this year.
Investor Optimism
Investors have shown optimism, as the Chicago-based company's stock has risen 30 percent since the beginning of March compared with an 18 percent rise in the Standard & Poor's 500 index during the same period. As first-quarter aircraft sales fell 31 percent to $5.7 billion from the same year-earlier period, sales at the bigger defense and space business rose 18 percent to $6.26 billion.
Chief Executive Officer Philip Condit has said that orders in Asia have been hurt by a slump in travel demand because of SARS, or severe acute respiratory syndrome. The disease has killed at least 780 people and more than 80 percent of the 8,400 infections worldwide have been in China and Hong Kong, according to the World Health Organization.
Still, the effect of the disease is slowing as nobody in Hong Kong has been diagnosed with it for three days and China hasn't reported new infections for eight of the last 11 days. The slowing of SARS, as well as the shortness of the Iraq war and the lack of a new terrorist attack are clearing the way for airlines to new order new planes, Mulally said.
`Mulally'
``Mulally sounds kind of optimistic,'' said Dan Solon, an analyst at Avmark International, a London-based Consultancy. ``I'd be surprised if by yearend we could be at 2000 levels, but even if traffic does recover to that point, I think it's still a good 12 months past that before we start to get to revenue recovery.''
Some airlines showing interest in orders include Qatar Airways, Emirates and four members of the airline group Star Alliance. Qatar Airways, created in 1994 to compete with regional carrier Gulf Air, plans to buy as many as 30 planes worth $4.6 billion from Airbus and maybe Boeing, more than doubling its fleet.
Emirates, the fastest-growing airline in the Middle East, may announce during the air show an order of 55 airplanes from Boeing and Airbus that may be worth as much as $12 billion, people familiar with the companies have said.
Also, Deutsche Lufthansa AG, Europe's No. 3 airline, Scandinavian Airlines System, and Air Canada and Austrian Airlines, members of the Star Alliance, plan to make a joint purchase of 100 planes, with an additional 100 options for new orders, that may be worth as much as $4.5 billion before the end of this year.
Last Updated: June 14, 2003 11:58 EDT
June 14 (Bloomberg) -- Boeing Co., the world's largest planemaker, expects airline passenger traffic to rebound to 2000 levels by the end of the year and said carriers are beginning to show more interest in ordering new planes.
``A lot of people think traffic could be back to 2000 levels by the end of this year,'' Alan Mulally, head of Boeing's commercial aircraft business, told reporters in Paris, referring to discussion he's had with airlines.
Traffic of U.S. carriers, measured by the number of miles paying passengers flew, was down 7.7 percent last year from 2000 because of slowing economic growth and the Sept. 11 terrorist attacks, according to the Air Transport Association. Airlines, facing losses and bankruptcies, canceled or delayed plane orders.
No airlines are discussing cancellations or delays now and are starting to consider new orders before demand and prices for planes increase, said Mulally, who's attending the Paris Air Show. ``What we're seeing is a firming up of the conversations.''
Chicago-based Boeing's orders last year fell to 251 from a peak of 600 in 2000, as planemakers struggled with the worst slump ever in civil aviation. Boeing has 39 orders for commercial aircraft this year, compared with 156 for rival Airbus SAS.
Mulally reiterated that he expects Boeing to deliver 280 airplanes this year and 275 to 300 in 2004. Deliveries may begin increasing in 2005, he said. Airbus is aiming for 300 deliveries this year.
Investor Optimism
Investors have shown optimism, as the Chicago-based company's stock has risen 30 percent since the beginning of March compared with an 18 percent rise in the Standard & Poor's 500 index during the same period. As first-quarter aircraft sales fell 31 percent to $5.7 billion from the same year-earlier period, sales at the bigger defense and space business rose 18 percent to $6.26 billion.
Chief Executive Officer Philip Condit has said that orders in Asia have been hurt by a slump in travel demand because of SARS, or severe acute respiratory syndrome. The disease has killed at least 780 people and more than 80 percent of the 8,400 infections worldwide have been in China and Hong Kong, according to the World Health Organization.
Still, the effect of the disease is slowing as nobody in Hong Kong has been diagnosed with it for three days and China hasn't reported new infections for eight of the last 11 days. The slowing of SARS, as well as the shortness of the Iraq war and the lack of a new terrorist attack are clearing the way for airlines to new order new planes, Mulally said.
`Mulally'
``Mulally sounds kind of optimistic,'' said Dan Solon, an analyst at Avmark International, a London-based Consultancy. ``I'd be surprised if by yearend we could be at 2000 levels, but even if traffic does recover to that point, I think it's still a good 12 months past that before we start to get to revenue recovery.''
Some airlines showing interest in orders include Qatar Airways, Emirates and four members of the airline group Star Alliance. Qatar Airways, created in 1994 to compete with regional carrier Gulf Air, plans to buy as many as 30 planes worth $4.6 billion from Airbus and maybe Boeing, more than doubling its fleet.
Emirates, the fastest-growing airline in the Middle East, may announce during the air show an order of 55 airplanes from Boeing and Airbus that may be worth as much as $12 billion, people familiar with the companies have said.
Also, Deutsche Lufthansa AG, Europe's No. 3 airline, Scandinavian Airlines System, and Air Canada and Austrian Airlines, members of the Star Alliance, plan to make a joint purchase of 100 planes, with an additional 100 options for new orders, that may be worth as much as $4.5 billion before the end of this year.
Last Updated: June 14, 2003 11:58 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Conjuntura: Carlos Tavares revoluciona Ministério da Economia
2003-06-14 10:42:38
A nova lei orgânica do Ministério da Economia vai promover a mais profunda alteração estrutural efectuada por um membro do actual Governo (Carlos Tavares), garante o jornal Expresso deste sábado. O semanário refere que a prioridade da nova lei é a dinamização do tecido económico e a clarificação de funções das entidades afectas ao Ministério.
O ministro da Economia, Carlos Tavares, não quer que sejam os mesmos organismos a licenciar, fiscalizar e atribuir apoios às empresas, nem que os pedidos dos empresários continuem a «saltar de um lado para o outro», adianta o jornal.
Segundo o Expresso, uma das alteração mais significativas no contacto com os empresários passa pela centralização de contactos nas Direcções Regionais, sendo que estas entidades passarão a funcionar como «delegações do Ministério em todas as regiões do país».
Entre as várias medidas, o Expresso salienta ainda a criação de um auditor responsável pela centralização das queixas dirigidas ao Ministério da Economia.
Fonte: Diário Digital
2003-06-14 10:42:38
A nova lei orgânica do Ministério da Economia vai promover a mais profunda alteração estrutural efectuada por um membro do actual Governo (Carlos Tavares), garante o jornal Expresso deste sábado. O semanário refere que a prioridade da nova lei é a dinamização do tecido económico e a clarificação de funções das entidades afectas ao Ministério.
O ministro da Economia, Carlos Tavares, não quer que sejam os mesmos organismos a licenciar, fiscalizar e atribuir apoios às empresas, nem que os pedidos dos empresários continuem a «saltar de um lado para o outro», adianta o jornal.
Segundo o Expresso, uma das alteração mais significativas no contacto com os empresários passa pela centralização de contactos nas Direcções Regionais, sendo que estas entidades passarão a funcionar como «delegações do Ministério em todas as regiões do país».
Entre as várias medidas, o Expresso salienta ainda a criação de um auditor responsável pela centralização das queixas dirigidas ao Ministério da Economia.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Negócios: Efacec fornece empresa pública argelina
2003-06-14 10:30:51
A Efacec forneceu à empresa pública argelina Sonelgaz três centros de comando para o despacho de distribuição de energia eléctrica em Argel, noticiou o semanário Expresso deste sábado.
O jornal refere que o valor global da encomenda atingiu os 26 milhões de euros (M€), e que o aumento do cash flow levou a empresa portuguesa a antecipar parcialmente a amortização (em sete milhões de euros) de um empréstimo obrigacionista de 15 M€.
Fonte: Diário Digital
2003-06-14 10:30:51
A Efacec forneceu à empresa pública argelina Sonelgaz três centros de comando para o despacho de distribuição de energia eléctrica em Argel, noticiou o semanário Expresso deste sábado.
O jornal refere que o valor global da encomenda atingiu os 26 milhões de euros (M€), e que o aumento do cash flow levou a empresa portuguesa a antecipar parcialmente a amortização (em sete milhões de euros) de um empréstimo obrigacionista de 15 M€.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Finanças: Governo reduz tempo para posse de comprovativos do IRS
2003-06-14 06:32:10
O Governo reduziu o período a que os contribuintes devem guardar os documentos comprovativos da declaração do IRS. Segundo o Decreto-Lei aprovado sexta-feira em Conselho de Ministros, o tempo para essa obrigatoriedade passa de cinco para quatro anos.
A medida visa «simplificar e potenciar o cumprimento da obrigação de efectuar pagamentos por conta» por parte dos sujeitos passivos de Imposto sobre o Rendimento de pessoas Singulares (IRS).
O Executivo adiantou ainda que vai disponibilizar os meios necessários para efeito de prova, promovendo o envio - por parte das Finanças - de um documento a utilizar para o respectivo pagamento.
Com esta decisão, o Governo pretende reduzir os custos administrativos e harmoniza os prazos e as guias de pagamento em vigor com os já praticados para outros impostos, nomeadamente para o pagamento do imposto de selo.
«Considerando, igualmente, que as entidades obrigadas ao pagamento do Imposto do Selo estão, na sua esmagadora maioria, também obrigadas ao pagamento de importâncias retidas a título de IRS ou IRC, por razões de simplificação e, pretendendo-se unificar as guias de pagamento destes impostos, procede-se à harmonização dos prazos, por forma a potenciar o cumprimento simultâneo da obrigação de pagamento, com a inerente redução de custos administrativos», pode ler-se no comunicado.
Fonte: Diário Digital
2003-06-14 06:32:10
O Governo reduziu o período a que os contribuintes devem guardar os documentos comprovativos da declaração do IRS. Segundo o Decreto-Lei aprovado sexta-feira em Conselho de Ministros, o tempo para essa obrigatoriedade passa de cinco para quatro anos.
A medida visa «simplificar e potenciar o cumprimento da obrigação de efectuar pagamentos por conta» por parte dos sujeitos passivos de Imposto sobre o Rendimento de pessoas Singulares (IRS).
O Executivo adiantou ainda que vai disponibilizar os meios necessários para efeito de prova, promovendo o envio - por parte das Finanças - de um documento a utilizar para o respectivo pagamento.
Com esta decisão, o Governo pretende reduzir os custos administrativos e harmoniza os prazos e as guias de pagamento em vigor com os já praticados para outros impostos, nomeadamente para o pagamento do imposto de selo.
«Considerando, igualmente, que as entidades obrigadas ao pagamento do Imposto do Selo estão, na sua esmagadora maioria, também obrigadas ao pagamento de importâncias retidas a título de IRS ou IRC, por razões de simplificação e, pretendendo-se unificar as guias de pagamento destes impostos, procede-se à harmonização dos prazos, por forma a potenciar o cumprimento simultâneo da obrigação de pagamento, com a inerente redução de custos administrativos», pode ler-se no comunicado.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Mercados: Accionista da Cabovisão faz acordo para aumento de capital: Cofina atenta ao negócio
2003-06-14 05:19:18
A empresa-mãe da Cabovisão, a canadiana Cable Satisfaction International Inc. (CSII, única accionista), anunciou ao final da noite de sexta-feira que firmou um compromisso com a Caisse de Dépôt et Placement du Québec (CDPQ) para promover um aumento de capital e a reestruturação da empresa. Tal como o Diário Digital havia avançado no dia 29 de Maio (clique aqui para ler), 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 deste sábado avança que essa empresa é a Cofina, a qual deve manter-se atenta ao negócio.
Depois de ter garantido na quinta-feira uma extensão de crédito até 24 de Junho, a CSSI avança que este novo processo (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 a qual 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.
No entanto, num comunicado enviado na madrugada de sábado, a CSII explica - pela voz do presidente Fernand Belisle - que escolheu a CDPQ porque esta «colocou em cima da mesa a melhor e mais atractiva proposta», não esclarecendo se foi a mais elevada.
Belisle considera, contudo, que esta é sem dúvida a opção que coloca a empresa «com condições financeiras adequadas de modo a prosseguir o seu desenvolvimento em Portugal». «O nosso acordo com a CDPQ culmina um processo de revisão da estratégia a seguir pela CSII, a qual implicou uma exaustiva análise de potenciais investidor e de avaliação das ofertas pela Rothschild [consultora financeira operar há sete anos no nosso país, a Cabovisão é a segunda operadora cabo em Portugal (a outra é a TVCabo, do grupo PT), detendo perto de 18% do mercado. De acordo com os termos deste acordo, a empresa portuguesa deve receber de imediato um significativo encaixe financeiro que lhe permita manter a actividade até pelo menos o mês de Setembro.
Segundo informações avançadas pela companhia ao Diário Digital, a Cabovisão tem tido uma performance positiva, sendo que os seus responsáveis salientam a importância da sua presença em zonas do território nacional em que são a única alternativa para o serviço da rede de cabo, como sucede em Castelo Branco, Guarda e Covilhã. Com licença de exploração de TV em mais de 85% do território e de telefone e Net para todo o País, a Cabovisão possui ainda cerca de 800 mil portas cabladas.
De acordo com os relatórios revelados sobre o ano fiscal de 2002, os prejuízos da CSII para os 136,3 milhões de dólares (cerca de 117 milhões de euros), potenciados pelo incremento dos custos directos, os quais alcançaram os 61,7 milhões de dólares (53 milhões de euros), o dobro do registado no período homólogo.
Por seu lado, as receitas operacionais aumentaram 145%, para os 118,7 milhões de dólares (102 milhões de euros), impulsionadas pelo desempenho dos serviços.
Fonte: Diário Digital
2003-06-14 05:19:18
A empresa-mãe da Cabovisão, a canadiana Cable Satisfaction International Inc. (CSII, única accionista), anunciou ao final da noite de sexta-feira que firmou um compromisso com a Caisse de Dépôt et Placement du Québec (CDPQ) para promover um aumento de capital e a reestruturação da empresa. Tal como o Diário Digital havia avançado no dia 29 de Maio (clique aqui para ler), 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 deste sábado avança que essa empresa é a Cofina, a qual deve manter-se atenta ao negócio.
Depois de ter garantido na quinta-feira uma extensão de crédito até 24 de Junho, a CSSI avança que este novo processo (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 a qual 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.
No entanto, num comunicado enviado na madrugada de sábado, a CSII explica - pela voz do presidente Fernand Belisle - que escolheu a CDPQ porque esta «colocou em cima da mesa a melhor e mais atractiva proposta», não esclarecendo se foi a mais elevada.
Belisle considera, contudo, que esta é sem dúvida a opção que coloca a empresa «com condições financeiras adequadas de modo a prosseguir o seu desenvolvimento em Portugal». «O nosso acordo com a CDPQ culmina um processo de revisão da estratégia a seguir pela CSII, a qual implicou uma exaustiva análise de potenciais investidor e de avaliação das ofertas pela Rothschild [consultora financeira operar há sete anos no nosso país, a Cabovisão é a segunda operadora cabo em Portugal (a outra é a TVCabo, do grupo PT), detendo perto de 18% do mercado. De acordo com os termos deste acordo, a empresa portuguesa deve receber de imediato um significativo encaixe financeiro que lhe permita manter a actividade até pelo menos o mês de Setembro.
Segundo informações avançadas pela companhia ao Diário Digital, a Cabovisão tem tido uma performance positiva, sendo que os seus responsáveis salientam a importância da sua presença em zonas do território nacional em que são a única alternativa para o serviço da rede de cabo, como sucede em Castelo Branco, Guarda e Covilhã. Com licença de exploração de TV em mais de 85% do território e de telefone e Net para todo o País, a Cabovisão possui ainda cerca de 800 mil portas cabladas.
De acordo com os relatórios revelados sobre o ano fiscal de 2002, os prejuízos da CSII para os 136,3 milhões de dólares (cerca de 117 milhões de euros), potenciados pelo incremento dos custos directos, os quais alcançaram os 61,7 milhões de dólares (53 milhões de euros), o dobro do registado no período homólogo.
Por seu lado, as receitas operacionais aumentaram 145%, para os 118,7 milhões de dólares (102 milhões de euros), impulsionadas pelo desempenho dos serviços.
Fonte: Diário Digital
- Mensagens: 23939
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U.S. Stocks Fall for 1st Day in 4 on Consumer Confidence Report
June 13 (Bloomberg) -- U.S. stocks fell for the first day in four after a survey showed consumer confidence unexpectedly faded this month, interrupting the Standard & Poor's 500 Index's biggest rally in the three-year bear market.
Adobe Systems Inc., the world's largest maker of publishing and graphic-design software, slumped after saying profit this quarter will miss analysts' estimates. General Motors Corp. slid as Moody's Investors Service cut its credit rating.
``The big concern investors have is that if we have any type of consumer slowdown,'' that will hurt earnings and share prices, said Owen Fitzpatrick, who helps oversee $9 billion at Deutsche Bank Private Wealth Management in New York.
The S&P 500 declined 9.90, or 1 percent, to 988.61. Adobe had the biggest drop in the benchmark. The Dow Jones Industrial Average slipped 79.43, or 0.9 percent, to 9117.12. The Nasdaq Composite Index lost 27.13, or 1.6 percent, to 1626.49.
For the week, the S&P 500 added 0.1 percent, its eighth advance in nine weeks. It had climbed 25 percent since March 11 amid optimism economic growth will pick up and spur profits in the second half of this year. Four previous rallies since March 2001 stalled after gains of as much as 21 percent.
The Dow Average rose 0.6 percent, while the Nasdaq Composite lost 0.1 percent since last Friday.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. Economists had expected a reading of 93. A separate report showed U.S. wholesale prices declined for a second straight month, falling 0.3 in May after a record 1.9 drop in April.
`Less Likely'
``When the confidence number falls so much, it makes the likelihood of a consumer-driven recovery less likely,'' wrote Neil Massa, a trader with John Hancock Advisors, in an e-mail. A rally in stocks ``does not equal a recovery'' in the economy. John Hancock has $25.6 billion under management.
The slump in consumer confidence and wholesale prices increases the likelihood the Federal Reserve will cut interest rates when policy makers meet on June 25, some analysts said. Lower rates would lift the economy and increase the appeal of equities.
Nine stocks fell for every five that gained on the New York Stock Exchange and Nasdaq Stock Market. Some 1.2 billion shares traded on the Big Board, marking the slowest trading in three weeks. About 1.8 billion shares changed hands on the Nasdaq.
Adobe shed $4.43, or 12 percent, to $31.55 after the company forecast third-quarter earnings of 22 cents to 25 cents a share, trailing the average estimate of 26 cents from analysts surveyed by Thomson Financial. The stock, which reached $87.31 in November 2000, had risen 53 percent this year on optimism that sales and profit growth would accelerate.
General Motors
General Motors fell 92 cents to $36.20. The most indebted carmaker with $200 billion in borrowings had its credit rating lowered by Moody's Investors Service because increasing discounts are hurting profit and its ability to cover pension costs.
Delphi Corp., the biggest auto-parts producer, dropped $1.01 to $8.58. The company cut its second-quarter profit forecast by half because of lower production by General Motors and costs related to a legal judgment.
Intel Corp. and General Electric Co., two of the 10 largest U.S. companies by market value, fell after analysts said their shares are too expensive after rising this year.
Intel, up 37 percent in 2003, was cut to ``hold'' from ``buy'' by Deutsche Bank AG analyst Ben Lynch. General Electric, up 26 percent this year, was downgraded to ``hold'' from ``buy'' by A.G. Edwards & Sons Inc. analyst Stephen East. Intel declined 78 cents to $21.36. General Electric shed 42 cents to $30.65.
Oracle Earnings
Oracle Corp., the world's third-largest software maker, gained 15 cents to $13.48. The company reported profit of 16 cents a share in the quarter ended May 31, higher than the average 14- cent estimate in a Thomson Financial survey. Sales of new software licenses climbed for the first time in more than two years.
Separately, Oracle is dispatching executives to woo PeopleSoft Inc.'s biggest shareholders to sell them on the merits of its $5.1 billion takeover offer for the company. PeopleSoft, which rejected Oracle's hostile bid yesterday, shed 45 cents to $16.92.
Mandalay Resort Group advanced $3.23 to $34.01. The owner of the Mandalay Bay and Luxor casinos in Las Vegas will begin paying a quarterly dividend following the government's move to cap the dividend tax rate at 15 percent.
Guidant Corp. declined 61 cents to $39.95, bringing its slide this week to 7.7 percent. The No. 1 heart-device maker's decision to plead guilty to concealing product defects linked to 12 deaths and pay a $92.4 million fine may strengthen lawsuits by those who claim injury from its devices, legal experts said.
Cree Lawsuit
Cree Inc. dropped $4.11, or 19 percent, to $18.10 after the semiconductor maker said its co-founder and former chief executive Eric Hunter filed a $3 billion lawsuit against the company and his brother, Cree's chairman.
VF Corp. shares had their largest decline in more than three years, tumbling $3.48, or 9 percent, to $35.23. The maker of Vanity Fair bras and Lee and Wrangler jeans said second-quarter profit will plunge by as much as 25 percent because retailers cut orders.
CMGI Inc., whose investments in nascent Internet companies fueled a 300-fold jump in its share price in the second half of the 1990s, slid 19 cents to $1.33. The company reported a wider loss in the latest quarter, excluding some items, than a year ago.
Futures, QQQs
S&P 500 futures expiring in September fell 10.90 to 988.50 on the Chicago Mercantile Exchange. Futures for the Nasdaq-100 Index shed 26 to 1210. The index, a benchmark for Nasdaq's largest companies, lost 25.41 to 1203.91.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, declined 69 cents to $29.96. The S&P 500 shares known as Spiders dropped $1.05 to $99.56.
The Russell 2000 Index of smaller stocks fell 7.03, or 1.54 percent, to 449.71. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, lost 98.29, or 1 percent, to 9454.26. Based on changes in the Wilshire, the market value of U.S. stocks declined by $117.95 billion.
June 13 (Bloomberg) -- U.S. stocks fell for the first day in four after a survey showed consumer confidence unexpectedly faded this month, interrupting the Standard & Poor's 500 Index's biggest rally in the three-year bear market.
Adobe Systems Inc., the world's largest maker of publishing and graphic-design software, slumped after saying profit this quarter will miss analysts' estimates. General Motors Corp. slid as Moody's Investors Service cut its credit rating.
``The big concern investors have is that if we have any type of consumer slowdown,'' that will hurt earnings and share prices, said Owen Fitzpatrick, who helps oversee $9 billion at Deutsche Bank Private Wealth Management in New York.
The S&P 500 declined 9.90, or 1 percent, to 988.61. Adobe had the biggest drop in the benchmark. The Dow Jones Industrial Average slipped 79.43, or 0.9 percent, to 9117.12. The Nasdaq Composite Index lost 27.13, or 1.6 percent, to 1626.49.
For the week, the S&P 500 added 0.1 percent, its eighth advance in nine weeks. It had climbed 25 percent since March 11 amid optimism economic growth will pick up and spur profits in the second half of this year. Four previous rallies since March 2001 stalled after gains of as much as 21 percent.
The Dow Average rose 0.6 percent, while the Nasdaq Composite lost 0.1 percent since last Friday.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. Economists had expected a reading of 93. A separate report showed U.S. wholesale prices declined for a second straight month, falling 0.3 in May after a record 1.9 drop in April.
`Less Likely'
``When the confidence number falls so much, it makes the likelihood of a consumer-driven recovery less likely,'' wrote Neil Massa, a trader with John Hancock Advisors, in an e-mail. A rally in stocks ``does not equal a recovery'' in the economy. John Hancock has $25.6 billion under management.
The slump in consumer confidence and wholesale prices increases the likelihood the Federal Reserve will cut interest rates when policy makers meet on June 25, some analysts said. Lower rates would lift the economy and increase the appeal of equities.
Nine stocks fell for every five that gained on the New York Stock Exchange and Nasdaq Stock Market. Some 1.2 billion shares traded on the Big Board, marking the slowest trading in three weeks. About 1.8 billion shares changed hands on the Nasdaq.
Adobe shed $4.43, or 12 percent, to $31.55 after the company forecast third-quarter earnings of 22 cents to 25 cents a share, trailing the average estimate of 26 cents from analysts surveyed by Thomson Financial. The stock, which reached $87.31 in November 2000, had risen 53 percent this year on optimism that sales and profit growth would accelerate.
General Motors
General Motors fell 92 cents to $36.20. The most indebted carmaker with $200 billion in borrowings had its credit rating lowered by Moody's Investors Service because increasing discounts are hurting profit and its ability to cover pension costs.
Delphi Corp., the biggest auto-parts producer, dropped $1.01 to $8.58. The company cut its second-quarter profit forecast by half because of lower production by General Motors and costs related to a legal judgment.
Intel Corp. and General Electric Co., two of the 10 largest U.S. companies by market value, fell after analysts said their shares are too expensive after rising this year.
Intel, up 37 percent in 2003, was cut to ``hold'' from ``buy'' by Deutsche Bank AG analyst Ben Lynch. General Electric, up 26 percent this year, was downgraded to ``hold'' from ``buy'' by A.G. Edwards & Sons Inc. analyst Stephen East. Intel declined 78 cents to $21.36. General Electric shed 42 cents to $30.65.
Oracle Earnings
Oracle Corp., the world's third-largest software maker, gained 15 cents to $13.48. The company reported profit of 16 cents a share in the quarter ended May 31, higher than the average 14- cent estimate in a Thomson Financial survey. Sales of new software licenses climbed for the first time in more than two years.
Separately, Oracle is dispatching executives to woo PeopleSoft Inc.'s biggest shareholders to sell them on the merits of its $5.1 billion takeover offer for the company. PeopleSoft, which rejected Oracle's hostile bid yesterday, shed 45 cents to $16.92.
Mandalay Resort Group advanced $3.23 to $34.01. The owner of the Mandalay Bay and Luxor casinos in Las Vegas will begin paying a quarterly dividend following the government's move to cap the dividend tax rate at 15 percent.
Guidant Corp. declined 61 cents to $39.95, bringing its slide this week to 7.7 percent. The No. 1 heart-device maker's decision to plead guilty to concealing product defects linked to 12 deaths and pay a $92.4 million fine may strengthen lawsuits by those who claim injury from its devices, legal experts said.
Cree Lawsuit
Cree Inc. dropped $4.11, or 19 percent, to $18.10 after the semiconductor maker said its co-founder and former chief executive Eric Hunter filed a $3 billion lawsuit against the company and his brother, Cree's chairman.
VF Corp. shares had their largest decline in more than three years, tumbling $3.48, or 9 percent, to $35.23. The maker of Vanity Fair bras and Lee and Wrangler jeans said second-quarter profit will plunge by as much as 25 percent because retailers cut orders.
CMGI Inc., whose investments in nascent Internet companies fueled a 300-fold jump in its share price in the second half of the 1990s, slid 19 cents to $1.33. The company reported a wider loss in the latest quarter, excluding some items, than a year ago.
Futures, QQQs
S&P 500 futures expiring in September fell 10.90 to 988.50 on the Chicago Mercantile Exchange. Futures for the Nasdaq-100 Index shed 26 to 1210. The index, a benchmark for Nasdaq's largest companies, lost 25.41 to 1203.91.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, declined 69 cents to $29.96. The S&P 500 shares known as Spiders dropped $1.05 to $99.56.
The Russell 2000 Index of smaller stocks fell 7.03, or 1.54 percent, to 449.71. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, lost 98.29, or 1 percent, to 9454.26. Based on changes in the Wilshire, the market value of U.S. stocks declined by $117.95 billion.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
European Stocks Erase Weekly Gains After U.S. Confidence Report
June 14 (Bloomberg) -- European stocks erased gains last week after a survey showed U.S. consumer confidence unexpectedly fell in June, tempering optimism that economic growth will accelerate in Europe's largest export market.
Nokia Oyj, Royal Philips Electronics NV and Thomson SA led declines for the week.
The Dow Jones Stoxx 50 Index slid 1.7 percent to 2406.99, for a loss of 0.1 percent since the previous Friday. The Stoxx 600 Index shed 1.5 percent, for a five-day drop of 0.4 percent. Both benchmarks had been headed for a third straight weekly advance.
The Stoxx indexes have climbed more than a quarter since reaching six-year lows three months ago on speculation that U.S. growth would pick up, boosting earnings of European companies with business there. Optimism among consumers in the world's biggest economy faded this month amid rising unemployment, the University of Michigan survey showed yesterday.
``The global economy remains weak and this shows it,'' said Gianluca Ferrari, who helps manage the equivalent of $295 million at Banca Valsabbina in Brescia, Italy, and sold about $35 million in stocks in the past 10 days. ``It's too soon to speak of a recovery.''
Philips, Europe's largest consumer-electronics maker, shed 5.4 percent to 16.91 euros, for a weekly decline of 7.1 percent. It gets about 30 percent of its sales from the U.S.
TV Demand
Shares of the Dutch company extended declines yesterday after rival Thomson, the maker of RCA televisions, cut its earnings forecast, blaming deteriorating demand for TVs in the U.S. and increasing competition from China.
Thomson tumbled 12 percent to 14.15 euros yesterday, bringing its weekly loss to 10 percent. First-half operating profit will be as low as 140 million euros ($165 million), less than a previous forecast of more than 200 million euros, it said.
The French company forecast a 2003 operating margin, or profit before interest and tax as a percentage of sales, of 6.5 percent, one percentage point lower than it predicted in April.
Nokia, the world's largest mobile-phone maker, fell 2.4 percent to 14.48 euros, for a 6.9 percent drop in the week.
The Finnish company, which derives just under a fifth of its sales from the U.S., on Tuesday said second-quarter phone sales will be at the low end of or below the 4 percent to 12 percent range it predicted in April.
U.S. Consumer
Benchmark indexes fell in 13 of the 17 Western European markets yesterday. France's CAC 40 Index slipped 1.4 percent. Germany's DAX Index shed 1.6 percent, and the U.K.'s FTSE 100 Index lost 0.7 percent.
June futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro declined 1.7 percent to 2425. The index dropped 1.6 percent to 2440.32.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. The median economist forecast in a Bloomberg News survey was for an increase to 93.
The number of people in the U.S. collecting unemployment benefits in the last week of May reached 3.8 million, the highest in two decades, a Labor Department report showed Thursday.
``Demand in the U.S. for European products is falling,'' said Florian Boehringer, who helps manage $1.2 billion at Credit Suisse Asset Management in Frankfurt, citing sales at DaimlerChrysler AG and Porsche AG. He owns shares of Philips. ``We are concerned about the U.S. consumer.''
DaimlerChrysler, the world's fifth-largest automaker, said earlier this month that its U.S. Chrysler unit will probably lose money this quarter because discounts reduced revenue. Porsche, the German maker of 911 and Boxster cars, said sales in the U.S. and Canada of its sports cars fell 27 percent in May.
Rates, Acquisitions
European stocks rose on Wednesday and Thursday amid speculation that central banks in both Europe and the U.S. would cut interest rates to stimulate economic growth.
The European Central Bank two days ago said the euro zone economy will grow as little as 0.4 percent this year and 1.1 percent in 2004.
Royal Bank of Scotland Group Plc rose 6.9 percent last week. Britain's second-biggest bank on Wednesday agreed to buy Credit Suisse Group's Churchill Insurance Group Plc. for 1.1 billion pounds ($1.8 billion) in cash. The combination would create the U.K.'s third-largest general insurer.
Chubb Plc, the world's third-biggest security company, surged 18 percent during the week after United Technologies Corp., the U.S. maker of Pratt & Whitney jet engines and Sikorsky helicopters, agreed to buy the U.K. company for about 600 million pounds in cash to gain businesses ranging from burglar alarms to fire-safety equipment.
New Products
SAP AG, the world's largest maker of business-management software, climbed 1.3 percent to 108 euros yesterday after U.S. rival Oracle Corp. reported profit that beat analysts' forecasts. Oracle said it earned 16 cents a share in the quarter ended May 31. Analysts expected 14 cents on average, according to Thomson Financial. SAP has risen 0.9 percent this week.
The Financial Times Deutschland said SAP is gaining market share and expects to win former Oracle and PeopleSoft Inc. clients as the two companies continue a takeover battle. The report cited Shai Agassi, head of SAP's technology development.
Tesco Plc, Britain's largest retailer, climbed 3.2 percent to 211.5 pence, paring its decline since the previous Friday to 1.2 percent. Sales at British stores open at least a year rose 5.8 percent in the first quarter as the company added new products. The increase for the 12 weeks ended May 17 compares with a 4.5 percent climb in the year-earlier quarter.
Club Mediterranee SA, Europe's biggest resort operator, lost 4.6 percent to 25.27 euros, trimming its weekly gain to 4.6 percent. The company's fiscal first-half net loss widened to 29 million euros as costs for closing resorts swelled while the war in Iraq and slowing economic growth discouraged travelers.
BT Group Plc, the largest U.K. phone company, dropped 2.7 percent to 193.5 pence, cutting its advance this week to 1.7 percent. The shares were reduced to ``neutral'' from ``buy'' at Merrill Lynch & Co., which cited recent share-price gains. The stock has surged about 40 percent in the past three months.
June 14 (Bloomberg) -- European stocks erased gains last week after a survey showed U.S. consumer confidence unexpectedly fell in June, tempering optimism that economic growth will accelerate in Europe's largest export market.
Nokia Oyj, Royal Philips Electronics NV and Thomson SA led declines for the week.
The Dow Jones Stoxx 50 Index slid 1.7 percent to 2406.99, for a loss of 0.1 percent since the previous Friday. The Stoxx 600 Index shed 1.5 percent, for a five-day drop of 0.4 percent. Both benchmarks had been headed for a third straight weekly advance.
The Stoxx indexes have climbed more than a quarter since reaching six-year lows three months ago on speculation that U.S. growth would pick up, boosting earnings of European companies with business there. Optimism among consumers in the world's biggest economy faded this month amid rising unemployment, the University of Michigan survey showed yesterday.
``The global economy remains weak and this shows it,'' said Gianluca Ferrari, who helps manage the equivalent of $295 million at Banca Valsabbina in Brescia, Italy, and sold about $35 million in stocks in the past 10 days. ``It's too soon to speak of a recovery.''
Philips, Europe's largest consumer-electronics maker, shed 5.4 percent to 16.91 euros, for a weekly decline of 7.1 percent. It gets about 30 percent of its sales from the U.S.
TV Demand
Shares of the Dutch company extended declines yesterday after rival Thomson, the maker of RCA televisions, cut its earnings forecast, blaming deteriorating demand for TVs in the U.S. and increasing competition from China.
Thomson tumbled 12 percent to 14.15 euros yesterday, bringing its weekly loss to 10 percent. First-half operating profit will be as low as 140 million euros ($165 million), less than a previous forecast of more than 200 million euros, it said.
The French company forecast a 2003 operating margin, or profit before interest and tax as a percentage of sales, of 6.5 percent, one percentage point lower than it predicted in April.
Nokia, the world's largest mobile-phone maker, fell 2.4 percent to 14.48 euros, for a 6.9 percent drop in the week.
The Finnish company, which derives just under a fifth of its sales from the U.S., on Tuesday said second-quarter phone sales will be at the low end of or below the 4 percent to 12 percent range it predicted in April.
U.S. Consumer
Benchmark indexes fell in 13 of the 17 Western European markets yesterday. France's CAC 40 Index slipped 1.4 percent. Germany's DAX Index shed 1.6 percent, and the U.K.'s FTSE 100 Index lost 0.7 percent.
June futures on the Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro declined 1.7 percent to 2425. The index dropped 1.6 percent to 2440.32.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. The median economist forecast in a Bloomberg News survey was for an increase to 93.
The number of people in the U.S. collecting unemployment benefits in the last week of May reached 3.8 million, the highest in two decades, a Labor Department report showed Thursday.
``Demand in the U.S. for European products is falling,'' said Florian Boehringer, who helps manage $1.2 billion at Credit Suisse Asset Management in Frankfurt, citing sales at DaimlerChrysler AG and Porsche AG. He owns shares of Philips. ``We are concerned about the U.S. consumer.''
DaimlerChrysler, the world's fifth-largest automaker, said earlier this month that its U.S. Chrysler unit will probably lose money this quarter because discounts reduced revenue. Porsche, the German maker of 911 and Boxster cars, said sales in the U.S. and Canada of its sports cars fell 27 percent in May.
Rates, Acquisitions
European stocks rose on Wednesday and Thursday amid speculation that central banks in both Europe and the U.S. would cut interest rates to stimulate economic growth.
The European Central Bank two days ago said the euro zone economy will grow as little as 0.4 percent this year and 1.1 percent in 2004.
Royal Bank of Scotland Group Plc rose 6.9 percent last week. Britain's second-biggest bank on Wednesday agreed to buy Credit Suisse Group's Churchill Insurance Group Plc. for 1.1 billion pounds ($1.8 billion) in cash. The combination would create the U.K.'s third-largest general insurer.
Chubb Plc, the world's third-biggest security company, surged 18 percent during the week after United Technologies Corp., the U.S. maker of Pratt & Whitney jet engines and Sikorsky helicopters, agreed to buy the U.K. company for about 600 million pounds in cash to gain businesses ranging from burglar alarms to fire-safety equipment.
New Products
SAP AG, the world's largest maker of business-management software, climbed 1.3 percent to 108 euros yesterday after U.S. rival Oracle Corp. reported profit that beat analysts' forecasts. Oracle said it earned 16 cents a share in the quarter ended May 31. Analysts expected 14 cents on average, according to Thomson Financial. SAP has risen 0.9 percent this week.
The Financial Times Deutschland said SAP is gaining market share and expects to win former Oracle and PeopleSoft Inc. clients as the two companies continue a takeover battle. The report cited Shai Agassi, head of SAP's technology development.
Tesco Plc, Britain's largest retailer, climbed 3.2 percent to 211.5 pence, paring its decline since the previous Friday to 1.2 percent. Sales at British stores open at least a year rose 5.8 percent in the first quarter as the company added new products. The increase for the 12 weeks ended May 17 compares with a 4.5 percent climb in the year-earlier quarter.
Club Mediterranee SA, Europe's biggest resort operator, lost 4.6 percent to 25.27 euros, trimming its weekly gain to 4.6 percent. The company's fiscal first-half net loss widened to 29 million euros as costs for closing resorts swelled while the war in Iraq and slowing economic growth discouraged travelers.
BT Group Plc, the largest U.K. phone company, dropped 2.7 percent to 193.5 pence, cutting its advance this week to 1.7 percent. The shares were reduced to ``neutral'' from ``buy'' at Merrill Lynch & Co., which cited recent share-price gains. The stock has surged about 40 percent in the past three months.
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
European Bond Yields at Lowest Since 1973 on Rate-Cut Views
June 13 (Bloomberg) -- European bonds extended gains this week, with yields at their lowest in at least 30 years, on speculation a faltering economic rebound will spur the European Central Bank to pare its key interest rate in coming months.
The German 2 1/2 percent note due in March 2005 Friday rose 0.04, or 40 euro cents per 1,000-euro ($1,175) face amount, to 101.06. This week, the yield shed 14 basis points to 1.87 percent, the lowest for a note due in one to two years since at least 1973, the year Bundesbank records on that maturity begin. The note advanced for a seventh week in eight. A basis point is 0.01 percentage point.
The ECB on Thursday cut its forecast for economic growth and said inflation may slow next year to 0.7 percent, compared with its target of about 2 percent. Futures trading shows investors are raising bets the bank will trim its main rate by September, after cutting it by half a percentage point last week.
``With inflation coming down, there's room for the ECB to lower rates,'' said Santi Kalf, a senior bond trader at AFS Capital Markets in Amsterdam. He expects the ECB to cut its main rate by 50 basis points to 1.5 percent by year-end, which may push the 10-year bund yield to at least 3.25 percent, he said.
The economy of the 12-nation euro region will grow as little as 0.4 percent this year and 1.1 percent next, the bank forecast in its monthly report for June. In December, it had predicted growth of at least 1.1 percent in 2003 and no less than 1.9 percent in 2004.
The rate of U.S. inflation is also showing signs of slowing. The country's producer price index slipped for a second straight month in May, a government report showed. Wholesale prices fell 0.3 percent after a record 1.9 percent drop in April.
Cheaper Imports
The euro's 12.4 percent gain against the dollar this year has damped inflation by lowering import prices. At the same time, it has hurt the competitiveness of European exporters, making it harder for the economy to rebound.
The yield on the German 4 1/2 percent bund due in January 2013 fell 21 basis points this week to 3.46 percent. That's the lowest for a bund maturing in nine to 10 years since at least 1973, the Bundesbank said.
After yesterday's monthly ECB bulletin, ``it's becoming consensus the bank will cut by at least 25 basis points in September,'' said Roberto Carulli, who helps manage the equivalent of about $24 billion in fixed-income securities at Aegon Asset Management in Edinburgh, Scotland.
Falling Yields
Borrowing costs may drop to 1.5 percent by year-end, which may push the two-year yield to 1.75 percent, Carulli said.
He prefers bonds maturing in 30 years on expectations inflation will decelerate. The spread, or difference in yield will narrow to 80 basis points from the current 92, he said.
French and German factory production fell more than expected in April, government reports showed this week, the latest sign Europe's economy is slowing.
Several ECB officials tried this past week to douse speculation rates will be lowered for a third time this year before the bank's summer recess in August.
``It's absolutely nonsense to speculate that further interest- rate cuts'' are needed, ECB council member Ernst Welteke said yesterday.
ECB President Wim Duisenberg, in a televised interview with Bloomberg News late Tuesday, said it's ``too early'' to discuss the possibility of lower rates. Last week's rate reduction reflected the forecasts published yesterday, ECB Vice President Lucas Papademos said.
It's unlikely ``they will convince the markets that official rates have reached their trough in this cycle,'' said Bernard Walschots, an economist at Rabobank Nederland in the Dutch city of Utrecht.
The yield on the September Euribor interest-rate contract has dropped 18 basis points to 1.88 percent this month, suggesting investors are raising bets the ECB will pare its main rate again by then.
Last Updated: June 14, 2003 03:27 EDT
June 13 (Bloomberg) -- European bonds extended gains this week, with yields at their lowest in at least 30 years, on speculation a faltering economic rebound will spur the European Central Bank to pare its key interest rate in coming months.
The German 2 1/2 percent note due in March 2005 Friday rose 0.04, or 40 euro cents per 1,000-euro ($1,175) face amount, to 101.06. This week, the yield shed 14 basis points to 1.87 percent, the lowest for a note due in one to two years since at least 1973, the year Bundesbank records on that maturity begin. The note advanced for a seventh week in eight. A basis point is 0.01 percentage point.
The ECB on Thursday cut its forecast for economic growth and said inflation may slow next year to 0.7 percent, compared with its target of about 2 percent. Futures trading shows investors are raising bets the bank will trim its main rate by September, after cutting it by half a percentage point last week.
``With inflation coming down, there's room for the ECB to lower rates,'' said Santi Kalf, a senior bond trader at AFS Capital Markets in Amsterdam. He expects the ECB to cut its main rate by 50 basis points to 1.5 percent by year-end, which may push the 10-year bund yield to at least 3.25 percent, he said.
The economy of the 12-nation euro region will grow as little as 0.4 percent this year and 1.1 percent next, the bank forecast in its monthly report for June. In December, it had predicted growth of at least 1.1 percent in 2003 and no less than 1.9 percent in 2004.
The rate of U.S. inflation is also showing signs of slowing. The country's producer price index slipped for a second straight month in May, a government report showed. Wholesale prices fell 0.3 percent after a record 1.9 percent drop in April.
Cheaper Imports
The euro's 12.4 percent gain against the dollar this year has damped inflation by lowering import prices. At the same time, it has hurt the competitiveness of European exporters, making it harder for the economy to rebound.
The yield on the German 4 1/2 percent bund due in January 2013 fell 21 basis points this week to 3.46 percent. That's the lowest for a bund maturing in nine to 10 years since at least 1973, the Bundesbank said.
After yesterday's monthly ECB bulletin, ``it's becoming consensus the bank will cut by at least 25 basis points in September,'' said Roberto Carulli, who helps manage the equivalent of about $24 billion in fixed-income securities at Aegon Asset Management in Edinburgh, Scotland.
Falling Yields
Borrowing costs may drop to 1.5 percent by year-end, which may push the two-year yield to 1.75 percent, Carulli said.
He prefers bonds maturing in 30 years on expectations inflation will decelerate. The spread, or difference in yield will narrow to 80 basis points from the current 92, he said.
French and German factory production fell more than expected in April, government reports showed this week, the latest sign Europe's economy is slowing.
Several ECB officials tried this past week to douse speculation rates will be lowered for a third time this year before the bank's summer recess in August.
``It's absolutely nonsense to speculate that further interest- rate cuts'' are needed, ECB council member Ernst Welteke said yesterday.
ECB President Wim Duisenberg, in a televised interview with Bloomberg News late Tuesday, said it's ``too early'' to discuss the possibility of lower rates. Last week's rate reduction reflected the forecasts published yesterday, ECB Vice President Lucas Papademos said.
It's unlikely ``they will convince the markets that official rates have reached their trough in this cycle,'' said Bernard Walschots, an economist at Rabobank Nederland in the Dutch city of Utrecht.
The yield on the September Euribor interest-rate contract has dropped 18 basis points to 1.88 percent this month, suggesting investors are raising bets the ECB will pare its main rate again by then.
Last Updated: June 14, 2003 03:27 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Asian Stocks Rallied This Week, Led by Canon, Hynix, Yue Yuen
June 14 (Bloomberg) -- Asian stocks rose this week as benchmarks in Japan and South Korea advanced for a fourth week, their longest rallies in more than a year. Hong Kong's Hang Seng Index had its longest weekly string of gains in 3 1/2 years.
Exporters such as Canon Inc. and Hynix Semiconductor Inc. paced the advance after economic forecasts in a U.S. private survey were raised for the first time in a year. Stocks also climbed after the Standard & Poor's 500 Index rose to a one-year high on optimism the U.S. Federal Reserve will cut interest rates this month.
``We are seeing some signs of a recovery in the U.S. and that's spreading through other markets in Asia,'' said Yoji Takeda, who helps manage $250 million in Asian equities at RBC Investment Management Ltd. ``The fact that the U.S. markets have run so much'' has helped. Takeda is buying exporters such as TDK Corp.
Japan's Nikkei 225 Stock Average gained 2.2 percent to 8980.64 this week, the longest weekly gain since March 8, 2002. The Topix index rose 1.3 percent to 881.30.
Elsewhere, Korea's Kospi index advanced 3.6 percent. The index rose for six weeks in the period to March 22, 2002. Hong Kong's Hang Seng Index added 1.7 percent, up for a seventh week. The index climbed for eight weeks in the period to Dec. 10, 1999.
Limited Gains?
Even so, gains in the coming week may be limited after economic reports from the U.S. on Friday showed consumer confidence in the world's biggest economy unexpectedly faded this month, interrupting the S&P 500's biggest rally in the three-year bear market.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. Economists had expected a reading of 93.
The S&P 500 declined 1 percent to 988.61, while the Dow Jones Industrial Average slipped 0.9 percent to 9117.12. The Nasdaq Composite Index lost 27.13, or 1.6 percent, to 1626.49.
Japan
Canon, Japan's biggest maker of office equipment, rose 5.5 percent to 5,520 yen, ending the week at the highest since the stock began trading on the Tokyo Stock Exchange in November 1949. The stock rose for the eighth week in nine.
Canon, which relies on overseas sales for 70 percent of its revenue, said on Wednesday first-half net income will probably surge by 78 percent. The world's largest laser printer maker reported record earnings for three consecutive years.
Toyota Motor Corp., which derives about 82 percent of operating profit from North America, rose 2 percent to 3,080 yen this week. It advanced for a fourth week.
``Strength in the U.S. economy and market is a prerequisite for the Japanese market to achieve a solid recovery, and that's becoming more apparent,'' said Atsushi Ishii, who helps manage the equivalent of $59 billion at Tokio Marine & Fire Insurance Co. He declined to comment on his holdings.
Korea
Hynix, the world's third-largest maker of computer-memory chips, surged 36 percent to 5,580 won in the week. Hynix's exports account for more than 90 percent of its total sales.
Samsung Electronics Co., the world's biggest maker of computer-memory chips, added 5.1 percent to 350,500 won. The company gets about a fifth of its total sales in the U.S.
The U.S. economy, the world's largest, is forecast to expand 2.4 percent this year, up from May's estimate of 2.3 percent, according to the consensus of 53 economists surveyed this month by Blue Chip Economic Indicators, a Kansas City, Missouri-based publication. It was the first improvement since June 2002.
A Federal Reserve report on Wednesday said the U.S. expanded at a ``subpar'' pace in April and May.
Wall Street's biggest bond-trading firms predict a cut of at least a quarter point in the benchmark overnight bank lending rate at the central bank's two-day policy meeting on June 24-25, a Bloomberg News survey showed.
Chip Prices
Hynix and Samsung Electronics also gained after the spot price of the most widely used type of computer-memory chip had its biggest gain in more than three months on Thursday.
``The chipmakers' stock prices have risen on optimism that the higher chip price signals recovery of the industry,'' said Kim Tae Woo, who manages the equivalent of $503 million at Mirae Asset Investment Management Co.
Posco, the world's fourth-largest steelmaker, added 8.6 percent to 126,000 won and was the third-biggest contributor to the Kospi's advance this week.
Meritz Securities Co. and Daewoo Securities Co. raised their recommendations and target prices for Posco after the price of steel exported to China rose for the first time in 15 weeks last Friday.
The company also said this week it is seeking to raise prices of local steel plates used in shipbuilding.
Hong Kong, Taiwan
In Hong Kong, Yue Yuen Industrial Holdings Ltd. rallied for a fifth week, up 7.3 percent to HK$21.95. The world's largest maker of branded footwear for clients including Nike Inc. rose to a record on Tuesday after profit exceeded analysts' forecast and the company offered a special dividend. Yue Yuen began trading as a member of the Hang Seng on Monday.
Taiwan's TWSE Index ended its sixth week of gains 3 percent higher. It was its longest weekly winning streak since the eight weeks to Feb. 11, 2000. The index that tracks the performance of computer-related stocks in the TWSE accounted for more than half the benchmark's advance in the week.
Acer Inc., the island's biggest maker of desktop computers, added 11 percent to NT$40.10, rising for a fifth week. Acer said it plans to spin off its manufacturing arm, Wistron Corp., into a separately traded company in the third quarter. It also said earnings per share from its main business will double next year.
Last Updated: June 13, 2003 22:50 EDT
June 14 (Bloomberg) -- Asian stocks rose this week as benchmarks in Japan and South Korea advanced for a fourth week, their longest rallies in more than a year. Hong Kong's Hang Seng Index had its longest weekly string of gains in 3 1/2 years.
Exporters such as Canon Inc. and Hynix Semiconductor Inc. paced the advance after economic forecasts in a U.S. private survey were raised for the first time in a year. Stocks also climbed after the Standard & Poor's 500 Index rose to a one-year high on optimism the U.S. Federal Reserve will cut interest rates this month.
``We are seeing some signs of a recovery in the U.S. and that's spreading through other markets in Asia,'' said Yoji Takeda, who helps manage $250 million in Asian equities at RBC Investment Management Ltd. ``The fact that the U.S. markets have run so much'' has helped. Takeda is buying exporters such as TDK Corp.
Japan's Nikkei 225 Stock Average gained 2.2 percent to 8980.64 this week, the longest weekly gain since March 8, 2002. The Topix index rose 1.3 percent to 881.30.
Elsewhere, Korea's Kospi index advanced 3.6 percent. The index rose for six weeks in the period to March 22, 2002. Hong Kong's Hang Seng Index added 1.7 percent, up for a seventh week. The index climbed for eight weeks in the period to Dec. 10, 1999.
Limited Gains?
Even so, gains in the coming week may be limited after economic reports from the U.S. on Friday showed consumer confidence in the world's biggest economy unexpectedly faded this month, interrupting the S&P 500's biggest rally in the three-year bear market.
The University of Michigan's preliminary June sentiment index fell to 87.2 from 92.1 last month. Economists had expected a reading of 93.
The S&P 500 declined 1 percent to 988.61, while the Dow Jones Industrial Average slipped 0.9 percent to 9117.12. The Nasdaq Composite Index lost 27.13, or 1.6 percent, to 1626.49.
Japan
Canon, Japan's biggest maker of office equipment, rose 5.5 percent to 5,520 yen, ending the week at the highest since the stock began trading on the Tokyo Stock Exchange in November 1949. The stock rose for the eighth week in nine.
Canon, which relies on overseas sales for 70 percent of its revenue, said on Wednesday first-half net income will probably surge by 78 percent. The world's largest laser printer maker reported record earnings for three consecutive years.
Toyota Motor Corp., which derives about 82 percent of operating profit from North America, rose 2 percent to 3,080 yen this week. It advanced for a fourth week.
``Strength in the U.S. economy and market is a prerequisite for the Japanese market to achieve a solid recovery, and that's becoming more apparent,'' said Atsushi Ishii, who helps manage the equivalent of $59 billion at Tokio Marine & Fire Insurance Co. He declined to comment on his holdings.
Korea
Hynix, the world's third-largest maker of computer-memory chips, surged 36 percent to 5,580 won in the week. Hynix's exports account for more than 90 percent of its total sales.
Samsung Electronics Co., the world's biggest maker of computer-memory chips, added 5.1 percent to 350,500 won. The company gets about a fifth of its total sales in the U.S.
The U.S. economy, the world's largest, is forecast to expand 2.4 percent this year, up from May's estimate of 2.3 percent, according to the consensus of 53 economists surveyed this month by Blue Chip Economic Indicators, a Kansas City, Missouri-based publication. It was the first improvement since June 2002.
A Federal Reserve report on Wednesday said the U.S. expanded at a ``subpar'' pace in April and May.
Wall Street's biggest bond-trading firms predict a cut of at least a quarter point in the benchmark overnight bank lending rate at the central bank's two-day policy meeting on June 24-25, a Bloomberg News survey showed.
Chip Prices
Hynix and Samsung Electronics also gained after the spot price of the most widely used type of computer-memory chip had its biggest gain in more than three months on Thursday.
``The chipmakers' stock prices have risen on optimism that the higher chip price signals recovery of the industry,'' said Kim Tae Woo, who manages the equivalent of $503 million at Mirae Asset Investment Management Co.
Posco, the world's fourth-largest steelmaker, added 8.6 percent to 126,000 won and was the third-biggest contributor to the Kospi's advance this week.
Meritz Securities Co. and Daewoo Securities Co. raised their recommendations and target prices for Posco after the price of steel exported to China rose for the first time in 15 weeks last Friday.
The company also said this week it is seeking to raise prices of local steel plates used in shipbuilding.
Hong Kong, Taiwan
In Hong Kong, Yue Yuen Industrial Holdings Ltd. rallied for a fifth week, up 7.3 percent to HK$21.95. The world's largest maker of branded footwear for clients including Nike Inc. rose to a record on Tuesday after profit exceeded analysts' forecast and the company offered a special dividend. Yue Yuen began trading as a member of the Hang Seng on Monday.
Taiwan's TWSE Index ended its sixth week of gains 3 percent higher. It was its longest weekly winning streak since the eight weeks to Feb. 11, 2000. The index that tracks the performance of computer-related stocks in the TWSE accounted for more than half the benchmark's advance in the week.
Acer Inc., the island's biggest maker of desktop computers, added 11 percent to NT$40.10, rising for a fifth week. Acer said it plans to spin off its manufacturing arm, Wistron Corp., into a separately traded company in the third quarter. It also said earnings per share from its main business will double next year.
Last Updated: June 13, 2003 22:50 EDT
- Mensagens: 23939
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- Localização: 4
UBS Will Need to Find New Buyers for AMP Stock, Investors Say
June 14 (Bloomberg) -- UBS AG, which underwrote a A$500 million ($332 million) share sale by AMP Ltd., will need to tap institutions to sell stock in Australia's biggest life insurer after a lukewarm response from individuals, investors said.
Sydney-based AMP, which sold A$1.2 billion of shares to institutions in May, aimed to sell more to its 960,000 individual investors in a sale that closed Friday. Shareholders are wary of a company that has shed 70 percent of its value, plans to split in two and posted its biggest loss in 154 years.
``The lack of information about the demerger plan'' is also a concern, said Andrew Hooper-Nguyen, a Sydney-based AMP shareholder who chose not to buy stock in the sale. ``There may be potential to buy it cheaper in a month or so,'' he said.
Sale proceeds will go to paying debt as AMP spins off unprofitable units in the U.K., where it was twice forced to top up capital last year. AMP posted a record A$1.2 billion loss in the six months to Dec. 31. The company's market value has slumped to A$7.3 billion, from A$24.7 billion when it listed in June 1998.
``I just hope mum and dad shareholders haven't been panicked into not supporting the AMP issue because of bad press, the same way it happened with Insurance Australia Group,'' said Chris Mackay, chief executive of UBS Australia, which also underwrote an Insurance Australia share sale last year.
Insurance Australia Group Ltd., the nation's biggest car and home insurer, managed to sell only one-quarter of shares on offer in November as individual investors spurned its share sale on concern it paid too much for Aviva Plc's local units.
If the same happens to AMP, UBS will need to find buyers for A$375 million of unsold shares. The amount raised from shareholders will be announced next week, AMP said.
Adverse Reaction
Five years ago, AMP was Australia's third-biggest company. It's now ranked 15th and has signaled an end to its global ambitions, with plans to spin off U.K. businesses -- Henderson Global Investors, Pearl Assurance, London Life and NPI.
``There's an awful lot of adverse reaction out there,'' said Michael Perry of the Australian Shareholders' Association, a lobby group for individual investors. ``The market has been expecting a shortfall,'' said Perry, whose wife owns AMP stock and applied for more in last week's sale.
Institutions paid A$5.50 a share last month. Individuals were offered stock at A$5.50, or a 5 percent discount to the average price of AMP shares in the 15 days after the offer closed Friday, whichever is cheaper.
Finding Buyers
UBS says it won't have trouble finding institutional buyers if Australians spurn the offer.
``Even if there was a complete shortfall, UBS would be comfortable with the position,'' said Mackay. ``We believe there is institutional demand if there's a retail shortfall.''
About 1 in 20 Australians was offered stock in last week's sale. ``We've stayed with them so far, which was clearly a mistake, but my gut reaction is that fear and herd instinct may have seen the shares oversold,'' Perry said in an interview.
Indeed, those investors who kept shares bought in Insurance Australia's sale last year, have made money. The company sold stock at A$2.40 each. The shares closed at A$3.29 on Friday, rising 37 percent in six months.
AMP plans to give shareholders stock in a U.K. company owning the Henderson funds business and three life insurers, as well as shares in an Australian life insurance and funds group.
The company said Thursday it's ``on target'' to complete the U.K. spin-off by the end of 2003. It earlier won regulatory approval to proceed with the share sale, even as it said details about its demerger plan were still to be resolved.
AMP expects to provide details about the demerger of its U.K. businesses in the fourth quarter. The plan is subject to U.K. and Australian regulatory approval and will be put to a vote by shareholders in December.
UBS and Caliburn Partnership are advising AMP.
Last Updated: June 13, 2003 22:38 EDT
June 14 (Bloomberg) -- UBS AG, which underwrote a A$500 million ($332 million) share sale by AMP Ltd., will need to tap institutions to sell stock in Australia's biggest life insurer after a lukewarm response from individuals, investors said.
Sydney-based AMP, which sold A$1.2 billion of shares to institutions in May, aimed to sell more to its 960,000 individual investors in a sale that closed Friday. Shareholders are wary of a company that has shed 70 percent of its value, plans to split in two and posted its biggest loss in 154 years.
``The lack of information about the demerger plan'' is also a concern, said Andrew Hooper-Nguyen, a Sydney-based AMP shareholder who chose not to buy stock in the sale. ``There may be potential to buy it cheaper in a month or so,'' he said.
Sale proceeds will go to paying debt as AMP spins off unprofitable units in the U.K., where it was twice forced to top up capital last year. AMP posted a record A$1.2 billion loss in the six months to Dec. 31. The company's market value has slumped to A$7.3 billion, from A$24.7 billion when it listed in June 1998.
``I just hope mum and dad shareholders haven't been panicked into not supporting the AMP issue because of bad press, the same way it happened with Insurance Australia Group,'' said Chris Mackay, chief executive of UBS Australia, which also underwrote an Insurance Australia share sale last year.
Insurance Australia Group Ltd., the nation's biggest car and home insurer, managed to sell only one-quarter of shares on offer in November as individual investors spurned its share sale on concern it paid too much for Aviva Plc's local units.
If the same happens to AMP, UBS will need to find buyers for A$375 million of unsold shares. The amount raised from shareholders will be announced next week, AMP said.
Adverse Reaction
Five years ago, AMP was Australia's third-biggest company. It's now ranked 15th and has signaled an end to its global ambitions, with plans to spin off U.K. businesses -- Henderson Global Investors, Pearl Assurance, London Life and NPI.
``There's an awful lot of adverse reaction out there,'' said Michael Perry of the Australian Shareholders' Association, a lobby group for individual investors. ``The market has been expecting a shortfall,'' said Perry, whose wife owns AMP stock and applied for more in last week's sale.
Institutions paid A$5.50 a share last month. Individuals were offered stock at A$5.50, or a 5 percent discount to the average price of AMP shares in the 15 days after the offer closed Friday, whichever is cheaper.
Finding Buyers
UBS says it won't have trouble finding institutional buyers if Australians spurn the offer.
``Even if there was a complete shortfall, UBS would be comfortable with the position,'' said Mackay. ``We believe there is institutional demand if there's a retail shortfall.''
About 1 in 20 Australians was offered stock in last week's sale. ``We've stayed with them so far, which was clearly a mistake, but my gut reaction is that fear and herd instinct may have seen the shares oversold,'' Perry said in an interview.
Indeed, those investors who kept shares bought in Insurance Australia's sale last year, have made money. The company sold stock at A$2.40 each. The shares closed at A$3.29 on Friday, rising 37 percent in six months.
AMP plans to give shareholders stock in a U.K. company owning the Henderson funds business and three life insurers, as well as shares in an Australian life insurance and funds group.
The company said Thursday it's ``on target'' to complete the U.K. spin-off by the end of 2003. It earlier won regulatory approval to proceed with the share sale, even as it said details about its demerger plan were still to be resolved.
AMP expects to provide details about the demerger of its U.K. businesses in the fourth quarter. The plan is subject to U.K. and Australian regulatory approval and will be put to a vote by shareholders in December.
UBS and Caliburn Partnership are advising AMP.
Last Updated: June 13, 2003 22:38 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
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Notícias de Fim de Semana dias 14 e 15 de Junho de 2003
Mercados norte-americanos fecham a perder
13-6-2003 21:10
Os mercados norte-americanos fecharam a semana a perder, penalizados pela inesperada queda do índice de confiança do consumidor.
O índice preliminar da Universidade do Michigan desceu para 87,2 pontos, face aos 92,1 do mês anterior e aos 93 estimados pelos analistas. Os preços no produtor desceram 0,3 por cento, em Maio, pelo segundo mês consecutivo, depois da quebra recorde de 1,9 por cento de Abril.
A Adobe Systems caiu 12,3 por cento. A maior fabricante de ‘software’ de edição e design gráfico avisou que os lucros deste trimestre vão ficar aquém das expectativas.
A General Motors perdeu 2,5 por cento, pressionada pelo corte do rating efectuado pela Moody’s Investor Service. A Moody’s reviu em baixa o rating da maior construtora automóvel por vendas do mundo, afectando 200 mil milhões de dólares de dívida, devido à crescente concorrência e ao aumento dos custos das pensões.
A Oracle ganhou 1,1 por cento. Os lucros do trimestre terminado a 31 de Maio cifraram-se em 16 cêntimos, acima dos 14 cêntimos por acção antecipados pelo mercado. As vendas de novas licenças de ‘software’ cresceram pela primeira vez em mais de dois anos.
O Dow Jones Industrial desvalorizou 0,86 por cento para 9.117,12 pontos, o Nasdaq Composite perdeu 1,64 por cento para 1.626,49 pontos e o S&P 500 cedeu 1,06 por cento para 987,91 pontos.
BolsaPt.com
13-6-2003 21:10
Os mercados norte-americanos fecharam a semana a perder, penalizados pela inesperada queda do índice de confiança do consumidor.
O índice preliminar da Universidade do Michigan desceu para 87,2 pontos, face aos 92,1 do mês anterior e aos 93 estimados pelos analistas. Os preços no produtor desceram 0,3 por cento, em Maio, pelo segundo mês consecutivo, depois da quebra recorde de 1,9 por cento de Abril.
A Adobe Systems caiu 12,3 por cento. A maior fabricante de ‘software’ de edição e design gráfico avisou que os lucros deste trimestre vão ficar aquém das expectativas.
A General Motors perdeu 2,5 por cento, pressionada pelo corte do rating efectuado pela Moody’s Investor Service. A Moody’s reviu em baixa o rating da maior construtora automóvel por vendas do mundo, afectando 200 mil milhões de dólares de dívida, devido à crescente concorrência e ao aumento dos custos das pensões.
A Oracle ganhou 1,1 por cento. Os lucros do trimestre terminado a 31 de Maio cifraram-se em 16 cêntimos, acima dos 14 cêntimos por acção antecipados pelo mercado. As vendas de novas licenças de ‘software’ cresceram pela primeira vez em mais de dois anos.
O Dow Jones Industrial desvalorizou 0,86 por cento para 9.117,12 pontos, o Nasdaq Composite perdeu 1,64 por cento para 1.626,49 pontos e o S&P 500 cedeu 1,06 por cento para 987,91 pontos.
BolsaPt.com
Editado pela última vez por TRSM em 16/6/2003 9:39, num total de 1 vez.
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