Notícias de Fim de Semana - 21 e 22 de Junho de 2003
21 mensagens
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Finanças: BES salva estádio do Arsenal
2003-06-22 05:39:44
O Banco Espírito Santo (BES) tornou-se subitamente muito conhecido em Inglaterra, ao ser conhecido o seu papel vital na construção e viabilização do novo estádio de um dos maiores clubes britânicos: o Arsenal, de Londres.
A notícia foi avançada pelo Telegraph, o qual refere que o banco português ajudou o Arsenal a resolver o problema de angariar 400 milhões de librar para a edificação do seu novo recinto no Norte de Londres.
O clube - que perdeu recentemente o campeonato para o Manchester United - viveu um inesperado período de dificuldades financeiras e de financiamento junto da banca.
Esta acção do BES surge dois meses depois do Arsenal haver anunciado que não iria cumprir o deadline estabelecido para a construção do estádio, o que devia acontecer na temporada 2005/2006.
Um grupo de financiadores bancários (entre os quais o Royal Bank of Scotland) não garantiram o financiamento de 317 milhões de libras, sendo que foi o BES a promover um sindicato bancário que cobrisse esta verba.
Além do estádio do Arsenal, o Telegraph salienta ainda que o BES está envolvido no financiamento do novo espaço desportivo do Coventry City.
Fonte: Diário Digital
2003-06-22 05:39:44
O Banco Espírito Santo (BES) tornou-se subitamente muito conhecido em Inglaterra, ao ser conhecido o seu papel vital na construção e viabilização do novo estádio de um dos maiores clubes britânicos: o Arsenal, de Londres.
A notícia foi avançada pelo Telegraph, o qual refere que o banco português ajudou o Arsenal a resolver o problema de angariar 400 milhões de librar para a edificação do seu novo recinto no Norte de Londres.
O clube - que perdeu recentemente o campeonato para o Manchester United - viveu um inesperado período de dificuldades financeiras e de financiamento junto da banca.
Esta acção do BES surge dois meses depois do Arsenal haver anunciado que não iria cumprir o deadline estabelecido para a construção do estádio, o que devia acontecer na temporada 2005/2006.
Um grupo de financiadores bancários (entre os quais o Royal Bank of Scotland) não garantiram o financiamento de 317 milhões de libras, sendo que foi o BES a promover um sindicato bancário que cobrisse esta verba.
Além do estádio do Arsenal, o Telegraph salienta ainda que o BES está envolvido no financiamento do novo espaço desportivo do Coventry City.
Fonte: Diário Digital
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- Registado: 5/11/2002 11:30
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Finanças: Deputados do PS e PSD da Madeira eventuais suspeitos de fraudes fiscais
2003-06-22 00:19:24
O Ministério Público está a investigar as contas da Associação Recreativa e Cultural de S. Vicente, um inquérito que pode vir a envolver várias figuras políticas proeminentes na Madeira, com nomes ligados quer ao PS, quer ao PSD, noticia o Público.
A investigação foi desencadeada por um relatório da Inspecção Tributária, efectuado pela Direcção de Finanças da Região Autónoma da Madeira, que inclui a prática de oito irregularidades fiscais e tributárias registadas em 1999, algumas das quais podem vir a ser enquadrados na prática de crime de fraude fiscal, punível com pena de prisão até três anos ou uma multa até 360 dias.
O relatório menciona, entre outras, irregularidades nos pagamentos efectuados pelo clube de futebol - fundado e dirigido por elementos conotados com a direita e o PSD madeirense - a uma empresa de manutenção de espaços verdes, a Plantial, dirigida pelo actual líder parlamentar do PS, Duarte Caldeira, adianta o jornal.
Em causa estão os pagamentos efectuados pelo clube à Plantial em cerca de 250 mil euros, que não têm correspondência nos valores facturados, acrescenta o Público.
Fonte: Diário Digital
2003-06-22 00:19:24
O Ministério Público está a investigar as contas da Associação Recreativa e Cultural de S. Vicente, um inquérito que pode vir a envolver várias figuras políticas proeminentes na Madeira, com nomes ligados quer ao PS, quer ao PSD, noticia o Público.
A investigação foi desencadeada por um relatório da Inspecção Tributária, efectuado pela Direcção de Finanças da Região Autónoma da Madeira, que inclui a prática de oito irregularidades fiscais e tributárias registadas em 1999, algumas das quais podem vir a ser enquadrados na prática de crime de fraude fiscal, punível com pena de prisão até três anos ou uma multa até 360 dias.
O relatório menciona, entre outras, irregularidades nos pagamentos efectuados pelo clube de futebol - fundado e dirigido por elementos conotados com a direita e o PSD madeirense - a uma empresa de manutenção de espaços verdes, a Plantial, dirigida pelo actual líder parlamentar do PS, Duarte Caldeira, adianta o jornal.
Em causa estão os pagamentos efectuados pelo clube à Plantial em cerca de 250 mil euros, que não têm correspondência nos valores facturados, acrescenta o Público.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Rally May Last as U.S. Rate Cut Looms: European Stocks Outlook
June 22 (Bloomberg) -- Europe's Dow Jones Stoxx 50 and Stoxx 600 indexes may add to their biggest quarterly gains in more than three years amid the prospect that the U.S. Federal Reserve will cut interest rates, some investors said.
Both benchmarks have climbed about 18 percent since the end of March, including last week's 2.9 percent rise in the Stoxx 50 and 2.5 percent advance in the Stoxx 600. Neither has risen that much in a quarter since the final quarter of 1999.
Signs of accelerating economic growth in the U.S., Europe's biggest export market, have fueled the rally. Some investors are optimistic that the growth will boost the earnings of exporters based in the region.
The Fed is ``really pushing for economic recovery and the effects might be stronger than many investors anticipate,'' said Henning Gebhardt, a Frankfurt-based fund manager who oversees $3.5 billion of equities at DWS Investment GmbH.
Exporters such as Siemens AG, Royal Philips Electronics NV and Bayer AG would be ``the first to profit from a recovery as they will see it directly in their order books,'' Gebhardt said.
Unilever, the world's biggest food and soap maker, may give a hint Monday about the outlook for U.S. growth when it provides an update on second-quarter revenue. Lower sales at its Unilever Bestfoods North America unit contributed to slower sales growth of its top brands in the first quarter than it had forecast.
Dixons Group Plc, the U.K.'s largest consumer-electronics retailer, and British lenders Lloyds TSB Group Plc, HBOS Plc and Standard Chartered Plc are also among other companies reporting sales or providing updates on their business this week.
U.S. Comes First
Optimism about U.S. growth has helped all 18 industry groups in the Stoxx 600 rise this quarter. Insurers such as Allianz AG, getting 13 percent of premiums from the Americas, and computer- related companies such as SAP AG, the world's biggest maker of business-management software, have risen by half or more. Only 31 companies in the index have dropped during the period.
``The market has benefited from optimism about an economic recovery in the U.S.,'' said Rosario Giliberti, a fund manager at Banca Nazionale del Lavoro SpA in Rome, overseeing $20 billion. ``It is a recovery in the U.S. economy that will help boost economic growth in other parts of the world.''
U.S. government reports last week showed factory production expanded in May and consumer prices rose. A rate cut by the Fed on Wednesday may fan growth in the world's largest economy. All 22 bond-trading firms that deal directly with the central bank expect a reduction of at least one-quarter percentage point, according to a Bloomberg News survey.
Dollar's Gain
Reports from Europe last week suggested the region's economy is stagnating. German producer prices fell the most in 10 months, a government report showed on Thursday. The following day, France forecast its slowest pace of growth in a decade.
The growth outlook for the U.S. also helped the dollar rise to its highest in a month against the euro on Friday. That gave a lift to companies such as Rhodia SA, a French specialty-chemicals maker that relies on the U.S. for about a fifth of sales. Shares rose 9 percent during the week. A higher dollar lifts the value of European companies' sales in the U.S. currency.
Investors consider the earnings prospects for the next 12 months to be best in the U.S., according to a Merrill Lynch & Co. report published last week. Fifty-three percent of fund managers that the firm surveyed said companies' profit potential is the most favorable among global markets.
Only 5 percent of investors were most optimistic about profit in the countries sharing the euro, and just 2 percent favored U.K. earnings. The euro region's economy will grow as little as 0.4 percent this year and 1.1 percent in 2004, the European Central Bank said on June 12.
Looking at Unilever
U.K.-traded shares of Unilever, maker of household products such as Dove soap and Birds Eye frozen food, climbed 1.9 percent last week and the Dutch-traded stock added 4.4 percent. Sales of the Anglo-Dutch company's 400 leading brands will rise 6 percent in the second quarter, according to the average estimate in a Bloomberg survey of seven analysts.
The shares had their biggest losses in 3 1/2 years on May 2 after the company said first-quarter sales of the company's top brands grew less than it had forecast.
Dixons, whose shares have lost 20 percent this year, will report earnings on Wednesday. The company may post pretax profit of about 295 million pounds ($489 million) before one-time costs for the 53 weeks ended May 3, according to the median forecast of seven analysts surveyed by Bloomberg News. The comparable figure for the previous 12 months was 297.2 million pounds.
Lloyds TSB, the U.K.'s fifth-largest bank, will update investors Monday on how its business is performing this quarter. The company's shares have surged 55 percent since reaching this year's low on March 12.
`Rally Will Continue'
HBOS, the U.K.'s fourth-biggest bank by assets, issues a statement about its business the next day, as does Alliance & Leicester Plc. Standard Chartered, a British bank that makes about two-thirds of its profit in Asia, is due to release a similar statement on Wednesday.
Roche Holding AG, the biggest maker of diagnostic products, releases a report on its drugs research on Tuesday. The German Car Association publishes an outlook for car sales in Europe's biggest economy on Monday.
Declining bond prices in Europe last week also pointed to greater optimism about equities, investors said. The German 10- year bund slid on four out of five days, pushing its price to the lowest since June 2. The Stoxx 50 and Stoxx 600 gained in four of the five sessions.
``We believe investors shouldn't be too underweight in stocks for the summer,'' said Thomas Haerter, the head of asset allocation at Bank Leu AG in Zurich. ``The rally will continue in the short term'' because banks won't risk staying out of equity markets as shares surge, he said.
Last Updated: June 22, 2003 03:51 EDT
June 22 (Bloomberg) -- Europe's Dow Jones Stoxx 50 and Stoxx 600 indexes may add to their biggest quarterly gains in more than three years amid the prospect that the U.S. Federal Reserve will cut interest rates, some investors said.
Both benchmarks have climbed about 18 percent since the end of March, including last week's 2.9 percent rise in the Stoxx 50 and 2.5 percent advance in the Stoxx 600. Neither has risen that much in a quarter since the final quarter of 1999.
Signs of accelerating economic growth in the U.S., Europe's biggest export market, have fueled the rally. Some investors are optimistic that the growth will boost the earnings of exporters based in the region.
The Fed is ``really pushing for economic recovery and the effects might be stronger than many investors anticipate,'' said Henning Gebhardt, a Frankfurt-based fund manager who oversees $3.5 billion of equities at DWS Investment GmbH.
Exporters such as Siemens AG, Royal Philips Electronics NV and Bayer AG would be ``the first to profit from a recovery as they will see it directly in their order books,'' Gebhardt said.
Unilever, the world's biggest food and soap maker, may give a hint Monday about the outlook for U.S. growth when it provides an update on second-quarter revenue. Lower sales at its Unilever Bestfoods North America unit contributed to slower sales growth of its top brands in the first quarter than it had forecast.
Dixons Group Plc, the U.K.'s largest consumer-electronics retailer, and British lenders Lloyds TSB Group Plc, HBOS Plc and Standard Chartered Plc are also among other companies reporting sales or providing updates on their business this week.
U.S. Comes First
Optimism about U.S. growth has helped all 18 industry groups in the Stoxx 600 rise this quarter. Insurers such as Allianz AG, getting 13 percent of premiums from the Americas, and computer- related companies such as SAP AG, the world's biggest maker of business-management software, have risen by half or more. Only 31 companies in the index have dropped during the period.
``The market has benefited from optimism about an economic recovery in the U.S.,'' said Rosario Giliberti, a fund manager at Banca Nazionale del Lavoro SpA in Rome, overseeing $20 billion. ``It is a recovery in the U.S. economy that will help boost economic growth in other parts of the world.''
U.S. government reports last week showed factory production expanded in May and consumer prices rose. A rate cut by the Fed on Wednesday may fan growth in the world's largest economy. All 22 bond-trading firms that deal directly with the central bank expect a reduction of at least one-quarter percentage point, according to a Bloomberg News survey.
Dollar's Gain
Reports from Europe last week suggested the region's economy is stagnating. German producer prices fell the most in 10 months, a government report showed on Thursday. The following day, France forecast its slowest pace of growth in a decade.
The growth outlook for the U.S. also helped the dollar rise to its highest in a month against the euro on Friday. That gave a lift to companies such as Rhodia SA, a French specialty-chemicals maker that relies on the U.S. for about a fifth of sales. Shares rose 9 percent during the week. A higher dollar lifts the value of European companies' sales in the U.S. currency.
Investors consider the earnings prospects for the next 12 months to be best in the U.S., according to a Merrill Lynch & Co. report published last week. Fifty-three percent of fund managers that the firm surveyed said companies' profit potential is the most favorable among global markets.
Only 5 percent of investors were most optimistic about profit in the countries sharing the euro, and just 2 percent favored U.K. earnings. The euro region's economy will grow as little as 0.4 percent this year and 1.1 percent in 2004, the European Central Bank said on June 12.
Looking at Unilever
U.K.-traded shares of Unilever, maker of household products such as Dove soap and Birds Eye frozen food, climbed 1.9 percent last week and the Dutch-traded stock added 4.4 percent. Sales of the Anglo-Dutch company's 400 leading brands will rise 6 percent in the second quarter, according to the average estimate in a Bloomberg survey of seven analysts.
The shares had their biggest losses in 3 1/2 years on May 2 after the company said first-quarter sales of the company's top brands grew less than it had forecast.
Dixons, whose shares have lost 20 percent this year, will report earnings on Wednesday. The company may post pretax profit of about 295 million pounds ($489 million) before one-time costs for the 53 weeks ended May 3, according to the median forecast of seven analysts surveyed by Bloomberg News. The comparable figure for the previous 12 months was 297.2 million pounds.
Lloyds TSB, the U.K.'s fifth-largest bank, will update investors Monday on how its business is performing this quarter. The company's shares have surged 55 percent since reaching this year's low on March 12.
`Rally Will Continue'
HBOS, the U.K.'s fourth-biggest bank by assets, issues a statement about its business the next day, as does Alliance & Leicester Plc. Standard Chartered, a British bank that makes about two-thirds of its profit in Asia, is due to release a similar statement on Wednesday.
Roche Holding AG, the biggest maker of diagnostic products, releases a report on its drugs research on Tuesday. The German Car Association publishes an outlook for car sales in Europe's biggest economy on Monday.
Declining bond prices in Europe last week also pointed to greater optimism about equities, investors said. The German 10- year bund slid on four out of five days, pushing its price to the lowest since June 2. The Stoxx 50 and Stoxx 600 gained in four of the five sessions.
``We believe investors shouldn't be too underweight in stocks for the summer,'' said Thomas Haerter, the head of asset allocation at Bank Leu AG in Zurich. ``The rally will continue in the short term'' because banks won't risk staying out of equity markets as shares surge, he said.
Last Updated: June 22, 2003 03:51 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Nogueira de Brito substitui Maria Barroso na presidência da Cruz Vermelha
2003-06-21 13:20:00
O antigo deputado do CDS Luís Nogueira de Brito vai ser o novo presidente da Cruz Vermelha Portuguesa (CVP), uma decisão do ministro da Defesa, que tutela a instituição, o qual não desejaria a recondução de Maria Barroso no cargo, noticia este sábado o Expresso.
Até segunda-feira, o primeiro-ministro, Durão Barroso, e o ministro da Defesa, Paulo Portas, deverão assinar o despacho que propõe o nome de Luís Nogueira de Brito para a presidência da Cruz Vermelha, adianta o semanário.
Nogueira de Brito, foi eleito deputado à Assembleia da República em 1983, chegando a liderar a bancada parlamentar do CDS na III legislatura.
Fonte: Diário Digital
2003-06-21 13:20:00
O antigo deputado do CDS Luís Nogueira de Brito vai ser o novo presidente da Cruz Vermelha Portuguesa (CVP), uma decisão do ministro da Defesa, que tutela a instituição, o qual não desejaria a recondução de Maria Barroso no cargo, noticia este sábado o Expresso.
Até segunda-feira, o primeiro-ministro, Durão Barroso, e o ministro da Defesa, Paulo Portas, deverão assinar o despacho que propõe o nome de Luís Nogueira de Brito para a presidência da Cruz Vermelha, adianta o semanário.
Nogueira de Brito, foi eleito deputado à Assembleia da República em 1983, chegando a liderar a bancada parlamentar do CDS na III legislatura.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Seixas da Costa recusou lugar de emissário da UE para o Médio Oriente
2003-06-21 12:51:57
O embaixador Francisco Seixas da Costa recusou candidatar-se ao lugar de emissário da União Europeia para o Médio Oriente, em substituição do espanhol Miguel Moratinos, admitiu sexta-feira, em Salonica (Grécia), o ministro dos Negócios Estrangeiros, Martins da Cruz.
O ministro explicou que «por indicação» de Durão Barroso contactou alguns responsáveis europeus para saber qual era a reacção a esta eventual candidatura, verificando que o nome de Seixas da Costa reunia o consenso da maior parte das pessoas, mas o embaixador «recusou o convite, apesar de todas as insistências», referiu.
Seixas da Costa é actualmente o embaixador português na Organização para a Segurança e a Cooperação na Europa (OSCE), depois de ter sido afastado pelo Governo PSD do cargo de embaixador junto das Nações Unidas, uma decisão que o PS atribuiu a perseguições políticas.
Antes, Seixas da Costa tinha sido secretário de Estado dos Assuntos Europeus no Governo de António Guterres.
Fonte: Diário Digital
2003-06-21 12:51:57
O embaixador Francisco Seixas da Costa recusou candidatar-se ao lugar de emissário da União Europeia para o Médio Oriente, em substituição do espanhol Miguel Moratinos, admitiu sexta-feira, em Salonica (Grécia), o ministro dos Negócios Estrangeiros, Martins da Cruz.
O ministro explicou que «por indicação» de Durão Barroso contactou alguns responsáveis europeus para saber qual era a reacção a esta eventual candidatura, verificando que o nome de Seixas da Costa reunia o consenso da maior parte das pessoas, mas o embaixador «recusou o convite, apesar de todas as insistências», referiu.
Seixas da Costa é actualmente o embaixador português na Organização para a Segurança e a Cooperação na Europa (OSCE), depois de ter sido afastado pelo Governo PSD do cargo de embaixador junto das Nações Unidas, uma decisão que o PS atribuiu a perseguições políticas.
Antes, Seixas da Costa tinha sido secretário de Estado dos Assuntos Europeus no Governo de António Guterres.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Segredo de justiça deveria ser a excepção e não a regra, diz Júdice
2003-06-21 11:56:24
O bastonário da Ordem dos Advogados, José Miguel Júdice, criticou este sábado a forma como o segredo de justiça é usado em Portugal, defendendo que este deveria ser a excepção e não a regra, e determinado pelo tipo de processo.
Entrevistado no programa «Grande Júri» da TSF, o bastonário falou de falta de vontade para investigar as violações do segredo de justiça» em Portugal e criticou a forma como este é aplicado, defendendo a respectiva alteração.
«Em Portugal, há falta de vontade de descobrir a violação do segredo de justiça. Ou é crime ou não é crime. Se é crime tem de ser investigado. Tratando-se de um crime público, não é preciso denúncia, basta que existam indícios», disse.
Numa referência às violações do segredo de justiça no âmbito do processo da Casa Pia, José Miguel Júdice considerou que falta coragem para investigar aquelas fugas.
Acrescentou que considera «intolerável» que alguém seja posto sob escuta telefónica sem ser arguido ou mesmo indiciado num processo, admitindo que se ele próprio estivesse sob escuta telefónica sem ser arguido, «perderia as estribeiras».
Quanto à sua eventual recandidatura ao cargo de bastonário, Júdice admitiu dois cenários, posteriores ao Congresso da Justiça, agendado para Outubro: «se o congresso me correr bem, e só eu digo se corre bem ou não, não me recandidato. Se o congresso correr mal, e eu é que sei se corre mal ou não, eu direi se me recandidato ou não».
Fonte: Diário Digital
Voltar
2003-06-21 11:56:24
O bastonário da Ordem dos Advogados, José Miguel Júdice, criticou este sábado a forma como o segredo de justiça é usado em Portugal, defendendo que este deveria ser a excepção e não a regra, e determinado pelo tipo de processo.
Entrevistado no programa «Grande Júri» da TSF, o bastonário falou de falta de vontade para investigar as violações do segredo de justiça» em Portugal e criticou a forma como este é aplicado, defendendo a respectiva alteração.
«Em Portugal, há falta de vontade de descobrir a violação do segredo de justiça. Ou é crime ou não é crime. Se é crime tem de ser investigado. Tratando-se de um crime público, não é preciso denúncia, basta que existam indícios», disse.
Numa referência às violações do segredo de justiça no âmbito do processo da Casa Pia, José Miguel Júdice considerou que falta coragem para investigar aquelas fugas.
Acrescentou que considera «intolerável» que alguém seja posto sob escuta telefónica sem ser arguido ou mesmo indiciado num processo, admitindo que se ele próprio estivesse sob escuta telefónica sem ser arguido, «perderia as estribeiras».
Quanto à sua eventual recandidatura ao cargo de bastonário, Júdice admitiu dois cenários, posteriores ao Congresso da Justiça, agendado para Outubro: «se o congresso me correr bem, e só eu digo se corre bem ou não, não me recandidato. Se o congresso correr mal, e eu é que sei se corre mal ou não, eu direi se me recandidato ou não».
Fonte: Diário Digital
Voltar
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Durão vai anunciar reforma da Função Pública
2003-06-21 11:16:02
Os funcionários e os próprios serviços da Administração Pública vão passar a ser avaliados por entidades externas ao Estado, nacionais ou estrangeiras, uma medida que se insere num pacote de alterações na Função Pública que o primeiro-ministro, Durão Barroso, vai anunciar na próxima terça-feira.
Segundo o semanário Expresso, Barroso vai anunciar as grandes linhas de uma revolução que imporá à função pública critérios semelhantes aos do sector privado.
O Governo pretende que os serviços passem a funcionar por objectivos e fará depender a renovação das comissões de serviço e a evolução das carreiras das avaliações de desempenho que forem feitas, acabando assim com as promoções automáticas.
A reforma na função pública passará também, segundo o semanário, a dar a primazia às qualificações dos trabalhadores e à respectiva formação profissional.
Fonte: Diário Digital
2003-06-21 11:16:02
Os funcionários e os próprios serviços da Administração Pública vão passar a ser avaliados por entidades externas ao Estado, nacionais ou estrangeiras, uma medida que se insere num pacote de alterações na Função Pública que o primeiro-ministro, Durão Barroso, vai anunciar na próxima terça-feira.
Segundo o semanário Expresso, Barroso vai anunciar as grandes linhas de uma revolução que imporá à função pública critérios semelhantes aos do sector privado.
O Governo pretende que os serviços passem a funcionar por objectivos e fará depender a renovação das comissões de serviço e a evolução das carreiras das avaliações de desempenho que forem feitas, acabando assim com as promoções automáticas.
A reforma na função pública passará também, segundo o semanário, a dar a primazia às qualificações dos trabalhadores e à respectiva formação profissional.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Conjuntura: FMI quer colaborar com o Brasil
2003-06-21 03:12:46
O Fundo Monetário Internacional (FMI) deve acordar com o Brasil nos próximos dois meses quanto ao prolongamento do actual acordo de crédito.
Mesmo sem o governo brasileiro avançar para a promoção de um novo plano, o diretor do FMI, Horst Koehler, afirmou que a instituição que integra está interessada em colaborar com o país, mesmo que informalmente.
Koehler encontrou-se sexta-feira com o presidente Luiz Inácio Lula da Silva em Washington, tendo expresso esta posição ao líder brasileiro.
No encontro, Koehler fez vários elogios ao desempenho do Brasil e do ministro da Fazenda, Antonio Palocci, mas Brasília considera que é ainda cedo para se tratar do actual acordo com o FMI, em vigor até Dezembro.
Fonte: Diário Digital
2003-06-21 03:12:46
O Fundo Monetário Internacional (FMI) deve acordar com o Brasil nos próximos dois meses quanto ao prolongamento do actual acordo de crédito.
Mesmo sem o governo brasileiro avançar para a promoção de um novo plano, o diretor do FMI, Horst Koehler, afirmou que a instituição que integra está interessada em colaborar com o país, mesmo que informalmente.
Koehler encontrou-se sexta-feira com o presidente Luiz Inácio Lula da Silva em Washington, tendo expresso esta posição ao líder brasileiro.
No encontro, Koehler fez vários elogios ao desempenho do Brasil e do ministro da Fazenda, Antonio Palocci, mas Brasília considera que é ainda cedo para se tratar do actual acordo com o FMI, em vigor até Dezembro.
Fonte: Diário Digital
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- Registado: 5/11/2002 11:30
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Mercados: Mira Amaral quer que as privatizações diminuam o ritmo
2003-06-21 03:02:45
O Estado deve atrasar o ritmo das privatizações caso deseje manter centros de decisão em Portugal, defende Mira Amaral, ex-ministro e actual vice-presidente da Caixa Geral de Depósitos. «Privatizar sim, mas mais devagar», refere em declarações ao Expresso.
Mira Amaral refere que esta máxima é válida para a EDP, o sector das águas e a PT, onde o Estado deve manter as golden-share.
Segundo o antigo ministro social-democrata, só esta via e a articulação entre uma presença pública e grupos privados em certas empresas permitem a manutenção de centros de decisão.
Mira Amaral demarca-se, no entanto, das directrizes expressas pelo Manifesto dos 40, uma vez que «se queremos a cumplicidade estratégica entre o Estado e as empresas, quanto menos falarmos em público, melhor».
Fonte: Diário Digital
2003-06-21 03:02:45
O Estado deve atrasar o ritmo das privatizações caso deseje manter centros de decisão em Portugal, defende Mira Amaral, ex-ministro e actual vice-presidente da Caixa Geral de Depósitos. «Privatizar sim, mas mais devagar», refere em declarações ao Expresso.
Mira Amaral refere que esta máxima é válida para a EDP, o sector das águas e a PT, onde o Estado deve manter as golden-share.
Segundo o antigo ministro social-democrata, só esta via e a articulação entre uma presença pública e grupos privados em certas empresas permitem a manutenção de centros de decisão.
Mira Amaral demarca-se, no entanto, das directrizes expressas pelo Manifesto dos 40, uma vez que «se queremos a cumplicidade estratégica entre o Estado e as empresas, quanto menos falarmos em público, melhor».
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
TMT: SonyEricsson quer dobrar quota no mercado nacional
2003-06-21 02:53:18
A SonyEricsson pretende dobrar a actual quota de 5% do mercado português até ao final deste ano.
Este objectivo foi revelado ao DN pelo responsável da empresa em Portugal, José Brandão, o qual dá conta que esta arrojada meta se enquadra dentro do plano da empresa a nível mundial.
No primeiro trimestre deste ano, a SonyEricsson vendeu 5,4 milhões de terminais em todo o mundo e aposta agora na promoção do modelo T610, que foi escolhido, por exemplo, pela Vodafone para o serviço Live.
Fonte: Diário Digital
2003-06-21 02:53:18
A SonyEricsson pretende dobrar a actual quota de 5% do mercado português até ao final deste ano.
Este objectivo foi revelado ao DN pelo responsável da empresa em Portugal, José Brandão, o qual dá conta que esta arrojada meta se enquadra dentro do plano da empresa a nível mundial.
No primeiro trimestre deste ano, a SonyEricsson vendeu 5,4 milhões de terminais em todo o mundo e aposta agora na promoção do modelo T610, que foi escolhido, por exemplo, pela Vodafone para o serviço Live.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Finanças: MasterCard prevê crescer 20% no mercado português
2003-06-21 02:39:16
A MasterCard quer crescer este ano cerca de 20% no negócio de cartões de crédito e débito a desenvolver no mercado português.
Segundo avança o DN deste sábado, a MasterCard possui uma quota de mercado que ronda os 12%, sendo que espera colher dividendos do patrocínio do Campeonato Europeu de Futebol e aumentar a sua presença em Portugal - mercado dominado pelo seu principal concorrente: a Visa.
O objectivo foi traçado por Peter Hoch, presidente da MasterCard Europe, durante o Fórum Europeu da MasterCard em Praga.
Fonte: Diário Digital
2003-06-21 02:39:16
A MasterCard quer crescer este ano cerca de 20% no negócio de cartões de crédito e débito a desenvolver no mercado português.
Segundo avança o DN deste sábado, a MasterCard possui uma quota de mercado que ronda os 12%, sendo que espera colher dividendos do patrocínio do Campeonato Europeu de Futebol e aumentar a sua presença em Portugal - mercado dominado pelo seu principal concorrente: a Visa.
O objectivo foi traçado por Peter Hoch, presidente da MasterCard Europe, durante o Fórum Europeu da MasterCard em Praga.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Mercados: Espanha deve levantar restrições à EDP
2003-06-21 02:14:50
O secretário de Estado de Energia espanhol, José Folgado, revelou sexta-feira em Madrid que o governo do país vizinho deve levantar em breve as restrições impostas aos direitos de voto da EDP na HidroCantábrico.
Esta medida surge na sequência da abertura de Portugal para um entendimento com Espanha quanto à criação do mercado ibérico de electricidade, cuja edificação conheceu nova etapa esta sexta-feira, quando do encontro entre os ministros da Economia dos dois países.
Em comunicado, o Ministério da Economia sublinha que os dois países consideram a criação do mercado ibérico de electricidade como algo «irreversível», estando a ser respeitados «os prazos previstos nas conclusões da Cimeira de Valência».
Um novo encontro entre os dois ministros deverá acontecer em Setembro ou Outubro, antes da realização da cimeira ibérica em Portugal.
Essa reunião deverá servir para «avaliar os progressos realizados e tomar as acções necessárias para o inicio efectivo das componentes à vista e a prazo do mercado ibérico.»
Desta forma, em Julho do próximo ano o mercado nacional estará liberalizado, levando a que os consumidores domésticos possam escolher o fornecedor, segundo o definido quarta-feira em Conselho de Ministros.
Fonte: Diário Digital
2003-06-21 02:14:50
O secretário de Estado de Energia espanhol, José Folgado, revelou sexta-feira em Madrid que o governo do país vizinho deve levantar em breve as restrições impostas aos direitos de voto da EDP na HidroCantábrico.
Esta medida surge na sequência da abertura de Portugal para um entendimento com Espanha quanto à criação do mercado ibérico de electricidade, cuja edificação conheceu nova etapa esta sexta-feira, quando do encontro entre os ministros da Economia dos dois países.
Em comunicado, o Ministério da Economia sublinha que os dois países consideram a criação do mercado ibérico de electricidade como algo «irreversível», estando a ser respeitados «os prazos previstos nas conclusões da Cimeira de Valência».
Um novo encontro entre os dois ministros deverá acontecer em Setembro ou Outubro, antes da realização da cimeira ibérica em Portugal.
Essa reunião deverá servir para «avaliar os progressos realizados e tomar as acções necessárias para o inicio efectivo das componentes à vista e a prazo do mercado ibérico.»
Desta forma, em Julho do próximo ano o mercado nacional estará liberalizado, levando a que os consumidores domésticos possam escolher o fornecedor, segundo o definido quarta-feira em Conselho de Ministros.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Negócios: Manutenção da Airbus pode instalar-se em Évora
2003-06-21 02:10:28
A Air Luxor vai concentrar a manutenção dos seus aviões Airbus num centro localizado em Portugal. Segundo avança o Expresso deste sábado, o local já está escolhido: Évora.
O semanário cita o vice-presidente de operações da transportadora aérea, Carlos Mirpuri, o qual resguarda, no entanto, o valor a investir, cujo montante ainda não se encontra definido.
Ainda segundo o Expresso, o investimento pode vir a ser promovido junto com parceiros internacionais, entre os quais a Sogerma (Grupo Airbus/EADS).
Entre as vantagens apresentadas pelo nosso país e realçadas pelo Air Luxor, encontram-se «o custo da mão-de-obra mais interessante, o tempo e a localização», sendo que o futuro centro estará aberto a outros operadores de aviões Airbus.
Fonte: Diário Digital
2003-06-21 02:10:28
A Air Luxor vai concentrar a manutenção dos seus aviões Airbus num centro localizado em Portugal. Segundo avança o Expresso deste sábado, o local já está escolhido: Évora.
O semanário cita o vice-presidente de operações da transportadora aérea, Carlos Mirpuri, o qual resguarda, no entanto, o valor a investir, cujo montante ainda não se encontra definido.
Ainda segundo o Expresso, o investimento pode vir a ser promovido junto com parceiros internacionais, entre os quais a Sogerma (Grupo Airbus/EADS).
Entre as vantagens apresentadas pelo nosso país e realçadas pelo Air Luxor, encontram-se «o custo da mão-de-obra mais interessante, o tempo e a localização», sendo que o futuro centro estará aberto a outros operadores de aviões Airbus.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Negócios: Mitsubishi Fuso investe 35 milhões de euros em Portugal
2003-06-21 01:57:57
A Mitsubishi Fuso (divisão de camiões da empresa japonesa Mitsubishi) vai reforçar o investimento nas instalações em Portugal e EUA nos próximos cinco anos. Segundo anunciou a empresa na quarta-feira, o investimento total previsto é de 1,4 mil milhões de euros. O Diário de Notícias deste sábado acrescenta que desse bolo, 35 milhões de euros destinam-se a Portugal.
O reforço do investimento na unidade nacional produtora das carrinhas de carga do modelo Canter vai criar 60 postos de trabalho, a juntar aos cerca de 370 existentes.
Tal como refere o DN, esta operação «assume particular importância face à ameaça de deslocalização que pairava sobre a fábrica, considerada a principal fonte empregadora na região de Abrantes.»
Dos 1,4 mil milhões de euros que a empresa vai investir a nível mundial, metade do montante investido será para desenvolvimento de produtos, cabendo 30% para a modernização das instalações e os restantes 20% para pessoal e outros custos.
O objectivo da Mitsubishi Fuso é aumentar em 20% as vendas fora do Japão, com particular ênfase nos mercados norte-americano, europeu e chinês.
A unidade portuguesa do Tramagal produziu o ano passado 8.800 unidades, valor abaixo da capacidade produtiva instalada (preparada para 13 mil veículos).
Fonte: Diário Digital
2003-06-21 01:57:57
A Mitsubishi Fuso (divisão de camiões da empresa japonesa Mitsubishi) vai reforçar o investimento nas instalações em Portugal e EUA nos próximos cinco anos. Segundo anunciou a empresa na quarta-feira, o investimento total previsto é de 1,4 mil milhões de euros. O Diário de Notícias deste sábado acrescenta que desse bolo, 35 milhões de euros destinam-se a Portugal.
O reforço do investimento na unidade nacional produtora das carrinhas de carga do modelo Canter vai criar 60 postos de trabalho, a juntar aos cerca de 370 existentes.
Tal como refere o DN, esta operação «assume particular importância face à ameaça de deslocalização que pairava sobre a fábrica, considerada a principal fonte empregadora na região de Abrantes.»
Dos 1,4 mil milhões de euros que a empresa vai investir a nível mundial, metade do montante investido será para desenvolvimento de produtos, cabendo 30% para a modernização das instalações e os restantes 20% para pessoal e outros custos.
O objectivo da Mitsubishi Fuso é aumentar em 20% as vendas fora do Japão, com particular ênfase nos mercados norte-americano, europeu e chinês.
A unidade portuguesa do Tramagal produziu o ano passado 8.800 unidades, valor abaixo da capacidade produtiva instalada (preparada para 13 mil veículos).
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Treasuries End Worst Seek Since March on Smaller Rate-Cut Bets
June 21 (Bloomberg) -- Treasuries had their biggest weekly drop since mid-March as signs of stronger economic growth led some investors to bet the Federal Reserve would cut interest rates by only a quarter-percentage point at a meeting next week.
The declines halted a two-month rally that drove yields to four-decade lows amid concern the Fed would have to reduce its target by a half point to prevent deflation from derailing an economic recovery. Reports this week showing growth in New York- area manufacturing and a rise in consumer prices convinced some investors the Fed doesn't need to cut its target so much.
``We've seen the low in Treasury rates,'' said Mark MacQueen, who helps manage $3 billion at Sage Advisory Services in Austin, Texas. ``The economy has started to pick up -- things are going to get better.'' MacQueen has been adding Treasury inflation- protected securities, or TIPS, on expectations inflation will accelerate as the economy grows.
The benchmark 3 5/8 percent note maturing in 2013 fell 7/32, or $2.19 per $1,000 face amount, to 102 5/32 in New York. Its yield rose 2 basis points to 3.36 percent. The 1 1/4 percent note due in 2005 fell 1/32 to 100 5/32, lifting its yield 1 basis point to 1.16 percent. A basis point is 0.01 percentage point.
Treasuries fell yesterday after a Wall Street Journal article said a quarter-point cut ``remains firmly on the table'' due to ``tentative signs the U.S. economy is picking up.'' The article, attributing its information to unnamed Fed officials, came a day after a Washington Post article suggested the Fed is ``more likely'' to favor a half-point reduction to avert deflation, or a general decline in prices.
`Dueling' Forecasts
``You now have dueling Fed watchers, or dueling Fed officials, and it's created uncertainty,'' said Kevin Logan, senior market economist at Dresdner Kleinwort Wasserstein in New York, one of 22 firms that trade directly with the Fed. Logan is forecasting a half-point reduction.
Fed spokeswoman Michelle Smith declined to comment on the Wall Street Journal report.
Banc One Capital Markets Inc. economist Anthony Karydakis changed his forecast for next week's Fed meeting after reading the Wall Street Journal article, saying the central bank would cut its target by a quarter point. Thursday, he increased his rate reduction forecast to a half point from a quarter point due to the article in the Washington Post.
The Chicago-based economist said the initial switch ``was fully contingent on the Washington Post article not being directly contradicted by another strategically planted story elsewhere within a day or two. This has already happened'' with the Wall Street Journal article, he said.
Karydakis's reversal brings the number of primary dealers, banks that trade with the Fed, that are calling for a quarter- point cut to 10. The remaining 12 predict a half-point reduction.
Deflation
The Fed raised the prospect of deflation after its May 6 policy meeting when it said a prolonged drop in prices would be ``unwelcome.'' The comment triggered a surge in Treasury prices that pushed 10-year yields to a four-decade low of 3.07 percent on Monday.
This week, 10-year notes fell 2 5/32, or $21.56 per $1,000 face amount. The yield rose 25 basis points. The two-year note lost 5/32, and its yield rose 8 basis points.
The declines widened the gap between the two securities' yields to 221 basis points, the biggest difference since May 9. The wider gap suggests investors are more concerned about inflation than deflation.
``All Fed activity is inflationary, and, as a result, the long end will suffer,'' MacQueen said, referring to longer- maturity Treasuries.
Manufacturing, Prices
Traders pared bets for a half-point reduction. They drove the yield on the July federal funds futures contract up 3.5 basis point to 87 basis points, reflecting about a 52 percent chance of a half-point cut. The contract is a gauge of expectations for the average Fed overnight rate for a particular month.
``There has been a reassessment of the prospects for a 50 basis-point rate cut,'' mainly due to bigger-than expected expansion in New York-area manufacturing and a rise in consumer prices, said Michael Ryan, chief fixed-income strategist at UBS Financial Services Inc. in New York. The firm's economists are forecasting a quarter-point reduction.
The Federal Reserve Bank of New York Monday said regional manufacturing expanded at a stronger-than-expected pace in June, with its factory index rising to the highest since its inception in July 2001. The consumer prices in May rose three times faster than forecasts of economists surveyed by Bloomberg News.
General Motors Corp.'s plan to sell $13 billion of bonds to fund a shortfall in its pension fund also weighed on the Treasury market. The world's biggest automaker said it is taking advantage of ``historic lows'' in borrowing rates for U.S. companies, and bond investors can get yields at least three percentage points higher than Treasuries.
Treasuries may decline in coming days as traders prepare for the Treasury to sell two-year notes on Wednesday. The Treasury announces the size of the auction on Monday. Last month, the government sold $25 billion.
Last Updated: June 21, 2003 11:14 EDT
June 21 (Bloomberg) -- Treasuries had their biggest weekly drop since mid-March as signs of stronger economic growth led some investors to bet the Federal Reserve would cut interest rates by only a quarter-percentage point at a meeting next week.
The declines halted a two-month rally that drove yields to four-decade lows amid concern the Fed would have to reduce its target by a half point to prevent deflation from derailing an economic recovery. Reports this week showing growth in New York- area manufacturing and a rise in consumer prices convinced some investors the Fed doesn't need to cut its target so much.
``We've seen the low in Treasury rates,'' said Mark MacQueen, who helps manage $3 billion at Sage Advisory Services in Austin, Texas. ``The economy has started to pick up -- things are going to get better.'' MacQueen has been adding Treasury inflation- protected securities, or TIPS, on expectations inflation will accelerate as the economy grows.
The benchmark 3 5/8 percent note maturing in 2013 fell 7/32, or $2.19 per $1,000 face amount, to 102 5/32 in New York. Its yield rose 2 basis points to 3.36 percent. The 1 1/4 percent note due in 2005 fell 1/32 to 100 5/32, lifting its yield 1 basis point to 1.16 percent. A basis point is 0.01 percentage point.
Treasuries fell yesterday after a Wall Street Journal article said a quarter-point cut ``remains firmly on the table'' due to ``tentative signs the U.S. economy is picking up.'' The article, attributing its information to unnamed Fed officials, came a day after a Washington Post article suggested the Fed is ``more likely'' to favor a half-point reduction to avert deflation, or a general decline in prices.
`Dueling' Forecasts
``You now have dueling Fed watchers, or dueling Fed officials, and it's created uncertainty,'' said Kevin Logan, senior market economist at Dresdner Kleinwort Wasserstein in New York, one of 22 firms that trade directly with the Fed. Logan is forecasting a half-point reduction.
Fed spokeswoman Michelle Smith declined to comment on the Wall Street Journal report.
Banc One Capital Markets Inc. economist Anthony Karydakis changed his forecast for next week's Fed meeting after reading the Wall Street Journal article, saying the central bank would cut its target by a quarter point. Thursday, he increased his rate reduction forecast to a half point from a quarter point due to the article in the Washington Post.
The Chicago-based economist said the initial switch ``was fully contingent on the Washington Post article not being directly contradicted by another strategically planted story elsewhere within a day or two. This has already happened'' with the Wall Street Journal article, he said.
Karydakis's reversal brings the number of primary dealers, banks that trade with the Fed, that are calling for a quarter- point cut to 10. The remaining 12 predict a half-point reduction.
Deflation
The Fed raised the prospect of deflation after its May 6 policy meeting when it said a prolonged drop in prices would be ``unwelcome.'' The comment triggered a surge in Treasury prices that pushed 10-year yields to a four-decade low of 3.07 percent on Monday.
This week, 10-year notes fell 2 5/32, or $21.56 per $1,000 face amount. The yield rose 25 basis points. The two-year note lost 5/32, and its yield rose 8 basis points.
The declines widened the gap between the two securities' yields to 221 basis points, the biggest difference since May 9. The wider gap suggests investors are more concerned about inflation than deflation.
``All Fed activity is inflationary, and, as a result, the long end will suffer,'' MacQueen said, referring to longer- maturity Treasuries.
Manufacturing, Prices
Traders pared bets for a half-point reduction. They drove the yield on the July federal funds futures contract up 3.5 basis point to 87 basis points, reflecting about a 52 percent chance of a half-point cut. The contract is a gauge of expectations for the average Fed overnight rate for a particular month.
``There has been a reassessment of the prospects for a 50 basis-point rate cut,'' mainly due to bigger-than expected expansion in New York-area manufacturing and a rise in consumer prices, said Michael Ryan, chief fixed-income strategist at UBS Financial Services Inc. in New York. The firm's economists are forecasting a quarter-point reduction.
The Federal Reserve Bank of New York Monday said regional manufacturing expanded at a stronger-than-expected pace in June, with its factory index rising to the highest since its inception in July 2001. The consumer prices in May rose three times faster than forecasts of economists surveyed by Bloomberg News.
General Motors Corp.'s plan to sell $13 billion of bonds to fund a shortfall in its pension fund also weighed on the Treasury market. The world's biggest automaker said it is taking advantage of ``historic lows'' in borrowing rates for U.S. companies, and bond investors can get yields at least three percentage points higher than Treasuries.
Treasuries may decline in coming days as traders prepare for the Treasury to sell two-year notes on Wednesday. The Treasury announces the size of the auction on Monday. Last month, the government sold $25 billion.
Last Updated: June 21, 2003 11:14 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Dollar Has Biggest Weekly Gain Against the Euro Since March
June 21 (Bloomberg) -- The dollar rose 2.3 percent against the euro this week, its biggest gain since March, as signs the U.S. economy is improving fueled speculation the Federal Reserve will cut interest rates only a quarter-percentage point next week.
Government reports showing gains in manufacturing and a rise consumer prices may mean the central bank cuts its target rate to 1 percent instead of 0.75 percent next week, some traders said. Even with the week's gain, the dollar is down 11 percent against the euro this year.
``The markets woke up this week and realized there's no risk of deflation and the economy is finally getting better,'' said Ram Bhagavatula, chief economist for North America at Royal Bank of Scotland, the 12th largest trader in the $1.2 trillion a day currency markets, according to Euromoney magazine
The dollar strengthened to $1.1602 per euro at 5:01 p.m. in New York from $1.1869 a week earlier, its biggest advance since the week ended March 14. The dollar may strengthen to $1.12 or even $1.10 per euro, in a month, Bhagavatula said.
Gains in the dollar accelerated Friday when the Wall Street Journal, citing unidentified Fed officials, reported the Fed would likely cut the rate to 1.00 percent on Wednesday.
``Any indication the Federal Reserve is going to be less aggressive has been supportive of the dollar,'' said Marcel Kasumovich, head of currency strategy for the 10 largest industrialized nations at Merrill Lynch & Co. in New York. The reaction to the Journal report ``shows there's a lot of confusion; people are anxious to get that meeting out of the way.''
Consumer prices rose and factory production expanded in the world's largest economy in May, government and Federal Reserve reports showed this week. Europe's economy is stagnating: German producer prices fell the most in 10 months while France today forecast the slowest pace of growth in a decade, government reports today showed. The euro fell to 137.40 yen from 138.75.
Interest Rates
``I'm very optimistic on the U.S. economy in the next 15 months,'' Jack Welch, who ran General Electric Co. for 21 years, said in a speech in Sydney today. With another rate cut, ``we've got every bullet in place to make it go.''
Against the yen, the dollar had its first weekly gain in three, up 0.8 percent from a week ago, ending Friday at 118.38 yen.
In a Bloomberg News survey of 150 analysts, 94 predicted the Fed, led by chairman Alan Greenspan, will cut rates a quarter- point next week, 45 forecast a half-point cut, while 11 called for no cut.
The Wall Street Journal's article on the Fed followed a report Thursday in the Washington Post that a half-point cut was likely. The Post report triggered losses in the dollar as traders bet the interest rate difference with Europe would grow. The European Central Bank's benchmark interest rate is 2 percent, after a half-point cut on June 5.
Gathering Momentum
Traders ``had priced in a 50 basis point cut, which had widened the interest rate differentials'' in the euro's favor, said Meg Browne, a currency analyst in New York at HSBC USA Inc., the seventh-biggest foreign exchange trader, according to Euromoney.
In another sign traders trimmed bets for a half-point cut today, they pushed the yield on the July federal funds futures contract up 3.5 basis points to 0.87 percent, reflecting about a 50 percent chance of a half-point cut, down from the 66 percent chance seen yesterday. The contract is a gauge of expectations for the average Fed overnight rate for a particular month. A basis point is 0.01 percentage point.
Evidence the world's largest economy is gathering momentum has spurred demand for U.S. stocks and pulled capital in to the U.S. The Standard & Poor's 500 Index has gained 13.2 percent this year.
Fed Watching
``The Fed decision next week is the primary concern in the foreign exchange markets right now,'' said Michael Woolfolk, a currency strategist in New York at Bank of New York, the world's No. 2 custodian of investor assets, administering $6.8 trillion. ``The dollar suffers the larger the interest rate gap with Europe becomes.''
The dollar may advance to $1.15 per euro in coming days, he said.
The yen has fallen on speculation among traders that Japan is trying to weaken its currency to stem a 12-month, 4 percent gain that threatens the country's exports.
Japanese officials this week signaled they intend to sell the yen to prevent it from rising. Zembei Mizoguchi, vice minister of international affairs at the Ministry of Finance, said Japan was closely watching the currency market. He said this week the yen wasn't ``in any condition to strengthen.''
Koizumi Favors Decline
Japanese Prime Minister Junichiro Koizumi this week told business executives the U.S. backs Japan's policy of favoring a weaker currency, the Yomiuri newspaper said yesterday.
``The prospect of action by the BOJ has helped reverse the trend in the yen,'' said Shogo Nagaya, Tokyo-based manager of foreign exchange at Nomura Trust and Banking Co., a unit of Nomura Holdings Inc., Japan's largest brokerage. Nagaya said the yen may weaken to 119 per dollar in the next few days.
The Bank of Japan buys or sells currencies at the order of the nation's Ministry of Finance. It spent more than 6 trillion yen ($50 billion) between January and May in the foreign exchange market, according to BOJ figures.
Last Updated: June 21, 2003 11:14 EDT
June 21 (Bloomberg) -- The dollar rose 2.3 percent against the euro this week, its biggest gain since March, as signs the U.S. economy is improving fueled speculation the Federal Reserve will cut interest rates only a quarter-percentage point next week.
Government reports showing gains in manufacturing and a rise consumer prices may mean the central bank cuts its target rate to 1 percent instead of 0.75 percent next week, some traders said. Even with the week's gain, the dollar is down 11 percent against the euro this year.
``The markets woke up this week and realized there's no risk of deflation and the economy is finally getting better,'' said Ram Bhagavatula, chief economist for North America at Royal Bank of Scotland, the 12th largest trader in the $1.2 trillion a day currency markets, according to Euromoney magazine
The dollar strengthened to $1.1602 per euro at 5:01 p.m. in New York from $1.1869 a week earlier, its biggest advance since the week ended March 14. The dollar may strengthen to $1.12 or even $1.10 per euro, in a month, Bhagavatula said.
Gains in the dollar accelerated Friday when the Wall Street Journal, citing unidentified Fed officials, reported the Fed would likely cut the rate to 1.00 percent on Wednesday.
``Any indication the Federal Reserve is going to be less aggressive has been supportive of the dollar,'' said Marcel Kasumovich, head of currency strategy for the 10 largest industrialized nations at Merrill Lynch & Co. in New York. The reaction to the Journal report ``shows there's a lot of confusion; people are anxious to get that meeting out of the way.''
Consumer prices rose and factory production expanded in the world's largest economy in May, government and Federal Reserve reports showed this week. Europe's economy is stagnating: German producer prices fell the most in 10 months while France today forecast the slowest pace of growth in a decade, government reports today showed. The euro fell to 137.40 yen from 138.75.
Interest Rates
``I'm very optimistic on the U.S. economy in the next 15 months,'' Jack Welch, who ran General Electric Co. for 21 years, said in a speech in Sydney today. With another rate cut, ``we've got every bullet in place to make it go.''
Against the yen, the dollar had its first weekly gain in three, up 0.8 percent from a week ago, ending Friday at 118.38 yen.
In a Bloomberg News survey of 150 analysts, 94 predicted the Fed, led by chairman Alan Greenspan, will cut rates a quarter- point next week, 45 forecast a half-point cut, while 11 called for no cut.
The Wall Street Journal's article on the Fed followed a report Thursday in the Washington Post that a half-point cut was likely. The Post report triggered losses in the dollar as traders bet the interest rate difference with Europe would grow. The European Central Bank's benchmark interest rate is 2 percent, after a half-point cut on June 5.
Gathering Momentum
Traders ``had priced in a 50 basis point cut, which had widened the interest rate differentials'' in the euro's favor, said Meg Browne, a currency analyst in New York at HSBC USA Inc., the seventh-biggest foreign exchange trader, according to Euromoney.
In another sign traders trimmed bets for a half-point cut today, they pushed the yield on the July federal funds futures contract up 3.5 basis points to 0.87 percent, reflecting about a 50 percent chance of a half-point cut, down from the 66 percent chance seen yesterday. The contract is a gauge of expectations for the average Fed overnight rate for a particular month. A basis point is 0.01 percentage point.
Evidence the world's largest economy is gathering momentum has spurred demand for U.S. stocks and pulled capital in to the U.S. The Standard & Poor's 500 Index has gained 13.2 percent this year.
Fed Watching
``The Fed decision next week is the primary concern in the foreign exchange markets right now,'' said Michael Woolfolk, a currency strategist in New York at Bank of New York, the world's No. 2 custodian of investor assets, administering $6.8 trillion. ``The dollar suffers the larger the interest rate gap with Europe becomes.''
The dollar may advance to $1.15 per euro in coming days, he said.
The yen has fallen on speculation among traders that Japan is trying to weaken its currency to stem a 12-month, 4 percent gain that threatens the country's exports.
Japanese officials this week signaled they intend to sell the yen to prevent it from rising. Zembei Mizoguchi, vice minister of international affairs at the Ministry of Finance, said Japan was closely watching the currency market. He said this week the yen wasn't ``in any condition to strengthen.''
Koizumi Favors Decline
Japanese Prime Minister Junichiro Koizumi this week told business executives the U.S. backs Japan's policy of favoring a weaker currency, the Yomiuri newspaper said yesterday.
``The prospect of action by the BOJ has helped reverse the trend in the yen,'' said Shogo Nagaya, Tokyo-based manager of foreign exchange at Nomura Trust and Banking Co., a unit of Nomura Holdings Inc., Japan's largest brokerage. Nagaya said the yen may weaken to 119 per dollar in the next few days.
The Bank of Japan buys or sells currencies at the order of the nation's Ministry of Finance. It spent more than 6 trillion yen ($50 billion) between January and May in the foreign exchange market, according to BOJ figures.
Last Updated: June 21, 2003 11:14 EDT
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S&P 500 Gains a 9th Week in 10 on Optimism for Economy, Profits
June 20 (Bloomberg) -- The Standard & Poor's 500 Index recorded its ninth gain in 10 weeks, as forecasts by Pfizer Inc., General Motors Corp. and General Electric Co. spurred optimism that economic and profit growth will accelerate.
``Right now we're very bullish on the stock market,'' said Andy Engel, who helps manage $300 million at Leuthold Weeden Capital Management in Minneapolis. ``We're going to see stronger earnings growth and that will start building confidence among public investors.''
Today, the S&P 500 Index added 0.99, or 0.1 percent, to 995.69 and the Dow Jones Industrial Average gained 21.22, or 0.2 percent, to 9200.75. The Nasdaq Composite Index fell 3.92, or 0.2 percent, to 1644.72.
The S&P 500 rose 0.7 percent this week, with much of the benchmark's advance coming on Monday. It has surged as much as 26 percent from its March 11 low on expectations corporate earnings and the economy will pick up in the second half of the year.
Seventy percent of the Leuthold Core Investment Fund's assets are in stocks, the highest weighting permitted under the firm's guidelines, Engel said. The fund has returned 8 percent annually in the past five years, a period in which the S&P 500 slipped 0.6 percent.
Pfizer, the biggest drugmaker, has gained 7.5 percent since last Friday. This week, the company said a study showed its cholesterol medicine helped diabetes patients, told investors that 2004 profit and sales would beat estimates, and surpassed Microsoft Corp. as the world's second-most valuable company.
Weekly Gains
The Dow average gained 0.9 percent this week, while the Nasdaq advanced 1.1 percent.
General Motors climbed today after the No. 1 carmaker sold bonds to fund its pension plans and said U.S. auto sales would be at the high end of its estimates. General Electric, the world's most valuable company, rose after executives defied analysts' predictions by maintaining its 2003 profit forecast.
``You have two big companies saying things appear to be better and that the outlook isn't deteriorating,'' said Kurt Brunner, who helps manage $1.3 billion at Swarthmore Group Inc. in West Chester, Pennsylvania. ``It seems people want to be in stocks now.''
Advancing and declining stocks were about even on the New York Stock Exchange and Nasdaq Stock Market. Almost 1.7 billion shares changed hands on the Big Board, 17 percent more than the three-month daily average. The increase reflected trading tied to the expiration of futures and options on both stock indexes and individual stocks.
GM Rises
General Motors rose 52 cents, or 1.4 percent, to $38.59. The company plans to sell $13 billion of bonds, including $10 billion that will go to shore up retiree funds.
Chief Executive Officer Rick Wagoner said after exchanges closed yesterday that industrywide U.S. sales of cars and trucks this year will reach the top end of its forecast of 16 million to 16.5 million vehicles.
General Electric added 15 cents to $30.01. The company reiterated its 2003 profit forecast for $1.55 to $1.70 a share, assuaging concerns that lower-than-expected May orders would hurt earnings. At least five analysts yesterday narrowed their profit estimates.
Industrial stocks such as General Motors are also rising as some investors shift their assets from computer-related shares. Expectations that technology companies would be among the first to benefit from an economic recovery helped spur a 23 percent rise in the Nasdaq this year. By contrast, the S&P 500 and Dow have climbed 13 percent and 10 percent, respectively.
Today, communications-networking gear supplier Cisco Systems Inc. fell 63 cents to $17.93 and Intel Corp., the world's biggest computer chipmaker, dropped 45 cents to $20.67.
Rate Cut?
``The background for equities is good,'' said Mark Beale, who helps manage about $500 million of U.S. stocks at New Star Asset Management in London. A possible interest-rate cut by the U.S. Federal Reserve and ``reasonably positive'' economic numbers should be ``a key driver for the equity markets.''
Of 133 economists surveyed by Bloomberg News, 80 expect the Fed to cut borrowing costs by a quarter point at its June 24-25 meeting; 36 see a half-point reduction. The rate is currently 1.25 percent.
The Wall Street Journal today said Fed officials indicated they may trim the benchmark rate to 1 percent. The Washington Post's John Berry yesterday said policy makers will reduce the rate to 0.75 percent.
PG&E Corp. advanced $2.11, or 11 percent, to $21.51, for the biggest advance in the S&P 500. The company reached an agreement with California regulators to bring its Pacific Gas & Electric unit out of bankruptcy by using customer payments and bond sales to repay creditors.
H.J. Heinz Co. gained 30 cents to $33.80. Some investors speculated that the ketchup maker may be targeted for a takeover, Business Week said in its ``Inside Wall Street'' column.
Oracle Drops
Oracle Corp. fell 41 cents to $12.93 after PeopleSoft Inc.'s directors rejected its $6.3 billion hostile offer to buy the business-software maker, saying the price was still too low. Oracle had raised its bid on Wednesday. PeopleSoft slid 19 cents to $17.42.
Solectron Corp., which assembles computers and networking equipment for companies such as Hewlett-Packard Co. and Cisco Systems Inc., slumped 68 cents to $3.71. The company expects a loss this quarter of 2 cents to 6 cents a share, excluding some costs. The average estimate from analysts surveyed by Thomson Financial was for a loss of 1 cent.
Cognos Inc., Canada's largest software maker, declined $2.23 to $27.67. The company said it expects to earn less than what analysts forecast this quarter because the rising value of the Canadian dollar has boosted expenses.
Tibco Software
Tibco Software Inc., whose programs link different computer systems, fell 63 cents to $5.33. Second-quarter sales slid 4.3 percent to $61.5 million, missing the average forecast, as budget cuts by businesses trimmed demand for software.
Express Scripts Inc. tumbled $2.53 to $66.89. The manager of prescription benefits for employers and insurers said it received a subpoena from the New York attorney general requesting information about the company's health plans.
Bed Bath & Beyond Inc. slid $1.42 to $39.15. The top U.S. housewares retailer bought closely held Christmas Tree Shops Inc. for about $200 million in cash.
Halliburton Co., the world's No. 2 provider of oilfield services, declined $1.27 to $23.16. The company said second- quarter profit probably will fall to 2 cents a share on losses from a project off the coast of Brazil. Halliburton's Barracuda- Caratinga project will lose 24 cents a share, the company said.
WebMD Corp. shed 77 cents to $10.71. The operator of medical- information Web sites said it will sell as much as $350 million in convertible debt.
Futures, QQQs
S&P 500 futures expiring in September declined 2.20 to 991.50 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures slid 3.50 to 1222.00. The index, a benchmark for Nasdaq's largest companies, fell 2.76 to 1223.13.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol shed 4 cents to $30.38. The S&P 500 shares known as Spiders dropped 58 cents to $99.44.
The Russell 2000 Index of smaller stocks slipped 0.77, or 0.2 percent, to 449.56. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, rose 5.90, or 0.1 percent, to 9511.63. Based on changes in the Wilshire, the total value of U.S stocks declined by $7.08 billion.
June 20 (Bloomberg) -- The Standard & Poor's 500 Index recorded its ninth gain in 10 weeks, as forecasts by Pfizer Inc., General Motors Corp. and General Electric Co. spurred optimism that economic and profit growth will accelerate.
``Right now we're very bullish on the stock market,'' said Andy Engel, who helps manage $300 million at Leuthold Weeden Capital Management in Minneapolis. ``We're going to see stronger earnings growth and that will start building confidence among public investors.''
Today, the S&P 500 Index added 0.99, or 0.1 percent, to 995.69 and the Dow Jones Industrial Average gained 21.22, or 0.2 percent, to 9200.75. The Nasdaq Composite Index fell 3.92, or 0.2 percent, to 1644.72.
The S&P 500 rose 0.7 percent this week, with much of the benchmark's advance coming on Monday. It has surged as much as 26 percent from its March 11 low on expectations corporate earnings and the economy will pick up in the second half of the year.
Seventy percent of the Leuthold Core Investment Fund's assets are in stocks, the highest weighting permitted under the firm's guidelines, Engel said. The fund has returned 8 percent annually in the past five years, a period in which the S&P 500 slipped 0.6 percent.
Pfizer, the biggest drugmaker, has gained 7.5 percent since last Friday. This week, the company said a study showed its cholesterol medicine helped diabetes patients, told investors that 2004 profit and sales would beat estimates, and surpassed Microsoft Corp. as the world's second-most valuable company.
Weekly Gains
The Dow average gained 0.9 percent this week, while the Nasdaq advanced 1.1 percent.
General Motors climbed today after the No. 1 carmaker sold bonds to fund its pension plans and said U.S. auto sales would be at the high end of its estimates. General Electric, the world's most valuable company, rose after executives defied analysts' predictions by maintaining its 2003 profit forecast.
``You have two big companies saying things appear to be better and that the outlook isn't deteriorating,'' said Kurt Brunner, who helps manage $1.3 billion at Swarthmore Group Inc. in West Chester, Pennsylvania. ``It seems people want to be in stocks now.''
Advancing and declining stocks were about even on the New York Stock Exchange and Nasdaq Stock Market. Almost 1.7 billion shares changed hands on the Big Board, 17 percent more than the three-month daily average. The increase reflected trading tied to the expiration of futures and options on both stock indexes and individual stocks.
GM Rises
General Motors rose 52 cents, or 1.4 percent, to $38.59. The company plans to sell $13 billion of bonds, including $10 billion that will go to shore up retiree funds.
Chief Executive Officer Rick Wagoner said after exchanges closed yesterday that industrywide U.S. sales of cars and trucks this year will reach the top end of its forecast of 16 million to 16.5 million vehicles.
General Electric added 15 cents to $30.01. The company reiterated its 2003 profit forecast for $1.55 to $1.70 a share, assuaging concerns that lower-than-expected May orders would hurt earnings. At least five analysts yesterday narrowed their profit estimates.
Industrial stocks such as General Motors are also rising as some investors shift their assets from computer-related shares. Expectations that technology companies would be among the first to benefit from an economic recovery helped spur a 23 percent rise in the Nasdaq this year. By contrast, the S&P 500 and Dow have climbed 13 percent and 10 percent, respectively.
Today, communications-networking gear supplier Cisco Systems Inc. fell 63 cents to $17.93 and Intel Corp., the world's biggest computer chipmaker, dropped 45 cents to $20.67.
Rate Cut?
``The background for equities is good,'' said Mark Beale, who helps manage about $500 million of U.S. stocks at New Star Asset Management in London. A possible interest-rate cut by the U.S. Federal Reserve and ``reasonably positive'' economic numbers should be ``a key driver for the equity markets.''
Of 133 economists surveyed by Bloomberg News, 80 expect the Fed to cut borrowing costs by a quarter point at its June 24-25 meeting; 36 see a half-point reduction. The rate is currently 1.25 percent.
The Wall Street Journal today said Fed officials indicated they may trim the benchmark rate to 1 percent. The Washington Post's John Berry yesterday said policy makers will reduce the rate to 0.75 percent.
PG&E Corp. advanced $2.11, or 11 percent, to $21.51, for the biggest advance in the S&P 500. The company reached an agreement with California regulators to bring its Pacific Gas & Electric unit out of bankruptcy by using customer payments and bond sales to repay creditors.
H.J. Heinz Co. gained 30 cents to $33.80. Some investors speculated that the ketchup maker may be targeted for a takeover, Business Week said in its ``Inside Wall Street'' column.
Oracle Drops
Oracle Corp. fell 41 cents to $12.93 after PeopleSoft Inc.'s directors rejected its $6.3 billion hostile offer to buy the business-software maker, saying the price was still too low. Oracle had raised its bid on Wednesday. PeopleSoft slid 19 cents to $17.42.
Solectron Corp., which assembles computers and networking equipment for companies such as Hewlett-Packard Co. and Cisco Systems Inc., slumped 68 cents to $3.71. The company expects a loss this quarter of 2 cents to 6 cents a share, excluding some costs. The average estimate from analysts surveyed by Thomson Financial was for a loss of 1 cent.
Cognos Inc., Canada's largest software maker, declined $2.23 to $27.67. The company said it expects to earn less than what analysts forecast this quarter because the rising value of the Canadian dollar has boosted expenses.
Tibco Software
Tibco Software Inc., whose programs link different computer systems, fell 63 cents to $5.33. Second-quarter sales slid 4.3 percent to $61.5 million, missing the average forecast, as budget cuts by businesses trimmed demand for software.
Express Scripts Inc. tumbled $2.53 to $66.89. The manager of prescription benefits for employers and insurers said it received a subpoena from the New York attorney general requesting information about the company's health plans.
Bed Bath & Beyond Inc. slid $1.42 to $39.15. The top U.S. housewares retailer bought closely held Christmas Tree Shops Inc. for about $200 million in cash.
Halliburton Co., the world's No. 2 provider of oilfield services, declined $1.27 to $23.16. The company said second- quarter profit probably will fall to 2 cents a share on losses from a project off the coast of Brazil. Halliburton's Barracuda- Caratinga project will lose 24 cents a share, the company said.
WebMD Corp. shed 77 cents to $10.71. The operator of medical- information Web sites said it will sell as much as $350 million in convertible debt.
Futures, QQQs
S&P 500 futures expiring in September declined 2.20 to 991.50 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures slid 3.50 to 1222.00. The index, a benchmark for Nasdaq's largest companies, fell 2.76 to 1223.13.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol shed 4 cents to $30.38. The S&P 500 shares known as Spiders dropped 58 cents to $99.44.
The Russell 2000 Index of smaller stocks slipped 0.77, or 0.2 percent, to 449.56. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, rose 5.90, or 0.1 percent, to 9511.63. Based on changes in the Wilshire, the total value of U.S stocks declined by $7.08 billion.
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European Stocks Advance, Paced by Shares of Unilever and Diageo
June 20 (Bloomberg) -- European stocks rose for the fourth day in five, paced by Unilever Plc and Diageo Plc, amid optimism that economic growth in the U.S. and a stronger dollar will increase earnings that European companies make abroad.
The Dow Jones Stoxx 50 Index climbed 0.9 percent to 2476.21 at 7:16 p.m. in London, for a weekly advance of 2.9 percent. Nestle SA and Novartis AG were among the week's biggest gainers, rising more than 5.6 percent. The Stoxx 600 Index jumped 0.8 percent today and has added 2.5 percent since last Friday.
The dollar headed to its best week against the euro in three months amid speculation the Federal Reserve may only cut interest rates by a quarter-percentage point next week to help drive U.S. growth. The currency's gain has helped lift shares of companies such as Nestle and Novartis, which each make at least a third of their sales in the Americas.
``It is a more attractive environment for stocks,'' said Sarah Austin, who helps manage $33.5 billion in assets at Baring Asset Management in London and favors financial stocks such as Credit Suisse Group. ``Policy makers now will do everything to help the world economy grow, and we already see signs of stabilization in the U.S. economy.''
The Stoxx indexes have advanced in three of the past four weeks and have surged almost 30 percent from six-year lows reached March 12. The Stoxx 50 on Wednesday surpassed 2500 for the first time in more than five months.
Benchmark indexes today rose in 11 of the 15 Western European markets that were open. Germany's DAX Index climbed 0.3 percent, the U.K.'s FTSE 100 Index gained 0.7 percent and France's CAC 40 Index added 0.8 percent. Exchanges in Sweden and Finland were closed for a holiday.
Exports
Exports account for a fifth of the gross domestic product of the euro region, according to the European Union's statistics office. The U.S. is its largest market.
Unilever, the world's biggest maker of food and soap, rose 2.2 percent to 557.5 pence today in the U.K. and 2.6 percent to 53.10 euros in Amsterdam. North America accounts for 26 percent of the Anglo-Dutch company's sales. The shares rose 1.9 percent in London and 4.4 percent in Amsterdam in the past five sessions.
Diageo, the world's largest liquor company, gained 1.8 percent to 699.5p, for a 3.5 percent weekly gain. The company gets 42 percent of its sales in North America.
Nestle, the leading foodmaker, added 1 percent to 294 Swiss francs, for a 7.5 percent weekly jump. Novartis, Europe's No. 3 drugmaker, shed 0.2 percent to 54.90 francs, trimming its advance this week to 5.6 percent.
The dollar strengthened to $1.1580 per euro in New York from $1.1719 late yesterday, bringing its weekly gain to 2.5 percent, the biggest since the week ended July 26, 2002.
Asbestos
A stronger dollar can raise the value of earnings that European companies make in the U.S., while boosting demand for their products by making them less expensive for U.S. consumers.
ABB Ltd., Europe's largest electrical-engineering company, dropped 1.2 percent to 4.98 Swiss francs today. Halliburton Co., the world's second-biggest oilfield-services company, said it expects an increased number of asbestos claims. ABB has paid out $1 billion since 1990 for asbestos lawsuits against its U.S. Combustion Engineering Inc. unit.
Mediobanca SpA, Italy's biggest investment bank, added 0.8 percent to 9.05 euros. The company may pay a special dividend of 65 cents a share after raising cash through asset sales, Finanza & Mercati said, without citing anyone. An unidentified spokeswoman for the bank said the report was ``without foundation.'' The bank's current dividend is 15 cents.
`Opportunity to Buy'
Swiss Reinsurance Co., the world's second-largest reinsurer, added 1.5 percent to 80.05 Swiss francs. The shares dropped 8.6 percent yesterday after Chief Executive Officer John Coomber said in a Reuters interview that the company may book investment writedowns worth 1.4 billion francs ($1.1 billion) in the first half of 2003 if stock levels stayed at levels reached at the end of last year.
``It's a good opportunity to buy the shares after they've become so cheap,'' said Susan Holliday, an analyst at UBS Warburg. She expects the shares to reach 100 francs in 12 months. ``The investment writedowns weren't really news, and we see a positive market for the industry.''
Mediaset SpA lost 1.3 percent to 7.71 euros. Italy's largest private broadcaster fell 2.9 percent yesterday after the country's antitrust regulator said the company and state-owned rival RAI are under investigation to determine whether they have dominant positions in Italy's television and advertising markets.
``The antitrust is free to initiate whatever inquiry it likes,'' Pier Silvio Berlusconi, vice chairman of Mediaset and the son of the Italian prime minister, said yesterday, according to a Mediaset spokeswoman, who refused to be identified.
Danish Lender
Jyske Bank A/S, Denmark's second-largest bank, gained 4.5 percent to 268 kroner. Nykredit Group, the country's No. 2 mortgage lender, agreed to buy rival Totalkredit for 7.15 billion kroner ($1.1 billion) to form the biggest home and property lender in the nation. Both companies are unlisted.
Jyske, which owns 20 percent of Totalkredit, said it supports the bid and expects a gain of 1.46 billion kroner from the purchase.
Sydbank A/S, which has a 10.4 percent stake in Totalkredit, jumped 6.3 percent to 655 kroner. Denmark's third-largest lender said it expects a 530 million-kroner payment.
British Sky Broadcasting Group Plc fell 2 percent to 683 pence after the top English soccer league said it will split up television rights for future matches. From next season, a maximum of three broadcasters will be able to show live games from England's top league, said Dan Johnson, a spokesman for the Premier League in London. BSkyB declined to comment.
BSkyB paid 1.1 billion pounds ($1.8 billion) for an exclusive three-year contract ending in May 2004. It has been the sole broadcaster of Premiership matches since 1992.
September futures on the Euro Stoxx 50 Index of companies based in the euro region rose 0.5 percent to 2486. The index advanced 0.9 percent to 2515.33
June 20 (Bloomberg) -- European stocks rose for the fourth day in five, paced by Unilever Plc and Diageo Plc, amid optimism that economic growth in the U.S. and a stronger dollar will increase earnings that European companies make abroad.
The Dow Jones Stoxx 50 Index climbed 0.9 percent to 2476.21 at 7:16 p.m. in London, for a weekly advance of 2.9 percent. Nestle SA and Novartis AG were among the week's biggest gainers, rising more than 5.6 percent. The Stoxx 600 Index jumped 0.8 percent today and has added 2.5 percent since last Friday.
The dollar headed to its best week against the euro in three months amid speculation the Federal Reserve may only cut interest rates by a quarter-percentage point next week to help drive U.S. growth. The currency's gain has helped lift shares of companies such as Nestle and Novartis, which each make at least a third of their sales in the Americas.
``It is a more attractive environment for stocks,'' said Sarah Austin, who helps manage $33.5 billion in assets at Baring Asset Management in London and favors financial stocks such as Credit Suisse Group. ``Policy makers now will do everything to help the world economy grow, and we already see signs of stabilization in the U.S. economy.''
The Stoxx indexes have advanced in three of the past four weeks and have surged almost 30 percent from six-year lows reached March 12. The Stoxx 50 on Wednesday surpassed 2500 for the first time in more than five months.
Benchmark indexes today rose in 11 of the 15 Western European markets that were open. Germany's DAX Index climbed 0.3 percent, the U.K.'s FTSE 100 Index gained 0.7 percent and France's CAC 40 Index added 0.8 percent. Exchanges in Sweden and Finland were closed for a holiday.
Exports
Exports account for a fifth of the gross domestic product of the euro region, according to the European Union's statistics office. The U.S. is its largest market.
Unilever, the world's biggest maker of food and soap, rose 2.2 percent to 557.5 pence today in the U.K. and 2.6 percent to 53.10 euros in Amsterdam. North America accounts for 26 percent of the Anglo-Dutch company's sales. The shares rose 1.9 percent in London and 4.4 percent in Amsterdam in the past five sessions.
Diageo, the world's largest liquor company, gained 1.8 percent to 699.5p, for a 3.5 percent weekly gain. The company gets 42 percent of its sales in North America.
Nestle, the leading foodmaker, added 1 percent to 294 Swiss francs, for a 7.5 percent weekly jump. Novartis, Europe's No. 3 drugmaker, shed 0.2 percent to 54.90 francs, trimming its advance this week to 5.6 percent.
The dollar strengthened to $1.1580 per euro in New York from $1.1719 late yesterday, bringing its weekly gain to 2.5 percent, the biggest since the week ended July 26, 2002.
Asbestos
A stronger dollar can raise the value of earnings that European companies make in the U.S., while boosting demand for their products by making them less expensive for U.S. consumers.
ABB Ltd., Europe's largest electrical-engineering company, dropped 1.2 percent to 4.98 Swiss francs today. Halliburton Co., the world's second-biggest oilfield-services company, said it expects an increased number of asbestos claims. ABB has paid out $1 billion since 1990 for asbestos lawsuits against its U.S. Combustion Engineering Inc. unit.
Mediobanca SpA, Italy's biggest investment bank, added 0.8 percent to 9.05 euros. The company may pay a special dividend of 65 cents a share after raising cash through asset sales, Finanza & Mercati said, without citing anyone. An unidentified spokeswoman for the bank said the report was ``without foundation.'' The bank's current dividend is 15 cents.
`Opportunity to Buy'
Swiss Reinsurance Co., the world's second-largest reinsurer, added 1.5 percent to 80.05 Swiss francs. The shares dropped 8.6 percent yesterday after Chief Executive Officer John Coomber said in a Reuters interview that the company may book investment writedowns worth 1.4 billion francs ($1.1 billion) in the first half of 2003 if stock levels stayed at levels reached at the end of last year.
``It's a good opportunity to buy the shares after they've become so cheap,'' said Susan Holliday, an analyst at UBS Warburg. She expects the shares to reach 100 francs in 12 months. ``The investment writedowns weren't really news, and we see a positive market for the industry.''
Mediaset SpA lost 1.3 percent to 7.71 euros. Italy's largest private broadcaster fell 2.9 percent yesterday after the country's antitrust regulator said the company and state-owned rival RAI are under investigation to determine whether they have dominant positions in Italy's television and advertising markets.
``The antitrust is free to initiate whatever inquiry it likes,'' Pier Silvio Berlusconi, vice chairman of Mediaset and the son of the Italian prime minister, said yesterday, according to a Mediaset spokeswoman, who refused to be identified.
Danish Lender
Jyske Bank A/S, Denmark's second-largest bank, gained 4.5 percent to 268 kroner. Nykredit Group, the country's No. 2 mortgage lender, agreed to buy rival Totalkredit for 7.15 billion kroner ($1.1 billion) to form the biggest home and property lender in the nation. Both companies are unlisted.
Jyske, which owns 20 percent of Totalkredit, said it supports the bid and expects a gain of 1.46 billion kroner from the purchase.
Sydbank A/S, which has a 10.4 percent stake in Totalkredit, jumped 6.3 percent to 655 kroner. Denmark's third-largest lender said it expects a 530 million-kroner payment.
British Sky Broadcasting Group Plc fell 2 percent to 683 pence after the top English soccer league said it will split up television rights for future matches. From next season, a maximum of three broadcasters will be able to show live games from England's top league, said Dan Johnson, a spokesman for the Premier League in London. BSkyB declined to comment.
BSkyB paid 1.1 billion pounds ($1.8 billion) for an exclusive three-year contract ending in May 2004. It has been the sole broadcaster of Premiership matches since 1992.
September futures on the Euro Stoxx 50 Index of companies based in the euro region rose 0.5 percent to 2486. The index advanced 0.9 percent to 2515.33
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- Localização: 4
General Motors to Sell $13 Bln of Debt, Fund Pensions (Update9)
June 20 (Bloomberg) -- General Motors Corp., the world's largest automaker, said it will sell $13 billion of bonds and allot $10 billion to plug the widest pension-fund deficit of any U.S. company.
Detroit-based General Motors, with a $25.4 billion worldwide pension deficit in 2002, may be the first of many U.S. businesses moving to shore up pension shortfalls. Standard & Poor's in April said a dozen companies faced lower credit ratings because of pension costs. Today, it cut the long-term rating of Alcoa Inc.
General Motors is going ``a long way to alleviating those pension concerns,'' said Brad Houle, senior fund manager at Davidson Investment Advisors, whose funds hold $400 million in bonds, including General Motors.
A three-year bear market and falling interest rates have led to pension fund losses that UBS Securities LLC estimates amounted by May 30 to a record $239 billion deficit for companies in the S&P 500 index. General Motors' gap between assets and projected payouts to its 632,000 active and retired North American employees doubled last year.
Ford Motor Co., General Motors' biggest rival, saw its pension deficit rise sixfold in 2002 to $15.6 billion, the second- biggest shortfall.
Credit Ratings
The $10 billion sale includes bonds convertible into stock, with ``substantially all of the proceeds'' going to the pension funds. General Motors Acceptance Corp., the automaker's finance unit, will raise $3 billion to fund its business, the company said.
S&P, which today affirmed its BBB credit on General Motors, said the company may still face a downgrade. General Motors had $212 billion of debt as of March 31, S&P said. Moody's Investors Service lowered its ratings on General Motors last week.
S&P cut ratings one level on $8.8 billion of Alcoa's debt, saying its finances were hurt by large unfounded post-retirement obligations.
General Motors and other borrowers are taking advantage of the lowest interest rates in four decades. Illinois this month sold $10 billion of bonds to help close the state's budget deficit and plug a hole in its pension plan.
In December, International Business Machines Corp., the world's largest seller of computers and related services, paid $3.95 billion to fill a deficit in its U.S. employee pension plan.
Yields on General Motors' 6.88 percent coupon notes maturing in 2012 rose about 30 basis points to 340 basis points more than U.S. Treasuries, traders said. Spreads on a company's bonds typically widen ahead of a new offering as investors make room in their portfolios for the new debt.
Stock, Earnings Boosted
General Motors shares rose 52 cents to $38.59 in New York Stock Exchange composite trading. The stock has dropped 28 percent in the past year, while shares of Japanese rival Toyota Motor Corp. climbed, because of concern about the U.S. company's deficit plans and falling sales.
Deutsche Bank analyst Rod Lache estimated in a report that contributing $10 billion to pension funds would increase General Motors' net income this year by 37 cents a share. The company has forecast earnings of $5 a share in 2003, down from last year's $6.98, because it expects pension costs to triple to $3 billion.
The bond sale will accelerate plans to contribute about $15 billion to its pension plans by 2007, General Motors said.
Industry Outlook
Some investors said General Motors is selling the bonds as the outlook for the auto industry darkens.
``We are seeing investors reduce their positions in the auto industry,'' said Louis Gargour, who manages a hedge fund at RAB Capital in London and holds fewer auto bonds than recommended by the benchmarks he follows. ``There are huge competitive pricing pressures, and massive underfunded pension liabilities.''
Corporate bonds have rallied this year as yields on government debt fall and the outlook for corporate earnings improves.
Bonds maturing in 20 years or more for companies with A credit ratings yield 5.9 percent, down from 6.8 percent at the beginning of the year and the lowest since 1967, according to Moody's.
``The general cost of borrowing in U.S. markets is at historic lows and we are acting quickly to take advantage of the favorable capital markets environment,'' General Motors Chief Financial Officer John Devine said in a statement.
The sale will include $3.5 billion of convertible bonds that mature in 30 years and permit investors to sell them back to the company in 15 years. It also will include debt denominated in euros, said people familiar with the sale.
Biggest Bond Sales
General Motors will sell a further $6.5 billion of bonds in four parts, including 10- or 12-year dollar-denominated securities plus ``intermediate'' euro debt, Morgan Stanley's debt syndicate desk said in an e-mail, a copy of which was obtained by Bloomberg News.
The sale will also include ``long'' dollar and euro bonds.
General Motors Acceptance will raise $3 billion in a three- part sale, including a three-year dollar issue, a two-year floating-rate note denominated in euros, and a five-year euro sale.
Morgan Stanley officials couldn't be reached to comment.
The General Motors debt sale ranks among the biggest sales ever by a company. WorldCom Inc. sold $11.9 billion of bonds in 2001. France Telecom had the biggest corporate debt sale with $16.4 billion several years ago, and Deutsche Telekom sold $14.5 billion.
General Motors said that including $10 billion from the bond sales, it expects to bring in a combined $20 billion in cash this year by selling businesses and debt, and from operations.
Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley are managing the General Motors bond sale, and Morgan Stanley, J.P. Morgan Chase & Co. and Bank of America Corp. are managing the GMAC issue, said people familiar with the deals.
Last Updated: June 20, 2003 18:00 EDT
June 20 (Bloomberg) -- General Motors Corp., the world's largest automaker, said it will sell $13 billion of bonds and allot $10 billion to plug the widest pension-fund deficit of any U.S. company.
Detroit-based General Motors, with a $25.4 billion worldwide pension deficit in 2002, may be the first of many U.S. businesses moving to shore up pension shortfalls. Standard & Poor's in April said a dozen companies faced lower credit ratings because of pension costs. Today, it cut the long-term rating of Alcoa Inc.
General Motors is going ``a long way to alleviating those pension concerns,'' said Brad Houle, senior fund manager at Davidson Investment Advisors, whose funds hold $400 million in bonds, including General Motors.
A three-year bear market and falling interest rates have led to pension fund losses that UBS Securities LLC estimates amounted by May 30 to a record $239 billion deficit for companies in the S&P 500 index. General Motors' gap between assets and projected payouts to its 632,000 active and retired North American employees doubled last year.
Ford Motor Co., General Motors' biggest rival, saw its pension deficit rise sixfold in 2002 to $15.6 billion, the second- biggest shortfall.
Credit Ratings
The $10 billion sale includes bonds convertible into stock, with ``substantially all of the proceeds'' going to the pension funds. General Motors Acceptance Corp., the automaker's finance unit, will raise $3 billion to fund its business, the company said.
S&P, which today affirmed its BBB credit on General Motors, said the company may still face a downgrade. General Motors had $212 billion of debt as of March 31, S&P said. Moody's Investors Service lowered its ratings on General Motors last week.
S&P cut ratings one level on $8.8 billion of Alcoa's debt, saying its finances were hurt by large unfounded post-retirement obligations.
General Motors and other borrowers are taking advantage of the lowest interest rates in four decades. Illinois this month sold $10 billion of bonds to help close the state's budget deficit and plug a hole in its pension plan.
In December, International Business Machines Corp., the world's largest seller of computers and related services, paid $3.95 billion to fill a deficit in its U.S. employee pension plan.
Yields on General Motors' 6.88 percent coupon notes maturing in 2012 rose about 30 basis points to 340 basis points more than U.S. Treasuries, traders said. Spreads on a company's bonds typically widen ahead of a new offering as investors make room in their portfolios for the new debt.
Stock, Earnings Boosted
General Motors shares rose 52 cents to $38.59 in New York Stock Exchange composite trading. The stock has dropped 28 percent in the past year, while shares of Japanese rival Toyota Motor Corp. climbed, because of concern about the U.S. company's deficit plans and falling sales.
Deutsche Bank analyst Rod Lache estimated in a report that contributing $10 billion to pension funds would increase General Motors' net income this year by 37 cents a share. The company has forecast earnings of $5 a share in 2003, down from last year's $6.98, because it expects pension costs to triple to $3 billion.
The bond sale will accelerate plans to contribute about $15 billion to its pension plans by 2007, General Motors said.
Industry Outlook
Some investors said General Motors is selling the bonds as the outlook for the auto industry darkens.
``We are seeing investors reduce their positions in the auto industry,'' said Louis Gargour, who manages a hedge fund at RAB Capital in London and holds fewer auto bonds than recommended by the benchmarks he follows. ``There are huge competitive pricing pressures, and massive underfunded pension liabilities.''
Corporate bonds have rallied this year as yields on government debt fall and the outlook for corporate earnings improves.
Bonds maturing in 20 years or more for companies with A credit ratings yield 5.9 percent, down from 6.8 percent at the beginning of the year and the lowest since 1967, according to Moody's.
``The general cost of borrowing in U.S. markets is at historic lows and we are acting quickly to take advantage of the favorable capital markets environment,'' General Motors Chief Financial Officer John Devine said in a statement.
The sale will include $3.5 billion of convertible bonds that mature in 30 years and permit investors to sell them back to the company in 15 years. It also will include debt denominated in euros, said people familiar with the sale.
Biggest Bond Sales
General Motors will sell a further $6.5 billion of bonds in four parts, including 10- or 12-year dollar-denominated securities plus ``intermediate'' euro debt, Morgan Stanley's debt syndicate desk said in an e-mail, a copy of which was obtained by Bloomberg News.
The sale will also include ``long'' dollar and euro bonds.
General Motors Acceptance will raise $3 billion in a three- part sale, including a three-year dollar issue, a two-year floating-rate note denominated in euros, and a five-year euro sale.
Morgan Stanley officials couldn't be reached to comment.
The General Motors debt sale ranks among the biggest sales ever by a company. WorldCom Inc. sold $11.9 billion of bonds in 2001. France Telecom had the biggest corporate debt sale with $16.4 billion several years ago, and Deutsche Telekom sold $14.5 billion.
General Motors said that including $10 billion from the bond sales, it expects to bring in a combined $20 billion in cash this year by selling businesses and debt, and from operations.
Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley are managing the General Motors bond sale, and Morgan Stanley, J.P. Morgan Chase & Co. and Bank of America Corp. are managing the GMAC issue, said people familiar with the deals.
Last Updated: June 20, 2003 18:00 EDT
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Finanças: Burlões viciam caixas multibanco e acedem a dados e código dos cartões
2003-06-20 21:53:38
Uma rede de burlões estão a viciar algumas caixas multibanco em Portugal, acedendo aos dados contidos nos cartões dos clientes e aos códigos dos cartões, noticia esta sexta-feira a TVI.
A fraude é semelhante a várias situações registadas em países europeus e os bancos nacionais foram alertados esta sexta-feira, acrescenta a estação de televisão.
Segundo a TVI, foram detectados dispositivos ilegais em pelo menos sete caixas multibanco, uma das quais em Lisboa e várias no Algarve.
A Sociedade Interbancária de Serviços (Sibes), entidade responsável pela rede multibanco, garantiu à TVI que a situação está sob controlo e que os mecanismos de prevenção já foram accionados.
Os utilizadores dos cartões são aconselhados a examinar atentamente as máquinas antes de as utilizar, devendo prestar particular atenção a marcas de parafusos ou cola nas caixas e a quaisquer aspectos fora do vulgar no écran ou teclado das caixas.
Fonte: Diário Digital
2003-06-20 21:53:38
Uma rede de burlões estão a viciar algumas caixas multibanco em Portugal, acedendo aos dados contidos nos cartões dos clientes e aos códigos dos cartões, noticia esta sexta-feira a TVI.
A fraude é semelhante a várias situações registadas em países europeus e os bancos nacionais foram alertados esta sexta-feira, acrescenta a estação de televisão.
Segundo a TVI, foram detectados dispositivos ilegais em pelo menos sete caixas multibanco, uma das quais em Lisboa e várias no Algarve.
A Sociedade Interbancária de Serviços (Sibes), entidade responsável pela rede multibanco, garantiu à TVI que a situação está sob controlo e que os mecanismos de prevenção já foram accionados.
Os utilizadores dos cartões são aconselhados a examinar atentamente as máquinas antes de as utilizar, devendo prestar particular atenção a marcas de parafusos ou cola nas caixas e a quaisquer aspectos fora do vulgar no écran ou teclado das caixas.
Fonte: Diário Digital
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Notícias de Fim de Semana - 21 e 22 de Junho de 2003
Nova Iorque fecha mista
20-6-2003 21:7
As bolsas de Nova Iorque fecharam a semana mistas. Os ganhos da General Electric e da General Motors sustentaram o Dow Jones, enquanto o sector tecnológico resvalou.
A liquidez foi forte, em dia de fecho de contratos de futuros, opções sobre acções e opções sobre índices.
A General Motors ganhou 1,4 por cento e a General Electric 0,5 por cento. A primeira anunciou medidas para resolver os problemas de financiamento das pensões, nomeadamente a emissão de 10 mil milhões de dólares em obrigações, enquanto a segunda reiterou as estimativas de lucros para o segundo trimestre.
Hoje não foram divulgados indicadores macroeconómicos, mas os investidores continuam na expectativa quanto à reunião da próxima semana da Reserva Federal (Fed), hesitando entre um corte de 25 ou de 50 pontos base.
O Dow Jones subiu 0,23 por cento para 9.200,75 pontos, o Nasdaq Composite recuou 0,22 por cento para 1.645,03 pontos e o S&P 500 somou 0,09 por cento para 995,61 pontos.
BolsaPt.com
20-6-2003 21:7
As bolsas de Nova Iorque fecharam a semana mistas. Os ganhos da General Electric e da General Motors sustentaram o Dow Jones, enquanto o sector tecnológico resvalou.
A liquidez foi forte, em dia de fecho de contratos de futuros, opções sobre acções e opções sobre índices.
A General Motors ganhou 1,4 por cento e a General Electric 0,5 por cento. A primeira anunciou medidas para resolver os problemas de financiamento das pensões, nomeadamente a emissão de 10 mil milhões de dólares em obrigações, enquanto a segunda reiterou as estimativas de lucros para o segundo trimestre.
Hoje não foram divulgados indicadores macroeconómicos, mas os investidores continuam na expectativa quanto à reunião da próxima semana da Reserva Federal (Fed), hesitando entre um corte de 25 ou de 50 pontos base.
O Dow Jones subiu 0,23 por cento para 9.200,75 pontos, o Nasdaq Composite recuou 0,22 por cento para 1.645,03 pontos e o S&P 500 somou 0,09 por cento para 995,61 pontos.
BolsaPt.com
Editado pela última vez por TRSM em 23/6/2003 8:04, num total de 1 vez.
- Mensagens: 23939
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- Localização: 4
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