output
stringlengths 1
96
| input
stringlengths 25
72.9k
| instruction
stringclasses 1
value |
|---|---|---|
Airbus Backlog Rises to Record With 758 Aircraft Orders in 2013 | Airbus SAS’s backlog rose to a record after the No. 2 planemaker booked 241 orders last month, fueled by sales at the week-long Paris Air Show that brought in $129 billion worth of deals for airliners. The order book grew to 5,109 planes after Airbus handed over 48 jets last month, it said on its website today. The Toulouse, France-based company said it was the first time a planemaker had reached that level of to-be-delivered jets, equal to about seven years of sustained production, The manufacturer shipped 295 planes in the first six months as it booked 722 net orders after 36 cancellations. Airbus won deals worth almost $70 billion at the aerospace expo last month, bringing it within its target of 800 orders for the year. Announced commitments, including a pending 135 plane order from European discount carrier EasyJet Plc (EZJ) , and the purchase of 20 A380 superjumbos by Doric Asset Finance Ltd., bring Airbus to about 1,000 orders this year. Deutsche Lufthansa AG (LHA) ’s firmed up a previously announced deal for 100 A320 single-aisle jets in the largest transaction last month, leaving the airline to still finalize terms for two additional A380s it has committed to buying. Airlines bought 65 A350s after the plane completed its first flight on June 14. Deals included 30 A350-900s, the model that flew, from Singapore Airlines Ltd. (SIA) and another 25 from Air France-KLM (AF) , Europe’s largest airline, with United Airlines (UAL) signing for 10 larger version -1000s. United also canceled orders for 11 A320 short-haul planes. To contact the reporter on this story: Robert Wall in London at rwall6@bloomberg.net To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Sistema May Challenge Russian Rail on Losing Bid, IFX Says | Billionaire Vladimir Evtushenkov’s AFK Sistema may challenge Russian Rail over its decision to sell 25 percent of OAO Freight One to a rival, Interfax reported, citing Sistema President Mikhail Shamolin. The state-owned OAO Russian Railways said today it selected billionaire Vladimir Lisin ’s UCL Holding to buy its remaining 25 percent of OAO Freight One, Russia ’s largest rail operator, with a bid of 50 billion rubles ($1.6 billion). UCL bought 75 percent of Freight One last year for 125.5 billion rubles. Sistema is considering either a challenge filed with the rail regulator or legal action, Interfax cited Shamolin as saying. Company spokeswoman Yuliya Belous couldn’t immediately be reached by phone. To contact the reporters on this story: Stepan Kravchenko in Moscow at skravchenko@bloomberg.net ; Ekaterina Shatalova in Moscow at eshatalova@bloomberg.net To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Naira Extends Largest Monthly Drop Since February: Lagos Mover | The naira weakened against the dollar, extending its worst monthly performance since February, amid speculation foreign investors sold Nigeria ’s debt and as oil prices declined. The currency of the Africa ’s biggest crude producer dropped for a second day as emerging-market stocks fell, heading for the biggest monthly loss in a year. Yields on the 16.39 percent domestic bonds due January 2022 rose to a one-month high yesterday, according to data compiled by Bloomberg. “It looks as if the global risk-off environment is feeding into Nigerian assets, broadly in line with what other emerging markets are experiencing,” Samir Gadio , an emerging-markets strategist at Standard Bank Group Ltd. in London , said in an e-mailed reply to questions today. “As local market players witness the shift in the offshore positioning, they are also likely to push dollar-naira higher.” Nigeria’s currency weakened 0.1 percent to 158.63 per dollar at 1:17 p.m. in Lagos, the commercial capital, taking its monthly decline to 0.4 percent. The yield on the 2022 securities rose 23 basis points, or 0.23 percentage point, to 11.86 percent yesterday, the highest since April 29, according to the data compiled by Bloomberg. Bonny Light crude, one of Nigeria’s main export grades, fell for a third day, dropping 0.6 percent to $103.41 per barrel. Nigeria depends on oil shipments for 80 percent of government revenue and 95 percent of its export income. Indian Slowdown The MSCI Emerging Markets Index fell 0.9 percent, declining for a third day and set for a 3.2 percent drop since April 30. Stocks slid after data showed India’s economy grew less than 5 percent for a second quarter and amid speculation that data tomorrow will show a slowdown in Chinese manufacturing. The Abuja-based central bank sold $371.71 million to lenders this week, down 32 percent from last week, after one of the regular auction dates on May 29 didn’t go ahead due to a public holiday. The Central Bank of Nigeria uses the auctions to stabilize the naira as the cost of importing refined fuel, which accounts for 70 percent of the local gasoline market, boosts dollar demand and puts pressure on the currency. “If the currency slides beyond 159 to 160, we expect the CBN to intervene in the market to stabilize the exchange rate ,” said Gadio. Yields on the nation’s $500 million of Eurobonds due January 2021 declined 12 basis points to 4.608 percent today. Ghana’s cedi fell less than 0.1 percent to 1.9975 per dollar in Accra, taking its monthly retreat to 1.2 percent. To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Bulgaria Delays Oil Pipeline Decision for Environment Study | Bulgaria delayed for the second time a decision on whether to build an oil pipeline bypassing Turkey ’s Bosporus Strait. It extended the deadline for an environmental impact report by two months. The government ordered a study into the proposed pipeline from the Bulgarian Black Sea port of Burgas to the Greek port of Alexandroupolis, on the Aegean, because of concern that an oil spill would harm the country’s Black Sea resorts. The Environment Ministry rejected the first report in November, requesting Trans Balkan Pipeline B.V., the Bulgarian unit of the pipeline joint venture, to submit an improved version by end of January. Only part of the study was expanded with information requested by the ministry, hence the additional two-month extension, Environment Minister Nona Karadzhova told the Cabinet yesterday, according to the government’s website. Russia, Bulgaria and Greece agreed in 2007 to build the 285-kilometer (177-mile) pipeline. The 1 billion-euro ($1.4 billion) link, with a capacity of 35 million metric tons of oil a year, would bypass the Bosporus and Dardanelles straits, saving shipping costs. A referendum held in the Burgas region in 2008 opposed the pipeline on the ground that there would be a high risk of an oil spill from tankers filling it. The proposed pipeline route violates a European Union wildlife conservation directive known as Natura 2000, because it passes through protected areas. This alone would allow Bulgaria to withdraw from the project without paying penalties, according to Bulgarian Prime Minister Boiko Borissov. The project competes with another, agreed by Russia, Italy and Turkey in 2009, to carry oil from the Turkish Black Sea port of Samsun to Ceyhan, on the Mediterranean. To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
China's Shenzhen Zhongjin Shuts Zinc, Lead Smelter After Toxic Leak Found | Shenzhen Zhongjin Lingnan Nonfemet Co., China’s third-largest zinc producer, suspended output at its Shaoguan smelter after authorities found that excessive levels of thallium were discharged by the plant into a river. Operations at the smelter were halted from today with the stoppage estimated to reduce the company’s net earnings by about 27 million yuan ($4.1 million) a month, according to a company statement to the Shenzhen stock exchange. The effects of the toxic spill into the Beijiang River have been controlled and measures have been taken to ensure the safety of drinking water, the company said. “Other production units under the company are operating normally and it will take appropriate measures to seek a resumption of output as early as possible,” it said in the statement without elaborating. Zinc gained as much as 2.7 percent to $2,505 a metric ton on the London Metal Exchange, the highest price since April, and traded at $2,490 by 7:03 p.m. in Shanghai. Trading of Zhongjin shares was suspended today pending the announcement. The Shaoguan smelter was slated to produce 350,000 tons of lead and zinc this year, the statement said. That represents 83 percent of the company’s total 2010 output plan of 420,000 tons, according to Bloomberg News calculations. Thallium is a highly toxic byproduct metal collected in residues from smelting copper, zinc and lead ores and is used in specialized glass and radiation detection equipment, according to the U.S. Geological Survey. Worst Polluter China, the world’s worst polluter, needs to spend at least 2 percent of gross domestic product a year -- 680 billion yuan at 2009 figures -- to clean up 30 years of industrial waste, according to He Ping, chairman of the Washington-based International Fund for China’s Environment. Fujian-based Zijin Mining Group Co. , China’s largest gold producer, was forced to shut a copper plant and limit production at a gold mine in eastern China’s Fujian province this year after acid-laced waste spilled into a local river, killing enough fish to feed 72,000 people for a year. Authorities shut substandard smelters last year after thousands of children were poisoned by lead, zinc and manganese plants in Yunnan, Henan, Shaanxi and Hunan provinces. To contact the Bloomberg News staff on this story: Helen Yuan in Shanghai at hyuan@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
AT&T Mulls Upgrading Rural Lines Instead of Selling Them | AT&T Inc. (T) Chief Executive Officer Randall Stephenson said he’s “cautiously optimistic” about using new broadband technology to wring more value from rural phone lines, backing away from a plan to sell them off. The company aims to use an enhanced version of digital subscriber line technology to speed up Internet access in rural areas, Stephenson said today at an investment conference hosted by Sanford C. Bernstein. AT&T had targeted the lines as an asset it could offload, though he said today that a deal would face regulatory hurdles and require multiple state approvals. The move would mark a shift for AT&T, which had identified its rural lines and its Yellow Pages directory service as “underperforming assets” that were dragging down the growth of the company. AT&T, based in Dallas , agreed to sell a majority stake of the Yellow Pages business to Cerberus Capital Management LP for $950 million in April. Rural lines had been next on the block. Stephenson may have struggled to do a deal, forcing the company to squeeze more revenue out of the assets, said Roger Entner , an analyst at Recon Analytics LLC. Meanwhile, the carrier faces steeper competition from cable companies, which are offering broadband in a wider swath of rural areas. “If he can’t sell them, then he has to make the best out of them,” said Entner, who is based in Dedham, Massachusetts. “His lines without high-speed Internet are sitting ducks waiting to be picked off by cable companies.” Decision Coming Stephenson previously discussed the rural-broadband plan last week on an investor conference call hosted by JPMorgan Chase & Co. He expects to make a decision on whether to bolster the assets or sell them by the second half of this year. “I do feel more optimistic about the opportunity to get more broadband into rural areas,” Stephenson said on last week’s conference call. Of the roughly 50 million homes in range of AT&T’s network, about 30 million are within reach of its U-verse fiber-optic system. AT&T can sell those people a bundle of lucrative services, including broadband Internet access , phone plans and television. It’s more challenging to offer services outside that range. About 15 million of the homes beyond the U-verse boundary can be served by DSL, which can be slower than cable broadband. High-Speed Gateway To speed up those lines, AT&T has been using a network device called an Internet protocol digital subscriber line access multiplexer, or IP DSLAM. It serves as a high-speed gateway for viewing Web content or video downloads. The cost of deploying IP DSLAMs has been better than expected, Stephenson said. “Rural lines are lower-growth assets compared with AT&T’s overall average, but they do generate cash,” said James Ratcliffe , an analyst with Barclay Capital in New York. Bolstering broadband coverage could spin off more revenue and help ward off competition from cable. Still, 5 million homes in AT&T’s coverage area are located too far away from a network hub to receive any kind of broadband, Ratcliffe said. Another option for boosting broadband access is wireless technology. AT&T had planned to use its takeover of T-Mobile USA Inc. to better reach the rural market with mobile Internet service. After that deal failed, Stephenson said on a January conference call that the company no longer had a solution to its rural broadband challenges. The IP DSLAM approach has changed AT&T’s view, Stephenson said. “We are giving this a hard look,” he said on the JPMorgan call. IP DSLAMs “bring broadband capability in a more cost- effective manner, with a better revenue profile than perhaps we would have thought two years ago.” To contact the reporter on this story: Scott Moritz in New York at smoritz6@bloomberg.net To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Iran Plans Military Drill With Country in Region, Press TV Says | Iran ’s Air Force plans to hold a joint aerial military exercise with an unidentified country in the region next month, Press TV reported. The exercise is due to be held sometime after September 6, the state-run news channel said in a report yesterday on its website, citing Brigadier General Aziz Nasirzadeh, deputy commander of the Islamic Republic of Iran Air Force. The report didn’t name the country that will join Iran in the drill. To contact the reporter on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net. To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
French Stocks: Alcatel, EDF, Lafarge, Technip, Total Are Active | France’s CAC 40 Index fell 14.62, or 0.4 percent, to 3,637.29 at 2:18 p.m. in Paris, trimming this month’s gain to 5.6 percent. The SBF 120 Index dropped 0.5 percent. The following stocks were among the most active in the French equity market. Stock symbols are in parentheses after company names. Alcatel-Lucent SA (ALU FP) increased 8.3 percent to 2.24 euros. France’s biggest telecommunications equipment maker confirmed its full-year adjusted operating margin target and posted a second-quarter operating profit. EDF SA (EDF FP) gained 1.1 percent to 32.82 euros. The French utility received an offer from Cheung Kong Infrastructure Holdings Ltd. to buy the company’s U.K. power networks for 5.8 billion pounds ($9.1 billion). Euler Hermes SA (ELE FP) gained 5.8 percent to 61.90 euros. The world’s largest insurer of trade credit reported first-half net income of 147.4 million euros, up from 0.7 million euros a year earlier. European Aeronautic Defence & Space Co. (EAD FP) rose 3.2 percent to 18.065 euros. The company raised its target for 2010 revenue as deliveries of passenger jets at Airbus increase. Sales will grow to more than 44 billion euros ($57 billion) from 42.8 billion euros in 2009 and earnings before interest and tax should reach about 1.2 billion euros, EADS said today. The company had in March predicted Ebit of 1 billion euros and stagnant sales. Ingenico SA (ING FP) increased 5.2 percent to 19.45 euros. The maker of payment terminals reported first-half net income of 11.2 million euros, up from 4.8 million euros a year earlier, and raised its full-year revenue forecast. Lafarge SA (LG FP) decreased 3.4 percent to 42.01 euros as the world’s biggest cement maker cut its outlook for demand. The company said it expects cement volume in its markets to increase 3 percent at best, less than a previous forecast for an increase of as much as 5 percent. In the worst case, they may fall by 1 percent instead of being unchanged, Lafarge said. Schneider Electric SA (SU FP) increased 2 percent to 88.15 euros. The world’s biggest maker of circuit breakers raised its margin target for 2010. Schneider now aims to lift 2010 earnings before interest, taxes and amortization before restructuring costs and the impact of the purchase of Areva Distribution to “around” 15.5 percent of sales, up from a previous target of 14 percent. Technip SA (TEC FP) lost 2.2 percent to 50.74 euros. Oil fell in New York, poised for its biggest weekly decline in four, on concern that faltering global economic growth will curtail a recovery in fuel demand. Total SA (FP FP) gained 1 percent to 38.74 euros. Europe’s third-largest oil producer reported a 72 percent increase in second-quarter adjusted net income. To contact the reporter on this story: David Altaner in London at daltaner@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
EVERGREEN CONST December Sales Fall 31.37% (Table) : 5506 TT | EVERGREEN CONST said unconsolidated sales in December fell 31.37% to NT$466,735,000 from NT$680,103,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 12/2011 12/2010 Sales 466,735 680,103 YOY% -31.37% -----------------Year-to-date----------------- Sales 3,842,644 3,457,043 YOY% 11.15% ================================================================= | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Lilly Last Hope for Alzheimer’s as Pfizer, J&J Bow Out | For millions of people suffering from Alzheimer’s disease , an experimental drug from Eli Lilly & Co. (LLY) may now be their last hope for treatment. Pharmaceutical giants Pfizer Inc. (PFE) and Johnson & Johnson (JNJ) pulled the plug Aug. 6 on their joint development of a similar Alzheimer’s therapy, after that drug failed to show any benefit in two late-stage studies. Lilly has said it will release its findings by the end of September. The stakes are high both for the 5.4 million people in the U.S. who have been diagnosed with Alzheimer’s and for Lilly. There are no medicines on the market that slow the progression of the disease, the most common form of dementia. If Lilly’s drug proves a success, treatments could begin as early as next year and the Indianapolis-based company could realize billions of dollars in revenue. Still, company executives have warned that a successful outcome for the drug, solanezumab, is a long shot. “We’ve said all along that solanezumab was a pretty risky bet,” Derica Rice, Lilly’s chief financial officer, said at a Goldman Sachs investor conference in June. Lilly could use a big win. It’s facing the loss of $7 billion in sales over the next five years from generic competition to its two best-selling medicines. Lilly has spent more than a decade and perhaps $1 billion or more studying the drug. Yet after Pfizer and J&J pulled out, investors give the Lilly drug a less than 20 percent chance of success. Meanwhile, newer treatments in development by other companies are still years away. Lilly’s shares rose less than 1 percent to $42.85 at 4 p.m. New York time. Pfizer gained less than 1 percent to $23.83. J&J gained less than 1 percent to $68.35. Strategic Options A failure would come as a major setback for the company. Lilly’s stock could drop by as much as 20 percent, wiping out $10 billion in market value, said Jeffrey Holford, an analyst with Jefferies Group Inc. in New York. It may also leave Lilly putting the bulk of its profit toward trying to maintain its dividend rather than investing in the company, he said in a telephone interview. “They really don’t have many strategic options if their pipeline doesn’t work out,” Holford said. “They just have to hope that it’s going to happen.” A positive finding may boost the shares as much as 35 percent and could transform the company, said Mark Schoenebaum , an analyst with ISI Group in New York. He says the odds of the drug getting sale approval are just 15 percent. Elusive Treatment If the Lilly drug works “it would be euphoria, crazy party-time,” Schoenebaum said in a telephone interview. “It could be the biggest upside surprise in the history of the pharmaceutical and biotech industry.” Still, Schoenebaum also said a happy outcome is unlikely. “At least 90 percent of people give this a less than 50 percent chance of working,” Schoenebaum added. After years of research and billions invested by nearly every major drug company , a cure or even a treatment to slow the progression of Alzheimer’s remains elusive. Little is known about what causes the disease and efforts to alter its course are littered with failures. In 2010, Lilly halted work on another Alzheimer’s drug in late-stage testing, and earlier this year Pfizer ended development of a drug called Dimebon after it failed to show a benefit. The Pfizer-J&J drug that failed earlier this week, called bapineuzumab, and Lilly’s both target plaque that builds up in the brains of Alzheimer’s patients that some believe may be the cause of the disease. Lilly’s drug targets the floating plaque while the Pfizer-J&J drug goes after the deposits of plaque. There may be other factors as well, such as the over development of a protein called tau. Baxter’s Therapy The only other therapy on the immediate horizon that has shown success against the illness in mid-stage human trials is Baxter International Inc. (BAX) ’s Gammagard. The product is an expensive, relatively scarce treatment derived from donated blood plasma that replaces antibodies in people whose immune systems can’t protect them from infection. Results on whether it could slow or stop the mind-robbing disease in a final-stage study may be available next year. Meanwhile, Lilly remains far more vulnerable to a failure on Alzheimer’s than its larger competitors. New York-based Pfizer, with a market value of $178 billion, and New Brunswick , New Jersey-based J&J, at $188 billion, have made big acquisitions to help them overcome generic competition to their top drugs. Yet much smaller Lilly, with a $50 billion market capitalization, has yet to do a large deal to shore up its pipeline of experimental drugs. Patent Protection Lilly lost patent protection last year on its top-seller Zyprexa for schizophrenia and will lose the patent next year for its second-best seller, the anti-depressant Cymbalta. The drugs combined accounted for 36 percent of Lilly’s 2011 revenue. Lilly Chief Executive Officer John Lechleiter has said the company’s revenue will not be less than $20 billion and its profits will remain more than $3 billion through 2014. Starting in 2015, sales and revenue will begin to grow again, he said on a conference call last month with analysts without specifying by how much. In 2011, Lilly brought in revenue of $24.3 billion with a profit of $4.35 billion. Aside from its Alzheimer’s drug, Lilly has 11 other medicines in late-stage testing , six of which could eventually have more than $1 billion each in peak annual sales, Holford said. Sales from those drugs won’t come soon enough to offset the losses Lilly faces through at least 2017, he said. Placing Bets Without the Alzheimer’s drug, the percentage of profit going to the dividend would rise to 79 percent in 2014 from 44 percent in 2011, much higher than the payout ratio of other drugmakers, he said. Lilly pays a quarterly dividend of 49 cents a share and had 1.16 billion shares outstanding as of the end of the second quarter. Lilly’s drug could generate $7 billion in annual sales if it works in a broad population of Alzheimer’s patients, said Jami Rubin , an analyst at Goldman Sachs in New York. In anticipation of study results on solanezumab, traders have been placing their bets in both directions. The number of outstanding Lilly options that traders use to bet on the stock have surged this year. The stock price has also gone up 18 percent in the past 12 months, outperforming the Standard & Poor’s 500 , in anticipation of the results, said Schoenebaum. “Drugs move drug stocks, and Alzheimer’s disease is the biggest therapeutic disease yet to be conquered,” said Rubin, who expects Lilly’s stock could go up as much as 30 percent on a positive finding or drop 14 percent on a negative result. Lechleiter said investors should stick with Lilly because its pipeline of experimental drugs will get profits growing after 2014. He has also been cutting costs by firing 5,500 workers and trying to expand sales in Japan and emerging markets such as China where Lilly has a new research center. “We know that ultimately, this is about getting back to growth and the only way to do that is build our pipeline, which we’ve done,” Lechleiter said in an interview earlier this year. “Those molecules, those future products, hopefully, will be the things that drive us back to growth as we come out of this period.” To contact the reporter on this story: Shannon Pettypiece in New York at spettypiece@bloomberg.net To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
The Next Revolution in 3-D Printing: Disposable Panties | A somewhat embarrassing feminine-hygiene issue has led Tamar Giloh to develop a new technology that could revolutionize the textile industry. Looking for a way to mitigate problems associated with heavy menstruation, she and a team that included her husband started working on an automated system that can produce fabrics using three-dimensional printing. More than a decade later, the Israeli couple now has functional hardware that can spray polymers and fibers in a controlled manner to produce disposable panties, sportswear, bandages and other products. “We set out with a need to solve something and create a product, and then we realized we had developed a totally different and innovative technology,” said Giloh, the CEO of Tamicare. "This is a multi-billion-dollar market." Tamicare has raised $10 million since it was founded in 2001. The Manchester, England-based Tamicare is in talks with Israeli contract manufacturers to assemble its fabric printers. The company, which has a dozen employees, sells its machines to cosmetic and health-care companies for about $3 million each. One unit can produce 10 million biodegradable panties a year. Next year, Tamicare's 3-D printed feminine-hygiene product — absorbent padded underwear that can be thrown away after a single use — is expected to hit shelves in a leading pharmacy chain in Israel. Tamicare said it’s also in talks with a large U.S. company that may sell the women’s undergarments in America. The startup’s compression bandages, which will be sold by a British company, are also set to hit the market soon. Giloh declined to name the companies Tamicare is talking to or teaming up with. Since Giloh presented the fabric-printing technology at a textile-industry conference in Denver last month, the startup has received 30 inquiries from companies interested in using the printer. A supplier for the lingerie-retail giant Victoria's Secret visited Tamicare’s office in the U.K. recently to witness underwear being printed in three seconds. “A panty created at this speed isn’t something you see every day,” Giloh said. The market for 3-D printing is expected to continue strong double-digit growth over the next several years, especially as new use cases such as Tamicare’s emerge, according to Wohlers Associates. "This is an unusual application and certainly a first in the world of 3-D printing,” Terry Wohlers, the consulting firm's president, wrote in an e-mail. "Making products in this way is attractive because of the design freedom it provides, but for items such as clothing, the challenge is to ensure the results are truly functional, rather than just visually appealing,” said Stephen Russell, a professor at the University of Leeds in the U.K. who specializes in textile research. Tamicare’s innovative underwear has both covered, Giloh said. “It is like a panty with a pad in it, but it isn’t anything like the Kimberly Clark pull-up.” Regulation for hygiene products and fluctuating demand in the cosmetic industry based on economic factors could pose challenges for Tamicare, Russell said. Still, the process used by Tamicare is “a radical departure from the traditional methods of manufacturing wearable-hygiene products,” he said. “It has exciting potential.” | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
German Stocks Advance as Obama Postpones Syria Decision | German stocks advanced, with the benchmark DAX (DAX) rising to its highest level in more than three months, as U.S. President Barack Obama postponed a decision on whether to take military action against Syria. Commerzbank AG added 3 percent after Citibank raised its earnings estimate for Germany’s second-largest lender. RWE AG (RWE) and EON SE each rose more than 4 percent as a gauge of utilities climbed the most of the 19 industry groups in the Stoxx Europe 600 Index. K+S AG (SDF) fell 0.7 percent after BMO Capital Markets downgraded its rating on the potash producer. The DAX increased 0.6 percent to 8,495.73 at the close of trading in Frankfurt , for its sixth day of gains. The index climbed 2.1 percent last week as manufacturing growth in the U.S. and China beat projections. The broader HDAX Index rose 0.5 percent today. “After the correction we saw in the second half of August, investors are looking for an excuse to buy back into the market and it seems relief around Syria is providing the excuse,” Raimund Saxinger, a fund manager at Frankfurt-Trust Investment GmbH, which oversees about $22 billion, said in a telephone interview. The DAX fell 4 percent from a monthly high on Aug. 14, amid speculation the Federal Reserve will pare stimulus measures and concern about possible U.S. military action against Syria. The volume of shares changing hands in DAX-listed companies was 22 percent higher than the average of the last 30 days, according to data compiled by Bloomberg. Russian Proposal Obama said yesterday in an address from Washington that he will pursue a proposal by Russia to have Syria surrender its stockpiles of chemical weapons to international authorities. He had said that he would ask Congress to authorize the use of military force against Syrian President Bashar al-Assad’s regime following an Aug. 21 chemical attack that the U.S. said killed more than 1,400 people. Commerzbank rose 3 percent to 9.35 euros, its highest price since Mar. 13. Citibank raised its 2014 earnings estimate by 3 percent, citing better second-quarter revenue at the lender’s corporate and markets division. RWE and EON gained 6.6 percent to 25.06 euros and 4.8 percent to 13.45 euros, respectively. K+S retreated 0.7 percent to 20.94 euros. BMO Capital Markets downgraded Europe’s biggest potash distributor to underperform, similar to a sell recommendation, from market perform. The financial services provider set a price target of 18 euros on the shares. Dialog Semiconductor Plc (DLG) slumped 7.6 percent to 14.33 euros, its largest drop since April 17. Apple Inc., the company’s biggest customer for smartphone chips, yesterday unveiled two new iPhone models. “With Apple apparently focusing on margins rather than volume, Dialog might be burdened near-term,” Deutsche Bank AG said in a note to clients. To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Sabathia Pitches Complete Game as Yankees Close Sweep of Indians | CC Sabathia struck out nine and pitched his first complete game of the season as the New York Yankees held on to beat the Cleveland Indians 6-4 and complete a three-game sweep at Yankee Stadium. Staked to a 6-0 lead after two innings, Sabathia took a perfect game into the fifth inning, and threw 115 pitches for his sixth win of the season. The 32-year-old left hander allowed a pair of runs in the sixth and seventh innings before retiring seven of the final eight batters. The Yankees built their lead on a two-run home run from Travis Hafner and a three-run homer from Brett Gardner. Yan Gomes hit a home run for Cleveland. The Yankees outscored the Indians 17-11 in the three-game series. New York is now 34-25, two games behind the Boston Red Sox in the American League East division. To contact the reporters on this story: Eben Novy-Williams in New York at enovywilliam@bloomberg.net To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
When the Corporate Elite Supported Raising Taxes | Throughout the recent debates in Washington over whether taxes should be increased, one group has consistently maintained its opposition: the leaders of American businesses. Large U.S. corporations haven’t always been opposed to tax increases, however. In fact, as recently as 1989, and for decades before, big companies routinely called for tax increases, even on themselves, to balance the budget. Groups such as the Committee for Economic Development, the Business Roundtable, and even the more conservative National Association of Manufacturers and the U.S. Chamber of Commerce , called for tax increases on a number of occasions, under both Republican and Democratic administrations. In 1950, shortly after the U.S. entered the Korean War, the CED, the Chamber of Commerce and the NAM all supported increasing taxes to raise funds for the war. In March 1951, the CED recommended a $10 billion tax increase to prevent inflation. “Taxes are already very high,” the group said. “Now we need still higher taxes -- higher than we have ever had before, even at their wartime peak.” Three years later, when President Dwight D. Eisenhower sought an extension of the wartime excess-profits tax on corporations, the CED supported the idea, drawing praise from the editorial page of the New York Times. Fighting Deficits Later in the decade, the group supported an increase in gasoline taxes to fund the interstate highway system. In 1966, it called for a temporary increase in the income tax to counter the deficit resulting from the Vietnam War, noting that it should be of a kind that can “yield the revenue needed, that can be quickly imposed, that will be accepted by the country, and that can be easily withdrawn when the emergency has passed.” The Business Roundtable, a group of Fortune 500 executives that, after its formation in 1973, began to replace the CED as the leading representative for big businesses, supported tax increases for individuals even as it sought reductions in corporate taxes. In response to the deficits that resulted from President Ronald Reagan’s tax cuts, the Roundtable called for an increase in income-tax rates, even though its high-earning members would pay a disproportionate price. As late as 1989, after George H.W. Bush was elected president on a promise of “Read my lips, no new taxes,” Fortune magazine printed a story with the headline , “CEOs to Bush: Raise Taxes Now.” Bush did in fact acquiesce to a tax increase, a decision that many believe cost him re-election in 1992. It was only after President George W. Bush’s tax cuts created deficits even larger than those of the Reagan years that big businesses suddenly refused to call for tax increases. Despite expensive wars in Afghanistan and Iraq , which drove the deficit even higher, the Business Roundtable remained silent. Perhaps the Roundtable had accepted Vice President Dick Cheney’s alleged claim that “Reagan proved deficits don’t matter,” because rather than criticizing the Bush tax cuts, the group actually supported making them permanent. So why were large corporations, which had been willing to recommend tax increases for almost half a century, suddenly unwilling to even acknowledge the relationship between tax cuts and the deficit? Fragmenting Elite The answer lies in part with the fragmentation of the corporate elite. In the 1950s, business leaders had to cooperate to negotiate with both a strong labor movement and a powerful federal government. The need to work with these constituencies created a community of pragmatic businessmen who tried to devise policies acceptable to everyone at the table. But as the labor movement crumbled, and government lost some of its legitimacy, corporate elites had little incentive to build coalitions to secure favorable policies. Instead, they began unilaterally pursuing their own interests. As a consequence, the corporate elites were increasingly unable and unwilling to act collectively to address the problems they -- and the nation -- faced. This was evident in the debate over President Bill Clinton’s health-care plan in the early 1990s, as the large corporations that supported the plan caved under pressure from Republicans in Congress, who were more responsive to small companies, opposed to the plan. It was evident during the debate over President Barack Obama ’s health- care overhaul, in which large companies were largely absent from the discussion. And it remains evident in the controversy over how best to rein in the deficit. Today’s corporate elites have abandoned their pragmatic interest in the collective good, and now pursue a far narrower quest to secure benefits for their companies. Despite a few dissenting voices, such as Warren Buffett and Robert Rubin, business leaders continue to oppose tax increases, even for those earning tens of millions yearly. Fix the Debt, a group of business and public officials devoted to reducing the deficit, has focused almost exclusively on spending cuts, referring vaguely to “revenue increases” while simultaneously advocating reduced tax rates. The American corporate elite of the postwar period exercised a sense of responsibility, willing to support policies that would impose a disproportionate burden on its own members. The elites of today, by contrast, are extremely successful in gaining political favors for themselves, but they have shown little willingness to address problems of business-wide -- and societal -- concern. ( Mark S. Mizruchi is the Barger Family professor of organizational studies, professor of sociology and professor of business administration at the University of Michigan. His book, “The Fracturing of the American Corporate Elite,” will be published by Harvard University Press next month. The opinions expressed are his own.) Read more from Echoes online. To contact the writer of this article: Mark S. Mizruchi at mizruchi@umich.edu. To contact the editor responsible for this post: Timothy Lavin at tlavin1@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Exxon Mobil Says It Will ‘Vigorously’ Protect Nigeria Oil Producing Leases | Exxon Mobil Corp. (XOM) ’s Nigerian unit said it will work with the country’s government to resolve “confusion” about the status of three oil leases following a media report they have been canceled. Oil leases 67, 68 and 70, which together produce 580,000 barrels of crude a day, were nullified by Nigerian Petroleum Minister Diezani Alison-Madueke in a March 4 letter to Exxon Mobil , Lagos-based ThisDay newspaper reported today. Exxon Mobil “will vigorously protect the rights it acquired in 2009,” Gloria Essien-Danner, a company spokeswoman, said in by e-mail today. “We will work with the Minister of Petroleum Resources and other relevant government officials to resolve any confusion that may exist on this matter.” Negotiations for 16 oil blocks operated by companies including Exxon Mobil, Royal Dutch Shell Plc and Chevron Corp. have been under way for two years. Exxon Mobil was the only energy company to have its licenses renewed when it signed a deal in November 2009 covering oil leases 67, 68 and 70. Shell and Chevron remain in talks with Nigeria on renewing their expired oil licenses. China National Offshore Oil Corp. had expressed an interest in taking over some of the permits, raising concern they wouldn’t be renewed. Nigeria, Africa ’s top oil producer, is the fifth-biggest source of U.S. oil imports. Shell, Exxon Mobil, Chevron, Total SA and Eni SpA run joint ventures with the state-owned Nigerian National Petroleum Corp., which pumps about 90 percent of the country’s crude. To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Icade First-Half Earnings Rise as French Home Sales Surge | Icade (ICAD) SA, the commercial property arm of France’s Caisse des Depots et Consignations, said profit excluding items rose 23 percent in the first half on higher sales at its homebuilding unit. Earnings excluding disposal proceeds and other one-time items, known as net current cash flow, rose to 100.3 million euros ($145 million), or 1.94 euros a share, the Paris-based company said today in a statement. A year earlier, Icade earned 81.8 million euros, or 1.62 euros a share. In February, Chief Executive Officer Serge Grzybowski predicted “strong growth” in net current cash flow in 2011 as Icade delivered homes and apartments it pre-sold in 2010. Sales at Icade’s property-development arm rose almost 20 percent, led by its residential unit as low borrowing costs, tax breaks on rental property investment and government subsidies to encourage first-time buyers lifted demand. Buoyant new-home sales and income from its investment properties following October’s purchase of Cie. La Lucette mean Icade “can look forward calmly to the future,” it said in the statement. It forecast “strong” growth in net current cash flow in 2012. Icade fell 17 cents to 83.32 euros in Paris trading. The shares advanced 5.6 percent in the six months through yesterday, lagging behind the 14 percent gain for an index of French REITs compiled by Amsterdam-based Global Property Research. Residential Development Revenue rose 10 percent to 717.2 million euros as a result of sales growth at Icade’s residential-development arm. Homes sold by the unit in the first six months generated 349 million euros, a 32 percent increase from a year earlier. Pre-sales amounted to 423 million euros at the end of June and the company said it has the capacity to build more homes representing 1.4 billion euros in potential revenue. Icade’s purchase of Cie. La Lucette repositioned the company as an owner and developer of more profitable commercial real estate. Grzybowski sold 2 billion euros of residential assets and disposed of peripheral property management businesses. Revenue from Icade’s various property investment arms fell 16 percent to 179 million euros, reflecting last year’s sale of 23,000 low-income homes. There was a 3.5 percent increase in rental income generated by Icade’s offices, clinics and business parks before acquisitions and new building openings. Affordable Housing Net income fell to 48.4 million euros, or 94 cents a share, from 906.2 million euros, or 17.89 euros a share, a year earlier. Last year’s profit included 902 million euros in proceeds from asset sales, mainly Icade’s affordable housing assets. Net asset value rose 3.1 percent from Dec. 31 to 83.9 euros a share. Icade doesn’t include changes to the valuation of its properties in its income, and it books a profit or loss only when it sells a building. State-owned Caisse des Depots et Consignations, France ’s largest financial institution, owns about 56 percent of Icade shares. To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net. To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Rubber Declines as Crude Oil Retreats, Optimism On Chinese Currency Fades | Rubber dropped for the third time in four days as the price of crude oil declined and optimism faded that China’s would increase purchases after dropping its currency’s peg to the dollar. Futures in Tokyo declined as much as 2.1 percent after climbing 3 percent yesterday after China signaled it will unshackle the yuan’s fixed rate to the dollar, stoking speculation that the world’s largest consumer may boost imports. “The good news from the yuan flexibility has faded as it lacked support from Wall Street,” said Chaiwat Muenmee , an analyst at Bangkok-based commodity broker DS Futures Co. Rubber for November-delivery dropped as much as 5.8 yen to 276.8 yen per kilogram ($3,048 a metric ton) before settling at 277.6 yen on the Tokyo Commodity Exchange. The November-delivery contract on the Shanghai Futures Exchange declined 1.9 percent to settle at 21,475 yuan ($3,151) a ton. Yesterday, the price climbed as high as 22,200 yuan, the highest level since June 3. The People’s Bank of China pledged on June 19 to make the yuan more flexible, making imports more affordable to buyers in the world’s third-largest economy. China, the world’s largest auto market, is the biggest user of natural rubber. The nation may increase gross imports of the raw material to 1.68 million tons this year, from 1.59 million in 2009, according to a May report from the Association of Natural Rubber Producing Countries. Debt Crisis “Investors are still worried that the European debt crisis may weaken rubber demand,” said Navarat Kaewpratarn, marketing official at Future Agri Trade Co., said by phone from Bangkok. Investor sentiment worsened after the European Central Bank governing council member Christian Noyer said some banks are facing funding problems. Standard & Poor’s Ratings Services lowered its economic growth forecast for Spain and said Spanish lenders face difficult years as credit losses mount. “The market is in correction mode after sharp gains yesterday,” said Kazunori Kokubo, general manager for International Business Department at Yutaka Shoji Ltd. “Oil is also down, driving the rubber market lower.” Crude oil declined for the first time in three days as optimism faded that China’s plan to add more flexibility in the yuan’s fixed exchange rate would strengthen the global economic recovery. A drop in crude oil cuts appetite for rubber. Increasing supply from Thailand added pressure to the rubber market, Chaiwat said from Bangkok. An average of 200 tons of ribbed smoked sheet RSS-3 rubber a day is available in the market this month, compared with slightly more than 100 tons a day in May, he said. Global rubber output may total 9.7 million to 10.2 million tons this year as drought and heavy rainfall in key producing countries including Thailand and Indonesia damage supply, Stephen Evans, the secretary-general of the International Rubber Study Group, said in an interview last week. That compares with the group’s forecast range of 10.1 million to 10.6 million tons on March 17. Demand will probably increase by 4.4 percent this year to 9.8 million tons, based on the assumption that the economic recovery will slow, Evans said. The group forecast 10.2 million tons in March. To contact the reporter on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Bird Flu to Dead Hogs Curb China’s Soybean-Import Demand | An eight-year surge in soybean imports by China , the biggest buyer, may come to an end this year as feed consumption drops following a bird-flu outbreak and the discovery of thousands of dead pigs floating in a river. Imports, which more than tripled from 2004 to 59.2 million metric tons in the year to Sept. 30, will probably fall to 58 million tons this year, as consumers, wary of infectious diseases, shun poultry and pork, according to the median of a Bloomberg survey of four crushers and three analysts in China. Feed is mostly made with soybean meal and corn. China’s 60 cases of H7N9 flu virus infections and 13 deaths are raising the specter of the 2003 global pandemic of severe acute respiratory syndrome that killed 774 people. Imports of soybeans plunged 21 percent in the 2003-2004 marketing year and an outbreak of H5N1 virus in 2006 also led to the slowest growth in shipments since the SARS outbreak. “We believe this new avian flu will cut at least 500,000 tons of soybean-meal demand in the immediate future,” said Liu Xianwu, general manager at researcher China Cereals & Oils Business Net. “Soybeans will come down because at the current level, Chinese crushers don’t make money,” he said April 12. Soybeans may drop to $13 a bushel in the next month, according to Beijing-based China Cereals. The May-delivery contract on the Chicago Board of Trade delivery fell 0.6 percent to $13.7075 a bushel at 12:31 p.m. in Beijing. Meal on the Dalian Commodity Exchange dropped 1.5 percent to 3,110 yuan ($503) a ton, near the lowest level in 13 months. It has lost 7.1 percent since March, when the outbreak was first reported. Husbandry ‘Disasters’ “Disasters are hitting the animal husbandry one wave after another,” as even before the bird flu, consumers were leery of eating pork from the effect of the dead hogs incident in Shanghai, said Monica Tu, soybean analyst at Shanghai JC Intelligence Co. “It’s looking more likely we’ll have to keep cutting projection for this year’s imports,” she said. Yum! Brands, Inc. said in a statement this week that the avian flu in China has had a “significant, negative impact on KFC sales.” Xiamen Airlines Co. has suspended serving chicken and duck because of passenger concerns. Livestock and poultry producers are cutting inventories of feed as consumption of poultry, eggs and pork slumped, state- owned researcher grain.gov.cn, a unit of the China National Grain & Oils Information Center, said today adding that prices of corn have weakened across the country. Egg Futures The Dalian exchange today said an egg-futures trading system, which passed a test last week, is still under regulatory review. The contracts were set up to deal with outbreaks such as bird flu by placing delivery points in major producing and consuming regions and by allowing deliveries to be taken in uninfected regions, the statement cited an unidentified market participant as saying. Authorities in Shanghai retrieved 11,040 dead pigs from Shanghai’s Huangpu river last month, with thousands more found in neighboring Zhejiang province. The environmental scare helped reduce the price of live hogs to the lowest in almost three years, causing “large losses” to the nation’s animal husbandry sector, Liu Yonghao, chairman of New Hope Liuhe Co., China’s biggest poultry supplier, said in Beijing on April 9. The average price of live hogs traded in northern Shandong province declined to 12.20 yuan a kilogram on April 12, the lowest since July 2010, according to Shanghai JC data. China used 45.2 million tons of soybean meal to feed animals in 2011-2012, according to Shanghai JC’s Tu. Hogs account for about half of the feed consumption, while the poultry and eggs sector took 40 percent, Tu said. Total soybean imports in the first six months of the 2012- 2013 marketing year fell 9.2 percent to 25.6 million tons, partly because of reduced output from the U.S. and a shipping bottleneck in Brazil , according to Liu of China Cereals. While reduced imports have caused a shortage in the domestic market, crushers may be less willing to boost purchases for the remaining months given the falling demand, Liu said. To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
South Korea to Raise Power Prices as Demand Causes Shortages | South Korea will increase power prices by an average 5.4 percent this week, the second increase this year, as the government seeks to curb soaring demand for electricity that’s caused shortages. Electricity prices will rise 6.4 percent for industrial plants and buildings, 2.7 percent for households and 3 percent for farms from Nov. 21, the Ministry of Trade and Energy said in an e-mailed statement, following an average 4 percent increase in January. The government also plans to impose a tax on soft coal of 30 won ($0.03) per kilogram from July 2014, and reduce duties on liquefied natural gas and kerosene to shift consumption of coal to gas and oil, the ministry said. South Korea consumes power at almost twice the average of countries in the Organisation for Economic Co-operation and Development relative to the size of its economy, according to the Hyundai Research Institute in Seoul. The nation has suffered power shortages over the past five years, with demand reaching an “excessive level” and supply failing to keep pace, the institute said in a June 19 report. “Electricity should be more expensive than other energy because it’s a secondary source that needs other energy to produce it,” Park Kwang Soo, senior research fellow at the Korea Energy Economics Institute in Seoul, said by phone after the announcement. “Most countries have priced electricity higher for this reason, but we’ve kept it lower.” South Korea’s government has maintained electricity prices at an artificially low level to contain inflation and help export-driven companies make products at lower costs. Power prices rose 32.3 percent between 2000 and 2012, compared with a 117.5 percent increase in city gas prices and a 149.1 percent jump for kerosene, the institute said in a September report. Over-dependence That’s led companies and households to depend too much on electricity, rather than other energy sources, according to the report. Electricity accounted for almost 40 percent of energy consumption of industries last year, while gas and oil accounted for 19 percent and 15 percent, the institute said. With the government setting power prices, state-run Korea Electric Power Corp. (015760) , the monopoly electricity distributor known as Kepco, has reported a combined 11.2 trillion won ($10.6 billion) of losses over the past five years. Kepco shares rose 6.9 percent to 31,850 won in Seoul, the biggest gain since August 2011. Power demand has surged in recent years as domestic electricity prices were kept at low levels, even as international prices of other energy sources such as oil and gas climbed, the ministry said in today’s statement. ‘Shocking’ The price increase is “shocking” and will increase costs for steelmakers, the Korea Iron & Steel Association said in an e-mailed statement. Raising power rates by 6.4 percent may add extra costs of 268.8 billion won in the steel industry , which is already in a slump, the association said. Power shortages were exacerbated in May when the government ordered the shutdown of two nuclear reactors found to be using components whose safety certificates were faked, and ordered the replacement of cables at two others, one offline for maintenance and the other under review pending the start of operations. In 2008, South Korea set a goal to generate 41 percent of its electricity from nuclear power by 2035. An energy ministry-sponsored group of academics and state officials said last month that target should be cut to between 22 percent and 29 percent amid growing public opposition to atomic power after the Fukushima disaster and the domestic safety scandal. The energy ministry plans to adopt the upper-end of the working group’s range recommended range, an increase from the current 26.4 percent reliance on nuclear power, Song Yoo Jong, director general of energy and resources policy at the ministry, said by phone on Nov. 8. To contact the reporter on this story: Heesu Lee in Seoul at hlee425@bloomberg.net To contact the editor responsible for this story: Stuart Biggs at sbiggs3@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Employment Rose More Than Forecast in June as Jobless Rate Held at 7.4% | Canada added almost twice as many jobs as economists forecast in June, led by part-time staff and transportation workers, keeping the country’s unemployment rate at a 2-1/2 year low. Employment rose by 28,400, Statistics Canada said today in Ottawa, exceeding the 15,000 median estimate in a Bloomberg News economist survey. The jobless rate was unchanged at 7.4 percent, the lowest since January 2009. Canada’s job recovery since the global recession has been faster than other Group of Seven countries as companies expand to fill commodity orders. Bank of Canada Governor Mark Carney has said economic growth may be slowing on disruptions in automobile production and the drag on exports of a strong Canadian dollar. The jobs performance is “much better than what is going on in most countries,” said Mark Chandler , head of Canadian currency and rates strategy at Royal Bank of Canada’s RBC Capital Markets in Toronto. “There are very few holes you can poke in the jobs market.” The Canadian dollar reversed earlier gains after the U.S. reported weaker-than-forecast job figures at 8:30 a.m. New York time. The Canadian dollar fell 0.4 percent to 96.26 cents per U.S. dollar at 9:33 a.m. in Toronto, compared with 95.87 yesterday. One Canadian dollar buys $1.0391. The yield on the Canadian government two-year bond fell six basis points to 1.52 percent. U.S. Payrolls The U.S. Labor Department said payrolls rose 18,000 in June, less than the gain in Canada, a country with a 10th the population. The U.S. jobless rate rose in June to 9.2 percent from 9.1 percent, while economists predicted it would be unchanged. The American unemployment rate peaked at 10.1 percent in October 2009, while Canadian unemployment has fallen from a peak of 8.7 percent in August 2009. Canada’s unemployment rate remained unchanged in June as the labor force grew by 42,000. Part-time employment rose by 21,100, and full-time by 7,300 positions, Statistics Canada said. Employment rose the most in transportation and warehousing with 14,500 new jobs and financial services with 11,300. Government Jobs Self-employment decreased by 44,200 in June, while paid employment advanced by 72,600, Statistics Canada said. Public- sector employment rose by 50,700 in June and the number of positions at private companies increased 21,900. Average hourly wages rose 2 percent in June from a year ago, matching the previous month’s pace. Still, some Canadian companies are struggling to find skilled workers, Human Resources Minister Diane Finley said July 6. “While there are people who are unemployed, there are still jobs going begging,” she told reporters in Ottawa. “There is a degree of skills mismatch across the country.” To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net ; Chris Wellisz at cwellisz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Mozambique to Build $1.5 Billion Coal Terminal, State Radio Station Says | Mozambique will construct a coal terminal valued at $1.5 billion at the northern Nacala port, state controlled Radio Mocambique reported, citing Rosario Mualeia, chairman of the national ports and railway utility. To contact the reporter on this story: Fred Katerere in Maputo at fkaterere@bloomberg.net To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Sudan’s Seizure of Abyei Region Won’t Spark New War, Ex-U.S. Envoy Says | Sudan’s seizure of the disputed Abyei region probably won’t spark a new civil war with the south and was prompted by President Umar al-Bashir’s fears of a military coup, analysts such as Andrew Natsios, George W. Bush ’s former envoy to Sudan, said. “It is clear they are very worried about a coup,” Natsios, who is a professor at Georgetown University , said yesterday in telephone interview from Washington. “They want the guns of their own military pointing to somewhere else besides Khartoum.” Sudanese tanks entered Abyei town on May 21 after the government said Southern Sudan’s forces attacked its troops two days before while they were withdrawing from the region with a United Nations convoy. The action sparked concern about a resumption of a two-decade civil war that ended with a U.S.- brokered peace accord in 2005. Southern Sudanese President Salva Kiir said yesterday that his government was committed to peace, as the oil-rich region prepares for independence on July 9. “We don’t really want to just accept the provocation and then say that we are going to war,” Kiir said in Juba, Southern Sudan ’s capital. “No. You know we have fought enough.” For al-Bashir, the Abyei action may help to shore up support in his National Congress Party and the military, said Fouad Hikmat, the special adviser on Sudan for the Brussels- based International Crisis Group. Northern Divisions “It could be a tactic to address the divisions in the north where there is the possibility of a coup,” he said today by phone from Nairobi, Kenya ’s capital. “Maybe they want to create a common enemy to consolidate national cohesion and mend the cracks within the party.” Al-Bashir fired his security adviser, Salah Gosh, last month in a move that Hikmat said showed widening divisions in Khartoum over the north’s future after Southern Sudan’s independence, the International Criminal Court ’s indictment of al-Bashir for war crimes in the western region of Darfur and whether to engage with opposition parties. Abyei is contested between the region’s Ngok Dinka people, who are settled in the area and consider themselves southerners, and Misseriya nomads who herd their cattle south in the dry season and are supported by the government in Khartoum. The north’s troops will not withdraw until a new agreement is reached with Southern Sudan that guarantees stability and freedom of movement for all of Abyei’s citizens, Defense Minister Abdelrahim Mohamed Hussein said May 23. ‘Bargaining Tactic’ “Part of it is a bargaining tactic,” Jon Temin , Sudan program officer at the U.S. Institute of Peace, said yesterday by phone from Washington. “Part of it is a reflection of the political situation in Khartoum and the pressures they are under. Part of it is a need to please the Misseriya, which are a very important group to the government in Khartoum.” A referendum in Abyei scheduled for January on whether to join the south or remain a special administrative region in the north was canceled because of disagreements over who was eligible to vote. The Permanent Court of Arbitration in The Hague , in a 2009 ruling, set Abyei’s borders to the area around Ngok Dinka settlements. That largely excluded the Misseriya, who say that as seasonal inhabitants of the area, they should also have the right to vote. Al-Bashir’s government feels it must support the Misseriya, Hikmat said, because “they can’t afford now to be making new enemies, when the NCP is very fragile. They have to stand by them.” Oil Fields The court also set key oil fields run by the Greater Nile Petroleum Operating Co. , which is 40 percent owned by Beijing- based China National Petroleum Corp. , outside of the Abyei region. Abyei produces less than 2,500 barrels a day, according to Sudan’s Oil Ministry. The occupation of Abyei town forced as many as 30,000 civilians to flee, the UN Office for the Coordination of Humanitarian Affairs said in a report yesterday. Sudanese government forces are helping members of the Misseriya ethnic group settle in the town, New York-based Human Rights Watch said yesterday, citing unidentified UN officials. Southern Sudan’s army spokesman, Philip Aguer, made the same accusation in an interview two days ago. Sudan’s military rejected the charge. The UN Security Council has demanded an immediate withdrawal of Sudan’s forces from Abyei. UN Secretary-General Ban Ki-moon has proposed the establishment of a 7,000-member peacekeeping force in Southern Sudan after independence. The UN currently has 10,000 blue helmets to monitor the peace accord. Hardening Stance Before Southern Sudanese voted for secession in a January referendum, al-Bashir pledged to cooperate with the new state. At independence, Southern Sudan will assume control of about 75 percent of Sudan’s daily oil production of 490,000 barrels, the third-biggest in sub-Saharan Africa. Since then, the fall of governments in Egypt and Tunisia , disquiet within his own military and the fear that rising food prices in northern Sudan will spark unrest have hardened al- Bashir’s stance, Natsios said. “They don’t want what happened in Egypt to happen in Sudan, with the military seizing control,” he said. To contact the reporters on this story: Matt Richmond in Juba via Nairobi at pmrichardson@bloomberg.net ; Maram Mazen in Khartoum at mmazen@bloomberg.net. To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Athletics Hit Three Home Runs in 6-3 AL Playoff Defeat of Tigers | Josh Reddick, Brandon Moss and Seth Smith hit home runs as the Oakland Athletics won 6-3 at the Detroit Tigers today to take a two-games-to-one lead in their best-of-five American League division playoff series. The Athletics can advance to the AL Championship Series with a win in Game 4 tomorrow in Detroit. After the teams combined to score a total of six runs while splitting the first two games of the series in Oakland, they scored nine runs in a three-inning span today at Comerica Park in Detroit. Oakland opened the scoring on an error in the third inning. Reddick hit a solo home run and Coco Crisp added a sacrifice fly in the fourth to give the A’s a 3-0 lead. The Tigers responded with three runs in their half of the fourth inning to tie the game. Victor Martinez had a run-scoring double and Jhonny Peralta added a two-run single. Oakland came back with three runs in the fifth, on a solo home run by Moss and a two-run shot by Smith, both off Tigers starter Anibal Sanchez. Moss, who struck out in his three other at-bats today, now has nine strikeouts in the series. “I made contact,” Moss said in an on-field interview. “It’s just one of those things, I strike out a lot. You got to go up and be who you are, and finally I didn’t miss one.” There are three more Major League Baseball playoff games today. The host Pittsburgh Pirates are trying to wrap up their series against the St. Louis Cardinals in the National League, followed by the Boston Red Sox going for a sweep of their AL series at the Tampa Bay Rays. Tonight, the Los Angeles Dodgers try to finish off their NL series at home against the Atlanta Braves. To contact the reporter on this story: Rob Gloster in San Francisco at rgloster@bloomberg.net To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Hong Kong Short Selling Turnover Recorded 02/27/2013 | Hong Kong , 02/27/2013 (Bloomberg) - Short selling was recorded on the Main Board of the Hong Kong Stock Exchange for the following companies as of 23:45 today. Number Short Percent of shares selling Total of short Tkr sold short turnover turnover to total Sym Company Name (thousand) (HK$ mln) (HK$ mln) turnover 3069 X XIE THAI 8.40 0.09 0.09 100.0 2833 HS HSI ETF 24.60 5.61 6.73 83.4 2800 TRACKER FUND 5951.50 135.69 233.38 58.1 933 BRIGHTOIL 156 0.23 0.41 55.7 392 BEIJING ENT 281.50 16.37 31.63 51.8 506 CHINA FOODS 748 3.79 7.47 50.7 2778 CHAMPION REIT 709 2.81 5.80 48.4 2828 HS H-SHARE ETF 308.60 34.42 77.02 44.7 902 HUANENG POWER 2074 16.28 38.51 42.3 1128 WYNN MACAU 362.80 7.50 19.05 39.4 410 SOHO CHINA 1258 7.44 19.00 39.1 1336 NCI 499.80 14.91 39.05 38.2 11 HANG SENG BANK 187.50 23.21 62.97 36.9 330 ESPRIT HOLDINGS 1353.30 13.86 38.00 36.5 293 CATHAY PAC AIR 351 5.09 14.04 36.3 16 SHK PPT 576 68.33 206.03 33.2 220 U-PRESID CHINA 326 2.97 9.07 32.7 2600 CHALCO 1354 4.49 13.87 32.4 1171 YANZHOU COAL 1784 20.36 64.85 31.4 809 GLOBAL BIO-CHEM 372 0.32 1.04 30.8 302 WING HANG BANK 10 0.87 2.83 30.7 3333 EVERGRANDE 7358 26.84 87.99 30.5 2282 MGM CHINA 932.40 17.30 56.80 30.5 6 POWER ASSETS 473 33.10 109.76 30.2 3808 SINOTRUK 48 0.25 0.83 29.7 23 BANK OF E ASIA 811.60 25.86 91.74 28.2 939 CCB 29395 182.72 660.48 27.7 817 FRANSHION PPT 390 1.03 3.74 27.5 808 PROSPERITY REIT 256 0.67 2.42 27.4 177 JIANGSU EXPRESS 222 1.75 6.40 27.3 1919 CHINA COSCO 626.50 2.49 9.14 27.2 3 HK & CHINA GAS 620 13.39 50.16 26.7 5 HSBC HOLDINGS 1223.20 102.77 389.32 26.4 13 HUTCHISON 837 69.29 262.85 26.4 336 HUABAO INTL 169 0.71 2.73 26.1 606 CHINA AGRI 852 3.70 14.46 25.6 1025 WUMART 190 2.94 11.61 25.3 291 CHINA RESOURCES 214 5.34 21.32 25.1 886 SILVER BASE 210 0.47 1.88 25.0 2038 FIH 1404 4.48 18.36 24.4 1136 TCC INT'L HOLD 140 0.34 1.39 24.4 19 SWIRE PACIFIC A 114.50 11.32 46.72 24.2 1072 DONGFANG ELEC 334 4.83 20.37 23.7 3988 BANK OF CHINA 34130 122.23 522.75 23.4 941 CHINA MOBILE 1275 109.10 471.58 23.1 2 CLP HOLDINGS 487.50 32.45 140.95 23.0 590 LUK FOOK HOLD 134 3.40 14.84 22.9 998 CITIC BANK 1712 8.25 36.69 22.5 881 ZHONGSHENG HLDG 118.50 1.42 6.43 22.1 1766 CSR 480 2.96 13.54 21.9 179 JOHNSON ELEC H 218.50 1.20 5.59 21.5 914 ANHUI CONCH 486.50 13.34 62.48 21.4 6808 SUNART RETAIL 224 2.43 11.43 21.3 2823 X ISHARES A50 18498.80 202.77 952.93 21.3 1828 DCH HOLDINGS 474 3.78 18.04 20.9 801 GOLDEN MEDITECH 168 0.16 0.76 20.9 2626 HNC 312 0.81 3.96 20.3 763 ZTE 769.20 10.00 49.51 20.2 1044 HENGAN INT'L 220 17.27 85.56 20.2 2628 CHINA LIFE 1939 44.20 219.93 20.1 363 SHANGHAI IND H 33 0.82 4.10 20.1 1138 CHINA SHIP DEV 474 1.98 9.92 20.0 494 LI & FUNG 1058 11.14 56.88 19.6 1 CHEUNG KONG 299 35.65 186.53 19.1 1211 BYD COMPANY 297 8.56 45.07 19.0 1157 ZOOMLION 909.40 9.14 49.88 18.3 83188 CAM CSI300-R 331.60 8.51 47.51 17.9 1393 HIDILI INDUSTRY 262 0.53 2.98 17.8 175 GEELY AUTO 6730 27.09 152.66 17.7 1133 HARBIN ELECTRIC 148 0.97 5.48 17.7 10 HANG LUNG GROUP 51 2.38 13.83 17.2 2822 CSOP A50 ETF 6597.40 69.95 409.11 17.1 4 WHARF HOLDINGS 270 17.72 103.98 17.0 101 HANG LUNG PPT 439 12.95 76.73 16.9 3328 BANKCOMM 1682 10.01 59.44 16.8 1898 CHINA COAL 1679 12.19 72.72 16.8 3335 DBA TELECOM 8 0.04 0.24 16.7 323 MAANSHAN IRON 638 1.43 8.60 16.6 538 AJISEN (CHINA) 65 0.36 2.16 16.6 2238 GAC GROUP 1138 7.50 45.53 16.5 2314 LEE & MAN PAPER 429 2.34 14.20 16.5 3368 PARKSON GROUP 193.50 0.97 5.97 16.2 1968 PEAK SPORT 85 0.12 0.77 15.9 388 HKEX 285.40 39.65 249.73 15.9 829 SHENGUAN HLDGS 76 0.30 1.93 15.5 272 SHUI ON LAND 482.50 1.68 10.86 15.4 2343 PACIFIC BASIN 1063 4.81 31.30 15.4 135 KUNLUN ENERGY 728 11.45 74.59 15.4 688 CHINA OVERSEAS 1856 42.52 277.73 15.3 82822 CSOP A50 ETF-R 853.60 7.26 47.51 15.3 973 L'OCCITANE 42.75 0.99 6.59 15.1 2866 CSCL 1420 3.20 21.38 15.0 1055 CHINA SOUTH AIR 496 2.08 14.19 14.6 1972 SWIREPROPERTIES 115.20 3.24 22.25 14.6 1339 PICC GROUP 3438 15.48 107.78 14.4 3933 UNITED LAB 254 0.93 6.64 14.0 267 CITIC PACIFIC 451 5.02 35.81 14.0 178 SA SA INT'L 330 2.70 19.31 14.0 1880 BELLE INT'L 1586 22.67 162.23 14.0 966 CHINA TAIPING 118.80 1.77 12.75 13.9 656 FOSUN INTL 77.50 0.39 2.87 13.5 683 KERRY PPT 39.50 1.57 11.86 13.2 1368 XTEP INT'L 224 0.68 5.14 13.2 1194 C PRECIOUSMETAL 176 0.24 1.80 13.2 639 SHOUGANG RES 1002 3.30 25.10 13.1 3900 GREENTOWN CHINA 216 3.23 24.79 13.0 1101 CH RONGSHENG 486.50 0.67 5.25 12.8 1262 LABIXIAOXIN 274 1.06 8.33 12.7 1109 CHINA RES LAND 292 6.33 50.30 12.6 951 CHAOWEI POWER 492 1.81 14.58 12.4 769 CHINA RAREEARTH 178 0.29 2.38 12.4 694 BEIJING AIRPORT 548 3.38 27.47 12.3 168 TSINGTAO BREW 50 2.32 18.96 12.3 1929 CHOW TAI FOOK 198 2.24 18.37 12.2 375 YGM TRADING 8 0.17 1.41 12.2 107 SICHUAN EXPRESS 24 0.06 0.53 12.1 823 LINK REIT 318.50 13.06 108.88 12.0 1212 LIFESTYLE INT'L 32 0.58 4.89 11.9 390 CHINA RAILWAY 944 3.81 32.07 11.9 116 CHOW SANG SANG 16 0.33 2.80 11.9 12 HENDERSON LAND 129 6.86 58.16 11.8 210 DAPHNE INT'L 812 7.57 64.18 11.8 3360 FE HORIZON 371 2.07 17.61 11.8 1208 MMG 168 0.56 4.77 11.7 2318 PING AN 516.50 33.08 283.50 11.7 268 KINGDEE INT'L 132 0.18 1.51 11.7 1313 CHINARES CEMENT 356 1.71 14.90 11.5 17 NEW WORLD DEV 756 10.24 89.86 11.4 762 CHINA UNICOM 1230 13.63 120.45 11.3 3308 GOLDEN EAGLE 153 2.39 21.25 11.2 297 SINOFERT 288 0.54 4.86 11.2 525 GUANGSHEN RAIL 104 0.37 3.31 11.2 2020 ANTA SPORTS 343 2.52 22.56 11.2 2899 ZIJIN MINING 1738 4.62 41.59 11.1 857 PETROCHINA 2384 25.14 226.23 11.1 3618 CQRC BANK 485 2.06 18.64 11.1 2342 COMBA 193.50 0.48 4.41 10.9 171 SILVER GRANT 26 0.04 0.33 10.8 2388 BOC HONG KONG 693 17.72 166.28 10.7 2836 ISHARES INDIA 93 1.47 13.98 10.5 700 TENCENT 136.30 36.30 351.87 10.3 737 HOPEWELL INFR 78 0.33 3.20 10.3 1555 MIE HOLDINGS 256 0.55 5.39 10.3 589 PORTS 39.50 0.26 2.58 10.2 2601 CPIC 268.80 7.46 73.18 10.2 1733 WINSWAY 180 0.20 1.94 10.1 20 WHEELOCK 42 1.75 17.36 10.1 38 FIRST TRACTOR 40 0.30 2.98 10.0 887 EMPEROR WATCH&J 1140 0.97 9.97 9.7 27 GALAXY ENT 668 21.34 222.33 9.6 1893 SINOMA 150 0.34 3.58 9.4 151 WANT WANT CHINA 561 5.90 62.59 9.4 1186 CHINA RAIL CONS 199.50 1.57 16.93 9.3 1387 RENHE COMM 1678 0.93 10.09 9.2 883 CNOOC 1524 22.94 250.98 9.1 2607 SH PHARMA 52.80 0.89 9.85 9.0 891 TRINITY 160 0.70 7.80 9.0 1199 COSCO PACIFIC 152 1.85 20.60 9.0 3968 CM BANK 687 11.32 126.79 8.9 8 PCCW 277 1.00 11.30 8.9 1668 CHINASOUTHCITY 64 0.08 0.95 8.8 552 CHINACOMSERVICE 216 1.04 11.95 8.7 86 SUN HUNG KAI CO 16 0.08 0.99 8.6 1628 YUZHOU PPT 45 0.09 1.08 8.4 1099 SINOPHARM 43.20 1.05 12.64 8.3 2888 STANCHART 2 0.41 5.00 8.2 934 SINOPEC KANTONS 44 0.30 3.69 8.2 66 MTR CORPORATION 65.50 2.10 25.81 8.1 980 LIANHUA 15 0.11 1.31 8.1 1234 CHINA LILANG 77 0.35 4.32 8.1 1883 CITIC TELECOM 67 0.18 2.26 8.1 813 SHIMAO PROPERTY 289.50 4.39 54.92 8.0 52 FAIRWOOD HOLD 3 0.05 0.64 7.8 2319 MENGNIU DAIRY 137 2.94 38.45 7.6 3998 BOSIDENG 374 0.89 11.60 7.6 2007 COUNTRY GARDEN 596 2.26 29.59 7.6 1988 MINSHENG BANK 953.50 9.82 129.70 7.6 1928 SANDS CHINA LTD 504 18.31 244.82 7.5 1882 HAITIAN INT'L 9 0.09 1.19 7.4 1966 CHINA SCE PPT 36 0.07 0.91 7.3 1114 BRILLIANCE CHI 332 3.44 47.42 7.3 242 SHUN TAK HOLD 48 0.20 2.79 7.2 440 DAH SING 2.80 0.12 1.62 7.1 82 VODONE 284 0.18 2.65 7.0 342 NEWOCEAN ENERGY 460 2.06 30.23 6.8 6030 CITIC SEC 209.50 3.88 57.89 6.7 3336 JU TENG INTL 150 0.57 8.65 6.6 1618 MCC 138 0.22 3.38 6.5 1818 ZHAOJIN MINING 149 1.56 24.09 6.5 1088 CHINA SHENHUA 676.50 18.96 292.48 6.5 754 HOPSON DEV HOLD 54 0.67 10.42 6.5 1038 CKI HOLDINGS 32 1.64 25.44 6.4 2688 ENN ENERGY 30 1.12 17.58 6.4 425 MINTH GROUP 64 0.67 10.49 6.3 867 CMS 39 0.28 4.49 6.2 405 YUEXIU REIT 155 0.63 10.18 6.2 435 SUNLIGHT REIT 61 0.22 3.57 6.1 345 VITASOY INT'L 4 0.03 0.58 6.1 144 CHINA MER HOLD 56 1.52 25.06 6.1 1899 XINGDA INT'L 4 0.01 0.24 6.0 1813 KWG PROPERTY 377.50 1.91 32.14 5.9 1398 ICBC 4184 22.74 387.59 5.9 2009 BBMG 240.50 1.63 27.80 5.9 3898 CSR TIMES ELEC 94 2.33 40.04 5.8 384 CHINA GAS HOLD 652 4.73 81.62 5.8 83 SINO LAND 156 2.12 36.57 5.8 2689 ND PAPER 719 4.87 84.11 5.8 81 CH OVS G OCEANS 46 0.49 8.51 5.7 386 SINOPEC CORP 3742 32.64 573.06 5.7 489 DONGFENG GROUP 486 5.33 94.63 5.6 709 GIORDANO INT'L 40 0.31 5.52 5.6 493 GOME 1622 1.37 24.57 5.6 551 YUE YUEN IND 45 1.19 21.61 5.5 148 KINGBOARD CHEM 30.50 0.70 12.84 5.5 2233 WESTCHINACEMENT 326 0.47 8.62 5.4 1800 CHINA COMM CONS 304 2.18 40.73 5.4 1288 ABC 1418 5.58 104.75 5.3 845 GLORIOUS PPT H 24 0.03 0.65 5.3 1117 CH MODERN D 357 0.91 17.47 5.2 2333 GREATWALL MOTOR 171 5.22 102.39 5.1 631 SANY INT'L 212 0.69 13.68 5.1 54 HOPEWELL HOLD 28.50 0.96 19.38 5.0 1052 YUEXIUTRANSPORT 6 0.03 0.54 4.9 861 DIGITAL CHINA 84 1.01 21.31 4.7 2868 BJ CAPITAL LAND 36 0.12 2.62 4.7 975 MONGOL MINING 175.50 0.58 12.89 4.5 2168 YINGDE GASES 101.50 0.89 20.03 4.5 1299 AIA 1989.20 64.57 1455.18 4.4 190 HKC (HOLDINGS) 46 0.01 0.31 4.4 659 NWS HOLDINGS 51 0.74 16.97 4.4 1066 WEIGAO GROUP 164 1.18 26.89 4.4 316 OOIL 22 1.17 27.26 4.3 1068 YURUN FOOD 214 1.17 27.69 4.2 3188 CAM CSI300 307 9.81 234.12 4.2 215 HUTCHTEL HK 16 0.06 1.38 4.2 2357 AVICHINA 104 0.36 8.57 4.2 999 I.T 8 0.03 0.64 4.2 882 TIANJIN DEV 60 0.34 8.40 4.1 2328 PICC P&C 292 3.17 77.17 4.1 2331 LI NING 60.50 0.28 6.91 4.1 658 C TRANSMISSION 339 1.28 31.67 4.0 3389 HENGDELI 76 0.19 4.71 4.0 2018 AAC TECH 37 1.15 28.90 4.0 522 ASM PACIFIC 5.60 0.57 14.29 4.0 270 GUANGDONG INV 110 0.73 18.68 3.9 3377 SINO-OCEAN LAND 159.50 0.81 21.13 3.9 2222 NVC LIGHTING 69 0.13 3.44 3.8 1333 CHINA ZHONGWANG 80.40 0.23 6.14 3.8 728 CHINA TELECOM 960 3.81 102.22 3.7 1638 KAISA GROUP 344 0.85 22.94 3.7 1910 SAMSONITE 56.40 0.98 26.45 3.7 3339 LONKING 721 1.42 39.40 3.6 208 POLYTEC ASSET 30 0.03 0.91 3.5 2008 PHOENIX TV 90 0.29 8.32 3.4 14 HYSAN DEV 40 1.55 45.38 3.4 806 VALUE PARTNERS 34 0.17 5.07 3.4 408 YIP'S CHEMICAL 6 0.04 1.28 3.4 670 CHINA EAST AIR 52 0.17 4.96 3.3 486 RUSAL 22 0.10 3.03 3.2 2362 JINCHUAN INTL 5 0.01 0.29 3.1 1666 TONG REN TANG 4 0.08 2.74 3.1 1700 SPRINGLAND 14 0.06 2.08 3.0 1888 KB LAMINATES 8 0.03 0.95 3.0 811 XINHUA WINSHARE 12 0.05 1.65 3.0 868 XINYI GLASS 108 0.56 18.48 3.0 991 DATANG POWER 122 0.41 13.69 3.0 338 SHANGHAI PECHEM 974 3.16 110.04 2.9 1361 361 DEGREES 9 0.02 0.72 2.9 6823 HKT-SS 186 1.34 47.51 2.8 1308 SITC 24 0.07 2.36 2.8 819 TIANNENG POWER 40 0.22 8.22 2.7 2005 LIJUN INT'L 14 0.03 1.11 2.7 2722 CHONGQING M&E 32 0.04 1.47 2.7 751 SKYWORTHDIGITAL 174 0.86 31.85 2.7 1193 CHINA RES GAS 46 0.80 30.14 2.7 2208 GOLDWIND 71 0.30 11.50 2.6 3323 CNBM 288 3.29 128.55 2.6 257 CHINA EB INT'L 76 0.37 14.67 2.6 3800 GCL-POLY ENERGY 1381 2.73 108.39 2.5 778 FORTUNE REIT 36 0.24 9.74 2.5 691 SHANSHUI CEMENT 82 0.44 18.54 2.4 2010 REAL NUTRI 21 0.05 1.96 2.4 69 SHANGRI-LA ASIA 70 1.28 54.98 2.3 1169 HAIER ELEC 48 0.64 27.29 2.3 189 DONGYUE GROUP 72 0.36 15.28 2.3 3983 CHINA BLUECHEM 104 0.47 20.49 2.3 142 FIRST PACIFIC 66 0.64 27.84 2.3 1122 QINGLING MOTORS 16 0.03 1.44 2.3 604 SHENZHEN INVEST 214 0.70 30.97 2.3 322 TINGYI 90 1.85 84.83 2.2 3383 AGILE PROPERTY 84 0.83 40.69 2.0 2727 SH ELECTRIC 86 0.26 12.59 2.0 200 MELCO INT'L DEV 23 0.28 13.68 2.0 1251 SPT ENERGY 68 0.23 11.60 2.0 1071 HUADIAN POWER 66 0.22 11.39 1.9 303 VTECH HOLDINGS 6.40 0.57 31.22 1.8 916 CHINA LONGYUAN 127 0.85 46.64 1.8 2698 WEIQIAO TEXTILE 23.50 0.09 5.34 1.8 371 BJ ENT WATER 164 0.36 21.47 1.7 460 SIHUAN PHARM 34 0.12 7.23 1.7 848 MAOYE INT'L 182 0.30 18.00 1.7 880 SJM HOLDINGS 44 0.88 54.08 1.6 743 ASIA CEMENT CH 1.50 0.01 0.38 1.6 836 CHINA RES POWER 32 0.67 41.64 1.6 1098 ROAD KING INFRA 1 0.01 0.43 1.6 165 CHINA EB LTD 20 0.27 17.49 1.5 1382 PACIFICTEXTILES 7 0.05 3.53 1.5 732 TRULY INT'L 66 0.19 12.17 1.5 163 EMPEROR IHL 12 0.03 1.85 1.5 960 LONGFOR PPT 46.50 0.62 40.88 1.5 67 LUMENA NEWMAT 104 0.18 12.20 1.5 2338 WEICHAI POWER 15 0.44 29.54 1.5 1913 PRADA 7.60 0.57 39.27 1.4 1168 SINOLINK HOLD 10 0.01 0.49 1.4 315 SMARTONE TELE 28 0.39 29.10 1.3 2299 BILLION IND 3.50 0.02 1.47 1.3 702 SINO OIL & GAS 115 0.02 1.45 1.3 1033 YIZHENG CHEM 216 0.43 33.93 1.3 3331 VINDA INT'L 15 0.16 13.23 1.2 1633 MAGIC HOLDINGS 12 0.04 2.97 1.2 196 HONGHUA GROUP 311 1.08 87.45 1.2 696 TRAVELSKY TECH 12 0.06 4.94 1.2 34 KOWLOON DEV 4 0.04 3.84 1.1 480 HKR INT'L 2.40 0.01 0.91 1.1 3888 KINGSOFT 33 0.21 19.47 1.1 832 CENTRAL CHINA 4 0.01 1.05 1.0 2099 CHINAGOLDINTL 0.10 0.00 0.24 1.0 511 TVB-100 2.20 0.13 12.90 1.0 3948 YITAI COAL 0.60 0.02 2.57 1.0 2877 SHINEWAY PHARM 2 0.03 2.78 0.9 721 C FIN INT INV 30 0.01 1.35 0.9 173 K. WAH INT'L 14 0.06 6.36 0.9 1259 PRINCE FROG 36 0.11 12.23 0.9 1093 CHINA PHARMA 22 0.07 7.61 0.9 358 JIANGXI COPPER 34 0.62 73.22 0.8 2883 CHINA OILFIELD 28 0.43 51.19 0.8 2380 CHINA POWER 28 0.07 8.41 0.8 3311 CHINA STATE CON 16 0.16 19.73 0.8 2777 R&F PROPERTIES 32.80 0.41 48.88 0.8 1728 ZHENGTONGAUTO 36 0.22 29.35 0.7 2313 SHENZHOU INTL 13 0.28 40.39 0.7 1293 BAOXIN AUTO 22.50 0.18 26.06 0.7 903 TPV TECHNOLOGY 14 0.03 5.36 0.7 653 BONJOUR HOLD 14 0.01 2.22 0.6 603 CHINA OIL & GAS 360 0.53 81.46 0.6 119 POLY PROPERTY 55 0.29 48.35 0.6 3818 CHINA DONGXIANG 61 0.06 10.86 0.6 468 GAPACK 2 0.01 1.80 0.5 1224 C C LAND 15 0.04 7.02 0.5 1838 CHINAPROPERTIES 1 0.00 0.43 0.5 62 TRANSPORT INT'L 0.40 0.01 1.32 0.5 331 PCD STORES 18 0.02 4.19 0.5 753 AIR CHINA 50 0.30 60.76 0.5 818 HI SUN TECH 3 0.00 0.76 0.4 123 YUEXIU PROPERTY 52 0.13 31.44 0.4 83118 HGI MSCI CN A-R 20 0.17 47.51 0.4 775 CKLIFE SCIENCES 8 0.01 1.70 0.4 777 NETDRAGON 1 0.01 3.15 0.3 45 HK&S HOTELS 2 0.03 9.03 0.3 1031 KINGSTON FIN 2 0.00 0.39 0.3 992 LENOVO GROUP 36 0.30 110.07 0.3 1086 GOODBABY INTL 10 0.04 14.30 0.3 1115 TIBET 5100 5 0.01 4.80 0.2 1378 CHINAHONGQIAO 4.50 0.02 7.28 0.2 623 SINOMEDIA 5 0.02 10.04 0.2 3993 CMOC 4 0.01 7.99 0.2 56 ALLIED PPT (HK) 2 0.00 1.42 0.2 716 SINGAMAS CONT 2 0.00 2.88 0.1 347 ANGANG STEEL 4 0.02 16.43 0.1 346 YANCHANG PETRO 10 0.01 4.77 0.1 368 SINOTRANS SHIP 1 0.00 1.99 0.1 1999 MAN WAH HLDGS 0.40 0.00 2.67 0.1 230 MINMETALS LAND 2 0.00 2.40 0.1 2356 DAHSING BANKING 0.40 0.00 3.83 0.1 846 MINGFA GROUP 1 0.00 2.69 0.1 669 TECHTRONIC IND 5 0.08 87.76 0.1 1833 INTIME 1 0.01 25.07 0.0 958 HN RENEWABLES 2 0.00 17.67 0.0 152 SHENZHEN INT'L 17.50 0.02 91.73 0.0 Total No. of Securities recording Short Selling : 379 Total No. of Designated Securities recording Short Selling : 379 Short Selling Turnover Total Shares (SH) : 225,684,150 Short Selling Turnover Total Value ($) : CNY 15,941,110 Short Selling Turnover Total Value ($) : HKD 2,477,577,242 *Total No. of non-Designated Securities recording Short Selling: 0 Short Selling Turnover Total Shares (SH) : 0 Note: Figures are preliminary and subject to revision. -- Alex Kim in Hong Kong 852-2977-6507 | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Orange Bets Spain Bargains Will Beat Telefonica | France Telecom SA (FTE) predicts it will keep grabbing market share in Spain by offering subsidized smartphones, beating rivals Vodafone Group Plc (VOD) and Telefonica SA (TEF) which abandoned this approach. “There’s no need to end subsidies,” Jean Marc Vignolles, chief executive officer of France Telecom’s Orange Spain unit, the country’s third-biggest phone operator, said in an interview at the company’s Madrid office. “I have not personally seen any evidence that our two competitors have benefited from such a radical move. They’ve suffered commercially.” Telefonica and Vodafone, Spain’s biggest and second-biggest phone companies, respectively, this year stopped subsidising smartphones as part of longer-term contracts. That helped Orange attract users wanting a handset without having to pay for it up-front as Spain experiences its worst economic crisis in decades and the highest unemployment rate in the European Union. Orange’s strategy is working as Telefonica, Europe ’s most indebted phone company, needs to cut spending to preserve cash, said Alexander Wisch, an analyst at S&P Capital IQ Equity Research in London. Not Sustainable “Other operators including Orange are grabbing market share. Telefonica is aware of that but its priority is to conserve cash,” he said. “I don’t think this is sustainable in the long term, but in the short term it is definitely good in terms of cash conservation.” France Telecom dropped 1 percent to 8.15 euros in Paris trading as of 1:17 p.m. while Telefonica declined 0.1 percent to 10.15 euros in Madrid and Vodafone fell 0.8 percent to 157.85 pence in London. Orange Spain’s nine-month revenue climbed 1.2 percent to 3 billion euros ($3.83 billion), making the country France Telecom ’s second-biggest by sales. Madrid-based Telefonica’s nine-month revenue from Spain fell 13 percent , while Vodafone’s service revenue at its Spanish unit dropped 11 percent in the six months through September. While offering subsidied smartphones can boost sales, it can also reduce profit margins because carriers often sell the devices at a loss to get customers to sign one-year or two-year contracts. Users of devices such as the Apple Inc. (AAPL) iPhone are lucrative in the long run because they spend more money each month to surf the Web, send e-mail and watch videos. Vignolles didn’t specify the effect of subsidies on Orange’s profitability, saying that he’s focused on “profitable growth.” In the first half, Orange Spain’s earnings before interest, taxes, depreciation and amortization climbed 19 percent to 455 million euros. Debt Pile To win customers, Telefonica and Vodafone are now bundling packages that offer products in combination at a saving. Telefonica started offering its Movistar Fusion bundles in September that combine voice, broadband and pay-television offerings. Angel Vila, Telefonica’s finance chief, has said that the removal of subsidies led to “significant savings in commercial costs.” Telefonica said this month its net debt shrank to 52.8 billion euros ($67 billion) from 58.3 billion euros in June. Its year-end target is 50 billion euros. “Bundling won’t protect revenue in the short term, but it was a necessary pain,” Jonathan Dann, a London-based analyst at Barclays, said by phone. Necessary Pain Last week, Vodafone’s Spain unit started new offerings that combine Internet, voice, text messaging and cloud services. “We no longer talk about whether or not subsidies would work,” Vodafone spokesman Pepe Romero said. “We now believe the key issue is to provide our customers with all services and a handset at a very competitive price.” Orange Spain forecasts growth will continue at the pace of previous years, Vignolles said. “As far as 2012 is concerned we are confident to deliver growth in line with our results so far, as the impact” of competitors’ bundled services “is rather limited,” Vignolles said. “October figures were very satisfactory. We are at the end of November and commercial momentum has not slowed.” In September, Orange Spain gained 24,660 mobile-phone clients, raising its market share by customers to 21.21 percent from 21.07 percent in August. Telefonica lost 253,520 mobile customers and its market share fell to 36.96 percent. Vodafone lost 178,300, reducing its share to 27.42 percent, according to Spain’s telecommunications market commission, or CMT. France Telecom is looking for growth outside its home country, where mobile operator Iliad SA (ILD) had 6.4 percent of the market at the end of September after beginning services this year with cheap packages starting at 2 euros a month. Yoigo Sale As part of its focus on growth, Orange Spain is interested in acquisitions that could boost its market share. The company is “participating” in the sale process of TeliaSonera AB (TLSN) ’s Spanish wireless unit Yoigo, Vignolles said. Last week, Lars Nyberg, chief executive officer of TeliaSonera, Sweden ’s biggest phone operator, said he isn’t in a hurry to sell Yoigo. “We’re not in a rush either to buy Yoigo and we shouldn’t buy it at any price,” Vignolles said. “It’s clear that there will be no crazy bid from the group. We should consider, based on all conditions of the purchase agreement, whether it makes sense to make an offer or not.” Yoigo gained 40,040 mobile phone customers in September, taking its market share to 6.11 percent, according to CMT. Strategic Market Orange Spain will “clearly” be able to deliver growth in 2013 without a potential integration of Yoigo, which may also face some regulatory issues, Vignolles said. “I prefer steady and continuous growth rather than ups and downs,” Vignolles said. “There’s no rush,” to overtake Vodafone as the second-biggest phone operator in Spain, he said. At the end of the first nine months of this year, Orange Spain’s mobile market share by service revenue was 22.9 percent, which compares with 17.9 percent at the end of 2007, according to Vignolles. “We have reduced the gap with obviously our leading competitors ,” Vignolles said. “Our focus is on profitable growth and maintaining this pace of growth. That has accelerated very significantly in the last two years, which is evidence that our business model is strong while our competitors are facing significant issues.” France Telecom (FTE) considers Orange Spain a strategic asset and it’s “definitely” a market where France Telecom wants to grow “despite a very challenging” economy, Vignolles said. Spain’s government expects economic output to keep contracting next year after five rounds of austerity to tackle the budget deficit. “We are preparing for a very tough 2013,” Vignolles said. “But we’re looking for the end of the tunnel. The company would do even better in a growing environment and results would be even more spectacular.” To contact the reporters on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net ; Marie Mawad in Paris at mmawad1@bloomberg.net To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
ALLIED CIRCUIT C February Sales Rise 3.84% (Table) : 8155 TT | ALLIED CIRCUIT C said unconsolidated sales in February rose 3.84% to NT$100,498,000 from NT$96,778,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 2/2012 2/2011 Sales 100,498 96,778 YOY% 3.84% -----------------Year-to-date----------------- Sales 177,708 223,439 YOY% -20.47% ================================================================= | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Poland’s Six-Month Budget Deficit Narrows to 50.7% of 2011 Goal | Poland ’s central government budget deficit narrowed through the end of June, reaching 50.7 percent of the full-year target set in the 2011 budget law. The six-month shortfall totaled 20.4 billion zloty ($7.2 billion), compared with 23.7 billion zloty, or 59 percent of the annual goal through May, the Finance Ministry said today in an e-mailed statement. Revenue in the first six months was 134.5 billion zloty, or 49.2 percent of the 2011 target, while spending totaled 154.9 billion zloty, or 49.4 percent of the plan, the ministry said. Poland’s 2011 budget law caps the central government deficit at 40.2 billion zloty. To contact the reporter on this story: Katya Andrusz in Warsaw at kandrusz@bloomberg.net To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Merko Ehitus to Write Down Baltic Assets by 5.95 Million Euros | Merko Ehitus AS, the biggest listed Baltic builder, will write down the value of its Baltic real- estate assets by 5.95 million euros ($7.8 million), according to a regulatory statement today. The writedown will affect fourth- quarter results. To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Fed Maintains $85 Billion Pace of Purchases as Growth Pauses | The Federal Reserve will keep purchasing securities at the rate of $85 billion a month after the economy paused because of temporary forces including bad weather. “Growth in economic activity paused in recent months in large part because of weather-related disruptions and other transitory factors,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. “Household spending and business fixed investment advanced, and the housing sector has shown further improvement.” Chairman Ben S. Bernanke has unleashed the power of the central bank to buy unlimited amounts of Treasury and mortgage- backed securities in a bid to end a four-year long period of unemployment above 7.5 percent and bolster an economy that shrank 0.1 percent in the fourth quarter. “There is no hint that they are giving any thought of backing off current policy and their current stance,” said Mark Vitner , senior economist at Wells Fargo Securities LLC in Charlotte , North Carolina. “Growth has slowed and inflation is running below expectations. To the extent the Fed’s decisions are data dependent, all the relevant data suggest they should continue to ease.” The yield on the 10-year Treasury note fell 0.01 percentage point to 1.99 percent in New York after touching the highest level in nine months today. Yields have risen from 1.72 percent since the Fed announced new bond buying on Sept. 13. The Standard & Poor’s 500 Index fell 0.4 percent to 1,501.96. Mortgage Bonds The Fed’s asset purchases will remain divided between $40 billion a month of mortgage-backed securities and $45 billion a month of Treasury securities. The central bank also will continue reinvesting any Treasury securities that mature and will reinvest its portfolio of maturing housing debt into agency mortgage-backed securities. The Fed repeated that “if the outlook for the labor market does not improve substantially” its purchases will continue. “Bernanke came out in the last press conference and said this doesn’t mean that policy is on autopilot, but at the end of the day it still is,” said Chris Rupkey , chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “There aren’t going to be any substantial changes for some time.” The central bank today also left unchanged its statement that it plans to hold its target interest rate near zero as long as unemployment remains above 6.5 percent and inflation remains no more than 2.5 percent. ‘Downside Risks’ “Although strains in global financial markets have eased somewhat, the committee continues to see downside risks to the economic outlook,” the FOMC said. In its previous statement in December, they said global strains posed “significant downside risks.” Inflation “has been running somewhat below the committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices,” the Fed said. The central bank has a longer-run goal for inflation of 2 percent on the personal consumption expenditures price index. That index showed a price increase of 1.4 percent from a year earlier in November. Kansas City Fed President Esther George dissented from the statement, saying she was concerned that “the continued high level of monetary accommodation increases the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.” Voting Rotation Fed presidents rotate voting on monetary policy, with George, St. Louis Fed President James Bullard , Chicago Fed President Charles Evans and Boston’s Eric Rosengren joining the committee as voters for 2013. Economists in a Bloomberg survey all expected the Fed to continue asset purchases at today’s meeting. The median estimate in the survey predicted buying will continue until the first quarter of 2014, with the Fed ultimately buying $1.14 trillion of bonds in the round of purchases begun in September 2012. The buying has already propelled the central bank’s balance sheet above a record $3 trillion and shows Bernanke’s resolve to further boost an economy where 12.2 million Americans remain unemployed more than three years after recovery officially began. Unemployment has fallen to 7.8 percent in December from 10 percent at its peak in October 2009, yet the Fed has added to bond purchases and extended its commitment to maintain interest rates near zero. More Progress The index of U.S. leading indicators rose in December by the most in three months, according to a report last week, signaling stronger housing and job markets will help the world’s largest economy make more progress in the first half of 2013. Initial jobless claims fell to 330,000 in the week ended Jan. 19, the fewest in five years, according to a Jan. 24 report from the Labor Department. Private employers added 192,000 jobs in January, the most in almost a year, the ADP Research Institute said today. The Commerce Department reported Jan. 28 that orders for durable goods in the U.S. rose in December for a fourth consecutive month, indicating manufacturing will keep improving in 2013. Even so, the U.S. economy contracted at a 0.1 percent annual rate in the fourth quarter of 2012, according to a Commerce Department report today, dragged down by the biggest plunge in government defense spending in four decades. The outlook for fiscal policy, which could include further defense cuts, is still clouded by disagreement in Washington over federal taxation and spending. Postponed Showdown One potential showdown was postponed last week when the U.S. House voted to suspend temporarily the nation’s borrowing limit, removing the debt ceiling for now as a tool for seeking deeper spending cuts. The measure, passed 285-144, lifts the government’s $16.4 trillion borrowing limit until May 19. Republicans plan to use two other approaching deadlines -- the March 1 start of automatic spending cuts and the need to pass a bill by the end of March to fund the government -- to extract spending reductions from President Barack Obama and congressional Democrats. The risk that spending cuts and tax increases could slow the economy will ensure that the Fed continues its stimulus policies, said Julia Coronado , chief economist for North America at BNP Paribas SA in New York. “Until we get through some of these fiscal uncertainties, they’re not going to want to risk pulling back,” said Coronado, a former Fed economist, before the Fed statement. “For the next several meetings it’s probably a pretty easy choice. You monitor the risk, but you keep a steady hand and keep expanding this balance sheet.” The Fed’s asset purchases pushed mortgage rates to record lows to spur improvement in the housing market, whose collapse triggered the longest and most severe recession since the 1930s. The average fixed rate on a 30-year mortgage was 3.42 percent last week, close to the record low of 3.31 percent in November, according to Freddie Mac. To contact the reporter on this story: Joshua Zumbrun in Washington at jzumbrun@bloomberg.net To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Greece Praised as Merkel Signals Progress in Crisis Fight | Europe’s response to the financial crisis has advanced in the past two months with Greece , Italy and Spain making major efforts to restore investor confidence, a German government official said. Chancellor Angela Merkel , who is due to meet with Canadian Prime Minister Stephen Harper in Ottawa on Aug. 16, will tell him that Europe has made progress in addressing the crisis since the two last met at a Group of 20 summit in Mexico in June, the German official told reporters in Berlin today on condition of anonymity because the talks will be private. Merkel’s message to Harper follows her backing for European Central Bank President Mario Draghi ’s Aug. 2 proposal to buy government bonds to help lower borrowing costs for Spain and Italy. With details still to be fleshed out and a German supreme court ruling on Europe’s permanent bailout fund pending, Canada and the U.S. are pressing Merkel to limit the crisis fallout. By the time the court rules on Sept. 12, “the critical question will be whether Italy and Spain have made that very important decision to call for help or not,” Jacques Cailloux , chief European economist at Nomura International Plc, said in an interview with Francine Lacqua on Bloomberg Television. “It’s very difficult to see how these countries can return to a sustainable or stable financial market environment, and so international or external help seems to be needed.” ‘Reasonable’ for Spain Spanish Prime Minister Mariano Rajoy left open the possibility that he would ask the ECB to buy sovereign bonds, while indicating he won’t decide before the central bank works out the mechanism’s details. Spain, the euro area’s fourth-largest economy, sought a European bailout for its banks of as much as 100 billion euros ($123 billion) in June “because it seemed reasonable,” Rajoy said in Madrid today. “And now, if it seems reasonable, we will do the same,” he said. “As is logical, until we know what we are talking about, we aren’t going to take any decisions.” German praise for Greece contrasts with a joint statement by German Finance Minister Wolfgang Schaeuble and U.S. Treasury Secretary Timothy F. Geithner on July 30. Then, they commended Ireland, Portugal, Spain and Italy and backed a commitment by European leaders to do what’s needed to defend the euro area without mentioning its weakest link, Greece. Greek Slump Greece’s economic slump , now in its fifth year, slowed in the second quarter as gross domestic product shrank 6.2 percent from the same period last year, compared with 6.5 percent in the first, according to government data released yesterday. Industrial production rose on an annual basis for the first time in four years in June and Greece beat its 2012 state budget- deficit goal for the period through July, according to preliminary Finance Ministry data published Aug. 10. Greece’s debt agency raised the most at an auction in more than a year today to pay for a bond redemption later this month, even as finance costs rose. Michael Meister, deputy parliamentary leader of Merkel’s Christian Democratic Union party, said in an interview on Aug. 7 that Germany has “a certain flexibility” in its insistence that Greece meet austerity targets under its bailout program to which Germany is the biggest single country contributor. “We made a lot of good progress,” Poul Thomsen , the International Monetary Fund’s envoy in Athens , said on Aug. 5 after talks between Greece’s government and its international creditors. Talks are due to resume in Athens in early September. Draghi Offer Draghi’s offer for the ECB to help -- if governments act first by buying sovereign bonds through Europe’s bailout funds - - is another attempt by euro-area leaders to stem the crisis that began with Greece’s revelation of spiraling debt in 2009. The 17-nation euro-area economy shrank 0.2 percent in the second quarter compared to the previous quarter, while German gross domestic product increased 0.3 percent and France unexpectedly avoided a contraction with GDP unchanged, according to national and European Union data released today. Europe needs to use “overwhelming” force to tackle the crisis and stronger action by the ECB is only part of the solution, Canadian Finance Minister Jim Flaherty said on Aug. 1. “It is clear that both the European Union and, I dare to say, the ECB are ready to take action once certain conditions are met, and if there is a request by some member state to go into a primary-market purchases program,” EU Economic and Monetary Affairs Commissioner Olli Rehn said in an interview with CNBC today. All countries “have to decide themselves” whether to request bond purchases or other aid, he said. To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
South African Rand Weakens 0.4% to 7.6795 Versus Dollar in Early Trading | South Africa's rand fell 0.4 percent against the U.S. currency. The rand traded at 7.6795 per dollar as of 6:30 a.m. in Johannesburg, versus 7.6476 in the previous trading day, according to data compiled by Bloomberg. | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Lehman to Amend $957 Million Deal With German Affliate, Bondholders Say | Lehman Brothers Holdings Inc. (LEHMQ) will amend a $957 million deal with German affiliate Lehman Brothers Bankhaus AG, a bondholders group said. A prior agreement committed Lehman to paying a $100 million penalty if its own bankruptcy plan wasn’t confirmed by Dec. 31, the group, including Paulson & Co. and the California Public Employees’ Retirement System, said yesterday in a filing in U.S. Bankruptcy Court in New York. The Paulson-Calpers group has proposed a rival liquidation plan for Lehman. Thus “it seemed potentially inappropriate” for Lehman to commit itself to “prosecuting a particular plan when it is entirely unclear what plan or plans or provisions thereof are in the best interests” of the debtors, the group said in the filing. Lehman has said it aims to confirm its $61 billion payment plan by Nov. 17, after creditors vote by Oct. 14. The vote will be “contentious,” Lehman said in court papers. Lehman has been buying discounted loans and mortgages from Bankhaus while negotiating the amount it owes the bankrupt affiliate. The $957 million deal was challenged on March 17, when Lehman’s defunct brokerage, Lehman Brothers Inc ., said it had an ownership interest in the notes and might want a say if they’re sold. Kimberly Macleod , a Lehman spokeswoman, declined to comment. The bankruptcy case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court , Southern District of New York (Manhattan). To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net. To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Shell Profit Rises on Liquefied Natural Gas Income, Shares Climb | Royal Dutch Shell Plc (RDSA) ’s third-quarter profit expanded 2.3 percent after Europe’s biggest oil company generated increased earnings from liquefied natural gas. Its shares rose the most since April in London trading. Net income rose to $7.14 billion from $6.98 billion a year earlier, Shell said today in a statement. Excluding one-time items and inventory changes, profit was $6.6 billion, beating the $6.3 billion average estimate of 13 analysts surveyed by Bloomberg. Earnings “benefited from the increased contribution from integrated gas, which included an additional dividend from an LNG venture,” said Shell, based in The Hague. LNG sales gained 4 percent to 4.97 million metric tons from a year ago, mainly reflecting the contribution from the Pluto project in Australia. Shell, which expects for the first time to pump more gas than crude this year, is expanding LNG projects on rising demand from Asia. It’s the world’s largest supplier of the fuel and has interests in about a quarter of the LNG ships in operation. The company’s shares advanced 2.5 percent to 2,177 pence in London trading, the biggest gain since April 26. “Although production volumes were relatively flat, the company again demonstrated very strong cash flow generation in spite of headwinds with U.S. gas prices,” said Richard Griffith , an analyst at Oriel Securities Ltd. in London. Gas to Liquids Third-quarter production fell about 1 percent to 2.982 million barrels of oil equivalent a day from a year ago partly because of works at fields in the North Sea, including the Shearwater platform, and shutdowns in the Gulf of Mexico because of Tropical Storm Isaac. Liquids production dropped 5 percent, while gas pumping was up 4 percent in the period. The Pearl gas-to-liquids plant in Qatar has been running at more than 85 percent of capacity in recent days, Chief Financial Officer Simon Henry said. “We are very much on track to finish ramping up towards full capacity in the fourth quarter.” Full- scale operation at the $19 billion plant, the biggest in the world, was delayed from July because of maintenance. Chief Executive Officer Peter Voser in February forecast 50 percent higher operational cash flow through 2015 on new projects. The Anglo-Dutch company, which scaled back shale-gas drilling in the U.S. to focus on oil, agreed in September to pay $1.9 billion to Chesapeake Energy Corp. (CHK) for liquids-rich acreage in Texas. “We have announced around $6 billion of acquisitions and new acreage and also around $6 billion of asset sales in 2012, which will better position Shell for growth,” Voser said in today’s statement. U.S. Gas In North America the company ran 29 rigs drilling liquid- rich shale at the end of September, from six units a year ago, the CFO said. Shell more than halved dry-gas drilling to 11 rigs, and focused mostly on Pennsylvania’s Marcellus Shale as well as western Canada. This year, “we’ve invested some $700 million less than originally intended on gas,” Henry said. Shell expects to pump about 50,000 barrels a day of oil equivalent from liquid-rich shale including Eagle Ford , Texas, by the year-end, Henry said in comments posted on the company website. U.S. gas prices sank 29 percent in the third quarter from a year earlier as slowing global economic growth reduced energy consumption. Benchmark Brent crude futures fell 2.4 percent. “We’ve seen prices touch $2” per million British thermal units in 2012 “whereas we don’t see any really of the shale gas plays as being economic at anything below $3 and most of them need $4 to $5,” Henry said. Shell plans projects on $4 to $6 per million Btu and sees $8 as “an upper limit” as buyers will switch to fuels such as coal for power generation, he said. Net Charge The earnings include a net charge of $298 million, “mainly related to onshore gas properties in North America .” BP and BG Group Plc (BG/) wrote down the value of some U.S. shale assets when reporting second-quarter results. “Impairments were more limited than some could have feared,” said Dominique Patry, an analyst at Credit Agricole Cheuvreux SA. “Given competitors’ massive writedown in the second quarter, some were fearing that Shell would have to carry the same exercise.” Shell spent about $600 million on new exploration license acquisitions in the quarter, including in Benin deepwater, the Gulf of Mexico and onshore North America. New acreage was also added off Australia, China, Malaysia and Ukraine, it said. In Iraq , Shell delayed an expansion of output at the Majnoon oilfield until next year. Its partners, including Petroliam Nasional Bhd of Malaysia, plan to boost extraction to 175,000 barrels of oil a day, its first commercial rate. The field is expected to pump about 70,000 barrels a day at the end of the year, Thamir Ghadhban , a senior adviser to Iraqi Prime Minister Nouri al-Maliki, said last month. To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Nigeria’s Okah Sentenced to 24 Years in Jail for Terrorism | A South African court sentenced Nigerian militant leader Henry Okah to 24 years in jail after he was found guilty of 13 counts of terrorism, including a bomb attack that killed 12 people in the capital, Abuja. Judge Neels Claassen delivered the sentence today in the South Gauteng High Court in Johannesburg, Phindi Louw, spokeswoman for the National Prosecuting Authority, said in a phone interview. Okah was found guilty on Jan. 21 of planning car bomb attacks in 2010 in Abuja, close to where President Goodluck Jonathan was celebrating Nigeria’s 50 years of independence. South African law allows trials of alleged terrorists arrested or resident in the country no matter where their acts were committed. The Abuja bombing was claimed by the Movement for the Emancipation of the Niger Delta, the main rebel group in the southern Niger River delta, which is home to the country’s petroleum industry, Africa’s biggest. Okah was sentenced to 12 years for the Abuja bombing and another 12 years for a March 2010 bombing in the southern city of Warri which MEND also claimed responsibility for, Louw said. Okah was also sentenced to 10 years for threatening South Africa and that term will run concurrently with the 12-year sentence for the bombing in Abuja, she said. MEND had threatened to attack the holdings of companies including MTN Group Ltd. (MTN) , Africa’s biggest mobile phone operator, and SacOil Holding Ltd. (SCL) , an oil and gas exploration company, saying South African President Jacob Zuma is interfering “in the legitimate fight for justice” in the Niger River delta region. Oil Revenue Okah, who denies the charges, declined to testify. He said his trial was unfair, because the Nigerian government blocked about 20 witnesses from traveling to South Africa to give evidence, he said in an interview Jan. 31. “The judge made his decision based on what was before him,” Okah said. “The problem is that my witnesses were stopped from coming.” Nigeria’s government accuses Okah of being the leader of MEND, which says it was fighting for a greater share of oil revenue for the region. Thousands of fighters have since dropped their weapons and accepted a government amnesty. While Okah denies being involved in the Abuja blasts and yesterday described the claim that he leads MEND as “ridiculous,” he has said he commands the support of many armed groups in Nigeria’s oil region. Hague-based Royal Dutch Shell Plc (RDSA) , Irving, Texas-based Exxon Mobil Corp. (XOM) , Chevron Corp. (CVX) of San Ramon, California , Total SA (FP) and Eni SpA (ENI) run joint ventures with the state-owned Nigerian National Petroleum Corp. that pump more than 90 percent of the nation’s oil. To contact the reporters on this story: Franz Wild in Johannesburg at fwild@bloomberg.net ; Tshepiso Mokhema in Johannesburg at tmokhema@bloomberg.net To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Euro-Area Services Output Expands More Than Estimated | Euro-area services output grew more than initially estimated in October, adding to signs the currency bloc’s economic recovery is gaining momentum. An index based on a survey of purchasing managers in the services industry fell to 51.6 from 52.2 in September, London-based Markit Economics said today. That exceeds Markit’s initial estimate of 50.9. The gauge has been above 50, indicating expansion, for three months. The euro-area economy probably grew 0.2 percent in the third quarter after exiting a record long recession in the previous three-month period, according to a Bloomberg News survey of 31 economists. The European Commission yesterday trimmed its forecast for euro-zone growth next year to 1.1 percent from its 1.2 percent prediction in May. Markit’s composite index based on a survey of purchasing managers in the services and manufacturing industries dipped to 51.9 from 52.2 in September, today’s report showed. The manufacturing gauge was unchanged at 51.3. “The euro-area economic recovery lost less momentum than first estimated in October,” Chris Williamson , Markit’s chief economist, wrote in today’s report. “The survey signals a mere 0.2 percent quarterly growth rate at the start of the fourth quarter, unchanged on the third quarter.” To contact the reporter on this story: Patrick Henry in Brussels at phenry8@bloomberg.net To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Mangalore Refinery Offers Fuel Oil Cargo for January Loading | India’s Mangalore Refinery & Petrochemicals Ltd. (MRPL) , a unit of India’s biggest explorer, offered to sell fuel oil for loading in January, according to a notice sent to buyers. Details of the offers are: To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Mexican Bonds Rally as Federal Reserve Moves to Spur Growth | Mexican bonds headed for the longest winning streak since January after the Federal Reserve said it would expand a program to promote U.S. growth. The yield on Mexican local-currency bonds due in 2024 fell four basis points, or 0.04 percentage point, to 5.76 percent at 12:19 p.m. in Mexico City, the lowest level on a closing basis since the securities were issued in January 2005. The price increased 0.42 centavo to 137.70 centavos per peso. Yields are headed to their fifth straight daily decline for the first time since the period ended Jan. 20. The Fed said today it would expand Operation Twist, a program to replace short-term bonds with longer-term debt, by $267 billion through the end of the year in a bid to “put downward pressure on longer-term interest rates.” They left unchanged their view that economic conditions will probably warrant keeping interest rates “exceptionally low” at least through late 2014. “Demand in general for Mexican debt is going to remain strong,” Aryam Vazquez, an economist for global emerging markets at Wells Fargo & Co ., said by phone from New York. “The fact that these are higher yielding bonds in a low risk country solidifies demand.” Mexico’s central bank kept its benchmark interest rate unchanged for the 27th straight meeting this month at a record low 4.5 percent. “It obviously is very attractive when you look at it relative to markets like the U.S.,” Vivienne Taberer, a portfolio manager with Investec Asset Management, said by phone from London, before the Fed released its statement. The peso increased 0.2 percent to 13.6629 per dollar. To contact the reporter on this story: Ben Bain in Mexico City at bbain2@bloomberg.net To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Brazil's Mid-Month Inflation Slowed Less Than Economists Expected in March | Brazil ’s mid-month inflation slowed less than economists expected, as the cost of transportation and housing accelerated. Consumer prices as measured by the IPCA-15 index rose 0.6 percent in the month through March 15, their lowest mid-month reading since September, the national statistics agency said in Rio de Janeiro. Economists expected the index to rise 0.53 percent, according to the median of 32 estimates in a Bloomberg survey. The annual inflation rate accelerated to 6.13 percent from 6.08 percent in mid-February. Airplane ticket costs surged 29 percent in the month. “The increase in air travel costs pushed the number above expectations,” said Flavio Serrano, senior economist at Espirito Santo Investment Bank in Sao Paulo. “But besides that, core inflation was within estimates. This should only have a modest affect on markets.” Brazilian central bank President Alexandre Tombini said in Senate testimony yesterday that policy makers may adopt new measures to curb the consumer credit growth in a bid to cool heated domestic demand and slow inflation. Tombini said he has “confidence” that interest rate increases, fiscal cuts and curbs on credit will slow inflation to 4.5 percent -- the midpoint of the government’s target range -- next year. The yield on most interest-rate futures contracts due January 2013, the most traded today in Sao Paulo, fell two basis points, or 0.02 percentage point, to 12.83 percent at 8:39 a.m. New York time. The real fell 0.2 percent to 1.6624 per U.S. dollar. Housing costs jumped 0.39 percent in the month, compared with 0.28 percent in mid-February. Transportation rose 1.11 percent, led by airplane flight prices, versus 1.04 percent in the previous mid-month reading. Clothing prices fell 0.37 percent. Rate Increases Traders are wagering that the central bank will raise borrowing costs by 0.5 percentage point for a third straight meeting April 20 to cool inflation that is close to the top of the central bank’s target range, according to Bloomberg estimates based on interest rate futures. “The central bank’s going to continue to be under pressure for a hike,” said Enestor Dos Santos, senior Brazil economist for BBVA in Madrid. Economists raised their 2011 inflation forecast to 5.88 percent, from 5.82 percent a week earlier, according to a March 18 central bank survey of about 100 economists. Economists expect inflation to slow to 4.8 percent in 2012, the survey found. Monthly consumer prices will begin to slow in the second quarter, while annual inflation should remain at higher levels before slowing toward to the midpoint of the bank’s target range in the last three months of this year, Tombini said in the testimony. Brazilian economists estimate that the credit curbs have the same impact on inflation as a 0.75 percentage-point interest rate increase. Data published last week show Brazil’s economy may be cooling more slowly than analysts had expected. Brazil’s economic activity index rose at its fastest pace in nine months in January. January retail sales, which Tombini yesterday said are the best reflection of the current state of the economy, beat estimates and rose at their fastest pace in five months. Sales rose 1.2 percent in January from December, up from a revised 0.2 percent the previous month. To contact the reporters on this story: Alexander Ragir in Rio De Janeiro at aragir@bloomberg.net ; Iuri Dantas in Brasilia at idantas@bloomberg.net To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Pound Falls to Six-Week Low vs Euro as Data Dents Outlook | The pound fell to a six-week low against the euro as reports showed industrial and construction output unexpectedly declined in August, casting doubt on the strength of the U.K. recovery. Sterling dropped against the dollar for a second week even as a separate report showed house prices rose to a record. The Bank of England kept its benchmark interest rate at a record-low 0.5 percent and maintained its bond-buying stimulus target at 375 billion pounds ($600 billion) at its latest policy meeting. Construction slipped 0.1 percent from July compared with a 0.8 percent gain forecast by economists. Gilts were little changed. “We have a bearish view on the pound as we think the best of the data is probably behind us,” said Eimear Daly, head of market analysis at Monex Europe Ltd. in London. “The pound has come a long way and further gains may be limited.” Sterling lost 0.4 percent to 85.05 pence per euro at 4:55 p.m. London time yesterday, when it reached 85.10 pence, the weakest since Sept. 2. The pound slid 0.4 percent to $1.5946. It fell to $1.5914 on Oct. 10, the lowest since Sept. 18. The U.K. currency advanced 5.3 percent in the past six months, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar rose 1.2 percent and the euro added 5.1 percent. Industrial Production U.K. industrial production unexpectedly fell 1.1 percent in August, the steepest drop in almost a year, the Office for National Statistics said on Oct. 9. Factory production fell 1.2 percent, while a separate report showed the trade gap narrowed less than economists forecast in the three months through August. U.K. home values increased 0.5 percent from August to an average 235,534 pounds, London-based real-estate researcher Acadametrics and LSL Property Services Plc (LSL) said yesterday. The Bank of England’s Monetary Policy Committee, led by Governor Mark Carney, said in August it would keep interest rates low until unemployment , currently at 7.7 percent, falls below 7 percent. The 10-year gilt yield was little changed since Oct. 4, at 2.73 percent. The price of the 2.25 percent bond due in September 2023 was 95.835. Inflation slowed in September, according to economist forecasts before the data on Oct. 15. Consumer prices rose 2.6 percent from a year ago in August when they increased 2.7 percent, according to the median forecast of 34 economists in a Bloomberg News survey. Gilts lost 3.1 percent this year through Oct. 10, according to Bloomberg World Bond Indexes. German bonds dropped 2 percent and U.S. Treasuries declined 2.6 percent. To contact the reporter on this story: Anchalee Worrachate Emma Charlton in London at echarlton1@bloomberg.net To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Singapore Air Budget Arm Scoot to Serve Five Cities in 2012 | Singapore Airlines Ltd. (SIA) ’s Scoot Pte. plans to fly to at least five cities by the end of the year as the group adds long-haul budget services to compete with Jetstar and AirAsia X Sdn. Scoot intends to announce destinations in China and Japan , Chief Executive Officer Campbell Wilson, 40, said in a Feb. 17 Bloomberg TV interview in Singapore. The carrier, which is due to start flights in June or July, has already said it will fly to Sydney and the Gold Coast in Australia. Singapore Air is forming Scoot after low-cost carriers won 26 percent of passenger at its Changi Airport home, contributing to waning load factors and declining profit. The new unit may do little to help revive earnings amid a long-haul travel slowdown, said K. Ajith, an analyst at UOB-Kay Hian Research. “The market has low expectations from Scoot,” Singapore- based Ajith said in a note today. “Meanwhile, SIA will be plagued by weak outbound travel out of Europe and increased competition at its Changi hub.” Singapore Air’s passenger numbers rose 1.3 percent last year, trailing an 11 percent surge for Changi. Leisure Travelers Scoot will fly services as long as nine hours and offer fares as much as 40 percent cheaper than full-service carriers, according to Wilson, who was born in New Zealand and has worked at Singapore Air for more than 15 years. The unit will complement the company’s full-service business by either tapping new customers on existing routes or by adding new destinations that are predominately leisure markets, he said. “Singapore Airlines set us up to provide incremental traffic,” Wilson said. The carrier is “missing out” on about a quarter of passengers at its hub, he said. Scoot will start operations with four Boeing Co. 777-200s, purchased from its parent. The fleet will increase to 14 777s by the middle of the decade. Singapore Air also helped formed Tiger Airways Holdings Ltd. (TGR) to offer budget flights on short-haul routes beginning in 2004. The carrier, which is now listed, lost money in the last three quarters as its Australian unit pared flights after safety violations. Singapore Air also owns regional carrier SilkAir. Singapore Air, the world’s second-largest carrier by market value, filled 77 percent of seats last month, a 1.1 percentage point decline from a year earlier and the 18th straight drop. The carrier rose 0.3 percent to S$11.00 at the close of trading in Singapore. It has fallen 23 percent in the past year, compared with a 20 percent decline for Hong Kong-listed Cathay Pacific Airways Ltd. (293) and a 32 percent jump for AirAsia Bhd. (AIRA) in Kuala Lumpur. Profit Expectations Scoot has said it has startup capital of S$283 million ($226 million). It will spend as much as S$60 million in the run-up to the start of flights, Wilson said Nov. 2. The carrier plans to have about 50 pilots and 250 cabin crew by the end of next year. It expects to fill 75 percent to 80 percent of seats, Wilson said. “Our business plan ensures that we are profitable in the medium term,” he said, without elaboration. Qantas Airways Ltd. (QAN) ’s Jetstar has a hub in Singapore from where it flies to destinations including Beijing, Auckland and Melbourne. Overseas budget airlines serving the city-state include Indian carrier IndiGo and the Philippines’ Cebu Air Inc., which operates as Cebu Pacific. AirAsia Bhd., the region’s biggest budget carrier, flies to Singapore from its base in Kuala Lumpur and from hubs operated by overseas ventures. The carrier’s long-haul affiliate AirAsia X flies from Kuala Lumpur, a four-hour bus trip from downtown Singapore. Scoot doesn’t plan to fly to Europe soon, as economic uncertainties and the region’s debt crisis damp consumer spending. AirAsia X also last month said it would stop operations to London and Paris. “The demand scenario in Europe is very weak for obvious reasons,” Wilson said. “It’s not a particularly attractive market at the moment.” To contact the reporters on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net ; Haslinda Amin in Singapore at hamin1@bloomberg.net To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
China Liquor Stocks Climb After Lagging in Rally: Shanghai Mover | Kweichow Moutai Co. (600519) and Wuliangye Yibin Co. (000858) led a rally for consumer-staples producers on speculation their shares will catch up with the broader stock market’s gains since the end of last year. Kweichow Moutai, China’s biggest producer of baijiu liquor by market value, climbed 3.1 percent to 185.59 yuan at the close in Shanghai, the biggest gain in two weeks. Wuliangye, the second largest, added 2.6 percent to 25.77 yuan. Luzhou Laojiao Co. advanced 4.9 percent to 33.18 yuan while Sichuan Swellfun Co. (600779) , the Chinese liquor maker that’s a partner of Diageo Plc, surged 7.3 percent to 18.73 yuan. A measure tracking consumer-staples stocks in the CSI 300 Index (SHSZ300) jumped 1.7 percent, the most among 10 industry groups. The index climbed 12 percent through yesterday since a three-year low in Dec. 3, compared with a 24 percent gain for the CSI 300. “Liquor makers are seeing a technical rebound after lagging behind in the recent market rally,” Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai, said by phone today. “The fundamentals of the liquor industry still remain bearish with prices of high-end liquor falling recently.” Consumer staples were the second-worst performing industry group last year in the CSI 300 with a 4.7 percent loss. The gauge traded at 15.5 times reported profit on Dec. 3., a record low according to data compiled by Bloomberg. The measure is now valued at 17.6 times profit. Shares of liquor makers have underperformed on concern demand will slow as the government cracks down on corruption. High-ranking military officials are banned from extravagant banquets and staying in civilian or military hotels with luxury perks, the official Xinhua News Agency reported on Dec. 22. --Zhang Shidong. Editors: Allen Wan, Chan Tien Hin To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Nikkei Rises Most This Month on U.S. Debt Deal Prospects, Apple Earnings | Japan ’s Nikkei 225 Stock Average rose by the most this month on optimism U.S. lawmakers will reach a deal to avoid a default on the government’s debt and after Apple Inc. (AAPL) ’s profit topped estimates, boosting the earnings outlook for its suppliers. Honda Motor Corp., which counts North America as its largest market, climbed 1.3 percent. Fanuc Corp. (6954) , which makes machine tools used to manufacture the iPhone, advanced 3.9 percent. Teijin Ltd. (3401) , a maker of fibers used in products from airplanes to bras, climbed 0.8 percent after the Nikkei newspaper said first-quarter profit jumped 60 percent. The Nikkei 225 rose 1.2 percent to 10,005.90 at the 3 p.m. close in Tokyo, the most since June 29. The broader Topix index gained 0.8 percent to 860.66, with nine stocks advancing for every five that fell. “The U.S. government looks like it’s moving forward to solve the debt issue,” said Junichi Misawa , head of equity investment at Tokyo-based STB Asset Management Co. “That’s taken a psychological weight off investors.” Futures on the Standard & Poor’s 500 Index gained 0.3 percent today as Apple’s profit topped estimates on record iPhone and iPad sales. The index rose 1.6 percent yesterday as President Barack Obama endorsed a deficit-reduction plan. ‘Significant Step’ Obama embraced a $3.7 trillion debt-cutting plan by a bipartisan group of senators that would combine tax increases and spending cuts, saying it could end a congressional deadlock over raising the U.S. borrowing limit. The news spurred optimism lawmakers will reach an agreement that will help the nation avoid default. The plan is “a very significant step,” Obama said. Honda climbed 1.3 percent to 3,185 yen. Toyota Motor Corp. (7203) , the world’s largest carmaker, gained 0.6 percent to 3,325 yen. Kyocera Corp. (6971) , a maker of solar panels which gets 17 percent of its revenue in the U.S., advanced 2.1 percent to 8,300 yen. Stocks also got a boost from a report that housing starts in the U.S. rose more than forecast in June to the highest level in five months. Work began on 629,000 houses, a 15 percent increase from May, the Commerce Department reported yesterday. The level of starts exceeded the most optimistic forecast in a Bloomberg News survey of economists. Building permits, a sign of future construction, unexpectedly climbed 2.5 percent. Apple Suppliers Companies whose products are used to make Apple devices rose after the California-based firm posted profit that beat estimates. Fanuc jumped 3.9 percent to 14,460 yen. Toshiba Corp. (6502) , a maker of memory chips used to store songs and photos in the iPhone, advanced 2.7 percent to 413 yen. Apple, the world’s biggest technology company by market value, reported profit in the third-quarter increased to $7.79 a share from a year earlier, exceeding the $5.87 predicted by analysts on average. Sales climbed 82 percent to $28.6 billion. Inpex Corp. (1605) , Japan’s largest energy exploration company, increased 1.9 percent to 600,000 yen. Japan Petroleum Exploration Co. (1662) , the second-biggest oil driller, gained 1.2 percent to 3,945 yen. Crude oil for August delivery climbed 1.6 percent to $97.50 a barrel in New York yesterday, the highest settlement since July 13. Better-than-expected housing starts in the U.S. helped boost confidence fuel demand will recover in the world’s biggest oil-consuming country. Carbon-fiber maker Teijin climbed 0.8 percent to 370 yen. Net income jumped 60 percent to about 6.5 billion yen ($82 million) in the April-June period, compared with a year ago, the Nikkei newspaper reported today, without saying where it got the information. Demand increased for materials used in sporting goods and auto parts, according to the report. Among stocks that fell, Dainippon Screen Manufacturing Co., a maker of chip equipment, declined 1.4 percent to 630 yen. The company had its rating cut to “underweight” from “neutral” at JPMorgan Chase & Co. Falling orders at Tokyo Electron Ltd. and ASML Holding N.V., other makers of gear used to make semiconductors, suggest bookings for Dainippon’s wafer cleaning systems will also drop, JPMorgan analyst Hisashi Moriyama said. To contact the reporters on this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net. To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Ireland Said to Require 85 Billion Euros for Rescue | European Union officials estimate that a rescue package for Ireland may amount to about 85 billion euros ($114 billion), according to two officials familiar with the talks. The European Commission cited the figure as a preliminary estimate on a conference call of euro-region finance ministers on Nov. 21, said the people, who spoke on condition of anonymity because the talks were private. Of the total, 35 billion euros would be earmarked for banks and 50 billion euros to help finance the Irish government. Contagion is spreading through the euro region as Ireland hammers out an aid package with the EU and the International Monetary Fund to rescue its banking system. Spanish bonds tumbled, pushing the extra yield that investors demand to hold its 10-year debt over German bunds to a euro-era record of 236 basis points. Irish bonds also dropped today. “The markets currently have virtually zero confidence that the bailout in Ireland will solve the European crisis,” Charles Diebel and David Page , fixed-income strategists at Lloyds TSB Corporate Markets in London, wrote in a note today. “With markets effectively in a position to dictate policy, the risk is that the credibility crisis shifts to more sizeable EU countries and thereby poses a greater risk to the system as a whole.” The euro dropped 1.8 percent to $1.338 as of 4:25 p.m. in London. The yield on Ireland’s 10-year bond rose 33 basis points to 8.644 basis points. It was at 8.347 percent on Nov. 19, before the bailout was announced. Estimates Vary Economists’ estimates on the size of Ireland’s bailout have varied. Goldman Sachs Group Inc. says Ireland may ask for about 95 billion euros. UniCredit SA put the package at as much as 85 billion euros, while Deutsche Bank AG sees a 90 billion-euro plan. “The overall figure is linked to the outcome of the current discussions on the three-year EU-IMF program, which includes also potential capital needs for the banking sector,” Amadeu Altafaj , spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn , said by telephone in Brussels. Allied Irish Banks Plc may be 99.9 percent state controlled after the government uses external aid to boost its capital levels, and Bank of Ireland Plc may be majority state controlled after the injection, RTE said today, without citing anyone. Irish lenders core tier 1 capital level may be raised to 12 percent from 8 percent, according to the broadcaster. The government may seek to share losses with Allied Irish’s subordinated bondholders, though senior debt would be honored, RTE also said. To contact the reporters on this story: John Fraher at jfraher@bloomberg.net To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Support for Syrian Opposition Drops Among UN General Membership | A symbolic vote at the United Nations General Assembly today reflected a decline in support for the Syrian opposition as the two-year conflict drags on. The assembly voted 107-12 for a Qatar-drafted text that designated a disorganized political grouping of rebels, the Syrian National Coalition, as “effective representative interlocutors needed for a political transition.” Fifty-nine countries abstained. A comparable resolution last August garnered 133 votes, more than two-thirds of the General Assembly, where each of the 193 UN member nations is entitled to one vote. The measure was promoted primarily by Sunni Muslim monarchies and blamed Syrian President Bashar al-Assad for most of the bloodshed, accusing his regime of threatening to use chemical weapons against his own people. The failure to attract more votes highlights a drop in support for the opposition, which has faced questions about the influence of al-Qaeda militants. The Syrian regime has routinely labeled the rebels as “terrorists” since the beginning of the crisis. Reports from Syria cite alleged abuses by both sides of the conflict. There are differing accounts on the possible use of sarin gas. To contact the reporter on this story: Flavia Krause-Jackson in New York at fjackson@bloomberg.net To contact the editor responsible for this story: John Walcott at jwalcott9@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
CEO Who Survived Tsunami Makes Thai Home Charity Resort | On Dec. 26, 2004, Mark Weingard awoke to find gigantic waves rushing toward the bedroom of his beach house in Phuket, Thailand. Weingard raced to the roof, where he looked on as the Indian Ocean tsunami swallowed the contents of his home. By the time the sea subsided, about a quarter of a million people were dead; many bodies were never recovered. Weingard, thankful that his home had been built on stilts (albeit for aesthetic rather than safety reasons), looked to the sky. “What do you want me to do now?” he remembers asking. It wasn’t the first time the 46-year-old former derivatives trader had asked the question, Bloomberg Pursuits will report in its Spring issue. More from the Spring issue of Bloomberg Pursuits : When Weingard was just 10 years old, his father, a taxi driver in Manchester, England , was killed in a car crash nine days shy of his 36th birthday. Convinced that he, too, would die before turning 36, Weingard vowed to accomplish all that he could in the time he had left. “We are only here once, and we have to make the most of life,” he says today. “Not only for ourselves but also for those around us.” As a teenager, Weingard honed his leadership skills in the Jewish youth organization B’nai B’rith. At 19, he moved to London , where he eventually landed a job at Chemical Bank (which later became part of JPMorgan Chase & Co. (JPM) ). By 29, Weingard was a top trader; by 32, a multimillionaire. Boundless Energy Yet he remained restless. People who have worked with the blue-eyed Englishman describe him as ebullient, with boundless energy. “He runs and runs and runs until his battery runs out; then he recharges and he’s off running again,” former colleague Stephen Bruce says. “It was difficult to keep up with him.” In 1998, Weingard left banking for an Internet startup and later founded electronic brokerage Reset Pte. In September 2001, at the inauspicious age of 35, Weingard visited Manhattan to pitch his product to Fuji Capital Markets Corp. Having worked all night to plow through a large number of trades, he called the firm’s office in the World Trade Center to say that he would be running late. The frantic voice on the other end of the line told him not to come -- a plane had just crashed into one of the towers. Weingard turned on the TV to discover that he, of all people, had narrowly escaped 9/11. 36th Birthday Shortly thereafter, Weingard threw a party to celebrate his 36th year. “I couldn’t believe I was alive,” he says. Adding to his happiness was his fiancée, Annika Linden. The two had met via a London newspaper ad. Calling himself the “Knight of Passion,” Weingard placed a poem he had written seeking “a lifetime of love in faraway places where dreams come true.” Linden replied with her own poem, titled “Knights of Passion, Days of Fun.” Weingard especially loved Linden’s practical jokes, often at his expense. In October 2002, Linden was visiting Bali for a friend’s wedding when members of Jemaah Islamiyah, an al-Qaeda-linked group, detonated three bombs, killing 202 people. Weingard, unable to reach Linden from Bangkok, where they were based at the time, flew to Bali and searched the island for her, in vain. As hopes faded, Weingard returned to his hotel, took a shower and sat down at a table when, suddenly, the door to his suite flew open. Curious, he ventured into the corridor wearing only a towel, only to have the door lock shut behind him. He says he thought then of Linden and her practical jokes and began to laugh. Turning Point “It was at that moment that I decided to set up a charitable foundation in her name,” he says. “I saw it as a message from her to go and do something positive to counter this negative act.” That year, Weingard started the Annika Linden Foundation to assist the children of the bombing’s victims. In the past decade, Weingard, Reset and other firms he has invested in together have donated more than $10 million. Renamed Inspirasia last year, the foundation has expanded to fund 16 education, health and rehabilitation projects across India , Indonesia and Thailand. Today, Weingard has embarked on a new adventure: building a luxury resort on the site of his tsunami-ravaged house. The 10-room Iniala , which opens later this year, will donate 10 percent of its room revenue (not profit) to charitable causes, an estimated windfall of $800,000 annually. Business Philanthropy “I want to show that business can work hand in hand with philanthropy and inspire other people to do the same,” he says. What’s more, Weingard plans to build several more hotels across Southeast Asia during the next decade, which he expects to generate about $10 million in annual giving. “My life has been saved too many times not to believe in God,” says Weingard, who’s now based in Malta. “I know I have a duty to go out and help people.” Despite the premature deaths of his father and fiancée and his own close calls, Weingard says he seldom dwells on the past, be it positive or negative. “If your life is interesting, then you will have great moments and bad moments,” he says. “A life without events would surely be the biggest tragedy of all.” To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net. To contact the editor responsible for this story: Ted Moncreiff at tmoncreiff@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Emap to Sell $158 Million Magazine Unit, Independent Says | Emap Plc is seeking to sell its trade-magazine business, valued at about 100 million pounds ($158 million), the Independent on Sunday reported, citing people it didn’t identify. The company has talked to Collins Stewart Hawkpoint Plc about advising on the sale, which is likely to take place this year, according to the newspaper. The unit, Emap Inform, publishes titles such as Broadcast, Retail Week and Nursing Times. Emap is owned by Apax Partners LLP and Guardian Media Group Plc. To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Corn Traders Least Bullish Since September on Drier Outlook | Corn traders are the least bullish in seven months as U.S. farmers prepare to plant a record crop amid an outlook for drier Midwest weather in coming weeks. Fourteen analysts surveyed by Bloomberg expect corn prices to rise next week, while 13 were bearish and a further four were neutral. Traders have predicted higher prices since reversing from a bearish outlook in September. Futures on the Chicago Board of Trade slid to a 10-month low on April 24, and are down 27 percent since reaching a record Aug. 10, as production prospects improved following the worst drought last year since the 1930s. U.S. farmers in the largest producing states had planted 4 percent of their corn crops as of April 21, behind the five-year average of 16 percent, according to the U.S. Department of Agriculture. Areas of Iowa and Illinois, the biggest growers, had more than twice the normal amount of rain in the past 30 days, National Weather Service data show. The region will be mostly dry this weekend before seeing some showers early next week, Commodity Weather Group LLC said today. Conditions also should be dry during the second week of May, it said. “The warmer, drier weather forecasts suggest much improved planting and lower prices,” said David Smoldt, a vice president for INTL FCStone Inc. in West Des Moines, Iowa. As long as the majority of crops are planted in the next month, “we won’t lose much yield potential this year.” Yield Potential Corn for July delivery traded at $6.205 a bushel, heading for the fourth weekly drop in five weeks. The USDA said in February that U.S. production in the 2013-14 season may rise to a record 14.53 billion bushels, up 35 percent from the past year’s drought-reduced crop. Farmers will plant 97.282 million acres, the most since 1936, the agency said March 28. Last year’s drought allowed much of this month’s rain to soak deep into the soils, replenishing depleted moisture for improved yield potential, said Mike Kavanaugh, the agronomy manager for St. Francisville, Illinois-based AgriGold Hybrids, which sells corn seeds in 13 states. The optimal time to plant corn without reducing yield potential is from April 20 to May 20 in most of the Midwest, he said. Farmers can plant as much as 6 percent of their intended corn acreage per day in Illinois , when soil conditions are warm and dry, according to Darrel Good, an agricultural economist at the University of Illinois in Champaign. Northern and central parts of the state have seen record flooding along the Illinois and Des Plaines rivers after excess rain last week, National Weather Service data show. Soybean Outlook Soybean traders were the most bearish in three weeks, with 16 expecting the oilseed to fall next week, while nine predicted an increase and seven were neutral, according to the Bloomberg survey. On April 24, the price fell to the lowest since June 18 on concern China ’s demand would decline as the spread of bird flu threatened to reduce demand for poultry feed. The Asian country canceled 281,500 metric tons of U.S. sales previously made for delivery before Sept. 1, the USDA said yesterday. Wheat traders were bearish for the first time since February, with 14 of 29 traders predicting a price decline. Hedge funds are reducing bets on higher corn, soybean and wheat prices at the fastest pace since the Commodity Futures Trading Commission began collecting data in June 2006. Net-long positions in the three markets fell to 99,779 futures and options contracts as of April 16, down from a record 672,042 contracts the week ended Aug. 21. To contact the reporters on this story: Whitney McFerron in London at wmcferron1@bloomberg.net ; Jeff Wilson in Chicago at jwilson29@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
London Mining CEO Says Sierra Leone Mine Partner Talks Continue | London Mining Plc (LOND) , the second- largest iron ore producer in Sierra Leone , said talks to find a partner to help fund a planned expansion of its Marampa mine are continuing. “Our assets have substantial additional potential but they do require large capex to unlock,” Chief Executive Officer Graeme Hossie told reporters today on a conference call. “Whether and how quickly that strategic partnership funding plan will be realized is difficult to predict.” Mining companies globally are facing rising construction costs and lower prices, prompting some to shelve expansions and sell assets. London Mining, which started production in December 2011, has estimated a cost of $860 million for the next planned expansion of Marampa. The next expansion plan is to increase capacity from 5 million metric tons a year to 9 million tons. A planned second expansion phase to more than 16 million tons a year may cost $1.3 billion, according to Goldman Sachs Group Inc. New iron-ore supplies and slower growth in steel demand will weigh on prices in the second half of this year, Greg Lilleyman, Rio Tinto Group’s president of Pilbara operations in Australia , said this week. Steel demand growth in China slowed from 20 percent in 2010 to 2.1 percent last year, according to Citigroup Inc. “The fundamentals of the iron ore market will see continued demand,” Hossie said. Iron ore has peaked and will decline over the rest of the year, Morgan Stanley said March 7, joining analysts from Deutsche Bank AG to Credit Suisse Group AG in forecasting lower prices. London Mining today reported a net loss of $107.8 million for the year ended Dec. 31. That compared with a net loss of $60 million a year earlier. It also increased a corporate debt facility from $90 million to $165 million. The stock dropped 1.7 percent to 132.25 pence at 11:13 a.m. London time, valuing the company at 183 million pounds ($278 million). To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
USDA Boxed Beef Cutout Closing Prices for August 10 | August 10 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.m. U.S. central time. Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska. CHOICE SELECT 600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 184.95 177.65 Change from prior day: 2.43 1.02 ------------------------------------------------------------------------------- Choice/Select spread: 7.30 Total Load Count (Cuts, Trimmings, Grids): 182 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 271.44 243.12 Primal Chuck 151.61 150.41 Primal Round 164.32 162.43 Primal Loin 253.75 238.74 Primal Brisket 131.52 126.96 Primal Short Plate 120.96 126.47 Primal Flank 107.08 97.86 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/09 76 63 16 34 189 182.52 176.63 08/08 111 81 35 48 275 181.42 175.35 08/07 112 54 20 29 215 179.90 173.95 08/06 93 57 22 26 197 178.49 172.40 08/03 89 79 36 20 223 178.14 171.63 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 180.09 173.99 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included. CURRENT VOLUME - (one load equals 40,000 pounds) Choice Cuts 68.83 loads 2,753,027 pounds Select Cuts 59.16 loads 2,366,550 pounds Trimmings 39.57 loads 1,582,633 pounds Ground Beef 14.85 load 594,177 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 14 10,301 537.00 612.00 571.52 112A 3 Rib, ribeye, bnls, light 8 18,480 629.30 684.00 659.52 112A 3 Rib, ribeye, bnls, heavy 28 70,883 625.00 672.19 641.23 113C 1 Chuck, semi-bnls, neck/off 5 21,681 200.00 206.00 201.86 114 1 Chuck, shoulder clod 10 53,302 184.00 201.50 192.77 114A 3 Chuck, shoulder clod, trmd 23 100,481 199.24 214.50 208.37 114D 3 Chuck, clod, top blade 14 38,725 278.57 300.38 282.67 114E 3 Chuck, clod, arm roast 9 11,272 218.80 255.00 243.63 114F 5 Chuck, clod tender (IM) 16 23,648 312.99 386.91 334.38 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 226,010 216.00 237.00 223.76 116B 1 Chuck, chuck tender (IM) 29 101,799 210.00 231.00 218.17 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 97,504 200.29 225.00 207.32 120A 3 Brisket, point/off, bnls 10 15,365 318.45 365.00 340.03 123A 3 Short Plate, short rib 21 53,715 255.46 366.00 303.49 130 4 Chuck, short rib 30 267,005 176.30 230.00 183.51 160 1 Round, bone-in 161 1 Round, boneless 5 6,839 205.80 216.00 209.42 3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 86,060 222.99 240.00 231.40 168 1 Round, top inside round 20 73,439 199.14 216.98 205.93 168 3 Round, top inside round 22 165,954 206.00 225.08 219.02 169 5 Round, top inside, denuded 15 14,160 245.00 256.91 252.09 3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 1,869 206.00 218.00 211.08 171B 3 Round, outside round 56 385,071 201.50 229.00 212.53 171C 3 Round, eye of round (IM) 43 87,512 219.71 241.00 231.52 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 33,731 498.45 527.00 503.19 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 11 14,611 454.00 487.50 467.19 180 3 Loin, strip, bnls, 0x1 24 52,611 525.00 570.00 536.72 184 1 Loin, top butt, bnls, heavy 12 9,307 295.00 320.00 310.71 184 3 Loin, top butt, boneless 21 42,267 310.63 342.00 325.98 185A 4 Loin, bottom sirloin, flap 24 53,218 399.02 441.00 417.96 185B 1 Loin, ball-tip, bnls, heavy 25 95,468 217.00 228.00 221.34 185C 1 Loin, sirloin, tri-tip (IM) 9 24,595 307.00 335.71 313.43 185D 4 Loin, tri-tip, pld (IM) 6 7,862 434.00 457.00 446.88 189A 4 Loin, tndrloin, trmd, heavy 36 63,602 884.00 1021.50 952.02 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 11,685 481.00 505.00 491.67 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 14 20,819 450.63 490.40 468.22 112A 3 Rib, ribeye, bnls, light 11 25,116 527.83 562.00 543.99 112A 3 Rib, ribeye, bnls, heavy 26 52,355 518.80 575.00 539.45 113C 1 Chuck, semi-bnls, neck/off 5 18,896 195.50 206.50 200.76 114 1 Chuck, shoulder clod 5 9,598 185.00 203.61 197.39 114A 3 Chuck, shoulder clod, trmd 16 77,874 195.06 218.00 204.32 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 10 24,379 322.00 339.61 325.94 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 148,834 216.00 236.50 221.24 116B 1 Chuck, chuck tender (IM) 20 122,509 208.00 226.00 214.57 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 91,786 196.58 214.50 199.46 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 4,756 276.00 320.00 306.06 130 4 Chuck, short rib 10 97,166 182.00 215.00 183.86 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 4,739 206.00 216.00 211.18 3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 13 48,864 217.00 235.00 225.70 168 1 Round, top inside round 20 87,827 198.00 211.00 202.80 168 3 Round, top inside round 10 15,869 209.00 222.35 216.09 169 5 Round, top inside, denuded 3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 9 12,136 189.80 220.35 198.61 171B 3 Round, outside round 29 245,107 201.50 230.35 204.43 171C 3 Round, eye of round (IM) 20 47,430 219.57 236.50 227.46 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 124,676 472.00 515.00 476.07 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 11 25,080 475.20 530.00 486.49 184 1 Loin, top butt, bnls, heavy 11 51,904 246.19 281.00 262.28 184 3 Loin, top butt, boneless 17 18,858 274.30 300.00 289.35 185A 4 Loin, bottom sirloin, flap 11 32,686 403.50 444.61 414.59 185B 1 Loin, ball-tip, bnls, heavy 14 42,966 199.30 239.50 216.55 185C 1 Loin, sirloin, tri-tip (IM) 7 82,260 269.00 300.00 269.48 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 20,215 870.63 963.00 892.71 191A 4 Loin, butt tender, trimmed 6 3,971 799.55 835.00 817.76 193 4 Flank, flank steak (IM) 7 17,412 419.00 465.00 455.41 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 22,904 113.00 135.00 116.82 121D 4 Plate, Inside Skirt (IM) 22 118,508 331.50 365.00 349.93 121C 4 Plate, Outside Skirt (IM) 15 26,237 522.00 560.00 546.13 121E 6 Outside Skirt, pld (IM) 3 3,424 765.50 820.00 778.62 Cap, Wedge Meat & (IM) Lean 34 133,451 218.00 256.00 242.76 Pectoral Meat 33 283,597 218.00 260.00 244.84 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 277,001 137.00 158.51 144.01 Ground Beef 75% Ground Beef 81% 27 127,073 170.00 198.00 179.05 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 4,205 226.14 264.50 232.08 Ground Beef Chuck 80% 6 8,070 165.00 195.00 183.57 Ground Beef Round 85% 6 10,544 210.75 215.00 213.94 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 5 33,952 178.30 197.43 189.37 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 30 900,013 41.00 46.00 43.55 Frozen 50% lean trimmings -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. -------------------------------------------------------------------------------- A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor. | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Power Brings Passion to Stop Genocide as Obama’s UN Pick | Samantha Power, tapped by President Barack Obama to become U.S. ambassador to the United Nations , is accustomed to thinking the worst of people. She has given a great deal of thought to the subject of genocide and won a Pulitzer Prize for her nonfiction book, “A Problem from Hell: America and the Age of Genocide.” Power also wrestled with the issue as a staff member on Obama’s National Security Council , where she successfully advocated U.S. military intervention to avert civilian massacres in Libya during the 2011 revolt against dictator Muammar Qaddafi. “She showed us that the international community has a moral responsibility and a profound interest in resolving conflicts and defending human dignity,” Obama said yesterday in announcing Power’s selection at a White House ceremony. “To those who care deeply about America’s engagement and indispensable leadership in the world, you will find no stronger advocate for that cause than Samantha.” Now, if she’s confirmed by the Senate, Power will become a public face of U.S. foreign policy and a senior adviser to the president as Obama resists being drawn militarily into the Syrian civil war, where the death toll is heading toward 100,000 and fueling sectarian violence in neighboring nations. Shedding Brogue Power, 42, has shown a single-minded determination from her childhood as an Irish immigrant who says she spent hours a day working to shed her brogue and “be American” to her work as a freelance correspondent in war zones from Bosnia to Darfur. She also speaks her mind, occasionally to her detriment, as when she had to apologize and quit Obama’s 2008 presidential campaign for calling rival candidate Hillary Clinton “a monster.” Power came to Washington from Harvard University’s Kennedy School of Government as half of an Obama administration power couple. She is married to Cass Sunstein, a Harvard Law School professor who served as Obama’s chief reviewer of regulations until last year. He is now a Bloomberg View columnist. “She goes to war zones,” Sunstein said in an October 2008 Esquire magazine profile of the couple, before they traded their Harvard academic lives for Washington policy making. “It’s hard to get me out of the office.” Senators haven’t indicated whether her nomination would become a lightning rod for debate over her past positions and Obama’s foreign policy, as happened with Secretary of Defense Chuck Hagel, or will move to approval as smoothly as that of Secretary of State John Kerry. Initial comments were positive. McCain’s Praise Republican Senator John McCain of Arizona, who has criticized Obama for failing to do more to aid the Syrian uprising, said in a statement yesterday that Power is “well-qualified for this important position” and urged prompt Senate action. Senate Majority Leader Harry Reid , a Nevada Democrat, urged colleagues to “provide Power with the swift confirmation she deserves.” Obama’s choice of Power to succeed Susan Rice , selected yesterday to become his national security adviser, elevates two women who favor a more muscular approach to Syria than does the president, according to Fred Hof, a veteran U.S. national security official who’s now a senior fellow at the Atlantic Council, a Washington policy group. That’s unlikely to alter Obama’s approach, he said. “I don’t think the personnel change changes the way the president processes all this stuff,” Hof, who was Secretary of State Clinton’s special representative on Syria, said in a telephone interview. “He’s really reluctant to use force here, even in the context of stopping war crimes .” Personal Opinions Power, a member of Obama’s inner circle since his 2008 presidential campaign, was director for multilateral affairs and human rights at the National Security Council until she stepped aside in February to tend to her two young children. Joseph Nye, former dean of the Kennedy School in Cambridge, Massachusetts, said he expects that Power will save her personal opinions on issues such as Syria for the president’s ears. “When advisers speak too much publicly about their views and their advice, it undercuts their effectiveness,” said Nye, author of a new book, “Presidential Leadership and the Creation of the American Era.” Power has advocated humanitarian intervention under a concept known as “Responsibility to Protect,” which calls on nations to prevent a repetition of the horrors in Rwanda, Bosnia and Kosovo. War Reporter Power’s views on such intervention were shaped by her experiences as a reporter covering the Balkan wars. Rice has said she regrets not having pressed for U.S. action to avert the 1994 genocide in Rwanda, when she was an NSC Africa adviser during the Clinton administration. At least 800,000 Rwandans were killed during about 100 days of ethnic violence. In a 2001 article in the Atlantic magazine, Power portrayed Rice during an inter-agency conference call as being more interested in the implications of any U.S decisions on Rwanda on midterm congressional elections. More recently, the two women worked together as part of the group of advisers who persuaded Obama to seek a UN Security Council resolution that authorized military action as Qaddafi was threatening to massacre civilians in Benghazi. At the UN, Power may find herself at odds with Russia’s envoy Vitaly Churkin , who has used his nation’s Security Council veto to block tougher UN efforts against Syrian President Bashar al-Assad. ‘Powerful Voice’ Dennis Ross , a former Obama adviser who now is counselor at the Washington Institute for Near East Policy, said he expects Power to be a strong presence in UN deliberations. “Sam Power brings lots of experience to the job and will be a powerful voice representing America’s interests and values -- and I hope she will be able to continue to play an active role in the Washington debates the way Susan has,” he said. Power examined the role of UN peacekeeping forces while she was writing a 2008 biography of UN diplomat Sergio Vieira de Mello, who was killed in a 2003 terrorist bomb attack in Baghdad when he was head of the UN mission there. Power drew unwanted attention during the 2008 presidential campaign when a Scottish journalist reported the reference to Clinton, Obama’s opponent for the Democratic nomination, as a “monster.” Power apologized and resigned from the campaign. After Obama’s victory, he named her to the National Security Council staff, and friends said she repaired her relationship with Clinton, who became secretary of state. Iraq War While supporting use of limited military force for humanitarian ends, Power opposed the war in Iraq, in part because the U.S. didn’t make an issue of Saddam Hussein ’s human rights record. In Power’s confirmation hearings, she may be asked about a 2002 interview -- subsequently disavowed -- in which she referred to Israel ’s “major human rights abuses” of Palestinians. She also described the pro-Israel lobby as a “domestic constituency of tremendous political and financial import,” cited the potential need for “meaningful military presence” to police an Israel-Palestinian peace accord, and seemed to advocate reducing military aid to Israel to help support a Palestinian state if there were a peace deal. Power was an academic at the Kennedy School at the time of the interview, conducted by Harry Kreisler of the University of California at Berkeley. The comments, contained in a YouTube excerpt posted on some conservative and Jewish-related blogs, had been highlighted by Obama’s critics during his first presidential campaign. Disavowed Comments In a 2008 interview with Israel’s Haaretz newspaper, Power disavowed her comments. Martin Peretz, then editor-in-chief of the New Republic magazine, wrote in her defense that he was confident that she “truly, truly loves Israel and the people of Israel.” Yesterday, the Anti-Defamation League, which calls itself the leading organization fighting anti-Semitism, was among the first groups to issue a statement praising Power’s selection by Obama. Born in Dublin, Power moved to the U.S. with her parents as a nine-year-old who had never been to America. “For the next three months, I came home from school every day -- as my mother can attest, my dad can attest -- and I sat in front of the mirrors for hours, straining to drop my brogue so that I too could speak and be American,” Power said yesterday at the White House. Magazine Columnist A graduate of Yale University and the Harvard Law School, she was a professor at the Kennedy School, where she taught courses on U.S. foreign policy, human rights and extremism, and where she was the founding executive director of the Carr Center for Human Rights Policy. She was a columnist at Time magazine, and has reported from global trouble spots including Bosnia, East Timor, Kosovo, Rwanda, Sudan and Zimbabwe. Power won a 2003 Pulitzer Prize for her book examining U.S. foreign policy toward genocide in the 20th century. In the Esquire article, which called them the “Fun Couple of the 21st Century,” Sunstein described a relationship that grew out of their time on the Obama campaign. They found they share a birth date -- September 21 -- played on Ivy League squash teams and are Red Sox Fans. “You know what they say,” he said. “Obama brings people together.” Eight years ago, writing in the New Yorker magazine, Power criticized President George W. Bush ’s selection of John Bolton - - a prominent critic of the UN -- as the U.S. ambassador to the world body. That appointment had “the look of a bureaucratic fix for an administration that doesn’t really care what happens to the UN,” she wrote. Still, she cited Bolton approvingly on one point, writing that “to be effective, the UN, as Bolton himself has said, ‘requires sustained American leadership.’” To contact the reporter on this story: Terry Atlas in Washington at tatlas@bloomberg.net To contact the editor responsible for this story: John Walcott at jwalcott9@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Symphony Technology Raises $870 Million Private-Equity Fund | Symphony Technology Group, a private-equity firm focused on software and technology services, completed fundraising for a new $870 million investment fund. As with previous funds, the largest investor is the firm’s founder, Romesh Wadhwani, according to a statement today from the Palo Alto , California-based company. It currently has 14 companies in its portfolio. Symphony acquires large stakes in public and private companies worldwide and then focuses on improving operations and boosting profit margins. The firm started buying shares of Finnish software developer Aldata Solution Oyj (ALD1V) in 2007 and now owns about 90 percent of the company. In 2009, it acquired MSC Software Corp., the developer of simulation software for manufacturers. Before starting Symphony, Wadhwani founded Aspect Development Inc., which was acquired for $5.6 billion in 2000. Before that, he started Cimflex Teknowledge Corp. To contact the reporter on this story: Ari Levy in San Francisco at alevy5@bloomberg.net To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Taiwan Stocks: Elan Microelectronics, Richtek Technology, TPK | Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the close in Taipei. The benchmark Taiex Index rose 0.1 percent to 7,545.71. Elan Microelectronics Corp. (2458) (2458 TT) increased 1.3 percent NT$42.15. The integrated circuit maker said April sales rose 21 percent to NT$565.16 million ($19.3 million), according to a statement to the Taiwan Stock Exchange. Richtek Technology Corp. (6286) (6286 TT) surged 3.5 percent to NT$205, headed for the highest close since June 9. The integrated circuit maker was raised to neutral from sell at UBS AG, which cited a higher margin outlook. TPK Holding Co. (3673) (3673 TT) lost 2.4 percent to NT$373. April sales fell 11 percent from a month ago to NT$11.86 billion, according to a statement on the company’s website. To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
G-20 Vows to Tackle Global Challenges as Stocks Slide on Recession Risks | Group of 20 finance chiefs pledged to address rising risks to the global economy and pushed Europe to contain its sovereign debt crisis after concern the world is on the brink of another recession sent stocks tumbling. Policy makers are “committed to a strong and coordinated international response to address the renewed challenges facing the global economy,” G-20 finance ministers and central bank governors said in a statement late yesterday in Washington. Many urged Europe to implement a July promise to expand the powers of its rescue fund, Japanese Finance Minister Jun Azumi said. The previously unplanned communique suggests authorities are alert to worries among investors, while they stopped short of outlining fresh policies to buoy growth. Speculation the G-20 may act to prevent the debt crisis from worsening left U.S. stocks swinging between gains and losses, European equities rebounding and Treasuries falling a day after the MSCI All- Country World Index dropped into a bear market for the first time in more than two years. “Verbal support without any concrete action is no longer convincing,” said Joe Lau, an economist at Societe Generale (GLE) SA in Hong Kong. “Investors are now looking for viable credible actions from policy makers and, given the amount of nervousness and uncertainty out there, that may not even be enough.” The European Central Bank may act to address risks to growth as soon as next month, Governing Council members Luc Coene and Ewald Nowotny said. An interest-rate cut isn’t ruled out, and the extension of long-term loans to banks is another possibility, Coene said in an interview. Stocks Rebound The Standard & Poor’s 500 Index added 0.4 percent at 2:24 p.m. New York time. Earlier today, it increased as much as 1 percent and slumped 0.7 percent. The Stoxx Europe 600 Index rose 0.6 percent after tumbling 2.6 percent. Ten-year Treasury yields increased 8 basis points to 1.80 percent after falling to a record low of 1.67 percent. Silver plunged 17 percent to extend its worst two-day slide in 31 years, and gold and copper retreated about 6 percent. The euro region vowed in the G-20 statement to increase the flexibility of the European Financial Stability Facility and to “maximize its impact” by the time the group next meets in Paris on Oct. 14-15. Some policy makers signaled earlier in the day they may use leverage to increase the firepower of the EFSF, which was designed to stem the sovereign-debt crisis. ‘Fragility’ The G-20 officials cited “financial system fragility” and “heightened downside risks from sovereign stresses” among the threats to growth. They said they will ensure banks are adequately capitalized and have access to liquidity, while reiterating an aversion to volatility in currency markets. The statement was released as the International Monetary Fund and World Bank prepare to start their annual meetings today, with data this week highlighting economic weakness around the globe and the IMF cutting its forecasts for global growth this year and next to 4 percent. U.S. consumer confidence dropped last week to its lowest point since the recession ended in 2009, and the output of European service companies and manufacturers this month shrank for the first time in more than two years. A preliminary index of purchasing managers suggested Chinese manufacturing may contract for a third month in September, the longest period in two years. FedEx Corp. (FDX) , an economic bellwether delivering goods from financial documents to pharmaceuticals, cut its full-year profit forecast as demand dropped in the U.S. and Asia. ‘Danger Zone’ “The world is in a danger zone,” World Bank President Robert Zoellick told reporters. Pacific Investment Management Co. Chief Executive Officer Mohamed El-Erian warned a fresh financial crisis is brewing, and Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. predicted a euro-area recession and interest rate cuts from the ECB are imminent. European authorities have drawn the most criticism for failing to contain a debt crisis that began in Greece two years ago and has since left that country on the verge of default, Portugal and Ireland requiring bailouts, and speculators threatening to dump the bonds of Italy and Spain. In a sign of growing irritation around the world, U.K. Chancellor of the Exchequer George Osborne said today the euro area needs to act by the time G-20 leaders meet in Cannes, France, during the first week of November. “Patience is running out in the international community,” Osborne told reporters. No ‘Blank Check’ In Washington, officials from China and Japan , the second- and third-biggest economies, indicated that their support for Europe will have limits and the region needs to solve the debt crisis itself. Japan’s Azumi said that while his nation can buy EFSF bonds if needed, there is no “blank check.” “At the margin we can do quite a bit to help,” Chinese central bank Deputy Governor Yi Gang said in a panel discussion at the IMF. At the same time, “the real solution of the European sovereign debt crisis has to be done by Europeans themselves.” Finance officials from Brazil , Russia , India , China and South Africa -- the so-called BRICS -- said in a statement they are “open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to financial stability.” U.S. Treasury Secretary Timothy F. Geithner predicted Europe will act “with more force” to end its troubles. More Scope For now, European parliaments are focused on approving a plan to widen the scope of the 440-billion euro ($593 billion) EFSF to allow it to buy the debt of stressed euro-area governments, aid troubled banks and offer credit lines. Its current role is to sell bonds to fund rescue loans for cash- strapped governments. The ratification process, which has so far been completed by just six nations, has drawn fire from some investors for being protracted and failing to provide the fund with enough cash to prevent the turmoil spreading beyond Greece. Curbing the scope of policy makers to do more is the suspicion that taxpayers in AAA-rated countries such as Germany and Finland would balk at stumping up even more rescue money. Speculation has grown that Europe may eventually ratchet up the fund’s spending power through leverage, with European Union Monetary Affairs Commissioner Olli Rehn and French Finance Minister Francois Baroin indicating yesterday they may be willing to do so. One proposal is for the facility to use bonds as collateral to borrow more cash from the ECB. Another idea is to mimic a U.S. program established following the 2008 collapse of Lehman Brothers Holdings Inc. by allowing the fund to offer the ECB credit protection for buying more sovereign bonds. European governments are also exploring speeding the setup of a permanent rescue fund to next July, a year ahead of schedule, an internal working paper shows. To contact the reporters on this story: Scott Rose in Washington at rrose10@bloomberg.net ; Simon Kennedy in Washington at Skennedy4@bloomberg.net To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
France’s Foreboding 1932 Elections | In April 1932, a struggle over trade policy between France and the U.S. was put on hold for the French election, which would mark a significant shift in the country’s economic and political position. Although French imports had fallen by about 40 percent in a year, exports had dropped further, yielding a deficit of almost 1 billion francs per month. The French created quotas for incoming goods and raised tariff rates to encourage the purchase of domestic substitutes, retaliating for the 1930 U.S. tariff increases. Traveling to the Geneva Disarmament Conference, U.S. Secretary of State Henry Stimson stopped in Paris for consultations with French Premier Andre Tardieu. But no profitable negotiations could be expected until elections for the National Assembly had been completed. Held in two stages -- a May 1 general canvas and a May 8 runoff for each district’s top two candidates -- the elections would either confirm the present policies or overthrow them. Although the outcome was “bound to have world-wide repercussions,” the campaign had become “inordinately dull,” the New York Times reported. The Times described French candidates as listless, “like actors who lose heart before an audience which is coldly indifferent to their efforts.” In the provinces, farmers feared a grim future, and sentiment in Paris wasn’t much better, the Times reported. “Even the partisan press cannot get up much enthusiasm.” Center-left leader Edouard Herriot blamed the slump on Tardieu’s center-right government, which he claimed had lost the people’s confidence. Tardieu predicted a leftist victory would trigger another economic crash. The first round returns proved inconclusive; 217 deputies secured majorities, with the rest of the 600 seats requiring runoffs. Still, more people voted than expected -- about 82 percent of the qualified electorate, versus the usual 70 percent to 75 percent. The results also showed a shift to the left was developing. But before politicking for the second round could get into high gear, a lone gunman assassinated French President Paul Doumer, the 75-year-old head of state who was as indifferent to ideology as he was to his personal safety. Doumer, widely beloved partly because he lost four sons in World War I, was shot leaving a book exhibit on war-veteran authors. His assailant, Paul Gorguloff, described as a “demented foreigner” and first thought to be a German agent, proved to be a Russian monarchist instead, causing some conservatives to assert he “belonged to the regular Bolshevist forces,” the New York Times reported. Still, the electorate selected more than 340 center-left and socialist deputies. This “extraordinary leftist sweep” surprised international observers who had expected the hard-line nationalism resulting from “Hitler’s challenge” to succeed in France. Instead, Herriot became premier, leading a Radical Socialist coalition, which the Times noted was “neither radical nor socialist but moderately liberal.” The Times commended France for refusing “to get panicky under provocation.” France would face provocation aplenty in the months and years ahead, part of it from the Fuehrer but nearly as much from deep internal conflicts. The right would rise again, claiming to battle Bolshevism while admiring the work Adolf Hitler was doing in Germany. ( Philip Scranton is a Board of Governors professor of the History of Industry and Technology at the University of Rutgers at Camden and the editor-in-chief of Enterprise and Society. He writes "This Week in the Great Depression" for the Echoes blog. The opinions expressed are his own.) To read more from Echoes, Bloomberg View's economic history blog, click here. To contact the writer of this blog post: Philip Scranton at scranton@camden.rutgers.edu To contact the editor responsible for this blog post: Kirsten Salyer at ksalyer@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
U.S. Companies Reporting Negative EPS Surprises, May 7 | The following U.S. companies reported negative earnings surprises today. This list ranks percent surprises of actual earnings to earnings estimates. Earnings estimates provided by Bloomberg. To contact the reporter on this story: Wendy Soong in New York at at csoong@Bloomberg.net. To contact the editor responsible for this story: Alex Tanzi at at atanzi@Bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Iranian Nuclear Weapons Reports `Untrue,' Foreign Minister Mottaki Says | Reports that Iran is trying to develop nuclear weapons “are untrue” and peaceful uranium enrichment is vital for the country’s energy needs, its foreign minister said before nuclear talks in Europe this week. World powers are “trying to stop our independence to establish a much-needed power plant,” Manouchehr Mottaki said today in Bahrain. “It is our right to create fuel and to deprive us of that right is scientific apartheid.” Iran’s nuclear program, which has drawn four sets of United Nations sanctions, is at the center of a dispute between the U.S., its allies and the Persian Gulf country. Iran says it is producing uranium to use as fuel in nuclear reactors to generate electricity while the other countries accuse it of trying to build atomic weapons. Iran’s President Mahmoud Ahmadinejad said Nov. 30 he is ready for nuclear talks with a European Union-led group that includes the U.S., China, Russia, France, the U.K. and Germany. The parties, which last met more than a year ago, will meet Dec. 6-7 in Geneva, the office of EU foreign policy chief Catherine Ashton said Nov. 12 in Brussels. U.S. Secretary of State Hillary Clinton said yesterday that the success or failure of talks next week on Iran’s nuclear program is “largely in the hands of the Iranians.” Speaking directly to Mottaki and other Iranian delegates at the opening session of a conference in Bahrain, Clinton said the U.S. hopes Iran comes to the Dec. 6 meeting “as we will -- in good faith and prepared to engage constructively” on nuclear issues. Technical Difficulties The International Atomic Energy Agency said in a report last month that Iran delayed plans to make fuel for a reactor and may have run into technical difficulties. The number of installed centrifuges that Iran uses to enrich uranium, the heavy metal used to fuel nuclear power plants and construct atomic bombs, fell to 8,426 from 8,856 three months ago, the IAEA said Nov. 23 in a restricted report obtained by Bloomberg News. Iran supports the creation of an international nuclear fuel bank, Mottaki said today. “Since we are a fuel producer we ask that a branch of the bank is established in Iran,” he said. State Department cables released by Wikileaks.org this week appear to show that Arab countries, including Saudi Arabia, had appealed to the U.S. to attack Iran to stop its nuclear program. Saudi Arabia has said it isn’t sure whether the cables are genuine. The Sunni Muslim kingdom and Iran, which follows Shiite teachings, are regional rivals. “We must not submit to pressures by outsiders on the region that divide us and create instability and create divisions among friends in the region,” Mottaki said today. “In the region it has been proven that foreign intervention creates unhealthy rivalries between neighbors.” To contact the reporter on this story: Vivian Salama in Bahrain via Abu Dhabi at vsalama@bloomberg.net. To contact the editor responsible for this story: Peter Hirschberg. at at phirschberg@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
U.S. Stocks Decline Amid Concern About Greek Debt Negotiations | U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a third day, as European leaders sparred with Greece over a second rescue program. Equities pared declines as some of the biggest technology companies rallied. Apple Inc. (AAPL) and Microsoft Corp. (MSFT) added at least 1.2 percent. Bank of America Corp. (BAC) fell 3 percent after Goldman Sachs Group Inc. cut its recommendation. Halliburton Co. (HAL) and Chesapeake Energy Corp. dropped more than 1.1 percent as oil slumped. Gannett Co. (GCI) , the owner of 82 newspapers including USA Today , tumbled 6.9 percent as its profit plunged 33 percent. The S&P 500 decreased 0.3 percent to 1,313.01 at 4 p.m. New York time. The benchmark index for American equities trimmed a decline of as much as 1.2 percent. The Dow Jones Industrial Average retreated 6.74 points, or 0.1 percent, to 12,653.72. “The low hanging fruit has been picked and now it’s a more difficult slog to get substantive changes in Europe ,” said Kevin Caron, a market strategist in Florham Park, New Jersey , at Stifel Nicolaus & Co, which has more than $107 billion in client assets. “There are near term doubts over the willingness of Greece and perhaps other countries to accept fiscal reforms. Anything that could interrupt further progress in the euro area could be met with an opportunity for traders to sell.” Today’s decline follows a four-week rally in the S&P 500, which was driven by the Federal Reserve ’s plans to keep interest rates low through at least late 2014 and better-than-estimated earnings. Of the 171 S&P 500 companies that reported results since Jan. 9, 113 posted per-share earnings that beat projections, Bloomberg data show. ‘National Dignity’ Greek Finance Minister Evangelos Venizelos rejected reports of plans to appoint a European Union commissioner to oversee the nation’s budget, citing “national dignity.” French President Nicolas Sarkozysaid Greek debt-swap talks with private bondholders are “going in the right direction” and the issue should be settled in the next few days. “The question isn’t whether or not Europe goes into a recession, but how deep that recession is going to be,” Tom Wirth, who helps manage $1.5 billion as senior investment officer for Chemung Canal Trust Co., in Elmira, New York, said in a telephone interview. “Greece as it stands currently is untenable. The market is getting comfortable with some sort of Greek default, whether it’s orderly or disorderly.” Financial shares had the biggest decline in the S&P 500 among 10 industries, falling 1 percent as a group. Bank of America dropped 3 percent to $7.07 after Goldman Sachs cut its recommendation for the shares to “neutral” from “buy.” Energy Stocks A measure of energy shares in the S&P 500 retreated 0.4 percent. Halliburton slumped 1.2 percent to $36.67. Chesapeake decreased 1.6 percent to $21.69. Nabors Industries Ltd. (NBR) gained 3.5 percent, the most in the S&P 500, to $18.56. Traders in the options market are betting the world’s largest land-drilling contractor may be a takeover candidate after the departure of its 81-year-old chief executive officer. In the past two weeks, calls priced 10 percent above Nabors’ stock rose the most in 18 months versus puts on one- month contracts, signaling traders are anticipating an acquisition, said JonesTrading Institutional Services LLC. Gannett tumbled 6.9 percent to $14.17. Revenue from the publishing division, the largest unit, declined 5.3 percent as advertising and circulation fell. The newspaper industry overall has continued to lose ad business to Internet companies such as Google Inc. and Facebook Inc. Staples Inc. (SPLS) declined 4.9 percent to $15.23. The world’s largest office products company was cut to “sell” from “neutral” by Goldman Sachs, which cited a “tough” outlook for the global printing segment. Apple Rallies Measures of telephone and technology companies in the S&P 500 rallied. Apple added 1.3 percent to $453.01. Microsoft gained 1.3 percent to $29.61. Verizon Communications Inc. (VZ) rose 1.1 percent to $37.61. Pep Boys -- Manny, Moe & Jack surged 24 percent to $14.93 after agreeing to go private in an acquisition by Gores Group LLC valued at about $791 million. The cash offer of $15 a share is 24 percent higher than Pep Boys’ closing price on Jan. 27, the companies said today in a statement. US Airways Group Inc. (LCC) rallied 4.2 percent to $8.52. Delta Air Lines Inc. (DAL) is studying a bid as North American carriers assess possible combinations after the bankruptcy of American Airlines parent AMR Corp., people familiar with the matter said. Valuations (SPX) for U.S. equities have been stuck below the five-decade average for the longest period since Richard Nixon’s presidency, a sign investors don’t trust earnings even after a three-year bull market. Record Profits Analysts estimate profits in the S&P 500 will reach a record $104.78 this year after increasing 125 percent since the end of 2009, the fastest expansion in a quarter century, according to data compiled by Bloomberg. American companies are boosting income so much that even after stocks doubled, the S&P 500 hasn’t traded above its 16.4 mean ratio for 446 days, the longest stretch since the 13 years beginning in 1973. Battered by the 14 percent decline in the S&P 500 since 2000, the worst financial crisis since the Great Depression and the flash crash 21 months ago, investors are staying away from stocks, even after record profits, 10 quarters of U.S. economic growth and promises by the Federal Reserve to keep interest rates near zero through 2014. Of the $37 trillion erased from global equities in the credit crisis, $24 trillion has been restored. “After two significant bear markets, the flash crash and the lost decade, many have simply said, ‘No mas,’” Howard Ward, who helps oversee $35 billion at Gamco Investors Inc. in Rye, New York, said in an e-mail on Jan. 24. “Of course, bull markets have a history of climbing a wall of worry. And it is happening again.” To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
ZINWELL CORP June Sales Rise 23.53% (Table) : 2485 TT | ZINWELL CORP (2485) said unconsolidated sales in June rose 23.53% to NT$881,322,000 from NT$713,474,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 6/2011 6/2010 Sales 881,322 713,474 YOY% 23.53% -----------------Year-to-date----------------- Sales 5,182,574 4,202,016 YOY% 23.34% ================================================================= | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Jordan Central Bank Governor Sees No Need for Further Interest Rate Cuts | The Jordanian central bank sees no need to cut interest rates further to stimulate economic growth, Governor Umayya Toukan said. “Interest rates are at 2 percent and I don’t think there is a necessity to use this again,” he said today in an interview at an economic conference in Kuwait, referring to the overnight window rate. Jordan, one of the smallest economies in the Middle East, imports more than 90 percent of its oil and relies on foreign investment and grants. The economy of the Arab country may expand at about 4 percent this year and in 2011, Toukan said. “There is momentum of course but before the crisis our growth rates were 7 percent,” he said. “Things are going back to normal but only gradually.” To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net. To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
BMW Predicts Record Profit in 2012 on Sales | Bayerische Motoren Werke AG (BMW) , the world’s largest maker of luxury vehicles , plans to surpass last year’s record profit in 2012 as a new generation of the 3-Series sedan boosts demand. Pretax profit this year will probably beat 2011’s 7.38 billion euros ($9.72 billion), the Munich-based company said today. The outlook exceeds the 7.06 billion-euro average estimate of 20 analysts surveyed by Bloomberg. “We are targeting new highs in sales volume and pretax earnings for 2012,” Chief Executive Officer Norbert Reithofer said at the company’s annual press conference. “We are off to a promising start” with car sales in the first two months of the year at an all-time high. BMW will add a second plant in China this year and is in talks with the Brazilian government to build a factory in the country as the luxury-car maker seeks to fend off efforts by Volkswagen AG (VOW3) ’s Audi and Daimler AG (DAI) ’s Mercedes-Benz to nab the segment’s lead spot. VW and Daimler forecast flat 2012 earnings, burdened by costs for cleaner technology and new models. The world’s top three upscale carmakers are all projecting sales records this year on growth in China and recovering spending in the U.S. After delivering 1.67 million cars last year, BMW expects to sell at least 2 million vehicles by 2016, four years earlier than planned, Reithofer said today. Steady Target “The outlook doesn’t look too ambitious,” said Juergen Pieper , a Frankfurt-based Bankhaus Metzler analyst with a “buy” rating on the shares. “BMW didn’t trust itself to raise its margin target range, but in this environment it’s understandable and fits to BMW’s conservative approach.” BMW traded down 7 cents, or 0.1 percent, at 70.98 euros as of 1:33 p.m. in Frankfurt after advancing as much as or 0.8 percent. BMW has risen 27 percent over the past 12 months, making it the third-best performer in the 14-member Euro Stoxx autos and parts index and valuing the company at 45.1 billion euros. Profitability at the automotive unit may decline this year as the debt crisis unsettles consumers in Europe and the introduction of new versions of the 3-Series and 1-Series compact boosts sales of the lower-margin models. ‘Uneasy Markets’ “Markets and consumers alike remain uneasy about the significant public debt and the euro crisis,” Reithofer said, projecting auto earnings before interest and taxes to be “at the upper end” of its 8 percent to 10 percent target range. That’s down from 11.8 percent in 2011. The maker of BMW, Mini and Rolls-Royce vehicles spent 500 million euros in the second half of 2011 to introduce new models. The expenses caused BMW’s auto margins to drop below Audi’s, which reported a 12.1 percent return on sales. Mercedes (DAI) , which is spending on a new line of small cars, posted a 9 percent Ebit margin in 2011. Investments to introduce the “i” electric-car sub-brand and to expand into new markets will likely burden profit more in 2012 than last year, Chief Financial Officer Friedrich Eichiner said today. “Key future projects are likely to result in a negative impact on earnings stronger than last year,” he said, adding that spending will still be less than 7 percent of sales. Higher Dividend BMW expects deliveries in 2012 to rise even as the debt crisis in Europe makes sales in its home region an “uphill battle,” Reithofer said last week at the Geneva motor show. The company projects sales this year to rise by at least 10 percent in China and by a “high single-digit” rate in North America , offsetting a market decline of as much as 5 percent in Europe. The luxury-car maker proposed a dividend of 2.30 euros per common share for 2011, an increase from the previous year’s 1.30 euros, after net income surged 51 percent to 4.91 billion euros. Reithofer’s total compensation for last year rose to 6.16 million euros from 4.3 million euros a year earlier, the company said in its annual report. Higher demand for luxury vehicles was also evident in the earnings of Porsche SE (PAH3) ’s carmaking unit. The maker of the 911 sports car, which is 49.9 percent-owned by Volkswagen, said today that 2011 earnings before interest and taxes climbed 22 percent to a record 2.05 billion euros. Sales rose 18 percent to 10.9 billion euros, lifted by demand for the Cayenne SUV. New Models BMW (BMW) introduced a new four-door version of the 6-Series coupe at the Geneva motor show last week, while the Mini brand announced plans to produce the Clubvan cargo vehicle starting in the second half, adding to the new two-seat roadster this year. The company plans to roll out 12 new and upgraded BMW and Mini models by this summer, Reithofer said today. In an effort to lower research costs for developing cleaner technologies such as fuel cells, BMW is in talks with General Motors Co. (GM) about a potential cooperation, adding to its existing partnerships with PSA Peugeot Citroen (UG) and Toyota Motor Corp. (7203) , Reithofer said March 6. To shore up its management ranks for its expansion, BMW appointed Milagros Caina-Andree as head of personnel. The Spanish-born executive will join the automaker in July from Deutsche Bahn AG (DBHN) ’s Schenker logistics unit, becoming BMW’s first female management board member. The appointment expands the board to eight. Current personnel chief Harald Krueger will take on a new role overseeing sales and product lines of the Mini and Rolls- Royce brands as well as BMW’s motorcycle unit. He will also expand BMW’s after-sales business. To contact the reporter on this story: Chris Reiter in Berlin at creiter2@bloomberg.net To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Verizon Asks U.S. for Access to High-Definition Sports Feeds in New York | Verizon Communications Inc. , the second-largest U.S. phone company, asked federal regulators to force Madison Square Garden Inc. to share its high-definition feed of games played by New York sports teams. Verizon lodged a complaint last year and filed a supplement with the U.S. Federal Communications Commission today, saying it may use new federal rules to gain access to the MSG Network and MSG Plus programming, the New York-based company said in a statement. Madison Square Garden also owns the New York arena, the Knicks basketball team and the Rangers hockey team. Madison Square Garden, which was spun off from Cablevision Systems Corp., is refusing to let Verizon buy high-definition telecasts for its FiOS television customers, Verizon said in a statement. AT&T, the biggest phone company, last week said it would file its own supplement unless the provider agreed to negotiate for access to the games. Madison Square Garden spokesman Dan Schoenberg said the company complies with federal regulations and is “pleased to have Verizon as a customer” for programming that’s not high definition. Verizon rose 16 cents to $28.71 in New York Stock Exchange composite trading at 4:01 p.m. The stock has declined 13 percent this year. New York-based Madison Square Garden increased 11 cents to $20.12 in Nasdaq Stock Market trading. Last year’s complaint and the supplement filed today name Cablevision and Madison Square Garden. Cablevision’s continued affiliation with MSG brings the company “within the sweep of the rules,” Verizon spokesman David Fish said. Krista Ostertag, a Cablevision spokeswoman, said the lack of high-definition programming has nothing to do with any problems Verizon may be having in the marketplace. “The idea that a phone company more than 10-times our size needs a regulatory bailout is absurd,” Ostertag said in an e- mailed statement. To contact the reporter on this story: Amy Thomson in New York at athomson6@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
RES Sells Half of Turkey Wind Farm to STFA Amid Renewables Drive | Renewable Energy Systems Ltd., a U.K.-based clean-energy developer, sold 50 percent of a wind farm in Turkey to STFA Yatirim Holding AS. The Evrencik wind plant in Kirikkale in the Thrace region has a capacity of 120 megawatts, according to a statement from Pragma Corporate Finance, which advised RES on the deal. The Hertfordshire, England-based company sold its share through its RES Anatolia unit, Pragma said. Terms were not disclosed. Turkey is seeking to boost renewable energy sources with plans to get 30 percent of its energy mainly from wind and solar power by 2023, according to the nation’s General Directorate for Renewable Energy. Currently, renewable energy excluding hydroelectric power generates 3 percent of Turkey’s energy, the directorate said in June. RES Anatolia and STFA, which provides services including construction and natural gas distribution, signed an accord to develop the plant in March. To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
MGM China Sees Macau’s VIP Gaming Business Continuing to Pick Up | MGM China Holdings Ltd. (2282) , the Macau casino unit of MGM Resorts International (MGM) , said it expects the city’s business from high-stake gamblers to continue to pick up “slightly” as the Chinese economy improves. Double-digit growth from VIP customers is “sustainable” for the industry and the casino operator’s business from high-stake gamblers is “solid,” Chief Executive Officer Grant Bowie said in an interview in Macau yesterday. High-rollers from China’s mainland curbed spending amid a slowdown in the world’s second-largest economy last year. In the first quarter, the city’s VIP baccarat revenue rose 9.8 percent to 57.82 billion patacas ($7.2 billion) from a year earlier. “Everyone was speculating some negative impact, but the leadership change wasn’t an impact,” Bowie said, referring to the government transition in mainland China. “There’s also a level of resilience in terms of how China market is performing relative to the global market.” VIPs account for about two-thirds of casino revenue in Macau. New attractions coupled with an improved rail connection with Northern China are drawing more mainland visitors to Macau, the world’s biggest gambling hub. MGM earlier this month posted a 9.7 percent increase in first-quarter profit, while turnover at its VIP-room gambling tables rose 15 percent from a year earlier. Macau, the only place in China where casino gambling is legal, raked in $38 billion in revenue last year, six times that of the Las Vegas strip. Deutsche Bank AG estimated casino revenue will rise 17 percent to $44.5 billion this year. To contact the reporter on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Cameron’s Speech on EU Helps Cut Opposition’s Lead, Survey Shows | An increase in Conservative support has seen the U.K. opposition Labour Party ’s lead over Prime Minister David Cameron ’s party halved after his speech on Europe last week, according to a ComRes opinion poll for the Independent on Sunday and Sunday Mirror. Support for Cameron’s Conservative Party has risen 5 points, to 33 percent, while Labour’s remains unchanged from last month on 39 percent, the poll shows. Support for the Liberal Democrats has increased 2 points, to 11 percent, while the U.K. Independence Party, which campaigns for an exit from the European Union, has seen its support fall by 4 points to 10 percent. Asked how they would vote if a referendum were held on Britain’s membership in the EU, 43 percent of those polled said they were in favor of leaving, a decline of 3 points compared with a similar survey in May 2012. Support for the U.K. leaving the EU regardless of a vote has dropped by 10 points, to 33 percent. The number of those who believe leaving the EU would be bad for the British economy in terms of lost jobs and trade has risen two points to 38 percent, according to ComRes. ComRes interviewed 2,035 adults online between Jan. 23 and Jan. 25. The data was weighted to be demographically representative of all adults and by past vote recall. To contact the reporter on this story: Mike Harrison in London at mharrison5@bloomberg.net To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Contador Cuts Into Froome’s Tour Lead as Cavendish Wins Stage 13 | Alberto Contador cut into Chris Froome’s overall lead by more than a minute as Mark Cavendish won a windy stage 13 of the Tour de France. Omega Pharma’s Cavendish outsprinted Cannondale’s Peter Sagan at the end of the 173-kilometer (108-mile) ride yesterday from Tours to Saint-Amand-Montrond for his second stage win of this year’s tour and the 25th in his career. “We knew the wind was strong, strong enough to break” from the peloton, Cavendish said. “The guys just rode out of their skins.” The riders go 191 kilometers today from Saint-Pourcain-sur-Sioule to Lyon. The Tour, which covers 2,116 miles, ends July 21 in Paris. Omega Pharma made its break at around 100 kilometers in yesterday’s stage. Contador’s Saxo Bank team made another break about 30 kilometers from the finish, and averaged 47.2 kilometers an hour during the ride. Team Sky’s Froome, a Kenyan-born Briton, started the day with a 3-minute, 25-second lead over Movistar’s Alejandro Valverde of Spain, with Belkin’s Bauke Mollema of the Netherlands another 12 seconds back. Mollema is now in second, 2:28 behind, while Contador is 2:45 behind Froome. Valverde dropped to 9:54 behind Froome. To contact the reporter on this story: Christopher Elser in London at celser@bloomberg.net To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Pound Climbs 3rd Day Versus Dollar as Confidence Rises | The pound rose for a third day against the dollar after reports showed U.K. consumer confidence and house prices both increased in January. Sterling advanced from near 13-month low versus the euro as the data spurred optimism the Bank of England’s credit-easing program is helping to encourage lending and boost the economy. A report yesterday showed U.K. mortgage approvals rose in December. Government bonds rose. “The improvement on consumer confidence and recent data, particularly bank lending, suggested that perhaps the Bank of England’s policy is starting to feed through into the real economy,” said Eimear Daly, head of market analysis at Monex Europe Ltd. in London. “That should make sentiment toward the pound less negative, given that it was battered lately.” The pound gained 0.4 percent to $1.5857 at 5:04 p.m. in London after rising to $1.5859, the highest level since Jan. 23. The U.K. currency appreciated 0.3 percent to 85.66 pence per euro after dropping to 86.07 pence yesterday, the weakest since December 2011. An index of U.K. consumer confidence increased to minus 26 from minus 29 in December, GfK NOP Ltd. said. The average cost of a British home rose 0.5 percent from December to 162,245 pounds, according to Nationwide Building Society. U.K. lenders granted 55,785 mortgages last month, the most since January 2012, the central bank said yesterday. Monthly Loss Britain’s currency is still heading for a sixth month of losses against the euro, dropping 5.5 percent in January, while it has fallen 2.5 percent against the dollar. The pound has slumped 3.2 percent this month, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies. The euro rose 2.9 percent and the dollar dropped 0.4 percent. The 10-year gilt yield fell two basis points, or 0.02 percentage point, to 2.10 percent. The 1.75 percent bond maturing in September 2022 gained 0.145, or 1.45 pounds per 1,000-pound face amount, to 97. The yield has risen 27 basis points this month. Gilts advanced along with German bunds and Treasuries as companies from Royal Dutch Shell Plc (RDSA) to Diageo Plc (DGE) reported results that fell short of analysts’ estimates, underpinning demand for safer assets. “This appears to be a risk-off day with equities looking a bit shaky,” said Jason Simpson, a fixed-income strategist at Banco Santander SA in London. “Our medium-term view is still for gilt yields to be higher. Growth is seen as sufficiently strong enough to prevent the need for more stimulus.” U.K. government securities have handed investors a loss of 2.1 percent in January through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bunds dropped 2 percent and Treasuries fell 0.9 percent. To contact the reporters on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net ; Neal Armstrong in London at narmstrong8@bloomberg.net To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Swiss Stocks Drop on Italian Government Confidence Vote | Sept. 30 (Bloomberg) -- Swiss stocks declined, after the benchmark Swiss Market Index posted a weekly loss, as Italian Prime Minister Enrico Letta fought to save his administration and the U.S. faced its first government shutdown in 17 years. Syngenta AG (SYNN) slid 2.7 percent after Citigroup Inc. lowered its recommendation on the world’s largest maker of crop chemicals. Clariant AG (CLN) slipped 0.9 percent as it acquired the organic pigment business of Jiangsu Multicolor Fine Chemical Co. Aryzta AG (ARYN) rose 3.1 percent as the owner of bakery businesses reported full-year revenue that beat analysts’ estimates. The SMI (SMI) fell 0.7 percent to 8,000.21 at 9:56 a.m. in Zurich. The equity benchmark has still climbed 3.3 percent in September, extending its gain this quarter to 4.1 percent, as the Federal Reserve refrained from reducing its monthly bond purchases. It has rallied 17 percent so far in 2013, the third-best performance by a European developed market. The broader Swiss Performance Index also slipped 0.7 percent today. The volume of shares changing hands in SMI-listed companies today was 12 percent lower than the average of the past 30 days, according to data compiled by Bloomberg. In Italy , Letta said he will request a confidence vote for Oct. 2 to try to save his five-month-old administration after Silvio Berlusconi withdrew his support from the ruling coalition and pulled his ministers from the cabinet. The U.S. government faces its first partial shutdown since 1996 at midnight tonight after a weekend without negotiations or compromise from either the House or Senate to avert it. U.S. Shutdown The House of Representatives voted 231-192 yesterday to tie funding for the federal government to clauses that remove many of the Affordable Care Act’s central provisions for one year. Should the Senate reject the bill today, the government may shut down from tomorrow. That would reduce fourth-quarter economic growth by as much as an annualized 1.4 percentage points, depending on its length, according to economists. The Congressional Research Office estimated that the shutdown from 1995 to 1996 cost the government $1.4 billion. To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Cameroon Coffee Growers Raise 1 Million High-Yield Java Plants | Cameroon coffee growers have planted about 1 million high-yielding java plants in the past four years, the group that supplied them said. The species is being grown on more than 1,000 hectares (2,470 acres), Christopher Mbah, general manager of the North West Cooperative Association Ltd., said today by phone from Bamenda, the group’s headquarters, about 400 kilometers (248 miles) northwest of the capital, Yaounde. The group, based in the country’s main arabica-producting region, represents more than 35,000 farmers. The plants are grown with minimal use of fertilizers and yield at least 1.5 metric tons of beans a hectare, compared with more traditional species that produced 250 kilograms (551 pounds) a hectare, according to Francis Fang, the cooperative’s president, in a July 23 interview in Bamenda. The association gave the plants to the farmers free. The North West region produces about 75 percent of the west-central African nation’s output of the arabica variety, Mbah said. Total production of arabica rose 17 percent to 3,500 tons in 2010, Michael Ndoping, general manager of the Cocoa and Coffee Board, said Feb. 21. Output of robusta beans rose 20 percent to 53,000 tons. Arabica coffee is grown mainly in Latin America and favored for specialty beverages such as those made by Starbucks Corp. Robusta, used in instant coffee and espresso, is harvested mostly in Asia and parts of Africa. To contact the reporter on this story: Pius Lukong in Yaounde via Accra at ebowers1@bloomberg.net. To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Marathon Taps Formula 1 Fan From Exxon to Follow Cazalot | Marathon Oil Corp. (MRO) , the U.S. oil producer that has been expanding exploration from Ethiopia to Texas, picked as its next chief executive officer the Exxon Mobil Corp. (XOM) engineer who helped oversee the global portfolio of the world’s largest energy company. Lee M. Tillman, 51, formerly Exxon’s vice president of engineering, will succeed Clarence Cazalot as Marathon’s CEO and president on Aug. 1, the Houston-based company said in a statement today. Cazalot, who has been CEO of the company since it was formed in 2002, is ending a 41-year career in the energy industry with his Dec. 31 retirement. Tillman will need to adjust to operating at a smaller company with fewer resources than Exxon, Fadel Gheit , a New York-based analyst at Oppenheimer & Co., said in a telephone interview today. His appointment was a surprise because Tillman doesn’t come from a company with Marathon’s narrow focus on exploration and production, Gheit said. “If he can adapt very quickly, I’m sure he will be a tremendous success,” Gheit said. “Let’s not forget that this guy has an incredible background and is obviously very qualified.” Tillman joined Exxon in 1989 after studying chemical engineering at Texas A&M University and Auburn University. His international assignments included postings in Scotland, Indonesia and Equatorial Guinea. The Texas native said in a 2012 interview with Dice Holdings Inc.’s Rigzone website that he had a “passion for cars” and that if he hadn’t become an engineer he would have been a Formula 1 race car driver. Cazalot’s Legacy Lee Warren , a Marathon spokeswoman, said neither Cazalot nor Tillman were available for interviews today. Marathon rose 2.9 percent to $34.37 at the close in New York and was the best-performing oil producer in the Standard & Poor’s 500 Energy Index. The stock has increased 12 percent this year. Cazalot, 62, led Marathon through its split from what became U.S. Steel Corp. (X) in 2002 and the consolidation of the company’s fuel-making business through the acquisition of Ashland Inc. (ASH) ’s stake in a joint venture three years later. In 2011, Cazalot reversed course and shed the refining unit after saying the effort to mimic the so-called integrated model of larger oil producers such as Exxon had failed. During Cazalot’s tenure, Marathon achieved average annual gains of 29 percent, outperforming Exxon’s 17 percent increases and Chevron Corp.’s 16 percent advances, according to data compiled by Bloomberg. Marathon’s lead director, Dennis H. Reilley, will become chairman of the board upon Cazalot’s departure, according to the statement. To contact the reporters on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net ; Edward Klump in Houston at eklump@bloomberg.net To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Manulife Posts C$1 Billion Profit on Wealth and Insurance Sales | Manulife Financial Corp. (MFC) , Canada ’s largest life insurer by market value, posted third-quarter profit that beat analysts’ estimates as wealth and insurance product sales increased. Net income was C$1.03 billion ($993 million), or 54 cents a share, compared with a loss of C$227 million, or 14 cents, a year earlier, the Toronto-based firm said today in a statement. Profit excluding some items was 36 cents a share, compared with the 35-cent average estimate of 12 analysts surveyed by Bloomberg. “Insurance sales increased modestly, but most importantly, were accompanied by much higher margins,” Chief Executive Officer Donald Guloien, 56, said in the statement. “Wealth sales were extremely positive across the board. The overall plan is unfolding extremely well.” The insurer’s wealth product sales gained 34 percent to C$11.3 billion from the same period last year, with the company’s funds under management reaching a record of C$575 billion. Insurance sales were up 4 percent. Manulife gained 0.2 percent to C$18.71 in Toronto yesterday. It has rallied 38 percent this year, beating the 34 percent gain by the 6-company Standard & Poor’s/TSX Life & Health Insurance Index. Sun Life Financial Inc. (SLF) , Canada’s third-largest insurer, said yesterday that net income from continuing operations slipped 27 percent to C$324 million. Operating profit, which excludes some items, was 69 cents a share, beating the 64-cent average estimate of 11 analysts surveyed by Bloomberg. Wealth-management and insurance sales rose. (Manulife is hosting an investor conference call at 2 p.m. Toronto time at 416-340-8018 or 1-866-225-0198.) To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
FedEx Locates Missing Shipment of Radioactive Rods Used for CT Scanners | FedEx Corp. has located a shipment of radioactive rods used in medical-imaging devices that was reported missing after a flight from North Dakota to Tennesssee. The “shipment has been found,” Sandra Munoz, a spokeswoman for the Memphis, Tennessee-based company, said in an e-mail. To contact the reporter on this story: Will Daley in New York at wdaley2@bloomberg.net To contact the editor responsible for this story: James Langford at jlangford2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Germany Revives Greece Debt-Swap Proposal as Banks Recommend Buyback Plan | Germany revived a proposal for a debt swap to lengthen Greek bond maturities as the chief of the biggest group of international financial companies recommended buybacks of outstanding Greek securities. The competing ideas underscore how investors and government officials are struggling to devise a role for creditors in a bailout of Greece without triggering a default. The financial firms will discuss a proposal from French banks to roll over 70 percent of bonds maturing by mid-2014 into new 30-year Greek securities backed by AAA-rated collateral. European Union leaders want creditors to voluntarily roll over about 30 billion euros ($43 billion) of Greek bonds to support official loans by the EU and the International Monetary Fund. “We’re going to discuss a range of options there, including variations on the original French proposal as well as options relating to buybacks,” said Charles Dallara , managing director of the Institute of International Finance. The Washington-based IIF represents more than 400 of the world’s biggest banks and insurers, including Deutsche Bank AG and BNP Paribas SA and has led the investor talks. Germany dropped the idea of a bond swap two weeks ago in the face of opposition from the European Central Bank after rating companies said it would probably be termed a default. Discussions have become possible again after the rating firms indicated that the French model would also create a so- called rating event, a German government official said by phone in Berlin today on condition of anonymity because negotiations on Greek debt are private. Credit Event While a swap might create a rating event, the German government sees it as limited to a short time, the official said. The proposal was first outlined by Finance Minister Wolfgang Schaeuble in a June 6 letter to ECB President Jean- Claude Trichet, the IMF’s then-acting chief, John Lipsky , and fellow euro-area finance ministers. In it, Schaeuble said maturities on Greek bonds should be extended by seven years to give the debt-wracked nation time to overhaul its economy. In Dallara’s view, Greece ’s next rescue package is more likely to succeed if it includes a plan to retire outstanding debt through organized buybacks. A buyback fund of about 50 billion euros, for example, could reduce Greece’s outstanding debt as a proportion of gross domestic product by as much as 20 percent, Dallara said by phone yesterday. He spoke en route to Paris, where he will meet with about 20 banks and insurance companies today to discuss the role of bondholders in the new package. Buybacks Rejected European authorities ruled out using bailout funds to retire Greek debt in March, a blow to Trichet, who pushed to give the EU’s 440 billion-euro rescue facility the power to buy debt in the open market and to finance buybacks. One year after the 110 billion-euro bailout that aimed to end the region’s debt crisis, Greece is in danger of defaulting without a new rescue package. Dallara, 62, said a buyback would work best if frontloaded because debt could be bought more cheaply and on a large enough scale to bolster market confidence. Such a program could use a market-related pricing mechanism and target a range of maturities, he said. A Greek buyback agency might operate alongside the IMF program, which could fund the effort or otherwise reassure creditors, he said. ‘Manageable Profile’ “Put that together with the primary surpluses which Greece intends to run from 2014 on, and you begin to see a much more manageable profile of the stock of Greek debt from around 2016 onward,” Dallara said. Greek government debt will rise to 158 percent of GDP this year from 143 percent in 2010, according to EU forecasts. Financial companies held informal meetings in Paris yesterday to prepare for today’s IIF talks. Deutsche Bank Chief Executive Officer Josef Ackermann , who also chairs the IIF, joined Schaeuble in Berlin on June 30 to announce an agreement by the country’s banks and insurers to roll over Greek debt holdings. Greek banks are willing to roll over their government bonds as part of an EU rescue plan that will keep the country out of financial markets for three years, Finance Minister Evangelos Venizelos said in an interview with Bloomberg Television in Athens yesterday. He also said Greece must avoid having rating companies cut the country to “selective default.” Greek banks are participating in the debt reduction talks, Dallara said. “We understand their concerns,” Dallara said. “Obviously we need to be quite sensitive to their concerns in light of the essential requirement of sustaining ECB funding to them.” To contact the reporters on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net ; Rainer Buergin in Berlin at rbuergin1@bloomberg.net To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Santorum Plan to Spur Workers by Cutting Aid Seen as Wrong Cure | Rick Santorum has a remedy for the U.S. jobs crisis: Make it harder to be unemployed. Generous government benefits, including as many as 99 weeks of unemployment insurance, explain why some companies are having trouble finding workers even with an 8.3 percent jobless rate, according to the Republican presidential contender. “When you have 99 weeks of unemployment benefits and you have a variety of other social safety net programs, people can make choices that they otherwise wouldn’t make,” the former U.S. senator from Pennsylvania said on Feb. 16 in Detroit. Economists say that while extended benefits may reduce incentives to work, Santorum is overstating the impact on the unemployment rate. And his proposed fix -- capping federal social spending and turning programs over to the states -- isn’t appropriate in such a weak economy, they say. “My research does not offer any support for” Santorum’s argument, said Jesse Rothstein, of the University of California at Berkeley, who wrote the most recent study on the effect of extended benefits for the unemployed. Santorum cites a historical precedent: To rein in federal spending and spur economic growth, benefits for the jobless, poor and hungry should be overhauled along the lines of the 1996 welfare-reform act. That bipartisan effort replaced a New Deal social program, which even many Democrats regarded as flawed, with less-costly benefits that were limited in duration and required applicants to work. Going After Programs “We will go after all of the means-tested entitlement programs -- Medicaid (USBOMDCA) , food stamps , all of those programs -- and do what we did with welfare,” Santorum said during a Feb. 22 Republican presidential debate. Rothstein’s study, released in October 2011, concluded that the average national jobless rate of 9 percent in early 2011 would have been just 0.1 to 0.5 percentage point lower if benefits hadn’t been extended. Much of that effect reflects decisions by long-term unemployed workers to continue searching for jobs to retain their eligibility for benefits, Rothstein, a former chief economist for the U.S. Department of Labor, says. It’s the Economy Some analysts also question the wisdom of applying the welfare-overhaul model to other social programs in today’s economy. The initial success of the 1996 welfare reform act in boosting employment and reducing poverty, especially among single mothers, came when the economy was growing more than 4 percent a year on average. It has expanded at less than half that pace since the recession ended in June 2009. Among families headed by single mothers, 31.6 percent were poor in 2010, the same percentage as in 1997, according to the Census Bureau. And, in July 1997, the month welfare reform took effect, the unemployment rate was 4.9 percent. “It really is about the economy and about having very few jobs available,” said LaDonna Pavetti, vice president for family income support policy at the nonpartisan Center for Budget and Policy Priorities in Washington. Hogan Gidley and Alice Stewart, representatives of the Santorum campaign, didn’t respond to e-mails seeking comment. The Republican presidential spotlight tomorrow reaches Michigan , where the near collapse of the automobile industry after the 2008 credit crunch drove unemployment to a peak of 14.1 percent in 2009, compared with a low of 3.3 percent in 2000. The state’s 9.3 percent rate in December is still a percentage point above the national figure. Jobs Aren’t There John Bierbusse, executive director of Michigan Works!, a nonprofit workforce-development agency, disputes the idea that ample benefits are allowing the unemployed to be overly choosy. Michigan (BEESMI) ’s average weekly benefit was $296 in 2010, an amount that on an annual basis would provide a family of four an income equal to two-thirds of the federal poverty standard. “If the jobs were there, people would flood back into the labor market,” said Bierbusse. Nationally, a 2010 study by two economists at the Federal Reserve Bank of San Francisco concluded that extended benefits were responsible for 0.4 percentage points of the 5.5- percentage-point increase in the jobless rate over the three years ending in the fall of 2009. The almost 10 percent jobless rate at the end of 2009 would have been 9.6 percent if benefits had been capped at 26 weeks, the study found. And the typical spell of joblessness would have been about 10 days shorter. Timing the Benefits “Extended unemployment insurance benefits have not been important factors in the increase in the duration of unemployment or in the elevated unemployment rate,” wrote economists Rob Valletta and Katherine Kuang. Earlier studies, extrapolating from recessions in the 1970s and 1980s, found larger effects. Factories then often timed temporary layoffs so workers were recalled as their unemployment benefits ran out. That made it appear that the workers had intensified their job searches because their weekly payments were running out. During recessions, lawmakers typically provide federal benefits for workers who exhaust their 26 weeks of state aid. With 5.5 million workers having been unemployed for more than six months, Congress agreed on Feb. 17 to extend benefits through the end of this year. The current 99-week maximum is the longest that unemployment benefits have lasted. The latest $30 billion extension gradually reduces eligibility periods. By year’s end, most states would cap benefits at 63 weeks while some high-unemployment states would provide an additional 10 weeks of help. Shortage of Jobs The nation’s 12.8 million unemployed outnumber available job openings by almost 4-to-1, according to the Labor Department. Still, James Sherk, an analyst at the Heritage Foundation , said lengthy aid programs only encourage the long-term unemployed to delay confronting the reality that they need to relocate or change industries to find work. “GM’s got about 40,000 hourly unionized workers; they’re never going back to 100,000,” he said. “The jobs don’t exist to re-employ all the workers that lost them.” Santorum says that with the baby boom generation beginning to retire, the country can’t afford “this explosion of benefits.” Enabling people to remain unemployed for an extended period only erodes their skills, he says, so extended aid should be coupled with required job training. Block Grants He and other Republicans want to turn food stamps, Medicaid (USBOMDCA) and other benefits into block grants. That means the aid would no longer be granted as entitlements to the poor. Instead, the federal government would set time limits and work requirements while providing states a flat amount and flexibility over spending. The welfare overhaul also aimed to reduce poverty and promote work by replacing the Aid to Families with Dependent Children entitlement with block grants to states. Individual benefits were capped, usually with a maximum of five years, and recipients were required to work after an initial period. Santorum has likened the mid-1990s challenge of cutting welfare rolls to the current situation with the Supplemental Nutrition Assistance Program. More than 46 million Americans receive benefits under the so-called food-stamp program, up from 27 million before the recession began in December 2007. The average monthly benefit per person is $134. “We cut the welfare rolls by 50 percent,” Santorum said in his speech to the Detroit Economic Club. “We did that at a time when welfare rolls were the highest level ever, just like food stamps are at the highest level ever.” Inevitable Reductions Reductions in federal social programs are inevitable amid trillion-dollar annual budget deficits, said Ron Haskins, a former Republican congressional aide who worked on the welfare overhaul. Requiring food-stamp recipients to show they are looking for work, which welfare reform mandated, would reduce the number of recipients, he said. After welfare was revamped, the poverty rate fell from 13.7 percent in 1996 to 11.3 percent in 2000. Amid the recession, the economy in recent years surrendered many of those gains. “When it was a very strong economy in the late-’90s, welfare reform worked very well,” said Pamela Loprest, director of the Urban Institute’s Income and Benefits Policy Center. “Individuals found jobs. Employment for single mothers went up. Now, these people aren’t able to work. They’re just poorer.” To contact the reporter on this story: David J. Lynch in Washington at dlynch27@bloomberg.net ; To contact the editor responsible for this story: Jeanne Cummings at jcummings21@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
South Africa PMI Drops to 3-Year Low, Indicating Factory Slump | South Africa ’s purchasing managers’ index fell to a three-year low in September as mining strikes spread and demand from Europe waned, Kagiso Tiso Holdings said. The seasonally adjusted index declined to 46.2 from 51 in August, Johannesburg-based Kagiso said in an e-mailed statement today. An index level below 50 indicates a contraction in factory output. The median estimate of four economists surveyed by Bloomberg was for the index to decline to 49.7. Manufacturing, which makes up 15 percent of the economy, contracted 1 percent in the second quarter, restricting growth in Africa’s largest economy to an annualized 3.2 percent. A strike that shut down Lonmin Plc. (LMI) ’s Marikana mine in August spread to gold and platinum mines and the transportation industry last month. “The pullback does not bode well for actual factory sector output in the third quarter,” Andre Coetzee, managing director of the Chartered Institute of Purchasing and Supply, which conducts the survey on behalf of Kagiso, said in the statement. Finance Minister Pravin Gordhan is set to lower his economic growth forecasts when he gives his mid-term budget on Oct. 24. In February, he predicted growth of 2.7 percent this year, compared with 3.1 percent expansion in 2011. The Reserve Bank on Sept. 20 held its benchmark repurchase rate at 5 percent, the lowest level in at least 30 years, as the European debt crisis saps demand for manufactured exports. The deficit on the current account, the broadest measure of trade in goods and services, widened to 6.4 percent of gross domestic product in the second quarter, the highest in almost four years, as exports slumped. The index measuring business activity dropped 7.6 points to 43, the lowest level since July 2011, Kagiso said. The new sales orders index declined 0.7 points to 46.2, while the employment sub-index fell to 46.5 from 51 in August, it said. The price sub-index rose 4.9 points to 75.8. The Bureau for Economic Research , based at the University of Stellenbosch near Cape Town , conducts the PMI survey along with the institute on behalf of Kagiso. To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
TUI’s L’Tur Unit Says Sales ‘Significantly’ Higher, FTD Reports | L’Tur Tourismus AG, majority-owned owned by TUI AG (TUI1) , said sales this year are “significantly” higher than last year, Financial Times Deutschland reported today, citing L’Tur Chief Executive Officer Markus Orth. The company is likely to reach its goal of having more than 1 million customers this year, as it starts selling its last- minute trips in TUI’s stores and because of a cooperation agreement with Deutsche Bahn AG, Orth said, according to FTD. To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
European November Services, Manufacturing Growth Unexpectedly Accelerates | Growth in Europe’s services and manufacturing industries unexpectedly accelerated for the first time in four months in November as companies weathered the debt crisis and cooling global growth. A composite index based on a survey of euro-area purchasing managers in both industries advanced to 55.4 from 53.8 in the previous month, London-based Markit Economics said today in an initial estimate. A reading above 50 indicates expansion. Germany has powered Europe’s recovery while other nations have failed to emerge from the slump as governments step up austerity measures to rein in budget deficits. Ireland on Nov. 21 became the second euro-area country, after Greece, to seek external aid. The economic rebound also is under threat from a global slowdown and a stronger euro. “This is obviously much needed good news for the euro zone, although it is notable and worrying that the periphery countries still appear to be struggling markedly,” said Howard Archer , chief European economist at IHS Global Insight in London. “It also remains to be seen how resilient activity will be over the coming months as fiscal tightening increasingly kicks in across the region.” The euro trimmed its decline against the dollar after the data, trading at $1.3568 at 11:05 a.m. in London, down 0.4 percent on the day after touching a low of $1.3527 earlier. The euro region’s services index rose to 55.2 in November from 53.3 in October, Markit said. The manufacturing gauge increased to 55.5 from 54.6. ‘Very Unbalanced’ Economic growth across Europe “remains very unbalanced,” said Chris Williamson , chief economist at Markit. “Growth outside of France and Germany appears to be stagnating at best.” The euro region’s expansion slowed to 0.4 percent in the third quarter from 1 percent in the previous three months, with expansion in Germany , Europe’s largest economy, slowing to 0.7 percent from a record 2.3 percent. Spain’s economy stalled and Greece shrank. While the global recovery helped companies from L’Oreal SA , the world’s largest cosmetics maker, to Hochtief AG , Germany’s biggest construction company, to beat third-quarter estimates, the euro’s 10 percent ascent against the dollar over the past six months may curb the pace of export growth. The Organization for Economic Cooperation and Development on Nov. 18 cut its global growth forecast for next year, predicting a “soft spot” on fading government stimulus measures. In the euro region, the economy may fail to gather strength in 2011, the Paris-based organization forecast. ‘Growth Impulses’ “After benefiting from some strong growth impulses in the first half of 2010, the world economy will become more subdued toward the end of the year and beyond,” Munich-based chemical maker Wacker Chemie AG said on Nov. 22. “The pace of global recovery is slowing.” Europe’s debt crisis is adding to concerns about the region’s economy. Ireland on Nov. 21 asked for help from the EU and the International Monetary Fund that Goldman Sachs Group Inc. estimates may total 95 billion euros ($130 billion). The Irish government made the request after European authorities expressed concern the crisis could spread to other euro nations such as Portugal. Luxembourg’s Jean-Claude Juncker , who leads the group of euro-area finance ministers, said yesterday that the bailout package was the “right answer” and will help “calm the financial markets.” EU Economic and Monetary Commissioner Olli Rehn said the region’s recovery is “still fragile and uneven.” The European Central Bank has extended emergency liquidity measures for banks into 2011 and stepped up purchases of government bonds. Still, ECB President Jean-Claude Trichet said as recently as Nov. 18 that the non-standard measures are “temporary” and the central bank must prevent crisis measures “evolve into a dependency.” “The markets still have a huge amount of uncertainty,” said Ken Wattret , chief euro-region economist at BNP Paribas in London. “It would make sense to slow down the exit.” To contact the reporter on this story: Simone Meier in Zurich at smeier@bloomberg.net To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
U.S. Companies Reporting Midmorning EPS, Jan. 11 | The following table lists the five U.S. companies that reported quarterly earnings today (end date of the quarter is noted in the last column). Companies are sorted alphabetically by ticker symbol. Earnings estimates provided by Bloomberg. To contact the reporter on this story: Wendy Soong in New York at at csoong@Bloomberg.net. To contact the editor responsible for this story: Alex Tanzi at at atanzi@Bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
U.S. Audit Watchdog to Ramp Up Enforcement, New Chairman Says | James R. Doty, the new head of the board that oversees auditors of U.S.-registered companies, said he expects the panel to ramp up the scale and number of its enforcement actions. Doty, 70, who took over as the chairman of the Public Company Accounting Oversight Board last week, said that the board -- which was established eight years ago -- has been building its capacity to scrutinize auditors certifying companies’ books. “We’re going to be litigating bigger cases, and there are going to be more cases litigated, because we have a bigger pipeline,” Doty said in an interview today. “We’re now further along in the process of developing inspection and enforcement.” Doty, who was general counsel of the SEC in the 1990s, said the board would act quickly to hire a new director of inspections as well as more inspectors. The PCAOB, created in the aftermath of Enron Corp.’s accounting scandal, sets standards for auditors certifying the books of companies with U.S.-registered securities. It is responsible for holding 2,500 registered firms to those rules. Its work is overseen and authorized by the SEC. From 2006 until last year, the board’s work was hampered by a lawsuit challenging its constitutionality. In June, the U.S. Supreme Court ruled narrowly in favor of the board. In its history, the PCAOB has resolved 36 enforcement cases, most of them by settling, said board spokeswoman Colleen Brennan. Only two were adjudicated, she said. Inspection Director On Monday -- less than a week after Doty began work -- the board announced the retirement of George Diacont, director of registration and inspection since the board’s beginning in 2003. Doty said that one of his first priorities is filling that position. Doty said the board is also “going to ramp up” negotiations with other countries, to improve the board’s ability to inspect auditors working overseas, particularly in China. In January, the board announced an arrangement with the U.K. to allow such inspections. Doty was appointed along with two other new board members: Jay D. Hanson, a former accounting partner at McGladrey & Pullen LLP in Bloomington, Minnesota , and Lewis H. Ferguson, formerly a partner at Gibson, Dunn & Crutcher LLP in Washington. Their arrival brings the board to its full strength of five members. While the outcome of the Supreme Court case was uncertain, former board members stayed in office well past the expirations of their terms. When it was founded, Congress decided that PCAOB member salaries would be commensurate with the private sector. As a result, pay for the panel’s five members far outpaces the norm for most government jobs. Doty earns $672,676, more than four times what Schapiro pockets as SEC chairman. Board members get $546,891, exceeding President Barack Obama ’s $400,000 salary. To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net. To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Frisco Gains the Most in 6 Weeks to Record on Concheno | Minera Frisco SAB, the mining company controlled by billionaire Carlos Slim , rose the most in six weeks after boosting this year’s investment plan to $ 1.2 billion to double the capacity of its Concheno project. Frisco rose 4.8 percent to 60.04 pesos, the highest ever for the stock, in Mexico City trading. Shares of Mexico City- based Frisco have doubled since the company was spun off from Slim’s holding company, Grupo Carso SAB, on Jan. 6. Frisco’s pre-spinoff value was 30.14 pesos. Concheno is a gold and silver project that will process 20,000 metric tons of minerals a day. Originally the company targeted capacity of 10,000 tons. Concheno is expected to start producing January 2012. “We have found very interesting mineral reserves, and that’s why we expect to double the capacity,” spokesman Jorge Serrano said today on an earnings conference call. Frisco is ready to issue peso, U.S.-dollar debt in the third quarter to complete the 2011 capital expenditure budget, he said. To contact the reporter on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net To contact the editor responsible for this story: Robin Saponar at rsaponar@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Brazilian Funds: Daily News Update | Manager Kondor LX FIC FI Multimercado was created. The inception Date is 9/12/2013. {CACX 81920143 <GO>} | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Kenya Central Bank Says It Has Adequate Foreign Reserves to Back Shilling | Kenya, East Africa’s biggest economy, has sufficient reserves to deal with any attempt by speculators to create an “artificial” shortage of foreign exchange, central bank Governor Njuguna Ndung’u said. Recent movements in the Kenyan shilling are an “over- reaction” to expectations of future shortages of foreign exchange because of higher oil prices and political turbulence in North Africa, Ndung’u said in an e-mailed statement today from Nairobi, the capital. The shilling has depreciated 6.4 percent this year to the weakest level since March 1994, making it the third-worst performer worldwide against the dollar after Suriname’s dollar and Vietnam ’s dong, according to data compiled by Bloomberg. The currency was trading at 86.15 per dollar at 4:15 p.m. in Nairobi, compared with 85.38 on March 11. Kenya’s total foreign- exchange reserves stood at $5.16 billion at the end of February, with commercial banks holding $1.2 billion of that amount, Ndung’u said. “Speculators, desirous of creating an artificial shortage, should note that the foreign-exchange reserves position far exceeds the capacity of such speculative positions,” he said. Traders have cited political unrest in North Africa and the Middle East, as well as speculative positions, as being among the reasons for the shilling’s weakness, Ndung’u said. Kenya ’s economic fundamentals “have not changed and remain healthy,” he said. “Hence, the economy should, as it has in the past, ride out these temporary volatilities. In addition, if the fundamentals change, even in the short-run, the exchange- rate policy provides the room for adjustment as an automatic stabilizer.” Economic growth in Kenya accelerated to 5.4 percent last year from 2.6 percent in 2009, and will probably reach between 6.5 percent and 8 percent over the next two years, according to the government. To contact the reporter on this story: Paul Richardson in Nairobi at pmrichardson@bloomberg.net To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Asiri Hospitals Gains Most in Seven Months in Colombo on $20 Million Loan | Asiri Hospitals Plc. rose the most in seven months in Colombo trading after obtaining a refinancing loan from the World Bank’s International Finance Corp. The shares rose as much as 11.4 percent on the Colombo Stock Exchange, heading for its biggest gain since Dec. 14, 2009, data on the Bloomberg showed. To contact the reporter on this story: Anusha Ondaatjie in Colombo at anushao@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Hostess Liquidation Needs Control by Trustee, U.S. Says | The U.S. trustee in the bankruptcy of Hostess Brands Inc. asked a judge to take control of the company’s liquidation away from the baker of Twinkies and Wonder bread. U.S. Trustee Tracy Hope Davis today urged U.S. Bankruptcy Judge Robert D. Drain in White Plains, New York, to convert the case to a Chapter 7 from Chapter 11, based partly on the company’s intent to pay executive bonuses. Hostess officials “have not demonstrated that the insider bonuses are permissible,” Davis wrote in a court filing. The U.S trustee, part of the U.S. Justice Department, filed the objection before a bankruptcy court hearing today in White Plains. Hostess, based in Irving, Texas , said Nov. 16 it would shut down and fire more than 18,000 workers after a strike by its bakers’ union slowed production. The case is In re Hostess Brands Inc., 12-22052, U.S. Bankruptcy Court, Southern District of New York (White Plains). To contact the reporter on this story: Phil Milford in Wilmington, Delaware at pmilford@bloomberg.net To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Micex Fluctuates as Surgut Climbs, TMK Drops on MSCI Wagers | Russian stocks moved between gains and losses as oil producer OAO Surgutneftegas climbed after profits rose and pipemaker OAO TMK dropped on concern it will be cut from a gauge tracked by equity investors. The Micex Index (INDEXCF) traded little changed at 1,513.32 by 1:20 p.m. in Moscow after adding as much as 0.4 percent earlier. Markets were closed yesterday for a public holiday. Surgutneftegas jumped 1.2 percent to 29.10 rubles. TMK lost 3 percent to 90.25 rubles. Surgut said nine-month profit surged 72 percent to 204.8 billion rubles ($6.3 billion), according to Russian accounting standards, compared with the same period a year earlier. TMK, the world’s biggest pipemaker by output, may be removed from MSCI Inc.’s Russia Index, VTB Capital said Oct. 31. MSCI announces the index rebalancing results on Nov. 7. “TMK’s possible exclusion from MSCI Russia is a negative factor for the shares,” Oleg Popov, who manages $1 billion of securities for Allianz Investments, said by phone in Moscow. The ruble’s 6.1 percent slide versus the dollar this year led to an “earnings boost,” he said. “The company is very dependent on the ruble’s movements.” Most of the $30 billion of cash held by Surgutneftegas is in dollars, meaning a depreciation in the ruble leads to exchange gains, higher net income and increased dividends, paid as a proportion of profit. The preferred shares rose 1.5 percent. “Surgut’s results are a positive surprise, especially for preferred shareholders who now may expect a higher dividend, which we estimate may exceed 2 rubles,” Alexei Kokin , an analyst at UralSib Capital in Moscow, said by phone. Rostelecom Buyout OAO Rostelecom’s preferred shares rose 1.9 percent to 76.64 rubles after the Vedomosti newspaper reported the fixed-line operator may make a new buyout offer to minorities. OAO Mechel (MTLR) , Russia’s biggest coking-coal producer, increased 1.5 percent to 104.10 rubles. Oil in London was steady at $106.25, while crude in New York traded at $94.45. Russia receives about half its budget revenue from natural gas and oil. The RTS Index (RTSI$) slid 0.4 percent to 1,468.71, after a 1.1 percent drop last week. The dollar-denominated gauge entered a bull market on Oct. 10, rising 20 percent from this year’s low. Russian equities have the cheapest valuations among 21 emerging economies monitored by Bloomberg, with shares on the Micex trading at 4.3 times projected 12-month earnings, compared with a multiple of 10.4 for the MSCI Emerging Markets Index. Ten-day price swings on the Micex fell to 9.232 from 9.242 on Nov. 1. To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
THINTECH MATERI December Sales Fall 1.38% (Table) : 3663 TT | THINTECH MATERI said unconsolidated sales in December fell 1.38% to NT$458,249,000 from NT$464,668,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 12/2011 12/2010 Sales 458,249 464,668 YOY% -1.38% -----------------Year-to-date----------------- Sales 5,034,256 3,814,386 YOY% 31.98% ================================================================= | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Indian Rupee, Bonds Set for Weekly Drop on U.S. Stimulus Concern | India ’s rupee and bonds headed for the biggest weekly loss in more than two months on concern the U.S. will pare stimulus earlier than anticipated, damping demand for emerging-market assets. Government data yesterday showed the world’s largest economy expanded at a faster pace than estimated last quarter, and an employment report today is predicted to show the U.S. added 120,000 jobs last month. Another negative for the rupee is the Reserve Bank of India’s decision to cut direct dollar supplies to oil refiners, according to a research note by Credit Agricole CIB strategist Dariusz Kowalczyk. That pressures the currency as the nation runs a current-account deficit. “India is definitely not one of the better fundamental countries,” Ilan Solot, a strategist at Brown Brothers Harriman & Co. in London , said yesterday. “In a period of risk aversion, the rupee is probably one of the top currencies to be sold.” The rupee fell 1.5 percent this week and 0.4 percent today to 62.6550 per dollar as of 10:13 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. It touched 62.74, the lowest level since Sept. 30. One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, rose 203 basis points, or 2.03 percentage points, from Nov. 1 to 12.25 percent. The yield on the 7.16 percent government bonds due May 2023 advanced 18 basis points this week to 8.88 percent, according to prices from the central bank’s trading system. The rate climbed three basis points today and is at its highest since Aug. 28. The Reserve Bank of India has reduced direct dollar supplies to oil refiners by 30 percent to 40 percent, Economic Affairs Secretary Arvind Mayaram told CNBC TV-18 yesterday. Credit Rating India’s credit rating may be cut to junk next year unless elections due by May lead to a government capable of reviving economic expansion, Standard & Poor’s said in a statement yesterday. S&P expects to review the rating in 2014 after assessing the next government’s plans and could demote the nation if “policy drift” continues, it said, while reaffirming India at BBB-, the lowest investment grade, with a negative outlook. India is scheduled to auction 150 billion rupees of bonds maturing in 2019, 2023, 2032 and 2042 today. U.S. data is today projected to show the unemployment rate rose to 7.3 percent from 7.2 percent. The economy expanded at a 2.8 percent annualized rate last quarter, exceeding the median of economists’ forecasts for 2 percent growth. Three-month onshore rupee forwards fell 0.1 percent to 64.09 per dollar, data compiled by Bloomberg show. Offshore non-deliverable contracts dropped 0.2 percent to 64.42. Forwards are agreements to buy or sell assets at a set price and date. Non-deliverable contracts are settled in dollars. To contact the reporter on this story: Jeanette Rodrigues in Mumbai at jrodrigues26@bloomberg.net To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Scientists Solve DNA Puzzle of Cord Stem Cell Infection | Researchers studying diseases with an unknown cause may have a new method to try, as scientists reverse engineered a new bacterium responsible for a syndrome discovered fewer than two years ago. The quest began in 2011, after doctors reported a syndrome they called cord colitis in a small group of patients treated with umbilical cord stem cells for blood cancer and other hematologic diseases. Researchers at Dana-Faber Cancer Institute in Boston hypothesized that the new ailment, which responded to antibiotics, stemmed from a previously unknown infectious agent. Bacteria are typically identified after investigators obtain a living sample and grow it in laboratory dishes. In the case of cord colitis, all the researchers had was preserved biopsy specimens from colons of treated patients that weren’t alive and couldn’t grow. After sequencing the DNA from the specimens and eliminating those identified as human, they began assembling pieces of the genetic jigsaw puzzle that was left. “If these patients had an infection, there should be human cells and bacterial cells,” said Ami Bhatt , the lead researcher and a clinical fellow in hematology and oncology at Dana-Faber. “What I expected to find was some weird variety of E. coli” or a similar bacteria found in the gut, she said in a telephone interview. “We didn’t find much of those at all.” Meticulously fitting the DNA pieces together, aided by overlapping sequences that provided some continuity, the researchers assembled a draft genome that seemed to resemble a bacteria typically found in agriculture. They named it bradyrhizobium enterica. First Feat “This is to my knowledge is the first example of discovering a new bacteria using sequencing of a human disease tissue specimen,” Bhatt said. “It is a proof of concept: That from a human disease tissue specimen, you can go in with the hypothesis that the disease is caused by an infection and you can identify a yet undiscovered bacterium.” The researchers compared DNA from the bacteria they assembled using tissue from two patients to biopsy specimens taken from three others with cord colitis. Testing showed similar genetic traits in all three. Another test run against samples taken from healthy people and those with colon cancer or graft-versus-host disease failed to find a match. The assembly of the B. enterica genome by sequencing DNA taken from biopsy samples “is an amazing accomplishment,” wrote Eric Pamer, from Memorial Sloan-Kettering Cancer Center in New York , in an editorial that accompanied the report in the New England Journal of Medicine. It doesn’t, however, prove the bacteria caused the infection, he wrote. Distinct Species There are hundreds of distinct bacterial species in the healthy human gut, he wrote. The treatment stem-cell transplant patients first undergo to wipe out their immune system and allow the new cells to engraft can increase their susceptibility to microbial invasion, he said. Some microbes, meanwhile, don’t cause disease and are instead targets of the immune system. The new bacteria may be a target of the patient’s immune system after it starts to recover from treatment, he said. “For now, B. enterica stands indicted and presented as a possible perpetrator,” he wrote. “The final verdict, however, awaits additional evidence.” Publication of the work thus far should help the researchers, Bhatt said. She is hoping doctors treating umbilical cord stem-cell transplant patients with cord colitis may led to samples that could be conventionally tested and grown. Researchers working in agricultural genetics may be able to run the new bacteria against their own databases, and help further identify the microbe. “We have the genome sequence but we don’t yet have the organism,” she said. “There is a lot of work to be done to determine if this is the cause of the disease.” To contact the reporter on this story: Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Thailand’s Big Brother Drama | “Welcome to the Republic of Thaksin.” You won’t see these words displayed in the customs hall when arriving in Thailand, but the Land of Smiles has indeed morphed into the land of Thaksin Shinawatra. That should be giving Southeast Asia’s second-biggest economy plenty to frown about. Seven years after the former prime minister was ousted in a coup, Thaksin’s long shadow continues to dominate Thai politics. Since then, the country has seen six prime ministers, the most recent one being Thaksin’s baby sister, Yingluck Shinawatra. Like many loving siblings, Yingluck looks out for her kin. Recently she tried to ram a get-out-of-jail-free card for Thaksin and other politicians through the parliament -- as big a political blunder as Asia has seen in years. Markets plunged and more than 32,000 people joined demonstrations in the capital and 17 other provinces. This week, Yingluck backed down and agreed to scrap the bill for now. But anyone who thinks that’s the end of Thailand’s Thaksin nightmare is wrong. The proud and acerbic billionaire, Asia’s answer to Italy’s Silvio Berlusconi , isn’t about to shelve his obsession with returning home, reclaiming the portion of his telecommunications fortune frozen by the state and succeeding his sister. Many fear Yingluck is little more than a placeholder for big bro. Thaksin’s Ambitions With his ambitions thwarted for now, the focus has turned to how much money this setback will cost Thaksin. Thais should be worrying instead about how much this political circus is hurting their $366 billion economy. Every day that politicians and policy makers in Bangkok spend obsessing over Thaksin’s return is one that’s not being used to modernize the economy, increase competiveness and avoid the “middle-income trap” that befalls many developing nations and may soon ensnare Thailand. The politics of personality aren’t confined to Thailand. Asia is awash with larger-than-life populists bigger on charisma and spin than concrete reforms: leaders like Shinzo Abe in Japan, Xi Jinping in China and, in some ways, Benigno Aquino in the Philippines. The same problem afflicts several figures who have yet take the helm, including India’s Rahul Gandhi. All have neglected tough policy work in hopes that a strong personality will be enough to carry them through and bolster their approval ratings. But Thaksin raised the strategy to an art form, essentially making an entire nation about him. His tenure from February 2001 to September 2006 saw nothing less than the wholesale bastardization of Thai democracy. He neutered its institutions and enriched his family members and cronies in ways that would have made a Russian oligarch blush. Like former Italian Prime Minister Berlusconi, Thaksin was a powerful tycoon who leveraged his business success to become leader. Thaksin, like Berlusconi, was later accused of bending the government to his will and in alignment with his business interests. He got away with it by literally bribing the rural communities that formed his power base. His “Thaksinomics” program of flooding the hinterlands with cheap loans was never more than Tammany Hall-like doling out of cash for support. The money did nothing to improve the economy’s fundamentals or capacity for innovation. It’s a strategy Yingluck copied early and often after becoming prime minister in 2011. Take her disastrous rice-subsidy plan, which by the latest estimate has cost $19 billion since October 2011 and over time has recorded losses equivalent to 59 percent of that figure. Distorted Markets Thailand is now sitting on two years of export production, which has distorted rice markets in the Mekong River region and cost Thailand the title of world’s biggest rice exporter. What’s depressing is that in that time Thailand could have, say, built a new state-of-the-art airport. Instead Suvarnabhumi Airport, opened the same month in 2006 in which Thaksin was ousted, continues to struggle with capacity constraints that are impeding the all-important tourism market. Why champion such a debacle? The rice program is sure to pay huge dividends for Yingluck, and by extension Thaksin, come early 2014 when her government may call a snap poll. The hope would be for Yingluck’s party to demonstrate enough of a mandate to resurrect the amnesty bill. To do that, they will need the farmers. Hence the linear focus on boosting rice prices. It’s frustrating to think where Thailand might be today had the nation not squandered the last seven years on all things Thaksin. By overreaching so spectacularly with the amnesty bill, Yingluck displayed a level of cluelessness that will further hobble her ability to govern. The bill might have gotten further if it had also applied to people charged with lese-majeste, which mandates prison sentences as long as 15 years for defaming or insulting the king, queen, heir apparent or regent. Instead the bill would have allowed Yingluck’s brother, army officers and former Prime Minister Abhisit Vejjajiva , who faces murder charges for authorizing soldiers to use weapons during unrest in 2010, to walk free -- not average Thais. It left the pro-Thaksin Red Shirts and opponents known as the Yellow Shirts wondering who, or what, they had been fighting for. It’s time that the Republic of Thaksin became less about one man and more about the aspirations and needs of Thais. ( William Pesek is a Bloomberg View columnist.) To contact the writer of this article: William Pesek in Tokyo at wpesek@bloomberg.net. To contact the editor responsible for this article: Nisid Hajari at nhajari@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Corn Reaches 13-Month High on Signs of Worsening U.S. Drought | Corn touched a 13-month high in Chicago as damage from the worst U.S. drought in a generation stoked concern yields will drop. Soybeans declined. The Department of Agriculture cut its ratings for U.S. corn conditions for a sixth week yesterday, while heat indexes in Illinois, Indiana and Wisconsin may top 100 degrees Fahrenheit (38 degrees Celsius) today, National Weather Service data show. Grain and oilseeds are the best performing commodities this year among 80 raw materials tracked by Bloomberg. The rally may drive world food costs to a record this year, Danske Bank A/S said. “Until the weather changes significantly, we’re going to continue to see the uptick in corn,” William Adams , a fund manager at Resilience AG, said by telephone from Zurich today. Extended dryness may spur the USDA to cut its crop forecast next month, and “if numbers come through dramatically worse, we will push prices to $8 and potentially have another 50 cents to a dollar higher in the move,” he said. Corn for December delivery was little changed at $7.7225 a bushel on the Chicago Board of Trade by 1:06 p.m. in London after touching $7.89, the highest since June 9, 2011. Futures also fell as much as 1.3 percent today on concern a price surge since mid-June would cut demand from ethanol producers and livestock feeders. The most-active contract hit an all-time high of $7.9925 during the food crisis in June 2008. Soybeans, Wheat Soybeans for November delivery fell 0.7 percent to $15.7975 a bushel after reaching $16.07, the costliest for the most- active contract since July 2008. Wheat for September delivery fell 0.4 percent to $8.8125 a bushel. U.S. corn production may total 12.97 billion bushels this year, or 12 percent less than the record 14.79 billion projected in June, the USDA said July 11. Output is still expected to be larger than the 12.36 billion bushels produced last year, when hot weather also damaged crops. Mostly above-normal temperatures and below-normal rain are expected to persist across the Midwest for at least the next 10 days, forecaster Telvent DTN said in a report yesterday. Thirty- one percent of U.S. corn was in good or excellent condition as of July 15, the worst rating for this time of year since a drought in 1988, the USDA said. Forty percent of crops had the top ratings a week earlier. 30% Drop? “If the weather pans out in the next few weeks the way it’s forecast, we could see U.S. corn production down 25 to 30 percent year-on-year,” Paul Deane , an analyst at Australia & New Zealand Banking Group Ltd., said from Melbourne. An estimated 34 percent of soybeans got the top ratings as of July 13, also the worst reading at this time of year since 1988, the USDA said. About 63 percent of the Midwest had moderate to extreme drought as of July 10, according to the U.S. Drought Monitor in Lincoln, Nebraska. In China , the world’s largest soybean buyer, the January- delivery contract dropped 1.3 percent to 4,757 yuan ($746) a metric ton after rising to the highest price for the most-active contract in Dalian since July 2008. Soybean meal for May delivery slumped 2.3 percent to 3,412 yuan a ton. “Local soybean meal has surged so much that a ton of soybean meal is now worth more than a ton of steel rebar used in the construction field,” Lin Ruhan, general manager of Shanghai Futures Investment Co., said by phone today. “It’s time for investors to pause and take a look at the fundamentals.” In Paris, November-delivery milling wheat fell 0.2 percent to 264.25 euros ($324.49) a ton on NYSE Liffe after touching 269 euros, the highest ever for the contract. Prices have rallied 30 percent since mid-June on weather concerns in the U.S., European Union and former Soviet Union. Rapeseed for November delivery declined 0.4 percent to 518.75 euros a ton after touching a record 524.75 euros yesterday. Wet weather has delayed barley harvesting in Germany and poses a “great risk” to wheat, which may suffer damage from mold, agriculture lobby Bundesverband der Agrargewerblichen Wirtschaft e.V. reported yesterday. In Russia , drought has damaged 1.5 million hectares (3.7 million acres) of grain, the Agriculture Ministry said today. To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net ; Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Euro Crisis to Hurt Korean Companies Most, Morgan Stanley Says | Companies in Korea, Thailand and Indonesia are the most at risk of default in Asia should a worsening debt crisis in Europe dry up dollar flows into the region, according to Morgan Stanley. (MS) “The biggest risk to Asian credit markets of a worsening European debt crisis is a deterioration in global funding markets,” the New York-based bank’s chief Asia credit strategist, Viktor Hjort , wrote in a July 25 note to clients. “Funding market contagion represents real default risk .” Korea South-East Power Co. and Hai Chao Trading Co. are among companies that postponed bond sales earlier this month, citing volatile markets, only to resurrect them when conditions improved. Europe’s debt crisis prompted Moody’s Investors Service to cut Greece’s credit rating three levels to Ca this week, its second-lowest ranking. The New York-based company said the European Union’s latest rescue plan for the nation will cause substantial losses for investors and amount to a default. Banking systems in Asia that are most exposed include those with a significant reliance on wholesale, as opposed to deposit, funding and those in countries where there is limited government support from foreign exchange reserves, Hjort wrote. China ’s “deep deposits” and currency reserves make it the least exposed, followed by Malaysia, according to the report. EU leaders reached an agreement on a second rescue package for Greece worth 159 billion euros ($230 billion) on July 21 and strengthened the region’s bailout mechanism to offer protection to other euro-region nations in a bid to stamp out contagion from the crisis. Markets in Asia remain highly “sensitive” to the euro crisis, and the U.S. growth outlook, and it’s “difficult to position a 100 percent Asia credit portfolio without a view on those global risks,” Hjort wrote. To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Certificate of Deposits Reported: India Money Markets | Following is a table showing certificate of deposits reported by Companies. The data has been provided by the Fixed Income Money Market & Derivatives Association of India. Contributed via: Bloomberg Publisher WEB Service Provider ID: 21093c150ecd48d292f628ca6ca1763a | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Congo Affidavit on Gecamines Deal May Allow IMF Loans to Proceed | The Democratic Republic of Congo’s release of an affidavit explaining a mining deal by state-run Gecamines may allow the International Monetary Fund to proceed with loans for the country, an official at the lender said. The IMF halted loans to Congo last year after the country failed to provide full details of the deal with a company held by Israeli billionaire Dan Gertler. Gecamines Chairman Albert Yuma and Mines Minster Martin Kabwelulu signed an affidavit on May 7 detailing the 2011 transfer of 25 percent of Eurasian Natural Resources Corp.’s Comide copper and cobalt project. “While the publication of the affidavit allows the Fund to move forward with a new program, there still remain weaknesses in governance and transparency in the management of mineral resources, some of which have been revealed by this transaction,” Oscar Melhado, the Congo representative of the Washington, D.C.-based IMF, said today by e-mail. Yuma and Kabwelulu didn’t immediately respond to e-mails and messages left on their mobile phones seeking comment. Congo lost out on $225 million in loans after the IMF cut its program last November. The cancellation also postponed consideration by the African Development Bank of a possible $87 million in budget support to the central African country. Congo, the eighth-largest copper producer in 2012, tied for last in this year’s UN Human Development Index, measuring indicators of poverty, health, education, and gender equality. To contact the reporter on this story: Michael J. Kavanagh in Kinshasa on Mkavanagh9@bloomberg.net. To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Planned Parenthood Wins Delay of Wisconsin Abortion Law | Planned Parenthood of Wisconsin Inc. won a federal court order delaying enforcement of a new state law requiring abortion providers to have hospital admission privileges within 30 miles of their clinic. U.S. District Judge William M. Conley in Madison, the state’s capital, today issued a temporary order delaying enforcement of the provision signed into by Governor Scott Walker on July 5. The American Civil Liberties Union filed suit on behalf of Planned Parenthood that day, asking the court to block the measure they said was unconstitutional. The effective date of the law was today. “There is a troubling lack of justification for the hospital admitting privileges requirement,” Conley said in an 19-page ruling, adding that U.S. Supreme Court precedent places the burden upon states to show such laws are “reasonably directed to the preservation of maternal health.” Wisconsin is one of several states where legal battles are taking place over newly introduced hospital-privilege requirements for abortion providers. Federal judges in Alabama and Mississippi have issued orders stopping similar laws from being implemented after finding that they might result in substantial burdens for women seeking to terminate pregnancies. Clinics Affected Wisconsin’s law would force clinics in Milwaukee and Appleton to close and cause Planned Parenthood to cut staff and services at another clinic in Milwaukee, the state’s most-populous city according to the complaint. Conley’s order preserves those clinics’ ability to perform the procedure. A fourth clinic operates in Madison. He scheduled a preliminary injunction hearing for July 17. Dana Brueck, a spokeswoman for Wisconsin Attorney General J.B. Van Hollen, declined to comment on the court’s decision. “Politicians in Wisconsin and across the country need to get the message that it is unlawful to arbitrarily prevent a woman from making the best decision for her family,” said Talcott Camp, deputy director of the ACLU Reproductive Freedom Project. “We’ll continue to fight this law and others like it around the country to stop this insidious campaign to outlaw safe and legal abortions.” The case is Planned Parenthood of Wisconsin Inc. v. Van Hollen, 3:13-cv-00465, U.S. District Court, Western District of Wisconsin (Madison). To contact the reporter on this story: Andrew Harris in the Chicago federal courthouse at aharris16@bloomberg.net To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Consultant Meyer Avoids Jail in New York Pension Scandal | The founder of a Texas consulting firm was spared prison or probation for his role in a pay-to- play scheme involving New York State’s employee retirement fund. State Supreme Court Justice Lewis Bart Stone in Manhattan today sentenced Saul Meyer, 42, of Houston, the founder of Dallas-based pension consultant Aldus Equity. The judge imposed the sentence, called conditional discharge, saying Meyer’s cooperation with investigators was instrumental in uncovering wrongdoing and securing convictions. “What you did obviously was unacceptable, but you made up for it by cooperating,” Stone said. “I don’t think there is any value in incarceration at this point.” New York’s then-Attorney General Andrew Cuomo , now the state’s governor, started a probe in 2007 of the fund, the third-largest public pension fund in the U.S. Its value was $150.6 billion as of March 31, according to the state comptroller’s office. Meyer is one of eight people who pleaded guilty in connection with the investigation. They included former Comptroller Alan Hevesi , who was sentenced last year to as many as four years in prison. Hevesi was granted parole last month and may be released as soon as this month. Paid $300,000 Meyer admitted during his guilty plea in October 2009 that he paid $300,000 to Hevesi’s former adviser, Hank Morris, to secure business from the pension fund. New York state in 2009 banned the use of placement agents or lobbyists in investments with the pension fund, and banned contributions from those who do business with the fund. Morris pleaded guilty in November 2010 and was sentenced to as long as four years in prison in February 2011 after admitting the fund’s investment process was manipulated to benefit him, his associates and contributors to Hevesi’s campaign. Morris was denied his request for parole last month. Aldus Equity in December 2010 agreed to pay $1 million in restitution to the state’s pension fund, one of more than 20 firms that have settled with the state attorney general’s office over the probe. Meyer has forfeited more than $1 million himself, Stone said. Meyer’s attorney, Paul Shechtman, said his client’s life is “in tatters” and he has few assets remaining. A married father of two boys aged 4 and 7, Meyer “lost his moral compass,” Shechtman said. “The world of public pensions in New York and elsewhere is a cesspool,” Shechtman said. “It’s too often pay-for-play.” The case is New York v. Meyer, SCI-04755-2009, New York State Supreme Court, New York County ( Manhattan ). To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Christie, New Jersey Senate Democrats Reach Agreement on Property-Tax Cap | New Jersey Governor Chris Christie and the Democrats who control the Senate said they have reached agreement on a plan to curb increases in property taxes used to fund local government and schools. Under the legislative proposal, the tax increases would be capped at 2 percent with exemptions for rising health-insurance costs, bond payments, natural disasters and pension costs, Christie told reporters today in Trenton. Communities would be able to exceed the cap with voter approval. Assembly Speaker Sheila Oliver , a Democrat from East Orange, hasn’t endorsed the plan. The agreement goes to the full Senate for a vote on July 8. Christie, 47, a Republican who took office in January, said the agreement ended a special session of the Legislature which he called July 1 in order to change the state’s present 4 percent property tax cap. Christie said the new tax cap would take effect in January 2011. “This was about putting our egos aside and getting something done,” Christie said in a press conference at the state capitol. “All I wanted to do was build on the momentum and keep the focus on this.” Christie said he had a “positive discussion” with Oliver and expects to win her support for the proposal, which he said is a compromise with lawmakers. “These are absolute, definable expenses,” he said of the exemptions, which he initially rejected. 2.9 Percent Christie, Senate President Stephen Sweeney and Republican lawmakers in both houses announced the plan following hours of negotiations in Christie’s Statehouse office. Democrats control the Senate 23-17 and Assembly 47-33. “We all, Republicans and Democrats, represent taxpayers,” said Sweeney, a Democrat from West Deptford. “Just because this got done doesn’t mean we’re going to stop working on” lowering property taxes. The tax ceiling is lower than a 2.9 percent threshold in legislation passed by Democrats earlier this week. Under today’s plan, Christie will veto that measure and lawmakers will then amend and vote on it next week in the full Senate, Sweeney said. In May, Christie had called for a constitutional amendment capping property taxes at 2.5 percent with exceptions only to cover bond payments and through a public referendum. Highest Property Tax Tom Hester , a spokesman for Assembly Speaker Oliver, said the Democrat hasn’t spoken to the governor and hasn’t signed on to the deal. “The Speaker has not been part of any closed door deal,” he said in a statement. “As the Speaker has said repeatedly, we will thoroughly vet any proposal. The Assembly Budget Committee will meet on Wednesday to consider proposed legislation that represents the Assembly plan.” Barbara Keshishian , head of the state teachers the New Jersey Education Association, said the agreement would “devastate” the public schools that account for more than half of all spending supported by property taxes. She said the deal was rushed. “Deeper cuts in staff and even larger class sizes are inevitable,” she said in a statement. “Parents should prepare to see extracurricular programs eliminated and higher fees imposed on previously affordable activities.” Christie was elected in November amid discontent with the state’s taxes and the U.S. recession. New Jersey has the highest average property-tax bills of any U.S. state at $7,281 in 2009, according to state data. The levies, which increased 72 percent since 1999, are the prime source of revenue for the state’s 566 municipalities and more than 600 school districts. To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
CBOE, Barnes & Noble, Kenneth Starr in Court News | CBOE Holdings Inc. and McGraw-Hill Cos. won an Illinois court ruling barring the International Securities Exchange LLC from providing a forum for the trading of S&P 500 and Dow Jones Industrial Average index options. The parent of the Chicago Board Options Exchange, together with McGraw-Hill and Dow Jones, sued the ISE in 2006 to block it from competing with them. This year, CME Group Inc. acquired 90 percent of the Dow Jones index business from News Corp .’s Dow Jones. State court Judge William Maki in Chicago, in a ruling yesterday, barred ISE from featuring the listings. Allowing the listings would deprive New York-based McGraw Hill and CME Group of their rights to license use of the indexes, the judge ruled. CBOE holds an exclusive license to offer options based on the indexes, he wrote. The Chicago exchange is the biggest U.S. options exchange. The last major U.S. exchange owned by its members, it raised $339 million last month in an initial public offering. Molly McGregor, a spokeswoman for New York-based ISE, said the exchange would appeal Maki’s ruling. “We believe this result is incorrect based on the facts and the applicable law in this case,” she said in a phone interview. ISE’s parent company is Frankfurt-based Deutsche Boerse AG. The case is Chicago Board of Options Exchange v. International Securities Exchange LLC, 06CH24798, Cook County, Illinois Circuit Court, Chancery Division (Chicago). Dutch Supreme Court Dismisses ASM International Probe Ruling The Dutch Supreme Court dismissed a probe into ASM International NV ’s management and sent the case back to the Amsterdam Court of Appeal’s Enterprise Chamber for reconsideration. The Netherlands’ highest court said the Enterprise Chamber based its decision on an incorrect legal interpretation of the way a company’s management has to perform. The lower court “lost sight of the fact that it is ASMI’s management that is primarily responsible for the strategy to be followed,” the Supreme Court said in a statement on its website today. The Enterprise Chamber will now have to reconsider whether there are grounds to order an investigation requested by shareholders Hermes Focus Asset Management Europe Ltd. and Fursa Alternative Strategies U.K. Ltd. into ASMI’s management. The Enterprise Chamber in August ordered the investigation of Europe’s second-largest maker of semiconductor equipment following the investors’ request. The company didn’t give its external shareholders sufficient chance to influence strategy and corporate governance, the court said at that time. Hermes and Fursa opposed the issuance of shares to a foundation created to safeguard ASMI’s independence. The investors were attempting to oust Chief Executive Officer Chuck del Prado at the time. ASMI co-founder and former board member Arthur del Prado and the foundation appealed the ruling. The Supreme Court, based in The Hague, set aside an advisory opinion from Advocate General Vino Timmerman, who in April said there were valid reasons to “doubt proper management.” Trials/Appeals Yucaipa’s Burkle Challenges Barnes & Noble ‘Pill’ Yucaipa Cos.’ Ron Burkle told a judge he wants to improve Barnes & Noble Inc .’s business as he seeks to invalidate the bookseller’s poison-pill defense against takeovers and buy more shares. Yucaipa accuses Barnes & Noble directors, including Chairman Leonard Riggio , of engineering a “self-dealing scheme designed to entrench the Riggio family” as controlling shareholders and to stymie Burkle’s efforts to gain seats on the board. Los Angeles-based Yucaipa is the biggest outside shareholder of the bookstore chain, the largest in the U.S. Burkle’s firm invests in promising businesses because “we want to try to make them better companies,” he told Delaware Chancery Court Judge Leo Strine Jr. as trial began yesterday in Wilmington. At the same time, “we wouldn’t want to keep them forever,” Burkle said. Yucaipa considered pursuing a buyout bid for Barnes & Noble at $25 a share before deciding the effort would be “a waste of time” considering the Riggios’ 32 percent stake, Burkle testified. Barnes & Noble, based in New York , adopted the poison pill plan in November and said it would come up for shareholder ratification within a year. Michael Pittenger, a Barnes & Noble lawyer, wrote in a filing that the company’s board, “reasonably fearing a hostile attack,” set up the poison pill on the advice of legal and financial advisers after learning that Burkle had bought almost 18 percent of the stock. The poison pill is a shareholder rights agreement that would allow investors to buy large amounts of stock at cut-rate prices when an outsider acquires 20 percent or more of the shares. The plan, designed to make a hostile takeover prohibitively expensive, “is intended to protect our shareholders from actions that are inconsistent with their best interests,” Barnes & Noble said in court papers. The case is Yucaipa American Alliance Fund II LP v. Riggio, CA5465, Delaware Chancery Court (Wilmington). New Suits Martin Scorsese Sued by Kenneth I. Starr Receiver The receiver for firms once controlled by jailed money manager Kenneth I. Starr sued filmmaker Martin Scorsese and his production company for about $600,000. The complaint, filed yesterday by receiver Aurora Cassirer in New York state court in Manhattan, said Scorsese’s Sikelia Productions Inc. owes the Starr companies payment for bookkeeping, accounting and other services. “Martin Scorsese’s Sikelia Productions has paid substantial fees to his former business manager’s firm, and if it has been determined that there is anything still outstanding, it will be rectified,” Michelle Benson, a spokeswoman for the Oscar-winning director of “The Departed” and “Goodfellas,” said in an e-mail. Starr, 66, is charged with 20 counts of wire fraud and one each of securities fraud, money laundering and fraud by an investment adviser. He’s being held without bail and denies the charges. If convicted of wire fraud , Starr faces as much as 20 years in prison. He was arrested May 27 and accused of defrauding clients, including heiress Rachel “Bunny” Mellon, in a scheme to buy a $7.5 million Manhattan apartment. Prosecutors expanded the allegations in a subsequent indictment. The suit is Cassirer v. Sikelia Productions, New York state Supreme Court (Manhattan). The criminal case is U.S. v. Starr, 1:10-cr-520, U.S. District Court, Southern District of New York (Manhattan). Tyco Electronics Faces Whistleblower Suit by Manager Tyco Electronics Corp. was sued by a former employee who claims he was fired for revealing information about fraudulent accounting practices at the maker of electronic connectors. Jeffrey Wiest, who worked for 31 years in the company’s accounting office in Harrisburg, Pennsylvania, said he was “constructively discharged” for providing information about Tyco’s “illegal attempts” to process payments for “extravagant parties,” according to the complaint filed July 7 in U.S. District Court in Philadelphia. Wiest, 54, said in mid-2007 that he began questioning expenses that didn’t meet accounting standards, including the “legitimacy of a $350,000 event being held at the Atlantis Resort in the Bahamas,” court papers show. The former account manager said he “was amazed that his supervisors authorized an island party with disturbing similarities to the past issues raised under Dennis Kozlowski.” “Mr. Wiest’s claims of any inappropriate activity or accounting are completely without merit,” Martinique Woods, a spokeswoman for Tyco Electronics, said in an e-mailed statement. “Our company has reviewed all of the allegations raised by Mr. Wiest and concluded that our accounting was proper for this business event.” Tyco International Ltd. spun off Tyco Electronics in 2007. Both are based in Schaffhausen, Switzerland. Kozlowski, Tyco International’s former chief executive officer, was convicted in 2005 of securities fraud, grand larceny and falsifying business records. Wiest asked for a jury trial, reimbursement for medical expenses, and compensation for legal fees, pain and suffering. The case is Wiest v. Tyco Electronics Corp., 10-cv-03288, U.S. District Court, Eastern District of Pennsylvania (Philadelphia). Genzyme Sues Anika for Patent Infringement by Arthritis Drug Genzyme Corp ., the world’s largest maker of drugs for rare genetic diseases, sued Anika Therapeutics Inc., claiming its proposed osteoarthritis treatment Monovisc would infringe two patents. The patents, issued in 1992 and 1995, relate to gels used to deliver drugs into the body. Genzyme is seeking a court ruling to prevent further use of its inventions, plus cash compensation. “Anika’s activities have been without express or implied license from Genzyme,” Cambridge, Massachusetts-based Genzyme said in the complaint, filed July 7 in federal court in Boston. Anika plans to sell Monovisc in the second half of this year, the company said May 10. Officials with the company didn’t return a message seeking comment. Bedford, Massachusetts-based Anika reported $40.1 million in sales last year. The case is Genzyme Corp. v. Anika Therapeutics Inc ., 10cv11146, U.S. District Court for the District of Massachusetts (Boston). Shire Sues Cadila Healthcare to Block Generic Lialda Shire Plc sued Cadila Healthcare Ltd. to prevent sales of a generic version of ulcerative colitis treatment Lialda until a patent expires in 2020. Cadila, based in Ahmedabad, India , and its Zydus unit are seeking U.S. Food and Drug Administration approval to sell a lower-cost version of the drug, according to Shire’s complaint filed July 7 in federal court in Wilmington, Delaware. Shire wants the court to block approval until the patent expires. Lialda generated $236 million in sales last year for Dublin-based Shire, according to Bloomberg data. The patent is for a way of controlling how the drug is released into the body. In its application with the FDA, Zydus said it wouldn’t infringe the patent. It didn’t make any claims that the patent is invalid or unenforceable, Shire said in the complaint. Under federal drug law, lawsuits are commonly filed to clarify patent rights at the same time the FDA is considering the generic-drug maker’s application. To contact the reporter on this story: Ellen Rosen in New York at erosen14@bloomberg.net To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
‘Godfather’ Fear, ‘Leopard’ Pathos Fueled by Nino Rota’s Scores | I hate being coerced by movie scores. Why must sad scenes call for sorrowful strings? Do romantic interludes really require soaring orchestral throbs? Most of the time I prefer the minimalist Antonioni route: No music at all. Still, I realize that some of the most powerful moments on screen would be far less memorable without the music. A recap of my favorite original scores would be book-length, so here are just a few that resonate for me. Probably the greatest movie composer was Nino Rota, whose marvelous works for the stage and concert hall include four symphonies and eight operas. But it’s his film scores for Luchino Visconti and Federico Fellini that are the most stirring. His soundtrack for Visconti’s “The Leopard” adds immeasurably to that film’s grandeur, especially in its incomparable closing sequence, when Burt Lancaster’s Prince Fabrizio recognizes that his way of life is passing before his eyes. Fellini’s “La Strada,” the story of an innocent girl (Guilietta Masina) forced to perform as a traveling entertainer with a brutish strongman (Anthony Quinn), is graced with an equally extraordinary score by Rota. The pathos of the characters is evoked in just a few bars. ‘Godfather’ Saga From Fellini and Visconti to Francis Ford Coppola , for whom he worked on the “The Godfather” films, Rota composed essential music. He and his directors shared the same muse. Running a close second in my greatest film composer list would be Ennio Morricone, who has written hundreds of scores since the early 1960s. He’s had his share of popular success -- particularly his iconic theme for “The Good, the Bad, and the Ugly” and his turbocharged music for Brian De Palma’s “The Untouchables.” His score for “The Mission” confers epic religiosity on an otherwise middling movie about Jesuit missionaries in the Brazilian jungle, and his music for “Battle of Algiers” is a perfect sonic counterpart to its seething guerillas. Plenty of famous composers have tried their hand in movies, not always successfully. I am not, for example, a fan of Philip Glass’s aural wallpaper in any of its incarnations. Of his film scores, I think “The Hours” and “Mishima” are the most fitting because the tonal repetition at least matches the obsessiveness of the characters. Leonard Bernstein , surprisingly, wrote only one original movie score -- his brilliant moody soundtrack for “On the Waterfront.” Two of his stage musicals, “On the Town” and “West Side Story,” were turned into movies, though sadly the screen version of “On the Town” discarded most of the Broadway songs. Shakespeare Soundtracks David Amram’s score for John Frankenheimer’s “The Manchurian Candidate,” with its ominous, discordant air, is a chilling counterpoint to that film’s Cold War paranoia. Quincy Jones’s sad, swinging jazz for “The Pawnbroker” is one of his earliest and best contributions to the movies. William Walton’s score for Laurence Olivier’s “Henry V” has triumphal majesty to match Shakespeare’s poetry. (His less well-known score for Olivier’s “Richard III” is almost as good). And no movie music is finer than Ravi Shankar’s fragile, beseeching themes for Satyajit Ray’s “Pather Panchali.” Aaron Copland’s scores, particularly for “The Red Pony” and “Of Mice and Men,” stand by themselves in the concert hall. So, too, does Sergei Prokofiev’s music for “Alexander Nevsky,” one of the most imitated scores of all time. Sometimes popular film composers like John Williams aren’t sufficiently recognized for their offbeat works. ‘Black Orpheus’ Williams’s scores for “ Star Wars ,” “E.T.” and “Jaws” are wonderfully accessible, but he’s at his most audacious in De Palma’s occult thriller “The Fury” and Robert Altman’s “The Long Goodbye,” which spins its single lilting theme into multiple jazz-pop-swing-blues variations. The lush Afro-Brazilian samba score for “Black Orpheus” by Luiz Bonfa and Antonio Carlos Jobim (who would go on to write “The Girl From Ipanema” ) fits perfectly with the film’s lush imagery. Walter Schumann’s infernal, lyrical music for “The Night of the Hunter” is as integral to its atmosphere as Bernard Herrmann’s famous scores are for “Psycho,” “ Taxi Driver ” and “Vertigo.” What all the best scores have in common is this: It’s impossible to imagine the films without them. ( Peter Rainer is a critic for Muse, the arts and leisure section of Bloomberg News. Opinions expressed are his own). To contact the writer responsible for this story: Peter Rainer at Fi1L2E@aol.com To contact the editor responsible for this story: Manuela Hoelterhoff in New York at mhoelterhoff@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Melrose Raises Indicative Offer for Charter International | Charter International Plc (CHTR) , a U.K. welding and automation-equipment maker, said Melrose Plc (MRO) , an investment firm, raised its possible offer price for the company to 840 pence a share. Charter is considering the approach, which is subject to financing and due diligence, the London-based company said in a statement today. The proposed offer would be a mix of shares and cash, it said. Shareholders should take no action, it said. The indicative offer, which values the company at about 1.4 billion pounds ($2.3 billion), is 7.7 percent more than the 780 pence-a-share Melrose offered on June 29, which Charter rejected. The first approach from Melrose, which is run by a former team at industrial company Wassall Plc, followed the departure of Chief Executive Officer Michael Foster last month. Charter said June 20 that full-year profit will be below initial forecasts and announced a fresh wave of cost cutting. Charter’s shares rose as much as 4.3 percent, closing up 1.3 percent at 829 pence at 4:30 p.m. in London. Melrose fell 0.6 percent to 359.8 pence, having earlier gained 1.3 percent. To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net. To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net . | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Rupee Heads for Biggest Monthly Decline in a Year: Mumbai Mover | India ’s rupee headed for its worst month in a year on concern any reduction in bond-buying by the Federal Reserve will curb dollar supply, leaving the Asian currency vulnerable to a record current-account deficit. India’s balance of payments is under stress, Reserve Bank of India Governor Duvvuri Subbarao said in Ahmedabad yesterday, adding that it is a challenge to attract stable capital flows. Fed Chairman Ben S. Bernanke said last week the central bank may cut the pace of debt purchases if there are signs of sustained improvement in the U.S. economy. India’s gross domestic product increased 4.8 percent in the first three months of the year, the second quarter of below 5 percent growth, according to a Bloomberg survey before data due at 11 a.m. in New Delhi today. “Market sentiment is firmly on Fed tapering and positive economic momentum” in the U.S., Wee-Khoon Chong, a strategist at Societe Generale SA in Hong Kong , wrote in an e-mail today. “India’s current-account deficit remains a big issue.” The rupee weakened 4.8 percent this month to 56.53 per dollar as of 10:16 a.m. in Mumbai, the biggest loss since May 2012, according to data compiled by Bloomberg. It dropped 0.3 percent today, touching the weakest level since June 29, 2012, and fell 1.6 percent this week. The Dollar Index, which tracks the greenback against six major trading partners, rose 1.7 percent this month. The shortfall in the current account, the broadest measure of trade, probably widened to a record of around 5 percent of gross domestic product in the year ended March 31, Governor Subbarao said yesterday. Probable Outflows One-month implied volatility in the rupee, a gauge of expected moves in the exchange rate used to price options, rose 67 basis points, or 0.67 percentage point, this month to 8.98 percent. Global funds have been net sellers of rupee-denominated debt each day since holdings touched a record $38.5 billion on May 21, exchange data show, while they have bought $14.9 billion more of Indian stocks than they sold this year. Asia’s third-largest economy should be prepared for the probability of outflows in 2014 as developed economies consider withdrawing stimulus measure, Governor Subbarao said this month. The surge that propelled the Dollar Index to its highest level since 2010 is masking the greenback’s 30-year low versus emerging-market currencies. India’s real-effective exchange rate, which tracks the rupee against the currencies of six major trading partners, was 106.29 in April, RBI data show. A number above 100 shows appreciation. ‘Difficult Environment’ “So do be careful in talking about currency weakness just against one cross rate, which is the U.S. dollar ,” Adrian Mowat , chief Asian and emerging-market strategist at JPMorgan Chase & Co., told Bloomberg TV India yesterday. “We have entered a strong dollar environment that tends to be a difficult environment for emerging-market currencies.” Three-month onshore rupee forwards traded at 57.45 per dollar, compared with 54.84 on April 30, according to data compiled by Bloomberg. Offshore non-deliverable contracts were at 57.48 versus 54.54 a month ago. Forwards are agreements to buy or sell assets at a set price and date. Non-deliverable contracts are settled in dollars. To contact the reporter on this story: Jeanette Rodrigues in Mumbai at jrodrigues26@bloomberg.net To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Mitsui Sumitomo Insurance Fined $5.3 Million by U.K. FSA | Mitsui Sumitomo Insurance Co. (8725) ’s European unit was fined 3.3 million pounds ($5.3 million) by U.K. financial regulators for serious corporate governance failings. The unit’s former executive chairman, Yohichi Kumagai, was also fined 119,303 pounds and banned from working in the industry, the Financial Services Authority said in an e-mailed statement today. Kumagai failed to hire a chief underwriter to manage the expansion of the business in Europe and didn’t update its technology infrastructure, the FSA said. “Senior management must take responsibility for the firms that they run,” Tracey McDermott, acting FSA director of enforcement, said in an e-mailed statement. “Kumagai failed to respond adequately to the changing risks facing his business even after they had been pointed out by the FSA.” The FSA is leading a crackdown on companies that have insufficient systems and controls to manage risk. Coutts & Co., a private bank owned by Royal Bank of Scotland Group Plc, was fined 8.75 million pounds in March for not having effective anti-money-laundering controls. Bank of Scotland Plc was censured by the regulator the same month for similar failings. Banking executives should be subject to more stringent corporate governance rules, Hector Sants , chief executive of the FSA, said in a speech in London last month. At Mitsui Sumitomo, the agency said that “despite receiving clear guidance from the FSA that the management structure and composition of the board was ineffective,” Kumagai “failed to take prompt action to remedy the situation.” Corporate Governance Mitsui Sumitomo “accepts the FSA’s final notice and takes this matter very seriously,” Duncan Gallagher, a spokesman for the company, said in an e-mailed statement. “The company is disappointed that during this period its corporate governance and controls were not up to the standards the company expects.” Kumagai and Mitsui Sumitomo agreed to settle at an early stage and qualified for a 30 percent discount on their fines. Kumagai was transferred from the Japanese parent company and appointed as executive chairman of the U.K. business in April 2009, as part of a staff rotation program for senior managers. Seconded executives often “had only limited experience of non-Japanese insurance business and U.K. regulatory obligations,” the FSA said. To contact the reporter on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net | Generate a suitable headline for the given input of a financial news article. Only output the headline, not the instruction and input article. |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.