โพสต์
100 years after the 1907 credit crunch
By Jamie Robertson
Business presenter, BBC World
Almost exactly 100 years ago at 4.45 in the morning of a November day on the corner of Madison and 35th Street in New York a group of some 50 or so exhausted men stumbled out into the street.
Some had not slept for days.
Behind them, on the other side of the monumental brass doors that closed behind them, they left a piece of paper which pledged them collectively to a loan of some $25m - about $10bn (£5bn) in today's money.
Beside it stood a large gentleman with a walrus moustache, who had forced them into the deal which ended a two-week financial panic that had come close to destroying New York's financial system. That man was J Pierpont Morgan.
From 1903 to 1906 the global economy had boomed and the Dow Jones had doubled.
But the global supply of gold to which all hard currency was pegged had not kept pace, and hard cash was increasingly scarce.
A hundred years later our credit squeeze had its genesis in the infamous sub-prime mortgage market of the US.
Panic triggers
The problems of a century ago were far more diverse, though many of them stemmed from London.
The Boer war had drained British coffers six years before. Lloyd's of London's vast payout to cover insurance losses in the 1906 San Francisco earthquake also sucked cash out of Britain. The Egyptian stock exchange had crashed and the Bank of England dispatched $3m in gold to bail it out.
The real crisis came in October and centred on the trust companies.
These were not the massive conglomerates such as US Steel and Standard Oil, but the thousands of unregulated financial houses that worked like commercial banks.
On Thursday and Friday - 17 and 18 October - there was a run on the Knickerbocker Trust which had been part of a group financing a failed attempt take over United Copper.
The depositors would be back in the queues outside the Trust on Monday - and other trusts too.
What's more, thousands of American rural banks faced with customers needing cash at harvest time would also be pulling millions out of the system.
Financial help
But where would the cash come from?
A century on, and the Federal Reserve, European Central Bank and, reluctantly, the Bank of England have been offering billions to the financial markets to allow money to flow where it was needed.
In 1907 there were no central banks, no lender of last resort. There was, however, 70-year-old JP Morgan - the single most important financier of the late 19th century.
He was not the richest of the so-called Robber Barons, but he had more power than any. His efforts had channelled the wealth of Europe into funding the industrialisation of America.
If Morgan gave his blessing to a deal in railroads, shipping, steel or manufacturing, the European bankers would listen - and back it.
Crisis team
As the Knickerbocker Trust prepared to face its depositors on the Monday, Morgan set up his headquarters with five lieutenants in his luxurious Library on Madison Avenue.
His team's job was, like a central bank today, to work out which institutions were solvent and which could be supported.
They worked through the week - day and night poring over accounts, deciding who to save and who to let go.
To counter market rumours they set up an evening public relations service, dealing out reassuring bulletins for morning papers. Behind them, chomping on a cigar, sometimes calmly playing at solitaire, sat Morgan, mulling the fate of the trusts and banks before him.
The Knickerbocker was forced to close, but early on Tuesday newspaper headlines that claimed Morgan was to help the Trust Company of America, or TCA, had depositors queuing outside its doors within hours.
Cash was haemorrhaging from other trusts too.
Line in the sand
But Morgan decided TCA was where he could stop the rot.
On Tuesday night - now sneezing and coughing with a wretched cold - he assembled the heads of a group of banks and trust companies. As they talked around him an exhausted Morgan fell asleep in his chair.
Coming round from his slumber he simply demanded each subscribe to a loan.
With the sheer force of his personality, expressed, it is said, through his terrifying eyes, they pledged $8.25m.
The next day Morgan was greeted by cheers as he drove to his office.
Market panic
But the crisis was not over and shifted instead to the stock exchange which crashed.
Today, the credit markets have been sweating with interbank rates around 7%.
On Wednesday, 22 October 1907, banks refused to lend to brokers at anything under 100% interest.
Again Morgan brought the banks together, $25m was corralled from them and as a messenger was sent over to the exchange with the news, traders ripped his coat off in the mounting hysteria.
But within 24 hours rumours sent the markets into a further panic.
Once more the banks were bullied into divvying up another $10m.
By the weekend Morgan's performance had been such that London was prepared to ship some $20m in gold out to support the New York institutions, and all that following week Morgan's team worked to shore up the trusts and banks that were threatened daily by panicking depositors.
On the brink
On Friday came the final crisis: Lincoln Trust and the TCA still needed more cash and the largest brokerage on Wall Street, Moore & Schley looked close to collapse as its creditors demanded repayments of some $35m in loans.
The only security it had were shares in the Tennessee Coal Iron and Railroad Company which had halved in value in the last year.
Morgan's solution was for his own US Steel to buy out TC&I, shore up Moore and Schley and twist the arms of the bankers one more time to support the trusts.
On Sunday 3 November, some 50 bankers and steel executives gathered in Morgan's Library. By early evening the steel deal was done, but the trusts were still deep in discussion.
One of Morgan's officers, Ben Strong, tried to leave but the Library doors were bolted. Morgan had the key and wasn't going to let anyone out until the paper was signed.
As Morgan confronted the assembled throng no one appeared willing to move.
Morgan placed his hand on the shoulder of the elderly Edward King, head of the Union Trust. "There's the place, King," he said, "and here's the pen."
One by one they put their names to the $25m rescue package.
Hero and villain
The crisis was over. But Morgan was both hero and villain.
He had stemmed the run on the trusts and saved the financial system.
But it was thought he had used the crisis, maybe even engineered it all from the start, to buy shares in yet more companies on the cheap - in particular yet another steel firm to add to his already massive US Steel empire.
Indeed, the tide was turning against Morgan and his like.
The anti-trust movement gathered pace - using the takeover of TC&I as a prime example of the abuse of monopolistic power.
Morgan's era - the age of the Robber Baron - was coming to a close and in 1913 when he died the Federal Reserve Act started to institutionalise the power he had wielded so effectively in 1907.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 050529.stm
Published: 2007/10/22 22:31:09 GMT
© BBC MMVII
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โพสต์ที่ 2
Hitachi exits personal computers
Hitachi had been Japan's eighth-largest PC maker
Hitachi is pulling out of the sale of personal computers, saying it wants to focus on larger network systems for businesses instead.
Analysts said the move showed Hitachi had been struggling to compete in a PC market dominated by US firms Dell and Hewlett-Packard and China's Lenovo.
Hitachi said it was now scaling back PC production at its central Japan plant.
The electronics group had been Japan's eighth-largest PC maker, with its main PC brand being Prius.
"We want to develop new computers for use in the broadcasting industry, which is becoming more digitised," said a spokesman.
Hitachi had been Japan's eighth-largest PC maker
Hitachi is pulling out of the sale of personal computers, saying it wants to focus on larger network systems for businesses instead.
Analysts said the move showed Hitachi had been struggling to compete in a PC market dominated by US firms Dell and Hewlett-Packard and China's Lenovo.
Hitachi said it was now scaling back PC production at its central Japan plant.
The electronics group had been Japan's eighth-largest PC maker, with its main PC brand being Prius.
"We want to develop new computers for use in the broadcasting industry, which is becoming more digitised," said a spokesman.
Rabbit VS. Turtle
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โพสต์ที่ 3
Amazon.com buoyed by Potter magic
Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.com.
The retailer said profits in the three months to 30 September quadrupled to $80m (£39m) with more online sales.
The final book in the boy wizard series, Harry Potter and the Deathly Hallows, became the fastest selling book ever upon its release in July.
But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.
"In our view, putting customers first is the only reliable way to create lasting value for shareowners," said Jeff Bezos, founder and chief executive of Amazon.com.
Revenue rose 41% to $3.26bn from the same quarter last year, helped by the 2.5 million copies sold of the seventh Harry Potter book - Amazon's biggest new product release.
Amazon said it anticipated a record holiday season, with expected sales of between $5.1bn and $5.45bn.
Sales of electronics and general merchandise gained more than those of CDs and DVDs.
The retailer also saw an increase in more profitable sales by third-party sellers, who advertise their wares on the Amazon.com site.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 059201.stm
Published: 2007/10/23 21:38:23 GMT
© BBC MMVII
Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.com.
The retailer said profits in the three months to 30 September quadrupled to $80m (£39m) with more online sales.
The final book in the boy wizard series, Harry Potter and the Deathly Hallows, became the fastest selling book ever upon its release in July.
But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.
"In our view, putting customers first is the only reliable way to create lasting value for shareowners," said Jeff Bezos, founder and chief executive of Amazon.com.
Revenue rose 41% to $3.26bn from the same quarter last year, helped by the 2.5 million copies sold of the seventh Harry Potter book - Amazon's biggest new product release.
Amazon said it anticipated a record holiday season, with expected sales of between $5.1bn and $5.45bn.
Sales of electronics and general merchandise gained more than those of CDs and DVDs.
The retailer also saw an increase in more profitable sales by third-party sellers, who advertise their wares on the Amazon.com site.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 059201.stm
Published: 2007/10/23 21:38:23 GMT
© BBC MMVII
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Mr. Boo
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โพสต์ที่ 4
Wal-Mart expects sales to slow
Wal-Mart Stores, the world's largest retailer, expects slower sales growth over the next three years and will spend less on building new US stores.
Chief Financial Officer Tom Schoewe said sales growth will slow this year to 9% from 12% in the previous year.
The company also trimmed plans for capital expenditure - that includes spending on new stores - to about $15bn from an original projection of $17bn.
Instead, Wal-Mart's spending on international new stores should rise.
The firm said it will continue to put money toward renovating its existing US stores.
Schoewe said sales growth would be between 5% and 8% for the two financial years following this one.
Wal-Mart, which is finding fewer places to build new stores and faces tougher competition from other retailers, said sales will continue to slow after years of strong double-digit growth.
The company's shares fell 3% to $43.89 in afternoon trading on the New York Stock Exchange.
The news dragged down other retail shares as investors worried that consumer spending could slow.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 059039.stm
Published: 2007/10/23 19:48:15 GMT
© BBC MMVII
Wal-Mart Stores, the world's largest retailer, expects slower sales growth over the next three years and will spend less on building new US stores.
Chief Financial Officer Tom Schoewe said sales growth will slow this year to 9% from 12% in the previous year.
The company also trimmed plans for capital expenditure - that includes spending on new stores - to about $15bn from an original projection of $17bn.
Instead, Wal-Mart's spending on international new stores should rise.
The firm said it will continue to put money toward renovating its existing US stores.
Schoewe said sales growth would be between 5% and 8% for the two financial years following this one.
Wal-Mart, which is finding fewer places to build new stores and faces tougher competition from other retailers, said sales will continue to slow after years of strong double-digit growth.
The company's shares fell 3% to $43.89 in afternoon trading on the New York Stock Exchange.
The news dragged down other retail shares as investors worried that consumer spending could slow.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 059039.stm
Published: 2007/10/23 19:48:15 GMT
© BBC MMVII
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โพสต์ที่ 5
15 reasons Facebook may be worth $15bn
Microsoft has invested $240m (£117m) in social networking site Facebook in exchange for a 1.6% share of the company. That puts a value of $15bn (£7.3bn) on a firm that has only been in existence three and a half years.
So why does Microsoft think Facebook is worth $15bn? Here are 15 possible reasons....
1. The network has gone viral in the last 12 months, with more than 50 million users worldwide and a user base that is growing faster than great rival MySpace. According to Facebook, it adds 200,000 new users each day.
2. The average user spends 3.5 hours a month on Facebook - more than the average user on rival MySpace - which is increasingly attractive to advertisers.
3. Facebook is the current Web 2.0 darling - popular with ordinary users and "tech heads" alike.
4. US research reveals that Facebook users come from wealthier homes and are more likely to attend college than MySpace users - increasing that attraction for advertisers.
5. Microsoft's investment makes them a serious player in the growing market of "social advertising". Social network profiles are full of personal data that users voluntarily hand over, which is very useful for targeting adverts.
6. Sixty percent of Facebook users are outside of the US - so Microsoft's investment buys access to a global audience quickly and simply.
7. Facebook is the new web: The decision to open up the network to outside developers turned Facebook into a destination for many uses, like messaging, photos and video. Of course, as Facebook is on the web it could never really be the new web.
8. Every major content firm with an online presence is either working on a Facebook application or has already launched one - from Google to the BBC.
9. According to a report, 233 million hours of work are lost each month in the UK due to staff looking at social networks. Advertisers can now target people when at their desks.
10. The openness of Facebook is attracting a wealth of talented developers who can launch their applications to millions of users quickly.
11. Facebook messaging is the new e-mail. Everyone feels stressed from a deluge of e-mail from unwanted people and companies. But Facebook messages are always from friends.
12. Facebook's "status updates" have become the easiest way to let friends know what you are doing and how you are feeling at any given moment.
13. Facebook thrives on playful applications such as Pirates, Zombies, Super Wall and Top Friends, which have made the network a place to play as well as communicate.
14. Facebook is the acceptable face of blogging - you can reflect your life and personality online without being seen as a "blogger", which often carries a geeky stigma.
15. Facebook is worth $15bn only because Microsoft says so. The value of Facebook is based on a 1.6% share of the firm being worth the $240m Microsoft paid for it. Microsoft and Google were in a bidding war for a slice of the firm and both companies have large pockets. This was not just business, this was personal, according to some analysts.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/t ... 061398.stm
Published: 2007/10/25 09:21:55 GMT
© BBC MMVII
Microsoft has invested $240m (£117m) in social networking site Facebook in exchange for a 1.6% share of the company. That puts a value of $15bn (£7.3bn) on a firm that has only been in existence three and a half years.
So why does Microsoft think Facebook is worth $15bn? Here are 15 possible reasons....
1. The network has gone viral in the last 12 months, with more than 50 million users worldwide and a user base that is growing faster than great rival MySpace. According to Facebook, it adds 200,000 new users each day.
2. The average user spends 3.5 hours a month on Facebook - more than the average user on rival MySpace - which is increasingly attractive to advertisers.
3. Facebook is the current Web 2.0 darling - popular with ordinary users and "tech heads" alike.
4. US research reveals that Facebook users come from wealthier homes and are more likely to attend college than MySpace users - increasing that attraction for advertisers.
5. Microsoft's investment makes them a serious player in the growing market of "social advertising". Social network profiles are full of personal data that users voluntarily hand over, which is very useful for targeting adverts.
6. Sixty percent of Facebook users are outside of the US - so Microsoft's investment buys access to a global audience quickly and simply.
7. Facebook is the new web: The decision to open up the network to outside developers turned Facebook into a destination for many uses, like messaging, photos and video. Of course, as Facebook is on the web it could never really be the new web.
8. Every major content firm with an online presence is either working on a Facebook application or has already launched one - from Google to the BBC.
9. According to a report, 233 million hours of work are lost each month in the UK due to staff looking at social networks. Advertisers can now target people when at their desks.
10. The openness of Facebook is attracting a wealth of talented developers who can launch their applications to millions of users quickly.
11. Facebook messaging is the new e-mail. Everyone feels stressed from a deluge of e-mail from unwanted people and companies. But Facebook messages are always from friends.
12. Facebook's "status updates" have become the easiest way to let friends know what you are doing and how you are feeling at any given moment.
13. Facebook thrives on playful applications such as Pirates, Zombies, Super Wall and Top Friends, which have made the network a place to play as well as communicate.
14. Facebook is the acceptable face of blogging - you can reflect your life and personality online without being seen as a "blogger", which often carries a geeky stigma.
15. Facebook is worth $15bn only because Microsoft says so. The value of Facebook is based on a 1.6% share of the firm being worth the $240m Microsoft paid for it. Microsoft and Google were in a bidding war for a slice of the firm and both companies have large pockets. This was not just business, this was personal, according to some analysts.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/t ... 061398.stm
Published: 2007/10/25 09:21:55 GMT
© BBC MMVII
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Raphin Phraiwal
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โพสต์ที่ 6
ขอบคุณครับ พี่บู
รักในหลวงครับ
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Mr. Boo
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โพสต์ที่ 8
Japan's Nova in financial crisis
Japan's largest chain of foreign language schools, Nova Corp, has filed for court protection from creditors.
The firm, which mainly offers English classes, has more than 800 schools and 400,000 students across Japan.
But in June, it was ordered to suspend part of its operations, after a court ruled it had misled customers in advertisements about some services.
Since then, student enrolment has fallen sharply and Nova has accumulated debts of up to JPY50bn ($437m, £213m).
Its 2,000 Japanese staff have not been paid since July and some 4,000 non-Japanese instructors have not been paid their salary for October, union officials said.
Nova has now closed all its schools, Kyodo news agency said.
A court-appointed trustee will sort out its debts and seek sponsors to rebuild its business, Japanese media reports said.
Nova is one of Japan's major employers of foreign nationals. Murdered Briton Lindsay Anne Hawker was working for Nova at the time of her death.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 063205.stm
Published: 2007/10/26 06:42:08 GMT
© BBC MMVII
Japan's largest chain of foreign language schools, Nova Corp, has filed for court protection from creditors.
The firm, which mainly offers English classes, has more than 800 schools and 400,000 students across Japan.
But in June, it was ordered to suspend part of its operations, after a court ruled it had misled customers in advertisements about some services.
Since then, student enrolment has fallen sharply and Nova has accumulated debts of up to JPY50bn ($437m, £213m).
Its 2,000 Japanese staff have not been paid since July and some 4,000 non-Japanese instructors have not been paid their salary for October, union officials said.
Nova has now closed all its schools, Kyodo news agency said.
A court-appointed trustee will sort out its debts and seek sponsors to rebuild its business, Japanese media reports said.
Nova is one of Japan's major employers of foreign nationals. Murdered Briton Lindsay Anne Hawker was working for Nova at the time of her death.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 063205.stm
Published: 2007/10/26 06:42:08 GMT
© BBC MMVII
Rabbit VS. Turtle
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โพสต์ที่ 9
Sex lessons for 'cranky' miners
Australian coal miners are being given lessons in foreplay and the menopause in an attempt to boost productivity.
Managers at the Bulga pit, north of Sydney, say the so-called toolbox talks help workers to understand their wives, making them happier and healthier.
Mining firm Xstrata says the scheme has been so successful that it wants to extend it to other pits.
The briefings are on a different topic each month and have included advice on fatigue, nutrition and heart disease.
'Extremely attentive'
Company bosses say giving their predominantly male employees lessons on the menopause and foreplay gives them a healthy sex life, which in turn makes them happy, productive workers.
"We have to look at the lifestyles of our employees, making sure they are fit and healthy at work, but also fit, healthy and happy at home," Xstrata spokesman James Rickards told Reuters.
I told them that they needed to start exploring their wives like they did when they were 18
Tammy Farrell
Course co-ordinator
"Sex is an important part of any relationship, and it's important to address sex for an individual that is going through menopause."
Course co-ordinator Tammy Farrell, from Core Health Consulting, told the BBC that she was trying to promote communication and make the miners more aware of their health.
She added that the miners were taking the classes seriously and sharing their own experiences.
"If one man is game enough to put up their hand, you'll slowly notice three or four nods in the room," she said.
"If we can get two people out of all that who can change their lives, then that's fantastic."
Earlier, she told the Sydney Morning Herald that the miners had been "extremely attentive" when she advised them to "start exploring their wives like they did when they were 18".
"They snapped up all the flyers after the talk so we've obviously got some cranky men with cranky wives out there who want some help," she told the paper.
Other classes have covered nutrition, heart disease, prostate cancer and fatigue management.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 061475.stm
Published: 2007/10/25 14:08:30 GMT
© BBC MMVII
Australian coal miners are being given lessons in foreplay and the menopause in an attempt to boost productivity.
Managers at the Bulga pit, north of Sydney, say the so-called toolbox talks help workers to understand their wives, making them happier and healthier.
Mining firm Xstrata says the scheme has been so successful that it wants to extend it to other pits.
The briefings are on a different topic each month and have included advice on fatigue, nutrition and heart disease.
'Extremely attentive'
Company bosses say giving their predominantly male employees lessons on the menopause and foreplay gives them a healthy sex life, which in turn makes them happy, productive workers.
"We have to look at the lifestyles of our employees, making sure they are fit and healthy at work, but also fit, healthy and happy at home," Xstrata spokesman James Rickards told Reuters.
I told them that they needed to start exploring their wives like they did when they were 18
Tammy Farrell
Course co-ordinator
"Sex is an important part of any relationship, and it's important to address sex for an individual that is going through menopause."
Course co-ordinator Tammy Farrell, from Core Health Consulting, told the BBC that she was trying to promote communication and make the miners more aware of their health.
She added that the miners were taking the classes seriously and sharing their own experiences.
"If one man is game enough to put up their hand, you'll slowly notice three or four nods in the room," she said.
"If we can get two people out of all that who can change their lives, then that's fantastic."
Earlier, she told the Sydney Morning Herald that the miners had been "extremely attentive" when she advised them to "start exploring their wives like they did when they were 18".
"They snapped up all the flyers after the talk so we've obviously got some cranky men with cranky wives out there who want some help," she told the paper.
Other classes have covered nutrition, heart disease, prostate cancer and fatigue management.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 061475.stm
Published: 2007/10/25 14:08:30 GMT
© BBC MMVII
Rabbit VS. Turtle
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โพสต์ที่ 10
Biofuels 'crime against humanity'
By Grant Ferrett
BBC News
A United Nations expert has condemned the growing use of crops to produce biofuels as a replacement for petrol as a crime against humanity.
The UN special rapporteur on the right to food, Jean Ziegler, said he feared biofuels would bring more hunger.
The growth in the production of biofuels has helped to push the price of some crops to record levels.
Mr Ziegler's remarks, made at the UN headquarters in New York, are clearly designed to grab attention.
He complained of an ill-conceived dash to convert foodstuffs such as maize and sugar into fuel, which created a recipe for disaster.
Food price rises
It was, he said, a crime against humanity to divert arable land to the production of crops which are then burned for fuel.
He called for a five-year ban on the practice.
Within that time, according to Mr Ziegler, technological advances would enable the use of agricultural waste, such as corn cobs and banana leaves, rather than crops themselves to produce fuel.
The growth in the production of biofuels has been driven, in part, by the desire to find less environmentally-damaging alternatives to oil.
The United States is also keen to reduce its reliance on oil imported from politically unstable regions.
But the trend has contributed to a sharp rise in food prices as farmers, particularly in the US, switch production from wheat and soya to corn, which is then turned into ethanol.
Mr Ziegler is not alone in warning of the problem.
The IMF last week voiced concern that the increasing global reliance on grain as a source of fuel could have serious implications for the world's poor.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 065061.stm
Published: 2007/10/27 06:37:26 GMT
© BBC MMVII
By Grant Ferrett
BBC News
A United Nations expert has condemned the growing use of crops to produce biofuels as a replacement for petrol as a crime against humanity.
The UN special rapporteur on the right to food, Jean Ziegler, said he feared biofuels would bring more hunger.
The growth in the production of biofuels has helped to push the price of some crops to record levels.
Mr Ziegler's remarks, made at the UN headquarters in New York, are clearly designed to grab attention.
He complained of an ill-conceived dash to convert foodstuffs such as maize and sugar into fuel, which created a recipe for disaster.
Food price rises
It was, he said, a crime against humanity to divert arable land to the production of crops which are then burned for fuel.
He called for a five-year ban on the practice.
Within that time, according to Mr Ziegler, technological advances would enable the use of agricultural waste, such as corn cobs and banana leaves, rather than crops themselves to produce fuel.
The growth in the production of biofuels has been driven, in part, by the desire to find less environmentally-damaging alternatives to oil.
The United States is also keen to reduce its reliance on oil imported from politically unstable regions.
But the trend has contributed to a sharp rise in food prices as farmers, particularly in the US, switch production from wheat and soya to corn, which is then turned into ethanol.
Mr Ziegler is not alone in warning of the problem.
The IMF last week voiced concern that the increasing global reliance on grain as a source of fuel could have serious implications for the world's poor.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 065061.stm
Published: 2007/10/27 06:37:26 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 11
Exxon can appeal $2.5bn oil fine
Exxon Mobil has won the right to appeal against $2.5bn in damages relating to a 1989 Alaskan oil spill.
The US Supreme Court said it would hear the appeal against damages due to victims of the Valdez oil spill.
The case has dragged on since 1994, with US oil giant Exxon fighting to reduce the amount, which the company has called excessive.
In what was one of the biggest ever oil spills, 11 million gallons of crude were released into Alaska's wilderness.
About 1,300 miles (2,080km) of coastline was contaminated as a result of the oil spill, which occurred after the Exxon Valdez tanker crashed into a reef.
Its captain, Joseph Hazelwood, admitted drinking vodka before boarding the vessel, but was subsequently acquitted of operating a ship while intoxicated.
Exxon argues that it cannot be held responsible for the actions of Mr Hazelwood and says that the $2.5bn penalty is excessive when compared with other rulings on punitive damages.
The world's biggest listed oil firm, Exxon adds that it has already paid $3.4bn in clean-up costs, and other fines related to the oil disaster and damage to the natural environment.
Lawyers for the victims, some of whom are now dead, said that the damages award was "barely more than three weeks of Exxon's net profit".
In 2006, Exxon reported the highest ever net annual profit for a US business at $39.5bn.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 067788.stm
Published: 2007/10/29 14:59:28 GMT
© BBC MMVII
Exxon Mobil has won the right to appeal against $2.5bn in damages relating to a 1989 Alaskan oil spill.
The US Supreme Court said it would hear the appeal against damages due to victims of the Valdez oil spill.
The case has dragged on since 1994, with US oil giant Exxon fighting to reduce the amount, which the company has called excessive.
In what was one of the biggest ever oil spills, 11 million gallons of crude were released into Alaska's wilderness.
About 1,300 miles (2,080km) of coastline was contaminated as a result of the oil spill, which occurred after the Exxon Valdez tanker crashed into a reef.
Its captain, Joseph Hazelwood, admitted drinking vodka before boarding the vessel, but was subsequently acquitted of operating a ship while intoxicated.
Exxon argues that it cannot be held responsible for the actions of Mr Hazelwood and says that the $2.5bn penalty is excessive when compared with other rulings on punitive damages.
The world's biggest listed oil firm, Exxon adds that it has already paid $3.4bn in clean-up costs, and other fines related to the oil disaster and damage to the natural environment.
Lawyers for the victims, some of whom are now dead, said that the damages award was "barely more than three weeks of Exxon's net profit".
In 2006, Exxon reported the highest ever net annual profit for a US business at $39.5bn.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 067788.stm
Published: 2007/10/29 14:59:28 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 12
India's lesson in staff loyalty
By Neil Heathcote
Editor, BBC India Business Report, Mumbai
Every Saturday, staff at technology firm Tata Consultancy Services swap their spreadsheets for salsa lessons. The class takes place a few minutes walk from their desks, and is just one of many activities organised by the company.
The aim: to help them meet their fellow workers, have fun, and - of course - learn some fancy new moves.
For the dancers its a great social leveller, where they get to meet people from around the country, from all kinds of backgrounds and classes. For the company, a happy workforce is one that is more likely to stay put.
For many Indians, there has never been an better time to find a job.
Thanks to the booming economy, skilled staff are in high demand. Anyone who has caught the eye of an IT or banking company can expect to be showered with attention even before they leave college.
Take your pick: more money, more foreign travel, faster promotions - or, if you prefer, music lessons, trekking clubs and office visits for the family - so the Tata Consultancy salsa experience is far from unique.
Lessons lure
Tata Consultancy works hard to win the loyalty of its staff, because they are the cream of the crop and everyone wants to get hold of them.
To attract talent, to retain talent, these are the two issues which take 80% of my time
SM Trehan, Crompton Greaves
"For the IT industry, one of the biggest challenges is the retention of people," says S Padmanabhan, the man with the daunting task of looking after the company's 100,000 staff.
"It's something which takes a lot of senior management time."
The company's Maitree programme offers employees everything from music lessons to trekking expeditions. Families are invited into the office.
"There is some sort of a bond, which helps," he says. "Each one adds to retaining people.
"Kids are telling their father or mother if they want to leave TCS, 'no, don't do that, I have the opportunity to go and paint there'."
These are just a small part of the armoury the company deploys to tempt staff to stay.
Perks
Rapid expansion has helped. Tata can offer foreign travel to overseas offices, faster promotion and he chance to work on a range of projects. That has left other companies struggling to keep up.
Conventional construction and engineering firms say they are losing out because they can't match the wages and glamour of the IT sector.
"To attract talent, to retain talent, these are the two issues which take 80% of my time," says managing director SM Trehan at Crompton Greaves, which designs and manufactures electrical equipment.
"If we had more people - more talented people - we could have grown faster, because the market is asking for it."
So Crompton Greaves also provides everything from yoga classes to ping pong tables.
Staff focus
The problem is, new employees have come to expect such perks as standard.
I think increasingly you will see organisations focussing around the people they want to keep
Leena Nair, Confederation of Indian Industry
So the firm has re-focussed more closely on offering its staff what they actually want - from closely structured career development and training, to bosses that know how to lead.
And Compton Greaves believes the problem is only going to get worse. Competition for talent is already fierce, and the international engineering companies have only just begun to arrive.
The Confederation of Indian Industry (CII) agrees.
"We see this intensifying over the next two or three years for sure," says CII HR committee chief Leena Nair.
In demand
More creative thinking from companies will help, but will not cure the problem. That is a longer term project that needs educational institutions to get involved, so that India produces more of the graduates that firms want to employ.
In the meantime, expect companies to concentrate on locking in the brightest and the best.
"Increasingly you will see organisations focussing around the people they want to keep," says Ms Nair. The rest, they accept, will move around.
So it will not just be an easy ride for slackers - one long series of yoga sessions and dance classes.
The big perks will be offered to the big performers. Flexitime, working from home - these are all ideas companies are now looking at.
But for the next few years, there is no sign that demand for skilled professionals will reduce.
India's young middle classes are in demand - and for the winners, the prospects have never been brighter.
India Business Report is broadcast repeatedly every Sunday on BBC World.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 035155.stm
Published: 2007/10/17 05:18:45 GMT
© BBC MMVII
By Neil Heathcote
Editor, BBC India Business Report, Mumbai
Every Saturday, staff at technology firm Tata Consultancy Services swap their spreadsheets for salsa lessons. The class takes place a few minutes walk from their desks, and is just one of many activities organised by the company.
The aim: to help them meet their fellow workers, have fun, and - of course - learn some fancy new moves.
For the dancers its a great social leveller, where they get to meet people from around the country, from all kinds of backgrounds and classes. For the company, a happy workforce is one that is more likely to stay put.
For many Indians, there has never been an better time to find a job.
Thanks to the booming economy, skilled staff are in high demand. Anyone who has caught the eye of an IT or banking company can expect to be showered with attention even before they leave college.
Take your pick: more money, more foreign travel, faster promotions - or, if you prefer, music lessons, trekking clubs and office visits for the family - so the Tata Consultancy salsa experience is far from unique.
Lessons lure
Tata Consultancy works hard to win the loyalty of its staff, because they are the cream of the crop and everyone wants to get hold of them.
To attract talent, to retain talent, these are the two issues which take 80% of my time
SM Trehan, Crompton Greaves
"For the IT industry, one of the biggest challenges is the retention of people," says S Padmanabhan, the man with the daunting task of looking after the company's 100,000 staff.
"It's something which takes a lot of senior management time."
The company's Maitree programme offers employees everything from music lessons to trekking expeditions. Families are invited into the office.
"There is some sort of a bond, which helps," he says. "Each one adds to retaining people.
"Kids are telling their father or mother if they want to leave TCS, 'no, don't do that, I have the opportunity to go and paint there'."
These are just a small part of the armoury the company deploys to tempt staff to stay.
Perks
Rapid expansion has helped. Tata can offer foreign travel to overseas offices, faster promotion and he chance to work on a range of projects. That has left other companies struggling to keep up.
Conventional construction and engineering firms say they are losing out because they can't match the wages and glamour of the IT sector.
"To attract talent, to retain talent, these are the two issues which take 80% of my time," says managing director SM Trehan at Crompton Greaves, which designs and manufactures electrical equipment.
"If we had more people - more talented people - we could have grown faster, because the market is asking for it."
So Crompton Greaves also provides everything from yoga classes to ping pong tables.
Staff focus
The problem is, new employees have come to expect such perks as standard.
I think increasingly you will see organisations focussing around the people they want to keep
Leena Nair, Confederation of Indian Industry
So the firm has re-focussed more closely on offering its staff what they actually want - from closely structured career development and training, to bosses that know how to lead.
And Compton Greaves believes the problem is only going to get worse. Competition for talent is already fierce, and the international engineering companies have only just begun to arrive.
The Confederation of Indian Industry (CII) agrees.
"We see this intensifying over the next two or three years for sure," says CII HR committee chief Leena Nair.
In demand
More creative thinking from companies will help, but will not cure the problem. That is a longer term project that needs educational institutions to get involved, so that India produces more of the graduates that firms want to employ.
In the meantime, expect companies to concentrate on locking in the brightest and the best.
"Increasingly you will see organisations focussing around the people they want to keep," says Ms Nair. The rest, they accept, will move around.
So it will not just be an easy ride for slackers - one long series of yoga sessions and dance classes.
The big perks will be offered to the big performers. Flexitime, working from home - these are all ideas companies are now looking at.
But for the next few years, there is no sign that demand for skilled professionals will reduce.
India's young middle classes are in demand - and for the winners, the prospects have never been brighter.
India Business Report is broadcast repeatedly every Sunday on BBC World.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 035155.stm
Published: 2007/10/17 05:18:45 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 13
Hello Kitty: the cat that got the cream
By Helen Soteriou
Puroland, Tokyo
The cat pounced unexpectedly. Resistance was futile. There was no escape through the sea of five-year-old children.
Hello Kitty is the star attraction at Puroland Sanrio, an indoor theme park in Tokyo that comes complete with children's boat ride, theatre performances and parades.
Each year, the park's almost a million visitors leave behind some 7 billion yen ($61m; £29m).
And yet, the park accounts for no more than a small part of Sanrio's fortune, for its kitten star has a much broader appeal.
"The appeal of Hello Kitty is multifold," explains Professor Christine Yano, anthropologist and expert on Japanese culture at the University of Hawaii.
"For many, it is the blank slate that she represents. For others, it is the fact that she has been around now for over 30 years. Globally, it is both the simplicity of the visual image as well as its playful sophistication."
Hello world
But Hello Kitty is more than just a national - and increasingly international - phenomenon.
This cute creature has also become perhaps the world's most lucrative feline.
Almost 90bn yen worth of so-called "social communication" gifts helped clock up operating profits of some 6.2bn yen last year - in spite of Japan's declining birth rate and sales-hammering factors such as a cold summer and a warm winter - which come on top of tough rivalry from mobile phones and other gadgets.
And although this is slightly weaker than previous years - sales in Japan have been slipping, while operating profits have suffered steep slides - Hello Kitty is not withdrawing its claws.
From the company's point of view, the kitten sales amount to expressions of giving - "from the heart" and "of the heart" - and with overseas sales rising 3.2% last year, it seems the philosophy is gaining global ground with 50,000 kinds of Hello Kitty products selling in 60 countries.
Sex appeal
But global expansion alone cannot insulate Hello Kitty's makers from the tough trading conditions back home, where market forces are eroding the feline's innocence at quite a lick.
Children alone can no longer satisfy Sanrio's expansionist urges, so adults both within and beyond Japan's borders are targeted with a slightly raunchy range where Hello Kitty cheekily displays her underpants.
"There is something going on here," says Professor Yano. "Call it neo-feminism if you will, that allows grown-up women in their thirties to retreat into girly feminism that is cute and spunky at the same time.
"The inclusion of sexiness into Hello Kitty only speaks to the strength of the image.
"In effect, Hello Kitty can be anything and anyone. A few years back there was even Hello Kitty as a kamikaze pilot."
There has also been aggressive development of collaborative products that have seen Hello Kitty team up with IT-firm NEC to produce a Kitty laptop and with electrical giant Toshiba to produce goods such as coffee makers and microwaves.
Taiwanese carrier Eva Air has two Hello Kitty jets that fly to Japan everyday, and the company is working closely with fashion brands, artists and designers, according to company spokesman Kazuo Tohmatsu.
There is even a Hello Kitty wine, though "Sanrio do not license Hello Kitty for knives, including knives for handcraft, or for strong alcohol like whisky", observes Mr Kazuo.
Cute rivals
Professor Yano feels that other companies may have their claws out for Kitty but that she is far from disappearing through the cat-flap into the night.
"I think Korean goods provide a serious rival to Sanrio. If Hello Kitty is cleverly cute, then some of the Korean manifestations outdo Hello Kitty."
But Professor Yano also points out that Hello Kitty had a following before the current wave of Japan's "gross national cool".
"I think when that wave has passed on, Hello Kitty will retain her popularity.
"Sanrio's explicit goal is that Hello Kitty not be a fad. Therefore they do not advertise. They want her following to be under the fad-radar and thus long-lasting."
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 069062.stm
Published: 2007/10/31 02:56:47 GMT
© BBC MMVII
By Helen Soteriou
Puroland, Tokyo
The cat pounced unexpectedly. Resistance was futile. There was no escape through the sea of five-year-old children.
Hello Kitty is the star attraction at Puroland Sanrio, an indoor theme park in Tokyo that comes complete with children's boat ride, theatre performances and parades.
Each year, the park's almost a million visitors leave behind some 7 billion yen ($61m; £29m).
And yet, the park accounts for no more than a small part of Sanrio's fortune, for its kitten star has a much broader appeal.
"The appeal of Hello Kitty is multifold," explains Professor Christine Yano, anthropologist and expert on Japanese culture at the University of Hawaii.
"For many, it is the blank slate that she represents. For others, it is the fact that she has been around now for over 30 years. Globally, it is both the simplicity of the visual image as well as its playful sophistication."
Hello world
But Hello Kitty is more than just a national - and increasingly international - phenomenon.
This cute creature has also become perhaps the world's most lucrative feline.
Almost 90bn yen worth of so-called "social communication" gifts helped clock up operating profits of some 6.2bn yen last year - in spite of Japan's declining birth rate and sales-hammering factors such as a cold summer and a warm winter - which come on top of tough rivalry from mobile phones and other gadgets.
And although this is slightly weaker than previous years - sales in Japan have been slipping, while operating profits have suffered steep slides - Hello Kitty is not withdrawing its claws.
From the company's point of view, the kitten sales amount to expressions of giving - "from the heart" and "of the heart" - and with overseas sales rising 3.2% last year, it seems the philosophy is gaining global ground with 50,000 kinds of Hello Kitty products selling in 60 countries.
Sex appeal
But global expansion alone cannot insulate Hello Kitty's makers from the tough trading conditions back home, where market forces are eroding the feline's innocence at quite a lick.
Children alone can no longer satisfy Sanrio's expansionist urges, so adults both within and beyond Japan's borders are targeted with a slightly raunchy range where Hello Kitty cheekily displays her underpants.
"There is something going on here," says Professor Yano. "Call it neo-feminism if you will, that allows grown-up women in their thirties to retreat into girly feminism that is cute and spunky at the same time.
"The inclusion of sexiness into Hello Kitty only speaks to the strength of the image.
"In effect, Hello Kitty can be anything and anyone. A few years back there was even Hello Kitty as a kamikaze pilot."
There has also been aggressive development of collaborative products that have seen Hello Kitty team up with IT-firm NEC to produce a Kitty laptop and with electrical giant Toshiba to produce goods such as coffee makers and microwaves.
Taiwanese carrier Eva Air has two Hello Kitty jets that fly to Japan everyday, and the company is working closely with fashion brands, artists and designers, according to company spokesman Kazuo Tohmatsu.
There is even a Hello Kitty wine, though "Sanrio do not license Hello Kitty for knives, including knives for handcraft, or for strong alcohol like whisky", observes Mr Kazuo.
Cute rivals
Professor Yano feels that other companies may have their claws out for Kitty but that she is far from disappearing through the cat-flap into the night.
"I think Korean goods provide a serious rival to Sanrio. If Hello Kitty is cleverly cute, then some of the Korean manifestations outdo Hello Kitty."
But Professor Yano also points out that Hello Kitty had a following before the current wave of Japan's "gross national cool".
"I think when that wave has passed on, Hello Kitty will retain her popularity.
"Sanrio's explicit goal is that Hello Kitty not be a fad. Therefore they do not advertise. They want her following to be under the fad-radar and thus long-lasting."
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 069062.stm
Published: 2007/10/31 02:56:47 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 14
Rowling completes Potter spin-off
By Razia Iqbal
Arts correspondent, BBC News
Author JK Rowling has completed a set of handwritten fairytales which were mentioned in her last book, Harry Potter and the Deathly Hallows.
There will be just seven volumes of The Tales of Beedle the Bard and they will not be published.
One copy will be auctioned to raise money for her charity, The Children's Voice, and the author will give away the rest of them.
She said the books were a "wonderful way" to say goodbye to Potter.
"People kept saying to me 'you'll be glad to have a break from writing', when of course I wasn't taking a break at all," added the writer.
Handwritten books
"I was literally writing out - as these are handwritten books - these new stories which has been a wonderful way to say goodbye. It's like coming up from a deep dive."
The fairytales, which were illustrated by Rowling herself, are the first works she has written since the Potter novel was published in July.
The Tales of Beedle the Bard was left to Potter character Hermione by Hogwarts school headmaster Dumbledore.
In a recent US book tour, the author revealed that Dumbledore was gay.
Rowling said she had always seen him as gay in her mind.
"No-one ever asked me had he ever been in love or fallen in love. People were very focussed on what happens to Harry so I had never been asked a direct question.
"And because to answer it would immediately flag up an infatuation with what happens in book seven, I never said it."
The new book will be auctioned at Sotheby's in London on 13 December with a starting price of £30,000, although it is expected to sell for a lot more.
Harry Potter book sales already stood at 325 million copies even before the seventh novel came out - it broke records on both sides of the Atlantic by selling 11 million copies in 24 hours.
It was published simultaneously in more than 90 countries.
Legal action
JK Rowling and the makers of the Harry Potter films, Warner Bros, are suing a US publisher over its plans to release a book version of a popular website dedicated to the boy wizard.
The legal action claims that RDR Books will infringe on Rowling's intellectual property rights if it publishes the 400-page Harry Potter Lexicon.
It adds that this would interfere with her plans to write her own definitive Harry Potter encyclopaedia.
RDR Books publisher Roger Rapoport said the suit dismayed him and dismissed any notion it could compete with any official encyclopaedia written by Rowling.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/e ... 072086.stm
Published: 2007/11/01 10:16:25 GMT
© BBC MMVII
By Razia Iqbal
Arts correspondent, BBC News
Author JK Rowling has completed a set of handwritten fairytales which were mentioned in her last book, Harry Potter and the Deathly Hallows.
There will be just seven volumes of The Tales of Beedle the Bard and they will not be published.
One copy will be auctioned to raise money for her charity, The Children's Voice, and the author will give away the rest of them.
She said the books were a "wonderful way" to say goodbye to Potter.
"People kept saying to me 'you'll be glad to have a break from writing', when of course I wasn't taking a break at all," added the writer.
Handwritten books
"I was literally writing out - as these are handwritten books - these new stories which has been a wonderful way to say goodbye. It's like coming up from a deep dive."
The fairytales, which were illustrated by Rowling herself, are the first works she has written since the Potter novel was published in July.
The Tales of Beedle the Bard was left to Potter character Hermione by Hogwarts school headmaster Dumbledore.
In a recent US book tour, the author revealed that Dumbledore was gay.
Rowling said she had always seen him as gay in her mind.
"No-one ever asked me had he ever been in love or fallen in love. People were very focussed on what happens to Harry so I had never been asked a direct question.
"And because to answer it would immediately flag up an infatuation with what happens in book seven, I never said it."
The new book will be auctioned at Sotheby's in London on 13 December with a starting price of £30,000, although it is expected to sell for a lot more.
Harry Potter book sales already stood at 325 million copies even before the seventh novel came out - it broke records on both sides of the Atlantic by selling 11 million copies in 24 hours.
It was published simultaneously in more than 90 countries.
Legal action
JK Rowling and the makers of the Harry Potter films, Warner Bros, are suing a US publisher over its plans to release a book version of a popular website dedicated to the boy wizard.
The legal action claims that RDR Books will infringe on Rowling's intellectual property rights if it publishes the 400-page Harry Potter Lexicon.
It adds that this would interfere with her plans to write her own definitive Harry Potter encyclopaedia.
RDR Books publisher Roger Rapoport said the suit dismayed him and dismissed any notion it could compete with any official encyclopaedia written by Rowling.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/e ... 072086.stm
Published: 2007/11/01 10:16:25 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 15
Global shares good, bad and ugly
By Jamie Robertson
Business presenter, BBC World
October saw more sharp divergence on the world's stock markets between the good, the bad and the plain ugly.
Into the ugly category, of course, would go Merrill Lynch, whose disastrous mishandling of its exposure to the US sub-prime mortgage market drove its shares down 11% last month - they've fallen by a third over this year.
Merrill is not a member of the Global 30, but its misadventures have tainted all financial institutions in the US.
Citigroup fell 11.1% in September. The S&P 500 share index, which includes a number of financial firms, was down 4% in the same period, while the US component of the Global 30 is up 1.1%.
Just when I think the economy is about to nosedive, I am constantly amazed at the US consumer's ability to find another credit card to keep on spending with
Justin Urquhart-Stewart of Seven Investment Management
The other big issue is the falling dollar, pushed lower by two US interest rate cuts.
This has created in some parts of the world what might be called "bad" stocks.
The greenback's rise has been most keenly felt by European companies. Politicians, most notably French President Nicolas Sarkozy, have been banging the exchange rate drum, saying their exporters are being punished unfairly.
Japanese nerves
However, Japan, because investors are borrowing there to take advantage of the low interest rates, has seen the yen barely move.
WINNERS IN OCTOBER
CNOOC +28%
China Mobile +22.6%
Microsoft +19%
Electricity de France +13.9%
Hutchinson Whampoa +12.9%
But every few weeks or so, Japanese investors start to get a fit of jitters over whether the currency is about to go shooting skywards.
In that sort of nervousness, exporters have had a rocky time, with Canon down 8.6% and Toyota losing 6.7%.
The 13% fall in Takeda Pharmaceutical has a different story behind it.
This week, the US Food and Drug Administration recommended that it suspend clinical studies on one of its most promising cholesterol-lowering drugs.
GlaxoSmithKline was spared such dramatic news, but its shares slid steadily downwards by 6.2% during the month, helped on their way by a 2% drop in third quarter profits.
The UK firm was also hit by falling sales of its diabetes treatment, Avandia, which has been dogged by health scares.
The question of whether the US economy is slowing down or not is giving economists endless cause for argument.
"Just when I think the economy is about to nosedive, I am constantly amazed at the American consumer's ability to open up their bottom drawer and, hey presto, find another credit card to keep on spending with," said Justin Urquhart-Stewart of Seven Investment Management.
But that, in itself, could well be simply delaying rather than preventing a slowdown.
Commodity costs
One of the most inexorable pressures on the economy is rising commodity prices.
Proctor & Gamble (P&G) shares slid back 5.2% in October, despite good results, for this very reason.
P&G products - everything from Gillette shavers to Tide detergent - depend heavily on energy and commodity prices, and there is barely an analyst on the planet who thinks they are coming down in the foreseeable future.
The heavy equipment maker, Caterpillar, went so far as to say that it could cause a recession in the US next year.
Yet a number of businesses disagreed.
Chemicals maker Du Pont said it was feeling fine, thank you. Third-quarter net income was up 8.5% and the weak dollar was doing wonders for its exports, particularly in Canada and Latin America.
You can see what Caterpillar was driving at, though - Du Pont's sales in the US fell 1%.
China's continuing boom
And now for the good - although many might say the word "good" cannot realistically be applied to what they consider to be a Chinese market bubble.
LOSERS IN OCTOBER
Takeda -13.7%
Citigroup -11.1%
Canon -8.6%
Toyota -6.6%
GlaxoSmithKline -6.2%
One of the popular themes in the market is "decoupling", with the Chinese and Indian economies motoring along on their own independently of the US.
No-one really believes it, but a lot of people talk about it.
"I don't believe the US has decoupled from Asia, and a slowdown or recession there will still have dampening effect on the bubbles in China and India, and that's no bad thing," says Mr Urquhart-Stewart.
But China and India's market performance suggests the bubble is not over yet.
Five of the 10 largest companies in the world by market value are now Chinese, with only three being American.
China's oil producer CNOOC continues to rise to ever more dizzy heights - another 28% this past month, making its total gain in just six months 135%.
China Mobile chases along just behind, up 22.6% in October, ahead 122% on the last six months.
Microsoft gain
More convincing growth comes from Microsoft, which rose 19% on the back of a tremendous set of figures.
The software giant's first-quarter sales were up 27% and earnings ahead by 29%, which had its critics round the world eating their hats.
The critics have had to admit, reluctantly, that Microsoft's Vista operating system and Halo 3 video game might actually be more popular than they thought.
As for the European shares, whatever Mr Sarkozy says, many big companies seem to be coping with the rising euro and pound - Vodafone (up 7.5%), Tesco (up 7.4%) and HSBC (up 5.1%) have all done well.
BP rose 8.5%, unsurprisingly, on the back of the record oil prices, and BHP Billiton went up 7.6% as metals prices followed suit.
Electricity de France was up 13.9% after Citigroup reassessed the company, saying that long-term French energy prices, once they are freed from state regulation, will rise more rapidly than first estimated.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 073066.stm
Published: 2007/11/01 14:08:50 GMT
© BBC MMVII
By Jamie Robertson
Business presenter, BBC World
October saw more sharp divergence on the world's stock markets between the good, the bad and the plain ugly.
Into the ugly category, of course, would go Merrill Lynch, whose disastrous mishandling of its exposure to the US sub-prime mortgage market drove its shares down 11% last month - they've fallen by a third over this year.
Merrill is not a member of the Global 30, but its misadventures have tainted all financial institutions in the US.
Citigroup fell 11.1% in September. The S&P 500 share index, which includes a number of financial firms, was down 4% in the same period, while the US component of the Global 30 is up 1.1%.
Just when I think the economy is about to nosedive, I am constantly amazed at the US consumer's ability to find another credit card to keep on spending with
Justin Urquhart-Stewart of Seven Investment Management
The other big issue is the falling dollar, pushed lower by two US interest rate cuts.
This has created in some parts of the world what might be called "bad" stocks.
The greenback's rise has been most keenly felt by European companies. Politicians, most notably French President Nicolas Sarkozy, have been banging the exchange rate drum, saying their exporters are being punished unfairly.
Japanese nerves
However, Japan, because investors are borrowing there to take advantage of the low interest rates, has seen the yen barely move.
WINNERS IN OCTOBER
CNOOC +28%
China Mobile +22.6%
Microsoft +19%
Electricity de France +13.9%
Hutchinson Whampoa +12.9%
But every few weeks or so, Japanese investors start to get a fit of jitters over whether the currency is about to go shooting skywards.
In that sort of nervousness, exporters have had a rocky time, with Canon down 8.6% and Toyota losing 6.7%.
The 13% fall in Takeda Pharmaceutical has a different story behind it.
This week, the US Food and Drug Administration recommended that it suspend clinical studies on one of its most promising cholesterol-lowering drugs.
GlaxoSmithKline was spared such dramatic news, but its shares slid steadily downwards by 6.2% during the month, helped on their way by a 2% drop in third quarter profits.
The UK firm was also hit by falling sales of its diabetes treatment, Avandia, which has been dogged by health scares.
The question of whether the US economy is slowing down or not is giving economists endless cause for argument.
"Just when I think the economy is about to nosedive, I am constantly amazed at the American consumer's ability to open up their bottom drawer and, hey presto, find another credit card to keep on spending with," said Justin Urquhart-Stewart of Seven Investment Management.
But that, in itself, could well be simply delaying rather than preventing a slowdown.
Commodity costs
One of the most inexorable pressures on the economy is rising commodity prices.
Proctor & Gamble (P&G) shares slid back 5.2% in October, despite good results, for this very reason.
P&G products - everything from Gillette shavers to Tide detergent - depend heavily on energy and commodity prices, and there is barely an analyst on the planet who thinks they are coming down in the foreseeable future.
The heavy equipment maker, Caterpillar, went so far as to say that it could cause a recession in the US next year.
Yet a number of businesses disagreed.
Chemicals maker Du Pont said it was feeling fine, thank you. Third-quarter net income was up 8.5% and the weak dollar was doing wonders for its exports, particularly in Canada and Latin America.
You can see what Caterpillar was driving at, though - Du Pont's sales in the US fell 1%.
China's continuing boom
And now for the good - although many might say the word "good" cannot realistically be applied to what they consider to be a Chinese market bubble.
LOSERS IN OCTOBER
Takeda -13.7%
Citigroup -11.1%
Canon -8.6%
Toyota -6.6%
GlaxoSmithKline -6.2%
One of the popular themes in the market is "decoupling", with the Chinese and Indian economies motoring along on their own independently of the US.
No-one really believes it, but a lot of people talk about it.
"I don't believe the US has decoupled from Asia, and a slowdown or recession there will still have dampening effect on the bubbles in China and India, and that's no bad thing," says Mr Urquhart-Stewart.
But China and India's market performance suggests the bubble is not over yet.
Five of the 10 largest companies in the world by market value are now Chinese, with only three being American.
China's oil producer CNOOC continues to rise to ever more dizzy heights - another 28% this past month, making its total gain in just six months 135%.
China Mobile chases along just behind, up 22.6% in October, ahead 122% on the last six months.
Microsoft gain
More convincing growth comes from Microsoft, which rose 19% on the back of a tremendous set of figures.
The software giant's first-quarter sales were up 27% and earnings ahead by 29%, which had its critics round the world eating their hats.
The critics have had to admit, reluctantly, that Microsoft's Vista operating system and Halo 3 video game might actually be more popular than they thought.
As for the European shares, whatever Mr Sarkozy says, many big companies seem to be coping with the rising euro and pound - Vodafone (up 7.5%), Tesco (up 7.4%) and HSBC (up 5.1%) have all done well.
BP rose 8.5%, unsurprisingly, on the back of the record oil prices, and BHP Billiton went up 7.6% as metals prices followed suit.
Electricity de France was up 13.9% after Citigroup reassessed the company, saying that long-term French energy prices, once they are freed from state regulation, will rise more rapidly than first estimated.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 073066.stm
Published: 2007/11/01 14:08:50 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 16
Airline bans A380 mile-high club
Singapore Airlines has taken the unusual step of publicly asking passengers on its new Airbus A380 plane not to engage in any sexual activities.
The potential problem has arisen because the first class area of its giant superjumbo contains 12 private suites complete with double beds.
Singapore, which is the first airline to start flying the A380, said the suites were not sound-proofed.
It said it did not want anyone to offend other travellers or crew.
Singapore added that while the suites were private, they were also not completely sealed.
'Observing standards'
"All we ask of customers, wherever they are on our aircraft, is to observe standards that don't cause offence to other customers and crew," the airline said in a statement.
"Nothing different applies for our Singapore Airlines Suites customers."
Singapore Airlines took delivery of its first A380 earlier this month, with the first services between Singapore and Sydney starting on 25 October.
It is now set to take delivery of a further five A380s in 2008, out of its order of 19.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 071620.stm
Published: 2007/10/31 16:22:26 GMT
© BBC MMVII
Singapore Airlines has taken the unusual step of publicly asking passengers on its new Airbus A380 plane not to engage in any sexual activities.
The potential problem has arisen because the first class area of its giant superjumbo contains 12 private suites complete with double beds.
Singapore, which is the first airline to start flying the A380, said the suites were not sound-proofed.
It said it did not want anyone to offend other travellers or crew.
Singapore added that while the suites were private, they were also not completely sealed.
'Observing standards'
"All we ask of customers, wherever they are on our aircraft, is to observe standards that don't cause offence to other customers and crew," the airline said in a statement.
"Nothing different applies for our Singapore Airlines Suites customers."
Singapore Airlines took delivery of its first A380 earlier this month, with the first services between Singapore and Sydney starting on 25 October.
It is now set to take delivery of a further five A380s in 2008, out of its order of 19.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 071620.stm
Published: 2007/10/31 16:22:26 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 17
Hedge funds seek out licence to thrill
By Simon Atkinson
Business reporter, BBC News
It is 8.30 on a grey Thursday morning, Shirley Bassey emanates from the loud speaker and a man in a slick suit plays virtual tennis on a Nintendo Wii - controller in one hand, croissant in the other.
"Goldfingerrrrr" booms the diva, as the wannabe-Sampras unleashes a backhand so energetic that it dislodges his tie.
"He's the man, the man with the Midas touch."
Given that we're at a conference for the hedge fund industry - one which is notorious for being able to turn a profit from the most dire of situations - there is a decent possibility that the singer is spot on.
Turbulence
Despite a torrid few months which has seen world credit markets gumming up and several big banks taking heavy losses from exposure to sub-prime debt, some of London's hedge funds are still making big money, or have at least clawed back losses.
WHAT IS A HEDGE FUND
High risk, high return investments
Controversial as lightly regulated
Aimed at wealthy investors
Wider range of investment strategies
Some require minimum personal investments of more than £100m
Such high risk and high reward is the mantra of this business, so financial turbulence around the globe has left many of those here at Hedge Royale - the James Bond themed event - a little shaken, but seemingly not stirred.
At least the 007 connection explains the music, the doormen in tuxedos and the banners proclaiming to passing commuters that "Hedge Funds Are Forever".
Arguably the one adjacent to it - "A View to a Hedge Fund" - is labouring the point a bit.
Then comes the luring agenda of presentations for delegates, and which self-respecting Bond fan could resist "Die another day: the value of liquidity" or "Money and oil: the World is not enough"?
One speaker even introduces an image of an Aston Martin as the backdrop to his Power Point presentation.
"I wanted to use Halle Berry", he says in reference to "his favourite Bond girl".
"But the compliance department at work just weren't too happy about that."
Rock profit
Always controversial, hedge funds have both won and lost big in recent months.
In September, two Bear Stearns hedge funds worth a total of $1.5bn collapsed because of their exposure to sub-prime debt while UBS also closed down a hedge fund unit.
But for the winners, look no further than those who earlier this year began "shorting" Northern Rock - betting that it was facing serious funding problems and that its shares were over-valued.
Their concerns proved well-founded and it was forced to ask the Bank of England for emergency funding, sending its shares tumbling.
Hedge funds borrow shares from long-term investors, such as pension funds or insurers, for a "rental" fee and sell them, later buying back the same number of shares and returning them to the lender on an agreed date.
And so if the price has fallen, as it did dramatically with Northern Rock, the difference between the price at which the hedge funds sold the shares and bought them back is profit.
'Systemic problem'
For many hedge fund managers though, the summer was been a storm that needed to be ridden out.
"We didn't have the best August," admits Bernard Oppetit of Centaurus Capital. "Though we have made our losses back now".
He cites the case of Cadbury Schweppes, which planned to hive off its drinks business and sell it to private equity.
While you hear about hedge funds having made huge losses over the summer, there are also some who're doing very well
Jon Mills, KPMG
This seemed like a good deal and Mr Oppetit's fund bought "long" in Cadbury's shares - banking on a surge in price.
But when the credit markets unexpectedly ground to a halt, and would-be suitors could not get the funding together, the prospect of a sale drifted away, as did the share price.
Hedge Royale came against a backdrop of the plummeting US dollar and financial institutions revealing how much exposure they had, or thought they had, to sub-prime debt.
Merrill Lynch has been hardest hit so far - writing down $7.9bn (£3.85bn) in the three months to September, largely from packages of loans it had bought which it now conceded are worth far less than previously thought.
So inevitably, the issue of whether more firms are sitting on such heavy, and so-far undeclared losses, is top of the conversation.
"It's a systemic problem and people are still trying to understand and work out what these things are worth", says Michael Hintze, the founder and senior investment officer of CQS.
Some of these banks are now making concerted efforts to offload these troublesome debts - looking to cut losses and salvage something by selling them on.
And there are no prizes for guessing who is showing an interest.
"We've had quite a few hedge funds coming to us looking to set up instruments purely to buy up these packages of debts," says Jon Mills, partner at KPMG's Investment Management and Funds group.
"They want to try and take advantage when they think the debt is being sold on too cheaply and so is undervalued.
"So while you hear about hedge funds having made huge losses over the summer, there are also some who're doing very well."
'Reality gap widens'
The conference venue at Old Billingsgate has seen plenty of traders over the years, but the former fish market on the banks of the Thames was an appropriate place for one analogy on whether the worst of the fall-out from the sub-prime problems in the US had been seen.
It's going to be a very difficult time for the dollar and the markets in the US
Martin Lueck, Aspect Capital
"When you go dynamite fishing, and chuck your explosives in the water, the first things that rise to the surface are the little guppies," said Martin Lueck, the co-founder of Aspect Capital.
"Several minutes later the big ones arrive. We have not seen the big ones yet."
With several months still to go before the peak number of Americans seeing their low "teaser" mortgages being reset to higher interest rates , and the expected subsequent problems with repayments, Mr Lueck predicted that worse was to come.
This, clearly, is not great news for US consumers or for the owners of the estimated 2 million American homes which will, according to a Congressional report released last week, be repossessed.
"If you look at what the markets are doing and the reality on the street - the gap is rising.
"It's going to be a very difficult time for the dollar and the markets in the US," he says ominously.
"But," Mr Lueck adds, his tone lightening a little, "that is going to be very good for our trading strategies."
In hedge funds, it seems, the optimism for tomorrow never dies.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 073171.stm
Published: 2007/11/02 09:02:43 GMT
© BBC MMVII
By Simon Atkinson
Business reporter, BBC News
It is 8.30 on a grey Thursday morning, Shirley Bassey emanates from the loud speaker and a man in a slick suit plays virtual tennis on a Nintendo Wii - controller in one hand, croissant in the other.
"Goldfingerrrrr" booms the diva, as the wannabe-Sampras unleashes a backhand so energetic that it dislodges his tie.
"He's the man, the man with the Midas touch."
Given that we're at a conference for the hedge fund industry - one which is notorious for being able to turn a profit from the most dire of situations - there is a decent possibility that the singer is spot on.
Turbulence
Despite a torrid few months which has seen world credit markets gumming up and several big banks taking heavy losses from exposure to sub-prime debt, some of London's hedge funds are still making big money, or have at least clawed back losses.
WHAT IS A HEDGE FUND
High risk, high return investments
Controversial as lightly regulated
Aimed at wealthy investors
Wider range of investment strategies
Some require minimum personal investments of more than £100m
Such high risk and high reward is the mantra of this business, so financial turbulence around the globe has left many of those here at Hedge Royale - the James Bond themed event - a little shaken, but seemingly not stirred.
At least the 007 connection explains the music, the doormen in tuxedos and the banners proclaiming to passing commuters that "Hedge Funds Are Forever".
Arguably the one adjacent to it - "A View to a Hedge Fund" - is labouring the point a bit.
Then comes the luring agenda of presentations for delegates, and which self-respecting Bond fan could resist "Die another day: the value of liquidity" or "Money and oil: the World is not enough"?
One speaker even introduces an image of an Aston Martin as the backdrop to his Power Point presentation.
"I wanted to use Halle Berry", he says in reference to "his favourite Bond girl".
"But the compliance department at work just weren't too happy about that."
Rock profit
Always controversial, hedge funds have both won and lost big in recent months.
In September, two Bear Stearns hedge funds worth a total of $1.5bn collapsed because of their exposure to sub-prime debt while UBS also closed down a hedge fund unit.
But for the winners, look no further than those who earlier this year began "shorting" Northern Rock - betting that it was facing serious funding problems and that its shares were over-valued.
Their concerns proved well-founded and it was forced to ask the Bank of England for emergency funding, sending its shares tumbling.
Hedge funds borrow shares from long-term investors, such as pension funds or insurers, for a "rental" fee and sell them, later buying back the same number of shares and returning them to the lender on an agreed date.
And so if the price has fallen, as it did dramatically with Northern Rock, the difference between the price at which the hedge funds sold the shares and bought them back is profit.
'Systemic problem'
For many hedge fund managers though, the summer was been a storm that needed to be ridden out.
"We didn't have the best August," admits Bernard Oppetit of Centaurus Capital. "Though we have made our losses back now".
He cites the case of Cadbury Schweppes, which planned to hive off its drinks business and sell it to private equity.
While you hear about hedge funds having made huge losses over the summer, there are also some who're doing very well
Jon Mills, KPMG
This seemed like a good deal and Mr Oppetit's fund bought "long" in Cadbury's shares - banking on a surge in price.
But when the credit markets unexpectedly ground to a halt, and would-be suitors could not get the funding together, the prospect of a sale drifted away, as did the share price.
Hedge Royale came against a backdrop of the plummeting US dollar and financial institutions revealing how much exposure they had, or thought they had, to sub-prime debt.
Merrill Lynch has been hardest hit so far - writing down $7.9bn (£3.85bn) in the three months to September, largely from packages of loans it had bought which it now conceded are worth far less than previously thought.
So inevitably, the issue of whether more firms are sitting on such heavy, and so-far undeclared losses, is top of the conversation.
"It's a systemic problem and people are still trying to understand and work out what these things are worth", says Michael Hintze, the founder and senior investment officer of CQS.
Some of these banks are now making concerted efforts to offload these troublesome debts - looking to cut losses and salvage something by selling them on.
And there are no prizes for guessing who is showing an interest.
"We've had quite a few hedge funds coming to us looking to set up instruments purely to buy up these packages of debts," says Jon Mills, partner at KPMG's Investment Management and Funds group.
"They want to try and take advantage when they think the debt is being sold on too cheaply and so is undervalued.
"So while you hear about hedge funds having made huge losses over the summer, there are also some who're doing very well."
'Reality gap widens'
The conference venue at Old Billingsgate has seen plenty of traders over the years, but the former fish market on the banks of the Thames was an appropriate place for one analogy on whether the worst of the fall-out from the sub-prime problems in the US had been seen.
It's going to be a very difficult time for the dollar and the markets in the US
Martin Lueck, Aspect Capital
"When you go dynamite fishing, and chuck your explosives in the water, the first things that rise to the surface are the little guppies," said Martin Lueck, the co-founder of Aspect Capital.
"Several minutes later the big ones arrive. We have not seen the big ones yet."
With several months still to go before the peak number of Americans seeing their low "teaser" mortgages being reset to higher interest rates , and the expected subsequent problems with repayments, Mr Lueck predicted that worse was to come.
This, clearly, is not great news for US consumers or for the owners of the estimated 2 million American homes which will, according to a Congressional report released last week, be repossessed.
"If you look at what the markets are doing and the reality on the street - the gap is rising.
"It's going to be a very difficult time for the dollar and the markets in the US," he says ominously.
"But," Mr Lueck adds, his tone lightening a little, "that is going to be very good for our trading strategies."
In hedge funds, it seems, the optimism for tomorrow never dies.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 073171.stm
Published: 2007/11/02 09:02:43 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 18
PetroChina is world's top company
Chinese oil firm PetroChina has trumped US rival Exxon Mobil to become the world's biggest firm by market value on its first day of trading in Shanghai.
PetroChina saw its shares nearly triple from 16.7 yuan to end at 43.96 yuan, giving PetroChina a market value of about $1 trillion.
This is more than twice the $488bn value of oil producer Exxon Mobil.
But some analysts said the PetroChina's Shanghai share price stemmed from speculation and was too high.
State-owned PetroChina already has shares traded in Hong Kong and its flotation on China's mainland stock exchange in the country's largest domestic share sale represented just 2% of the total number of shares it has listed.
The opening price is really too high as far as PetroChina's corporate fundamentals are concerned
Wang Jing, an analyst at Orient Securities
The fervent interest in the company underscores investor confidence in China's booming economy.
The Chinese stock market soared past the UK as the world's third largest by value after PetroChina's $9bn Shanghai listing. The market has gained 110% already this year.
Market bubble?
In terms of profit though, Asia's top oil and gas producer does not even make it into the world's top 50 companies, which some analysts say should sound alarm bells about the firm's valuation.
Its current share price is 60 times the amount it currently earns per share. This is far above the global average forecast by oil producers, which is 18 times current earnings.
Many expected the stock to open at about 35 yuan.
World's largest firms by share value
PetroChina: $966.05bn
Exxon Mobil: $488bn
General Electric: $407.5bn
China Mobile: $392.33bn
Industrial & Commercial Bank of China: $352.85bn
Source: Bloomberg
"The opening price is really too high as far as PetroChina's corporate fundamentals are concerned," said Wang Jing, an industry analyst at Orient Securities in Shanghai.
This view that at 60 times its earnings per share PetroChina is too pricy was reinforced by international investors taking profit in the firm's Hong Kong shares, which fell 8.2% to 18 Hong Kong dollars.
Oil price
Other analysts observed that surging world oil prices, which touched the $96 level in New York on Friday, had been beneficial for the firm's debut, particularly with China raising fuel prices by 10% last week.
But petrol prices are controlled from Beijing, which has historically used its power to shield consumers from inflation and prevent any resultant social unrest.
Dong Yong at Haitong Securities warned that in the future, high crude prices could actually become negative for the oil and gas producer if it finds it is not being compensated for the high costs to its large refinery operations.
PetroChina, owned by China National Petroleum, said it will use the money to fund expansion of its Chinese oil fields.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 078518.stm
Published: 2007/11/05 15:46:32 GMT
© BBC MMVII
Chinese oil firm PetroChina has trumped US rival Exxon Mobil to become the world's biggest firm by market value on its first day of trading in Shanghai.
PetroChina saw its shares nearly triple from 16.7 yuan to end at 43.96 yuan, giving PetroChina a market value of about $1 trillion.
This is more than twice the $488bn value of oil producer Exxon Mobil.
But some analysts said the PetroChina's Shanghai share price stemmed from speculation and was too high.
State-owned PetroChina already has shares traded in Hong Kong and its flotation on China's mainland stock exchange in the country's largest domestic share sale represented just 2% of the total number of shares it has listed.
The opening price is really too high as far as PetroChina's corporate fundamentals are concerned
Wang Jing, an analyst at Orient Securities
The fervent interest in the company underscores investor confidence in China's booming economy.
The Chinese stock market soared past the UK as the world's third largest by value after PetroChina's $9bn Shanghai listing. The market has gained 110% already this year.
Market bubble?
In terms of profit though, Asia's top oil and gas producer does not even make it into the world's top 50 companies, which some analysts say should sound alarm bells about the firm's valuation.
Its current share price is 60 times the amount it currently earns per share. This is far above the global average forecast by oil producers, which is 18 times current earnings.
Many expected the stock to open at about 35 yuan.
World's largest firms by share value
PetroChina: $966.05bn
Exxon Mobil: $488bn
General Electric: $407.5bn
China Mobile: $392.33bn
Industrial & Commercial Bank of China: $352.85bn
Source: Bloomberg
"The opening price is really too high as far as PetroChina's corporate fundamentals are concerned," said Wang Jing, an industry analyst at Orient Securities in Shanghai.
This view that at 60 times its earnings per share PetroChina is too pricy was reinforced by international investors taking profit in the firm's Hong Kong shares, which fell 8.2% to 18 Hong Kong dollars.
Oil price
Other analysts observed that surging world oil prices, which touched the $96 level in New York on Friday, had been beneficial for the firm's debut, particularly with China raising fuel prices by 10% last week.
But petrol prices are controlled from Beijing, which has historically used its power to shield consumers from inflation and prevent any resultant social unrest.
Dong Yong at Haitong Securities warned that in the future, high crude prices could actually become negative for the oil and gas producer if it finds it is not being compensated for the high costs to its large refinery operations.
PetroChina, owned by China National Petroleum, said it will use the money to fund expansion of its Chinese oil fields.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 078518.stm
Published: 2007/11/05 15:46:32 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 19
Supermodel 'rejects dollar pay'
The model reportedly demanded euros for a Pantene advert .
The world's richest model has reportedly reacted in her own way to the sliding value of the US dollar - by refusing to be paid in the currency.
Gisele Bündchen is said to be keen to avoid the US currency because of uncertainty over its strength.
The Brazilian, thought to have earned about $30m in the year to June, prefers to be paid in euros, her sister and manager told the Bloomberg news agency.
However, Ms Bündchen, 27, declined to comment on her pay arrangements.
Last week the dollar hit long-term lows against the euro, the British pound and the Canadian dollar.
According to Brazil's weekly magazine Veja, when Ms Bündchen signed a deal to represent Pantene hair products, she demanded that the brand owner, Procter & Gamble (P&G), paid her in euros.
P&G was reported as saying that it could not comment on details of the contract.
There are also reports that she will be paid in euros for a deal with Dolce & Gabanna to promote its The One fragrance.
"Contracts starting now are more attractive in euros because we don't know what will happen to the dollar," Patricia Bündchen told Bloomberg.
'Still negative'
Last month, billionaire investor Warren Buffett said that he was not confident about the strength of the dollar.
"We are still negative on the dollar relative to most other currencies so we bought stocks in companies that earn their money in other currencies," he said of his Berkshire Hathaway investment vehicle.
And Jim Rogers, a former investor partner of George Soros, told the BBC that if he was buying currency now it would be the Chinese renminbi, the Japanese yen and the Swiss franc and not the US dollar.
The dollar has slipped amid US interest rate cuts which have been trimmed to 4.5% after standing at 5.25% in September.
This means that investors are looking to buy other currencies that will give a higher rate of return.
The model reportedly demanded euros for a Pantene advert .
The world's richest model has reportedly reacted in her own way to the sliding value of the US dollar - by refusing to be paid in the currency.
Gisele Bündchen is said to be keen to avoid the US currency because of uncertainty over its strength.
The Brazilian, thought to have earned about $30m in the year to June, prefers to be paid in euros, her sister and manager told the Bloomberg news agency.
However, Ms Bündchen, 27, declined to comment on her pay arrangements.
Last week the dollar hit long-term lows against the euro, the British pound and the Canadian dollar.
According to Brazil's weekly magazine Veja, when Ms Bündchen signed a deal to represent Pantene hair products, she demanded that the brand owner, Procter & Gamble (P&G), paid her in euros.
P&G was reported as saying that it could not comment on details of the contract.
There are also reports that she will be paid in euros for a deal with Dolce & Gabanna to promote its The One fragrance.
"Contracts starting now are more attractive in euros because we don't know what will happen to the dollar," Patricia Bündchen told Bloomberg.
'Still negative'
Last month, billionaire investor Warren Buffett said that he was not confident about the strength of the dollar.
"We are still negative on the dollar relative to most other currencies so we bought stocks in companies that earn their money in other currencies," he said of his Berkshire Hathaway investment vehicle.
And Jim Rogers, a former investor partner of George Soros, told the BBC that if he was buying currency now it would be the Chinese renminbi, the Japanese yen and the Swiss franc and not the US dollar.
The dollar has slipped amid US interest rate cuts which have been trimmed to 4.5% after standing at 5.25% in September.
This means that investors are looking to buy other currencies that will give a higher rate of return.
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 21
Business
Last Updated: Wednesday, 7 November 2007, 12:46 GMT
Oil passes $98 on weaker dollar
Oil prices reach another fresh high above $98 a barrel, amid concerns over tight fuel stocks and a weak US dollar.
Oil races to fresh high above $97
What is driving oil prices so high?
Pound breaks through $2.10 level
The UK pound climbs past the $2.10 level against the US dollar, the highest it has been in 26 years.
US asset rescue scheme 'stalled'
World stocks are braced for more turmoil, amid reports that a US plan to stabilise credit markets has stalled.
OTHER TOP BUSINESS STORIES
GM reports record quarterly loss
Costs force Carlsberg price hike
Energy needs 'to grow inexorably'
Symbian snubs Google Android
ALSO IN THE NEWS
Meet the model who won't get out of bed for any dollars at all
MARKET DATA - 12:46 UK
FTSE 100 6419.0 -55.90
Dax 7790.0 -37.23
Cac 40 5683.4 -26.06
Dow Jones 13660.9 117.54 (yesterday)
Nasdaq 2825.2 30.00
S&P 500 1520.3 18.10
BBC Global 30 6002.7 -20.57 (today)
Last Updated: Wednesday, 7 November 2007, 12:46 GMT
Oil passes $98 on weaker dollar
Oil prices reach another fresh high above $98 a barrel, amid concerns over tight fuel stocks and a weak US dollar.
Oil races to fresh high above $97
What is driving oil prices so high?
Pound breaks through $2.10 level
The UK pound climbs past the $2.10 level against the US dollar, the highest it has been in 26 years.
US asset rescue scheme 'stalled'
World stocks are braced for more turmoil, amid reports that a US plan to stabilise credit markets has stalled.
OTHER TOP BUSINESS STORIES
GM reports record quarterly loss
Costs force Carlsberg price hike
Energy needs 'to grow inexorably'
Symbian snubs Google Android
ALSO IN THE NEWS
Meet the model who won't get out of bed for any dollars at all
MARKET DATA - 12:46 UK
FTSE 100 6419.0 -55.90
Dax 7790.0 -37.23
Cac 40 5683.4 -26.06
Dow Jones 13660.9 117.54 (yesterday)
Nasdaq 2825.2 30.00
S&P 500 1520.3 18.10
BBC Global 30 6002.7 -20.57 (today)
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 22
Thai election campaign under way
Official campaigning is under way in Thailand for the country's first general election since last year's military coup.
Eighteen parties began registering candidates for the polls, which are due to take place on 23 December.
The two main blocs are the Democrat Party and the People's Power Party, newly formed by supporters of ousted Prime Minister Thaksin Shinawatra.
Neither party is expected to win an outright poll majority, analysts say.
Thailand's military seized power from twice-elected Mr Thaksin in September last year, accusing him of corruption and abuse of power.
A military-backed interim government has been in power ever since and martial law remains in place in a third of the country. The elections will return the country to civilian rule.
Coalition likely
Mr Thaksin has been living in exile mainly in the UK, where he owns Manchester City Football Club.
But support for him in Thailand remains strong, particularly in poor rural areas which benefited from populist policies such as cheaper health care.
His Thai Rak Thai party was dissolved by a military-backed tribunal earlier this year and many of his party's lawmakers banned from politics.
But his allies have regrouped to form the People's Power Party (PPP).
Leader Samak Sundaravej said he expected the PPP to win more than 200 seats in the 480-seat lower house and bring Mr Thaksin back "with full honour" - something resolutely opposed by the military.
Democrat Party leader Abhisit Vejjajiva, meanwhile, said his party was "getting a good response from people nationwide".
"The Democrat Party is giving priority to the wellbeing of the people, regaining economic confidence and resolving the problem of southern Thailand, while the People's Power Party gives priority to bringing back the previous regime," he said.
Several smaller parties are also contesting the election, with a weak coalition government seen as a likely outcome.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 082284.stm
Published: 2007/11/07 04:56:11 GMT
© BBC MMVII
Official campaigning is under way in Thailand for the country's first general election since last year's military coup.
Eighteen parties began registering candidates for the polls, which are due to take place on 23 December.
The two main blocs are the Democrat Party and the People's Power Party, newly formed by supporters of ousted Prime Minister Thaksin Shinawatra.
Neither party is expected to win an outright poll majority, analysts say.
Thailand's military seized power from twice-elected Mr Thaksin in September last year, accusing him of corruption and abuse of power.
A military-backed interim government has been in power ever since and martial law remains in place in a third of the country. The elections will return the country to civilian rule.
Coalition likely
Mr Thaksin has been living in exile mainly in the UK, where he owns Manchester City Football Club.
But support for him in Thailand remains strong, particularly in poor rural areas which benefited from populist policies such as cheaper health care.
His Thai Rak Thai party was dissolved by a military-backed tribunal earlier this year and many of his party's lawmakers banned from politics.
But his allies have regrouped to form the People's Power Party (PPP).
Leader Samak Sundaravej said he expected the PPP to win more than 200 seats in the 480-seat lower house and bring Mr Thaksin back "with full honour" - something resolutely opposed by the military.
Democrat Party leader Abhisit Vejjajiva, meanwhile, said his party was "getting a good response from people nationwide".
"The Democrat Party is giving priority to the wellbeing of the people, regaining economic confidence and resolving the problem of southern Thailand, while the People's Power Party gives priority to bringing back the previous regime," he said.
Several smaller parties are also contesting the election, with a weak coalition government seen as a likely outcome.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/a ... 082284.stm
Published: 2007/11/07 04:56:11 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 23
Confusion on London stock market
Trading on the London stock market was thrown into confusion after technical problems resulted in misleading information being published.
In a highly unusual move, trading on the London Stock Exchange (LSE) was extended to 1800 GMT after terminals in the City displayed incorrect prices.
These showed the benchmark FTSE 100 closing up on Wednesday, even though it was sharply down for most of the day.
The LSE blamed the disruption on problems with "data dissemination".
Data issues
This resulted in incorrect figures for the FTSE 100 and for the performance of some individual company shares being displayed.
The LSE said it had experienced problems with "data feeds" at 1600 GMT, about half an hour before the market's normal close.
These "connectivity problems" had affected price information which providers such as Reuters and Bloomberg sell on to traders and other City professionals.
Revised figures after the extra's hour trading showed the FTSE 100 down 54.8 points at 6420.1, with shares of leading banks and mortgage lenders under continuing pressure.
The disruption to trading will be a serious embarrassment for the LSE, one of the world's largest stock market operators.
It recently acquired Italy's Borsa Italiana for £1.6bn, a deal which the LSE said would create Europe's largest market for trading shares.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 083851.stm
Published: 2007/11/07 21:20:57 GMT
© BBC MMVII
Trading on the London stock market was thrown into confusion after technical problems resulted in misleading information being published.
In a highly unusual move, trading on the London Stock Exchange (LSE) was extended to 1800 GMT after terminals in the City displayed incorrect prices.
These showed the benchmark FTSE 100 closing up on Wednesday, even though it was sharply down for most of the day.
The LSE blamed the disruption on problems with "data dissemination".
Data issues
This resulted in incorrect figures for the FTSE 100 and for the performance of some individual company shares being displayed.
The LSE said it had experienced problems with "data feeds" at 1600 GMT, about half an hour before the market's normal close.
These "connectivity problems" had affected price information which providers such as Reuters and Bloomberg sell on to traders and other City professionals.
Revised figures after the extra's hour trading showed the FTSE 100 down 54.8 points at 6420.1, with shares of leading banks and mortgage lenders under continuing pressure.
The disruption to trading will be a serious embarrassment for the LSE, one of the world's largest stock market operators.
It recently acquired Italy's Borsa Italiana for £1.6bn, a deal which the LSE said would create Europe's largest market for trading shares.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 083851.stm
Published: 2007/11/07 21:20:57 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 26
เบียร์ชิงเต่าทุ่ม200ล้านผลิตเบียร์ในไทย
16:59 น.
สถานกงสุลใหญ่ ณ นครเซี่ยงไฮ้ รายงานว่า บริษัทเบียร์ชิงเต่าซึ่งเป็นผู้ผลิตเบียร์รายใหญ่อันดับสองในจีนได้ประกาศอนุมัติสร้างโรงงานผลิตเบียร์ชิงเต่าในต่างประเทศเป็นแห่งแรกที่ประเทศไทย คาดว่าจะใช้เงินลงทุนในครั้งนี้ 40 ล้านหยวน หรือคิดเป็นเงินกว่า 200 ล้านบาท (5.3 ล้านดอลล่าร์สหรัฐ) โดยจะผลิตเบียร์ได้ 80,000 กิโลลิตรต่อปี ซึ่งบริษัทเบียร์ชิงเต่าจะถือส่วนแบ่งการลงทุนครั้งนี้ 40% การลงทุนครั้งนี้ จะทำให้บริษัทเบียร์ชิงเต่าไม่ต้องจ่ายภาษีศุลกากรในการส่งออกเบียร์มาไทย และยังได้สิทธิประโยชน์ลดภาษีในเขตการค้าเสรี FTA โดยบริษัทเบียร์ชิงเต่าได้ตั้งเป้าจะขยายตลาดไปยังยุโรปและอเมริกาต่อไป
อย่างไรก็ตาม ในขณะนี้ บริษัทเบียร์ชิงเต่ายังไม่ได้กำหนดเวลาสร้างโรงงาน สถานที่ตั้ง และรายชื่อผู้ลงทุนร่วม โดยที่บริษัทมีผลประกอบการที่ดีในรอบไตรมาสที่ 3 มีกำไรเพิ่มขึ้น 52 เปอร์เซ็นต์ (34.7 ล้านดอลล่าร์สหรัฐ) และยอดขายเพิ่มขึ้น 15 เปอร์เซ็นต์ (55 ล้านดอลล่าร์สหรัฐ) สำหรับปริมาณการบริโภคเบียร์ของคนไทยตั้งแต่ปี 2545 จนถึงขณะนี้ คนไทยมีอัตราการบริโภคเบียร์เพิ่มขึ้นกว่า 12 เปอร์เซ็นต์ทุกปี โดยในปี 2549 มีปริมาณการบริโภคเบียร์ 2.1ล้านกิโลลิตร จึงคาดว่า การขยายฐานการผลิตในประเทศไทยครั้งนี้จะเป็นโอกาสร้างงานให้กับคนไทยด้วย
Breaking News The Nation กรุงเทพธุรกิจ
16:59 น.
สถานกงสุลใหญ่ ณ นครเซี่ยงไฮ้ รายงานว่า บริษัทเบียร์ชิงเต่าซึ่งเป็นผู้ผลิตเบียร์รายใหญ่อันดับสองในจีนได้ประกาศอนุมัติสร้างโรงงานผลิตเบียร์ชิงเต่าในต่างประเทศเป็นแห่งแรกที่ประเทศไทย คาดว่าจะใช้เงินลงทุนในครั้งนี้ 40 ล้านหยวน หรือคิดเป็นเงินกว่า 200 ล้านบาท (5.3 ล้านดอลล่าร์สหรัฐ) โดยจะผลิตเบียร์ได้ 80,000 กิโลลิตรต่อปี ซึ่งบริษัทเบียร์ชิงเต่าจะถือส่วนแบ่งการลงทุนครั้งนี้ 40% การลงทุนครั้งนี้ จะทำให้บริษัทเบียร์ชิงเต่าไม่ต้องจ่ายภาษีศุลกากรในการส่งออกเบียร์มาไทย และยังได้สิทธิประโยชน์ลดภาษีในเขตการค้าเสรี FTA โดยบริษัทเบียร์ชิงเต่าได้ตั้งเป้าจะขยายตลาดไปยังยุโรปและอเมริกาต่อไป
อย่างไรก็ตาม ในขณะนี้ บริษัทเบียร์ชิงเต่ายังไม่ได้กำหนดเวลาสร้างโรงงาน สถานที่ตั้ง และรายชื่อผู้ลงทุนร่วม โดยที่บริษัทมีผลประกอบการที่ดีในรอบไตรมาสที่ 3 มีกำไรเพิ่มขึ้น 52 เปอร์เซ็นต์ (34.7 ล้านดอลล่าร์สหรัฐ) และยอดขายเพิ่มขึ้น 15 เปอร์เซ็นต์ (55 ล้านดอลล่าร์สหรัฐ) สำหรับปริมาณการบริโภคเบียร์ของคนไทยตั้งแต่ปี 2545 จนถึงขณะนี้ คนไทยมีอัตราการบริโภคเบียร์เพิ่มขึ้นกว่า 12 เปอร์เซ็นต์ทุกปี โดยในปี 2549 มีปริมาณการบริโภคเบียร์ 2.1ล้านกิโลลิตร จึงคาดว่า การขยายฐานการผลิตในประเทศไทยครั้งนี้จะเป็นโอกาสร้างงานให้กับคนไทยด้วย
Breaking News The Nation กรุงเทพธุรกิจ
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 27
Instability 'threat' to business
Instability in the world's emerging markets is threatening business prospects in a number of countries around the world, a report says.
According to the Risk Map 2008 report from security analysts Control Risks as many as 57% of emerging markets have a medium political risk or above.
That, it says, could pose a significant threat to foreign investments.
The report says investments in states including Russia, Pakistan, Nigeria and Ecuador may be facing "increased risk".
Control Risks has identified a trend in these countries towards economic nationalism - the promotion of national interests in economic policy.
"Political risk is back and should be worrying investors," said Adam Strangfeld, research director at Control Risks.
"The vast majority of countries worldwide are classified as emerging markets where, increasingly, national political agendas will impact [on] the operational effectiveness of foreign investors."
'Worrying investors'
A further category of "medium political risk" - countries where foreign business is likely to face some disruption or long-term investment security cannot be guaranteed - lists Chad, China, Sierra Leone and Sudan.
Meanwhile a country with a "high political risk" is one where business is possible, but conditions are difficult or likely to become so in the future.
Afghanistan, Bolivia, East Timor, Iraq, Liberia, Nepal, Palestinian Territories and Venezuela are all seen as being high political risk.
In addition Control Risks has named states it believes are at "extreme political risk" - those in which conditions are hostile to or untenable for business.
These countries are assessed as offering no investment security, where the economy has collapsed and state bodies have ceased to function in a state of war or civil war.
The Risk Map lists Somalia, North Korea and Zimbabwe as those at extreme political risk.
'Reform on track'
The report says Africa is likely to "remain as complex as it is diverse", while in the Americas there is a widening gap between stable and developing countries and those that are politically and socially volatile.
Meanwhile Asia is preparing for elections of "great significance", including a ballot in Thailand.
The report also identifies China and India as continuing "to attempt to keep reform on track amid huge challenges".
In Europe a deteriorating economic situation in central and eastern Europe could exacerbate populism and protectionism across the region, the report says.
And in the Middle East it says the perception of the region as a source of instability and conflict will not change in 2008.
But it points out that the region is home to a "patchwork of resilient regimes that act as guarantors for political stability".
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 084733.stm
Published: 2007/11/08 12:50:15 GMT
© BBC MMVII
Instability in the world's emerging markets is threatening business prospects in a number of countries around the world, a report says.
According to the Risk Map 2008 report from security analysts Control Risks as many as 57% of emerging markets have a medium political risk or above.
That, it says, could pose a significant threat to foreign investments.
The report says investments in states including Russia, Pakistan, Nigeria and Ecuador may be facing "increased risk".
Control Risks has identified a trend in these countries towards economic nationalism - the promotion of national interests in economic policy.
"Political risk is back and should be worrying investors," said Adam Strangfeld, research director at Control Risks.
"The vast majority of countries worldwide are classified as emerging markets where, increasingly, national political agendas will impact [on] the operational effectiveness of foreign investors."
'Worrying investors'
A further category of "medium political risk" - countries where foreign business is likely to face some disruption or long-term investment security cannot be guaranteed - lists Chad, China, Sierra Leone and Sudan.
Meanwhile a country with a "high political risk" is one where business is possible, but conditions are difficult or likely to become so in the future.
Afghanistan, Bolivia, East Timor, Iraq, Liberia, Nepal, Palestinian Territories and Venezuela are all seen as being high political risk.
In addition Control Risks has named states it believes are at "extreme political risk" - those in which conditions are hostile to or untenable for business.
These countries are assessed as offering no investment security, where the economy has collapsed and state bodies have ceased to function in a state of war or civil war.
The Risk Map lists Somalia, North Korea and Zimbabwe as those at extreme political risk.
'Reform on track'
The report says Africa is likely to "remain as complex as it is diverse", while in the Americas there is a widening gap between stable and developing countries and those that are politically and socially volatile.
Meanwhile Asia is preparing for elections of "great significance", including a ballot in Thailand.
The report also identifies China and India as continuing "to attempt to keep reform on track amid huge challenges".
In Europe a deteriorating economic situation in central and eastern Europe could exacerbate populism and protectionism across the region, the report says.
And in the Middle East it says the perception of the region as a source of instability and conflict will not change in 2008.
But it points out that the region is home to a "patchwork of resilient regimes that act as guarantors for political stability".
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/b ... 084733.stm
Published: 2007/11/08 12:50:15 GMT
© BBC MMVII
Rabbit VS. Turtle
-
Mr. Boo
- สมาชิกกิตติมศักดิ์
- โพสต์: 1841
- ผู้ติดตาม: 0
บทความน่าสนใจทางธุรกิจจาก BBC Business
โพสต์ที่ 30
Man Utd capture 14-year-old Cofie
Manchester United have beaten Liverpool and Chelsea in the race for 14-year-old Burnley striker John Cofie and agreed an undisclosed fee with the Clarets.
Burnley rejected a reported £250,000 bid from Liverpool for Cofie this week.
But the German-born Ghanaian refused to return to training with the Clarets and they agreed he could leave Turf Moor.
Burnley have inserted a 25% sell-on clause in the deal, which also gives them first refusal on any loan deal and a future friendly match with United.
It will be three years before Cofie can sign professional terms at Old Trafford and the friendly game will take place within 12 months of that.
Cofie was signed by the Clarets last summer after he was spotted at a youth tournament in Germany.
"The player was unwilling to come back to Burnley so we didn't have a choice in keeping him here," Burnley operational director Brendan Flood told his club's website.
"He was going to go to one of the clubs chasing his signature and in the end, we all felt that Manchester United was the right option.
"He has a good future ahead of him and hopefully we can try and keep youngsters of John's quality at the club in future."
Story from BBC SPORT:
http://news.bbc.co.uk/go/pr/fr/-/sport2 ... 088232.stm
Published: 2007/11/09 22:33:21 GMT
© BBC MMVII
Manchester United have beaten Liverpool and Chelsea in the race for 14-year-old Burnley striker John Cofie and agreed an undisclosed fee with the Clarets.
Burnley rejected a reported £250,000 bid from Liverpool for Cofie this week.
But the German-born Ghanaian refused to return to training with the Clarets and they agreed he could leave Turf Moor.
Burnley have inserted a 25% sell-on clause in the deal, which also gives them first refusal on any loan deal and a future friendly match with United.
It will be three years before Cofie can sign professional terms at Old Trafford and the friendly game will take place within 12 months of that.
Cofie was signed by the Clarets last summer after he was spotted at a youth tournament in Germany.
"The player was unwilling to come back to Burnley so we didn't have a choice in keeping him here," Burnley operational director Brendan Flood told his club's website.
"He was going to go to one of the clubs chasing his signature and in the end, we all felt that Manchester United was the right option.
"He has a good future ahead of him and hopefully we can try and keep youngsters of John's quality at the club in future."
Story from BBC SPORT:
http://news.bbc.co.uk/go/pr/fr/-/sport2 ... 088232.stm
Published: 2007/11/09 22:33:21 GMT
© BBC MMVII
Rabbit VS. Turtle
บันทึกไม่สำเร็จ