2011年5月31日星期二

Material world lifts stocks; Dow, S & P off the coast of the fourth week (Reuters)

NEW YORK (Reuters)--The Dow and S & P 500 closed a their fourth week of losses with a small gain Friday, but only with the help of a weakening of the dollar boost prices of metals and basic materials stocks.

Thin trade made before the day of remembrance that will keep the US markets closed Monday for a dull day on Wall Street, with offices in short-staffed. Volume was the second most light so far this year.

The greenback fell widely after consumption of U.S. lower than expected expenditures and housing data stoked worries that economic recovery is losing momentum. The U.S. Dollar Index (.)(DXY) fell 1%, its largest fall since January 13.

Freeport-McMoRan Copper & Gold Inc. (FCX).(N) increased by 2.7% to $51.73. S & P sector index materials (.)(GSPM) added 1.03% as the dollar decline lift helped the prices of metals and other products. Reuters - Jefferies CRB index (.)(CRB) was headed for a week in a third straight line of gains.

Inverse correlation of the value of the equities dollar "seems to be a trend that you can concentrate on an investor for the moment", said Michael Sheldon, financial market to RDM Chief Strategist in Westport, Connecticut.

"The logic is that a weaker dollar contributes to the increase in exports, sales and profits multinationals operating in the United States."

The Dow Jones industrial average (.)(DJI) added 38.82 points, or 0.31%, to 12,441.58. The Standard & Poor 500 Index (.)(SPX) increased 5.41 points, or 0.41%, to 1,331.10. Nasdaq Composite Index (.)(IXIC) acquired 13.94 points or 0.50%, to 2,796.86.

For the week, the Dow Jones index lost 0.56%, the S & P shed 0.16% and the Nasdaq fell by 0.23%.

It was the fourth consecutive week of losses for the Dow Jones index and the S & P 500. For the Nasdaq, it was the third decline in the last four weeks.

About 5.44 billion in stock on the New York Stock Exchange, NYSE Amex and Nasdaq, the volume of trading below the second until 2011 by a thin margin. He fell way below the daily average estimated year last $ 8.47 billion.

By advancing many stocks on the NYSE fell by a ratio of 3 to 1, while on the Nasdaq, almost two stocks rose for all those who have fallen.

Bank stocks led gains in Europe and also stimulated the U.S. market. Bank of America (BAC).(N), which had the largest turnover in the New York Stock Exchange, rose 2 percent to $11.69. It was biggest gainer in percentage of Dow.

Medco Health Solutions Inc. (MHS).(N) will lose a major contract for the delivery of Pharmacy at CVS Caremark Corp. (CVS).(N) as early as next year, a setback that drove its shares fell by 9% to $58.66. CVS sharing rose 1.7 percent to $38.80.

In macroeconomic terms, separate reports showed the US economy remained slow at the beginning of the second quarter with high crimp consumer spending on gasoline prices and bad weather helping to push home resales at one month of seven low in April.

(Reported by Rodrigo Campos.) (Editing by Jan Paschal)


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The EU, Japan agree to work on the agreement of free trade mega (AFP)

Brussels (AFP) - leaders of the European Union, agreed Saturday Japan and open negotiations toward a free trade agreement billion $-euro, connecting the world's third largest economy with the largest market in the world.

Long required by Tokyo, the decision to start preliminary talks on a trade agreement and to explore a new binding political agreement, was announced at a summit between EU leaders and Japanese Prime Minister Naoto Kan

"We still have a long way to go, but the objective is clear now," said EU President Herman Van Rompuy after discussions in a castle filled with history, nestled in the forest park on the outskirts of Brussels.

"When two of the world's major trading partners jointly confirm their intention to work on a free trade agreement, it is a great step forward," he added.

A joint statement said it was "agreed to start the process of negotiations for a comprehensive and detailed free trade agreement (FTA)" in parallel with "an agreement of binding covering political, global, and other sectoral cooperation".

Negotiations could begin at the beginning of the year next according to the success of a prerequisite "scope exercise", a list of tasks of aims to ensure that both parties share the same concerns and ambitions. Work on which should begin immediately.

After the triple March of the Japan disaster, Europe moved also meet Japanese calls for an easing of the restrictions on imports of food products while pledging to work hand in hand to promote the tightening of international nuclear safety standards.

"To the Japan is safe and open for business," said European Commission President José Manuel Barroso. ".

The economic impact of the quake, tsunami, and nuclear fusion have accelerated the Japan player to win a better trade deal with the 27-nation bloc of half a billion people, which last year hit its first ever FTA in Asia with rival Tokyo, South Korea.

Original agreement Saturday after decades of trade friction, Kan said: "I am convinced this will lead to a considerable economic partnership agreement".

But the European Union, a mountain of work remains to be done to overcome complaints of European companies of continuing barriers to access to the Japanese market.

Europe complained on unjust treatment in government procurement, comparing a 2.5 per cent of gross domestic product EU open to Japanese companies in 2007, 0.5% of the Japan GDP for EU business.

And EU officials say that foreign investment through the amounts of block 30% of its GDP, to the Japan foreign investment is to only three per cent.

During this time to wish Japan lifted tariffs on its cars and flat screen televisions.

With bilateral trade already at 110 billion euros (approximately $ 160 billion) per year, to tackle all barriers to free trade would be releasing a "big potential" for businesses on both sides, Barroso, said.

You are invited by Britain, the European leaders in March called for FTA talks help to the Japan, but subject that Tokyo lift trade restrictions.

The Japan, of difficulty to recover from its disaster of March, had hoped the Summit would provide an official launch of the FTA talks, but stunted Europe until, winning assurances more rules of fair play.

"We want to do business with the Japan but that there must be a clear concessions, said a business lobbyist." "We want to see clear indications of the Japan that it is open to us."

Even the European Parliament has intensified on the eve of the Summit to warn against jumping them into bed with the Japan.

"Instead of rushing headlong to new negotiations on a free trade agreement, the countries of the EU should focus on tangible results," said Euro-MP, Daniel Caspary, who sits on the Board of trade of the Assembly.

But Van Rompuy, an aficionado of style Japanese haiku mini-poèmes, words of hope for the Japan.

Expressing his conviction he would appear strong of the disaster in March, he read his last haiku for kan

"The three disasters."

Storms turn into a gentle wind

"A new, human wind".

Kan said: "it's a piece of haiku that really touches your heart."


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Europeans consider that the work of the IMF Lagarde deal: diplomat (AFP)

DEAUVILLE, France (AFP) - EU capitals now consider the appointment of the French Minister finance Christine Lagarde as next head of the IMF as a fait accompli, after the Secretary of State Hillary Clinton has hailed his candidacy, a European official told AFP at the G8 Summit.

"Lagarde"? This is done, "the main source told AFP, speaking on condition of anonymity that the decision depends on the IMF and not leaders of the European Union and the G8."

British Prime Minister David Cameron said he had witnessed "very strong support for his candidacy in a range of different conversations that I had" the Summit of Deauville.

"The only thing that everyone says is that it is clearly a very strong candidate, she has what it takes in terms of experience of political leadership and respect as a Finance Minister, not only in Europe but more widely," he told journalists.

LaGarde, a former lawyer of 55 years, is considering a visit to India in his campaign to become the next leader of the IMF, its French cabinet colleague Gérard Longuet, the Minister of defence, said Friday.

"There is a sign of the importance of the India for the France: Christine Lagarde will begin his campaign for the IMF in India,"Longuet told journalists in New Delhi."."

Europe has traditionally provided the Director General of the International Monetary Fund, and the major Governments of the EU are rallied around Lagarde bid for the job following the arrest of former Chief Dominique Strauss-Kahn on sexual assault charges.

Emerging countries have challenged the automatic right of Europe in the post, but have failed to unite in a candidate.

A former champion silver synchronized swimmer, Lagarde chaired top United States Baker and McKenzie firm before she was persuaded to abandon its conference room of Chicago by then Prime Minister Dominique de Villepin.

De Villepin made his trade Minister, and later resumed the portfolio of agriculture.

Speaking in Moscow, the first Russian Minister Vladimir Poutine said that having given candidacy of Lagarde "entirely acceptable".

"The France application is without doubt, very strong."

Thursday, Clinton said that while the United States had not adopted an official position, she welcomed personally nominated to Lagarde.

"I am a strong supporter of women qualified, that it is certainly one, given the opportunity to lead international organizations," she said, referring to Lagarde. "."I really know him. I admire him. ?

While Washington has also stated that Agustin Carstens, the Governor of the Central Bank of the Mexico, is a "credible candidate", the official said EU diplomats at the Summit of the G8 in Deauville had interpreted Clinton remarks as a victory for Lagarde.

A senior White House official, said that French President Nicolas Sarkozy discussed the candidacy by Lagarde with us the President Barack Obama, but Obama said had given no firm to its support.

"Support us the process of IMF that they announced last weekend that has a date limit of I think June 30 or so, and are convinced that it will produce a good candidate", he said.

"The President, similar to what I have said, restated our position that the IMF announced a process, and it is important to go through this process."


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US oil off highs on sales house, OPEC (Reuters) data

NEW YORK (Reuters) - US oil prices were well off the coast of the Friday early highs after data showed home sales in the United States plunged in April, adding to the last harvest of low economic signals and wiping away most of the gains early in the day by a weakening of the dollar.

Industry data showed pending sales of existing U.S. homes fell more than expected in April to hit a seven month low, dashing hopes for a recovery in the life of the housing market.

"The weak home sales data means the U.S. economy is spray rather than improving nicely," said Gene McGillian, analyst at the energy of the Tradition, in Stamford

"U.S. crude has touched more than $100, but is difficult to ignore up due to the economic uncertainty", he added.

By 11: 50 am EDT (1550 GMT), U.S. crude for July delivery was up 26 cents at $100.49 per barrel, after having hit a Summit at the beginning of $101.24.

In London, ICE July Brent dipped 23 cents to $114.82.

Adding pressure to crude future, OPEC's oil production has been should have increased this month because of the extra oil from Saudi Arabia, Nigeria and Iraq, according to Reuters.

Supply of all 12 members of the Organization of the countries exporting oil should mean 28.90 million barrels per day of the month, up to a million bpd 28.79 revised in April, the survey of the oil companies, OPEC officials and analysts found.

In early trade, the euro has rallied the dollar after George Provopoulos, Member of the Board of Directors of the European Central Bank said that Greece will be able to repay its debt in full without restructuring if it sticks to an austerity plan.

(Other reports by Alex Lawler and Zaida Espana in London.) (Editing by Marguerita Choy)


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Increase in the stocks (PA) consumer confidence lifts

By MATTHEW CRAFT and SETH SUTEL, AP Business writers Matthew Craft and Seth Sutel, Ap Business writers - Friday, may 27, 16: 00 am et

NEW YORK--U.S. consumers are perhaps better off that everyone thinks.

Unexpectedly, a key measure of consumer confidence rose this month. During this time, the Americans spending and revenues rose in April, giving stocks their third day consecutive gains Friday. The market still decreased slightly for the week.

The Thomson Reuters/University of Michigan Consumer index is passed to 74.3 in may, over 70 analysts estimates. Concerns about prices of gas and the reversed higher inflation gauge in March and April.

Gasoline prices fell in may after reaching close to $4 last month, giving a lift of the closely supervised extent that one thinks of the economy. That gives rise to the hope that people might be willing to spend more.

"It's what we will do a drop of 25 cents price of gas,"David Ader, strategist, link to the CRT Capital Group, wrote in an e-mail to customers.""

Two personal income and spending rose 0.4 percent in April, in what economists should, according to the Ministry of trade. Still, higher food and gas prices ate most of the gains in income. The Commerce Department report accuses a delay of a month, so the recent decline in the price of gasoline is not reflected in these figures.

The Dow Jones index increased 38.82 points, or 0.3%, to 12,441.58. The standard & poor 500 index increased 5.41 points, or 0.4%, to 1,331.10. The Nasdaq composite increased 13.94 points, or 0.5%, to 2,796.86.

All three major stock indexes a slight drop of the week, the fourth consecutive week of declines. The Dow Jones index lost 0.6 percent and the S & P 500 and Nasdaq each lost by 0.2 percent. The last time that stocks have fallen for four weeks in a row was February 2010. The Dow Jones index is always, 7.5 per cent for the year. The & S P 500 is up by 5.8%, Nasdaq 5.4%.

The week started with a lot of bad news for Europe. An another downgrade rating already fragile credit of Greece, a warning on the debt of the Italy and the defeat of the party in power of the Spain deepened concerns about the financial crisis in Europe. The Dow Jones index fell 131 points Monday after the new.

U.S. stock indexes reached their highest level of the year, run on 29 April, following a strong corporate income. The & S P 500 lost 2.4 per cent since then that the Greece struggles to avoid default and U.S. economic forecasts have been revised lower, in part because of high gasoline prices.

Marvell Technology Group Ltd. increased by 11%. The manufacturer of chipsets for the storage of data and smartphones from Blackberry reported a slight decline in revenues. But, CEO of Marvell forecast sales in the current quarter.

Another manufacturer of chips, Broadcom Corp. has increased by 5%. FBR Capital Markets said that Broadcom should benefit from the strong demand for smartphones. FBR put the company on its list of favorites.

CVS Caremark Corp. increased 2% after the pharmacy benefits company won a contract of three years of the Blue Cross Blue Shield employee federal program.

Nearly three stocks rose for all those who fell at the New York Stock Exchange.

Trade was thin ahead of the feast of the day of remembrance. Volume on the NYSE consolidated was 2.8 billion shares. Markets will be closed Monday.


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Rising shares Freescale NYSE debut (Reuters)

NEW YORK (Reuters) - shares of Freescale Semiconductor Holdings (FSL).(N) rose in their debut of fellowship Thursday, but the value of the chip manufacturer remains well below the price redemption companies paid for it at the last boom in credit.

Freescale was deprived in 2006 to $ 17.6 billion by a group including Blackstone Group LP (BX) private equity companies(N), Carlyle Group (CYL.)(UL) and TPG Capital LP.

This market has been the largest loan of a technology on record company, but has been criticized because he left the company with a lot of debt, impair its ability to compete in the area of the chip, which requires a lot of investment.

The shares closed at $18.33, 1.8% higher than their IPO price on the New York Stock Exchange. But the slight rise came after the company across the expectations back to its introduction on the stock market and raised by 22 percent less money than expected.

In comparison, the actions of NXP Semiconductors NV (NXPI.)(O), manufacturer of a private equity chips which went public in August last, closed, 4.9% to $28.55 on the Nasdaq. The Philadelphia semiconductor index (.)(SOX) Close up 0.95% to 428.24.

Private equity firms, which generally target returns of 20 percent, made mostly of a run-up in the stock market values to leave investment by intellectual property offices or to sell to cash-rich companies.

Yet, the values of some companies have not recovered from the losses they suffered during the recession. The owners of private Freescale capital sell not in the introduction on the stock exchange it is too early to say whether they will make money. But the introduction on the stock exchange values the company at much less than the cost of their redemption.

Freescale sold 43.5 million shares for $18 each in his introduction on the stock exchange, giving him an assessment of implied equity of approximately $ 4.3 billion. When including debt, the implied value is approximately $ 12 billion.

A number of other large acquisitions by borrowing, such as energy future Holdings, formerly Texas power company TXU and media company Clear Channel Communications, remains on the books of companies of private capital to leave.

While some loan transactions made at the height of the bubble can be difficult to release, some investors say they could probably be made public if the price was low enough.

"You can get a public mega-deal as long as you are the price correctly," said Bergman's Jonathan Hudson Asset Management Chief Investment Officer of Palisades based in New York.

"There is a ready market for some of the lower traffic," he said. "They can price than purchase price."

DEBT WORRIES

One of the biggest concerns for Freescale is debt. At the end of April, the company had debts and obligations of lease of $ 7.6 billion, compared to the assets of 4.1 billion and cash and cash equivalents equivalent of a little more of a billion dollars.

"They are in a situation more precarious as the other chipmakers," said Brian Colello, a semiconductor to Morningstar equity analyst.

"It's a record very responsible for debt in an industry where you do not have many companies responsible for debt because it is very volatile, and there are a lot of ups and downs," Colello said.

Many investors expect the establishment of new networks of mobile telephony, booming smartphone and Tablet PC for auto sales, news, and the emerging market economies to power the chip over the next few quarters industry several.

But some analysts fear that manufacturers may be installing new capacity too quickly, which could lead to overproduction and lower chip prices.

Freescale plans to use the product of the introduction on the stock exchange to repay part of its debt, to pay the costs relating to its credit facilities and pay rights, it must in its private equity owners.

"We will continue to do what we did, which continues to drive the business, drive the flow of cash and other free cash flows back to market and continue to buy back debt on a fairly steady basis," Chief Executive Rich Beyer said in a telephone interview.

Freescale is well positioned for any cyclic downturn - conduct by the ebb and flow of the company, normal Beyer added.

There was a surge of buyout-backed IPOs earlier this year, including consumption measurement company Nielsen Holdings (NLSN.)(N), operator of the HCA Holdings Inc (HCA) hospital(N), based in Florida BankUnited Inc. (BKU.)(N) and the Kinder Morgan Inc. (TGI.) pipeline company(N).

But there are signs that the interest of investors in private equity transactions may be declined. Spirit Airlines (SAVE.)(O), for example, the price at the bottom of a range reduced and closed below its IPO price.

Separately, shares of oil and natural gas of the Lone Pine company resources (LPR).(N), also in their first market closed Thursday after pricing below the proposed range.

Based in Austin, Texas, Freescale a spin off from Motorola in 2004. It is used in cars, mobile phones and e-readers of chip and its rivals include Texas Instruments Inc. (TXN).(N) and STMicroelectronics NV (STM).(PA).

Citigroup and Deutsche Bank Securities led the insurers on the introduction of Freescale stock.

(Statement by Clare Baldwin and Megan Davies New York and Noel Randewich in San Francisco.) (Editing by Robert MacMillan, Gary Hill)


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Before controlled European stocks figures of GDP (AFP)

London (AFP) - the main stock of Europe traded mixed Thursday as investors expected the economic growth of the United States vital data, while the mining sector of London has been reinforced by the rising prices of raw materials.

Benchmark FTSE 100 added British capital 0.40% to 5,893.47 points in midday trade.

DAX 30 Frankfurt hangar 0.36% to 7,145.32 points and in Paris the CAC 40 index was flat at 3,928.93.

The Stoxx 50 of the largest companies in the euro area index slid 0.17% to 2,812.33 points.

For the foreign exchange markets, the euro rebounded against the dollar on the prospects of more Chinese investment in bonds issued by the nations of the euro area debt.

Later in the day, investors would evaluate the second official estimate of growth for the U.S. in the first quarter.

"All eyes be on the preliminary to the first domestic product quarter gross (GDP), reading", said the trader selling Ben Critchley trade firm IG Index.

Most analysts predict a revision upward from the initial reading of 1.8%.

"Expectations are for the figure be revised on the increase, which would certainly help to quell negative sentiment which has been devoting the markets this week," said Critchley.

"Investors hope that this, with a sustained increase in price of raw materials, can help restart another rally equities."

However, he warned that markets might hit the back up because "the European debt crisis (is) far resolved."

Investors remain worried by the debt of the Greece in the uncertainty on how the nation's short financial problems could be solved.

In early Asian trade, markets mainly bounces as collected dealers stocks undervalued after a recent sell-off while the first gain for the Dow Jones index in three days has also provided some support.

Tokyo agrees 1.48%, stir-fry Sydney 1.65%, and Seoul has risen by 2.75% in value.

Hong Kong has increased to 0.67%, but Shanghai gave up earlier gains at the end of 0.19% lower.

Resource companies were among those who arrived in mind that the prices of raw materials has begun to increase, with oil rallying after Goldman Sachs and Morgan Stanley high their 2012 forecasts for Brent fees to $ 130 per barrel.

Wall Street posted modest gains Wednesday, snapping a losing stria of three days, the market have proven resistant to disappointing manufacturing data. The Dow Jones index has increased from 0.31%.


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2011年5月30日星期一

Culture clash complicates the thrust of China to the Brazil (AP)

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SAO PAULO – Stocking shelves in a Chinese grocery store, Thiago warned that he didn't want to be caught chatting during working hours. Within seconds, however, the Brazilian unleashed a pent-up flood of complaints about the owners, who lingered just beyond hearing distance.

"My bosses have never heard of a day off," said the 20-year-old, who would only allow his first name to be used, for fear of losing his job. "Vacations? Forget it. They pay well and they pay for extra hours, but they don't understand that some things are more important to Brazilians than money.

"I've seen many workers walk in, see the Chinese way of doing things, and quit the very same day."

Such cross-cultural tensions have become a stumbling block in an otherwise meteoric rise in business ties between China and Brazil, two of the world's fastest-growing economies.

Chinese companies' direct investment in Brazil jumped to $17 billion last year, nearly 60 times the investment the previous year, according to SOBEET, a Brazilian economic think tank. At the same time, more Chinese companies are hiring local workers rather than following their old practices of bringing in Chinese laborers.

That new reality has meant frequent contact between two cultures that hold vastly different expectations about the role of workers, government regulations and unions.

Brazilians enjoy some of the most labor-friendly protections in the world, with guarantees such as one-month annual bonuses and stipends for meals and transportation. China, on the other hand, has quickly become the world's second biggest economy on the strength of a low-paid work force and, in practice, virtually nonexistent labor protections, according to the U.S.-based nonprofit Global Institute for Labor & Human Rights. Brazil's strong independent labor movement also clashes with a centralized Chinese system of company unions without collective bargaining power.

"You're looking at a whole different model of how society operates," said Charles Kernaghan, the institute's director. "That means no rights to organize, virtually no labor protections."

Chinese companies are attempting to export that model and, at least in Brazil, have been finding it difficult to retain workers, even in management positions.

A survey of 500 Brazilian executives working for Chinese, North American and European companies recently conducted by the Michael Page International recruitment firm for the newspaper Folha de S. Paulo found that 42 percent of Brazilian executives working for Chinese companies left their jobs within a year, a 68 percent higher turnover rate than found in the other firms studied.

Brazilian workers complain that their Chinese employers don't understand the country's culture of developing personal relationships among co-workers. Brazilians also bristle against a centralized office hierarchy that puts little trust in local executives.

"The cultural misunderstandings are going to frustrate the development of Chinese business in Brazil," said Marcelo de Lucca, director of Michael Page's Brazil operations. "Multinational companies, when they arrive in Brazil or any country, have to adapt to the local culture. But the Chinese, with their old culture, being a country ruled by a strong Communist party with extreme levels of hierarchy, for them this process will take longer."

Global accounting firm KPMG, whose specialists help Chinese companies get started in Brazil, say about 30 of China's big state-run companies with annual revenues above $1 billion are now in the country, more than three times the number five years ago.

China and Brazil's bilateral trade surpassed $56 billion last year, up from $2.3 billion a decade earlier. In 2009, China replaced the U.S. as Brazil's biggest trading partner.

Brazil isn't China's first foray into Latin America — Chinese companies have a strong presence across the region, from mining operations in Argentina to manufacturing in Mexico. China has bilateral trade agreements with Peru, Costa Rica and Chile.

Zhang Jianhua, chief of the Bank of China's operations in Sao Paulo, said Chinese companies have been enticed by Brazil's wealth of iron ore, soy, oil and other natural resources, and many companies are finding it more cost effective to move closer to the commodities. Chinese companies also see Brazil's booming middle class as a lucrative market.

Chinese companies' experience elsewhere in Latin America, however, hasn't helped them avoid problems in Brazil.

A former top executive for Chinese computer maker Lenovo said most Brazilians at the company's local offices were frustrated by demands to come up with almost immediate results in a country with some of the world's worst red tape. Even seemingly mundane tasks, such as getting a phone line or renting an apartment, can require trips to the notary and stacks of paperwork.

Brazilian workers also balked at what they saw as their Chinese superiors' suffocating management style, said the executive, speaking on condition of anonymity for fear of putting in jeopardy the jobs of other Brazilians at Lenovo.

"It was not the quantity of work — we're all chained to our Blackberry, working 24 hours a day, seven days a week," she said. "But the Chinese bosses wanted people physically in the office 100 percent of the time so they could control them.

"That's definitely not how deals are closed in Brazil. It's over dinner, at lunch, having a drink. You cannot keep your work force locked up in an office and expect to make headway in Brazil."

The executive added that Chinese bosses would often create ill will by upbraiding Brazilian project managers in front of their staff.

"They thought the workers would do more if the orders were coming from the big boss, but that's not what Brazilian workers think — it's just the opposite," she said. "They lost motivation because they thought their manager had no respect within the company, to the point that he was being dressed down in front of them. I saw that a lot."

Calls to Lenovo were not returned.

Asian executives have had their own complaints about what they've seen as the lax work ethic of Brazilian employees, but are up against laws that require all foreign companies in Brazil to hire locally.

Charles Tangwho founded the Brazil-China chamber of trade and industry 25 years ago, vividly recalls the difficulties he encountered when the Bank of Boston first sent him to Brazil in the mid-1970s. He was particularly frustrated with what he said was some Brazilians' lack of punctuality.

"I banged my head against the wall for a year or so before I really got into Brazilian culture," he said.

Tang said he soon learned the Brazilian way — essentially to relax, realize nobody is going to arrive at a meeting on time and understand that informality doesn't necessarily equate with a lack of professionalism. He realized that the differences in style ultimately didn't affect the bottom line.

In fact, data from the U.S.-based business group The Conference Board show Brazilian workers were 30 percent more productive last year than their Chinese counterparts. Chinese worker productivity, however, grew at more than twice the annual rate than that of Brazilian workers.

In the past, Chinese firms circumvented such complications by importing thousands of their own workers, a practice Brazilian officials don't tolerate, said Antonio Barros de Castro, a former president of Brazil's state development bank who has closely studied China's rise.

"They know that here they have to work mostly with Brazilian laborers, the government has made that clear," Barros said. "In places like Africa, they resolved work force problems by ignoring the problem, by working with Chinese workers."

Despite efforts to build better working relationships between the two countries, distrust was still rife on a recent afternoon in the Liberdade neighborhood of central Sao Paulo.

Celio Lin, 29, sat by the cash register of his family's busy Chinese restaurant complaining about the Brazilian staff, while his mother checked on the line cooks by tugging on their coats and attentively peeking into pots of soup and noodles.

"Brazilians want vacations for I-don't-know-what, they want a day off for I-don't-know-what, they want to go to the beach, to relax," Lin said. "The beach is obviously pleasant, but if you send a Chinese man to the beach, he'll go there to sell something!"

___

Associated Press writer Jack Chang in Mexico City contributed to this report.


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New rules offer cash grand prize to whistleblowers (AP)

WASHINGTON - whistleblowing who report fraud of business or other misconduct to the Government could receive substantial cash prizes under the new rules adopted Wednesday by federal regulatory agencies.

Keep would be eligible if they give information of the Securities and Exchange Commission, which leads to an enforcement action resulting from penalties in more than 1 million dollars. The SEC would pay up to 30% of the money it recovers of a business or a person.

A dry divided voted 3-2 to adopt the whistleblower program. The two Republican Commissioners opposed.

The new rules will take effect in about 60 days. Whistleblowing which provided information from July 2010, in the adoption of the revised Act, would also eligible to receive the award.

Whistleblower program was mandated by the Act, adopted financial review last year. It was contested by the major American companies, such as AT & T Inc., Best Buy Co., FedEx Corp., Google Inc., target Corp. and Verizon Communications Inc., in addition to the American Chamber of Commerce.

They argued that whistleblowers should be first to tell their businesses of misconduct and to give them a chance to correct problems before informing the Otherwise dry. companies argue, that it will take more time to wrongdoing address.

On the other side, defenders and lawyers for whistleblowers say they would be discouraged to report wrongdoing if necessary to inform the officers of the company first.

The new rules seek to discourage employees work around their corporate compliance programs. After offending potential employees report to their company, the SEC formally designate their title whistleblowing, potentially eligible for the award - provided that they give the same information to the SEC within 120 days.

In addition, the SEC will credit whistleblowers whose companies pass their information to the Agency, even if the informants themselves are not. In this way, whistleblowing could receive awards by reporting wrongdoing internally to their companies.

The new rules represent the first time that whistleblowers will be given a financial incentive to report misconduct to the authorities of the company, Chairman of the SEC, Mary Schapiro said before the vote.

The companies internal compliance programs play "an extremely valuable role" in the prevention of fraud, said Schapiro. She said that the new rules strike a balance between encouraging whistleblowers to pursue internal compliance where appropriate and by giving them the possibility to go directly to the sec.

"It is the informant is in the best position to know what road is the best continue", she said.

Supporters of the new program say whistleblowing can be a line of defence against wrongdoing effective corporate. The SEC was hampered by its failure to stop the fraud of several billion dollars of Bernard Madoff almost two decades, despite red flags raised by whistleblowers.

The SEC has made a few prices of whistleblower bounty program. So far, it has been limited to cases of insiders. And its treatment of whistleblowers boards system has been criticized as chaotic.

Under the new program, if an insider at Goldman Sachs had given the SEC information leading to its 550 million fraud civil settlement with Goldman on his market mortgage-backed securities, that person could receive up to $ 165 million.

"The SEC has chosen to put profits for trial-lawyer before effective compliance and corporate governance", the Chamber of Commerce said after the vote. "This rule will make it more difficult and slower detect and prevent corporate fraud, by undermining the compliance systems (internal).


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The EU, Japan agree to work in the free trade agreement (AFP)

Brussels (AFP)-l' European Union and the Japan, said Saturday that they had agreed to work on a free trade agreement billion $-euro, connecting the world's third largest economy with the largest market in the world.

A statement issued after a Summit in the EU Japan said the leaders "have agreed to start the process of" for "the negotiations for a comprehensive and detailed free trade agreement (FTA) and economic partnership agreement (EPA), addressing all issues of interest to both parties".

To this end, the two parties would begin talks "as soon as possible" to "define the scope and the level of ambition" in game, the joint statement said.

Concretely, this means Tokyo and Brussels will have to forge a list of address problems and objectives to be achieved until the EU 27 Member gives the official green light to launch FTA negotiations.

The process, known in the jargon EU as an "exercise in scope", is likely to take six to nine months, EU officials said after the talks between the Prime Minister Naoto Kan, Commission Japan European Chief Jose Manuel Barroso and block President Herman Van Rompuy.

The Declaration of the Summit identified the issues to be considered as including tariffs, non-tariff measures, services, investment, rights of intellectual property, competition and public procurement.

To speed up the launch of appropriate FTA negotiations, the Executive of the EU, the European Commission, will immediately begin a process to allow the talks "on the basis of a successful scope", added the statement.

Japan had long pressed the EU to use the Summit Saturday as the stage to announce an official launch of the FTA talks but Europe denies, requiring more than insurance fair rules of the game before taking this path.

Deficit of the EU with the Japan, it is the sixth largest trading partner, has declined over the last decade of EUR 47 billion in 2000 to $ 21 billion in 2010.

Nations European and business leaders complain of problems of access to market for the Japan foreign companies.

Europe complained on unjust treatment in government procurement, comparing a market of markets 312 - billion - euro (2.5% of the GDP of the European Union) open to Japanese companies in 2007, for a share of 22 billion dollars-euro (0.5% of GDP Japan) offered to EU companies.

Signature of the European Union of an FTA with Asian rival in southern Korea last year increased the insistance of Tokyo a deal to offset fears that the famous Japan of electronic and automotive products may lose competitive advantage.

Foreign Secretary William Hague Britain this month above praised the prospects of a golden pot. The removal of tariff and non-tariff barriers could deliver more than 40 billion euros ($60 billion) of the Japan extra European exports and more than 50 billion euros of additional exports of the Japan to the European Union, he said.


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FTSE climbs 0.98% to close (AFP)

London (AFP) - the more closed stock markets Friday, with the FTSE 100 index in London through actions of 0.98% to 5,938.87 points.

Lloyds Banking Group was the most widely traded stock on the index, with 172 million shares changing hands, followed by the Royal Bank of Scotland, which saw 95,6 million shares to switch owners.

Essar energy made the biggest gains of the day, sharply 5.27%--22,6 pence - finally 451.3.

It was followed by mining giant Antofagasta, who added 4.29% - pence 54 - to terminate the 1,312.

British Sky Broadcasting was the worst performer of blue chip, excretion 0.42% - pence 3, 5 - the day to 834.5, followed by the BP Group, which slipped 0.34% end in 459.65 energy.

On the foreign exchange market, a book was worth 1.1547 euros or $ 1.6493 to the TSB 17.01.


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Why corporate bonds safe not anymore so smart (AP)

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NEW YORK - The safest corporate debt isn't looking so smart anymore.

Companies deemed good for the money are raising trillion selling bonds to investors who can't seem to get enough of them. It looks like a great deal for both parties - until you consider the details.

Some bonds are throwing off interest so puny that investors are already losing money to inflation. Others pay higher rates aim won 't return your money for more years than you' re likely to live. Johnson & Johnson just sold $4.4 trillion worth of debt with fixed rates as low as 0.7 percent, 2.5 percentage points less than inflation. The prospect of near-free money was so irresistible to Google Inc., it decided to sell $3 billion worth, even though it already had more than 10 times as much cash at its disposal. And Norfolk Southern Corp. convinced investors to lend it $400 million for 100 years.

"When companies start putting out 100-year bonds, you can bet we've hit lows," says Richard Lehmann, a Miami money manager with $100 million under management. He has largely shunned investment grade corporate bonds. "this market has gone from stupid to ridiculous."

Stocks were the primary target of the Federal Reserve Chairman Ben Bernanke's attempt to push people out of Treasurys into riskier assets. But corporate IOUs that earn top grades from rating agencies have been on a tear, too - returning 31 percent in two years. That has allowed Corporate America to put trillion of dollars in their coffers and has sent billions of dollars to Wall Street banks who help them arrange the deals.

This has been good for the economy. Aim investors are another story.

"What happens when these securities return to normal valuations?" says Thomas Atteberry, who oversees the FPA New Income fund with $3.7 trillion in assets. "It's not going to be a pretty picture."

The average investment grade corporate bond currently countries 3.73 percent in interest a year, barely more than the current rate of inflation, 3.2 percent. It's only the second time in two decades that the yield has fallen below 4 percent, according to Barclays Capital. If inflation rises, as many fear will be the outcome of current Fed policies, it will eat away at the buying power of the principal that is returned to bond holders upon maturity. That could turn winning bets into losing ones.

On first blush, Norfolk Southern bonds maturing in 100 years might seem to offer a good defense against the prospect of rising prices. Its bonds are paying 6 percent a year, well above inflation. Purpose inflation can gyrate wildly. Prices have climbed as high as 18 percent annually in the past 100 years. Even at current inflation rates, cash stashed in a coffee jar would lose half its buying power in just 22 years.

Of course, the bigger question might be whether the railroad company will even be around in 2111 to pay anything back. A hundred years ago, the Austro-Hungarian Empire ruled over millions of people and investors held plenty of stock in Colorado Fuel & iron Gone are the empire and the stock. Colorado Fuel & Iron was a member of the most stable of Wall Street offerings - the Dow Jones Industrial Average. That is, before it went bankrupt.

"I wouldn't can't buy a hundred-year bond of anything," says David Sherman of Cohanzick Management, a money manager that is shorting investment grade bonds. "Nothing good can happen to you in that amount of time."

To be fair, many owners of so-called century bonds aren 't human beings who won' t live to see their money returned. They're pension funds and insurers with a good idea of how much they'll have to pay retirees and heirs in the future. Those groups want a predictable stream of income from bonds to make good on those commitments. Adding to the appeal of investment grade bonds: Regardless of maturity, they typically don't rise and fall in price as sharply as other assets like stocks. They also rarely default, delay interest payments or stop them altogether. As the recovery continues apace, companies issuing bonds defaulted on just 1.3 percent of what they've borrowed, according to Moody's Investors Service.

That could be good for investors if the market hadn't can't already reflected the lower defaults. In buying bonds, pros like to look at how much more they're getting paid in interest over what they'd get if they held Treasury bonds. The thinking is that U.S. government securities already reflect the possibility that inflation could eat into their return and so any additional interest corporate bonds that promised to pay is compensation for the risk that companies will fall on hard times and won't pay it at all.

That extra compensation stood at a little over half a percentage point last month, one of the stingiest in offered a quarter century. Even more unsettling, consider that the Federal Reserve has become the biggest buyer of Treasurys in its effort to drive interest rates down and revive the economy. It holds $1.4 trillion of them, more than triple what it held three years ago. To critics, Treasury prices and their rock-bottom yields reflect minimale demand for them.

In other words, corporate bonds may be doubly overpriced - overpriced relative to something overpriced.

These bonds continues to attract money partly because many mutual funds that focus on bonds feel they must invest in them no matter what the price. No one can guess when bonds could tumble goal if a fund sells them and they don't drop right away, it's sure to lose investors to rival funds that didn't sell and are still collecting interest and posting higher returns - for now.

"you have to dance until the music stops," says FPA's Atteberry, echoing a now infamous line from former Citigroup CEO Chuck Prince as to why he was making risky bets in the run - up to the financial crisis. "But if you look around the room, there's 20 people and one exit door." "not everyone is getting out."

How bad could things get in a rush to sell? Atteberry says if fearful investors suddenly application just a half percentage point more in yield to compensate for inflation, it would wipe out any gains for buyers at today's yields. If investors today received the kind of margin of error they normally demand, 10-year corporate bonds would be paying 7 percent a year - more than 3 points higher than they are now, he adds.

David Wright of Sierra Core Retirement Fund is just as critical of the almost willful ignorance of risk by investors. But he's buying. He says bears are ignoring the appeal of investment grade bonds as havens of safety in the troubled times he sees ahead. Wright says investors are courting danger in myriad other assets such as stocks, which he thinks could fall as much as 35 percent over the next nine months.

"there'll be a shift from complacency to anxiety to fear," Wright says. "and they'll gradually move into these safe haven assets."

Or so they're called.


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In the Japan, was set to take a small step in the free trade agreement (AFP)

Brussels (AFP)-l' EU and Japan look agreed on the principle of negotiating a free trade agreement linking the third world economy and the global market leader at a Summit Saturday, diplomats say.

After months of difficult negotiations, strengthened by a history of trade friction, an agreement between the two giants economic to move forward would significant, even if really the hopes Tokyo to pull an official launch at the weekend meeting.

"This Summit cannot start negotiations, but it can send a strong political message that we are looking for launch of the negotiations, said an EU diplomat who requested anonymity."

Responsible for the EU say additional work is necessary to explore trade grip-points and align a list of tasks of problems to overcome before approving the 27 members of the EU's official launch of negotiations for a free trade area (FTA) of ink.

You are invited by Britain, the leaders of the EU in March called for negotiations LRA facilitate recovery to the Japan hit the disaster - but subject this move from Tokyo to lift restrictions on trade.

British Foreign Secretary, William Hague said earlier this month that the removal of tariff and non-tariff barriers could provide more than 40 billion euros ($60 billion) of the Japan extra European exports and more than 50 billion euros of additional exports of the Japan to the EU.

Commercial ties between the two has consistently shown a strong surplus for the Japan - sixth of the EU are currently third largest partner of trade of the Japan, while the Japan is Europe.

Better record of Tokyo "is in part a reflection of continuing access to market for the Japan foreign companies," a report by the European Commission said this year.

As executive arm of the European Union view is shared by the European business leaders, who say that Tokyo is not able to offer companies real market access.

First Minister Naoto Kan earlier this month here has asked his cabinet to work on reforms demanded by the European Union, as removing non-tariff barriers to trade and liberalize government procurement.

And the trade ministers had last week acknowledged that recent Japanese proposals were "a good first step towards negotiations" meetings and agreed that the two sides begin to write their list of tasks - known as an exercise in scope in the coming months.

"Europe is important to the Japan and the Japan is important for the European Union, said the diplomat." We are both us to new kids on the block, China, India, Korea evil. ?

EU FTA negotiations lasted two and a half with the Korea of the South, 20 with the Gulf Cooperation Council.

"That you prepare the negotiations through the exercise scope, soon it will be," said another diplomat.

Japan has been eager to launch free trade negotiations with the European Union believes that the Elimination of tariffs in the EU on cars and electrical appliances would benefit from Japanese companies.


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2011年5月27日星期五

S & P: ratings Outlook negative Italy on debt fears (AP)

ROME - Standard & Poors cut its Outlook of ratings for the debt of the Italy of negative stable to Saturday, citing the prospects of poor growth and concerns about the ability of the Government to reduce public loans of the country.

The revision means there is a chance of one to three that the Italy debt ratings could be seen over the next two years, raising fears that the debt crises that have hit the Greecethe Portugal and Ireland could be threatening Italy.

But with a perspective of ratings always A + / negative Italy, rest much better that the Greece, which had its grade debt ratings dowgraded Friday by the Fitch agency junk status.

In a statement, S & P said current growth of the Italy prospects were "low" and that there was a commitment hesitating on the part of the Government to undertake reforms needed to revive the econoomy.

He cited "potential political gridlock" as a concern for the finances of the Italy and predicted lower growth than GDP estimated current 1.3% during the period 2011-2014.

The forces of Prime Minister Silvio Berlusconi underwent a setback in local elections, this week, failing to win an outright victory for the Mayor of the financial capital of Milan. The Prime Minister is also quarrels with his main coalition partner the Northern League, which opposes the participation of the Italy in the Libya NATO campaign.

Finally, the Prime Minister is on trial on charges of corruption and prostitution, that he denies.

In response, the Italian Treasury Board has rejected the idea that political blockages could get reforms, saying: he would "intensify" its efforts to implement its plan of debt reduction and maintain all its financial commitments.

He noted that the recent assessments by the Fund International Monetary and other agencies were "very different" from that of S & P.


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Obamania transforms Irish hamlet of Moneygall (AP)

MONEYGALL, Ireland - since the US President announced, Saint Patrick's day, would visit his ancestral home of the Irish, the village of Moneygall has suffered from an incurable case of Obamania.

This road hamlet of two pubs, three shops and just 350 inhabitants repainted each House with each lamp and renamed apparently all products visit on Monday by President Barack Obama. Locals have stood in line for hours to receive one of the 3 000 tickets that their most famous son of Moneygall meet.

"We have all been taken in this dream." "Nothing in the village seems real," said Henry Healy, an accountant of 26 years for a plumbing company who discovered four years ago he was one of the closest Irish relatives of the Obama. "I was repeating what I say to the President for months in my head.". I cannot really believe that it will happen. ?

As he spoke, the powerful rotors of two military helicopters U.S. admits in the distance, and a deliveryman arrived with another truck of fruitbread Irish spicy called brack - renamed "Of Brack Barack" this month in through the Ireland and bearing a portrait of the caricature of President.

Healy received the note No. 0001 since it is an eighth cousin to Obama, the closest blood relative still alive in Moneygall. In fact, he lives next to the pub to adorned with American flag Obama is expected to visit.

American genealogists and the Irish have detected several other distant cousins Irish of Obama living in Ireland and in England, including Dick Benn and tone Donovan, whose families live in the County of Tipperary border and have cultivated the Earth even centuries of 2 1 / 2.

They were all descendants of Falmouth Kearney, one of the grandfathers of great-back-back of the Obama side of his mother from Kansas. Kearney, Shoemaker, emigrated from Ireland to United States in 1850, at age 19, to the Great Famine.

Each known Irish parent should be standing on the main street of the Moneygall when Obama begins a six-day trip, four-nation Europe.

At the national level, Ireland barely had time to record the arrival of the Obama. The country has just organized a tour of high security of Queen Elizabeth II, the first British monarch to visit the Republic of Ireland, after its independence from Great Britain 1919-21 war. His triumphal tour of four days in question carefully choreographed acts of reconciliation.

No such drama expected Obama. Ireland has always offered warmly welcomed the Presidents of the United States since John f. Kennedy became the first to visit in 1963. More than 40 million Americans have Irish ancestors. The two countries today enjoy exceptional links of culture and trade, a vital relationship for the Ireland because of his battle current to avoid national bankruptcy.

Obama Monday event will be a speech in the open air at the entrance of Trinity College in Dublin, the capital who spent much of the last week of a lock of security for the Queen.

A crowd of non-ticket is encouraged to gather in the Street outside Trinity several hours advance, attracted in part by rumors that an array of Irish bands, actors and other celebrities will provide a warm-up Act.

While Obama is widely admired in Ireland, he has not anything close to the fan base built by Bill Clinton, who made the recovery of North Ireland a priority and visited both parts of the Ireland three times from 1995 to 2000.

But Moneygall officials were applauded for Obama since primary for Iowa in the hope that its entry in the White House would put village of long-bypassed - side of the road from Dublin to Limerick, in the southwestern corner of the County of Offaly - on the tourist card.

They held a party all night at Ollie Bar the night Obama won the presidential race of 2008 and immediately began lobbying for a visit. Obama announced that he would during the visit of the feast of Saint Patrick in Washington by newly elected Prime Minister of the Ireland Enda Kenny.

Intelligence in a dark suit and sunglasses officers arrived last month in Moneygall.

Locals have applied 3 500 litres of paint and laid new sidewalks. A village catering painted U.S. and Irish flags on the front of his home and is cooking Obama burgers. Construction workers were hastily built the Obama Cafe. The altar of the Catholic Church has been echoed in red, white and blue bunting.

Guinness last week delivered a specially brewed barrel of stout to pay the time when Obama iterates through the door bar of Ollie, including a bust in bronze by sports, photo of painting-cutting and size of the President.

"It will be the largest pint I will never for," said Ollie Hayes, standing behind the bar of his pub. In recent weeks, it is flooded with tourist bus and journalists and Irish musicians and international scene for free.

"Moneygall has never seen a such Carnival." Early morning, evenings spent. There was many a sore head the morning after the previous night, "Hayes said dancers, singers and drummers Nigerians were preparing to carry out."

The Moneygall favorite artists are brothers Corrigan, a band of Limerick. Their singalong "there was zero as Irish as Barack Obama" became a sensation of the internet in 2008 and crossed several lyrical mutations.

The two brothers sing their latest version, "Welcome Home, President of Barack Obama," to a crowd of noisy pub, standing-room only Saturday evening. An alternative version already aligned to the claims of the Obama re-election campaign: "" it is as Irish as Riverdance, Guinness and Joyce - in 2012 there is only a single choice!""

None of these celebrations would have been possible, but for the protestants of the village Minister, Canon Stephen Neill, who has everything parishioners in the only predominantly Catholic region but which is probably his most popular character.

It was he who, in 2007, has studied through recordings of birth and baptism of the Church of the Templeharry Ireland, 3 miles (5 km) outside of Moneygall and made the fateful discovery of the baptism of Falmouth Kearney.

He had received calls from American genealogist Megan Smolenyak continued the many facets of the background of the Obama. It will also, in Moneygall to meet with the President.

O'Neill concedes there are plenty of people who are more Irish than Obama.

"It is about 5% Irish, adapt. But it is enough, O'Neill said. "They do not say that there is a bit of Irish in all the world".

___

Online:

"There is zero as Irish as Barack Obama ' song, http://bit.ly/7WJib5".

Brack of Barack, http://www.patthebaker.com/news.php

Barack in Moneygall T-shirts, http://www.whatsthecraicbarack.bigcartel.com/


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Glencore raises $ 10 billion through the introduction on the stock exchange (AFP)

ZURICH (AFP) - commodities giant Glencore Swiss raised about 10 billion (EUR 7.0 billion), via a stock flotation he said Thursday at a 530 pence issue price that values the company at about $ 60 billion.

The flotation marks the largest initial public offer this year, with a strong demand for the stock immediately pushing the market price.

"Glencore"? "s offer saw a substantial interest of investors around the world and was considerably oversubscribed throughout the range of prices offering a high quality, diverse and geographically spread investor base, Glencore" said Ivan Glasenberg, CEO of Glencore.

The company, based in Baar, fixed price to 530 pence Thursday, in the range of 480 to 580 pence, that it announced in early May.

Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London stock exchange and the price rose to 548 pence shortly after the market opened at 0700 GMT.

It reached a peak of 550 pence in trade in the morning and closed to 538 pence for a gain of 1.5% of its issue price.

Official trade full shares will begin May 24 in London and Hong Kong on May 25.

Glencore, trader of more products in the world by revenue with 145 billion in 2010, guaranteed $ 3.1 billion of so-called cornerstone investors, who have subscribed to 31 per cent of the shares on offer.

These investors include funds sovereign Singapore and Abu Dhabi, asset managers and private banks.

In all, total Group shares 1.2 billion or 16.9% of the shares were floated. The remains of 83.1 for hundred remaining between the hands of the management and employees.

The markets RBC Capital analyst Miriam Hehir describes the entrance of Thursday on the London Stock Exchange as a "good start", adding that he announced "the beginning of a new era" for the group.

Glencore has said that he would use the funds raised by the list of exhibits to repay debt, to increase its participation in Kazzinc, a producer of zinc, with core activities in the Eastern Kazakhstan and fund other projects to expand its activities.

Ratings agency Moody's said that the move would improve the financial flexibility of the group to raise funds, as it gives access to other forms of funding for future acquisitions.

The BPI is that raw material prices rise in the middle of the huge demand from Asia, including China and the India for resources fuel their economies.

Founded in April 1974 by trader Marc Rich, Glencore operated initially in an apartment in the canton of Zug in Central Switzerland before quickly becoming a major player in the trade of commodities.

Metals, minerals and crude oil, the Group settled in agricultural products and has begun to expand third party products to acquires ownership of the resources in the 1980s by buying its own mines simply trade.


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Slips of Wall Street on the euro, feared overflow effect (Reuters)

NEW YORK (Reuters) - U.S. stocks fell Friday on uses of eurozone debt worries that could spill over in exchange for the week next with a bearish note all ground lost to retailers after low profit prospects of Gap.

The & S P 500 remains hemmed between technical support, to 1,330 and resistance to 1,340 suggesting a lack of direction and keep the market vulnerable to events such as the uncertain outcome of the euro-zone debt problems.

"It seems as there is a consensus that y of some potential risks coming online here," said Natalie Trunow, investment officer head of actions to Calvert Investment Management Inc. in Bethesda, Maryland, which manages about $ 14.8 billion.

Titles of the large multinationals, which tend to rely heavily on sales abroad, fell in sync with slide of the euro against the dollar. Shares of manufacturer 3 M (MMM).(N) fell by 1.2% to $93.56 and weighed on the Dow Jones index.

The euro has lost about 1% on disagreements about how to manage the problems of the debt in Greece and in a Spanish regional election.

Gap Inc. (GPS).(N) fell 17.5% to $19.22 after slashing its prospects of profit throughout the year end Thursday, saying that the higher price tags will not be enough to offset the costs of cotton. Index S & P retail (.)(RLX) fell by 1.4%.

Market options, advantaged predominant activity more bearish bets that were seen last month.

"The economic recovery and the macro image seem to indicate that a longer long term slow pace of economic recovery," said by Trunow. "Unless we see many positive surprises on economic indicators, I think that some of these negative events will continue to weigh on the market."

The Dow Jones industrial average (.)(DJI) was down 93.28 points, or 0.74%, to end at the 12,512.04. The Standard & Poor 500 Index (.)(SPX) was down 10.33 points, or 0.77%, to 1,333.27. Nasdaq Composite Index (.)(IXIC) was declining 19,99 points or 0.71%, to close at 2,803.32.

For the week, the Dow Jones index was down 0.7%, the S & P 500 was decreased by 0.3% and the Nasdaq was down 0.9%.

Before the expiry of options may to end of Friday, traders had exchanged contracts about 669,000 on the S & P 500

As the washout calls by a factor of 2. 10: 1, index according

Analytics business options trade alert. Moving average on the 22-day ratio is 1.67. Alert trade data show.

Prices have jumped but index S & P energy sector of the oil (.)(PSE) still fell 0.3 percent for the day. Exxon Mobil Corp. (XOM).(N) has decreased by 0.9% to $81.57 and Chevron Corp. (CLC).(N) lost1.3 per cent of $102.57, both by dragging on the Dow Jones index.

In the industrial sector, Caterpillar Inc. (CAT.)(N) hangar 0.9% to $104.33, then the index of S & P Cap goods sector (. 15GSPIC) lost 1.1%.

On the head, Barnes & Noble Inc. (VwGHN) shares jumped 29.9% to $18.33 after John Malone of Liberty Media Corp. (LINTA.)(O) proposed buys the company 1.02 billion. The largest U.S. bookstore chain put itself for sale, nine months ago.

6,71 Billion were traded on the New York Stock Exchange, NYSE Amex and Nasdaq, compared to the average of approximately $ 8.4 billion last year.

More numerous than those stocks lower by almost 2-1, advancing on the NYSE and Nasdaq.

(Reported by Caroline Valetkevitch;) Other reports by Doris Frankel; (Editing by Jan Paschal)


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How the major stock indexes fared Friday (AP)

Stocks closed lower for a week in a third straight line on the signs indicating that the weakening of the US consumer demand.

Gap Inc. and Aéropostale retailers each lost more than 14% Friday after having cut their forecasts of profit for the year, in part because of the costs for raw materials and sluggish sales. It was a worrying sign for investors who had counted shoppers to lead a recovery of the expenses.

The Dow Jones index fell 93.28 points, or 0.7%, to 12,512.04.

Standard & Poor 500 index lost 10.33 or 0.8%, to 1,333.27.

The Nasdaq composite 19,99 ignored or 0.7%, to 2,803.32.

For the week:

The Dow Jones index is 83.71, or 0.7%.

The S & P is down 4.51 or 0.3%.

The Nasdaq is down 25.15% or 0.9%.

For the year to date:

The Dow Jones index is 934.53, or 8.1%.

The S & P is 75.63, or 6.0%.

The Nasdaq is at 150.45, or 5.7%.


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2011年5月26日星期四

Oppenheimer cuts ratings on Staples, OfficeMax (Reuters)

Bangalore (Reuters) - Oppenheimer & Co cut its rating of Staples Inc. (GPS).(O) and OfficeMax Inc. (OMX).(N) to "run" to "outperform", saying sales trends for Office supplies retailers appear unlikely to rebound so soon.

On Wednesday, Staples, more Office world supplies retailer reported disappointing earnings and reduced his year complete forecasts, echoing the results displayed by small rivals Office Depot Inc. (ODP.)(N) and OfficeMax, as clients and client businesses spend less on Office supplies.

"We do not expect the actions of well positioned even Office products chain moving substantially higher, the absence of clear evidence of better sales" analysts led by Brian Nagel, who supported their rating on Office Depot "run", said in a note to clients.

"We expect growth jobs still soft white collar and the current upheaval in the credit markets to weigh on the request of at least the balance of 2011 Office products," said the analysts.

Shares of Staples closed to $16.63 Wednesday on the Nasdaq, while actions OfficeMax closed at $8.26 at the New York Stock Exchange. Office Depot shares closed at $4.16 on the New York Stock Exchange.

(Reported by Abhishek Takle in Bangalore.) (Editing by Jarshad Kakkrakandy)


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European stocks extend gains as Glencore floats (AFP)

London (AFP) - European stock markets rose Thursday, with the mining sector, supported by the flotation of Glencore Swiss goods giant.

London's benchmark index FTSE 100 grimpé a from 0.98% to 5,981.46 points, approaching noon, DAX 30 Frankfurt rallied 1.37% to 7,403.99 points and in Paris the CAC 40 index gained 1.26% to 4,027.66.

The index, Stoxx 50 of the larger companies in the advanced Euro 1.21% to 2,901.88 points.

Markets had already staged a technical rebound Wednesday after recent falls, taking their lead from firmer prices.

"European indices continue to trade higher for a second successive session... led by continuing confidence in resources stocks" said analyst Joshua Raymond financial spread-betting firm city Index.

Glencore, trader of more products in the world by revenue, said Thursday that he had raised about 10 billion (EUR 7.0 billion) through a set of the initial public offer at 530 pence per share.

At this price, the group is $ 59.2 billion and flotation mark the biggest IPO so far this year.

Immediately pushed strong unofficial trade market price.

"Offer of Glencore has seen a substantial interest of investors around the world and was significantly oversubscribed during the price range providing Glencore with a high quality, diverse and distributed geographically the investor base," said Ivan Glasenberg"Glencore, Director General.

The company, based in Baar, set on Thursday the final price for the introduction on the stock exchange to 530 pence in the 480-580 pence range which it had announced in early May.

Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London Stock Exchange, and the price rose to 548 pence shortly after the market opened at 0700 GMT. Later, he stood at 545 pence.

Official trade full shares will begin May 24 in London and Hong Kong on May 25.

US stocks had propelled at the same time more Wednesday on the back of the soaring prices of raw materials and better - that the gains expected from the manufacturer of the Dell, traders said.

However, the shares in Tokyo closed 0.43% lower Thursday, weighed down by weak Japanese data, falls of stocks of the utility and a mood of wait and see before the release later in the day us economic data.


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Eurozone eyes new deal for the Greece. ECB issues threat (Reuters)

Brussels/BERLIN (Reuters) - Euro area Governments are considering a plan to prevent a Greek default that private investors would be called upon to maintain their exposure to debt and Athens would receive a new package of assistance from the EU and the IMFsaid sources in the euro area.

The sources told Reuters in the new strategy Thursday after the European Central Bank has raised the stakes in its bid to prevent a restructuring of the Greek debt by telling Governments that he would refuse to accept the bonds as collateral in the case of such an approach.

The threat made by a member of the Executive Council of ECB Juergen Stark at a Conference in Athens on Wednesday came after European Finance Ministers have suggested the possibility of a "soft restructuring" extensions of maturity of debt earlier this week.

A source with an overview of the discussions of European on the Greek debt said any "soft" or "hard" restructuring which could trigger a "credit" event - or to the payment of default insurance contracts - was now off the coast of the table.

Instead of an extension of maturity, which can decrease the value of bonds and trigger such an event, banks would be encouraged to maintain their holdings of Greek debt and buy new bonds to replace questions that they reach maturitysaid the source.

This would be done in combination with a new package of Greek reforms and austerity, although more money EU and IMF to ensure the financing of the Greece of needs through 2014.

"We hope to have an agreement by the end of June," the source told Reuters.

The source does not clear how the block could convince the owners of Greek bonds ride on their assets or say how many additional aid, the EU and the IMF might be willing to provide on the package of EUR 110 billiongiven to the Greece, the last year.

VIENNA INITIATIVE

EU economic and Monetary Affairs Commissioner Olli Rehn has returned to the Vienna Initiative as a model of debt rollover.

The initiative has been an agreement at the height of the crisis between the European Central Bank, the European Bank for Reconstruction and development, the regulators and banks with subsidiaries in Central Europe.

Under it, groups of parents Bank committed publicly to maintain their exhibitions and recapitalize their subsidiaries in the countries of Central and Eastern Europe within the packages of financial assistance from the European Union and the IMF.

Greek sovereign debt is expected to increase to almost 350 billion euros at the end of 2011, or 154% of its gross domestic product (GDP), one of the highest levels in the world.

Many economists say a debt restructuring is inevitable, but European Governments have promised not step of forcing losses on creditors before mid-2013.

ECB officials have warned for weeks that a debt restructuring would be disastrous for the euro area and stepped up their rhetoric this week after the President of the Eurogroup Jean-Claude Juncker has suggested that the block was opened in a voluntary of Greek debt deadlines extension.

"For the ECB, in accordance with our legal obligations, a restructuring of debt undermine collateral adequacy of the obligations of the Greek Government," said Stark the ECB.

"This means that a debt restructuring would prevent the continuation of the large segments of the supply of liquidity of the banking system of the Greece Central Bank".

Comments and a report in the Financial Times Deutschland that the President of the ECB, Jean-Claude Trichet had issued the same warning to euro-zone finance ministers at a meeting of the Eurogroup, heated Monday, weighed on the euro, who has slipped to $1.4235.

The cost of insuring Greek debt against default has also increased, and the differences between Greek bonds of 10 years and those of German marks safer oscillated about 13%, close to a record level.

Greek banks rely on the system of guarantees to finance themselves and refusing to accept the obligations of the Government that security would be paralyzed, with disastrous implications for other European banks exposed to the Greece.

HIGH FLEXIBILITY

Economists are skeptical that the Frankfurt-based Central Bank would respond to the threat, describing as a bargaining ploy to stop the progression towards some form of restructuring.

"I think that this is part of the negotiation process." Deep down the ECB probably knows anything to do, but they want to be as lightweight as possible, ", said Gilles Moec, Economist at Deutsche Bank."

Statutes of the ECB gives the Bank a high degree of flexibility in determining what it can and cannot accept banks seeking short term loans, indicating only that loans should be based on "appropriate safeguards".

The ECB continued to accept obligations of Greek and Irish Government as a guarantee in its liquidity operations, regardless of their credit rating and can probably decide to voluntarily accept swapped routes with long durations.

However, the source of the euro area said that the ECB had clearly indicated that in cases where a Greek debt restructuring triggered payments in default of insurance contracts swaps - credit default - it would accept the bonds as collateral.

Beyond the impact on the euro area, the ECB may also be concerned about the effect of restructuring on his own books.

He purchased an approximately 40-50 billion euros of sovereign debt Greek in his controversial bond purchase program and has indirect exposure via the tens of billions of euros in Greek paper, already accepted as collateral in its lending operations.

(Statement by George Georgiopoulos Athens, Sakari Suoninen and Marc Jones in Frankfurt, Annika Breidthardt in Berlin) (Written by Noah Barkin; editing by Mike Peacock)


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Summary box: market follows lower retailers (AP)

MIND THE GAP: Retailers Gap Inc. and Aéropostale each lost more than 14% Friday after having cut their forecasts of profit for the year, in part because of the costs for raw materials and sluggish sales. It was a worrying sign for investors who had counted on buyers to result in a resumption of spending.

DOLLAR GAINS: Concerns about the economy sent the dollar and the Government of obligations higher.

Indexes: the Dow Jones index fell 93.28 points, or 0.7%, to 12,512.04. Standard & Poor 500 index lost 10.33 or 0.8%, to 1,333.27. The Nasdaq composite 19,99 ignored or 0.7%, to 2,803.32.


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LinkedIn share price more than double in NYSE debut (Reuters)

NEW YORK (Reuters) - shares of LinkedIn more than doubled Corp in their commercial debut public Thursday, evoking the memory of the history of investor love with Internet stocks during the bubble of the late 1990s.

Society network social professional, which began in the living room a man less than ten years ago, is now worth more motorcycle manufacturer Harley Davidson Inc. and ratings from Moodys Corp.

"I am here to 6 pm." An employee of LinkedIn, we have been famous since then, "said in the parking lot of the seat of the company of Mountain View, California.

"We recognize that it is potentially a bubble right now," said the employee, who spoke the condition of anonymity.

Shares of LinkedIn, which is passed as well as 171% in their first day of trade on the New York Stock Exchange, closed at $94,25, more than 109% higher than the price of IPO of $45.

Bankers typically try the price of an IPO so that the stock rises to approximately 15 per cent on the first day of trading: enough to reward investors who made a bet, but not as long as the company and the shareholders feel that they have been penalized.

Only days ago, LinkedIn provides a range of prices for the introduction on the stock exchange that it assessed barely more than $ 3 billion. Now, after his first day of trade, it is almost $ 9 billion, adding to concerns that the assessments of company social networking are overturned by their potential earnings.

"It seems to bring back memories of the tech bubble," said Jack Ablin, investment officer head at Harris Private Bank in Chicago. "Based on what I know, it seems that investors are a little too enthusiastic."

A hedge fund manager who returned his possessions in the low 80 describes how it was difficult to obtain the shares. "I got 500 shares and said me considered lucky," he said.

"There are institutions of billions of dollars that don't get any stock," he said, telling something, he learned from the vendor to one of the lead banks.

For the introduction on the stock market, the insurers have been directed by Bank of America, Merrill Lynch, Morgan Stanley and JPMorgan.

THE BUZZ

LinkedIn is the first prominent social networking American society to publicly test investors how hunger is for companies of social media like Facebook, Groupon, and Twitter, that will speak to the public in the coming months.

"It is an inevitable process for us, the next thing that happens," Facebook, Director of operation Sheryl Sandberg said Reuters technology Summit Thursday.

In recent years, only Chinese Internet stocks saw such exuberant first day trading on U.S. exchanges.

Rise of LinkedIn was the largest for a public Web site newly stock since the actions of Qihoo 360 Technology Co, company of the China already third Internet, increased by 134% in their debut NYSE in March.

LinkedIn is a rare foreign social business networking that can work in China, where he has about a million users. Many other sites, including Twitter, Facebook and Google have a presence in the largest Internet market in the world.

Like Facebook, LinkedIn allows users to create pages profile with a photo and details about themselves. But it is widely used for professional personas not social and is essentially a database of online electronic CV.

2010 Net income attributable to common shareholders, company was exported net revenues of $ million $ 3.4 million. LinkedIn has said that he is not expected to be profitable in 2011.

March 31, LinkedIn had total employees and 102 million members registered. Thursday, its market value per employee was almost 7 million and approximately $87 per user.

PHANTOM LAMBORGHINI

LinkedIn Chief Executive Jeff Weine shrugged off the shopping craze or the same worries that underestimated pricing appetite for stock.

"For myself, personally I'm same step think twice to where the price is today and leaving money on the table, or even anything remotely along these lines," he told Reuters, adding that the stock will "take care of itself."

Also, it is warning against displaying LinkedIn as a proxy for other offices of great potential names, saying that these stocks could be driven by their own trade prospects.

Weiner, who has sold about 5% of its interests in the offer, made $ 5.2 million on the introduction on the stock exchange. Its remaining shares in LinkedIn is worth just over $ 200 million.

Co-founder of LinkedIn, ex-PayPal Executive Reid Hoffman, made of $ 5.2 million by selling less than 1% of its shares. Its remaining shares in the company - about 22% of the vote - is now approximately 1.8 billion.

The company has raised $ 352.8 million Wednesday by selling only a game of 8 per cent, 7.84 million shares or, for $45 each. High demand, it has increased its range of price under $10 a day prior to the introduction on the stock exchange of $42 to $ 45 per share.

LinkedIn shares were sold to about 17.5 times its 2010 sales. They are now worth sales of 2010 37 times. Google Inc. shares are valued at 2010 sales at less than six times.

"There are a lot of enthusiasm and perhaps there are excessive demand because there is not much supply of these types of companies on the market, said Scott Cutler, is lists U.S. at NYSE." Which can lead to a richer assessment, but it is not a bubble. ?

LinkedIn headquarters, three men outside it is approached by a journalist said that they worked for a just society side.

"We're not working for LinkedIn." They are the Lamborghini of conduct, "a plaisanté."

He did y again no Lamborghini in sight.

(Other reports by Gabrielle Saveri in Mountain View.) Edward Krudy, Rodrigo Campos, Angela Moon, Dan Wilchins, Chris Sanders, Caroline Valetkevitch, Bill Rigby and Jennifer Saba and Stephen of IFR Lacey in New York. (Editing by Lisa Von Ahn, Maureen Bavdek, Robert MacMillan and Steve Orlofsky)


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European stocks extend gains as Glencore floats (AFP)

London (AFP) - European stock markets rose Thursday, with the mining sector, supported by the flotation of Glencore Swiss goods giant.

London's benchmark index FTSE 100 grimpé a from 0.98% to 5,981.46 points, approaching noon, DAX 30 Frankfurt rallied 1.37% to 7,403.99 points and in Paris the CAC 40 index gained 1.26% to 4,027.66.

The index, Stoxx 50 of the larger companies in the advanced Euro 1.21% to 2,901.88 points.

Markets had already staged a technical rebound Wednesday after recent falls, taking their lead from firmer prices.

"European indices continue to trade higher for a second successive session... led by continuing confidence in resources stocks" said analyst Joshua Raymond financial spread-betting firm city Index.

Glencore, trader of more products in the world by revenue, said Thursday that he had raised about 10 billion (EUR 7.0 billion) through a set of the initial public offer at 530 pence per share.

At this price, the group is $ 59.2 billion and flotation mark the biggest IPO so far this year.

Immediately pushed strong unofficial trade market price.

"Offer of Glencore has seen a substantial interest of investors around the world and was significantly oversubscribed during the price range providing Glencore with a high quality, diverse and distributed geographically the investor base," said Ivan Glasenberg"Glencore, Director General.

The company, based in Baar, set on Thursday the final price for the introduction on the stock exchange to 530 pence in the 480-580 pence range which it had announced in early May.

Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London Stock Exchange, and the price rose to 548 pence shortly after the market opened at 0700 GMT. Later, he stood at 545 pence.

Official trade full shares will begin May 24 in London and Hong Kong on May 25.

US stocks had propelled at the same time more Wednesday on the back of the soaring prices of raw materials and better - that the gains expected from the manufacturer of the Dell, traders said.

However, the shares in Tokyo closed 0.43% lower Thursday, weighed down by weak Japanese data, falls of stocks of the utility and a mood of wait and see before the release later in the day us economic data.


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ECB steps up rhetoric against Greek restructuring (AP)

Frankfurt, Germany - the European Central Bank has intensified its opposition to the proposals that the Greece has not pay his debts in time - deepen a split with senior European officials on ways to combat the eurozone debt crisis.

Juergen Stark, Member of the Executive Council six members to the high bank, indicated that the Central Bank would cut the Greek banks in support of emergency credit - in the case of a restructuring pay less than the full or subsequent creditors.

It is a fierce rebuttal of comments by other top EU officials, who said that they would not exclude a stretch out repayments of bond volunteer.

Cut the Greek banks would probably result in bank failures, analysts say, because many of them depend on the Central Bank for daily survival emergency relief. The ECB funding was essential to take Greek banks through the crisis; the Bank has authorized Greek bonds as collateral, despite downgrades of ratings which, under normal circumstances, would have excluded the.

RBS analysts say the ECB pumped euro87.9 billion (125 billion dollars) of credit in Greek banks at the end of March.

The Bank also bought Greek bonds in support of Athens on the bond market - and would take losses himself with other creditors in the case of a restructuring.

"Debt restructuring would be the continuation of the swathes of Central Bank liquidity provision, to the banking system of the impossible Greece" said Stark. "It is a very popular argument, that the only solution is to restructure the debt, but we should think this problem thanks to - what the implications for banks, that the impact on the real economy are very likely to be.".

Stark comments were made Wednesday during a visit to the Greece, but only confirmed by the ECB on Thursday.

The split the wire to consider debt restructuring comes as European leaders are struggling on the opportunity to give the Greece an another rescue plan to prevent disastrous failure that would shake up European Monetary Union the.

The Greece obtained a rescue ($157 billion) billion European in the other countries of the euro and the Monetary Fund International last year after his financial troubles is unable to borrow money at affordable rates on the bond market.

The Greece economy has continued to sink under the burden of spending cuts and tax aimed at making the country solvent again, and the initial goal to return to the bond markets next year has faded. Ireland and the Portugal also had been rescue and IMF packages to avoid default.

So far, the crisis is limited to three small countries, but the fear of longer duration is that their problems will spread to larger members such as the Spain euro which would be too big to bail out.

Jean-Claude Juncker, leader of the Group of Finance Ministers of the euro area, said Tuesday that it would "not exclude" a "report" of the Greece debt, whether still more steps such as the sale of the property of the Government but still need help beyond.

Several bank officials, including Lorenzo Bini Smaghi, Member of the ECB Executive Board, this week rejected any talk of restructuring.

French Finance Minister Christine Lagarde also said restructuring was "to"table."".

Stark was so hard it doubts as to the extent to which the ECB would actually one through. European officials have taken the unequivocal statements before - as against involving Monetary Fund International Rescue - but then was forced back by the crisis.

Analyst Jacques pebbles to RBS, said that the ECB has been increasingly isolated in the debates on the countries with too much debt.

"It is the last card in the hands of the ECB in the warning concerning the implications of restructuring," said pebbles. "The restructuring debate has now been so politicized that decision is now becoming a little remote from the Central Bank."

The ECB with other rift dates back European politicians at a March Summit had agreed on a package of economic reforms. The ECB said that they did not go far enough and have been urging the European Parliament to strengthen.

Pebbles said he had no legal impediment to ECB cutting off the coast of a country banks in the case of a restructuring, but added that its responsibility in support of financial stability would probably force it ultimately to accept a sort of guarantee. Greece Central Bank could also intervene as lender of last resort on its own, he said.

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Derek Gatopoulos contributed to this report from Athens.


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The dip signal stock index futures. data in the eyes (Reuters)

NEW YORK (Reuters) - future index Stock indicated an open slightly lower on Wall Street Thursday, with futures for the S & P 500 down 0.05% future Dow Jones fell by 0.04% and Nasdaq 100 future decrease of 0.07% at 4: 10 (EDT).

Oil continues after an unexpected fall in crude inventories in the rebound of the United States price helped, while fires in Alberta threatened to cut off the supply more of the Canada.

European shares increased by 0.3% in morning trade, led by stocks of the products after the initial public offer of Glencore (GLEN.)(L) helped boost sentiment in the sector.

On the economic front, investors await weekly U.S. claims without a job for better understanding on the battered job market. A survey of Reuters showed a forecast for a total of 420 000 new applications, compared to 434,000 in the previous week.

Investors were also valve timing for sale House existing in the National Association of Realtors for April and advanced Conference Board economic indicators.

Side gain, a few companies including Gap (GPS).(N) and Sears (SHLD)(O) were due to report results.

Big Lots (BIG).(N) decided to sell himself after investment funds bid did not meet the expectations of the discount retailer, the Wall Street Journal reported.

PetSmart (FEP).(O) posted the results of the first quarter of better than expected as most visited customers its stores and provide a second quarter largely in line with estimates, sending its shares 6 percent after the Bell.

Citigroup has raised his year-end target 2011 for All - country MSCI World Index to 380 of 360, and growth of the overall remuneration of the forecasts for the year on the back of the seasons strong statement to the United States and in Europe.

Wall Street snap a losing stria three days on Wednesday with a rebound in prices of raw materials and strong earnings from Dell. Investors said stocks still facing headwinds.

The Dow Jones industrial average (.)(DJI) has acquired 80.60 points, or 0.6%, to 12,560.18. The Standard & Poor 500 Index (.)(SPX) increased 11.70 points, or 0.9%, to 1,340.68. Nasdaq Composite Index (.)(IXIC) added 31.79 points, or 1.1%, to 2,815.00.

(Reported by Blaise Robinson.) (Editing by Dan Lalor)


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2011年5月25日星期三

A look at economic developments around the world (AP)

A look at economic developments and activity in major stock markets of the world Friday:

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PARIS - The Minister of finance free, work hard and chic of France, Christine Lagarde, has emerged as likely Europe's choice to lead the Monetary Fund International.

The IMF insists the departure of former Chief Dominique Strauss-Kahn was not bad its day-to-day activities, but it is clearly under pressure to find a quick successor to lead an organization that provides billions of dollars in loans to stabilize the global economy. A new leader would also attract attention far the sordid scandal surrounding Strauss-Kahn, who leave this week to face charges in New York that he tried to rape a servant of the hotel.

Lagarde chances for the top job FMF got boost when Kemal Dervis, a former Minister of finance for the Turkey, said that he did not want to be considered for employment.

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Athens, Greece - agency rating Fitch downgraded The grade of the Greece by three notches more debt in undesirable situation, another blow of indebted countries. Greece borrowing rate spiked to new records.

Fitch cited of problems with the implementation of the country of essential economic reforms, said that European officials are delay and must be expanded.

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LONDON - Stocks in Europe turned lower after an update disappointing Gap clothing chain reinforced concerns about the US economy, while a further downgrade rating of the Greece credit has weighed on the struggling euro.

Concerns about the pace of the recovery of the U.S. have been the main engine of the stock market over the past two weeks after a run of disappointing economic news.

The FTSE 100 index leading British shares closed 0.1%, while the Germany DAX fell by 1.2% and the CAC 40 in France has been less than 0.9%. All three indexes were trading higher for most of the day, but the decline in Wall Street has changed the mood.

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TOKYO - earlier in Asia, index Nikkei 225 of the closed Japan 0.1% lower. ABN the acquired South Korea 0.8 per cent, Hang Seng in Hong Kong was about 0.2 per cent higher, while S & P/ASX 200 the Australia decreased by 0.5%.

Actions with Chinese 苏童 lower as investors fretted about the Economic Outlook and were watching for possible new measures tightening inflation by central banks in the country.

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HONG KONG - Thousands of investors in Hong Kong facing large financial losses related to the Investment Bank collapsed Lehman Brothers Holdings Inc. has voted to accept an agreement to return part of their money.

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MADRID - Spanish Prime Minister avoided saying whether it will order police to disperse crowds if they attend prohibits election-eve protests, part of a snowballing movement that has riveted the country.

Thousands demonstrated in their bleak economic future. They are angry over the economic crisis and political parties, they see inept, corrupt and indifferent to the difficulty in obtaining by ordinary people.

Municipal and regional elections are scheduled for Sunday. The Socialist party widely expected to suffer big losses, at the ballot box may be even in traditional bastions.

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WASHINGTON - The White House expects world leaders to back the appeal of the President Barack Obama of financial support for the Tunisia and the Egypt meetings of G-8 the next week, but said that it was unlikely that the Summit will produce agreement on a program.

Interim Prime Ministers, the Tunisia and the Egypt will attend the Summit in Deauville, in France, to present their plans for the stabilization and modernization of their economies. While authorities say the G-8 countries discuss their role in this process, they say that it is too early to reach an agreement on the amounts of aid.

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FERMONT, Quebec - Global steel giant ArcelorMittal will create 8 900 construction and operating mining jobs with an expansion of 2.16 billion of its complex Québec near Labrador mines.

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AMSTERDAM - Klaas Knot was appointed President of the Central Bank of the Netherlands, by giving him a key role in the reorganization of supervision of the country of the banking system still recovering from the global financial crisis.

The appointment also grants Knot a seat on the Board of Directors of the European Central Bank, where the Netherlands approves generally German views on policy.

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AMSTERDAM - ABN Amro, the Dutch Government-owned bank, said first-quarter profit more than doubled the cost reduction and good margins.

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TOKYO - Central Bank of Japan kept its unchanged key to virtually zero interest rates for an economy of beaten earth earthquake.

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TOKYO - The President of the Japanese utility which runs a nuclear power plant has devastated tsunami resigned in disgrace after reporting major financial losses in the history of the company. He said that he was resigning to take responsibility for the current crisis.


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