《張五常官方博客》
文：張五常
日前，張五常在其博客回答網友「默讀黃昏」的提問：「香港近來很不妥。什麼示威，罷工，連公務員也參加。再加上現在搞環保搞的風聲鶴唳。教授，你認爲香港經濟還有救嗎？」
張五常就此提問三次撰文，表明對香港未來經濟的看法：
上世紀90年代初期，尤其是1993年左右，我對香港的經濟前景看好，相當好。這是因爲中國的經濟發展得快，而它們需要的人才很多是香港提供的，例如管理、金融、英語、科技、資訊等。數之不盡的香港人，尤其是有專業知識的人士都跑到國內去賺錢了。
到了1996年，我突然間對香港的前景看淡，認爲它們的人才優勢將會消散得很快。我的主要證據有兩方面。第一方面，北京每年都派大約30個精選的學生到香港大學訪問，而這些學生通常要求會見我。1996年那一次與30位中國學生會面，他們的知識與思考能力明顯地超過香港大學的學生。雖然，這30位學生是精選出來的，但我們港大的學生也算是香港的精選，香港的學生是給比下去了。第二方面，大約1995年起，跑到國內賺錢的專業人士不少回歸到香港。主要是那些受聘的，因爲薪酬過高而被解雇了。
90年代後期，同樣水平知識的青年或專業人士，香港的薪酬比國內的高出起碼5倍，高出10倍的也常見。這是我在1996年底在一家香港報紙的訪問中直言香港大勢已去的原因。跟著我見香港的公務員及教師們，那些由政府支薪的，薪酬一律高企不下，我就對香港政府的朋友力諫是大錯，因爲政府發出的薪酬對市場有誤導作用。
不管香港的從政人士怎樣說香港與大陸之間互相協助，怎樣互輔相成，二者之間在市場上的競爭是無可避免的。1996年底，我說香港將會有10年或以上的不景，後來還是北京推出的「自由行」及類同的政策幫了香港一個大忙。自由行當然是應該的，不僅對香港有好處，對大陸也有好處，是早應推出的事。
今後我怎樣看香港呢？我認爲不妥。下次再談。
民主是導致香港經濟前途困難的一個原因
香港今後的前途有兩個不容易解決的困難。第一個困難，是它們的政治體系正在向民主投票那方面走。不要誤會，我不是反對民主投票，而是肯定地認爲，如果民主投票沒有一個上佳憲法的維護，會帶來不少困難。
美國的民主政制曾經有百多年的光輝日子。我認爲這難得的成就是源於美國憲法中的權利法案。說來也奇怪，當年美國總統傑弗遜起草憲法時竟然忘記了把權利法案放進去。後來還是當時的前總統華盛頓在歐洲知道，立刻提醒，權利法案於是補加。
權利法案的主要功能，是人與人之間的權利，包括產權，要有清楚的界定及保障。這是說，票不可以亂投，因爲投票可以剝奪他人的權利。到了上世紀五、六十年代，什麼事項可以通過民主投票決定，什麼不可以，是重要的學問。可惜之後的數十年，因爲不同闡釋的演進，權利法案的功能是被削弱了。半個世紀前在美國不能投票的事項今天可以。
沒有明確權利法案保護個人權利的憲法，民主投票我是反對的。這是因爲投票會導致分餅仔的效果，把某甲的權利轉移到某乙那方面去。以香港爲例，雖然今天還沒有普選，但那所謂功能組別的議員取捨，有如下的大問題。你問一個議員他是代表著哪些人，他立刻答得出。你問他是否要維護這些人的權利，他會答當然是。很不幸，這是說他是一個爭餅仔的代表了。如果民主有明確的權利法案的保障，這種代表不會存在。
重要的科斯定律說，清楚的權利界定及維護是市場運作的先決條件。民主投票，如果沒有一個清楚的權利法案執行與維護，市場的運作一定會受到損害。弗裏德曼曾經對我說，憲法是一回事，怎樣履行是另一回事。他說，拉丁美洲的國家把美國的憲法搬字過紙，但搞得一團糟。另一方面，大家都知道，亞洲的國家推行民主政制，效果一般是令人尷尬的。
80年代初期我極力反對中國以民主投票推行改革。這絕對不是因爲我贊成獨裁，也不是因爲我認爲北京是一個獨裁政制。我沒有跟進中國的政治體系，就是今天也不大清楚。我當時肯定的，是如果中國以民主投票推行改革一定不會有好效果。
香港前途的另一個大困難，下次再談。
香港漠視中國發展是愚蠢的
第二個香港經濟要面對的困難，是他們的官員及議員一般不相信中國會不斷地改革，或是他們假設他們見到的中國會停留在他們見到的。如下兩方面他們的看法是大錯。
其一，他們不相信中國會解除外匯管制。十多年前，我對當時作爲財政司的曾蔭權說，中國早晚會解除外匯管制，如果他們這樣做，上海會很快成爲一個國際級的金融中心，香港會遇到一個強勁的競爭對手，搶了不少金融生意到上海去。曾兄當時的回應是北京不會容易地解除外匯管制。不少我認識的對政策有影響的香港人都這樣看。今天看來他們是對了大部分。然而，我的看法是北京早晚會解除彙管，上海早晚會成爲一個重要的國際金融中心，在競爭下香港鬥不過。種種原因我解釋過了。我早就認爲中國會在不太長遠的將來解除外匯管制，因爲80年代中期起，我就跟北京的朋友談到這件事。大致上他們同意我的分析，只是這裏那裏他們有點顧忌。現在看，上海會成爲國際金融中心，不會等到北京說的2020年。
第二項重要的香港漠視中國發展的困難，是他們不相信北京會取消進口稅。他們認爲香港永遠是個進口自由港，中國則永遠不會是。所以香港會持久地成爲提供舶來品給國內人的地方，可以持久地賺他們的購物天堂的錢。香港的商場租金奇高，比深圳的高出4倍以上。香港售貨員的月薪一般是8000元以上，比深圳的高出約6倍。更頭痛是香港目前正在考慮推出最低工資。
這方面香港要面對的難題是，如果中國取消消費品的進口稅，那麽所謂自由行再不是由大陸行到香港，而深圳會成爲香港的購物天堂了。這就是問題：北京如果取消消費品的進口稅，香港的商場租金會暴跌，而在最低工資的引進下，在香港領取救濟金的人會暴升。
上述可見，我認爲香港的有關人士假設中國永遠不會放開匯管，也不會大減或撤消進口關稅，這些想法是愚蠢的。
9.25.2009
Waste Management to recycle juice, milk cartons
http://www.bradenton.com/news/breaking_news/story/1731055.html
MANATEE - Waste Management Inc. announced that residents of Manatee County now can recycle juice and milk cartons through curbside pickup programs as part of Waste Management’s national initiative with Tropicana to increase the number of these cartons recycled. This recycling program includes juice, milk, soy, broth and other beverage cartons, which can be placed in the bins with glass, plastic and aluminum bottles and cans.
After collecting cartons in curbside pickup programs, Waste Management separates them from the other recyclables and sends them to secondary mills for recycling. Juice and milk cartons, like those used by Tropicana, are recycled through a process called hydropulping, which recovers the paper fibers. The fibers are then recycled into tissue, paper towels and other paper products.
Tropicana’s cartons are largely made from a renewable resource (85 percent paper and 15 percent polymer). The paper board used in Tropicana’s cartons recently received certification from the Sustainable Forestry Initiative (www.sfiprogram.org) under its fiber-sourcing certification program. Sustainable Forestry Initiative participants practice responsible forestry on the lands they manage, and influence millions of additional acres in North America and globally through certified procurement programs. These programs include measures to acquire wood from known legal sources, to keep waters clean and fresh and to conserve biological diversity.
MANATEE - Waste Management Inc. announced that residents of Manatee County now can recycle juice and milk cartons through curbside pickup programs as part of Waste Management’s national initiative with Tropicana to increase the number of these cartons recycled. This recycling program includes juice, milk, soy, broth and other beverage cartons, which can be placed in the bins with glass, plastic and aluminum bottles and cans.
After collecting cartons in curbside pickup programs, Waste Management separates them from the other recyclables and sends them to secondary mills for recycling. Juice and milk cartons, like those used by Tropicana, are recycled through a process called hydropulping, which recovers the paper fibers. The fibers are then recycled into tissue, paper towels and other paper products.
Tropicana’s cartons are largely made from a renewable resource (85 percent paper and 15 percent polymer). The paper board used in Tropicana’s cartons recently received certification from the Sustainable Forestry Initiative (www.sfiprogram.org) under its fiber-sourcing certification program. Sustainable Forestry Initiative participants practice responsible forestry on the lands they manage, and influence millions of additional acres in North America and globally through certified procurement programs. These programs include measures to acquire wood from known legal sources, to keep waters clean and fresh and to conserve biological diversity.
Econ data 09 w39
USA
Overall
This week, most of the econ data are worse than expectation other than the jobless claim. It once again confirm the recovery is happening but on the other hand, the pace of recovery will be slower than most of the economists' expectation. This is inline with Bilibala's expectation, a slow recover create uncertainty along the way, but at the same time, giving the government time to find and try out solution on how to deal with the future inflation & improve the regulation on how to oversee the financial institutions.
- Aug leading indicators down to +0.6% from +0.9% (worse than expect, +0.7%)
Consumer market
- Aug durable orders down -2.4% from +4.8% in Jul (worse, +0.4%)
Aug durable orders (ex-transportation) down 0.0% from +0.9% in Jul (worse, +1.0%)
Job market
- 09/19 Initial jobless claim down to 530k from 551k last week (better, 550k)
- 09/12 continuing jobless claim down to 6,138k from 6,261k last week (better, 6,183k)
House market
- Jul FHFA housing price index up to 0.3% from +0.1% in Jun (worse, +0.5)
- Aug existing home sales down to 5.1M from 5.24M in Jul (worse, 5.35M)
- Aug new home sales up to 429k from 426k in Jul (worse, 440k)
Canada
Consumer market- Jul retail sales down to -0.6% from +1.0%
- Jul retail sales (ex-auto) down to -0.8% from +1.0%
HSBC CEO To Move To HK
http://online.wsj.com/article/BT-CO-20090925-705112.html
By Aries Poon and Chester Yung Of DOW JONES NEWSWIRES
HONG KONG (Dow Jones)--HSBC Holdings PLC (HBC) said Friday Group Chief Executive Michael Geoghegan will relocate to Hong Kong from London in February, as the U.K.-headquartered bank beefs up its presence in the Greater China region and emerging markets in general.
=> Yes, that is a good decision and a decision I've subspected long ago.
The bank, which was founded in Hong Kong in 1865 and moved its headquarters to London in 1992, is relocating its top executive at a time when Asia appears as the first region to emerge from the global financial downturn.
Apart from continuing his role as Group CEO, Geoghegan will replace Vincent Cheng as chairman of the bank's Asian unit, Hongkong & Shanghai Banking Corp., commonly known as Hongkong Bank, also from February.
"The fast-growing markets, particularly of Asia, are changing the pattern of the world economy," HSBC Chairman Stephen Green told reporters in a news briefing.
"Nothing that's happened in the financial crisis...of the last two years changes our view that this trend is going to continue."
Green said emerging markets, which includes Asia, Latin America and the Middle-East, accounted for around 60% of the bank's profits in the first half.
At the press conference, Geoghegan reiterated the ambitions by the bank - Europe's biggest by market value - to expand further in China, one of the bank's fastest growing and strategically important markets.
"We want to be at the gateway to China. Being in China itself is a logical goal and the place to work on it is Hong Kong," said Geoghegan at the news conference. "You must expect Asian businesses to grow, and logically we are going to be here."
Cheng, currently Hongkong Bank's chairman, will remain an executive director and will continue to help the bank develop its businesses in China, Hong Kong and Taiwan, HSBC said.
Cheng said his reassignment was part of the bank's overall plan to focus more on emerging markets, and not due to his health or personal reasons. Cheng, 61, was named chairman of Hongkong Bank in 2005.
=> I like Cheng, too bad if he need to reassign and being replaced :( He has wisdom & vision, at the same time very conservative in banking (only lend $ to credit worthy individual & crop). This is the kind of style I think a banker should have.
He said he has always taken a keen interest in China. "Now I can spend more time and focus on China."
Meanwhile, Peter Wong, currently an executive director of Hongkong Bank, will replace Sandy Flockhart as chief executive. Flockhart will be appointed chairman of personal and commercial banking globally and will remain based in Hong Kong.
Return To Roots
The return of the group chief executive's position to Hong Kong comes 17 years after the bank relocated its headquarters to London from Hong Kong after it acquired all of the U.K.'s Midland Bank PLC.
Many analysts saw the bank's move to London in 1992 as politically motivated amid uncertainties ahead of Hong Kong's handover to Chinese rule in 1997. HSBC was set up in colonial Hong Kong to finance trade between Europe, India and China.
One of Hong Kong's oldest "hongs," or diversified trading groups, Jardine Matheson Holdings, also made moves out of Hong Kong ahead of the handover, and transferred its primary stock market listing to London.
HSBC Holdings will remain domiciled in the U.K. "for tax purposes" and has no plans to move, the bank said. Green, the bank's chairman, will remain based in London.
=> oh no, that's not good, because tax in U.K. is much higher than in H.K.
But China's rapid economic growth has proved attractive for companies like HSBC, which saw its market as being too important to ignore, and has been expanding its presence there in recent years.
The lending giant is planning an initial public offering in Shanghai that will help raise the company's profile in mainland China. The bank said last month it hired advisers to handle the IPO plan but didn't name the banks or specify the offering's time frame.
HSBC has an 18.6% stake in Bank of Communications Co., China's fifth-largest lender by assets; a 16.7% stake in Ping An Insurance (Group) Co. of China Ltd.; an 8% stake in Bank of Shanghai Co.; and a 49% stake in HSBC Jintrust Co, a Shanghai-based fund company.
HSBC has in recent years made attempts to expand in developed markets, but with mixed success. It purchased mortgage lender House International Inc. in the U.S. in 2003, but earlier this year decided to pull out of the consumer lending market in the country amid sharp losses, and added it may review its U.S. credit card business.
Its business in Europe has also been affected by the credit crunch. In the first half, pretax profit for HSBC's European operations fell 42% to US$2.98 billion from US$5.18 billion a year earlier.
By contrast, HSBC's Hong Kong first-half pretax profit fell just 19%, while pretax profit for the rest of Asia declined 23% from a year earlier.
-By Aries Poon and Chester Yung, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
By Aries Poon and Chester Yung Of DOW JONES NEWSWIRES
HONG KONG (Dow Jones)--HSBC Holdings PLC (HBC) said Friday Group Chief Executive Michael Geoghegan will relocate to Hong Kong from London in February, as the U.K.-headquartered bank beefs up its presence in the Greater China region and emerging markets in general.
=> Yes, that is a good decision and a decision I've subspected long ago.
The bank, which was founded in Hong Kong in 1865 and moved its headquarters to London in 1992, is relocating its top executive at a time when Asia appears as the first region to emerge from the global financial downturn.
Apart from continuing his role as Group CEO, Geoghegan will replace Vincent Cheng as chairman of the bank's Asian unit, Hongkong & Shanghai Banking Corp., commonly known as Hongkong Bank, also from February.
"The fast-growing markets, particularly of Asia, are changing the pattern of the world economy," HSBC Chairman Stephen Green told reporters in a news briefing.
"Nothing that's happened in the financial crisis...of the last two years changes our view that this trend is going to continue."
Green said emerging markets, which includes Asia, Latin America and the Middle-East, accounted for around 60% of the bank's profits in the first half.
At the press conference, Geoghegan reiterated the ambitions by the bank - Europe's biggest by market value - to expand further in China, one of the bank's fastest growing and strategically important markets.
"We want to be at the gateway to China. Being in China itself is a logical goal and the place to work on it is Hong Kong," said Geoghegan at the news conference. "You must expect Asian businesses to grow, and logically we are going to be here."
Cheng, currently Hongkong Bank's chairman, will remain an executive director and will continue to help the bank develop its businesses in China, Hong Kong and Taiwan, HSBC said.
Cheng said his reassignment was part of the bank's overall plan to focus more on emerging markets, and not due to his health or personal reasons. Cheng, 61, was named chairman of Hongkong Bank in 2005.
=> I like Cheng, too bad if he need to reassign and being replaced :( He has wisdom & vision, at the same time very conservative in banking (only lend $ to credit worthy individual & crop). This is the kind of style I think a banker should have.
He said he has always taken a keen interest in China. "Now I can spend more time and focus on China."
Meanwhile, Peter Wong, currently an executive director of Hongkong Bank, will replace Sandy Flockhart as chief executive. Flockhart will be appointed chairman of personal and commercial banking globally and will remain based in Hong Kong.
Return To Roots
The return of the group chief executive's position to Hong Kong comes 17 years after the bank relocated its headquarters to London from Hong Kong after it acquired all of the U.K.'s Midland Bank PLC.
Many analysts saw the bank's move to London in 1992 as politically motivated amid uncertainties ahead of Hong Kong's handover to Chinese rule in 1997. HSBC was set up in colonial Hong Kong to finance trade between Europe, India and China.
One of Hong Kong's oldest "hongs," or diversified trading groups, Jardine Matheson Holdings, also made moves out of Hong Kong ahead of the handover, and transferred its primary stock market listing to London.
HSBC Holdings will remain domiciled in the U.K. "for tax purposes" and has no plans to move, the bank said. Green, the bank's chairman, will remain based in London.
=> oh no, that's not good, because tax in U.K. is much higher than in H.K.
But China's rapid economic growth has proved attractive for companies like HSBC, which saw its market as being too important to ignore, and has been expanding its presence there in recent years.
The lending giant is planning an initial public offering in Shanghai that will help raise the company's profile in mainland China. The bank said last month it hired advisers to handle the IPO plan but didn't name the banks or specify the offering's time frame.
HSBC has an 18.6% stake in Bank of Communications Co., China's fifth-largest lender by assets; a 16.7% stake in Ping An Insurance (Group) Co. of China Ltd.; an 8% stake in Bank of Shanghai Co.; and a 49% stake in HSBC Jintrust Co, a Shanghai-based fund company.
HSBC has in recent years made attempts to expand in developed markets, but with mixed success. It purchased mortgage lender House International Inc. in the U.S. in 2003, but earlier this year decided to pull out of the consumer lending market in the country amid sharp losses, and added it may review its U.S. credit card business.
Its business in Europe has also been affected by the credit crunch. In the first half, pretax profit for HSBC's European operations fell 42% to US$2.98 billion from US$5.18 billion a year earlier.
By contrast, HSBC's Hong Kong first-half pretax profit fell just 19%, while pretax profit for the rest of Asia declined 23% from a year earlier.
-By Aries Poon and Chester Yung, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
Wells Fargo Wins Nine Awards
MINNEAPOLIS--(BUSINESS WIRE)--Wells Fargo & Company’s (NYSE: WFC) Institutional Retirement and Trust business has won seven signature awards and two honorable mentions for its retirement plan communication and education from the Profit Sharing/401(k) Council of America (PSCA).
Wells Fargo was the top winner in this annual awards competition. The awards were announced September 22 at the PSCA 62nd annual conference in Scottsdale, Arizona.
“These awards confirm that we are a leader in helping to prepare participants for a financially secure retirement,” said Laurie Nordquist, Director of Wells Fargo Institutional Retirement and Trust. “Now, more than ever, it is critical that employees understand and get involved in decisions about their retirement benefits—and we’re creating education and communication programs that help them do just that.”
According to Elli Dai, Director of Participant Services at Wells Fargo Institutional Retirement and Trust, “our multi-faceted approach provides a wide range of solutions for participants at every stage of their lives—from the working years through retirement. This not only means the use of a variety of media—such as podcasts, online video, direct mail and Web—but also messages that are tailored to specific demographic groups as well as individual participants.”
Wells Fargo won two awards and an honorable mention for communications developed for specific clients; it also won an award for a target date fund campaign available to all clients. Wachovia, which is now a Wells Fargo Company, won three awards for communications developed for specific clients; it also won an award for comprehensive communication campaigns available to all clients and an honorable mention for a market volatility survival kit available to all clients.
=> invest for retiree needs to play safe, it is always hard to tell who is the best preformers dealing the bright time, but in the "dark age", that's the time you see where is the "light" coming from & belongs to. Of course, one may argue that the fund performance has nothing to do with the fund managers' skill set, the only thing to distinguish is whether one play it aggressively or conservatively.
Wells Fargo was the top winner in this annual awards competition. The awards were announced September 22 at the PSCA 62nd annual conference in Scottsdale, Arizona.
“These awards confirm that we are a leader in helping to prepare participants for a financially secure retirement,” said Laurie Nordquist, Director of Wells Fargo Institutional Retirement and Trust. “Now, more than ever, it is critical that employees understand and get involved in decisions about their retirement benefits—and we’re creating education and communication programs that help them do just that.”
According to Elli Dai, Director of Participant Services at Wells Fargo Institutional Retirement and Trust, “our multi-faceted approach provides a wide range of solutions for participants at every stage of their lives—from the working years through retirement. This not only means the use of a variety of media—such as podcasts, online video, direct mail and Web—but also messages that are tailored to specific demographic groups as well as individual participants.”
Wells Fargo won two awards and an honorable mention for communications developed for specific clients; it also won an award for a target date fund campaign available to all clients. Wachovia, which is now a Wells Fargo Company, won three awards for communications developed for specific clients; it also won an award for comprehensive communication campaigns available to all clients and an honorable mention for a market volatility survival kit available to all clients.
=> invest for retiree needs to play safe, it is always hard to tell who is the best preformers dealing the bright time, but in the "dark age", that's the time you see where is the "light" coming from & belongs to. Of course, one may argue that the fund performance has nothing to do with the fund managers' skill set, the only thing to distinguish is whether one play it aggressively or conservatively.
Manulife Financial's Canadian Division captures 12 awards
=> great company with excellent stwardship will receive great awards and the good corporations will normally provide great profit and returns to their shareholders.
http://www.newswire.ca/en/releases/archive/September2009/24/c8427.html
WATERLOO, ON, Sept. 24 /CNW/ - Marketing and communications projects from across Manulife Financial's Canadian Division received a record number of awards in the 2009 Insurance and Financial Communicators Association (I.F.C.A.) international awards competition. The awards were distributed during the association's recent annual meeting in St. Louis, Missouri.
Teams from Manulife Bank, Individual Insurance, and Group Savings and Retirement Solutions were recognized for their outstanding work with customer advertising campaigns, customer education materials, and employee communications.
"The range of projects receiving recognition attests to Manulife's continuing commitment to provide innovative resources for advisors, customers, and our employees," said Paul Rooney, President and Chief Executive Officer, Manulife Canada. "I'm very proud of our staff for these industry-leading achievements."
Best of Show trophies (the top honour available) were awarded to outstanding entries deemed leaders in their categories for quality, clarity, and effectiveness by judging panels across North America. Manulife initiatives earned Best of Show recognition in five categories:
Individual Insurance
http://www.newswire.ca/en/releases/archive/September2009/24/c8427.html
WATERLOO, ON, Sept. 24 /CNW/ - Marketing and communications projects from across Manulife Financial's Canadian Division received a record number of awards in the 2009 Insurance and Financial Communicators Association (I.F.C.A.) international awards competition. The awards were distributed during the association's recent annual meeting in St. Louis, Missouri.
Teams from Manulife Bank, Individual Insurance, and Group Savings and Retirement Solutions were recognized for their outstanding work with customer advertising campaigns, customer education materials, and employee communications.
"The range of projects receiving recognition attests to Manulife's continuing commitment to provide innovative resources for advisors, customers, and our employees," said Paul Rooney, President and Chief Executive Officer, Manulife Canada. "I'm very proud of our staff for these industry-leading achievements."
Best of Show trophies (the top honour available) were awarded to outstanding entries deemed leaders in their categories for quality, clarity, and effectiveness by judging panels across North America. Manulife initiatives earned Best of Show recognition in five categories:
Individual Insurance
- Long-Term Care e-Book (internally developed communications electronic)
- Staff Meeting Materials (special employee communications)
Group Savings and Retirement Solutions (GSRS)
- New Employee Enrolment Kit (benefits and pensions print materials)
- Jumbo Sales Proposal (prospect and customer promotion integrated print
and electronic) - Investment Basics (rich media on demand)
Awards of Excellence were earned on these projects:
Manulife Bank
- What's Your Manulife One Number (television commercial)
- What's Your Manulife One Number (combined ad campaign)
Individual Insurance
- New Business Service Report (field communications)
- Group Savings and Retirement Solutions (GSRS)
- Annual Plan Member Summary Statement (wild card)
Honourable Mention recognition was received by:
Manulife Bank
- What's Your Manulife One Number (print ad campaign)
- What's Your Manulife One Number (banking)
- Group Savings and Retirement Solutions (GSRS)
- Reveal Your Hidden Perk (trade advertising)
China Mobile Signs 10 Content Providers for Mobile Reading
http://www.jlmpacificepoch.com/newsstories?id=156990_0_5_0_M
China Mobile (NYSE:CHL, 0941.HK) plans to invest RMB 500 million to establish a mobile reading base in Zhejiang in the next five years, with RMB 50 million to be invested within two years, reports 163.com quoting a September 23 company announcement. The reading platform is currently available for free to customers in Zhejiang province, the report said.China Mobile plans to sign 10 content providers to join with in promoting the mobile reading industry, and has already entered similar partnerships with more than 400 publishing agencies, the report said. Under current partnerships, the mobile reading base is in charge of operation, technical support and sales promotions.
China Mobile (NYSE:CHL, 0941.HK) plans to invest RMB 500 million to establish a mobile reading base in Zhejiang in the next five years, with RMB 50 million to be invested within two years, reports 163.com quoting a September 23 company announcement. The reading platform is currently available for free to customers in Zhejiang province, the report said.China Mobile plans to sign 10 content providers to join with in promoting the mobile reading industry, and has already entered similar partnerships with more than 400 publishing agencies, the report said. Under current partnerships, the mobile reading base is in charge of operation, technical support and sales promotions.
Thomson Reuters to Acquire Hugin Group
Posted by mincho2008
Thursday, 24 September 2009
Thomson Reuters today announced that it has signed an agreement to acquire Hugin Group BV from NYSE Euronext. Thomson Reuters proposed acquisition of Hugin is well aligned with its strategy to provide its corporate clients with effective decision making tools across the investor relations and public relations workflows. As part of the agreement, Thomson Reuters and NYSE Euronext will expand their strategic partnership toward offering value-added services to the issuer community.
=> information is everything only if one gives you direction and instruction to great decision making. This is what kind of service the world is looking for.
Since its start in Oslo, Norway in 1995, Hugin has built its position as the leading pan-European provider of investor relations and press distribution services and it currently helps over 1,700 companies in Europe to meet their communications and disclosure obligations. In recent years, Hugin has introduced solutions for the newly implemented EU regulatory framework and continues to develop innovative technology and workflow solutions for IR and PR professionals for the global market.
The transaction is expected to be completed in the fourth quarter of 2009, subject to customary regulatory approvals. Terms were not disclosed.
About Hugin Group BV
Hugin Group is the leading pan-European provider of innovative services and professional support for connecting communication professionals with their target audiences. At the same time, Hugin ensures compliance with market authorities' regulations. From its start in 1995, Hugin has pioneered the regulatory and news distribution service industry, developing methods driving best practice. Hugin helps companies with their complete distribution and compliance needs. Hugin's distribution channels connect companies directly to hundreds of thousands of journalists, analysts, institutional investors and their specific stakeholders. Hugin Group is the favored partner of Investor Relations and Public Relations Officers, offering a full range of services including: financial, regulatory and media news distribution, online services, broadcast services and client services. Hugin Group today forms an international group present in 11 countries through 12 offices in Belgium, France, Denmark, Finland, Germany, Norway, Poland, Portugal, Sweden, Switzerland, The Netherlands and The United Kingdom. Hugin solution is technically integrated to 27 stock exchanges in 15 markets. Hugin has more than 1700 clients in 26 countries. For more information, go to www.hugingroup.com
Thursday, 24 September 2009
Thomson Reuters today announced that it has signed an agreement to acquire Hugin Group BV from NYSE Euronext. Thomson Reuters proposed acquisition of Hugin is well aligned with its strategy to provide its corporate clients with effective decision making tools across the investor relations and public relations workflows. As part of the agreement, Thomson Reuters and NYSE Euronext will expand their strategic partnership toward offering value-added services to the issuer community.
=> information is everything only if one gives you direction and instruction to great decision making. This is what kind of service the world is looking for.
Since its start in Oslo, Norway in 1995, Hugin has built its position as the leading pan-European provider of investor relations and press distribution services and it currently helps over 1,700 companies in Europe to meet their communications and disclosure obligations. In recent years, Hugin has introduced solutions for the newly implemented EU regulatory framework and continues to develop innovative technology and workflow solutions for IR and PR professionals for the global market.
The transaction is expected to be completed in the fourth quarter of 2009, subject to customary regulatory approvals. Terms were not disclosed.
About Hugin Group BV
Hugin Group is the leading pan-European provider of innovative services and professional support for connecting communication professionals with their target audiences. At the same time, Hugin ensures compliance with market authorities' regulations. From its start in 1995, Hugin has pioneered the regulatory and news distribution service industry, developing methods driving best practice. Hugin helps companies with their complete distribution and compliance needs. Hugin's distribution channels connect companies directly to hundreds of thousands of journalists, analysts, institutional investors and their specific stakeholders. Hugin Group is the favored partner of Investor Relations and Public Relations Officers, offering a full range of services including: financial, regulatory and media news distribution, online services, broadcast services and client services. Hugin Group today forms an international group present in 11 countries through 12 offices in Belgium, France, Denmark, Finland, Germany, Norway, Poland, Portugal, Sweden, Switzerland, The Netherlands and The United Kingdom. Hugin solution is technically integrated to 27 stock exchanges in 15 markets. Hugin has more than 1700 clients in 26 countries. For more information, go to www.hugingroup.com
9.24.2009
Manulife IPO for 10 years
=> I will expect Manulife Financial's stock price to grow double in few years time, even with slow pace of business growth, as long as the corp can "back to basic" and "return to new normal", price will rise to above CA$40.
TORONTO, Sept. 24 /CNW/ - Manulife Financial (MFC) is looking forward to a bright future as it celebrates 10 years as a public company, a period that saw its market value, funds under management and premiums & deposits quadruple and its employee and agent numbers double.
"Since Manulife's demutualization and listing as a public company 10 years ago, we've grown to be one of Canada's largest and most international financial services companies," said Donald Guloien, President and Chief Executive Officer. "We're proud of the results we've achieved for our customers, policyholders and investors and believe that the current economic environment presents our company with unprecedented opportunities to build on that record and demonstrate that the best is yet to come," he added.
Manulife's 10-year initial public offering (IPO) anniversary marks a solid track record of success, built on diversified products, geographies and investments. Since 1999, the Company has quadrupled in size and delivered compound annual returns of over 12% to its shareholders*.
To celebrate the anniversary and symbolize future growth, Manulife will contribute to the planting of 75,000 trees in Canada, the U.S. and Asia to honour the employees, agents and retirees that helped shepherd Manulife through 10 years of strong growth.
A Growing Company
1999 2009
MFC Common Share Price (TSX): $8.95(1) $22.70(4)
Market Capitalization: $9 B(1) $37 B(4)
Premiums and Deposits: $19 B(2) $76 B(5)
Funds Under Management: $105 B(3) $421 B(6)
No. of Employees and Agents: 28,000(3) 59,000(7)
=> if you invest in Manulife Financial in the past 10 years (including dividend reinvest), even though the stock price fall down more than 40% from peak, you still make a 197% return in 10 years or an average of 11.5%.
(1) Stock split adjusted, based on closing price on September 24, 1999 (IPO date)
(2) For the 12-month period ended September 30, 1999
(3) As at September 30, 1999
(4) Based on closing price on September 23, 2009
(5) For the 12-month period ended June 30, 2009
(6) As at June 30, 2009
(7) As at December 31, 2008
$ Figures in Canadian currency
* Calculated based on Total Shareholder Return since IPO date assuming
dividends are reinvested in MFC common shares (Source: Thomson
Reuters). For additional measures of Manulife's growth, go to
www.manulife.com.
TORONTO, Sept. 24 /CNW/ - Manulife Financial (MFC) is looking forward to a bright future as it celebrates 10 years as a public company, a period that saw its market value, funds under management and premiums & deposits quadruple and its employee and agent numbers double.
"Since Manulife's demutualization and listing as a public company 10 years ago, we've grown to be one of Canada's largest and most international financial services companies," said Donald Guloien, President and Chief Executive Officer. "We're proud of the results we've achieved for our customers, policyholders and investors and believe that the current economic environment presents our company with unprecedented opportunities to build on that record and demonstrate that the best is yet to come," he added.
Manulife's 10-year initial public offering (IPO) anniversary marks a solid track record of success, built on diversified products, geographies and investments. Since 1999, the Company has quadrupled in size and delivered compound annual returns of over 12% to its shareholders*.
To celebrate the anniversary and symbolize future growth, Manulife will contribute to the planting of 75,000 trees in Canada, the U.S. and Asia to honour the employees, agents and retirees that helped shepherd Manulife through 10 years of strong growth.
A Growing Company
1999 2009
MFC Common Share Price (TSX): $8.95(1) $22.70(4)
Market Capitalization: $9 B(1) $37 B(4)
Premiums and Deposits: $19 B(2) $76 B(5)
Funds Under Management: $105 B(3) $421 B(6)
No. of Employees and Agents: 28,000(3) 59,000(7)
=> if you invest in Manulife Financial in the past 10 years (including dividend reinvest), even though the stock price fall down more than 40% from peak, you still make a 197% return in 10 years or an average of 11.5%.
(1) Stock split adjusted, based on closing price on September 24, 1999 (IPO date)
(2) For the 12-month period ended September 30, 1999
(3) As at September 30, 1999
(4) Based on closing price on September 23, 2009
(5) For the 12-month period ended June 30, 2009
(6) As at June 30, 2009
(7) As at December 31, 2008
$ Figures in Canadian currency
* Calculated based on Total Shareholder Return since IPO date assuming
dividends are reinvested in MFC common shares (Source: Thomson
Reuters). For additional measures of Manulife's growth, go to
www.manulife.com.
9.23.2009
Federal reserves outlook on economy
Joshua Zumbrun, 09.23.09, 03:25 PM EDT
With the economy on the mend, the Fed will wind down its strategy of printing new money to support the mortgage market.
WASHINGTON -- The Federal Reserve expressed confidence in the strength of the U.S. economy Wednesday. At the end of a two-day policy meeting, the central bank said "economic activity has picked up following its severe downturn," an upgrade from its last statement in August, when it said economic activity was "leveling out."
The Fed is feeling confident enough to announce the winding down of its largest interventions in the economy: It said Wednesday that its $1.45 trillion effort to support the mortgage market will be phased out to conclude in March 2010. (See "Ending The $1.45 Trillion Shopping Spree.") Its $300 billion program to purchase government debt will end, as previously announced, next month. As widely expected, the Fed said it would keep interest rates at their floor, 0% to 0.25%.
The Fed's programs to purchase government debt, mortgage-backed securities and the debt of government agencies like Fannie Mae ( FNM - news - people ) and Freddie Mac ( FRE - news - people ) were remarkable not only for their size--a combined $1.75 trillion intervention--but because they were funded by printing new money. Because the process takes place electronically, no printing presses were fired up in the literal sense, but rather, with the click of a button, the Federal Reserve was creating new money to use in swapping mortgage assets. It was a risky and unprecedented strategy; when implemented by other countries, it has even led to hyperinflation and the destruction of a currency (see "Fed Faces Its Zimbabwe Moment").
The Fed is not yet prepared to start reversing its extraordinary actions--trying to mop up the new money it created--but it is ready to announce that the virtual printing presses will be shut off. Keeping them running until March may be risky, but the Fed sees little imminent threat from inflation. "With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the committee expects that inflation will remain subdued for some time," the Fed statement says, only a slight alteration from its statement in August. "Resource slack" refers to the widespread unemployment making it hard for businesses to find consumers willing to swallow price increases.On the economy, the Fed remains cautious, repeating its language from previous statements that household spending "remains constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit" and that "businesses are still cutting back on fixed investment and staffing," though this month the Fed added "though at a slower pace." The Fed repeated its belief that not only will inflation remain subdued, "economic activity is likely to remain weak for a time."
As for interest rates, the Fed continues to show no sign of raising rates from the 0% to 0.25% range. The Fed repeated its language from previous statements verbatim: "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
With unemployment still at extraordinarily high levels, the Fed is not yet ready to declare victory. But it is preparing to stop the presses.
With the economy on the mend, the Fed will wind down its strategy of printing new money to support the mortgage market.
WASHINGTON -- The Federal Reserve expressed confidence in the strength of the U.S. economy Wednesday. At the end of a two-day policy meeting, the central bank said "economic activity has picked up following its severe downturn," an upgrade from its last statement in August, when it said economic activity was "leveling out."
The Fed is feeling confident enough to announce the winding down of its largest interventions in the economy: It said Wednesday that its $1.45 trillion effort to support the mortgage market will be phased out to conclude in March 2010. (See "Ending The $1.45 Trillion Shopping Spree.") Its $300 billion program to purchase government debt will end, as previously announced, next month. As widely expected, the Fed said it would keep interest rates at their floor, 0% to 0.25%.
The Fed's programs to purchase government debt, mortgage-backed securities and the debt of government agencies like Fannie Mae ( FNM - news - people ) and Freddie Mac ( FRE - news - people ) were remarkable not only for their size--a combined $1.75 trillion intervention--but because they were funded by printing new money. Because the process takes place electronically, no printing presses were fired up in the literal sense, but rather, with the click of a button, the Federal Reserve was creating new money to use in swapping mortgage assets. It was a risky and unprecedented strategy; when implemented by other countries, it has even led to hyperinflation and the destruction of a currency (see "Fed Faces Its Zimbabwe Moment").
The Fed is not yet prepared to start reversing its extraordinary actions--trying to mop up the new money it created--but it is ready to announce that the virtual printing presses will be shut off. Keeping them running until March may be risky, but the Fed sees little imminent threat from inflation. "With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the committee expects that inflation will remain subdued for some time," the Fed statement says, only a slight alteration from its statement in August. "Resource slack" refers to the widespread unemployment making it hard for businesses to find consumers willing to swallow price increases.On the economy, the Fed remains cautious, repeating its language from previous statements that household spending "remains constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit" and that "businesses are still cutting back on fixed investment and staffing," though this month the Fed added "though at a slower pace." The Fed repeated its belief that not only will inflation remain subdued, "economic activity is likely to remain weak for a time."
As for interest rates, the Fed continues to show no sign of raising rates from the 0% to 0.25% range. The Fed repeated its language from previous statements verbatim: "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
With unemployment still at extraordinarily high levels, the Fed is not yet ready to declare victory. But it is preparing to stop the presses.
Google & Louis Vuitton
=> A funny articles about Louis Vuitton which became a worth $ keyword in Google search.
By Peter Smith in Sydney
Published: September 21 2009 14:38 Last updated: September 21 2009 22:31
It will be handbags at dawn on Tuesday in Strasbourg as the world’s luxury goods makers line up to listen to the European Court of Justice’s advocate-general give his opinion in the case of Google versus Louis Vuitton.
Louis Vuitton has accused Google of profiting from its valuable brand by selling the luxury name as a paid-for keyword in internet searches. This means that when handbag fans surf the net for the group’s products, they not only get the official website, but a host of adverts from those who have purchased the right to be linked to every Louis Vuitton search. In some cases, argue luxury goods makers, these are retailers of counterfeit goods.
Tuesday’s opinion is not binding. But intellectual property lawyers Wedlake Bell believe it could give a good indication to the court’s final decision, expected next year. There are billions of dollars riding on the outcome, given the size of the keyword business for Google. The luxury industry enjoyed a brief boost last week after a Paris court ruled that Ebay had violated LVMH trademarks in keyword searches. But rulings throughout Europe remain too varied for a clear view of who is in the right and who is in the wrong.
It may be that the European court’s ruling becomes irrelevant. Next year the European Union will be reviewing its e-commerce directive and already brand groups are sharpening their arguments for a wholesale restructuring of the rules. The ECJ case could merely be a late summer storm before the real tempest hits.
=> If LVMH win the court case, everyone can proclaim that they have the own right to charge money for the keywords, that will create harmful affect for all internet users who would like to search for information online. It also create another arguement on whether we, as a bogger, should share information about brands free of charge? Will we get sue simply putting the word "LV" in the blog?
=> The word of mouth from a blogger, the internet search engine, or even those retailers who using LV as a promotion, will only help LVMH's brand name to grow stronger without paying additional advertisement fees. If so, what are they trying to compliant? Do they want their brand to be "un-searchable" in future? That's stipud.
By Peter Smith in Sydney
Published: September 21 2009 14:38 Last updated: September 21 2009 22:31
It will be handbags at dawn on Tuesday in Strasbourg as the world’s luxury goods makers line up to listen to the European Court of Justice’s advocate-general give his opinion in the case of Google versus Louis Vuitton.
Louis Vuitton has accused Google of profiting from its valuable brand by selling the luxury name as a paid-for keyword in internet searches. This means that when handbag fans surf the net for the group’s products, they not only get the official website, but a host of adverts from those who have purchased the right to be linked to every Louis Vuitton search. In some cases, argue luxury goods makers, these are retailers of counterfeit goods.
Tuesday’s opinion is not binding. But intellectual property lawyers Wedlake Bell believe it could give a good indication to the court’s final decision, expected next year. There are billions of dollars riding on the outcome, given the size of the keyword business for Google. The luxury industry enjoyed a brief boost last week after a Paris court ruled that Ebay had violated LVMH trademarks in keyword searches. But rulings throughout Europe remain too varied for a clear view of who is in the right and who is in the wrong.
It may be that the European court’s ruling becomes irrelevant. Next year the European Union will be reviewing its e-commerce directive and already brand groups are sharpening their arguments for a wholesale restructuring of the rules. The ECJ case could merely be a late summer storm before the real tempest hits.
=> If LVMH win the court case, everyone can proclaim that they have the own right to charge money for the keywords, that will create harmful affect for all internet users who would like to search for information online. It also create another arguement on whether we, as a bogger, should share information about brands free of charge? Will we get sue simply putting the word "LV" in the blog?
=> The word of mouth from a blogger, the internet search engine, or even those retailers who using LV as a promotion, will only help LVMH's brand name to grow stronger without paying additional advertisement fees. If so, what are they trying to compliant? Do they want their brand to be "un-searchable" in future? That's stipud.
9.22.2009
Shoppers Drug Mart says to boost store size
=> Health is in needed, that is the driving force on Shoppers Drug Mart's expansion
TORONTO, Sept 22 (Reuters) - Shoppers Drug Mart (SC.TO), Canada's biggest pharmacy chain, intends to take advantage of weak conditions in the commercial real estate market to expand existing stores or move them to bigger premises, its chief executive said on Tuesday.
Jurgen Schreiber, the company's president and CEO, told a retail conference in Toronto that Shoppers is expanding or relocating 61 stores this year, with another 71 stores targeted for 2010.
The company says that by yearend, only 624 of its more than 1,260 existing stores will be less than 10,000 square feet. Shoppers says its target is between 13,500 and 14,500 square feet of selling space.
Schreiber said the company will also open new stores across the country in the next few years with significant focus on Western Canada and Quebec, noting that those two regions are "completely under-penetrated with our brand".
He said the company must also continue to concentrate on development in Canada's top 10 urban areas if it is to get the return it wants. In its key Ontario market, Shoppers has a rule of operating a store for every 15,000 people.
In the quarter to the end of July, Shoppers opened or bought 27 drugstores, eight of which were relocations. At that time, the company had 1,259 stores, including 1,159 drugstores and 66 Shoppers Home Health Care stores, which supply medical equipment and devices, and two Murale stores, a stand-alone luxury beauty brand it opened last year.
Shoppers shares, which have fallen 21 percent in the past year, were up 0.6 percent at C$43.22 on the Toronto Stock Exchange on Tuesday afternoon.
($1=$1.07 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)
TORONTO, Sept 22 (Reuters) - Shoppers Drug Mart (SC.TO), Canada's biggest pharmacy chain, intends to take advantage of weak conditions in the commercial real estate market to expand existing stores or move them to bigger premises, its chief executive said on Tuesday.
Jurgen Schreiber, the company's president and CEO, told a retail conference in Toronto that Shoppers is expanding or relocating 61 stores this year, with another 71 stores targeted for 2010.
The company says that by yearend, only 624 of its more than 1,260 existing stores will be less than 10,000 square feet. Shoppers says its target is between 13,500 and 14,500 square feet of selling space.
Schreiber said the company will also open new stores across the country in the next few years with significant focus on Western Canada and Quebec, noting that those two regions are "completely under-penetrated with our brand".
He said the company must also continue to concentrate on development in Canada's top 10 urban areas if it is to get the return it wants. In its key Ontario market, Shoppers has a rule of operating a store for every 15,000 people.
In the quarter to the end of July, Shoppers opened or bought 27 drugstores, eight of which were relocations. At that time, the company had 1,259 stores, including 1,159 drugstores and 66 Shoppers Home Health Care stores, which supply medical equipment and devices, and two Murale stores, a stand-alone luxury beauty brand it opened last year.
Shoppers shares, which have fallen 21 percent in the past year, were up 0.6 percent at C$43.22 on the Toronto Stock Exchange on Tuesday afternoon.
($1=$1.07 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)
Aug 09 Hong Kong CPI
經濟通通訊社２２日專訊》政府統計處公布，今年８月份整體消費物價與一年前同月比較，下跌１﹒６％。經季節性調整的綜合消費物價指數，在６至８月的三個月內的平均每月變動率為－０﹒７％。
消費物價指數在８月份的按年變動率及６至８月的三個月內經季節性調整的平均每月變動率均受各項政府一次性紓困措施影響，特別是電費補貼及政府自８月起代繳兩個月公營房屋租金。
剔除所有政府一次性紓困措施的影響，綜合消費物價指數在８月的按年變動率（即基本變動率）為－０﹒３％，與７月的相應變動率相同。經季節性調整的基本綜合消費物價指數，６至８月的三個月內的平均每月變動率為－０﹒１％，亦與５至７月的三個月內的相應變動率相同。
＊ 電力、燃氣及水價格按年大跌 ＊
甲類、乙類及丙類整體消費物價指數在８月份的按年變動率分別為－２﹒４％、－１﹒５％及－１％，而７月的相應變動率則分別為－２﹒２％、－１﹒４％及－０﹒９％。剔除所有政府一次性紓困措施的影響，甲類、乙類及丙類消費物價指數在８月的按年變動率分別為－０﹒２％、－０﹒３％及－０﹒４％，在７月的變動率則分別為－０﹒３％、－０﹒２％及－０﹒３％。
在各類消費項目中，電力、燃氣及水在８月的價格按年大跌（在綜合消費物價指數中跌４１﹒８％及在甲類消費物價指數中跌４６﹒７％），主因是政府提供電費補貼。價格同樣錄得按年跌幅的還有雜項（分別跌３﹒３％及４％），耐用品（分別跌２﹒９％及３﹒３％），交通（分別跌２﹒３％及０﹒５％）和食品（不包括外出用膳）（分別跌２﹒１％及２﹒４％）。
＊ 消費物價升壓未來數月將緩和 ＊
價格在８月份錄得按年升幅的類別為煙酒（在綜合消費物價指數中升２２﹒８％及在甲類消費物價指數中升２５﹒７％），衣履（分別升２％及２﹒７％），雜項（分別升２％及２﹒５％），住屋（分別升１﹒７％及０﹒８％）和外出用膳（分別升０﹒７％及０﹒９％）。
今年首８個月合併計算，綜合消費物價指數按年升０﹒２％，甲類、乙類及丙類消費物價指數的相應變動率則為－０﹒５％、０﹒４％及０﹒８％。
政府發言人表示，消費物價通脹在８月份維持輕微負數，這是由於在疲弱的環球經濟情況下，進口價格和本地營商成本偏軟所致。發言人進一步指出，消費物價上升的壓力在未來數月將持續緩和。（ｅｈ）
消費物價指數在８月份的按年變動率及６至８月的三個月內經季節性調整的平均每月變動率均受各項政府一次性紓困措施影響，特別是電費補貼及政府自８月起代繳兩個月公營房屋租金。
剔除所有政府一次性紓困措施的影響，綜合消費物價指數在８月的按年變動率（即基本變動率）為－０﹒３％，與７月的相應變動率相同。經季節性調整的基本綜合消費物價指數，６至８月的三個月內的平均每月變動率為－０﹒１％，亦與５至７月的三個月內的相應變動率相同。
＊ 電力、燃氣及水價格按年大跌 ＊
甲類、乙類及丙類整體消費物價指數在８月份的按年變動率分別為－２﹒４％、－１﹒５％及－１％，而７月的相應變動率則分別為－２﹒２％、－１﹒４％及－０﹒９％。剔除所有政府一次性紓困措施的影響，甲類、乙類及丙類消費物價指數在８月的按年變動率分別為－０﹒２％、－０﹒３％及－０﹒４％，在７月的變動率則分別為－０﹒３％、－０﹒２％及－０﹒３％。
在各類消費項目中，電力、燃氣及水在８月的價格按年大跌（在綜合消費物價指數中跌４１﹒８％及在甲類消費物價指數中跌４６﹒７％），主因是政府提供電費補貼。價格同樣錄得按年跌幅的還有雜項（分別跌３﹒３％及４％），耐用品（分別跌２﹒９％及３﹒３％），交通（分別跌２﹒３％及０﹒５％）和食品（不包括外出用膳）（分別跌２﹒１％及２﹒４％）。
＊ 消費物價升壓未來數月將緩和 ＊
價格在８月份錄得按年升幅的類別為煙酒（在綜合消費物價指數中升２２﹒８％及在甲類消費物價指數中升２５﹒７％），衣履（分別升２％及２﹒７％），雜項（分別升２％及２﹒５％），住屋（分別升１﹒７％及０﹒８％）和外出用膳（分別升０﹒７％及０﹒９％）。
今年首８個月合併計算，綜合消費物價指數按年升０﹒２％，甲類、乙類及丙類消費物價指數的相應變動率則為－０﹒５％、０﹒４％及０﹒８％。
政府發言人表示，消費物價通脹在８月份維持輕微負數，這是由於在疲弱的環球經濟情況下，進口價格和本地營商成本偏軟所致。發言人進一步指出，消費物價上升的壓力在未來數月將持續緩和。（ｅｈ）
9.20.2009
China Mobile Aug new subscribers
財華社深圳新聞中心
早前公司董事長明確表 示已啟動內地IPO工作的中國移動今早盤前交易跑贏大市，股價現只低開0.32%至77.7港元，成交1727萬股。該公司公布，8月份新增用戶總計 525.9萬戶，優於7月份的455.3萬及6月份的501.9萬；截至8月底用戶數量總計5.029億戶，年內累計淨增客戶數為4568.6萬戶，月均 新增571.075萬戶，顯示8月份上客數仍未達月均水平。
中國移動當月新增3G用戶23.9萬戶，亦高於7月的12.9萬戶及6月份的21.3萬戶；截至8月底3G用戶總計132.7萬戶。
早前公司董事長明確表 示已啟動內地IPO工作的中國移動今早盤前交易跑贏大市，股價現只低開0.32%至77.7港元，成交1727萬股。該公司公布，8月份新增用戶總計 525.9萬戶，優於7月份的455.3萬及6月份的501.9萬；截至8月底用戶數量總計5.029億戶，年內累計淨增客戶數為4568.6萬戶，月均 新增571.075萬戶，顯示8月份上客數仍未達月均水平。
中國移動當月新增3G用戶23.9萬戶，亦高於7月的12.9萬戶及6月份的21.3萬戶；截至8月底3G用戶總計132.7萬戶。
9.18.2009
Econ data 09 w38
USA
Overall
- Aug CPI up to +0.4% from +0.0% in Jul (better than expect +0.3%)
- Aug core CPI flat at +0.1% from +0.1% in Jul (inline, +0.1%)
- Aug PPI up to +1.7% from -0.9% in Jul (better, +0.8%)
- Aug core PPI up to +0.2% from -0.1% in Jul (better, +0.1%)
- Aug capacity utilization up to 69.6% from 69.0% in Jul (better, 69%)
- Aug retail sales up to +2.7% from -0.2% in Jul (better, +1.9%) thanks to the Cash for Cruger program
- Aug retail sales ex-auto up to +1.1% from -0.5% in Jul (better, +0.4%) also very strong
- Jul business inventories up to -1.0% from -1.4% in Jun (expect, -0.9%) inventories keep dropping to a point i think further down may not be health, it should start stablize of heading up if we are looking for a economic recovery
- Aug industrial production down to +0.8% from +1.0% in Jul (better, +0.6%)
- Aug housing starts up to 598k from 589k in Jul (inline, 598k)
- Aug building permits up to 579k from 564k in Jul (worse, 583k)
- 09/12 initial jobless claims down to 545k from 557k last week (better, 557k)
- 09/05 continuing jobless claims up to 6,230k from 6,101k last week (worse, 6,100k)
- As we all know the employment market will continue to struggle for a while
Canada
pending
9.17.2009
東尼日誌: opinion on what should u invest?
Opinion from Tony daily. I like to invest in equity market more than real estate and fixed income. Tony provide a great opinion, worth to consider.
我們組合
近半資產押注了銀行業，當中包含了三間中資大型銀行。基於風險緣故，我早前沽售了交行（ 3328），令組合現金水平增至一成二。
如果你坐擁大批現金，你會怎樣處理？我相信很多香港人也為此而煩惱。投資者應將資金放到銀行做定期存款，還是作人民幣定期，抑或重投股市呢？倘若有充足的資本，買物業是未嘗不可；又或你認為股市自三月的低位已升逾一倍，希望耐心等待調整後才出擊？我不贊成做為期三個月或以上的定期存款，經驗告訴我，通脹蠶食現金的價值，削弱其購買力；而持有債券或現金，共通點是不懂製造盈利，故此投資價值不高。儘管有很多人在過去兩年選擇擁抱現金而開懷大笑，但我仍以同一番說話勸告：不要長揸現金。
人債不及中資股
假如投資者十分謹慎，將資金買入香港的藍籌股，若計及股息及股價升值，我相信不難年復年賺取一成回報，這無疑已勝過做定期的表現。不過，部分人會認為買人民幣債券，預期每年人民幣升值百分之七，加上賺取的利息，亦可做到投資藍籌股的回報。惟這推算建基於人民幣兌換美元的升值速度，而港元與美元掛鈎，那為何不押注更亮麗的中資股，它們收入以人民幣結算；人民幣升值，中資股定能受惠。
除非你有太多資金，否則我不贊成買物業作投資，自住則是另一回事。
買樓後須花錢進行維修，而且亦要費神找租客，甚至擔憂日後出現欠租問題。惟買樓也有好處，普遍人買樓時，要向銀行借錢做按揭；樓市上升時，勢必增加你的收益，相反亦然。而樓市就如股市，長遠而言大趨勢是向上居多。
我是股票的信徒，相信大部分股票長線向上，這可從恒指數十年前由一百點起步，刻下已攀升逾兩萬點，類似結果亦可在美國道指及倫敦富時指數中出現，藉此更可引證股市的升幅甚於樓市，但若計及買樓有槓杆效應，兩者的差別便大為收窄。
投資的首要目的，是確保帶來穩定的收入，上述各種投資工具，皆能發揮這作用。惟要每年有一成回報，債券便可被擠於門外，只剩下買樓及股票。而我們的組合，十年內升值五倍以上，正好證明我的信念沒錯。
買宏利及中石化
港股短期無疑有回套壓力，但長遠依然亮麗，早前我打算在一百五十元樓下，多買一千股宏利，但卻無法完成。我認為刻下宏利的價值被外界低估，只需兩年，其股價便能翻一番，因此我決定提高買入價，上限至一百六十元。
次按的混亂已逐漸遠離我們，我相信商品的價格，會重返○七年求過於供的日子，油價不易跌破每桶五十美元，甚至有機會重見每桶一百美元。我決定買個保險，上限六元八角買入五萬股組合一度擁有的中石化（ 386），若然事成，這可補充組合的石油股比重。
我們組合
近半資產押注了銀行業，當中包含了三間中資大型銀行。基於風險緣故，我早前沽售了交行（ 3328），令組合現金水平增至一成二。
如果你坐擁大批現金，你會怎樣處理？我相信很多香港人也為此而煩惱。投資者應將資金放到銀行做定期存款，還是作人民幣定期，抑或重投股市呢？倘若有充足的資本，買物業是未嘗不可；又或你認為股市自三月的低位已升逾一倍，希望耐心等待調整後才出擊？我不贊成做為期三個月或以上的定期存款，經驗告訴我，通脹蠶食現金的價值，削弱其購買力；而持有債券或現金，共通點是不懂製造盈利，故此投資價值不高。儘管有很多人在過去兩年選擇擁抱現金而開懷大笑，但我仍以同一番說話勸告：不要長揸現金。
人債不及中資股
假如投資者十分謹慎，將資金買入香港的藍籌股，若計及股息及股價升值，我相信不難年復年賺取一成回報，這無疑已勝過做定期的表現。不過，部分人會認為買人民幣債券，預期每年人民幣升值百分之七，加上賺取的利息，亦可做到投資藍籌股的回報。惟這推算建基於人民幣兌換美元的升值速度，而港元與美元掛鈎，那為何不押注更亮麗的中資股，它們收入以人民幣結算；人民幣升值，中資股定能受惠。
除非你有太多資金，否則我不贊成買物業作投資，自住則是另一回事。
買樓後須花錢進行維修，而且亦要費神找租客，甚至擔憂日後出現欠租問題。惟買樓也有好處，普遍人買樓時，要向銀行借錢做按揭；樓市上升時，勢必增加你的收益，相反亦然。而樓市就如股市，長遠而言大趨勢是向上居多。
我是股票的信徒，相信大部分股票長線向上，這可從恒指數十年前由一百點起步，刻下已攀升逾兩萬點，類似結果亦可在美國道指及倫敦富時指數中出現，藉此更可引證股市的升幅甚於樓市，但若計及買樓有槓杆效應，兩者的差別便大為收窄。
投資的首要目的，是確保帶來穩定的收入，上述各種投資工具，皆能發揮這作用。惟要每年有一成回報，債券便可被擠於門外，只剩下買樓及股票。而我們的組合，十年內升值五倍以上，正好證明我的信念沒錯。
買宏利及中石化
港股短期無疑有回套壓力，但長遠依然亮麗，早前我打算在一百五十元樓下，多買一千股宏利，但卻無法完成。我認為刻下宏利的價值被外界低估，只需兩年，其股價便能翻一番，因此我決定提高買入價，上限至一百六十元。
次按的混亂已逐漸遠離我們，我相信商品的價格，會重返○七年求過於供的日子，油價不易跌破每桶五十美元，甚至有機會重見每桶一百美元。我決定買個保險，上限六元八角買入五萬股組合一度擁有的中石化（ 386），若然事成，這可補充組合的石油股比重。
FedEx Corp 10q1 press release
Bilibala's comments:
Reported earnings looks bad, but still inline with analysts' expectation according to Reurters.
Actually, during the recession time, FedEx's delivery volumns did not drop down significantly, revenue drop mainly on the reduction/drop off of the fuel subcharges.
FedEx's outlook looks bright to me, because:
reported earnings of $0.58 per diluted share for the first quarter ended August 31, compared to $1.23 per diluted share a year ago.
“Better-than-expected FedEx International Priority® volume, decisive management actions and our dedicated team members helped drive financial performance above our initial expectations in the first quarter,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “For more than a year, we have vigilantly managed costs without sacrificing service, invested wisely and minimized job losses so that FedEx will emerge a
stronger, more profitable company as the global economic recovery takes hold.”
First Quarter Results
FedEx Corp. reported the following consolidated results for the first quarter:
• Revenue of $8.01 billion, down 20% from $9.97 billion a year ago
• Operating income of $315 million, down 50% from $630 million last year
• Operating margin of 3.9%, down from 6.3% the previous year
• Net income of $181 million, down 53% from last year’s $384 million
Revenue and profitability continued to be negatively affected year over year by the global recession. Fuel was also a significantly negative factor in the quarter, primarily due to the substantial decline in fuel surcharges year over year. Strict cost controls and one additional operating day at each of the transportation segments benefited results.
Outlook
FedEx reiterates its earnings expectation of $0.65 to $0.95 per diluted share in the second quarter, which reflects the current continued modest recovery in the global economy. A substantial decline is expected from $1.58 per diluted share a year ago, when the company
significantly benefited from rapidly declining fuel prices and the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. The company’s capital spending forecast remains $2.6 billion.
“While we see signs of improvement in the economy, the year-over-year comparisons will remain very difficult for our second quarter,” said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. “We remain focused on managing our expenses and generating positive cash flow.”
2010 Rate Increase
FedEx Express will increase shipping rates by an average of 5.9% for U.S. domestic and U.S. export services, effective January 4, 2010. The rate increase will be partially offset by adjusting the fuel price at which the fuel surcharge begins, reducing the fuel surcharge by two percentage points.
Additional changes will be made to other FedEx Express surcharges, details of which can be found at www.fedex.com/us/2010rates. The FedEx Ground and FedEx SmartPost rate and surcharge changes for 2010 will be announced later this year.
FedEx Express Segment
For the first quarter, the FedEx Express segment reported:
• Revenue of $4.92 billion, down 23% from $6.42 billion a year ago
• Operating income of $104 million, down 70% from $345 million last year
• Operating margin of 2.1%, down from 5.4% the previous year
U.S. domestic package revenue declined 22%, driven by a 23% drop in revenue per package due to lower fuel surcharges, rate per pound and weight per package. U.S. domestic package volume grew slightly. FedEx International Priority (IP) package revenue declined 22%. IP revenue per
package declined 20% due to lower fuel surcharges, unfavorable exchange rates and lower package weights, while IP package volume fell 4%.
Results were negatively impacted by continued global economic weakness and substantially lower fuel surcharges, partially offset by gains from DHL's exit from the U.S. domestic package market. Expenses improved due to lower fuel prices and consumption, continued reductions in flight hours, labor hours, purchased transportation and other aggressive actions to control
spending.
FedEx Ground Segment
For the first quarter, the FedEx Ground segment reported:
• Revenue of $1.73 billion, down 2% from last year’s $1.76 billion
• Operating income of $209 million, up 7% from $196 million a year ago
• Operating margin of 12.1%, up from 11.1% the previous year
FedEx Ground average daily package volume was down 1% compared to the prior year. Yield decreased 3% primarily due to lower fuel surcharges. FedEx SmartPost average daily volume grew 73% largely due to market share gains, including gains from DHL’s exit from the U.S. domestic package market. FedEx SmartPost yield decreased 34% due to changes in customer
and service mix.
FedEx Freight Segment
For the first quarter, the FedEx Freight segment reported:
• Revenue of $982 million, down 27% from last year’s $1.35 billion
• Operating income of $2 million, down 98% from $89 million a year ago
• Operating margin of 0.2%, down from 6.6% the previous year
Less-than-truckload (LTL) average daily shipments decreased 14% and yield decreased 13% year over year, reflecting the continued weak economy and resulting excess industry capacity, as well as an increasingly competitive pricing environment. LTL yield was also negatively impacted by lower fuel surcharges. Average daily LTL shipments improved sequentially month over
month throughout the quarter.
Operating income and margin decreased in the quarter due to the lower average daily LTL shipments and the competitive pricing environment, partially offset by cost-reduction actions.
FedEx Services Segment
FedEx Services segment revenue for the first quarter, which included the operations of FedEx Office and FedEx Global Supply Chain Services, was down 12% year over year, primarily due to declines in copy product revenues.
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently
ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities.
For more information, visit news.fedex.com.
Additional information and operating data
Reported earnings looks bad, but still inline with analysts' expectation according to Reurters.
Actually, during the recession time, FedEx's delivery volumns did not drop down significantly, revenue drop mainly on the reduction/drop off of the fuel subcharges.
FedEx's outlook looks bright to me, because:
- As DHL existed the USA domestic market, i will expect FedEx increased its market share significantly;
- FedEx will increase service charge by 5.9% start from 01/04/2010, i will expect revenue increase in 10q3
- I think Cargo through Air will be one of the 1st industry to benefit from recovery, even a slow pace recovery.
- Because, this service is a daily business necessitate/requirments.
- Those staffs (including Bilibala) who send/receive letters/packages do not really care about the shipping cost. Because, to most of the corporation, shipping/cargo expenses has immaterial impact to the overall profit
- May have some impact to wholesale/retail business, especially online ones. But we start seeing retail sales and wholesale order to climb up
Press Release
MEMPHIS, Tenn., September 17, 2009 ... FedEx Corp. (NYSE: FDX) todayreported earnings of $0.58 per diluted share for the first quarter ended August 31, compared to $1.23 per diluted share a year ago.
“Better-than-expected FedEx International Priority® volume, decisive management actions and our dedicated team members helped drive financial performance above our initial expectations in the first quarter,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “For more than a year, we have vigilantly managed costs without sacrificing service, invested wisely and minimized job losses so that FedEx will emerge a
stronger, more profitable company as the global economic recovery takes hold.”
First Quarter Results
FedEx Corp. reported the following consolidated results for the first quarter:
• Revenue of $8.01 billion, down 20% from $9.97 billion a year ago
• Operating income of $315 million, down 50% from $630 million last year
• Operating margin of 3.9%, down from 6.3% the previous year
• Net income of $181 million, down 53% from last year’s $384 million
Revenue and profitability continued to be negatively affected year over year by the global recession. Fuel was also a significantly negative factor in the quarter, primarily due to the substantial decline in fuel surcharges year over year. Strict cost controls and one additional operating day at each of the transportation segments benefited results.
Outlook
FedEx reiterates its earnings expectation of $0.65 to $0.95 per diluted share in the second quarter, which reflects the current continued modest recovery in the global economy. A substantial decline is expected from $1.58 per diluted share a year ago, when the company
significantly benefited from rapidly declining fuel prices and the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. The company’s capital spending forecast remains $2.6 billion.
“While we see signs of improvement in the economy, the year-over-year comparisons will remain very difficult for our second quarter,” said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. “We remain focused on managing our expenses and generating positive cash flow.”
2010 Rate Increase
FedEx Express will increase shipping rates by an average of 5.9% for U.S. domestic and U.S. export services, effective January 4, 2010. The rate increase will be partially offset by adjusting the fuel price at which the fuel surcharge begins, reducing the fuel surcharge by two percentage points.
Additional changes will be made to other FedEx Express surcharges, details of which can be found at www.fedex.com/us/2010rates. The FedEx Ground and FedEx SmartPost rate and surcharge changes for 2010 will be announced later this year.
FedEx Express Segment
For the first quarter, the FedEx Express segment reported:
• Revenue of $4.92 billion, down 23% from $6.42 billion a year ago
• Operating income of $104 million, down 70% from $345 million last year
• Operating margin of 2.1%, down from 5.4% the previous year
U.S. domestic package revenue declined 22%, driven by a 23% drop in revenue per package due to lower fuel surcharges, rate per pound and weight per package. U.S. domestic package volume grew slightly. FedEx International Priority (IP) package revenue declined 22%. IP revenue per
package declined 20% due to lower fuel surcharges, unfavorable exchange rates and lower package weights, while IP package volume fell 4%.
Results were negatively impacted by continued global economic weakness and substantially lower fuel surcharges, partially offset by gains from DHL's exit from the U.S. domestic package market. Expenses improved due to lower fuel prices and consumption, continued reductions in flight hours, labor hours, purchased transportation and other aggressive actions to control
spending.
FedEx Ground Segment
For the first quarter, the FedEx Ground segment reported:
• Revenue of $1.73 billion, down 2% from last year’s $1.76 billion
• Operating income of $209 million, up 7% from $196 million a year ago
• Operating margin of 12.1%, up from 11.1% the previous year
FedEx Ground average daily package volume was down 1% compared to the prior year. Yield decreased 3% primarily due to lower fuel surcharges. FedEx SmartPost average daily volume grew 73% largely due to market share gains, including gains from DHL’s exit from the U.S. domestic package market. FedEx SmartPost yield decreased 34% due to changes in customer
and service mix.
FedEx Freight Segment
For the first quarter, the FedEx Freight segment reported:
• Revenue of $982 million, down 27% from last year’s $1.35 billion
• Operating income of $2 million, down 98% from $89 million a year ago
• Operating margin of 0.2%, down from 6.6% the previous year
Less-than-truckload (LTL) average daily shipments decreased 14% and yield decreased 13% year over year, reflecting the continued weak economy and resulting excess industry capacity, as well as an increasingly competitive pricing environment. LTL yield was also negatively impacted by lower fuel surcharges. Average daily LTL shipments improved sequentially month over
month throughout the quarter.
Operating income and margin decreased in the quarter due to the lower average daily LTL shipments and the competitive pricing environment, partially offset by cost-reduction actions.
FedEx Services Segment
FedEx Services segment revenue for the first quarter, which included the operations of FedEx Office and FedEx Global Supply Chain Services, was down 12% year over year, primarily due to declines in copy product revenues.
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently
ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities.
For more information, visit news.fedex.com.
Additional information and operating data
Google收購辨識技術領導公司reCAPTCHA
2009/09/17 13:05 鉅亨網編譯張正芊 綜合外電
積極拓展書籍數位化業務的美國網路巨擘 Google Inc.(GOOG-US﹔谷歌)，周三宣佈收購數位資料人工解碼辨識技術研發公司 reCAPTCHA，可望大幅強化其典籍數位化的能力。reCAPTCHA 技術的前身 CAPTCHA，是由卡內基梅隆大學(Carnegie Mellon University) 研究團隊所開發的人工解碼辨識技術，目前常用於防止大量廣告貼文及發送垃圾郵件。辨識的方式為，透過個別使用者從遭到扭曲或劃上橫線的圖形中，識別出正確 的文字或數字後輸入空格，以確認每筆人工閱讀。該團隊進一步研發出 reCAPTCHA 技術，協助將書籍大量數位化。一般書籍存檔工作先將內容掃描為圖檔，再透過光學字元辨識 (OCR，或文字辨識) 將內容轉化為檔案較小、易於儲存及傳送的文字檔。不過通常因掃描時的缺陷或原內容的多元化，使得 OCR 轉換的準確度降低；透過 reCAPTCHA 進行人工辨識，並累積辨識經驗，將有助提升書籍數位化的速度及準確度。reCAPTCHA 研究團隊領導人 Luis von Ahn 表示，原本這只是一個學術研究計畫，現在已發展成一個公司。如今出售給 Google 後，整個研究團隊將移往 Google 辦公室，他也將成為 Google 員工。Google 今日並未透露交易細節。專家指出，收購 reCAPTCHA 將同時提升 Google 在網路辨識及改善數位化二方面的能力，也有利於其將來將這項技術銷售給第 3 方而得利。請參考鉅亨網
積極拓展書籍數位化業務的美國網路巨擘 Google Inc.(GOOG-US﹔谷歌)，周三宣佈收購數位資料人工解碼辨識技術研發公司 reCAPTCHA，可望大幅強化其典籍數位化的能力。reCAPTCHA 技術的前身 CAPTCHA，是由卡內基梅隆大學(Carnegie Mellon University) 研究團隊所開發的人工解碼辨識技術，目前常用於防止大量廣告貼文及發送垃圾郵件。辨識的方式為，透過個別使用者從遭到扭曲或劃上橫線的圖形中，識別出正確 的文字或數字後輸入空格，以確認每筆人工閱讀。該團隊進一步研發出 reCAPTCHA 技術，協助將書籍大量數位化。一般書籍存檔工作先將內容掃描為圖檔，再透過光學字元辨識 (OCR，或文字辨識) 將內容轉化為檔案較小、易於儲存及傳送的文字檔。不過通常因掃描時的缺陷或原內容的多元化，使得 OCR 轉換的準確度降低；透過 reCAPTCHA 進行人工辨識，並累積辨識經驗，將有助提升書籍數位化的速度及準確度。reCAPTCHA 研究團隊領導人 Luis von Ahn 表示，原本這只是一個學術研究計畫，現在已發展成一個公司。如今出售給 Google 後，整個研究團隊將移往 Google 辦公室，他也將成為 Google 員工。Google 今日並未透露交易細節。專家指出，收購 reCAPTCHA 將同時提升 Google 在網路辨識及改善數位化二方面的能力，也有利於其將來將這項技術銷售給第 3 方而得利。請參考鉅亨網
9.16.2009
瑞房重慶天地商廈招租
【明報專訊】瑞安房地產（0272）旗下重慶天地名為「嘉陵帆影‧國際經貿中心」商業部分的寫字樓開始接受洽租，租金參考重慶巿甲級商廈現時平均每平方米介乎60元至100元（人民幣‧下同）水平；該部分其中兩塊可建樓面合共40萬平方米的寫字樓用地，現有外資企業洽購。
瑞安房地產執行董事鄧嘉華表示，「嘉陵帆影‧國際經貿中心」由3幢寫字樓及一座商場組成，其中一幢包括內有酒店及寫字樓的塔樓，規劃高達468米，將成為中國西部最高的摩天大廈。
重慶瑞安天地房地產發展（商業）總經理莊培基表示，現時有部分美國保險及服務業有關的公司，洽租其中低座寫字樓介乎3000至逾4000平方米樓面。他期望寫字樓在2012年底入伙時可預租出約五成樓面，但其中最高一幢暫不推出。
住宅一期785伙售罄
該公司商務總監麥永隆表示，現有外資公司洽購其中兩塊可建樓面合共40萬平方米的寫字樓用地，但要求由瑞安興建，現時和對方就地價及建築成本等細節洽商中。
鄧嘉華表示，重慶天地住宅一期「雍江苑」785伙已售罄，銷售金額約共7億元，平均每平方米介乎7000元至逾1萬元；2期住宅提供1400伙，首批400伙預期令年底前以參考巿價為主推售。
建設銀行求"穩"
下半年貸款指標降幅達70%，意味著什麼？
「我們已注意到部分貸款沒有進入實體經濟。我感到一些行業擴張速度太快，例如房價上漲過快，房產銷售增長過急。今年下半年建行將縮減新增貸款規模約 70%，因上半年貸款飆升增加信貸風險。」8月6日， 中國建設銀行股份有限公司(以下簡稱建行)行長張建國接受採訪時說。
無獨有偶。1個月後，審計署駐地方特派辦已進駐一些大型商業銀行分支機構，重點調查「4萬億」政策配套的項目貸款資金流向。
審計署對建行的審計並不突兀，而且本輪的審計也不僅僅是針對建行。國家審計署於 2008 年對建行總行及部分分支機構2007 年度資產、負債、損益情況例行審計時發現，建行部分分支機構在業務經營中存在違規發放貸款和貸後監管不嚴等問題。
針對審計署入駐大型商業銀行這一現象，銀監局相關人士對記者透露，審計署查出建行違規放貸的事情，是發生在2007年，當時的背景也是投資過快。和這一 輪明顯的區別是，2007年投資過快，政府主導意味不強，而今年明顯的則是政府主導目的性更明確，一定程度上，今年存在的貸款安全隱患應該更具有行政色 彩。
「每天都要應對審計部門的人，不僅有外審，還有內審。」面對審計署派駐的審計隊伍，以及銀行內部的審計，中國建設銀行股份有限公司(以下簡稱建行)內部員工對此有頗多抱怨。
數據顯示，上半年新增信貸已達7.37萬億元，遠超年初政府設定的今年全年新增貸款下限目標5萬億元。
華泰證券研究員劉曉昶分析認為，2月~4月建行的貸款投放同比增速也一直保持在業內中上游水平。到5月、6月份時，在其他銀行衝刺大規模投放信貸之時，建行則開始主動調整信貸策略，把信貸投放增速壓縮在金融機構和五大行平均水平之下。
隨著各銀行中報的全部出台，建行的穩健定調愈加清晰。國有大銀行中，建行上半年新增貸款7085億元，在四大國有銀行中排名最後。這個「基建老大」在天 量貸款瘋狂湧入「鐵公基」的2009年卻主動調低了貸款速度與數量。與信貸量排名最後相對應的卻是撥備覆蓋率位列大行榜首，在大型商業銀行中，建行是惟一 撥備覆蓋率達到150%的銀行，高於工商銀行的138.2%、交通銀行的123%和中國銀行的138.96%。
截至今年6月30日，建行在房地產上的貸款額為3557億元，這個數據佔全部貸款額的7.86%，低於上年底的8.68%。「從貸款的分項數據可以看出，建行在貸款上是相對謹慎的。」西南證券銀行業首席分析師付立春說。
建行高層的表態，已經傳遞出建行「穩」字為主的基調。「從上半年貸款增速的曲線圖來看，建行的走勢好像是一架飛機起飛，前面很迅速，起飛以後就開始平飛了。」建行董事長郭樹清在2009年中期業績發佈會上如此比喻。
中移動OPhone手機搶先上市
中新網9月16日電(記者 劉育英)聯想移動16日發佈TD-SCDMA手機O1，這是首款基於中國移動OPhone平臺的3G手機，聯想還推出全新MIRO品牌。
聯想手機CEO呂岩稱O1手機主要照顧高端體驗，市場售價還在與中國移動協商。市場預計該款手機的售價為5000元左右。中國移動此前提出希望TD-SCDMA手機能夠降至1000元左右，呂岩表示，聯想支援千元機趨勢，不過該款手機不會降至千元。
中國移動將投入60億元用於終端的補貼和行銷，其中有部分將用於OPhone手機。有消息說，購買該款手機的用戶將獲得相當份額的預存話費。
中國移動8月31日推出OPhone平臺時，已經有6家手機廠商助陣，包括聯想、多普達、戴爾和桑菲(飛利浦)、LG和海信。在今日的通信展上，摩托羅拉表示將會推出7款基於OPhone和Android作業系統的TD-SCDMA手機。
與此同時，中國聯通的蘋果iPhone手機也即將推出。聯通8月28日表示四季度推出，業界普遍預計10月份推向市場。分析稱，OPhone由 中國移動主導，並獲眾多廠家支援，而iPhone已獲消費者認可並引領潮流，這兩種代表移動互聯網未來發展方向的手機將同步在中國上市，他們的比拼馬上全 面展開。
三大運營商都有蘋果吃？
最近關於iPhone的新聞，大家看得夠多了，隨著聯通正式宣佈將在中國市場代理iPhone手機，一切似乎都已塵埃落定，不過卻又有些傳言在空氣中飄來飄去。
王建宙說：中國移動有可能吃到第二個蘋果
首先，中國移動董事長兼CEO王建宙9月11日在出席大連夏季達沃斯論壇間隙透露：中國聯通和蘋果公司簽署的在華銷售iPhone的協議絕非獨 家，中國移動仍在與蘋果公司就在中國銷售iPhone手機進行談判。他還表示，中國移動希望以每部人民幣1000元的低價在中國銷售運行開放作業系統的 OPhone 手機。
業界分析人士認為，王建宙所言非虛。著名美國數位網站癮科技（Engadget）甚至預測：“到時候會不會出現聯通賣3000元人民幣的iPhone，中國移動賣2500元；而聯通降價賣到2500元，中國移動又降價到2000元的競爭態勢呢？”
對此，手機行業分析師張衎認為：“蘋果公司會以不同款式的iPhone來區隔兩大運營商，不會出現同款產品互相殺價的惡性競爭。”他預測中國移 動更有可能引進廣受歡迎的第一代GSM版的鋁殼iPhone “復刻版”。“這款產品比iPhone 3G（塑膠殼）在用戶中的口碑要好。”同時，他也認為TD版的iPhone短時間不會推出，“首先，TD晶片的成熟度問題制約了TD版的iPhone推 出；其次，TD版iPhone 將只能賣給中國移動，除非中國移動拿出鉅額現金大量採購，否則蘋果現在推出TD版iPhone 不是一個合適的時機。”
C網運營商陣容強大EVDO版iPhone或順產
就在中國移動與中國聯通爭搶i-Phone的時候，中國另一大運營商——中國電信卻對iPhone保持沉默。眾所週知，中國電信在收購了聯通的 CDMA網路之後，將其升級為EVDO的3G網路，卻一直受制于手機終端數量貧乏的困擾。對此，中國電信積極採購知名品牌的C網手機，其中不乏3G機型， 但分析人士認為，中國電信仍然缺乏明星級手機終端來吸引高端消費者的加入。
而張衎根據最近蘋果公司採購及運營的資料分析後認為，在耶誕節前，蘋果公司有可能推出支援EVDO的i-Phone。他說：“EVDO版 iPhone並不僅僅是為了中國電信而準備，而是因為全球運營EVDO網路的大型運營商數量不少，比較有名的就有美國的Sprint、Verizon、日 本的KDDI、南韓LGT等，全球用戶總數超過3.5億，這些運營商都歡迎iPhone這樣能夠顯著拉動數據業務使用量的3G手機終端。”據 AT&T統計，iPhone用戶的互聯網訪問流量比其他品牌手機的平均值要高90%。
張衎補充說：“不久前，蘋果採購了大量的320萬像素和500萬像素的攝像頭零件，曾有預測認為這些攝像頭會在新款iPodTouch上使用， 而9月9日的發佈會證明這種看法是錯誤的（新款iPodTouch 並沒有攝像功能），那麼只有一種可能：為新款i-Phone準備。蘋果才發佈了新款i-Phone3GS，其攝像頭是320萬像素的，那麼500萬像素攝 像頭更有可能被新款EVDO版iPhone所採用。”
如此看來，除了中國聯通之外，中國移動和中國電信都有可能吃上蘋果。不過對保密政策嚴格的蘋果公司來說，謎底要到耶誕節前才會揭曉。 (本文來源：新快報作者：董毅)
（責任編輯：李雨思）
Thomson Reuters Tops Asia Risk Technology Rankings
http://home.globalcustodian.com/news/Technology/Thomson-Reuters-Tops-Asia-Risk-Technology-Rankings-/35434
Thomson Reuters has retained its leading position as the number one trading and risk management solution provider according to Asia Risk’s technology rankings for 2009. Thomson Reuters garnered strong support for its risk management solutions across ...
Thomson Reuters has retained its leading position as the number one trading and risk management solution provider according to Asia Risk’s technology rankings for 2009. Thomson Reuters garnered strong support for its risk management solutions across ...
Manulife Finl acquired another asset management co
http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=MFC.TO×tamp=20090916231900
Manulife Financial's Elliott & Page Limited Enters Into Agreement To Acquire All Outstanding Shares of Markland Street Asset Management Inc.
Markland Street Asset Management Inc. announced that, Elliott & Page Limited, a wholly owned subsidiary of Manulife Financial, has signed an agreement to acquire all the outstanding shares of Markland. The purchase, being made in conjunction with the acquisition of the Canadian retail investment fund business of AIC Limited, an affiliate of Markland, will mean that Manulife will become the parent company of Markland, the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metals Corp. The transaction is expected to close by September 30, 2009. Financial details of the transaction were not disclosed.
McDonald's vs. McCurry's: Tasty victory for little guy
http://www.tri-cityherald.com/opinions/story/718521.html
Let's just say, we're loving it.
Last week, McDonald's Corp. lost a trademark infringement lawsuit against McCurry's, a family-run restaurant in Kuala Lumpur, Malaysia.
The judge ruled that the American fast-food mega-chain doesn't own the "Mc" prefix, at least not in Malaysia.
Looks like the court determined McCurry's deserved a break that day.
With all the money McDonald's spends on marketing, attempts to protect the brand are understandable.
But going after the little guy is rarely a great public relations move for corporate giants. After all, rooting for the underdog is as American as a hamburger and fries.
And it's apparently as Malaysian as curried rice. After all the publicity brought on by the lawsuit, McCurry's is ready to open a string of franchises.
If there was some danger of people confusing McCurry's with McDonald's, the massive restaurant chain might have a case.
But with billions of burgers sold, McDonald's surely is a recognizable brand the world over, even when another restaurant uses some of the same letters in its name.
It's not like anyone will confuse a Big Mac for any of the traditional Malaysian dishes on McCurry's menu.
One of the little upstart's popular dishes is the fish-head curry. You won't find that on the dollar value menu.
The Wall Street Journal reports that McDonald's has 32,000 restaurants worldwide and annual sales of $70.6 billion.
We couldn't help but grin a bit when heard about the Malaysian judge handing this multi-billion dollar McBully its comeuppance.
Good thing McDonald's loves to see us smile.
Fight Grows Over Labels On Household Cleaners
Procter & Gamble, the maker of Mr. Clean, is under pressure to come clean itself.
Manufacturers of detergents, household cleansers and furniture polish, like Procter & Gamble, Colgate-Palmolive and others, are facing questions from consumers about the chemicals in their products. While many of the chemicals are present only in small amounts, some have been associated with asthma, birth defects and fertility problems in higher doses. And even if the amounts are low, consumer groups say, what is the effect of using these products over a lifetime?
The questions have left the industry in an awkward position. It wants to be seen as environmentally sensitive and consumer-friendly. But at the same time, companies do not want to give competitors and makers of cheap knock-offs all the details of what goes into Pine-Sol, for instance, or Windex.
So they have been working with consumer groups to devise a plan that could satisfy both sides. Come January, the industry has said it will voluntarily start to disclose much of what is in its cleaning products, which now represent a $14 billion-a-year business. Consumers will be able to call an 800 number, look at a Web site or, in some cases, simply check the product label to find the ingredients.
The industry’s plan has been praised by consumer groups as a step in the right direction. “The voluntary plan is not perfect, but it is worlds ahead of where the industry was before,” said Alexandra Scranton, director of science and research at Women’s Voices for the Earth, a nonprofit group that published a study in 2007, “Household Hazards,” that catalogued potential health risks. “We had been talking about this issue for years, and now it is being fast-tracked.”
But whether it goes far enough for some critics is another question.
Procter & Gamble, Colgate-Palmolive and other major companies have been sued in New York State by consumer groups seeking fuller disclosure. A measure has been introduced in Congress to require ingredient disclosure on all product labels. And in California, which has led the nation in passing “green chemistry” laws, an influential Democrat, State Senator Joe Simitian, said he would press for mandatory disclosure if the voluntary effort came up short.
The government now requires only that ingredients posing an immediate danger be reported on product labels.
Representative Steve Israel, Democrat of New York, argues that consumers have a right to know what is in the products in the kitchen and bathroom cabinets. He introduced the mandatory labeling bill.
“The cleaning industry uses five billion pounds of chemicals in the United States, and we have little to no idea of what chemicals are inside these products,” he said. “It’s nonsensical that we have labels on food, but not on the cleansers on kitchen counters.”
Mr. Israel’s measure has been criticized by the Consumer Specialty Products Association, a lobbying group for the industry that has been working with consumer advocacy groups to devise a plan that both can live with. So far, the association has been able to get entities as diverse as the Sierra Club and Procter & Gamble to support the voluntary effort.
“We’ve been working on this issue for years,” said Phil Klein, senior vice president for the industry association. “We’re trying to find a balance to protect confidentiality and product formulations with the need to be more transparent as to what’s in these products.”
There are still points of contention. The voluntary industry plan covers four product categories — air fresheners, automotive care, household cleaners and floor polishes. It would require that all ingredients be listed in descending order of concentration, but amounts of less than 1 percent would not have to be ranked. Preservatives, fragrances and dyes — crucial ingredients that differentiate products but can contain potentially hazardous chemicals — are exempt from disclosure plan.
Big fights are breaking out over small amounts of chemicals, since that is what the industry says is the “secret sauce” that makes products special — putting the lemony smell into Lemon Pledge, for instance.
“Chemicals that make up 30 percent of a product are not the secret,” said Tom Neltner, co-chairman of the Sierra Club’s Toxic Committee. “But chemicals that represent only one-half or a quarter percent — anything below 1 percent is where the information becomes really confidential and proprietary.” That, he continued, is “the nub of negotiations right now. We care because if 99.5 percent of a product is water, and the last part is a fragrance that really hurts someone with asthma, we want to know.”
Buffett praises BofA's Ken Lewis -- not
http://money.cnn.com/2009/09/16/news/newsmakers/lewis.faint.praise.fortune/?postversion=2009091613
NEW YORK (Fortune) -- Warren Buffett came to bury Ken Lewis, not to praise him.
Buffett, the billionaire investor who runs Berkshire Hathaway (BRKA, Fortune 500), said Tuesday at Fortune's Most Powerful Women Summit in San Diego that Lewis -- the embattled Bank of America (BAC, Fortune 500) chief executive officer -- was the "ironic hero" of last September's economic meltdown.
But make no mistake, the emphasis was on ironic. Buffett's comments portray Lewis as a sort of Mr. Magoo of global finance, bumbling into trouble in stubborn pursuit of banking greatness -- and unintentionally saving the world in the process.
Lewis may have "inadvertently saved" the financial system by agreeing to buy Merrill Lynch in a stock swap that was initially worth $45 billion, Buffett told Fortune's Carol Loomis in an on-stage interview.
Buffett said Lewis' hasty decision to buy Merrill on Sept. 14 -- the day before Lehman Brothers collapsed in the biggest-ever U.S. bankruptcy and threw the global financial system into chaos -- may have helped avert a total meltdown.
"If you think Lehman Brothers was bad, imagine Lehman compounded by Merrill Lynch," Buffett said. "I don't know what [the authorities] would have done."
If the Merrill deal solved one imminent crisis for policymakers, it only intensified the criticism of Lewis as an empire builder who hurt shareholders by turning BofA into a risk-laden colossus.
Buffett alluded to that view in his comments Tuesday. As regulators pressured Wall Street leaders over the weekend of Sept. 13-14 to find a private sector solution for Lehman's insolvency, Lewis was rushing to cinch a takeover that would give him control of Merrill's top-notch wealth management and investment banking franchises.
And even though it was understood that Merrill Lynch would have trouble surviving once Lehman went down, Buffett noted that Lewis seemed to have inexplicably adopted the view that price was no object.
"Why pay X for Merrill Sunday when you could have had it for pennies on Monday?" Buffett said. "When Lehman failed, Merrill would have gone about five seconds later."
Lewis has emphasized the strategic advantages of the Merrill deal, and indeed the bank's trading unit has turned a nice profit in this year's bounceback rally in the stock market.
Lewis also said last October that he chose to buy Merrill that Sunday because a bankruptcy filing would have left "a tarnished brand." But the pristine Merrill brand ended up carrying quite a price tag.
Barclays (BCS) -- the British bank whose efforts to buy Lehman earlier in the weekend were scotched by British banking regulators concerned about the risks of an acquisition -- ended up following Buffett's wait-it-out game plan in the days after Lehman's implosion. Barclays bought Lehman's investment banking operations and its midtown Manhattan headquarters last year for less than $2 billion.
By contrast, BofA ended up paying $19 billion in stock for Merrill. The lower figure reflects the 58% plunge in the value of BofA shares between the announcement of the deal and its closing Jan. 1.
BofA investors haven't forgotten. They stripped Lewis of his chairmanship in April. Lewis now finds himself at the center of controversies in New York and Washington over the bank's disclosures and the role of regulators in pushing the deal to completion.
Buffett also made light of the fairness opinions that BofA got that weekend from a pair of investment bankers for the low price of just $10 million each for 24 hours of work. He noted that in buying a firm the size of Merrill, it would take months for BofA to appreciate what it was really getting.
That judgment is borne out by January's second bailout of BofA -- which the bank, in another bit of irony, now claims it didn't need.
Of course, Buffett has a bit of a vested interest in criticizing BofA and Lewis. Berkshire has big stakes in three major BofA competitors -- Wells Fargo (WFC, Fortune 500), U.S. Bancorp (USB, Fortune 500) and Goldman Sachs (GS, Fortune 500).
But Buffett's far from alone in wondering why Lewis couldn't wait a day to scoop up Merrill. In the understatement of the crisis, analyst Brad Hintz last September called BofA's offer price "favorable" for Merrill, given the paucity of other acquirers and the problems on Merrill's balance sheet.
So why pay up for a bank on the brink in the midst of a global bank run?
"That is a puzzler," Buffett said at the Fortune conference Tuesday. "That one we'll leave for somebody else." 
Bilibala comments:
An interesting thought that i never think of. Which is great, i mean, i can't imagine what will have if Lehman Brothers and Merrill Lynch both fell down on the same day.
Google to buy Brightcove
September 16, 2009 3:15 PM ET
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090916&id=10397865
Google Inc. is reportedly weighing the acquisition of Internet TV service Brightcove Inc. for between $500 and 700 million.
Mark Glaser, the executive editor of PBS MediaShift and Idea Lab reported the story, citing a source "with knowledge of the deal." He speculated that buying Cambridge, Mass.-based Brightcove would give YouTube an entry into paid video service with many traditional media company clients.
Brightcove provides businesses with a platform for online video delivery. It has raised $91 million from investors including General Catalyst Partners and AOL.
Copyright 2009 bizjournals.com
Rogers face new competitors
http://www.bloomberg.com/apps/news?pid=20601082&sid=aLAJga4BJb4U
By Hugo Miller
Sept. 15 (Bloomberg) -- Rogers Communications Inc., Canada’s largest wireless carrier, is “well-prepared” to meet the challenge of increased competition, according to the president of its mobile division.
“Our workforce has experience handling competition,” Rob Bruce said at a conference in Toronto today. “We’re well- prepared for new entrants.”
Rogers, the only Canadian carrier of Apple Inc.’s iPhone, will add at least one of Motorola Inc.’s phones based on Google Inc.’s Android software in 2010 to attract new customers as new carriers prepare to enter the market.
Three companies including Public Mobile Holdings Inc. plan to offer Canadians wireless service in 2010. Public Mobile has said it will offer a C$40 ($37.30) plan that includes unlimited local calls and text messaging to attract cost-conscious customers.
Rogers, which also publishes magazines and offers cable television, fell 26 cents to C$30.41 at 4:10 p.m. in Toronto Stock Exchange trading.
To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net Last Updated: September 15, 2009 16:24 EDT
Bilibala comments:
As a consumer, i am glad to have more choices in terms of wireless carrier.
As an investor, i think Rogers will keep its market share and strong position at least in short run and medium term, thanks to the bundling discount policy, switching from one carrier to another is not an easy task. And secondly, beofer the new carriers build up their own nationalwise network structure (it will take at least 10 years), they actually need to lease the network/service from the existing carriers (Rogers, Bell or Telus), which will in fact benefit the industry as a whole. Of course, the industry ARPU may drop due to the lease.
By Hugo Miller
Sept. 15 (Bloomberg) -- Rogers Communications Inc., Canada’s largest wireless carrier, is “well-prepared” to meet the challenge of increased competition, according to the president of its mobile division.
“Our workforce has experience handling competition,” Rob Bruce said at a conference in Toronto today. “We’re well- prepared for new entrants.”
Rogers, the only Canadian carrier of Apple Inc.’s iPhone, will add at least one of Motorola Inc.’s phones based on Google Inc.’s Android software in 2010 to attract new customers as new carriers prepare to enter the market.
Three companies including Public Mobile Holdings Inc. plan to offer Canadians wireless service in 2010. Public Mobile has said it will offer a C$40 ($37.30) plan that includes unlimited local calls and text messaging to attract cost-conscious customers.
Rogers, which also publishes magazines and offers cable television, fell 26 cents to C$30.41 at 4:10 p.m. in Toronto Stock Exchange trading.
To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net Last Updated: September 15, 2009 16:24 EDT
Bilibala comments:
As a consumer, i am glad to have more choices in terms of wireless carrier.
As an investor, i think Rogers will keep its market share and strong position at least in short run and medium term, thanks to the bundling discount policy, switching from one carrier to another is not an easy task. And secondly, beofer the new carriers build up their own nationalwise network structure (it will take at least 10 years), they actually need to lease the network/service from the existing carriers (Rogers, Bell or Telus), which will in fact benefit the industry as a whole. Of course, the industry ARPU may drop due to the lease.
TD Mutual Funds introduces TD Advantage Investment Portfolios
TORONTO, Sept. 15 /CNW/ - TD Asset Management Inc. (TDAM), the manager of TD Mutual Funds, today announced the launch of five new portfolios, which may be suitable either as an all-in-one solution or as a core holding in an investment portfolio. They are:
- the TD Advantage Conservative Portfolio
- the TD Advantage Moderate Portfolio
- the TD Advantage Balanced Portfolio
- the TD Advantage Growth Portfolio
- the TD Advantage Equity Portfolio
"TD Advantage Investment Portfolios provide clients access to top quality funds, actively managed for long-term performance and to capitalize on certain shorter-term market opportunities, while managing downside risk," said Thomas Dyck, President, TD Mutual Funds. "TD Advantage Investment Portfolios employ a back-to-fundamentals approach to portfolio solutions and offer great value as they carry competitive MERs relative to their peers."
TD Mutual Funds also introduced new series extensions of two existing funds, the New Advisor and F-Series units of the TD Mortgage Fund and H-, T- and S-Series units of the TD High Yield Income Fund.
The TD Mortgage Fund's fundamental investment objective is to provide a steady stream of interest income, by investing in a diversified portfolio made up primarily of high-quality Canadian residential mortgages bought from and administered by TD Bank Financial Group. The launch of the Advisor and F-Series provides Advisors access to one of the first mortgage mutual funds available in Canada, as an alternative to traditional fixed income funds.
The tax-efficient H-, T- and S- Series of the TD High Yield Income Fund aim to provide clients with consistent monthly cash flow on a tax-efficient basis. The fund seeks to provide income and capital appreciation over the longer term, by investing primarily in high-yield bonds or other income-producing securities.
The new funds and series will be available for sale as of September 15, 2009. For more information, please click on the following link to access TD Mutual Funds prospectuses: http://www.tdassetmanagement.com/Content/Download/p_Download.asp?FILE_TYPE_ID=52
About TD Mutual Funds
Under the TD Mutual Funds name, TD Asset Management provides a diverse range of over 60 mutual funds and 25 professionally managed portfolios. TDAM manages retail mutual fund assets on behalf of more than 1.4 million investors and TD Mutual Funds is one of the most broadly diversified fund families in Canada. Funds are available at TD Waterhouse Discount Brokerage, Financial Planning and Private Investment Advice, as well as leading investment dealers, independent brokers, advisors and financial planners. As of August 31, 2009, TDAM was the fourth largest mutual fund company in Canada, with $52.3 billion invested in TD Mutual Funds.
For further information: For media inquiries only, please contact: Barbara Timmins, TD Bank Financial Group, (416) 307-6498; For advisor inquiries, please contact: 1-800-588-8054
Bilibala comments:
I personally don't like any fund on fund products. Because 1) MER is usually higher than average, 2) less flexibility to market fluctuation 3) over diversify
On the other hand, for those who are less into financial market, fund on fund will help investors to keep focus on pre-set objectives and stick with the pre-set assets mix.
Invest or not, will depends on ones knowledge about economy, finance & him/her self.
Series will have no/little impact to the rate of return. If you are not retiree and you reinvest the mutual fund dividend anyway, you should pick a series with less dividend. Because the higher the dividend, the more the fund manager will have to keep aside and less for him/her to invest.
- the TD Advantage Conservative Portfolio
- the TD Advantage Moderate Portfolio
- the TD Advantage Balanced Portfolio
- the TD Advantage Growth Portfolio
- the TD Advantage Equity Portfolio
"TD Advantage Investment Portfolios provide clients access to top quality funds, actively managed for long-term performance and to capitalize on certain shorter-term market opportunities, while managing downside risk," said Thomas Dyck, President, TD Mutual Funds. "TD Advantage Investment Portfolios employ a back-to-fundamentals approach to portfolio solutions and offer great value as they carry competitive MERs relative to their peers."
TD Mutual Funds also introduced new series extensions of two existing funds, the New Advisor and F-Series units of the TD Mortgage Fund and H-, T- and S-Series units of the TD High Yield Income Fund.
The TD Mortgage Fund's fundamental investment objective is to provide a steady stream of interest income, by investing in a diversified portfolio made up primarily of high-quality Canadian residential mortgages bought from and administered by TD Bank Financial Group. The launch of the Advisor and F-Series provides Advisors access to one of the first mortgage mutual funds available in Canada, as an alternative to traditional fixed income funds.
The tax-efficient H-, T- and S- Series of the TD High Yield Income Fund aim to provide clients with consistent monthly cash flow on a tax-efficient basis. The fund seeks to provide income and capital appreciation over the longer term, by investing primarily in high-yield bonds or other income-producing securities.
The new funds and series will be available for sale as of September 15, 2009. For more information, please click on the following link to access TD Mutual Funds prospectuses: http://www.tdassetmanagement.com/Content/Download/p_Download.asp?FILE_TYPE_ID=52
About TD Mutual Funds
Under the TD Mutual Funds name, TD Asset Management provides a diverse range of over 60 mutual funds and 25 professionally managed portfolios. TDAM manages retail mutual fund assets on behalf of more than 1.4 million investors and TD Mutual Funds is one of the most broadly diversified fund families in Canada. Funds are available at TD Waterhouse Discount Brokerage, Financial Planning and Private Investment Advice, as well as leading investment dealers, independent brokers, advisors and financial planners. As of August 31, 2009, TDAM was the fourth largest mutual fund company in Canada, with $52.3 billion invested in TD Mutual Funds.
For further information: For media inquiries only, please contact: Barbara Timmins, TD Bank Financial Group, (416) 307-6498; For advisor inquiries, please contact: 1-800-588-8054
Bilibala comments:
I personally don't like any fund on fund products. Because 1) MER is usually higher than average, 2) less flexibility to market fluctuation 3) over diversify
On the other hand, for those who are less into financial market, fund on fund will help investors to keep focus on pre-set objectives and stick with the pre-set assets mix.
Invest or not, will depends on ones knowledge about economy, finance & him/her self.
Series will have no/little impact to the rate of return. If you are not retiree and you reinvest the mutual fund dividend anyway, you should pick a series with less dividend. Because the higher the dividend, the more the fund manager will have to keep aside and less for him/her to invest.
Imperial Oil Raises Edmonton Par Crude By C$11 Cu. Meter
CALGARY (Dow Jones)--Imperial Oil Ltd. (IMO) raised its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$11 a cubic meter to C$468 a cubic meter, effective Tuesday.
In terms of barrels, the company is now offering C$74.42 a barrel, up from C$72.67. The new purchase price indicates an export price delivered to Chicago of about US$70.96 a barrel after considering transportation and import charges and foreign exchange rates.
Actual export prices are confidential but are believed to be closely related to the posted levels.
Imperial Oil is an integrated oil and gas company.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100; tara.zachariah@dowjones.com
Bilibala comments
Imperial Oil is the largest oil & gas refiner in Canada. That's the reason why it need to purchase addition oil on top of the its own production.
Rise price means the corporation expect the oil price will rise or at least stable at a higher ground.
In terms of barrels, the company is now offering C$74.42 a barrel, up from C$72.67. The new purchase price indicates an export price delivered to Chicago of about US$70.96 a barrel after considering transportation and import charges and foreign exchange rates.
Actual export prices are confidential but are believed to be closely related to the posted levels.
Imperial Oil is an integrated oil and gas company.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100; tara.zachariah@dowjones.com
Bilibala comments
Imperial Oil is the largest oil & gas refiner in Canada. That's the reason why it need to purchase addition oil on top of the its own production.
Rise price means the corporation expect the oil price will rise or at least stable at a higher ground.
Google seeks to cut cost to go green
BY KATHERINE YUNGFREE PRESS BUSINESS WRITER
http://www.freep.com/article/20090916/NEWS09/909160331/1001/News/Google-seeks-to-cut-cost-to-go-green
Almost two years after Google Inc. announced that it's seeking a cheaper, renewable alternative to coal, the technology giant is working on projects to make solar and wind power more affordable.
The Mountain View, Calif.-based company is developing new technology for the hundreds of mirrors used at solar plants that would reduce the mirrors' cost by more than half, Bill Weihl, Google's green energy czar, said in an interview Tuesday in Ann Arbor.
Google hopes to roll out prototype mirrors later this year, with plans to unveil them outside the company in 2010. It also may build a pilot plant for these mirrors, Weihl said.
Google engineers are also looking at materials that would allow wind towers to soar much higher into the sky than they do today, enabling them to generate more power.
Today, taller wind towers are very expensive to build so Google is trying to reduce this cost. If successful, the plan could shave 20% to 25% off the cost of wind power, said Weihl, a former computer science professor at the Massachusetts Institute of Technology.
Though most people associate Google with its popular search engine, the company is taking steps to expand into alternative energy.
Google.org, the company's philanthropic arm, has invested $45 million in five renewable energy companies in the solar, wind and geothermal fields -- eSolar, BrightSource Energy, Makani Power, Potter Drilling and AltaRock Energy.
More investments in renewable energy are likely to follow, said Weihl, who spoke Tuesday to students and others at the University of Michigan. "We are willing to take risks if there is a potential big impact," he added.
The company has about 30 employees working full-time on renewable energy and energy efficiency, with the aim of helping the world obtain plentiful and cheap clean energy. But don't expect Google to build and operate power plants one day, Weihl said.
"That's not our goal," he said. "We are in the energy information business."
Contact KATHERINE YUNG: 313-222-8763 or kyung@freepress.com
Bilibala comments:
Google always give people an innovative impression which is great.
I don't think the project will help Google to generate immediate profit, but if it helps lots of corporation & individual to save energy, i still glad to support a company who willing to do so, even though it may not be profitable.
http://www.freep.com/article/20090916/NEWS09/909160331/1001/News/Google-seeks-to-cut-cost-to-go-green
Almost two years after Google Inc. announced that it's seeking a cheaper, renewable alternative to coal, the technology giant is working on projects to make solar and wind power more affordable.
The Mountain View, Calif.-based company is developing new technology for the hundreds of mirrors used at solar plants that would reduce the mirrors' cost by more than half, Bill Weihl, Google's green energy czar, said in an interview Tuesday in Ann Arbor.
Google hopes to roll out prototype mirrors later this year, with plans to unveil them outside the company in 2010. It also may build a pilot plant for these mirrors, Weihl said.
Google engineers are also looking at materials that would allow wind towers to soar much higher into the sky than they do today, enabling them to generate more power.
Today, taller wind towers are very expensive to build so Google is trying to reduce this cost. If successful, the plan could shave 20% to 25% off the cost of wind power, said Weihl, a former computer science professor at the Massachusetts Institute of Technology.
Though most people associate Google with its popular search engine, the company is taking steps to expand into alternative energy.
Google.org, the company's philanthropic arm, has invested $45 million in five renewable energy companies in the solar, wind and geothermal fields -- eSolar, BrightSource Energy, Makani Power, Potter Drilling and AltaRock Energy.
More investments in renewable energy are likely to follow, said Weihl, who spoke Tuesday to students and others at the University of Michigan. "We are willing to take risks if there is a potential big impact," he added.
The company has about 30 employees working full-time on renewable energy and energy efficiency, with the aim of helping the world obtain plentiful and cheap clean energy. But don't expect Google to build and operate power plants one day, Weihl said.
"That's not our goal," he said. "We are in the energy information business."
Contact KATHERINE YUNG: 313-222-8763 or kyung@freepress.com
Bilibala comments:
Google always give people an innovative impression which is great.
I don't think the project will help Google to generate immediate profit, but if it helps lots of corporation & individual to save energy, i still glad to support a company who willing to do so, even though it may not be profitable.
Wells Fargo Expands Public Finance Team to Support Municipal Energy Projects
DENVER--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) is expanding its Energy & Corporate public finance group to fulfill the capital market financing needs of municipal power, gas and electric cooperative clients and hired Managing Director John Norman, Mark Shea and Tyler Noble to lead this new area.
Focused on structured energy and project finance, Norman’s group will complement Wells Fargo’s businesses that focus on renewable energy, including sustainable public infrastructure, energy commodities, corporate energy and power, and corporate real estate groups. Norman’s team will assist municipal utility clients with financing solutions for economic energy acquisitions, and support utility cooperatives and clean renewable energy projects.
“The combination of Wachovia and Wells Fargo has resulted in a robust energy commodities practice,” said Adam Woodard, head of Wells Fargo Securities Energy & Corporate Public Finance. “John and his team are veteran energy and public finance bankers that bring a wealth of expertise to our existing and future clients.”
Some of the solutions the team creates will include financing structures that were created or enhanced under the American Recovery and Reinvestment Act, such as Build America Bonds and new clean renewable energy bonds.
Norman and his team have a combined experience of 70 years in the public finance and energy industries and will be based in Denver, Colo. Norman has 30 years of public finance and energy experience, and most recently served for nine years as managing director for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his public finance career, Norman worked in the energy industry for Otis Engineering, a division of Halliburton. He pioneered natural gas prepayments in the early 1990’s and has completed 20 such transactions totaling over $8 billion.
Shea has 27 years of energy industry experience, serving for the past six years as a principal for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his work in public finance, Shea was employed in the energy business on the commodity trading desks for Bank of America and Chase Manhattan Bank as well as positions at Unocal and Transco. He received a master’s in business administration from Cornell University’s Johnson Graduate School of Management and graduated with a bachelor of science in Geophysics from the University of Houston.
Noble has 16 years of experience in public finance and for the past nine years worked as a principal for Banc of America Securities's Structured Energy and Federal Finance Group. Before joining Banc of America Securities in 2000, he worked with Mr. Norman at First Union Securities and held previous positions at Bigelow & Company and A.G. Edwards.
With 175 associates in 20 offices, Wells Fargo’s Public Finance Investment Banking teams provide advisory services and municipal derivatives to government and institutional customers throughout the U.S. As of June 2009, the Wells Fargo affiliates that comprise the Municipal Products Group rank among the top 10 underwriters of municipal securities in the U.S., according to Securities Data Corp. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wachovia Bank, National Association.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Bilibala comments:
Everyone seems very excited about the renewable energy or bio-tech industry. I agree they are some of the mega trend in the coming decades, but as an conservative investor, those business contain high risk, because expanding needs lots of fundings, and those fundings will either diluted the existing shareholders' interest or increase shareholders' additional expenses on debt.
That's why Bilibala will never invest in new business.
On the other hand, lending $$ to these industries will be a profitable and great business. That's why I strongly agree & support Wells Fargo's project.
Focused on structured energy and project finance, Norman’s group will complement Wells Fargo’s businesses that focus on renewable energy, including sustainable public infrastructure, energy commodities, corporate energy and power, and corporate real estate groups. Norman’s team will assist municipal utility clients with financing solutions for economic energy acquisitions, and support utility cooperatives and clean renewable energy projects.
“The combination of Wachovia and Wells Fargo has resulted in a robust energy commodities practice,” said Adam Woodard, head of Wells Fargo Securities Energy & Corporate Public Finance. “John and his team are veteran energy and public finance bankers that bring a wealth of expertise to our existing and future clients.”
Some of the solutions the team creates will include financing structures that were created or enhanced under the American Recovery and Reinvestment Act, such as Build America Bonds and new clean renewable energy bonds.
Norman and his team have a combined experience of 70 years in the public finance and energy industries and will be based in Denver, Colo. Norman has 30 years of public finance and energy experience, and most recently served for nine years as managing director for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his public finance career, Norman worked in the energy industry for Otis Engineering, a division of Halliburton. He pioneered natural gas prepayments in the early 1990’s and has completed 20 such transactions totaling over $8 billion.
Shea has 27 years of energy industry experience, serving for the past six years as a principal for the Structured Energy and Federal Finance Group at Banc of America Securities. Prior to his work in public finance, Shea was employed in the energy business on the commodity trading desks for Bank of America and Chase Manhattan Bank as well as positions at Unocal and Transco. He received a master’s in business administration from Cornell University’s Johnson Graduate School of Management and graduated with a bachelor of science in Geophysics from the University of Houston.
Noble has 16 years of experience in public finance and for the past nine years worked as a principal for Banc of America Securities's Structured Energy and Federal Finance Group. Before joining Banc of America Securities in 2000, he worked with Mr. Norman at First Union Securities and held previous positions at Bigelow & Company and A.G. Edwards.
With 175 associates in 20 offices, Wells Fargo’s Public Finance Investment Banking teams provide advisory services and municipal derivatives to government and institutional customers throughout the U.S. As of June 2009, the Wells Fargo affiliates that comprise the Municipal Products Group rank among the top 10 underwriters of municipal securities in the U.S., according to Securities Data Corp. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wachovia Bank, National Association.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Bilibala comments:
Everyone seems very excited about the renewable energy or bio-tech industry. I agree they are some of the mega trend in the coming decades, but as an conservative investor, those business contain high risk, because expanding needs lots of fundings, and those fundings will either diluted the existing shareholders' interest or increase shareholders' additional expenses on debt.
That's why Bilibala will never invest in new business.
On the other hand, lending $$ to these industries will be a profitable and great business. That's why I strongly agree & support Wells Fargo's project.
9.15.2009
China Life Aug 09 premium
中
國人壽保險股份有限公司(China Life Insurance Co., 2628.HK, 簡稱：中國人壽)週二表示﹐公司1-8月份未經審計的保費收入為人民幣2,107億元。按保費收入計﹐中國人壽是中國最大的壽險公司。
該公司公告未提供上年同期的比較數字﹐但該公司去年公佈的1-8月保費收入為人民幣2,252億元。
財華社深圳新聞中心
披露最新月度營運數據 的中國人壽，H股今早盤前小幅造好，股價高開1.46%至34.7港元，成交50.71萬股；未理保費收入仍延續雙位數下降趨勢。因該公司披露，其今年1 至7月份未經審計的保費收入共計約2107億元(人民幣,下同)，同比倒退6.44%；8月份保費則下滑11.5%至196億元，降幅只略低於7月份的 12%。
惟瑞士信貸發表評論稱，仍維持中國人壽跑贏大市評級，目標價40港元不變，比市價溢價15%。指其保費量增長仍遲緩，今年迄今為 止的增長模式基本沒有改變。但認為保費量的增長持續疲軟並不令人擔憂，因中國人壽的09年中期業績顯示，從新業務價值產生方面來看產品組合改善完全能夠抵 消保費量增長的遲緩。同時鑒於利好的宏觀經濟條件，及行業改革可能引發需求增加，另外可能引入策略投資，瑞信表示仍看好中國人壽的前景。
中國人壽A股(601628-CN)現則跌0.87%至28.61元人民幣。
更多精彩內容,請登陸財華中國網 (http://www.caihuanet.com) 或財華香港網 (http://www.finet.hk)
執迷不悔
有人話今天的香港是一個反智文化鼎盛的大都會, 歷史/政治/經濟/學術都成了老套, 沉悶, 守舊, 枯燥....的代名詞.
且不管它是反智還是的確無聊, 從小(4-5歲)愛上學習, 真的令 Billy 獲益良多.
其中是愛上歷史. 因為聽故事並不老套, 並不沉悶.
買了一本又一本的歷史漫畫書, 讀完一本又一本.
長大了, 就看歷史連續劇, 也同樣充滿趣味性.
每次看完一段歷史連續劇, 都會拿著本正史書刨上一兩小時「補習」. 而最近一個月就邊看「仙劍奇俠傳 3」和「 東周列國誌」.
今晚和小朋友慶祝完生日, 回家又看了一集東周列國誌才去沖涼.
喜歡東周列國誌將歷史進程分成一個個故事的編劇手法, 更難得是在高舉英雄和群體共業之間有適當的平衡. 只是由於變成故事, 令歷史進程有些斷層 feel, 時序也變得凌亂, 但這都是小問題, 因為即時去「補習」嘛!
今 晚那一集講秦穆公在位卅多年, 一直想向東擴張國土, 希望稱霸於各路諸侯, 只可惜東面有一個比它強大的晉國擋住. 廿多年來, 秦穆公扶立了晉惠公和晉文公登上晉國君主的寶坐, 但前者忘恩負義, 至於後者, 雖沒忘恩, 但成就霸業, 令秦穆公反成了為他人作嫁衣的小裁縫. (記得大學一年班讀科 IT, 青蛙話不明, 要我教, 但最後考試成績比我高, 我當時也有點秦穆公的心情.)
忿忿不平的秦穆公不聽百 里奚勸告, 向西平定西戎, 而努力東取, 和晉國爭一日之長短, 結果卻換來一次又一次的損兵折將, 有次他派兵繞晉攻鄭, 攻鄭不成, 卻在班師時在崤山(潼關)中伏, 由於只知理虧, 所以戰死沙場的秦卒屍骨要到三年後才敢派兵送回國安葬 :(
當穆公看到這堆白骨, 才痛定思痛, 消了東取的念頭, 向西平定西戎, 令秦成為能與晉, 楚分庭抗禮的強大國家.
小時侯投資回報, 10多年來一直不俗.
金融風暴之前的幾年, 開始染指中資股票, 回報提昇到更尚, 但仍未心足, 用總資產的2-3%買單邊對沖期權, 結果金融風暴來到, 令 Bilibala 損手爛腳, 幸而買得不多, 但也傷得很. 望著多年辛辛苦苦的血汗錢在個多月內人間蒸發, 個心好痛,
最後痛定思痛, 向神和一眾股東認錯和解釋, 再back to basic, 回到自己最強的本領: 分折!
重新部署組合(包括永不再買單邊對沖期權), 蒙神恩典又在短短半年內收復, 差一點點就會超越最高峰點.
將來如何, 不知道, 但歷史就似一面鏡, 不是要照出人的醜態, 而是要令照鏡的人的穿衣可以稱身, 行出來更加有自信和大方得體.
在經歷過這次高低高的遊戲, 神要我寫份「向股東的報告」給祂, 也要包括回顧和展望, 當中做得差如何改, 做得好, 如何變得更美.
秦穆公的故事又成了 Billy 好好補習的「教育電視」.
且不管它是反智還是的確無聊, 從小(4-5歲)愛上學習, 真的令 Billy 獲益良多.
其中是愛上歷史. 因為聽故事並不老套, 並不沉悶.
買了一本又一本的歷史漫畫書, 讀完一本又一本.
長大了, 就看歷史連續劇, 也同樣充滿趣味性.
每次看完一段歷史連續劇, 都會拿著本正史書刨上一兩小時「補習」. 而最近一個月就邊看「仙劍奇俠傳 3」和「 東周列國誌」.
今晚和小朋友慶祝完生日, 回家又看了一集東周列國誌才去沖涼.
喜歡東周列國誌將歷史進程分成一個個故事的編劇手法, 更難得是在高舉英雄和群體共業之間有適當的平衡. 只是由於變成故事, 令歷史進程有些斷層 feel, 時序也變得凌亂, 但這都是小問題, 因為即時去「補習」嘛!
今 晚那一集講秦穆公在位卅多年, 一直想向東擴張國土, 希望稱霸於各路諸侯, 只可惜東面有一個比它強大的晉國擋住. 廿多年來, 秦穆公扶立了晉惠公和晉文公登上晉國君主的寶坐, 但前者忘恩負義, 至於後者, 雖沒忘恩, 但成就霸業, 令秦穆公反成了為他人作嫁衣的小裁縫. (記得大學一年班讀科 IT, 青蛙話不明, 要我教, 但最後考試成績比我高, 我當時也有點秦穆公的心情.)
忿忿不平的秦穆公不聽百 里奚勸告, 向西平定西戎, 而努力東取, 和晉國爭一日之長短, 結果卻換來一次又一次的損兵折將, 有次他派兵繞晉攻鄭, 攻鄭不成, 卻在班師時在崤山(潼關)中伏, 由於只知理虧, 所以戰死沙場的秦卒屍骨要到三年後才敢派兵送回國安葬 :(
當穆公看到這堆白骨, 才痛定思痛, 消了東取的念頭, 向西平定西戎, 令秦成為能與晉, 楚分庭抗禮的強大國家.
小時侯投資回報, 10多年來一直不俗.
金融風暴之前的幾年, 開始染指中資股票, 回報提昇到更尚, 但仍未心足, 用總資產的2-3%買單邊對沖期權, 結果金融風暴來到, 令 Bilibala 損手爛腳, 幸而買得不多, 但也傷得很. 望著多年辛辛苦苦的血汗錢在個多月內人間蒸發, 個心好痛,
最後痛定思痛, 向神和一眾股東認錯和解釋, 再back to basic, 回到自己最強的本領: 分折!
重新部署組合(包括永不再買單邊對沖期權), 蒙神恩典又在短短半年內收復, 差一點點就會超越最高峰點.
將來如何, 不知道, 但歷史就似一面鏡, 不是要照出人的醜態, 而是要令照鏡的人的穿衣可以稱身, 行出來更加有自信和大方得體.
在經歷過這次高低高的遊戲, 神要我寫份「向股東的報告」給祂, 也要包括回顧和展望, 當中做得差如何改, 做得好, 如何變得更美.
秦穆公的故事又成了 Billy 好好補習的「教育電視」.
9.11.2009
Econ data 09 week 37
USA
Consumer market
Consumer market
- Sep Mich Sentiment (preliminary) up to 70.2 from 65.7 in Aug (better than expect, 67.5)
- Jul consumer credit drop -$21.6B from -$15.5B in Jun (worse, -$4.0B)
- Jul wholesales inventories down to -1.4% from -2.1% in Jun (better, -1.0%)
- Comsumer increase their saving and cut lending, hope in long run, consumer will build up a healthier spending habit, on the other hand, it will slow down the recovery if consumer spending are low
- 09/05 initial jobless claim down to 550k from 576k last week (better, 560k)
- 08/29 continuing jobless claims down to 6,088k from 6,247k last week (better, 6,200k)
- Got to see whether it will drop further below 500k & 5.5M in order to tell whether the job market has come out of recession or not
Canada
House market
- Jul building premits down to -11.4% from +1.2% in Jun
- Aug house starts up to 150.4k from 134.2k in Jul
- Jul new house price index up to +0.3% from -0.2% in Jun
FedEx Corp boost 1q profit target
FedEx Corp. (FDX) said fiscal first-quarter earnings will exceed its previously dour expectations and projected a profit this quarter largely above analysts' estimates as the company benefits from improvement internationally and cost controls.
Shares rose 4.8% premarket to $76.11.
The company has been pressured during the recession as shipping volumes have fallen, more than offsetting benefits from falling fuel costs. FedEx - considered an economic bellwether - in June projected earnings of 30 cents to 45 cents, far below analysts' then-average estimate of 68 cents.
But the company said Friday that earnings should come in at 58 cents when it fiscal first-quarter results on Wednesday. In part, Chief Financial Officer Alan B. Graf credited better-than-expected volume in FedEx's international priority-delivery service.
He added that despite "encouraging signs" in the global economy, "it is difficult to predict the timing and pace of any economic recovery."
Still, FedEx projected earnings for the current quarter of 65 cents to 95 cents. Analysts were predicting 70 cents.
In the first quarter, revenue per shipment declined across the company amid lower fuel surcharges. Graf added, "We continue to face a very competitive pricing environment combined with significant overcapacity" in the less-than-truckload freight market.
Separately, FedEx disclosed an Internal Revenue Service audit team plans to assess taxes and penalties of $14 million related to employment and withholding taxes in 2002. The company plans to "contest the erroneous conclusions' in the audit.
It added the IRS is looking at similar issues for 2004 through 2008.
-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com
Shares rose 4.8% premarket to $76.11.
The company has been pressured during the recession as shipping volumes have fallen, more than offsetting benefits from falling fuel costs. FedEx - considered an economic bellwether - in June projected earnings of 30 cents to 45 cents, far below analysts' then-average estimate of 68 cents.
But the company said Friday that earnings should come in at 58 cents when it fiscal first-quarter results on Wednesday. In part, Chief Financial Officer Alan B. Graf credited better-than-expected volume in FedEx's international priority-delivery service.
He added that despite "encouraging signs" in the global economy, "it is difficult to predict the timing and pace of any economic recovery."
Still, FedEx projected earnings for the current quarter of 65 cents to 95 cents. Analysts were predicting 70 cents.
In the first quarter, revenue per shipment declined across the company amid lower fuel surcharges. Graf added, "We continue to face a very competitive pricing environment combined with significant overcapacity" in the less-than-truckload freight market.
Separately, FedEx disclosed an Internal Revenue Service audit team plans to assess taxes and penalties of $14 million related to employment and withholding taxes in 2002. The company plans to "contest the erroneous conclusions' in the audit.
It added the IRS is looking at similar issues for 2004 through 2008.
-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com
9.10.2009
港鐵獲墨爾本鐵路專營權
港鐵<00066.hk>附屬Metro Trains Melbourne(MTM)與澳洲維多利亞省政府簽署專營權協議，由09年11月30日起為墨爾本鐵路提供營運及維修服務，首期為期8年。
港鐵擁有MTM六成股權，而澳洲當地兩間鐵路公司UGL Rail及John Holland，佔其餘四成股權。
墨爾本鐵路網絡共有15條鐵路線，全長372公里，每周有340萬人次使用。(wr/w)
Bilibala comments:
MTR is one of the HKG based corporation that successfully internationalize its business.
港鐵擁有MTM六成股權，而澳洲當地兩間鐵路公司UGL Rail及John Holland，佔其餘四成股權。
墨爾本鐵路網絡共有15條鐵路線，全長372公里，每周有340萬人次使用。(wr/w)
Bilibala comments:
MTR is one of the HKG based corporation that successfully internationalize its business.
君臨天下
恆隆集團<00010.hk>與恆隆地 產<00101.hk>宣布，恆隆地產董事高伯遒斥資4085萬元，向港鐵<00066.hk>購入「君臨天下」1個單位。另 外，恆隆集團及恆隆地產董事袁偉良同時以4372萬元，向港鐵購入「君臨天下」1個單位。
兩項交易涉資8457萬元，恆隆地產預計錄得6200萬元收益，將用作一般營運資金。(da/w)
Bilibala comments:
HKG's real estate start to move upward, but only in the high end properties. Especially the ones on top of MTR station. This give an great opportunity for MTR to diversify its business into the low risk utility segment and high risk real estate market. Provide awesome return to its shareholders.
兩項交易涉資8457萬元，恆隆地產預計錄得6200萬元收益，將用作一般營運資金。(da/w)
Bilibala comments:
HKG's real estate start to move upward, but only in the high end properties. Especially the ones on top of MTR station. This give an great opportunity for MTR to diversify its business into the low risk utility segment and high risk real estate market. Provide awesome return to its shareholders.
Ex-Google China CEO Launches VC Fund
09-09-2009 | Source: Global Investor Magazine - Click here to take out a FREE Trial
Kai-fu Lee, former chief executive of Google China, is launching a $115 million venture capital fund, Financial Times reports. The fund will seek to create five Chinese start-ups a year in the internet and mobile internet sector, or in cloud computing, an internet service.
The Information Works Fund has attracted the interest of some big names in the internet industry, such has Steve Chen, co-founder of YouTube, Foxconn, the electronics contract maker, Legend Holdings, the parent of PC maker Lenovo, and venture capital firm, WI Harper.
The fund will provide early-stage incubation and seed money to develop entrepreneur talent in China. Many Taiwanese-backed venture capital firms, such as Acer spin-off, ID Tech, are players in China but are unwilling to enter the early-stage phase.
For the complete story, click here.
2.6 million more people into poverty
WASHINGTON (MarketWatch) -- The first year of recession took a toll on household incomes, drove 2.6 million more people into poverty, and cost 1 million people their employer-provided health care, the government reported Thursday.
Real median household income fell 3.6% in 2008 to $50,303, while the number of people living in poverty rose by 2.6 million to a record 39.8 million, or 13.2% of the population, up from 12.5% in 2007, the Census Bureau said. Read the full report.
Real median incomes had risen for three straight years before the dropoff in 2008. The decline in median incomes in 2008 was similar to that seen in the past two recessions, but less than in the years around the 1974 and 1982 recessions
In a finding sure to resonate with the debate on health-insurance reform, the government reported that the number of Americans without health insurance at any time during the year climbed by 800,000 to 46.3 million, or 15.4% of the population. The percentage of uninsured was unchanged from 2007 and has been essentially unchanged since 1991.
The number of people receiving employer-provided health care fell by 1 million to 176 million, while the number under government-funded health-care rose by 4.4 million to 87.4 million. About 25 million have private insurance not provided by an employer.
About 21 million people worked full-time but had no health insurance.
The number of children without health insurance fell to 7.3 million, the lowest since 1987, when the data were first collected. Fewer than 10% of children were uninsured, while 20% of adults under 65 were uninsured. Fewer than 2% of people over 65 were uninsured.
Nearly half of noncitizens were uninsured, accounting for about one-fifth of the total uninsured.
Rex Nutting is Washington bureau chief of MarketWatch.
Bilibala comments:
Poor & needy people are normally the one who suffer the most in recession and benefit the less in times of recover (hurt by inflation with less or even none of salary increase).
If we can free up our hand & some of our money to offer support, we should do so.
Real median household income fell 3.6% in 2008 to $50,303, while the number of people living in poverty rose by 2.6 million to a record 39.8 million, or 13.2% of the population, up from 12.5% in 2007, the Census Bureau said. Read the full report.
Real median incomes had risen for three straight years before the dropoff in 2008. The decline in median incomes in 2008 was similar to that seen in the past two recessions, but less than in the years around the 1974 and 1982 recessions
In a finding sure to resonate with the debate on health-insurance reform, the government reported that the number of Americans without health insurance at any time during the year climbed by 800,000 to 46.3 million, or 15.4% of the population. The percentage of uninsured was unchanged from 2007 and has been essentially unchanged since 1991.
The number of people receiving employer-provided health care fell by 1 million to 176 million, while the number under government-funded health-care rose by 4.4 million to 87.4 million. About 25 million have private insurance not provided by an employer.
About 21 million people worked full-time but had no health insurance.
The number of children without health insurance fell to 7.3 million, the lowest since 1987, when the data were first collected. Fewer than 10% of children were uninsured, while 20% of adults under 65 were uninsured. Fewer than 2% of people over 65 were uninsured.
Nearly half of noncitizens were uninsured, accounting for about one-fifth of the total uninsured.
Rex Nutting is Washington bureau chief of MarketWatch.
Bilibala comments:
Poor & needy people are normally the one who suffer the most in recession and benefit the less in times of recover (hurt by inflation with less or even none of salary increase).
If we can free up our hand & some of our money to offer support, we should do so.
Google moves toward micropayments for newspapers
by Caroline McCarthy
With micropayments and transaction platforms a buzzworthy sector of the Web right now, it's no surprise that Google would want to get in on the game.
But Mountain View's pitch is a little bit different: The payment platform it plans to build, according to the Nieman Journalism Lab, is geared toward newspapers that want to charge for digital content.
Google's plan was detailed in a letter that the company sent to the Newspaper Association for America, basically requesting information pertaining to paid-content models.
"While currently in the early planning stages, micropayments will be a payment vehicle available to both Google and non-Google properties within the next year," the letter, as published by the Nieman Lab, explained. "The idea is to allow viable payments of a penny to several dollars by aggregating purchases across merchants and over time. Google will mitigate the risk of non-payment by assigning credit limits based on past purchasing behavior and having credit card instruments on file for those with higher credit limits and using our proprietary risk engines to track abuse or fraud. Merchant integration will be extremely simple."
This is interesting, as Nieman Lab points out, because Google's plan aggregates payments into a bundle for processing, something that could potentially quell publisher concerns about transaction fees. The plan is very preliminary, obviously.
Google's Checkout product, the online transaction service that would likely be the base for the hypothetical micropayment system, has been around for a few years now. But it hasn't made a huge dent in far bigger competitor PayPal, and it's also been experiencing some big problems, as my colleague Tom Krazit reported Thursday.
"The Newspaper Association of America asked Google to submit some ideas for how its members could use technology to generate more revenue from their digital content, and we shared some of those ideas in this proposal," a statement from Google's PR department read. "It's consistent with Google's effort to help publishers reach bigger audiences, better engage their readers and make more money."
It ought to be pointed out, of course, that Google has been the target of harsh criticism from the newspaper industry (as well as other sectors of the publishing business) for profiting from third-party content. Wall Street Journal editor Robert Thomson went so far as to call online news aggregators (not mentioning Google by name) "parasites or tech tapeworms."
Meanwhile, the payment platform that's been getting the most scrutiny and interest in the tech press these days has been, of course, Facebook's "credits" system. But while Facebook's pitch thus far has been toward nonprofits looking for small donations and game developers using virtual goods, it's still impossible to discount the fact that Google's micropayments move could be aimed at staking a claim in the same territory.
Note: This post was expanded at 7:09 a.m. PDT.
Bilibala comments:
Currently, other than search engine, Google did not make money in other business. Look forward to see how is the corp doing in You Tube and its mobile phone, if it works and may be the newspaper will work too.
With micropayments and transaction platforms a buzzworthy sector of the Web right now, it's no surprise that Google would want to get in on the game.
But Mountain View's pitch is a little bit different: The payment platform it plans to build, according to the Nieman Journalism Lab, is geared toward newspapers that want to charge for digital content.
Google's plan was detailed in a letter that the company sent to the Newspaper Association for America, basically requesting information pertaining to paid-content models.
"While currently in the early planning stages, micropayments will be a payment vehicle available to both Google and non-Google properties within the next year," the letter, as published by the Nieman Lab, explained. "The idea is to allow viable payments of a penny to several dollars by aggregating purchases across merchants and over time. Google will mitigate the risk of non-payment by assigning credit limits based on past purchasing behavior and having credit card instruments on file for those with higher credit limits and using our proprietary risk engines to track abuse or fraud. Merchant integration will be extremely simple."
This is interesting, as Nieman Lab points out, because Google's plan aggregates payments into a bundle for processing, something that could potentially quell publisher concerns about transaction fees. The plan is very preliminary, obviously.
Google's Checkout product, the online transaction service that would likely be the base for the hypothetical micropayment system, has been around for a few years now. But it hasn't made a huge dent in far bigger competitor PayPal, and it's also been experiencing some big problems, as my colleague Tom Krazit reported Thursday.
"The Newspaper Association of America asked Google to submit some ideas for how its members could use technology to generate more revenue from their digital content, and we shared some of those ideas in this proposal," a statement from Google's PR department read. "It's consistent with Google's effort to help publishers reach bigger audiences, better engage their readers and make more money."
It ought to be pointed out, of course, that Google has been the target of harsh criticism from the newspaper industry (as well as other sectors of the publishing business) for profiting from third-party content. Wall Street Journal editor Robert Thomson went so far as to call online news aggregators (not mentioning Google by name) "parasites or tech tapeworms."
Meanwhile, the payment platform that's been getting the most scrutiny and interest in the tech press these days has been, of course, Facebook's "credits" system. But while Facebook's pitch thus far has been toward nonprofits looking for small donations and game developers using virtual goods, it's still impossible to discount the fact that Google's micropayments move could be aimed at staking a claim in the same territory.
Note: This post was expanded at 7:09 a.m. PDT.
Bilibala comments:
Currently, other than search engine, Google did not make money in other business. Look forward to see how is the corp doing in You Tube and its mobile phone, if it works and may be the newspaper will work too.
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