《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.
What FedEx's earnings will say about recovery
http://www.thedeal.com/dealscape/2009/09/what_fedexs_earnings_will_say.php
"The most important data of the month -- perhaps of the year -- will be released this week," according to finance and business blogger Jeff Matthews.
He goes on: "The data will provide not only the most realistic fundamental snapshot of the U.S. economy at the moment, but a view of trends around the world. The data are not, however, courtesy of the Federal Reserve or the Treasury Department."
Are you on the edge of your seat yet?
"The data are courtesy of Federal Express (now FedEx, officially speaking), and consists of that company's first fiscal quarter earnings and its outlook for the back half of this calendar year."
Sounds like a lot to place on an earnings announcement -- "the most realistic fundamental snapshot of the U.S. economy" -- but it's at least partially true; FedEx Corp.'s (NYSE:FDX) results, to be announced Thursday, will be a good measure of the recovery's pulse.
According to a study commissioned by the International Air Cargo Association, there is a well-established correlation between air cargo growth to growth in the gross domestic product. "For example," the paper states, "by knowing either world GDP or world air freight amounts you can predict the other with approximately 97% accuracy." This goes for international regions as well.
Indeed, John D. Kasarda, director of the Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill and co-author of the study, told The Deal, "Whereas employment data is a lagging indicator of economic health, air cargo is a leading indicator." Since the GDP and air cargo are mutually causal, they are highly interdependent.
So what are FedEx's expected results?
The package delivery major announced recently that it expects to post earnings of 58 cents per share, which is well above its guidance of 30 cents to 45 cents, meaning global GDP could also be on the mend.
FedEx attributed the better-than-expected first-quarter earnings to improved "international priority" shipping volumes as well as management's cost cutting efforts, which is important to note because it's the shipping data, more than overall earnings, that are important.
"If you think about the system of retail, if it's not shipped it doesn't get sold," said Helane Becker, analyst for Jesup & Lamont. - Sara Behunek
Read the full study here
follow me on Twitter @sarabehunek
"The most important data of the month -- perhaps of the year -- will be released this week," according to finance and business blogger Jeff Matthews.
He goes on: "The data will provide not only the most realistic fundamental snapshot of the U.S. economy at the moment, but a view of trends around the world. The data are not, however, courtesy of the Federal Reserve or the Treasury Department."
Are you on the edge of your seat yet?
"The data are courtesy of Federal Express (now FedEx, officially speaking), and consists of that company's first fiscal quarter earnings and its outlook for the back half of this calendar year."
Sounds like a lot to place on an earnings announcement -- "the most realistic fundamental snapshot of the U.S. economy" -- but it's at least partially true; FedEx Corp.'s (NYSE:FDX) results, to be announced Thursday, will be a good measure of the recovery's pulse.
According to a study commissioned by the International Air Cargo Association, there is a well-established correlation between air cargo growth to growth in the gross domestic product. "For example," the paper states, "by knowing either world GDP or world air freight amounts you can predict the other with approximately 97% accuracy." This goes for international regions as well.
Indeed, John D. Kasarda, director of the Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill and co-author of the study, told The Deal, "Whereas employment data is a lagging indicator of economic health, air cargo is a leading indicator." Since the GDP and air cargo are mutually causal, they are highly interdependent.
So what are FedEx's expected results?
The package delivery major announced recently that it expects to post earnings of 58 cents per share, which is well above its guidance of 30 cents to 45 cents, meaning global GDP could also be on the mend.
FedEx attributed the better-than-expected first-quarter earnings to improved "international priority" shipping volumes as well as management's cost cutting efforts, which is important to note because it's the shipping data, more than overall earnings, that are important.
"If you think about the system of retail, if it's not shipped it doesn't get sold," said Helane Becker, analyst for Jesup & Lamont. - Sara Behunek
Read the full study here
follow me on Twitter @sarabehunek
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.
Procter & Gamble reaffirms Q1 EPS
Procter & Gamble reaffirms Q1 EPS, FY10 EPS and revs guidance; sees return to organic sales growth in second quarter Co reaffirms guidance for Q1 (Sep), sees EPS of $0.95-1.00 vs. $0.97 First Call consensus; co also sees organic sales down 7-10% YoY vs -9.9% consensus. Co reaffirms guidance for FY10 (Jun), sees EPS of $3.65-3.80, excluding the sale of its Pharma biz, vs. $3.68 consensus; co also reaffirms its organic sales outlook of up 1-3% vs the -0.6% consensus. The co also stated it expects to return to organic sales growth in the October - December quarter compared to prior year levels, following two quarters of organic sales declines.
"We clearly see that we are approaching an inflection point in P&G's organic sales trends. The innovations we are launching and the investments we are making are having an impact in the market. In addition, comparisons to prior year results will get easier as we move into the second quarter."
Co also provided guidanec including the sales of the Pharmaceutical biz; it now sees FY10 EPS of $3.99-4.12. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.
Bilibala comments:
Great!! Looks like the consumer staple sector has started the recovery journey. Let's see whether the actual will follow through according to Management's expectations.
"We clearly see that we are approaching an inflection point in P&G's organic sales trends. The innovations we are launching and the investments we are making are having an impact in the market. In addition, comparisons to prior year results will get easier as we move into the second quarter."
Co also provided guidanec including the sales of the Pharmaceutical biz; it now sees FY10 EPS of $3.99-4.12. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.
Bilibala comments:
Great!! Looks like the consumer staple sector has started the recovery journey. Let's see whether the actual will follow through according to Management's expectations.
9.09.2009
25 Insightful Investment Sayings from Warren Buffett
Posted by: gurufocus (IP Logged)
Date: September 8, 2009 08:59PM
In no particular order, here are 25 insightful investment sayings from legendary investor Warren Buffett:
- "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1"
- "In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond."
- "The fact that people will be full of greed, fear or folly is predictable. The sequence is not predictable."
- "Be fearful when others are greedy. Be greedy when others are fearful."
- "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
- "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact."
- “You only find out who is swimming naked when the tide goes out.”
- "Risk comes from not knowing what you're doing."
- "If I was running $1 million today, or $10 million for that matter, I'd be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rates of return I've ever achieved were in the 1950s. I killed the Dow. You ought to see the numbers. But I was investing peanuts then. It's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that."
- "Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down."
- "I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."
- "Price is what you pay. Value is what you get."
- "I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over."
- "If a business does well, the stock eventually follows."
- "Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."
- "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well."
- "The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands."
- "Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."
- "Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
- "Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid."
- "I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out."
- "We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely."
- "In the business world, the rearview mirror is always clearer than the windshield."
- "The investor of today does not profit from yesterday's growth."
- "Someone's sitting in the shade today because someone planted a tree a long time ago."
Complied by Dah Hui Lau (David
9.08.2009
Google Monoply
聯合新聞網 2009/09/09
歷史悠久的經典遊戲「大富翁」將出現新花樣，玩具生產商「孩之寶」和搜尋網站Google合作，以Google地圖當做遊戲板，讓玩家在全球各大城市數百萬條真實街道上玩遊戲，過過當房地產大亨的癮。
歷史悠久的經典遊戲「大富翁」將出現新花樣，玩具生產商「孩之寶」和搜尋網站Google合作，以Google地圖當做遊戲板，讓玩家在全球各大城市數百萬條真實街道上玩遊戲，過過當房地產大亨的癮。
「大富翁城市街景」（Monopoly City Streets）將在九日上線，讓全球玩家對戰，看誰能成為虛擬世界最有錢的房地產大亨。全球遊戲將免費試玩四個月，玩家可獲三百萬元大富翁幣做資本，根據Google地圖買地置產。
線上版與傳統大富翁遊戲不同之處，是除了房屋和酒店外，玩家也可興建摩天大廈、足球場和其他建築物收租金。
若想收購的街道已被買走，也別失望，只要向地主出價，七天內若未得到回應，收購就自動成立。所以新遊戲主要精神是「每天都要上線」！
想買美國首都華盛頓的賓州大道嗎？沒問題，只要兩百萬大富翁幣，就可以連白宮一併買下。而英國首相府所在的唐寧街，整條街只要廿三．一萬元。
摩天大樓日租一億元，普通房屋則是五萬元，逐日自動支付。玩家還可使用「機會卡」，在對手的地盤興建監獄、垃圾場或汙水處理廠搞破壞，降低地主的租金，不過遊戲也會告知玩家破壞者的身分，以示公平。
「孩之寶」表示，玩家可以享受建立虛擬王國的樂趣，忘掉不景氣的現實。
【聯合報╱編譯朱小明、潘淑婷／綜合報導】
Reitmans Canada annouces new CFO
MONTREAL, Sept. 8 /CNW Telbec/ - Reitmans (Canada) Limited announced
today the retirement of Douglas Deruchie, CA as Vice-President Finance and
Chief Financial Officer of the Company effective September 30, 2009. Eric
Williams, CA, Vice-President and Treasurer of Reitmans, has been appointed as
the new Vice-President Finance and Chief Financial Officer of the Company
effective September 30, 2009.
%SEDAR: 00002316EF
For further information: Jeremy H. Reitman, President, (514) 385-2630;
www.reitmans.ca
Biggest winning company during the crisis - HSBC & Brekshire Hathaway
Tue Sep 8, 2009 9:01am EDT
By Martin de Sa'Pinto
http://www.reuters.com/article/pressReleasesMolt/idUSTRE5872ZR20090908
ZURICH (Reuters) - Global banking giant HSBC and Warren Buffett's Berkshire Hathaway should be paying staff the biggest bonuses, according to a new bonus model from a management consultant.
The two groups top a list of financial institutions measured by the new method from consulting firm Stern Stewart, as the industry seeks to address concerns over the short-termism partly blamed for sparking a global banking meltdown.
Erik Stern, managing director of the firm, is trying to get financial firms to adopt his Relative Wealth Added (RWA) model to measure bonuses, saying it can align executive and shareholder interests.
"Many managers were paid especially well because markets were rising, including those whose firms performed worse than peers. They had good fortune, were they managers of premier league clubs, they would probably have been fired," Stern told Reuters in an interview.
Stern's company is known for its widely-used concept of Economic Value Added (EVA), which it says turns a firm's accounting book value into economic book value, and measures whether shareholder value has been created.
The EVA model, credited by many for a turnaround at Coca Cola, forms the basis of the new calculation, RWA.
Using its new calculation, Stern identifies HSBC and Berkshire Hathaway among the worst performers during the economic expansion between 2002 and 2007, but the best two performers since.
They were also among the best over the whole 2002-2009 cycle, alongside players like Goldman Sachs. The worst performers were Citigroup and AIG, which ranked near the bottom in both the expansion and contraction phases of the business cycle.
Companies can encourage executives to take only those risks that align the long-term corporate interest with that of investors, by using the right measure of long-term performance and using the right compensation structure, Stern said.
"For example, in the case of options awards, most of these should begin to vest after a number of years, with no short term vesting," Stern said.
"If bonuses are paid in shares, executives should have to hold some of them until after they leave the company, otherwise they may take decisions that boost profits and their bonuses in the short term but may damage the company when they are gone."
(Editing by Joel Dimmock and Elaine Hardcastle)
Bilibala comments:
During the worse situation, and specially in the worse situation, we can tell which company is good and which is bad.
9.04.2009
Moody's outlook
By Kerry Grace Benn DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Moody's Corp. (MCO) and McGraw-Hill Cos. (MHP) remain under a cloud after bad news this week, though analysts say they see the slide as a buying opportunity.
The shares' decline comes after an unfavorable court ruling this week versus the companies' ratings agencies and Warren Buffett's Berkshire Hathaway Inc. (BRKA) pared its stake in Moody's for the second time since late July.
Analysts at Piper Jaffray said in a note to clients that the controversy could be an opportunity, adding their enthusiasm for the shares of both companies was based on rebounding credit-market issuance volumes, which drive revenue and earnings; easing regulatory worries; their belief that litigation risk "will prove manageable" and appealing valuations.
Moody's shares were up 10 cents at $24.36 in recent trading after losing 7.1% Thursday, while McGraw-Hill's were up 22 cents at $29.23 after dropping 10% Thursday. In the last month, the stocks are off 2.9% and 6%, respectively.
A federal judge ruled the ratings agencies, Moody's Investors Service and McGraw-Hill's Standard & Poor's Ratings Services, must defend a lawsuit over the collapse of a $5.86 billion structured investment vehicle in 2007. The judge threw out 10 of the 11 claims against the companies.
The firms had long argued that their ratings of securities were constitutionally protected opinion. But a federal judge ruled Wednesday that the ratings of certain securities - those that are distributed to a limited number of investors - don't deserve the same free-speech protection as more general ratings of corporate bonds that were widely disseminated.
The ruling is expected to spur more lawsuits and could apply to structured investment vehicles once valued as high as $400 billion.
Benchmark Co. analyst Edward Atorino said it's unfortunate the ruling happened, as business is getting better faster than expected in terms of new bond issuance for the two ratings agencies. But one claim going forward "really casts a pall over the stocks," he said.
Atorino said the companies in the past have always managed to successfully defend themselves against all kinds of charges, adding he thinks it's pretty difficult to prove fraud in cases like this one. They have been able to convince courts and juries that they provide opinions and aren't telling people to buy or predicting value, he said.
In a separate note, Piper Jaffray said that contrary to the market's negative response, "we believe the decision has little implication for the eventual outcome of the case or the ability of the rating agencies to rely on freedom-of-speech defense in ongoing litigation." The firm reiterated its overweight rating on both companies and said it would use the weakness to buy shares.
John Eade, an analyst at Argus Research Co. who only covers McGraw-Hill, said he thinks McGraw-Hill and Moody's will likely win the cases for First Amendment reasons and because the business "has been basically approved by Congress and integrated into the financial system over the past few decades to the point where certain pension funds are required to buy rated bonds."
He added he doesn't think the companies will be found guilty, but said the business model could change in two ways - first with the addition of new competitors if the government makes it easier for firms to achieve the Nationally Recognized Statistical Rating Organization status required to become a ratings agency, giving investors more choice.
The second possible change could be asking investment managers to pay for the ratings service - if that occurred, Eade said, the investors might have a better case to sue if they thought they had gotten bad advice. "I don't know how the government could mandate that," he said.
Meanwhile, Berkshire Hathaway sold 794,388 Moody's shares this week, or about 0.3% of the company's outstanding shares, at prices from $26.30 to $27.74. Buffett has weathered criticism in the past year for his stake in Moody's, because Moody's Investors Service is one of the ratings agencies that has been criticized for the top grades it had issued to mortgage-backed securities that later underperformed.
Buffett cut his Moody's stake by 8 million shares in mid-July, reducing his stake to about 40 million shares. He said at the time that he might decide to sell more shares.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com
Bilibala comments:
After the financial crisis, the market actually need more (instead of less) consultant and credit rating service to make sure an particular fixed income product or an corpration should be.
So Moody and McGraw-Hill should be able to get more business than ever in future.
However, in short term, given the financial market is still in the "de-leveaging" stage (at least less underwriting activities is done.) So may be for the next few years, revenue growth will still under pressure.
Warren Buffett's move is understandable, he reduce sake in Moody down below 20% so that he doesn't have to use equity method to report Moody's earning in Berkshire Hathaway's book. It will help him to smooth the bottom line to be less volatile.
NEW YORK (Dow Jones)--Shares of Moody's Corp. (MCO) and McGraw-Hill Cos. (MHP) remain under a cloud after bad news this week, though analysts say they see the slide as a buying opportunity.
The shares' decline comes after an unfavorable court ruling this week versus the companies' ratings agencies and Warren Buffett's Berkshire Hathaway Inc. (BRKA) pared its stake in Moody's for the second time since late July.
Analysts at Piper Jaffray said in a note to clients that the controversy could be an opportunity, adding their enthusiasm for the shares of both companies was based on rebounding credit-market issuance volumes, which drive revenue and earnings; easing regulatory worries; their belief that litigation risk "will prove manageable" and appealing valuations.
Moody's shares were up 10 cents at $24.36 in recent trading after losing 7.1% Thursday, while McGraw-Hill's were up 22 cents at $29.23 after dropping 10% Thursday. In the last month, the stocks are off 2.9% and 6%, respectively.
A federal judge ruled the ratings agencies, Moody's Investors Service and McGraw-Hill's Standard & Poor's Ratings Services, must defend a lawsuit over the collapse of a $5.86 billion structured investment vehicle in 2007. The judge threw out 10 of the 11 claims against the companies.
The firms had long argued that their ratings of securities were constitutionally protected opinion. But a federal judge ruled Wednesday that the ratings of certain securities - those that are distributed to a limited number of investors - don't deserve the same free-speech protection as more general ratings of corporate bonds that were widely disseminated.
The ruling is expected to spur more lawsuits and could apply to structured investment vehicles once valued as high as $400 billion.
Benchmark Co. analyst Edward Atorino said it's unfortunate the ruling happened, as business is getting better faster than expected in terms of new bond issuance for the two ratings agencies. But one claim going forward "really casts a pall over the stocks," he said.
Atorino said the companies in the past have always managed to successfully defend themselves against all kinds of charges, adding he thinks it's pretty difficult to prove fraud in cases like this one. They have been able to convince courts and juries that they provide opinions and aren't telling people to buy or predicting value, he said.
In a separate note, Piper Jaffray said that contrary to the market's negative response, "we believe the decision has little implication for the eventual outcome of the case or the ability of the rating agencies to rely on freedom-of-speech defense in ongoing litigation." The firm reiterated its overweight rating on both companies and said it would use the weakness to buy shares.
John Eade, an analyst at Argus Research Co. who only covers McGraw-Hill, said he thinks McGraw-Hill and Moody's will likely win the cases for First Amendment reasons and because the business "has been basically approved by Congress and integrated into the financial system over the past few decades to the point where certain pension funds are required to buy rated bonds."
He added he doesn't think the companies will be found guilty, but said the business model could change in two ways - first with the addition of new competitors if the government makes it easier for firms to achieve the Nationally Recognized Statistical Rating Organization status required to become a ratings agency, giving investors more choice.
The second possible change could be asking investment managers to pay for the ratings service - if that occurred, Eade said, the investors might have a better case to sue if they thought they had gotten bad advice. "I don't know how the government could mandate that," he said.
Meanwhile, Berkshire Hathaway sold 794,388 Moody's shares this week, or about 0.3% of the company's outstanding shares, at prices from $26.30 to $27.74. Buffett has weathered criticism in the past year for his stake in Moody's, because Moody's Investors Service is one of the ratings agencies that has been criticized for the top grades it had issued to mortgage-backed securities that later underperformed.
Buffett cut his Moody's stake by 8 million shares in mid-July, reducing his stake to about 40 million shares. He said at the time that he might decide to sell more shares.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com
Bilibala comments:
After the financial crisis, the market actually need more (instead of less) consultant and credit rating service to make sure an particular fixed income product or an corpration should be.
So Moody and McGraw-Hill should be able to get more business than ever in future.
However, in short term, given the financial market is still in the "de-leveaging" stage (at least less underwriting activities is done.) So may be for the next few years, revenue growth will still under pressure.
Warren Buffett's move is understandable, he reduce sake in Moody down below 20% so that he doesn't have to use equity method to report Moody's earning in Berkshire Hathaway's book. It will help him to smooth the bottom line to be less volatile.
Econ Data 09 w36
- 美國失業率
- 加拿大大選
- 中國 QFII 對股市影響
- 中國人壽09年第二季
USA
Overall
- 加拿大大選
- 中國 QFII 對股市影響
- 中國人壽09年第二季
USA
Overall
- 2Q revised productivity up to +6.6% from +6.4% in 1st draft (better than expect, +6.4%)
- Aug auto sales up to 5.3M from 4.2M in Jul & Aug truck sales up to 4.9M from 4.2M in Jul. Thanks to the Cash for Clucker program that government offer $4,500 for auto buyers who trade in their 2nd hand cars
- Aug ISM index up to 52.9 from 48.9 in Jul (better, 50.5), again, above 50 means out of recession from a technical point of view
- Aug ISM Service up to 48.4 from 46.4 in Jul (better, 48.0)
- Jul factory orders up to +1.3% from +0.9% in Jun (worse, +2.2%)
- Jul pending home sales down to +3.2% from +3.6% in Jun (better, +1.5%)
- Aug unemployment rate up to 9.7% from 9.4% in Jul (worse, 9.5%)
- Aug non-fram payroll pos up to -216k from -276k in Jul (inline, -230k)
- Aug ADP employment up to -298k from -360k (worse, -250k)
- 08/29 initial jobless claim down to 570k from 574k (worse, 564k)
Canada
- Jun GDP up to +0.1% M/M from -0.5% M/M in May
- Aug unemployment rate up to 8.7% from 8.6% in Jul
- Aug net change in employment up to +27.1 from -44.5 in Jul, looks like a catch up to me, i want to see the trend in Sep & Oct before I can confirm the unemployment situation has already touch the peak
Reitmans Canada 2q09 results
Bilibala's comments:
When retail market is falling during 1H09, Reitmans still managed to deliver strong (at least flat compare to last year) top line.
However, CAD dollar fall from 0.99 to 0.84 or 15.2% has significant impact toReitmans' gross margin as well as net margin. Given the fact that 85% of her supplies are imported from China through Hong Kong.
Looking forward, as CAD rise back to 0.91, we should see improvement in Reitmans' 3q10 & 4q10 results.
Details
Sales for the year to date remained virtually unchanged at $517,723,000
as compared with $517,820,000 for the year to date fiscal 2009. Same store
sales decreased by 1.6%. Reduced consumer spending continued to impact sales
as consumers cut back on discretionary spending. Statistics Canada reported in
their July 2009 labour force survey that from October 2008 through to July
2009 total employment fell by 2.4% and during the same period the unemployment
rate increased 2.3 percentage points to 8.6% nationally, the highest in 11
years. Rising unemployment rates in a number of key markets, most notably
southern Ontario and Alberta, impacted sales as households reduced spending on
apparel due to credit and personal liquidity constraints. Additionally,
Environment Canada reported that the national average temperature for the
spring of 2009 was below normal, ranking it as the eighteenth coolest since
nationwide records began in 1948. Although British Columbia experienced record
heat, the rest of Canada had less than favourable conditions resulting in
consumers delaying and in some cases foregoing purchases of summer merchandise
thereby further negatively impacting sales.
For the year to date, EBITDA decreased by $24,246,000 or 23.5% to
$79,073,000 as compared with $103,319,000 for the year to date fiscal 2009.
The Company's gross margin of 63.0% for the year to date decreased as compared
to 68.0% in the year to date fiscal 2009 primarily due to the impact of the
Canadian dollar vis-à-vis the US dollar. As the Company purchases the majority
of its merchandise with US dollars, a significant fluctuation of the Canadian
dollar vis-à-vis the US dollar impacts earnings. The decrease in gross margin
was primarily attributable to the impact of higher cost of merchandise sold
due to the weakening of the Canadian dollar during the fourth quarter of
fiscal 2009 and into fiscal 2010. The average rate for a US dollar in the year
to date was $1.19 Canadian as compared to $1.01 Canadian in the year to date
fiscal 2009. Spot prices for $1.00 US for the year to date ranged between a
high of $1.30 and a low of $1.08 Canadian ($1.03 and $0.97 respectively for
the year to date fiscal 2009). Significant components of store operating costs
that impacted EBITDA included rent and occupancy costs, which increased by 54
basis points as a percentage of sales, while store wage costs were unchanged
as a percentage of sales.
Depreciation and amortization expense for the year to date was
$30,159,000 compared to $28,782,000 for the year to date fiscal 2009. This
increase reflects the increased new store construction and store renovation
activities of the Company. As well, it includes $1,090,000 of write-offs as a
result of closed and renovated stores, compared to $2,074,000 in the year to
date fiscal 2009.
Investment income for the year to date decreased 66.9% to $1,407,000 as
compared to $4,257,000 in the year to date fiscal 2009. Dividend income for
the year to date was $1,072,000 as compared to $823,000 for the year to date
fiscal 2009. There was $61,000 of net capital losses for the year to date,
while there were no net capital gains or losses in the year to date fiscal
2009. Interest income decreased for the year to date to $396,000 as compared
to $3,434,000 for the year to date fiscal 2009 due to lower cash balances and
significantly lower rates of interest.
Interest expense on long-term debt decreased to $433,000 for the year to
date from $469,000 in the year to date fiscal 2009. This decrease reflects the
continued repayment of the mortgage on the Company's distribution centre.
Income tax expense for the year to date amounted to $15,661,000, for an
effective tax rate of 31.4% as compared to $24,504,000 for the year to date
fiscal 2009, for an effective tax rate of 31.3%.
Net earnings for the year to date decreased 36.4% to $34,227,000 ($0.49
diluted earnings per share) as compared with $53,821,000 ($0.76 diluted
earnings per share) for the year to date fiscal 2009. The decrease was
primarily attributable to the impact of higher cost of merchandise sold due to
the weakening of the Canadian dollar during the fourth quarter of fiscal 2009
and into fiscal 2010.
The Company in its normal course of business makes long lead time
commitments for a significant portion of its merchandise purchases, in some
cases as long as eight months. In the year to date, these merchandise
purchases, which are payable in US dollars, exceeded $104,000,000 US (August
2, 2008 - $103,000,000 US). The Canadian dollar continued to experience
volatility against the US dollar in the year to date. The Company considers a
variety of strategies designed to fix the cost of its continuing US dollar
long-term commitments, including foreign exchange option contracts with
maturities not exceeding three months.
During the year to date, the Company opened 9 stores comprised of 2
Reitmans, 3 RW & CO., 1 Thyme Maternity, 1 Cassis and 2 Penningtons; 11 stores
were closed. Accordingly, at August 1, 2009, there were 971 stores in
operation, consisting of 368 Reitmans, 164 Smart Set, 62 RW & CO., 76 Thyme
Maternity, 16 Cassis, 162 Penningtons and 123 Addition Elle, as compared with
a total of 970 stores as at August 2, 2008.
Store closings take place for a variety of reasons as the viability of
each store and its location is constantly monitored and assessed for
continuing profitability. In most cases when a store is closed, merchandise at
that location is sold off in the normal course of business and any unsold
merchandise remaining at the closing date is generally transferred to other
stores operating under the same banner for sale in the normal course of
business.
When retail market is falling during 1H09, Reitmans still managed to deliver strong (at least flat compare to last year) top line.
However, CAD dollar fall from 0.99 to 0.84 or 15.2% has significant impact toReitmans' gross margin as well as net margin. Given the fact that 85% of her supplies are imported from China through Hong Kong.
Looking forward, as CAD rise back to 0.91, we should see improvement in Reitmans' 3q10 & 4q10 results.
Details
Sales for the year to date remained virtually unchanged at $517,723,000
as compared with $517,820,000 for the year to date fiscal 2009. Same store
sales decreased by 1.6%. Reduced consumer spending continued to impact sales
as consumers cut back on discretionary spending. Statistics Canada reported in
their July 2009 labour force survey that from October 2008 through to July
2009 total employment fell by 2.4% and during the same period the unemployment
rate increased 2.3 percentage points to 8.6% nationally, the highest in 11
years. Rising unemployment rates in a number of key markets, most notably
southern Ontario and Alberta, impacted sales as households reduced spending on
apparel due to credit and personal liquidity constraints. Additionally,
Environment Canada reported that the national average temperature for the
spring of 2009 was below normal, ranking it as the eighteenth coolest since
nationwide records began in 1948. Although British Columbia experienced record
heat, the rest of Canada had less than favourable conditions resulting in
consumers delaying and in some cases foregoing purchases of summer merchandise
thereby further negatively impacting sales.
For the year to date, EBITDA decreased by $24,246,000 or 23.5% to
$79,073,000 as compared with $103,319,000 for the year to date fiscal 2009.
The Company's gross margin of 63.0% for the year to date decreased as compared
to 68.0% in the year to date fiscal 2009 primarily due to the impact of the
Canadian dollar vis-à-vis the US dollar. As the Company purchases the majority
of its merchandise with US dollars, a significant fluctuation of the Canadian
dollar vis-à-vis the US dollar impacts earnings. The decrease in gross margin
was primarily attributable to the impact of higher cost of merchandise sold
due to the weakening of the Canadian dollar during the fourth quarter of
fiscal 2009 and into fiscal 2010. The average rate for a US dollar in the year
to date was $1.19 Canadian as compared to $1.01 Canadian in the year to date
fiscal 2009. Spot prices for $1.00 US for the year to date ranged between a
high of $1.30 and a low of $1.08 Canadian ($1.03 and $0.97 respectively for
the year to date fiscal 2009). Significant components of store operating costs
that impacted EBITDA included rent and occupancy costs, which increased by 54
basis points as a percentage of sales, while store wage costs were unchanged
as a percentage of sales.
Depreciation and amortization expense for the year to date was
$30,159,000 compared to $28,782,000 for the year to date fiscal 2009. This
increase reflects the increased new store construction and store renovation
activities of the Company. As well, it includes $1,090,000 of write-offs as a
result of closed and renovated stores, compared to $2,074,000 in the year to
date fiscal 2009.
Investment income for the year to date decreased 66.9% to $1,407,000 as
compared to $4,257,000 in the year to date fiscal 2009. Dividend income for
the year to date was $1,072,000 as compared to $823,000 for the year to date
fiscal 2009. There was $61,000 of net capital losses for the year to date,
while there were no net capital gains or losses in the year to date fiscal
2009. Interest income decreased for the year to date to $396,000 as compared
to $3,434,000 for the year to date fiscal 2009 due to lower cash balances and
significantly lower rates of interest.
Interest expense on long-term debt decreased to $433,000 for the year to
date from $469,000 in the year to date fiscal 2009. This decrease reflects the
continued repayment of the mortgage on the Company's distribution centre.
Income tax expense for the year to date amounted to $15,661,000, for an
effective tax rate of 31.4% as compared to $24,504,000 for the year to date
fiscal 2009, for an effective tax rate of 31.3%.
Net earnings for the year to date decreased 36.4% to $34,227,000 ($0.49
diluted earnings per share) as compared with $53,821,000 ($0.76 diluted
earnings per share) for the year to date fiscal 2009. The decrease was
primarily attributable to the impact of higher cost of merchandise sold due to
the weakening of the Canadian dollar during the fourth quarter of fiscal 2009
and into fiscal 2010.
The Company in its normal course of business makes long lead time
commitments for a significant portion of its merchandise purchases, in some
cases as long as eight months. In the year to date, these merchandise
purchases, which are payable in US dollars, exceeded $104,000,000 US (August
2, 2008 - $103,000,000 US). The Canadian dollar continued to experience
volatility against the US dollar in the year to date. The Company considers a
variety of strategies designed to fix the cost of its continuing US dollar
long-term commitments, including foreign exchange option contracts with
maturities not exceeding three months.
During the year to date, the Company opened 9 stores comprised of 2
Reitmans, 3 RW & CO., 1 Thyme Maternity, 1 Cassis and 2 Penningtons; 11 stores
were closed. Accordingly, at August 1, 2009, there were 971 stores in
operation, consisting of 368 Reitmans, 164 Smart Set, 62 RW & CO., 76 Thyme
Maternity, 16 Cassis, 162 Penningtons and 123 Addition Elle, as compared with
a total of 970 stores as at August 2, 2008.
Store closings take place for a variety of reasons as the viability of
each store and its location is constantly monitored and assessed for
continuing profitability. In most cases when a store is closed, merchandise at
that location is sold off in the normal course of business and any unsold
merchandise remaining at the closing date is generally transferred to other
stores operating under the same banner for sale in the normal course of
business.
China Resource 2q09 results
Bilibala's comments:
I think China Resource has gone through a tough year where net margin ran down to 4.5% from 5.5% and net income down by 22.2%.
However, if we excluded the non core business and the unrealized gain/loss on HFT financial instrucment. The profit actually rise by 10%.
Given the fact that China Resource is the leader in China's consumer staple market while China's consumption is rising, I think the corporation's outlook will be bright.
Details:
半年度業績
本集團截至二零零九年六月三十日止六個月的未經審核綜合營業額及公司股東應佔溢利分
別約為港幣35,047,000,000元及港幣1,158,000,000元，較去年同期增加10.2%及減少22.2%；經
營業務的每股基本盈利為港幣0.48元，對比二零零八年同期港幣0.62元。二零零九年上半
年及二零零八年上半年的投資物業重估及重大出售事項的稅後收益分別合共港幣
192,000,000元及港幣466,000,000元，剔除該等影響後，本集團二零零九年首六個月的公司
股東應佔未經審核綜合基礎溢利應減少5.5%。
中期股息
董事會議決於二零零九年十月十六日或前後，向於二零零九年十月五日名列本公司股東名
冊的股東派發截至二零零九年六月三十日止六個月的中期股息每股港幣0.14 元（二零零八
年：每股港幣0.15 元）。
前景
二零零九年上半年，中國內地的國內生產總值增長優於市場預期。由於中央政府相信內地
經濟距離徹底復蘇尚遠，因此維持了積極的財政政策及寬鬆的貨幣政策，以支持本地經濟
好轉的勢頭。全球金融危機對香港及中國內地經濟均有所影響，而儘管本集團的整體基礎
溢利於二零零九年上半年仍按年下降，但其繼續改善的情況令人感到鼓舞。
為應對充滿挑戰的經濟情況，本集團將進一步集中發展及鞏固三項核心業務，即零售、飲
品及食品業務。為此，本集團一直在評估各種重整非核心業務的可行性，並且已經與有意
投資者進行磋商，最終可能會將部份或整項業務出售，但迄今尚未達成任何協議，亦未定
出時間表。
本集團將實施多項措施，例如系統自動化、加強資金運用管理及員工效益等，以支持未來
高質量的增長，為迎接未來的商機作好準備。本集團過往以透過併購來擴大市場佔有率為
發展重點，但現在亦會較為偏重通過成本控制、風險管理及現金管理來提升盈利能力。
中國內地自二零零九年二月開始出現通縮，不利於經營超市業務。而本集團的超市業務已
調整策略，以迎合在經濟不景下，居民的降格消費習慣，並在一定程度上紓緩了經濟環境
低迷的影響。展望未來，我們將繼續努力加強與供應商的合作，實施中央採購，做好存貨
管理，以保持成本處於低水平。未來將主要透過開設新店，加上同店增長及併購來拓展業
務。為提升管治能力，本業務已實施先進的會計自動化措施。我們深信，只要經濟一旦回
復增長，本集團一貫提高檔次的策略，將可在有利的環境中，實現最大的效益。
本集團的啤酒業務表現遠勝於市場，上半年銷量增長達行業平均增長兩倍以上。值得注意
的是，我們加強了在遼寧、黑龍江、安徽、浙江及山東等若干省份的現有地位。我們亦收
購了若干非全資附屬公司之少數權益。除併購外，本集團將把握機遇，透過投資於新建啤
酒廠及提升現有啤酒廠產能，加快我們的行業整合策略。該策略不但可擴大我們的市場佔
有率，而且將改善本業務的整體淨溢利。同時，市場上原材料價格下降，加上本集團控制
原材料的措施，將進一步降低生產成本及提升盈利能力。鑑於內地啤酒市場的人均啤酒消
耗量，相對於日本及其他歐洲國家仍然偏低，因此未來內地啤酒業將有龐大的增長潛力。
與啤酒業務一樣，本集團的純淨水業務亦錄得強勁的盈利增長。在根據地廣東省內外的擴
張已取得初步成效。我們相信中國內地包裝水的需求將隨著時間持續上升。未來我們將繼
續鞏固在廣東省的領導地位，並努力在其他地區爭取市場佔有率。
面對低迷的經濟環境，加上若干新項目於營運初期錄得虧損，本集團的中國內地食品業務
因而受到輕微影響。然而，我們在主要城市包括深圳、上海及杭州之肉類加工基地持續錄
得屠宰量的增長。香港方面，自去年年底開始，輸港活豬市場的競爭已經緩和，令香港的
經營環境變得較為穩定。鑑於中國內地消費者日益關注食物品質及安全，而本集團的香港
業務在食物品質及安全方面擁有優良的往績紀錄，並以恪守嚴格食物安全標準見稱，讓本
集團在中國內地拓展食品業務時，具備了競爭優勢，並為促進未來的快速發展，奠定穩固
的平台。遠洋捕撈業務將繼續受惠於燃料成本下降，此外本集團在中國內地設立漁獲產品
分銷點，對該業務亦將有所裨益。總的來說，本集團的食品業務將維持以肉類、綜合食品
及海產分銷為重點的發展策略。
紡織行業的表現繼續受到海外市場復蘇緩慢和內地紡織市場的激烈競爭所拖累。我們採取
了積極的行動來處理業務內表現欠佳的資產。我們亦實施了控制成本的措施，例如間竭性
停產、減低棉紗存貨量及減省開支等，初步成效已見，並預料將可持續。我們在高端紗
線、尼龍產品以及牛仔休閒服成功確立的獨特市場定位於未來將繼續支撐紡織業務的發
展。
自金融危機爆發以來，已發展國家的經濟環境迅速惡化，導致以往作為中國經濟增長主要
動力的出口行業嚴重下滑。中央政府於二零零八年底作出果斷的應對措施，公佈了巨額刺
激經濟方案，加上積極的財政及貨幣政策，二零零九年上半年內地國內生產總值的增長較
市場預期優勝，內地樓市、股市亦出現復蘇的初期跡象。然而，第二季居民消費價格分類
指數仍然錄得負增長，因此中國內地經濟會否穩定、持續復蘇，目前仍尚難定論。管理層
相信，儘管目前的經營環境存在該等不確定因素的風險，但亦見商機處處，因此本集團對
未來的發展持審慎樂觀的態度。
業務回顧
零售
本集團的零售業務主要由以下三類業務模式組成：(1)超級市場及物流業務；(2)在中國內地
的品牌時尚產品經銷業務；及(3)其他零售店業務。
國際金融危機導致經濟增長放緩，進而壓抑了消費者的開支。為了帶動客流和存貨周轉，
本集團推出各類減價促銷活動，然而削弱了零售業務的盈利能力。不過，營業額的增長奠
下了基礎，以迎接復蘇。二零零九年上半年，本集團零售業務的營業額及應佔溢利分別為
港幣18,986,000,000 元及港幣276,000,000 元，較二零零八年同期分別增加9.6%及減少
27.7%。
儘管短期内全球經濟下滑可能持續，但隨著中央政府推出一系列刺激內需及維持經濟增長
的政策，內地整體經濟已出現觸底回穩的跡象。預期下半年內地零售行業將逐漸復蘇。
受制於全球需求疲弱，香港對外商品貿易貨值顯著下跌。失業率持續上升，削弱了消費意
慾，加上受甲型流感H1N1 影響，更是打擊了消費市道。鑑於香港經營環境的前景暗淡，
預期本港零售行業短期內難有改善，但近期股票及地產市場的急劇回升可能刺激香港零售
行業有較預期快的復蘇。
超級市場及物流
超級市場及物流業務於二零零九年上半年的營業額及應佔溢利分別為港幣17,317,000,000
元及港幣224,000,000 元，較二零零八年同期分別增加10.7%及減少13.8%。
於二零零九年六月底，本集團在中國內地及香港共經營約2,700 間店舖，其中約57.4%是
直接經營，其餘則為特許經營。店舖業態大致分為大型超市、標準超市以及便利店，並主
要以「華潤萬家 vanguard」、「華潤蘇果 CHINA RESOURCES SUGUO」、「蘇果
SUGUO」、「Vango」及「Olé」等多個品牌經營。回顧期內以區域劃分的營業額貢獻，
華東佔63.2%，華南佔25.8%，香港佔6.6%，而華北則佔4.4%。
基於全球經濟仍然放緩，導致需求疲弱，中國內地二零零九年上半年的國內生産總值按年
增長7.1%，較去年同期的10.4%增長有所下降。上半年的國內社會消費品零售總額按年增
長15%，去年同期則增長21.4%。上半年居民消費價格分類指數下降了1.1%，當中食品類
價格指數尤其下降了0.3%，對以銷售食品爲主的超市行業的影響較爲明顯。
經濟下滑和失業情況壓抑了消費意慾，對減價促銷的預期使居民消費行爲日趨審慎，加上
食品類價格下跌，令回顧期內的整體同店銷售按年下降2.0%。為應對經營環境的轉變，本
集團致力提升資訊科技系統和供應鏈系統等基礎經營管理標準，藉此加快存貨周轉，降低
缺貨率，改善食品安全，及積極引進新品。本年第二季度的整體同店銷售額已恢復正增
長。本集團將因地制宜調整商品組合和經營模式以滿足當地消費者的需求變化，並進一步
改進服務質素，以提高內涵增長。
受惠於通過多業態門店組合快速提高目標市場份額，從而獲得市場領導地位，本集團已逐
步形成區域性的門店網路和經營規模的綜合優勢，提升了品牌形象，達至規模經濟效益。
雖然面對經濟下滑和競爭加劇的挑戰，本集團不但發揮規模優勢，加強與供應商的協商與
合作以拓展盈利來源，而且透過嚴格控制成本，提升了本業務的盈利能力。儘管新開門店
的虧損侵蝕了部分盈利，拖累了本業務的整體表現，但二零零九年上半年的未計利息、稅
項、折舊及攤銷前綜合盈利達港幣843,000,000 元，相比二零零八年同期增長7.5%。
在中國內地經濟增長放緩，消費信心受挫的情況下，零售業面臨巨大挑戰，但同時也為本
集團的穩步擴張提供了機遇。本集團將更致力提升營運效率，加強與供應商的合作夥伴關
係，整合內部資源以發揮規模經濟效應，鞏固並提高在目標地區的市場佔有率。
品牌時尚產品經銷
品牌時尚產品經銷業務於二零零九年上半年的營業額及應佔溢利分別為港幣1,336,000,000
元及港幣57,000,000 元，較二零零八年同期分別增加6.0%及減少30.5%。
於二零零九年六月底，中國內地的「Esprit」和「Red Earth」品牌經銷網絡已超過1,100 間
直營店及特許經營店。內地出口貿易大幅下滑，部分出口服裝因而轉爲內銷，服裝零售商
為了消化庫存爭相降價促銷，這些都加劇了市場競爭，而衣著類消費價格更下降2.4%。在
此經營環境下，本業務上半年直營店同店銷售額下降8.2%，特許經營店亦減少訂貨。此
外，存貨上升導致存貨撥備增加。為帶動客流及刺激消費，各大商場相繼進行大力度的促
銷活動，進一步推低了毛利率，嚴重影響了本業務於回顧期內的盈利能力。
由於時尚服裝需求下降，時尚服裝零售行業的競爭將更趨激烈，預期本業務短期內仍將面
臨嚴峻挑戰。本集團將通過合理安排採購計劃，加快存貨周轉，進一步提升服務質素，以
提高本業務的盈利能力。
其他零售店
其他零售店業務於二零零九年上半年的營業額為港幣333,000,000 元，較二零零八年同期減
少22.6%。本業務於回顧期內的應佔虧損為港幣5,000,000 元，二零零八年同期則錄得應佔
溢利港幣40,000,000 元。於二零零九年六月底，本集團的連鎖零售店主要包括4 間在香港
經營的中藝，以及44 間在香港及中國內地經營的華潤堂。
受國際金融危機影響，二零零九年上半年的香港居民消費仍然審慎，加上受到甲型流感
H1N1 影響，遊客明顯減少，導致以銷售高質素及高價值商品為主的中藝業務之營業額於
回顧期內錄得明顯跌幅；然而，二零零九年第二季度營業額的跌幅已較第一季度收窄。為
了進一步改善盈利能力，本集團檢討了轄下各門店的經營狀況，並於回顧期內關閉了一間
表現未如理想的門店，因關店而產生的損失進一步影響本業務的經營業績。
同樣地，華潤堂業務亦受到全球經濟下滑的影響，導致其高價值商品需求減少而令營業額
下降。頻繁的促銷活動更進一步拖低了毛利率，加上持續高企的租金成本，導致回顧期內
經營業績錄得虧損。為提高營運效率，本集團積極檢討店鋪的狀況，並於回顧期內當租約
結束時關閉了三間店鋪。
展望未來，香港零售市場氣氛將仍然低迷，管理層相信預期復蘇的時間將落後於中國內地
最少六個月。為了克服目前經濟不景的難關，本集團將採取靈活的定價策略、優化商品組
合以符合消費者需求。
飲品
飲品業務於二零零九年上半年的營業額及應佔溢利分別錄得港幣10,216,000,000 元及港幣
341,000,000 元，較二零零八年同期分別增加25.0%及133.6%。
啤酒業務
啤酒業務於二零零九年上半年的營業額為港幣9,474,000,000 元，較二零零八年同期增加
24.8%。應佔溢利則為港幣257,000,000 元，較二零零八年同期增加144.8%。二零零九年上
半年啤酒銷量上升20.0%至約4,187,000 千升。
回顧期內，本集團的內涵銷量顯著增長12.1%，其中浙江省、安徽省及四川省的銷量增幅
尤為明顯。此增長主要受惠於啤酒需求因天氣回暖而增加，加上本集團持續在品牌及銷售
推廣的工作上投放之資源漸見成效所致。此外，二零零八年同期的啤酒銷量受到惡劣天氣
及四川省地震的嚴重影響，以致同比銷量基數較低。除了內涵增長外，新收購的五間啤酒
廠以及一間新建啤酒廠所作出的貢獻，在回顧期內進一步推動啤酒銷量的整體增長。透過
不斷努力整合品牌，我們行銷全國的「雪花」啤酒在二零零九年上半年的銷量上升23.6%
至3,578,000 千升，佔總銷量的85.5%。
主要基於原材料成本下降，回顧期內啤酒業務的整體毛利率有所提升。另外，本集團為迎
合要求漸高的消費者口味而致力優化產品組合，令高檔啤酒銷售比重增加。
於二零零九年六月底，本集團在中國內地經營超過65 間啤酒廠，年產能約13,600,000 千
升，當中包括來自浙江省新建啤酒廠的年產能約400,000 千升及來自已收購之啤酒業務資
產的年產能合共約800,000 千升。為進一步强化市場地位、擴大地域覆蓋、提升營運效率
及優化產品結構，本集團已完成收購五間啤酒廠之與啤酒業務有關的資產，即為安慶天柱
啤酒有限責任公司、遼寧松林啤酒集團有限公司、浙江洛克啤酒有限公司、山東琥珀啤酒
廠及裕騰集團伊春啤酒有限公司。
為了把握當前的機遇，本集團將會謹慎地尋求及評估投資商機，以實現本集團的整合策
略，同時亦注重營運效率的提升。
純淨水業務
以「C’estbon 怡寶」作為獨有品牌的純淨水業務，於二零零九年上半年的營業額及應佔溢
利分別為港幣742,000,000 元及港幣84,000,000 元，較二零零八年同期分別增加27.1%及
104.9%。回顧期內的銷量上升20.9%至約736,000 千升。
本集團致力優化現有市場的分銷渠道，並擴充新市場的銷售網絡, 加上提高品牌知名度的
市場推廣計劃奏效，使純淨水業務於二零零九年上半年的銷量及營業額均取得良好的增
長。此外，隨著國際原油價格自去年高位回落令有關塑膠包裝原料的生產成本下降，亦使
本業務的應佔溢利於回顧期內大幅增長。
包裝水的需求隨著內地消費者的健康意識日漸提高而上升，本集團將繼續尋找合適併購機
遇及擴充產能，並審慎地開拓新市場，優化分銷環節，以降低生產成本， 從而進一步增
加全國性的市場佔有率。
食品加工及經銷
食品加工及經銷業務於二零零九年上半年的營業額及應佔溢利分別為港幣3,505,000,000 元
及港幣211,000,000 元，較二零零八年同期分別減少8.3%及12.1%。剔除二零零八年及二零
零九年上半年減持策略性投資的若干股權收益後，應佔溢利較二零零八年同期應減少
7.1%，主要是香港活畜經銷業務表現欠佳所致。
透過與內地活畜養殖業務的協同效應來穩定活豬供應，回顧期內本業務於本港活豬銷售市
場的佔有率已經回穩。然而，因本港活豬銷售市場自二零零七年七月開放後競爭日趨劇
烈，令毛利率減少，導致盈利能力下降。此外，本港經濟下滑和失業率上升影響了消費意
慾，凍肉經銷業務於回顧期內的營業額和應佔溢利較去年同期有所下跌。
今年四月份，香港政府公佈上水屠房營運服務和管理新合約的國際公開招標結果，本集團
成功就上水屠房未來最長十年的營運管理權續約。在新的運營期內，本集團將通過進一步
創新提升管理水準，繼續完善其香港鮮肉市場的食品安全體系建設，發揮與活畜相關業務
之協同效應以提升價值。針對今年較早前在全球爆發的甲型流感H1N1 疫情，本業務已制
定了相應措施，務求減低疫情對業務可能構成之影響。
在香港市場穩定發展的基礎上，中國內地市場將成爲本業務增長的重點領域。中國內地肉
食加工、品牌食品加工及分銷業務在我們的積極拓展下於回顧期內錄得令人鼓舞的經營業
績增長。內地之活豬屠宰量、肉食加工業務和綜合食品業務的營業額均錄得滿意的增幅。
於中國內地的投資步伐加快增強了業務間的協同效應，提升了活畜養殖、屠宰、肉食加
工、冷藏、物流及分銷業務上的競爭優勢。與此同時，內地活畜養殖業務亦對香港活畜供
應及國內肉類加工業務提供強而有力的支援。
遠洋捕撈及水產品加工業務通過拓展非洲和中國內地市場、改善產品結構，使銷售量有所
上升。此外，受惠於燃料價格下調及調配不同區域間的船舶資源、增加資源分享和改善效
能等措施，經營成本得以舒緩，令整體毛利改善，因此於回顧期內錄得滿意的溢利貢獻。
未來本集團將繼續完善其安全食品的供應鏈體系，並透過內涵式發展和收購兼併，使本集
團成為集食品研發、生產加工及批發零售於一體的優秀安全食品供應商。
投資物業
投資物業業務主要包括零售店舖的物業租務。本業務於二零零九年上半年的營業額為港幣
266,000,000 元，較二零零八年同期增加29.8%。二零零九上半年的應佔溢利為港幣
321,000,000 元。剔除約港幣125,000,000 元的稅後估值盈餘 (二零零八年上半年：約港幣
375,000,000 元)及於二零零八年上半年因香港利得稅率下調而減少之遞延稅項負債約港幣
52,000,000 元後，本業務於二零零九年上半年的應佔溢利較二零零八年同期應增加41.0%。
受惠於尖沙嘴新港中心物業的新租約，本業務於回顧期内的租金收入顯著上升。其他零售
物業之租金及出租率也錄得輕微增長。
展望未來，香港零售市場受到金融危機的影響將逐步減輕，加上優質零售舖位供應有限，
將有助舒緩其對核心購物區零售租金的衝擊。本業務將不時檢討旗下零售物業翻新工程的
潛力，以提升租金收入。
紡織
紡織業務於二零零九年上半年的營業額為港幣2,211,000,000 元，較二零零八年同期減少
10.2%。回顧期內的應佔虧損為港幣67,000,000 元，二零零八年同期則錄得應佔溢利港幣
66,000,000 元。
隨著全球經濟下滑，紡織品出口持續萎縮。根據中國海關統計的數據，今年上半年紡織品
及服裝出口金額按年下降10.9%。爲應對出口持續放緩的不利市況，本業務於回顧期內不
但調整產品結構以開拓內銷市場，而且採取降價促銷政策以爭取市場份額，令本年第二季
度的整體銷售量止跌回升，減緩回顧期內整體營業額的跌幅。不過，本集團為已計劃關閉
的一間印染廠作出計提損失撥備，此為令本業務於回顧期內錄得經營虧損的主要原因。
展望下半年本業務的經營環境仍充滿挑戰和不明朗，本集團將繼續加強成本控制措施、積
極拓展新市場以增加銷售及更致力研發新技術和新產品，以持續優化產品組合，從而提升
本業務長遠的盈利能力。
投資及其他業務
本業務於二零零九年上半年的應佔溢利為港幣151,000,000 元(二零零八年上半年：港幣
190,000,000 元)。
貨櫃碼頭
本集團擁有HIT Investments Limited 和Hutchison Ports Yantian Investments Limited 的10%
權益。於回顧期內，香港及鹽田深水港業務的表現受到內地出口下滑的不利影響。
財務回顧
資金及融資
於二零零九年六月三十日，本集團的綜合現金及銀行結存達港幣9,349,000,000 元。本集團
於二零零九年六月三十日的借貸為港幣13,785,000,000 元，其中港幣4,732,000,000 元須於
一年內償還，港幣9,050,000,000 元須於一年後但五年內償還，另港幣3,000,000 元則須於五
年後償還。
於二零零九年六月三十日，按借貸淨額比對股東資金及少數股東權益計算，本集團的負債
比率約為12.5%(二零零八年十二月三十一日：18.7%)。
本集團的主要資產、負債、收益及付款均以港幣、人民幣及美元結算。於二零零九年六月
三十日，本集團現金存款結餘分別有18.1%以港幣、69.1%以人民幣及11.7%以美元持有。
本集團借貸中68.8%及25.1%分別以港幣及人民幣結算，6.1%則以美元為單位。
資產抵押
於二零零九年六月三十日，本集團已抵押賬面淨值為港幣697,000,000 元(二零零八年十二
月三十一日：港幣289,000,000 元)的資產，以獲取銀行借貸及應付票據。
或然負債
於二零零九年六月三十日，本集團並無任何重大或然負債。
僱員
於二零零九年六月三十日，除聯營公司以外，本集團聘用約149,000 人，其中逾95%在中
國內地僱用，其餘的主要駐守香港及海外。本集團僱員的薪酬按其工作性質、個別表現及
市場趨勢釐定，並輔以各種以現金支付之獎勵。
I think China Resource has gone through a tough year where net margin ran down to 4.5% from 5.5% and net income down by 22.2%.
However, if we excluded the non core business and the unrealized gain/loss on HFT financial instrucment. The profit actually rise by 10%.
Given the fact that China Resource is the leader in China's consumer staple market while China's consumption is rising, I think the corporation's outlook will be bright.
Details:
半年度業績
本集團截至二零零九年六月三十日止六個月的未經審核綜合營業額及公司股東應佔溢利分
別約為港幣35,047,000,000元及港幣1,158,000,000元，較去年同期增加10.2%及減少22.2%；經
營業務的每股基本盈利為港幣0.48元，對比二零零八年同期港幣0.62元。二零零九年上半
年及二零零八年上半年的投資物業重估及重大出售事項的稅後收益分別合共港幣
192,000,000元及港幣466,000,000元，剔除該等影響後，本集團二零零九年首六個月的公司
股東應佔未經審核綜合基礎溢利應減少5.5%。
中期股息
董事會議決於二零零九年十月十六日或前後，向於二零零九年十月五日名列本公司股東名
冊的股東派發截至二零零九年六月三十日止六個月的中期股息每股港幣0.14 元（二零零八
年：每股港幣0.15 元）。
前景
二零零九年上半年，中國內地的國內生產總值增長優於市場預期。由於中央政府相信內地
經濟距離徹底復蘇尚遠，因此維持了積極的財政政策及寬鬆的貨幣政策，以支持本地經濟
好轉的勢頭。全球金融危機對香港及中國內地經濟均有所影響，而儘管本集團的整體基礎
溢利於二零零九年上半年仍按年下降，但其繼續改善的情況令人感到鼓舞。
為應對充滿挑戰的經濟情況，本集團將進一步集中發展及鞏固三項核心業務，即零售、飲
品及食品業務。為此，本集團一直在評估各種重整非核心業務的可行性，並且已經與有意
投資者進行磋商，最終可能會將部份或整項業務出售，但迄今尚未達成任何協議，亦未定
出時間表。
本集團將實施多項措施，例如系統自動化、加強資金運用管理及員工效益等，以支持未來
高質量的增長，為迎接未來的商機作好準備。本集團過往以透過併購來擴大市場佔有率為
發展重點，但現在亦會較為偏重通過成本控制、風險管理及現金管理來提升盈利能力。
中國內地自二零零九年二月開始出現通縮，不利於經營超市業務。而本集團的超市業務已
調整策略，以迎合在經濟不景下，居民的降格消費習慣，並在一定程度上紓緩了經濟環境
低迷的影響。展望未來，我們將繼續努力加強與供應商的合作，實施中央採購，做好存貨
管理，以保持成本處於低水平。未來將主要透過開設新店，加上同店增長及併購來拓展業
務。為提升管治能力，本業務已實施先進的會計自動化措施。我們深信，只要經濟一旦回
復增長，本集團一貫提高檔次的策略，將可在有利的環境中，實現最大的效益。
本集團的啤酒業務表現遠勝於市場，上半年銷量增長達行業平均增長兩倍以上。值得注意
的是，我們加強了在遼寧、黑龍江、安徽、浙江及山東等若干省份的現有地位。我們亦收
購了若干非全資附屬公司之少數權益。除併購外，本集團將把握機遇，透過投資於新建啤
酒廠及提升現有啤酒廠產能，加快我們的行業整合策略。該策略不但可擴大我們的市場佔
有率，而且將改善本業務的整體淨溢利。同時，市場上原材料價格下降，加上本集團控制
原材料的措施，將進一步降低生產成本及提升盈利能力。鑑於內地啤酒市場的人均啤酒消
耗量，相對於日本及其他歐洲國家仍然偏低，因此未來內地啤酒業將有龐大的增長潛力。
與啤酒業務一樣，本集團的純淨水業務亦錄得強勁的盈利增長。在根據地廣東省內外的擴
張已取得初步成效。我們相信中國內地包裝水的需求將隨著時間持續上升。未來我們將繼
續鞏固在廣東省的領導地位，並努力在其他地區爭取市場佔有率。
面對低迷的經濟環境，加上若干新項目於營運初期錄得虧損，本集團的中國內地食品業務
因而受到輕微影響。然而，我們在主要城市包括深圳、上海及杭州之肉類加工基地持續錄
得屠宰量的增長。香港方面，自去年年底開始，輸港活豬市場的競爭已經緩和，令香港的
經營環境變得較為穩定。鑑於中國內地消費者日益關注食物品質及安全，而本集團的香港
業務在食物品質及安全方面擁有優良的往績紀錄，並以恪守嚴格食物安全標準見稱，讓本
集團在中國內地拓展食品業務時，具備了競爭優勢，並為促進未來的快速發展，奠定穩固
的平台。遠洋捕撈業務將繼續受惠於燃料成本下降，此外本集團在中國內地設立漁獲產品
分銷點，對該業務亦將有所裨益。總的來說，本集團的食品業務將維持以肉類、綜合食品
及海產分銷為重點的發展策略。
紡織行業的表現繼續受到海外市場復蘇緩慢和內地紡織市場的激烈競爭所拖累。我們採取
了積極的行動來處理業務內表現欠佳的資產。我們亦實施了控制成本的措施，例如間竭性
停產、減低棉紗存貨量及減省開支等，初步成效已見，並預料將可持續。我們在高端紗
線、尼龍產品以及牛仔休閒服成功確立的獨特市場定位於未來將繼續支撐紡織業務的發
展。
自金融危機爆發以來，已發展國家的經濟環境迅速惡化，導致以往作為中國經濟增長主要
動力的出口行業嚴重下滑。中央政府於二零零八年底作出果斷的應對措施，公佈了巨額刺
激經濟方案，加上積極的財政及貨幣政策，二零零九年上半年內地國內生產總值的增長較
市場預期優勝，內地樓市、股市亦出現復蘇的初期跡象。然而，第二季居民消費價格分類
指數仍然錄得負增長，因此中國內地經濟會否穩定、持續復蘇，目前仍尚難定論。管理層
相信，儘管目前的經營環境存在該等不確定因素的風險，但亦見商機處處，因此本集團對
未來的發展持審慎樂觀的態度。
業務回顧
零售
本集團的零售業務主要由以下三類業務模式組成：(1)超級市場及物流業務；(2)在中國內地
的品牌時尚產品經銷業務；及(3)其他零售店業務。
國際金融危機導致經濟增長放緩，進而壓抑了消費者的開支。為了帶動客流和存貨周轉，
本集團推出各類減價促銷活動，然而削弱了零售業務的盈利能力。不過，營業額的增長奠
下了基礎，以迎接復蘇。二零零九年上半年，本集團零售業務的營業額及應佔溢利分別為
港幣18,986,000,000 元及港幣276,000,000 元，較二零零八年同期分別增加9.6%及減少
27.7%。
儘管短期内全球經濟下滑可能持續，但隨著中央政府推出一系列刺激內需及維持經濟增長
的政策，內地整體經濟已出現觸底回穩的跡象。預期下半年內地零售行業將逐漸復蘇。
受制於全球需求疲弱，香港對外商品貿易貨值顯著下跌。失業率持續上升，削弱了消費意
慾，加上受甲型流感H1N1 影響，更是打擊了消費市道。鑑於香港經營環境的前景暗淡，
預期本港零售行業短期內難有改善，但近期股票及地產市場的急劇回升可能刺激香港零售
行業有較預期快的復蘇。
超級市場及物流
超級市場及物流業務於二零零九年上半年的營業額及應佔溢利分別為港幣17,317,000,000
元及港幣224,000,000 元，較二零零八年同期分別增加10.7%及減少13.8%。
於二零零九年六月底，本集團在中國內地及香港共經營約2,700 間店舖，其中約57.4%是
直接經營，其餘則為特許經營。店舖業態大致分為大型超市、標準超市以及便利店，並主
要以「華潤萬家 vanguard」、「華潤蘇果 CHINA RESOURCES SUGUO」、「蘇果
SUGUO」、「Vango」及「Olé」等多個品牌經營。回顧期內以區域劃分的營業額貢獻，
華東佔63.2%，華南佔25.8%，香港佔6.6%，而華北則佔4.4%。
基於全球經濟仍然放緩，導致需求疲弱，中國內地二零零九年上半年的國內生産總值按年
增長7.1%，較去年同期的10.4%增長有所下降。上半年的國內社會消費品零售總額按年增
長15%，去年同期則增長21.4%。上半年居民消費價格分類指數下降了1.1%，當中食品類
價格指數尤其下降了0.3%，對以銷售食品爲主的超市行業的影響較爲明顯。
經濟下滑和失業情況壓抑了消費意慾，對減價促銷的預期使居民消費行爲日趨審慎，加上
食品類價格下跌，令回顧期內的整體同店銷售按年下降2.0%。為應對經營環境的轉變，本
集團致力提升資訊科技系統和供應鏈系統等基礎經營管理標準，藉此加快存貨周轉，降低
缺貨率，改善食品安全，及積極引進新品。本年第二季度的整體同店銷售額已恢復正增
長。本集團將因地制宜調整商品組合和經營模式以滿足當地消費者的需求變化，並進一步
改進服務質素，以提高內涵增長。
受惠於通過多業態門店組合快速提高目標市場份額，從而獲得市場領導地位，本集團已逐
步形成區域性的門店網路和經營規模的綜合優勢，提升了品牌形象，達至規模經濟效益。
雖然面對經濟下滑和競爭加劇的挑戰，本集團不但發揮規模優勢，加強與供應商的協商與
合作以拓展盈利來源，而且透過嚴格控制成本，提升了本業務的盈利能力。儘管新開門店
的虧損侵蝕了部分盈利，拖累了本業務的整體表現，但二零零九年上半年的未計利息、稅
項、折舊及攤銷前綜合盈利達港幣843,000,000 元，相比二零零八年同期增長7.5%。
在中國內地經濟增長放緩，消費信心受挫的情況下，零售業面臨巨大挑戰，但同時也為本
集團的穩步擴張提供了機遇。本集團將更致力提升營運效率，加強與供應商的合作夥伴關
係，整合內部資源以發揮規模經濟效應，鞏固並提高在目標地區的市場佔有率。
品牌時尚產品經銷
品牌時尚產品經銷業務於二零零九年上半年的營業額及應佔溢利分別為港幣1,336,000,000
元及港幣57,000,000 元，較二零零八年同期分別增加6.0%及減少30.5%。
於二零零九年六月底，中國內地的「Esprit」和「Red Earth」品牌經銷網絡已超過1,100 間
直營店及特許經營店。內地出口貿易大幅下滑，部分出口服裝因而轉爲內銷，服裝零售商
為了消化庫存爭相降價促銷，這些都加劇了市場競爭，而衣著類消費價格更下降2.4%。在
此經營環境下，本業務上半年直營店同店銷售額下降8.2%，特許經營店亦減少訂貨。此
外，存貨上升導致存貨撥備增加。為帶動客流及刺激消費，各大商場相繼進行大力度的促
銷活動，進一步推低了毛利率，嚴重影響了本業務於回顧期內的盈利能力。
由於時尚服裝需求下降，時尚服裝零售行業的競爭將更趨激烈，預期本業務短期內仍將面
臨嚴峻挑戰。本集團將通過合理安排採購計劃，加快存貨周轉，進一步提升服務質素，以
提高本業務的盈利能力。
其他零售店
其他零售店業務於二零零九年上半年的營業額為港幣333,000,000 元，較二零零八年同期減
少22.6%。本業務於回顧期內的應佔虧損為港幣5,000,000 元，二零零八年同期則錄得應佔
溢利港幣40,000,000 元。於二零零九年六月底，本集團的連鎖零售店主要包括4 間在香港
經營的中藝，以及44 間在香港及中國內地經營的華潤堂。
受國際金融危機影響，二零零九年上半年的香港居民消費仍然審慎，加上受到甲型流感
H1N1 影響，遊客明顯減少，導致以銷售高質素及高價值商品為主的中藝業務之營業額於
回顧期內錄得明顯跌幅；然而，二零零九年第二季度營業額的跌幅已較第一季度收窄。為
了進一步改善盈利能力，本集團檢討了轄下各門店的經營狀況，並於回顧期內關閉了一間
表現未如理想的門店，因關店而產生的損失進一步影響本業務的經營業績。
同樣地，華潤堂業務亦受到全球經濟下滑的影響，導致其高價值商品需求減少而令營業額
下降。頻繁的促銷活動更進一步拖低了毛利率，加上持續高企的租金成本，導致回顧期內
經營業績錄得虧損。為提高營運效率，本集團積極檢討店鋪的狀況，並於回顧期內當租約
結束時關閉了三間店鋪。
展望未來，香港零售市場氣氛將仍然低迷，管理層相信預期復蘇的時間將落後於中國內地
最少六個月。為了克服目前經濟不景的難關，本集團將採取靈活的定價策略、優化商品組
合以符合消費者需求。
飲品
飲品業務於二零零九年上半年的營業額及應佔溢利分別錄得港幣10,216,000,000 元及港幣
341,000,000 元，較二零零八年同期分別增加25.0%及133.6%。
啤酒業務
啤酒業務於二零零九年上半年的營業額為港幣9,474,000,000 元，較二零零八年同期增加
24.8%。應佔溢利則為港幣257,000,000 元，較二零零八年同期增加144.8%。二零零九年上
半年啤酒銷量上升20.0%至約4,187,000 千升。
回顧期內，本集團的內涵銷量顯著增長12.1%，其中浙江省、安徽省及四川省的銷量增幅
尤為明顯。此增長主要受惠於啤酒需求因天氣回暖而增加，加上本集團持續在品牌及銷售
推廣的工作上投放之資源漸見成效所致。此外，二零零八年同期的啤酒銷量受到惡劣天氣
及四川省地震的嚴重影響，以致同比銷量基數較低。除了內涵增長外，新收購的五間啤酒
廠以及一間新建啤酒廠所作出的貢獻，在回顧期內進一步推動啤酒銷量的整體增長。透過
不斷努力整合品牌，我們行銷全國的「雪花」啤酒在二零零九年上半年的銷量上升23.6%
至3,578,000 千升，佔總銷量的85.5%。
主要基於原材料成本下降，回顧期內啤酒業務的整體毛利率有所提升。另外，本集團為迎
合要求漸高的消費者口味而致力優化產品組合，令高檔啤酒銷售比重增加。
於二零零九年六月底，本集團在中國內地經營超過65 間啤酒廠，年產能約13,600,000 千
升，當中包括來自浙江省新建啤酒廠的年產能約400,000 千升及來自已收購之啤酒業務資
產的年產能合共約800,000 千升。為進一步强化市場地位、擴大地域覆蓋、提升營運效率
及優化產品結構，本集團已完成收購五間啤酒廠之與啤酒業務有關的資產，即為安慶天柱
啤酒有限責任公司、遼寧松林啤酒集團有限公司、浙江洛克啤酒有限公司、山東琥珀啤酒
廠及裕騰集團伊春啤酒有限公司。
為了把握當前的機遇，本集團將會謹慎地尋求及評估投資商機，以實現本集團的整合策
略，同時亦注重營運效率的提升。
純淨水業務
以「C’estbon 怡寶」作為獨有品牌的純淨水業務，於二零零九年上半年的營業額及應佔溢
利分別為港幣742,000,000 元及港幣84,000,000 元，較二零零八年同期分別增加27.1%及
104.9%。回顧期內的銷量上升20.9%至約736,000 千升。
本集團致力優化現有市場的分銷渠道，並擴充新市場的銷售網絡, 加上提高品牌知名度的
市場推廣計劃奏效，使純淨水業務於二零零九年上半年的銷量及營業額均取得良好的增
長。此外，隨著國際原油價格自去年高位回落令有關塑膠包裝原料的生產成本下降，亦使
本業務的應佔溢利於回顧期內大幅增長。
包裝水的需求隨著內地消費者的健康意識日漸提高而上升，本集團將繼續尋找合適併購機
遇及擴充產能，並審慎地開拓新市場，優化分銷環節，以降低生產成本， 從而進一步增
加全國性的市場佔有率。
食品加工及經銷
食品加工及經銷業務於二零零九年上半年的營業額及應佔溢利分別為港幣3,505,000,000 元
及港幣211,000,000 元，較二零零八年同期分別減少8.3%及12.1%。剔除二零零八年及二零
零九年上半年減持策略性投資的若干股權收益後，應佔溢利較二零零八年同期應減少
7.1%，主要是香港活畜經銷業務表現欠佳所致。
透過與內地活畜養殖業務的協同效應來穩定活豬供應，回顧期內本業務於本港活豬銷售市
場的佔有率已經回穩。然而，因本港活豬銷售市場自二零零七年七月開放後競爭日趨劇
烈，令毛利率減少，導致盈利能力下降。此外，本港經濟下滑和失業率上升影響了消費意
慾，凍肉經銷業務於回顧期內的營業額和應佔溢利較去年同期有所下跌。
今年四月份，香港政府公佈上水屠房營運服務和管理新合約的國際公開招標結果，本集團
成功就上水屠房未來最長十年的營運管理權續約。在新的運營期內，本集團將通過進一步
創新提升管理水準，繼續完善其香港鮮肉市場的食品安全體系建設，發揮與活畜相關業務
之協同效應以提升價值。針對今年較早前在全球爆發的甲型流感H1N1 疫情，本業務已制
定了相應措施，務求減低疫情對業務可能構成之影響。
在香港市場穩定發展的基礎上，中國內地市場將成爲本業務增長的重點領域。中國內地肉
食加工、品牌食品加工及分銷業務在我們的積極拓展下於回顧期內錄得令人鼓舞的經營業
績增長。內地之活豬屠宰量、肉食加工業務和綜合食品業務的營業額均錄得滿意的增幅。
於中國內地的投資步伐加快增強了業務間的協同效應，提升了活畜養殖、屠宰、肉食加
工、冷藏、物流及分銷業務上的競爭優勢。與此同時，內地活畜養殖業務亦對香港活畜供
應及國內肉類加工業務提供強而有力的支援。
遠洋捕撈及水產品加工業務通過拓展非洲和中國內地市場、改善產品結構，使銷售量有所
上升。此外，受惠於燃料價格下調及調配不同區域間的船舶資源、增加資源分享和改善效
能等措施，經營成本得以舒緩，令整體毛利改善，因此於回顧期內錄得滿意的溢利貢獻。
未來本集團將繼續完善其安全食品的供應鏈體系，並透過內涵式發展和收購兼併，使本集
團成為集食品研發、生產加工及批發零售於一體的優秀安全食品供應商。
投資物業
投資物業業務主要包括零售店舖的物業租務。本業務於二零零九年上半年的營業額為港幣
266,000,000 元，較二零零八年同期增加29.8%。二零零九上半年的應佔溢利為港幣
321,000,000 元。剔除約港幣125,000,000 元的稅後估值盈餘 (二零零八年上半年：約港幣
375,000,000 元)及於二零零八年上半年因香港利得稅率下調而減少之遞延稅項負債約港幣
52,000,000 元後，本業務於二零零九年上半年的應佔溢利較二零零八年同期應增加41.0%。
受惠於尖沙嘴新港中心物業的新租約，本業務於回顧期内的租金收入顯著上升。其他零售
物業之租金及出租率也錄得輕微增長。
展望未來，香港零售市場受到金融危機的影響將逐步減輕，加上優質零售舖位供應有限，
將有助舒緩其對核心購物區零售租金的衝擊。本業務將不時檢討旗下零售物業翻新工程的
潛力，以提升租金收入。
紡織
紡織業務於二零零九年上半年的營業額為港幣2,211,000,000 元，較二零零八年同期減少
10.2%。回顧期內的應佔虧損為港幣67,000,000 元，二零零八年同期則錄得應佔溢利港幣
66,000,000 元。
隨著全球經濟下滑，紡織品出口持續萎縮。根據中國海關統計的數據，今年上半年紡織品
及服裝出口金額按年下降10.9%。爲應對出口持續放緩的不利市況，本業務於回顧期內不
但調整產品結構以開拓內銷市場，而且採取降價促銷政策以爭取市場份額，令本年第二季
度的整體銷售量止跌回升，減緩回顧期內整體營業額的跌幅。不過，本集團為已計劃關閉
的一間印染廠作出計提損失撥備，此為令本業務於回顧期內錄得經營虧損的主要原因。
展望下半年本業務的經營環境仍充滿挑戰和不明朗，本集團將繼續加強成本控制措施、積
極拓展新市場以增加銷售及更致力研發新技術和新產品，以持續優化產品組合，從而提升
本業務長遠的盈利能力。
投資及其他業務
本業務於二零零九年上半年的應佔溢利為港幣151,000,000 元(二零零八年上半年：港幣
190,000,000 元)。
貨櫃碼頭
本集團擁有HIT Investments Limited 和Hutchison Ports Yantian Investments Limited 的10%
權益。於回顧期內，香港及鹽田深水港業務的表現受到內地出口下滑的不利影響。
財務回顧
資金及融資
於二零零九年六月三十日，本集團的綜合現金及銀行結存達港幣9,349,000,000 元。本集團
於二零零九年六月三十日的借貸為港幣13,785,000,000 元，其中港幣4,732,000,000 元須於
一年內償還，港幣9,050,000,000 元須於一年後但五年內償還，另港幣3,000,000 元則須於五
年後償還。
於二零零九年六月三十日，按借貸淨額比對股東資金及少數股東權益計算，本集團的負債
比率約為12.5%(二零零八年十二月三十一日：18.7%)。
本集團的主要資產、負債、收益及付款均以港幣、人民幣及美元結算。於二零零九年六月
三十日，本集團現金存款結餘分別有18.1%以港幣、69.1%以人民幣及11.7%以美元持有。
本集團借貸中68.8%及25.1%分別以港幣及人民幣結算，6.1%則以美元為單位。
資產抵押
於二零零九年六月三十日，本集團已抵押賬面淨值為港幣697,000,000 元(二零零八年十二
月三十一日：港幣289,000,000 元)的資產，以獲取銀行借貸及應付票據。
或然負債
於二零零九年六月三十日，本集團並無任何重大或然負債。
僱員
於二零零九年六月三十日，除聯營公司以外，本集團聘用約149,000 人，其中逾95%在中
國內地僱用，其餘的主要駐守香港及海外。本集團僱員的薪酬按其工作性質、個別表現及
市場趨勢釐定，並輔以各種以現金支付之獎勵。
9.03.2009
Google vs Microsoft
作者： 创业邦 驱动之家
CNETNews.com.cn
2009-09-03 01:05:15
2009年7月8日，在Chrome浏览器突破3,000万用户后，Google宣布将推出基于PC的Chrome OS操作系统，让所有的应用程序都可在网络浏览器内运行。之后，“激烈”、“血腥”等字眼成为国际上各大主流财经媒体形容Google和微软之间竞争的主 题词。
CNETNews.com.cn
2009-09-03 01:05:15
2009年7月8日，在Chrome浏览器突破3,000万用户后，Google宣布将推出基于PC的Chrome OS操作系统，让所有的应用程序都可在网络浏览器内运行。之后，“激烈”、“血腥”等字眼成为国际上各大主流财经媒体形容Google和微软之间竞争的主 题词。
次日，在爱达荷州Allen &Co媒体峰会上，Google的CEO埃里克·施密特和微软创始人比尔·盖茨则在“融洽”共享快乐。盖茨走出会场奔赴午餐时，被门口的记者问到 如何看待Google的计划对微软操作系统的影响，“没有评论”，盖茨笑着答道。此时，施密特从后面走过来，温柔拍着盖茨的肩膀，“如果你没有做出评论， 那就太好了。”两人握完手，一起大笑着并肩走下了楼梯，这个被媒体摄录下的“温馨”场景被认为是峰会上最好的瞬间。
事情当然远没有看上 去这么“和谐”。与盖茨同岁的施密特已担任Google的CEO八年，在过去漫长的职业生涯中，不论是在SUN公司担任CTO还是后来加入软件公司 Novell出任CEO，他所在的公司很大程度上都在与微软进行竞争，但总是一贯笑脸示人的盖茨笑到最后。如今，施密特似乎迎来了翻身的良 机，Google正在以互联网霸主的姿态，向PC时代的霸主微软发起挑战。
这两家公司毫无疑问是目前全球IT产业最引人注目的一对竞争 者。早在2003年12月，盖茨就意识到了这个对手的存在，他在登录Google公司页面时发现，有一则显得奇怪的招聘启事，因为该职位要求的背景和搜索 业务毫无关联，却跟微软的核心业务操作系统契合，需要操作系统设计、编译优化、分布式系统架构等经验。盖茨马上意识到这家搜索公司可能将成为自己的竞争对 手，于是他在发给微软高管们的邮件里表示：“我们必须注意这些家伙，看起来他们在做一些跟我们竞争的事情。”
盖茨的猜测是准确的。 2004年Google上市后，微软Windows系统的首席架构师卢柯夫斯基(Marc Lucovsky)就投奔了Google。之后，Vista的WinFS系统核心研发人员贝达(Joe Beda)也被挖走。2004年底，Google甚至在微软华盛顿Redmond总部5英里远的地方设立了办公室，这被外界视为其吸引微软人才的举措。微 软员工在离职时，人事部门的第一个问题通常是“你要去Google吗？”
现在，这场曾经的暗战已经越来越明朗化，并趋向更加激烈。6月 份，微软在几经折腾后，终于推出全新的搜索业务品牌Bing(中文译名“必应”)，又在7月份与雅虎达成合作协议，弥补了未能完成收购后者的缺憾，从而在 Google核心领地里给对手施加极大的压力。因此，Google才不甘示弱，旋即宣布将开发操作系统的消息。两年前，Google就以“云计算”的概 念，宣称要将所有软件应用都搬到互联网上。这当然会让微软极度紧张，Google提供的服务可都是免费的(包括可能推出的操作系统)，而这些都是微软以授 权许可模式进行收费的主要业务。
不过，直到目前为止，这种竞争还更像是一场心理战。在微软每年近600亿美元的营收中，操作系统和应用软件仍是最主要的贡献者，而Google近200亿美元的营收中，文字广告则贡献了95％以上。想在对方核心领地进行实质性的争夺，并没有那么容易。
这两家公司之间的关系颇堪玩味，甚至可以追溯到Google创立以前。1996年1月，正在斯坦福大学上学的谢尔盖·布林(Sergey Brin )和拉里·佩吉(Larry Page)搬到一座名为盖茨大楼的新科研办公楼，正是盖茨花了600万美元捐赠的，目的是“为计算机工业的未来投资”。当时斯坦福大学工程学院院长詹姆 斯·吉本斯也兴奋预言，“一两年内，这里将发生非比寻常的故事。到那时，会有人指着这座大楼说，这里是他们白手起家的地方，他们做了很了不起的事情。”盖 茨或许没有想到，自己最强劲的竞争对手会从这里走出。
预测微软和Google之间竞争的前景，显然并没有太大意义，倒不如将此视为一场 经典的商业战争，它们老道的商业智慧能带给我们更多启示。创立于1975年的微软统治PC时代已近30年，尽管近年来在搜索等新业务的发展上为人诟病，但 这头大象依然能自如跳舞。而Google这家刚满11岁的公司也奇迹般成长为巨头，在商业操作上极为老道，一点也没有创业公司的稚嫩。
在雅虎收购战中，这两家公司都显示出高超的商业智慧。一再错失机会后，微软为了能与Google在搜索业务上一较高下，终于决定收购雅虎，但并没有为此孤 注一掷。Google对于这一收购无疑是担心的，遂向雅虎主动示好加入竞购，最终把这一收购搅黄了。而微软则在收购失败后，迅速推出新战略，并曲线与雅虎 达成新合作。
在对未来机会的把握上，两代霸主同样显示出不同凡响的果敢与洞察力。在看到视频将成为未来互联网重要的应用方向之 后，Google迅速拍板以16.5亿美元的价格，从雅虎手中夺下YouTube；而微软也以2.4亿美元买下Facebook 1.6％股权，以极高的估值占位，将潜在收购者挡在外面。
此时，不妨回溯一下现代商业历史上第一次竞争。1829年，英国小镇雨山 (Rainhill)建成了一条衔接利物浦和曼彻斯特的32英里长的铁路干线，当时火车均为短距离运输，速度只有10英里/小时，不比马车快多少。铁路投 资者为了更快收回回报，决定用竞赛的方式来选择最高效率和最快速度的机车，获胜者除了有奖金之外，还能为铁路提供机车。结果，经过重新设计、配备最新蒸汽 动力技术的参赛机车中，竟然最高跑出史无前例的32英里/小时的速度，欧洲一片哗然，自此全世界进入一个长距离、高速度的运输时代。
雨 山竞赛的启示很简单：任何竞争的最终赢家必然是革新。微软和Google的竞争也必将推动全球信息产业的革新，它们的应变能力仍是当今商业世界中的佼佼 者。对于众多同样希望在未来扮演革新角色的企业来说，这场在两代霸主之间注定将旷日持久进行的竞争，无疑是极佳的学习案例。
众所周知，微软当年便是借助IBM才打开了局面。在美国有这样一个流传广泛的故事：经盖茨的推荐，IBM找到了1974年开发出世界第一个计算机操作系 统CP/M、并创立了Digital Research公司的加里·基尔代尔(Gary Kildall)谈授权合作，但是基尔代尔正巧在飞机上，而他的妻子当时认为合约不平等，所以拒绝签协议，后来IBM便选择了盖茨。
从30多前的历史中已很难再完全找到真相。不过两个真实的情节是，原本可以在后来成为盖茨这样角色的基尔代尔，后来常常因为朋友提出当年“flying when IBM visited”的事情而窘迫不已。不管什么原因，他确实错过了与IBM合作的机会。
而负责当年IBM秘密个人电脑项目的杰克·萨姆斯(Jack Sams)在2004年接受《商业周刊》采访时，回忆道：“盖茨说，你想选择QDOS，或者是想让我来做？我说：当然可以，就是你了。”他和盖茨当时都知 道还有西雅图计算机产品公司也开发了QDOS系统。之后，盖茨以5万美元将其购买，经过改进命名为DOS。1980年11月微软正式和IBM签订协议，一 年后，IBM推出了IBM-PC，DOS操作系统随之一同推向市场。前微软员工、西雅图商业专栏作家罗伯特·福特纳(Robert Fortner)认为，“微软最初的成功是因为偶然。”
“DOS是一个很笨、很简单的操作系统，比当时的Apple操作系统差远了，但 是幸运绑在了IBM这样巨大的战车上。”硅谷科技协会副会长刘再德分析道。根据统计数字，到1982年，微软DOS系统已经随着IBM的个人电脑卖出了 50万套。DOS的名气开始起来，影响力也超过了CP/M。
IBM对微软更为重要的一个推力是，为了冲击苹果计算机的市场，其在 1981年宣布个人电脑的体系开放政策，允许所有的配件厂家参与IBM PC兼容计算机的生产，但是系统必须采用DOS或者CP/M，并按照IBM的生产模式。后来在IBM PC份额被其他厂家超越后，微软已经实现上市。IBM眯着眼睛小睡时，微软正在清醒做事情。到1993年，微软的MS-DOS系统卖出了超过3,000万 套正版，“借助IBM的开放政策，让所有的个人电脑都用MS-DOS系统，这是微软最聪明的一步。”刘再德认为。
在微软搭上IBM战车后的20年后，其竞争对手Google采取了类似的策略来壮大自己。创立于1998年的Google，在初期的两年里，其搜索算法在业界并没得到广泛认可，公司甚至没有找到明确的发展方向，面临无米下锅的局面。
而1998年就开始涉足搜索的雅虎，此前主要是采取人工编辑对网页进行主题词索引的方式，后来随着数据量增加，开始将一些搜索工作外包。Google正是被巨人雅虎“使唤”的幕后搜索服务商之一。
在与Google合作之前，为雅虎提供搜索的是当时最大的搜索提供商Inktomi公司。对于算法技术仍很粗糙的google来说，能拿下雅虎的合约， 当然并不是因为搜索服务比Inktomi好，而是在所有的竞争者当中要价最低。还有一个重要的原因是，雅虎创始人杨致远和Google创始人佩吉都毕业于 斯坦福大学，而且关系不错，这两家公司还都获得了红杉资本的投资。
与微软借助IBM拓展市场、提升品牌不同的是，从表面看 来，Google从合作中似乎并无所获。就财务而言，这项低价格的交易并未带来多大收入，品牌提升就更无从谈起，因为很多的用户并不知道Google才是 提供搜索结果的幕后人。但是对Google来说，最重要的是，获得了大量用来搜索查询的第一手资料，当时Google的算法技术并不完善，搜索反应速度很 慢，还曾被搜索行业的观察家视为奇珍异物，而且其对网页评估的速度也很慢，只能做一些规模不大的检索和网页分析，而这些海量资料正是改进技术所急需的。按 照技术领域马太效应来理解，数据量越大，技术上改进的空间就越大。因此，Google急增的数据量很快变为搜索结果质量和搜索技术的提高。同时，这次合作 给Google带来近千万的用户。布林后来如此评价这次合作，“这是Google发展历史上意义非凡的里程碑，也是对Google商业策略可行性的有力证 明。”
“虽然不比当年IBM改变微软，但也可以说是雅虎养大了Google。”刘再德称。当Google壮大时，雅虎也在假寐之中。当 时雅虎的高层并没有太多重视搜索，认为其不过是门户网站一个次要的组成功能，而用户来到这个全球最大的门户网站的主要目的不是搜索，根本没把Google 当竞争对手。
和雅虎签订合同两年之后的2002年，Google在美国的搜索份额就达到了与雅虎相当的水平，而在全球已经超越了后者。 根据统计数字，2002年4月，Google承担了全球47％的搜索量，而雅虎的份额为21％。尽管如此，直到2004年，雅虎才意识到自己犯了一个巨大 的错误，停止与Google合作，推出自己的搜索引擎。但此时Google的地位已经得到巩固，雅虎的反击绵绵无力。在合作的过程中，Google也找到 了提供文字广告的商业模式，快速壮大，并于2004年8月上市。谈到如今雅虎的没落，360安全卫士董事长兼CEO周鸿祎给出了明确的判断：“雅虎就好比 自己的掘墓人，布林和佩吉都应该感谢雅虎。”
不过在与Google的合作中，雅虎并不是丝毫没有意识到威胁。对于雅虎前CEO塞梅尔 (Terry Semel)来说，在今天看到市值数倍于雅虎的Google，一定会像当年错失与IBM合作机会的基尔代尔一样，愤愤不平，“Google的这些应该原本 应该是属于雅虎的。”因为雅虎本来有机会收购Google。2002年时，塞梅尔曾提出以30亿美元买下Google，但是这家年轻的互联网搜索公司并不 感兴趣，后来有幕僚告诉他，Google的估值可能达到了50亿美元。Google当时的收入估计为2.4亿美元，而雅虎约为8.37亿美元。塞梅尔很懊 恼，“50亿美元，70亿美元，100亿美元，我不知道Google到底值多少钱。”他对员工说，“那我们还有什么狗屁理由来做这件事情呢？”
“雅虎最后没买，这就是最大的失败。当然，即使收购了Google，雅虎也不一定能把当时的Google变成今天这样，说不定也扼杀掉了。”刘再德认为，Google非常幸运搭上了雅虎，“小公司在起步时，尽量要成为大公司的合作伙伴。”
Netscape是被微软先学习后打败的最有名的公司之一。当年微软公司正是采取在学习网景浏览器的基础上进行创新的方式打败了网景。这也就是微软最擅长的复制创新。
网景公司Navigator浏览器一度占据浏览器85％的市场。当时分析师曾经预测网景将超过强大的微软，该公司创始人安德生(Marc Andreessen)也信誓旦旦的公开宣布要挑战微软，降低消费者对微软产品的依赖，这样的高调后来被证明是一个错误。而后来者Google在向微软挑 战时，显然吸取了教训，布林和佩吉在羽翼未满的2005年以前，被问到是否在挑战微软时，就公开表示“Google替代微软的说法是无比荒谬的。”
微软：先学习再打败对手
看到一个极度兴奋而高调的挑战者，还有一个新市场急速出现，盖茨很快意识到网景的威胁，便告诉手下，“互联网具有最高级别的重要性。”于是，微软从伊利 诺依大学购买了Mosai浏览器代码的专利版权，开始组织庞大的研发团队重新升级和改进Mosai浏览器。与此同时，微软开始运用一些制约策略。此前，微 软一直同意软件开发商接触Windows 系统上的一些技术信息，以方便其开发出与系统兼容的产品。但是1995年6月，微软开始拒绝向网景提供其操作系统技术升级的信息。同时，微软开始对计算机 厂家提出新的要求，认为应该以缺省的方式预先安装浏览器，由于Windows系统授权的压力，许多厂家被迫同意，这其实是微软为自己的浏览器铺路。
1995年8月，IE浏览器1.0版本随着Windows 95操作系统一起绑定发布。很快微软的IE份额开始提升。同年12月，微软又突然提出IE免费。作为回应，Netscape也不得不开始提供免费的浏览器 下载。对用户来说，微软的免费和绑定策略成效非常好，虽然大部分人认为Navigator似乎是更高级的产品，但这已经没有多大竞争性了，1998年网景 的份额已跌落到50％以下。
网景并不是第一个被微软先学习、后打败的对手。微软1990年代初期就依靠同样的方式夺取苹果公司的市场， 早在微软还采用DOS系统时，苹果公司就已经推出了下一代的图形操作系统，界面和稳定性都相当好。微软的应对手段则是，通过廉价的方式让用户继续使用 DOS系统，同时学习和研发类似苹果的Windows系统。1990年，微软推出了Windows3.0，开始与苹果公司竞争，到1995年推出标志性的 Windows95时，苹果公司几乎算是被挤出了图形操作界面系统的市场。而微软在Word与WordPerfect之战、Excel和Lotus的竞争 中，同样以这样的方式取得胜利。“微软成功的一点是，一旦看准了方向就马上学习对方，虽然它暂时落后，但会尽快赶上。”刘再德总结道。
微软这种被称为“跟随创新”的创新方式，被一些刻薄的美国媒体形容为，“等竞争对手出现，马上复制，然后赶超。”不过著名的自由撰稿人、《哈佛商业评论》 前主编尼古拉斯·卡尔(Nicholas G. Carr)认为，技术所有的独特用途都是可以复制的，技术复制周期越来越短，对新技术的早期投资能真正得到回报的可能性越来越低了，因而巨大的研发投资， 也就是所谓的领先创新，并不一定会为自己带来优势。“只有当风险比较低时，创新才可以获得回报。”这种看法已获得很多认同。
西雅图商业 专栏作家福特纳认为，微软也一直在努力尝试做领先性的创新，盖茨在1991年就建立微软研究中心，是软件行业中率先成立研究机构的企业之一，“盖茨希望能 够发明未来。”通过1994年在微软工作时发生的一件事情，福特纳认为盖茨是时刻关注创新的，“我看到他坐在微软的系统工程师中间，询问他们的合作伙伴对 产品的意见和未来需求，然后他很认真记录了每一条建议。”
2008年，微软投入了82亿美元用于研发，比2007年增加了15％，是全 球投入研发资金最多的科技公司，2009年更高达91亿美元，是Google投入(28亿美元)的3倍。在过去一年里，微软在加拿大的温哥华新建了一个软 件开发中心，在德国亚琛成立了微软嵌入式系统开发中心。为了应对互联网的挑战，在总部研究院成立互联网服务研究中心，还在马萨诸塞州的新英格兰成立为全球 第6个微软研究院，主要目的是开发新计算和在线体验。
刘再德则认为，微软的这种媒体印象，是因为很多的领先创新都融合在大的项目和产品 中，并不为用户所见。相比之下，不断推出各种新产品的Google公司，则更容易在消费者心中有非常良好的创新印象。Ecitysky创始人哈尔顿 (Phil Harton)2005年在佛吉尼亚大学研究生毕业以后，分别在Google和微软总部都工作过，如今独立创业，他表示了自己对Google的偏爱，“提 供了很多消费性的、很酷的产品，你会很容易就喜欢上这家公司。”从1980年代就开始使用微软产品的资深IT专家，ChinaNetCloud公司CEO 穆什诺(Steve Mushero)则感觉，“除了搜索和Gmail，大部分的Google应用还不是很流行，那些小应用看起来像很有意思的玩具，一些细分群体会觉得很有帮 助。”
Google：原始创新表象的背后
Google在欧洲同样非常受欢迎，不 过《经济学人》杂志在2007年的一篇报道提出了质疑，“Google并非如人们认为那般总体上很创新，因为公司只有一个主要的收入来源，而其他几个重要 的创新，包括 YouTube，Google Earth和一些应用软件都是收购而来的。”
或许技术创新这个有点虚幻的概念，就像是围 墙里的花园，你永远无法看到一个具象。但是，在墙外闻到花香，或者看到美丽的花朵探出墙来，无疑也是美好的感觉。“微软和Google都是创新能力最强的 公司，其成功就是对过去创新能力的肯定。”五季咨询合伙人洪波一直在跟踪研究这两家公司，“我觉得很多创新没有必要非得让用户看到，创新不在于你推出了多 少产品，而是你满足用户需求的能力，用户并不关心你创新了什么，只关心好不好用。”
和微软一样，Google的学术专利其实也是建立在 前人的基础上。Google不是第一家做搜索的公司。早在1993年，就有了最早的搜索引擎WebCrawler。而在1996年，Alta Vista正是当时非常优秀的搜索，速度很快，结果很优化。Googe创始人佩吉正是对Alta Vista再研究，发明了用自己的姓氏命名的Pagerank技术，这就是Google公司最重要的创新成果——搜索算法。而这个在当时硅谷最领先的搜索 算法在很长一段时间里，并没有找到合适的商业模式。
在Google的早期规划中，并没有考虑到广告的重要地位。当人们使用Google 的搜索时，访问者看到了优秀的搜索结果，不过诸如商业信息之类广告是没有的，因为Google阻止了所有的广告。布林和佩吉对允许广告进入搜索领域的主张 一度十分反感。在1998年初他们发表的学术论文《解剖大规模的超文本网络搜索引擎》中，两人对“用广告帮助搜索引擎”的想法进行了批判，并以Open Text公司作为警示的例子，来证明一个搜索引擎的结果如果被外界干扰会带来何种后果。在1995年以前，美国最为热门的搜索引擎既不是雅虎，也不是 Alta Vista或Lycos，而是Open Text，被称为Google之前的“Google”。1996年Open Text提出了按照位置收费的试验，即让广告商位于搜索结果的顶部。布林和佩吉坚持认为，加入广告的做法会导致“对广告商的固定偏见，且将偏离客户的需 求，”为了使得搜索结果杜绝因追求利益而产生某种的立场倾向，必须限制广告。
很快另一家公司吸引了布林的注意，这就是Goto公司，后 来改名为Overture。Overture的特点在于，通过出售同搜索结果一同出现的广告而赚钱。当时人们虽然对弹出广告极为反感，对与搜索结果相关的 广告却不排斥。Overture在初期也是一家很有名气的公司。其实Overture公司的模式借鉴了曾被布林和佩吉在论文中批判的Open Text公司的优点，即位置广告，所以Overture公司的广告模式就是，顶部位置加上随搜索结果一同出现的广告。可以看到，这几乎就是今天 Google广告商业模式的大概原型了。
但是布林和佩吉并没有完全仿照，而对Overture公司的模式进行了优化。两人无法接受的 是，只要付费高，Overture公司的搜索就会更多抓取与客户相关的结果，这无疑与两人客观的立场相抵触。因此Google的策略是：提供免费的搜索结 果，通过广告来获利。这避免了布林和佩吉担忧的倾向性问题。1999年底，复制Overture，再融合本身的创新，Google的商业模式最终形成。
这种模式很快也看到了效果。2000年初推出Jupiter Online Advertising Forum广告计划，当时Google的文字广告出现在搜索结果页面的顶部(现在是右边显示)，以赞助商链接的形式进行突出显示，并与搜索结果有明显的区 隔和差异。“我们努力为用户提高高质量的搜索服务，当然广告系统也是一个高质量有吸引力的服务。”此刻心情舒畅，而此前却非常抵制广告的布林已经开始在卖 力推广Google的广告了，“Google每天获得了来自全球数百万人的使用，这使得我们的资源对广告商很有吸引力。”当时，Google创立的关键词 广告点击率效果确实不错，超过条幅广告的4倍，而正是这些简单的文字广告后来造就了市值最大的互联网巨头Google。
很少有人能像盖 茨那样敢对微软的错误进行刻薄的批评。2005年1月28日，在达沃斯世界经济论坛上接受媒体采访时，被问到1998年就推出搜索服务的微软为什么在早期 一直依赖其他公司搜索技术授权，盖茨很坦白，“我们过去非常愚蠢。”根据知名分析调查机构comScore Networks的统计，在2004年12月，Google 在美国搜索市场的份额为34.7％，雅虎为31.9％，依靠雅虎技术授权的微软MSN搜索为16.3％。而更早前，微软还依托了Inktomi和 AltaVista的搜索技术。
对于这种局面，前微软员工、西雅图商业专栏作家罗伯特·福特纳认为，微软犯了一些错误。当雅虎开始提供搜索业务并变得庞大时，微软错失了进入搜索领域的机会。微软更大的错误则是，“没有开发像Google那样的自有搜索算法。”
微软以并购弥补不足
事实上，早在鲍尔默刚刚担任微软CEO的2000年，Google的搜索业务还未壮大时，微软便启动了一项名为“关键词”(Keywords)的研发项目，并得到了部分广告主的支持。但不久之后，微软高管层因担心该项目会影响到其他核心业务的市场收入，放弃了该项目。
显然，微软在2003年初意识到了这个错误。2003年2月，负责微软MSN产品的副总裁佩恩(Chris Payne)在一个内部会议上向盖茨、鲍尔默在内的20几个高管请求批准研发针对Google的搜索业务。佩恩告诉盖茨，他需要18个月和1亿美元来做这 件事。事实上，此前微软已经错过了一次收购的好机会，佩恩曾向盖茨建议收购搜索引擎Overture，但盖茨认为微软能研发出更好的产品，拒绝了这个建 议。
但微软始终未能在搜索市场占到便宜，便转而进行了大量收购。从2006年到2008年9月，微软收购了7家提供各类搜索技术的公 司，以弥补其技术上的不足。其中，2008年4月更以近12亿美元收购挪威提供企业商业信息搜索的Fast Search &Transfer公司。期间，微软的搜索也进行了改头换面，2006年推出Windows Live搜索，2007年又从Windows系列产品中脱离，更名为Live搜索。
2009年5月底，微软推出了全新的独立搜索服务品 牌Bing。根据comScore Study公司8月份的报告，6月份Google公司在美国市场的搜索份额为65％，雅虎为19.6％，微软为8.4％。在推出Bing之后，微软的市场 份额比5月份的8％ 略为提高。之后，微软又与收购未成的雅虎达成合作协议，从雅虎获得全部核心的搜索技术，包括核心的算法搜索服务。两者的合作将对Google的美国搜索市 场形成强大威胁。无疑，微软在用并购策略追赶Google。
并购绝对是微软重要的成长策略之一。其最初的MS-DOS就是在收购 QDOS的基础上研发出来的。不过真正的大手笔收购都是其1986上市之后进行的。1987年，微软进行了成立13年以来的第一次正式并购，买下 Forethought公司，后来被整合到Office软件中的PowerPoint就是以这家公司产品为原型开发的。Office中的另外一款软件 Visio也源于并购，2000年，微软以13.75亿美元购买了Visio Corporation，之后该公司的产品也被整合进微软的产品线，以Office Visio的名字出现。
自从1987年并购第一家 公司以来的近20年，微软保持了平均每年并购超过6家公司的速度，并在2005年之后开始加速，当年并购了超过10家公司，2006年达到了18家。 2009年以前，微软进行了多次规模超过10亿美元的并购，其中购买aQuantive公司更高达63.33亿美元。2009年上半年，微软又并购了 Office.com、互动游戏公司BigPark、Java开发公司ZeroTurnaround 等多家公司。
Google以并购促创新
在微软加紧并购搜索技术公司时，Google也没闲下来。和微软的大手笔相比，Google更乐意花小钱购买小公司，而且似乎对收购兴趣更浓厚。仅仅在 2007年的6月～7月间，Google就一口气并购了7家小公司，比如为了增强电邮系统的竞争优势，收购了电邮安全公司Postini。而收购的提供在 线制作演示文稿软件的Zenter公司，使得Google拥有等同于PowerPoint的在线软件包。
“微软就像A轮投资者，经常收 购快速成长型公司，而Google则更像天使投资人，喜欢还没有成型的早期公司。各有各的好处，微软是看到市场更成熟一点儿再发力，Google则更希望 接触新的公司。”硅谷科技协会副会长刘再德如此比较这两家公司的并购策略。在Google收购的这7家公司里，只有FeedBurner花费了1亿美元。 其他由于都是小并购，而交易数额也低于Google需要向持股人说明的数额要求，所以并购金额并未公开。Google还在2005年5月收购了只有2个人 的手机社会化网络公司Dodgeball，这家公司当时一直在寻找投资者。
通过并购Google也消灭了一些潜在竞争对手。2003年 8月，硅谷有媒体开始以“Kaltix打败Google？”的标题报道一家新的搜索公司Kaltix，这家当年6月份才成立的公司，由来自斯坦福大学的三 个学生创立，他们在学校里研发出了创新而快速的商业信息个性化搜索技术，由于学校已诞生了像Google这样的搜索公司，三人便信心十足将被当时搜索行业 誉为“王冠上的宝石”的学术成果转化为一家商业公司。9月，Google收购了这家新公司。
因为何种目的进行并购？在这个问题上，微软和Google的思路都很清晰，也值得众多公司借鉴。“主要是获得创新的专利技术。”五季咨询合伙人洪波认为，微软和Google收购的重点是技术和人才。
在5月份，微软推出Bing后，很明显就能发现其核心技术Powerset，其实就是得益于2008年的收购美国语义搜索公司Powerset。做一个 很简单的比较，就能发现微软背后的算盘，此前差强人意的MSN搜索都耗时了20个月来研发，对于功能更为强大、也被微软寄望发挥更大作用的Bing来说， 虽然假以时日，公司拥有的精英技术人才通过内部技术创新的方式也可能会得以实现，但是在新技术“各领风骚不几月”的快速革新时代，时间的投入比金钱的投入 势必更珍贵，微软采用并购这样的外部创新方式，性价比更高。
Google也同样通过并购来实现技术提升。8月17日，在Google中 国举办的“互联网的未来”论坛上，产品工程师上台展示其新产品前，Google大中国区总裁李开复向台下的观众强调，“请注意，他们今天演示的新产品现在 就可以下载，没有任何的天方夜谭和未来神话。”在接下来演示的移动搜索、翻译服务、地图服务(互联网和手机)三个领域里，其中的地图服务里用到的 Google Map的核心技术就来自并购Where 2公司和Keyhole公司的技术。2005年推出的Google Earth，后来也因为2007年并购了提供图片为位置精确链接的Panoramio公司，以及提供高清晰图像的Image America公司而实现功能上的革新和提升。
在并购方面，微软和Google为抢地盘已经搏杀多个来回。2006年11 月，Google以16.5亿美元完成了YouTube的收购，布林在后来谈到此次收购时表示，“搜索最好的回复不一定是网页。”言下之意是 YouTube有一个庞大的、对视频粘性很高的用户群。此前，微软公司也曾参与YouTube的收购，未果之后，推出了Soapbox网站。不过，根据最 近的消息，微软正计划大规模缩减其视频网站的规模。美国穆伦堡学院媒体传播学院客座教授红宇认为，“微软和Google有意通过并购的方式插足其他领域， 以期抢占先机，制定规则。”很显然，在没有抢到YouTube后，失去先机的微软在视频领域已然失意。
为了拉拢更多的公司，除了并购， 两家公司还采取了入股的方式。2007年10月，微软2.4亿美元入股Facebook，约占1.6％的股份。按照当时的估值，Facebook身价高达 150亿美元。这引来了同样参与竞争的Google的不满，施密特就曾抱怨微软故意抬高Facebook的估价。不过，对在并购YouTube、 DoubleClick时均被Google抢了机会的微软来说，被媒体形容“仅仅亲吻了一下，结果被别人抱得美人归”的结果，确实会有点不爽。因此，在 2007年3月Google以31亿美元并购DoubleClick后，4月份微软马上就以60亿美元收购了另外一家规模更大的网络广告 aQuantive。
等待微软或者Google来并购，曾是很多硅谷的科技创业公司的目标之一。而从微软和Google自身来看，并购在量变的积累必然造成结构上的质变。创业公司在成长阶段，选择合适的并购时机和并购对象，其实更是一项极考验智慧的“技术活”。
Thomson Reuters makes cuts in corporate advisory services
Sep 02, 2009
New York strategic research and perception experts to be laid off
Thomson Reuters yesterday told its New York-based strategic research and perception teams they are being cut, according to people familiar with the situation.
Jeff Shacket, VP of corporate advisory services, and around nine people reporting to him are leaving, including VP Kara Newman, who heads up strategic research, and senior director Rob Nagle, head of the perception team.
They were informed Tuesday by Bill Haney, Thomson Reuters’ London-based global head of investor relations services.
IR service providers have been put under pressure by the global financial downturn, which has led to trimmed corporate IR budgets – as reported in a recent benchmarking study by the research team being eliminated.
The strategic research team’s output includes research reports and other content for IRHub, an education and networking site for Thomson ONE Investor Relations clients. Though not a profit center, it has been viewed as a competitive differentiator.
By contrast, the perception team, which surveys investors on behalf of corporate clients, is a revenue generator. Nagle formerly worked at LaBranche & Co, the NYSE specialist, helping provide market intelligence to listed companies.
Other strategic research experts to be pushed out include Glenn Curtis, a regular industry commentator, and Arzu Cevik, who authored an article in the August issue of IR magazine, ‘The case of the disappearing analysts’.
According to Newman’s personal website, she has other irons in the fire. She is the ‘High Spirits’ columnist for Chile Pepper magazine and a contributor to Wine Enthusiast and the San Francisco Chronicle. An announcement on her website says her first book, Spice & Ice, about spicy cocktails, will be published by Chronicle Books in November.
A spokesman for Thomson Reuters declined to comment on the layoffs. ‘We don’t comment on personnel changes,’ he wrote in an email. ‘That said, we continue to invest in our growing IR business in terms of our products, services and people. With that, we continue to evolve our operations to ensure we are aligned with our clients’ evolving needs.’By Neil Stewart
Bilibala comments:Human resource is the most important assets of Thomas Reuters, even though Corp Advisory is not the major segment that generate profit for the corporation.
Senior management team should think it twice before they take actions. I mean, the economic downturn is almost over (even though when will it fully recover is still full of uncertainty), but laid off simply because of this may not be a good & impressive reason.
McDonald's is gaining market shares
http://www.bloomberg.com/apps/news?pid=20601103&sid=axO6NoVmrbqw
By Courtney Dentch
Sept. 3 (Bloomberg) -- McDonald’s Corp. has accelerated its U.S. market share growth by selling new products and promoting old standbys through the recession, even as consumers eat out less, said Chief Financial Officer Peter Bensen.
“It’s a constant struggle to balance new products that will create excitement with our existing menu items,” Bensen, 47, said in an Aug. 19 interview. “The eating-out market is shrinking in the recession and we’re grabbing an even bigger part of the market.”
The world’s largest restaurant chain introduced iced coffees and a larger $3.99 Angus beef burger, and advertised its Big Macs to win sales. McDonald’s accounted for 46.8 percent of the U.S. hamburger market last year, up 10 basis points from 2007, according to food-industry researcher Technomic Inc. Burger King Holdings Inc. was second with 14.2 percent.
“No one in the restaurant industry can introduce and promote new products the way McDonald’s can,” said Steve West, an analyst with Stifel Nicolaus & Co. in St. Louis. “They’ve been taking market share for so long, they could give some back,” he said, adding he doesn’t expect any reversal until 2010.
West is among the 12 analysts who recommend buying the stock, according to Bloomberg data. Nine recommend holding the shares and none advises selling them.
McDonald’s, based in Oak Brook, Illinois, fell 24 cents to $55.13 at 10:03 a.m. in New York Stock Exchange composite trading. The shares had lost 11 percent this year before today.
Rising Share
The company has raised its share of the U.S. fast-food market by 20 basis points in 2007, 30 basis points last year and 50 basis points this year through May, said Heidi Barker, a McDonald’s spokeswoman. She declined to provide more detailed figures or to comment on Technomic’s data.
Burger King added 30 basis point last year, while the Wendy’s chain lost 10 basis points for a 12.6 percent market share, according to Chicago-based Technomic.
Miami-based Burger King uses NPD Group’s Crest data, which estimates its 2008 market share rose to 14.5 percent from 14.3 percent, said Michelle Miguelez, a Burger King spokeswoman. Wendy’s representatives didn’t return calls seeking comment.
Eighty percent of sales at McDonald’s 14,000 U.S. stores come from the chain’s main fare, and advertising campaigns in the past year promoting the Big Mac, Quarterpounder and Chicken McNuggets have lifted sales across the menu, Bensen said.
‘Huge Increase’
“We saw huge increases in Big Mac sales” after national commercials aired last year, he said. “We’ve got a lot of brand equity in the core menu items and in these times that’s really resonating with our consumers.”
McDonald’s spent $822.7 million on U.S. ad campaigns last year, about $5 million more than in 2007, according to data from market-research firm TNS Media Intelligence. It spent $184.5 million in the first quarter, New York-based TNS said.
The hamburger seller also introduced lattes, going after coffee chains such as Seattle-based Starbucks Corp.
McDonald’s sales at U.S. stores open at least 13 months gained 3.5 percent in the second quarter, the only growth among the largest fast-food chains. Burger King’s same-store sales fell 3.2 percent in the U.S. and Canada in the same period, and Wendy’s fell 0.4 percent in North America. Starbucks’s U.S. sales declined 6 percent.
To contact the reporter on this story: Courtney Dentch in New York at cdentch1@bloomberg.net. Last Updated: September 3, 2009 10:27 EDT
Bilibala comments:
To me, McDonald's is strong in market research, they know what the customers love and able to provide the product and service just in time.
With McCafe, I don't think it will beat Starbuck nor Tim Horton in terms of its taste or quality. But for sure it will take some market shares from those competitors, for people who will drink coffees everyday, but not a big fans in coffee.
By Courtney Dentch
Sept. 3 (Bloomberg) -- McDonald’s Corp. has accelerated its U.S. market share growth by selling new products and promoting old standbys through the recession, even as consumers eat out less, said Chief Financial Officer Peter Bensen.
“It’s a constant struggle to balance new products that will create excitement with our existing menu items,” Bensen, 47, said in an Aug. 19 interview. “The eating-out market is shrinking in the recession and we’re grabbing an even bigger part of the market.”
The world’s largest restaurant chain introduced iced coffees and a larger $3.99 Angus beef burger, and advertised its Big Macs to win sales. McDonald’s accounted for 46.8 percent of the U.S. hamburger market last year, up 10 basis points from 2007, according to food-industry researcher Technomic Inc. Burger King Holdings Inc. was second with 14.2 percent.
“No one in the restaurant industry can introduce and promote new products the way McDonald’s can,” said Steve West, an analyst with Stifel Nicolaus & Co. in St. Louis. “They’ve been taking market share for so long, they could give some back,” he said, adding he doesn’t expect any reversal until 2010.
West is among the 12 analysts who recommend buying the stock, according to Bloomberg data. Nine recommend holding the shares and none advises selling them.
McDonald’s, based in Oak Brook, Illinois, fell 24 cents to $55.13 at 10:03 a.m. in New York Stock Exchange composite trading. The shares had lost 11 percent this year before today.
Rising Share
The company has raised its share of the U.S. fast-food market by 20 basis points in 2007, 30 basis points last year and 50 basis points this year through May, said Heidi Barker, a McDonald’s spokeswoman. She declined to provide more detailed figures or to comment on Technomic’s data.
Burger King added 30 basis point last year, while the Wendy’s chain lost 10 basis points for a 12.6 percent market share, according to Chicago-based Technomic.
Miami-based Burger King uses NPD Group’s Crest data, which estimates its 2008 market share rose to 14.5 percent from 14.3 percent, said Michelle Miguelez, a Burger King spokeswoman. Wendy’s representatives didn’t return calls seeking comment.
Eighty percent of sales at McDonald’s 14,000 U.S. stores come from the chain’s main fare, and advertising campaigns in the past year promoting the Big Mac, Quarterpounder and Chicken McNuggets have lifted sales across the menu, Bensen said.
‘Huge Increase’
“We saw huge increases in Big Mac sales” after national commercials aired last year, he said. “We’ve got a lot of brand equity in the core menu items and in these times that’s really resonating with our consumers.”
McDonald’s spent $822.7 million on U.S. ad campaigns last year, about $5 million more than in 2007, according to data from market-research firm TNS Media Intelligence. It spent $184.5 million in the first quarter, New York-based TNS said.
The hamburger seller also introduced lattes, going after coffee chains such as Seattle-based Starbucks Corp.
McDonald’s sales at U.S. stores open at least 13 months gained 3.5 percent in the second quarter, the only growth among the largest fast-food chains. Burger King’s same-store sales fell 3.2 percent in the U.S. and Canada in the same period, and Wendy’s fell 0.4 percent in North America. Starbucks’s U.S. sales declined 6 percent.
To contact the reporter on this story: Courtney Dentch in New York at cdentch1@bloomberg.net. Last Updated: September 3, 2009 10:27 EDT
Bilibala comments:
To me, McDonald's is strong in market research, they know what the customers love and able to provide the product and service just in time.
With McCafe, I don't think it will beat Starbuck nor Tim Horton in terms of its taste or quality. But for sure it will take some market shares from those competitors, for people who will drink coffees everyday, but not a big fans in coffee.
9.02.2009
M&A: America’s Top Companies Hold $335 Billion Cash
http://247wallst.com/2009/09/02/ma-americas-top-companies-hold-335-billion-cash-xom-msft-jnj-pg-brk-a-ibm-t-aapl-goog-cvx-csco-ko-intc-orcl-bac-wfc-jpm-ge-pfe/
Now that we are out of the woods in the crash scenario, assuming this week is no ill omen, investors may want to know which of the big companies would start to deploy their billions and billions of dollars in cash for large mergers or strategic bolt-on acquisitions. In all of these companies, we are not taking the long-term or short-term debt obligations into account. This is merely the cash, cash equivalents, and the long-term investments listed on the books.
Now that we are out of the woods in the crash scenario, assuming this week is no ill omen, investors may want to know which of the big companies would start to deploy their billions and billions of dollars in cash for large mergers or strategic bolt-on acquisitions. In all of these companies, we are not taking the long-term or short-term debt obligations into account. This is merely the cash, cash equivalents, and the long-term investments listed on the books.
But as these are the biggest companies in the world with what should be credible balance sheets (in most cases anyhow), we are also including a second combined figure for “receivables and inventories” for a few of these companies to show what the firms could use for additional sources of capital…. These figures do not include untapped credit lines and shelf registrations which could amount to untold billions more. Because of this calculation, our figures may differ slightly from what companies have listed in their last earnings release as cash and equivalents.
Can all of this cash go for mergers? What about for dividends? No way. But a large portion of it could be used for mergers and buyouts under the right circumstances. We removed the companies which are either permanently out of the game of M&A or those which are temporarily out of it. But of the fourteen mega-caps (over $100 billion in market cap) which we did cover, you would be shocked at the cash balance these companies are sitting on without even considering the total cumulative effect of credit lines, inventories, receivables, and open shelf registrations. The first total cash figure comes to a whopping $335 billion. This number is far more if you count the companies with exceptions.
These major companies broken down by cash balance and what sort of merger these could consider are Exxon Mobil Corp. (NYSE: XOM), Microsoft Corporation (NASDAQ: MSFT), Johnson & Johnson (NYSE: JNJ), Procter & Gamble Co. (NYSE: PG), Berkshire Hathaway Inc. (NYSE: BRK-A), International Business Machines (NYSE: IBM), AT&T Inc. (NYSE: T), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), Chevron Corporation (NYSE: CVX), Cisco Systems Inc. (NASDAQ: CSCO), Intel Corp. (NASDAQ: INTC), Oracle Corp. (NASDAQ: ORCL). Even after a huge rally, $335 billion and then some could go a very long way.
Exxon Mobil Corp. (NYSE: XOM) has a $329 billion market cap and cash is roughly $46 billion. It is spending about $8 billion per year in dividends, has been just buying its own stock, and has more than enough earnings for its dividend coverage with earnings expected at $3.94 EPS this year and its annualized dividend at $1.68 per share. Last quarter alone it spent $7 billion on dividends and share buybacks. Unless it is a diversification acquisition, our take is that Exxon is so large it would have to make acquisitions outside of US-borders. Maybe it could challenge China’s growth ambitions.
Microsoft Corporation (NASDAQ: MSFT) with a $213 billion market has over $36 billion in cash and equivalents. There is always the notion that antitrust issues will arise, but that has not been the case in the search pact with Yahoo! so far and there are very few add-on plays here for its O/S and Office software. Other software, media, search, advertising-related, and communications plays would be the most logical targets assuming all the cash doesn’t go for buybacks or another big dividend.
Johnson & Johnson (NYSE: JNJ) has been a serial acquirer. Its $165 billion market cap compares to close to $15 billion of the green stuff in the bank. We won’t bother making a prediction of what sector nor which partner J&J might consider, but one that has been proven J&J likes writing buyout checks and it does that in consumer products and in health care.
Procter & Gamble Co. (NYSE: PG) has a market cap north of $153 billion and new consumer product plays that could make a huge dent might continue to raise antitrust issues. It traditionally keeps low levels of cash, listed as just under $5 billion, so if P&G puts on another big dealmaker hat it might not be a cash deal. We do note however, that the recent deal announcement for it to sell its pharmaceuticals unit will bring in another $3 billion and then some in cash.
Berkshire Hathaway Inc. (NYSE: BRK-A) is a tough one to call for a real ‘available cash’ despite a $153 billion market cap. You know Warren Buffett makes big investments and you know he has always hinted at a “whale of a deal” out there. He even gave some parameters for a deal recently. The most recent balance sheet has more than$24.5 billion in cash and equivalents alone but his investment portfolio of long-term investments is listed as over $125 billion which he could access for new stakes or new deals. So as far as what Buffett could tap all said and done, let’s take 20% of the investment portfolio as ‘rotational through time’ and give him another $25 billion to make a round number of $50 billion that Buffett and friends could tap for multiple deals in the coming years.
International Business Machines (NYSE: IBM) has a market cap of $152 billion and listed cash as $12.5 billion after spending $2.4 billion in the last quarter alone for dividends and buybacks. Where IBM would look would by our count be another people-intensive or service-intensive deal, although there are random hardware and storage and systems possibilities that have come up in recent months.
AT&T Inc. (NYSE: T) has a market cap of close to $150 billion, but the cash and equivalents is roughly $10 billion. AT&T’s appetite might be diminished because of its size in telecom making antitrust issues come into play if it took a larger step in the land line or in the wireless businesses. There are related areas that could be mini-plays, but after the AT&T-SBC-BellSouth-Cingular deal they may be used up for some time on what they could acquire on a major scale. It could possibly consider a play into pre-paid or no-contract telecom services, but that is just because of recent competitor deals.
Apple Inc. (NASDAQ: AAPL) has long been a puzzle as to what it would do with all that cash. Its market cap is $148 billion, yet it is now sitting on a mountain of cash of more than $31 billion. Buying back its own stock would be expensive, but integrating an outside company into Apple might not be the easiest sell. With 909.16 million shares used on a diluted basis, Apple could pay out close to a $34.00 per share dividend if it wanted to take the cash balance down to Zero and start all over again.
Google Inc. (NASDAQ: GOOG) has a market cap of close to $146 billion, but now it has a cash balance of roughly $19.3 billion. Making a huge deal would be very difficult here, and it has not undertaken any mega-cash deals. If Google chose that cash dividend route, the company could declare close to a $60.00 dividend and start over on its cash growth game.
Chevron Corporation (NYSE: CVX) has a market cap of close to $137 billion and is sitting on more than $31 billion. Similar to Exxon, it may be difficult for Chevron to just go buy a large oil and gas company or another integrated player in the U.S. because of antitrust issues and deal criticism. Just like Exxon, Chevron might also want to challenge some of the China asset grabs out there while global share prices are suppressed.
Cisco Systems Inc. (NASDAQ: CSCO) is worth close to $122 billion in market cap and despite making deals all along the way and despite buying back billions worth of shares, its last quarter ended with close to $35 billion in cash and equivalents. Cisco has been on the expansion path all along on many fronts, so where it could or would do a deal would depend on the climate and upon what would give it a leg up for the next generation.
The Coca-Cola Co. (NYSE: KO) has a market cap of close to $116 billion and had over $14 billion at its beckoning call if it chooses. It has not expressed interest in the Pepsi-bottler challenge of acquisitions and its perceived interest seems to be in smaller premium brands where it can take more market share. With the tax wars heating in a world where Uncle Sam is considering taxing soft drinks, Coke may choose to hoard cash for the moment.
Intel Corp. (NASDAQ: INTC) has a market cap of roughly $110 billion and has close to $19 billion cash equivalents before closing a recent deal. It also had close to $6 billion in receivables and inventories. Intel has been somewhat active via its ventures and in acquiring units or bolt-on companies like Wind River recently. Intel has to be careful on any processor-related deals because it already dominates that market, but there are probably dozens of core related technologies in computing and in communications that it would not be under antitrust reviews.
Oracle Corp. (NASDAQ: ORCL) has roughly a $110 billion market cap and over $12.5 billion in cash at the end of last quarter. It is already buying Sun Microsystems for $7.4 billion, or about $5.6 billion net of cash on hand and debt and it raised $5 billion in noted earlier last quarter. Considering that Oracle has made dozens and dozens of acquisitions, our take is that Larry Ellison will always maintain that path as long as he is allowed to.
There are other top market caps that are actually larger than many of the ones above, but we feel that the regulatory and fears of ’systematic risk’ situation or because of instant antitrust issues being assured would instantly bar these companies from making any deals. Let alone the notion that some are still under Uncle Sam’s financial good graces. Among these are Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), Wal-Mart Stores Inc. (NYSE: WMT), and Wells Fargo & Co. (NYSE: WFC). The other issue in analyzing the bank balance sheets is that we are not yet ready to endorse what banking giants claim as assets and liabilities yet. Also excluded from this with its $110 billion market cap is Pfizer Inc. (NYSE: PFE) because it is already in a huge deal to acquire Wyeth.
General Electric Co. (NYSE: GE) is a company that has perpetually been an acquirer and a divesting company. Its market cap is a fraction of its prime at $140 billion now, but because of the recent woes in anything tied to financial stock we think that GE is probably out of the market for any big deals any time soon. Small deals are possible of course and because of the increased offerings and other issues we are just not going to assign a real figure for the otherwise $400+ billion that is stated.
Be advised that there is always a possibility here for discrepancies in these figures. The total number taken from balance sheets after tallying its cash, short-term, and long-term investments sometimes does vary slightly from the figure that a company lists or uses as its its ‘cash’ figure in its quarterly press release or conference call. We have attempted to smooth that data as a result.
If you wish to be notified by email when the top day trader alerts hit, along with news of IPO’s, key offerings, guru investor data on Buffett and others, mergers, and more, you can join our open email distribution list which goes out several times per week.
JON C. OGG
Bilibala comments:
We sometimes heard, "Cash is King!" How about invest your money in corporation that hold lots of cash and generate lots of cash every year? It will be a much better idea compare to keep your money in bank with less than 2% interest in return.
Brand Cred: College Kids Love J&J, Apple, Sony
by Erik Sass, 5 hours ago - MediaPost
Johnson & Johnson, Sony and Apple top the list of brands that college students say they "trust," according to the 2009 edition of Alloy Media + Marketing's College Explorer survey.
The survey, conducted by Harris Interactive, canvassed 1,521 college students from April 1-27 to create a portrait of the sentiments and values of America's college student -- a much-desired ad cohort of young adults ages 18-30, numbering 13.8 million.
Asked what brands they associated with "happy," the survey subjects produced a rather different top-10 list. The only brand that appeared in the top-three tier in both lists was Apple, which came in third for trust and second for "happy" behind Clinique.
Following Apple on the list of "happy" brand associations were -- in order -- McDonald's, Coca-Cola, Target, Wrigley and Sony (tied), Walmart, Dove and Hershey. On the "trusted" list, Apple was followed by Colgate, Microsoft and Coca-Cola (tied), Toyota, Nike and Bank of America (tied), and Target and Dell (tied).
The annual college survey by Alloy and Harris also inquired about spending decisions, focusing on changes wrought by the recession. However, the group's discretionary spending power has actually increased, jumping 37% from four years ago, and 5% from last year to $56 billion.
The basic hierarchy of needs and desires remained the same. Food purchases are still a top category and increased over last year, as did spending on clothing, shoes, entertainment and technology -- although to a lesser degree.
On the technology front, as might be expected, Alloy found big year-over-year increases in ownership of laptop computers and MP3 players, continuing a trend of several years' standing.
For the first time, in 2009, Alloy found that less than half of college students own a desktop (48%), while 75% reported owning a laptop. Some 74% of college students surveyed reporting owning an MP3 player -- double the number four years ago -- and 75% report owning a digital camera -- up 17% from 2006.
Alloy also delved into social issues and future expectations. Overall, 43% of college students said they preferred to buy socially responsible brands. They seem rather gloomy on the economy, with only 35% saying they think the situation will improve over the next year.
9.01.2009
Shiu On Land's new plan for next year
本报讯(记者/龚晶)近日,瑞安房地产有限公司公布今年首6个月未经审核的综合业绩,披露了佛山岭南天地项目的建设进展情况,记者从中获悉:岭南天地部分物业将于明年开售及招租,新广场及周边地块所建酒店式公寓及零售物业则有望2010年及2011年陆续交付使用。
在建物业面积超23万平方米
公告透露,目前佛山岭南天地项目在建项目的建筑面积达到23.2万平方米,其中住宅5.4万平方米,商铺8.6万平方米,酒店3.4万平方米,停车场5.8万平方米。
瑞安表示,佛山岭南天地项目全部建成后可供出租及可供销售建筑总面积将达到140万平方米,其中办公建筑面积45万平方米,酒店建筑面积8万平方米,住宅63.6万平方米,零售物业19.6万平方米,停车场4.2万平方米。
据悉,岭南天地位于D地块,拟建总建筑面积为5.2万平方米的服务式公寓及零售物业的建筑工程已经展开,预期于2010年及2011年分阶段完成。而邻近D地块主要为休憩空间及园景区的G地块(即三面围绕祖庙的区域),也将在相同时间内完成。记者注意到,公告显示,瑞安将于2010年交付使用2.5万平米建筑面积的物业,用途为零售物业,位于新广场附近区域。
而岭南天地1号地块(即祖庙东侧商业街区部分)上,拟建设总建筑面积为6.8万平方米,集零售、商业及精品酒店于一体的综合项目,其建筑面积为2.4万平方米的一期工程,目前已经开工,预计在2011年分阶段完成。
4号地块和14号地块(即优越百货东面、建新路以北的地带),计划建设总建筑面积达5.4万平方米的住宅物业,也已经开始施工,预计在2011年完成。
物业销售收益增至20余亿元
对于岭南天地项目的前景,瑞安认为,于2010年通车的佛山首条地铁线,在岭南天地将设有车站,令该项目与广州的交通往来更加方便,并使客源地域得以拓宽。而佛山是2010年广州亚运会的协办城市,届时当地的旅游业将会受惠,使佛山在国内外的知名度得以提高。
瑞安在公告中透露,瑞安在佛山及大连市的项目将于明年开售及招租。
据了解,截至2009年6月30日,今年首6个月瑞安房地产集团已签约售出的总建筑面积约12.24万平方米,扣除营业税后的物业销售收益增加至人民币20.21亿元。随着上半年市场气氛改善,瑞安大部分物业项目的销量大幅反弹。
瑞安房地产主席兼行政总裁罗康瑞说:“瑞安房地产所涉足的城市,对国家发展肩负举足轻重的作用。上海将跃升为国际金融及航运中心,重庆为西南地区的经济重心,武汉则是华中地区的服务重镇。佛山将连同广州成为东南地区的经济中心,而大连则逐渐转型为迎合日韩市场的软件中心。”他表示,瑞安将继续与政府紧密合作,配合城市发展计划,令集团的项目成为当地的全新地标及焦点。
另据透露,瑞安集团以75.1亿元收购祖庙东华里片区改造地块,其中截至今年6月30日已支付土地交易中心28.64亿元；余额46.46亿元将按照该地块的迁置进度分期支付。
-相关
瑞安有意引入合作伙伴开发项目
记者从瑞安房地产获悉,建立策略伙伴仍然是瑞安房地产为加速项目发展中的重要一环。据介绍,瑞安继7月与Redevco(领德高)签署合作协议后,双方将于短期内展开武汉天地A1、A2及A3号地块的商务群组部分的工程。
另外,瑞安还将继续在整体或分拆项目层面,寻找合适的策略合作伙伴共同开发项目。瑞安认为,此举将有助公司加快项目回报,分拨营运资金作其他项目发展,分散风险和提升公司的流动资金,同时集团亦能透过汲取合作伙伴的专长和技术,进一步加强公司旗下项目的日后发展。
瑞安所操刀的佛山岭南天地项目规模庞大,其建设投入将远高于瑞安房地产所操刀的上海新天地项目(占地面积仅3万平方米,总建筑面积6万平方米)。岭南天地项目仅地价就要支付75.1亿元,其总投资之大可想而知的。此前,罗康瑞来禅时曾表示,有意引入优质的合作伙伴,不仅仅在资金上,也可能在其他方面开展合作。不过,瑞安表示,截至目前,佛山岭南天地项目尚没有明确、具体引进的合作伙伴。
The story of 陸奇
為在網搜市場上擊敗Google，微軟延攬前任雅虎搜尋引擎高手陸奇（Qi Lu）。出生於中國的陸奇曾是雅虎網搜和廣告技術部門的大將，他10年來的工作只有一個，就是擊敗在網搜領域稱霸的Google。陸奇將對抗Google視為其畢生職志，在業界以超級工作狂著稱。而微軟吸收陸奇，也代表微軟要與Google正面對決，力拚高下的決心。
紐約時報報導，現年47歲的陸奇，於14個月前離開雅虎，如今他再度回到擂台與Google單挑，不過這次背後支持他的是對網搜投注更大資金和心力的科技巨擘－微軟。
陸奇離開雅虎後曾考慮投入創投業，甚至是回到中國，不過陸奇在與微軟執行長鮑默會面後即改變心意。
鮑默受訪時憶起他帶著兩位工程主管，飛至矽谷與陸奇會面，立即折服於他的才幹。當陸奇走出房門後，鮑默對另兩人說：「天哪！我們應該延攬他加入微軟。」
去年12月鮑默賦予陸奇線上服務部門總裁的重責大任，迎面而來的是網搜市場艱鉅的挑戰。
歷經數周的馬拉松會議後，陸奇和其團隊成功拉攏雅虎與微軟結盟，這項複雜的合作協議，將為微軟帶來其領渴望多年的搜尋用戶。
不過即使加上雅虎的網搜流量，微軟搜尋引擎Bing的市占率仍不到Google的一半，要攻下Google堅固的網搜堡壘並非易事。陸奇在訪問中表示，他沒有輕忽這項任務的難度，若拉長戰線，微軟勢必須推出與眾不同且令人讚嘆的搜尋服務，才足與對手抗衡。
陸奇行事低調，但在網路業卻備受推崇。他有著異於常人的旺盛精力以及狂熱的工作態度，驅動旗下團隊為微軟力拚強敵。
穿著印有Bing的T恤和牛仔褲，陸奇看起來更像工程師而不是企業高層。針對加盟微軟一事，陸奇表示，他將延續在雅虎未完成的任務，即是擊敗Google。
Bilibala comments:
Interesting story!! But if a person cannot beat Google in Yahoo, can he beat Google in Mircosoft? Also, to replace a succuessful company in the market is hard, especially it cannot be done by just 1 person. The only thing that will pull down a successful company is the market (meaning its customers).
On the other hand, as an advertisement for Bing, it is a smart move to be a story teller, as least, newspapers will report it and people will talk about it and try to search about it, by using Google.
Gmail down for few hours
據《MarketWatch》報導，美國時間星期二 (1日) 數名使用者上網抱怨有數小時無法登入 Google (GOOG- US；谷歌) 的 Gmail 電子信箱，而且 Google 的 Apps Status 註冊頁面服務也斷線，因此沒有提供進一步的 解釋。而到台灣時間凌晨 5 點 37 分，Google 的官方網 站上才有訊息表示，Google 已經修復了問題，Gmail 已可照常服務。
Google 人員表示，服務中斷的原因尚在調查中。
Google 發言人沒有立即對此事件做出回應。
Gmail 上一次出現大當機是在今 (2009) 年 2 月， 當時 Google 表示是由於「例行維修事件」造成 Google 在歐洲的數據中心過載。
這次的事件凸顯出所謂「雲端科技」的內在風險。 雲端科技提供可將業務內容存取在網路上的服務，如此 一來，就無須再將業務資訊儲存再電腦裡。而 Google 被視為雲端科技的先驅。
Google 的 Gmail 除了提供消費者免費的服務以外 ，同時也是 Goolge 應用程式服務 (包含雲端科技) 重 要的一環，Google 以收費的方式提供企業和機構使用。
Bilibala comments:
If this issue happen few more times in future, it may harm the brand value of Google
Google wave!!!
In the not-so-distant future (end of September), Google will be expanding the current developer preview of Google Wave to 100,000 consumers. Google Wave is, in a nutshell (according to Google), what e-mail would look like if it were invented today.ISEdb.com reported on the upcoming release of Wave back in May. Recently, Search Engine Land sat down with the Google Wave team and gleaned some insight off of them about what people can expect from Google Wave.
Here are some highlights:
• Wave will require users to get used to a new way of communicating – there may be a kind of ‘culture shock’ experienced when people use it for the first time.
• The program allows users to interact with different people in real-time.
• Wave is a kind of amalgamation of e-mail and instant messaging, search and Twitter.
• A “wave” is a conversation, or, as Google calls it, a fully stand-alone discussion.
• Developers will be able to build new applications for Wave, which will be accessible to users through the platform and also individual “waves”.
• Wave will allow drag-and-drop photo-sharing.
• Wave can act as a Twitter client (and possibly a client for many other programs, including Facebook, in the future).
• Most of the emphasis has been on enterprise or B2B collaboration.
• Wave appears to be quite user-friendly, with its team pointing out that third graders in Australia took to it like fish to water.
It s google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad); eems that Wave could truly change the way we use the internet. It’s pretty exciting stuff. Many internet news websites have been commenting on how Wave could revolutionize the online world.
This Eweekeurope.co.uk article points out that Wave’s ability to roll up all the particles of conversation and collaboration that would otherwise have ended up scattered across various mailboxes and chat messages, is truly compelling.
According to Carsonified, Google Wave will have a huge impact on internet users because of its extensions, the ability to embed a Wave in a webpage, the ability for users to collaborate on Waves, and many more reasons, which you can check out here.
One blog even claims that Google Wave will replace the internet. The author explains that it’s the notion of centralized hosting that Wave offers that will give people incredible power over their messages and eliminate all kinds of annoyances we’re living with now.
This magazine says that Wave, which it calls a Swiss Army Inbox, will rival Microsoft Office, something that budget businesses will love, since Wave will be available free of cost.
Mashable, for its part, says that Wave breaks conversation conventions “left and right”, that might “confuse and even scare people”.
If nothing else, Google has certainly generated itself some high-quality buzz with this potential “game-changer”. Let’s hope Wave lives up to the hype.
Here are some highlights:
• Wave will require users to get used to a new way of communicating – there may be a kind of ‘culture shock’ experienced when people use it for the first time.
• The program allows users to interact with different people in real-time.
• Wave is a kind of amalgamation of e-mail and instant messaging, search and Twitter.
• A “wave” is a conversation, or, as Google calls it, a fully stand-alone discussion.
• Developers will be able to build new applications for Wave, which will be accessible to users through the platform and also individual “waves”.
• Wave will allow drag-and-drop photo-sharing.
• Wave can act as a Twitter client (and possibly a client for many other programs, including Facebook, in the future).
• Most of the emphasis has been on enterprise or B2B collaboration.
• Wave appears to be quite user-friendly, with its team pointing out that third graders in Australia took to it like fish to water.
It s google_protectAndRun("ads_core.google_render_ad", google_handleError, google_render_ad); eems that Wave could truly change the way we use the internet. It’s pretty exciting stuff. Many internet news websites have been commenting on how Wave could revolutionize the online world.
This Eweekeurope.co.uk article points out that Wave’s ability to roll up all the particles of conversation and collaboration that would otherwise have ended up scattered across various mailboxes and chat messages, is truly compelling.
According to Carsonified, Google Wave will have a huge impact on internet users because of its extensions, the ability to embed a Wave in a webpage, the ability for users to collaborate on Waves, and many more reasons, which you can check out here.
One blog even claims that Google Wave will replace the internet. The author explains that it’s the notion of centralized hosting that Wave offers that will give people incredible power over their messages and eliminate all kinds of annoyances we’re living with now.
This magazine says that Wave, which it calls a Swiss Army Inbox, will rival Microsoft Office, something that budget businesses will love, since Wave will be available free of cost.
Mashable, for its part, says that Wave breaks conversation conventions “left and right”, that might “confuse and even scare people”.
If nothing else, Google has certainly generated itself some high-quality buzz with this potential “game-changer”. Let’s hope Wave lives up to the hype.
Wells Fargo repay TRAP
Wells Fargo Expects to Repay TARP Soon Without New Share Sale
By Erik Schatzker and Dakin Campbell
Sept. 1 (Bloomberg) -- Wells Fargo & Co. plans to repay funds obtained from the government’s bank bailout program in the near future without raising equity.
John Stumpf, president and chief executive officer of the San Francisco-based lender, discussed the bank’s plans for paying back $25 billion obtained from the Troubled Asset Relief Program during an interview today on Bloomberg Television.
“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” Stumpf said in the interview. “We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”
To contact the reporter on this story: Erik Schatzker in New York at eschatzker@bloomberg.net Last Updated: September 1, 2009 15:55 EDT
Bilibala comments
Based on 2q09 results, if Wells Fargo re-pay the TRAP, the tier 1 capital ratio will drop significantly, may be below 8.0%. Even if the corp can generate another $3-4B in 3q, the ratio will still look too low compare to peers. Although we all know, 8.0% is fine given Wells Fargo's assets based are quite strong from an risk weighted point of view.
By Erik Schatzker and Dakin Campbell
Sept. 1 (Bloomberg) -- Wells Fargo & Co. plans to repay funds obtained from the government’s bank bailout program in the near future without raising equity.
John Stumpf, president and chief executive officer of the San Francisco-based lender, discussed the bank’s plans for paying back $25 billion obtained from the Troubled Asset Relief Program during an interview today on Bloomberg Television.
“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” Stumpf said in the interview. “We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”
To contact the reporter on this story: Erik Schatzker in New York at eschatzker@bloomberg.net Last Updated: September 1, 2009 15:55 EDT
Bilibala comments
Based on 2q09 results, if Wells Fargo re-pay the TRAP, the tier 1 capital ratio will drop significantly, may be below 8.0%. Even if the corp can generate another $3-4B in 3q, the ratio will still look too low compare to peers. Although we all know, 8.0% is fine given Wells Fargo's assets based are quite strong from an risk weighted point of view.
Shoppers Drug Mart Corporation to open first Murale store in Toronto
New beauty destination offers access to global beauty brands and an elevated level of beauty expertise
TORONTO, Sept. 1 /CNW/ - Shoppers Drug Mart Corporation (TSX:SC) willpremiere its innovative and exciting new retail beauty store, Murale, inToronto Friday, September 4th in the Shops at Don Mills at 1090 Don MillsRoad. The beauty store, the third of its kind to open in Canada, will featurean unprecedented assortment of luxury, dermatological, fragrance and nichebrands from around the world.
"We've brought the best in beauty brands and expertise together in thisfantastic new beauty destination," said Jurgen Schreiber, President and CEO ofShoppers Drug Mart. "Murale is unlike any other beauty offering in NorthAmerica with its unique combination of leading beauty and dermatologicalproducts and professional, expert services and consultation."
Upon entering the store, customers will be delighted by the assortment ofleading global luxury prestige cosmetics brands including Bobbi Brown, Chanel,Estée Lauder, Lancôme and Nars, among others, each with their own area forinteractivity and application. The store's fragrance section includes over 75men's and women's scents from fragrance houses and designers like Prada, DonnaKaran, Chloé, Cartier and Etat Libre d'Orange. Offering personalized andunbiased beauty advice, Murale Beauty Masters will assist customers in findingcosmetics and fragrances suited to their needs and also provide expert makeupapplications.
Murale's sophisticated dermatological area is equipped with professionalassessment tools and the latest in topical treatments and nutra-cosmetics.
With an assortment that delivers excellence in skin care, Murale will featuretrusted and innovative brands like Natura Bissé, Vichy, Murad, and Darphin.
Focused on personalized consultation, Murale's professional skin care teamincludes a full-time Aesthetician and Pharmacist.
In addition to leading products, expert consultation and advice, Muralewill also offer unique services including a Benefit Brow Bar and a menu ofover 30 professional beauty and spa services available in the private cabineadjacent to the dermatological area.
"Murale is a truly unique experience that promises to delight, surpriseand inspire everyone to find their own beautiful," says Shelley Rozenwald,President, Murale. "We've travelled the globe to create the finest assortmentand we're thrilled to bring these beauty discoveries and treasures toCanadians. Since our first Murale store opened in Ottawa, we've receivedfantastic feedback from our customers who are enchanted by our service, ourbrands and our expertise. Now we can provide Torontonians with the opportunityto experience this unique beauty destination."
Elegant and contemporary, Murale's design is inviting and allowscustomers the opportunity to touch, feel and discover the extensive range ofbeauty products, as well as interact with the store's experts. The firstMurale store opened in Place d'Orléans in Ottawa this past November while theCompany's first flagship opened in Montreal in December 2008. The Companyplans to open up to five additional locations in Canada this year includingstores in Calgary and Vancouver.
More information on Murale, and the brandsand services within, can be found at www.murale.ca. On September 3, 2009, from 9:00 a.m. to 11:00 a.m., media will have theopportunity to preview the new Toronto store. To RSVP, please contact AnneCowans at 416.919.1221, acowans@overcatcommunications.com or Cecille de laCruz at 416.966.9970 ext. 228, cdelacruz@overcatcommunications.com.
Bilibala comments:
It should help Shoppers Drug Mart to further improve its profit margin.
On the other hand, whenever there's expansion plan, a corp usually need to rise debt. To me, Shoppers' debt is quite high and it will increase the credit risk of the company. In today's economy environment, where you can borrow cheaply is fine, but need to keep an eyes on this new store and see how long it will take it to break even and pay back.
TORONTO, Sept. 1 /CNW/ - Shoppers Drug Mart Corporation (TSX:SC) willpremiere its innovative and exciting new retail beauty store, Murale, inToronto Friday, September 4th in the Shops at Don Mills at 1090 Don MillsRoad. The beauty store, the third of its kind to open in Canada, will featurean unprecedented assortment of luxury, dermatological, fragrance and nichebrands from around the world.
"We've brought the best in beauty brands and expertise together in thisfantastic new beauty destination," said Jurgen Schreiber, President and CEO ofShoppers Drug Mart. "Murale is unlike any other beauty offering in NorthAmerica with its unique combination of leading beauty and dermatologicalproducts and professional, expert services and consultation."
Upon entering the store, customers will be delighted by the assortment ofleading global luxury prestige cosmetics brands including Bobbi Brown, Chanel,Estée Lauder, Lancôme and Nars, among others, each with their own area forinteractivity and application. The store's fragrance section includes over 75men's and women's scents from fragrance houses and designers like Prada, DonnaKaran, Chloé, Cartier and Etat Libre d'Orange. Offering personalized andunbiased beauty advice, Murale Beauty Masters will assist customers in findingcosmetics and fragrances suited to their needs and also provide expert makeupapplications.
Murale's sophisticated dermatological area is equipped with professionalassessment tools and the latest in topical treatments and nutra-cosmetics.
With an assortment that delivers excellence in skin care, Murale will featuretrusted and innovative brands like Natura Bissé, Vichy, Murad, and Darphin.
Focused on personalized consultation, Murale's professional skin care teamincludes a full-time Aesthetician and Pharmacist.
In addition to leading products, expert consultation and advice, Muralewill also offer unique services including a Benefit Brow Bar and a menu ofover 30 professional beauty and spa services available in the private cabineadjacent to the dermatological area.
"Murale is a truly unique experience that promises to delight, surpriseand inspire everyone to find their own beautiful," says Shelley Rozenwald,President, Murale. "We've travelled the globe to create the finest assortmentand we're thrilled to bring these beauty discoveries and treasures toCanadians. Since our first Murale store opened in Ottawa, we've receivedfantastic feedback from our customers who are enchanted by our service, ourbrands and our expertise. Now we can provide Torontonians with the opportunityto experience this unique beauty destination."
Elegant and contemporary, Murale's design is inviting and allowscustomers the opportunity to touch, feel and discover the extensive range ofbeauty products, as well as interact with the store's experts. The firstMurale store opened in Place d'Orléans in Ottawa this past November while theCompany's first flagship opened in Montreal in December 2008. The Companyplans to open up to five additional locations in Canada this year includingstores in Calgary and Vancouver.
More information on Murale, and the brandsand services within, can be found at www.murale.ca. On September 3, 2009, from 9:00 a.m. to 11:00 a.m., media will have theopportunity to preview the new Toronto store. To RSVP, please contact AnneCowans at 416.919.1221, acowans@overcatcommunications.com or Cecille de laCruz at 416.966.9970 ext. 228, cdelacruz@overcatcommunications.com.
Bilibala comments:
It should help Shoppers Drug Mart to further improve its profit margin.
On the other hand, whenever there's expansion plan, a corp usually need to rise debt. To me, Shoppers' debt is quite high and it will increase the credit risk of the company. In today's economy environment, where you can borrow cheaply is fine, but need to keep an eyes on this new store and see how long it will take it to break even and pay back.
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