FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

Archive for the ‘HONG KONG’ Category

ASIAN MARKETS GAIN AFTER US HOUSE PASSES STIMULUS BILL; EUROPE OPENS DOWN

Posted by Gilmour Poincaree on January 29, 2009

January 29, 2009 – 3:45 AM

by Stephen Wright – Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

BANGKOK, Thailand – Asian markets advanced Thursday, with Hong Kong jumping 4.6 percent in a catch-up rally, as the U.S. House of Representatives approved a $819 billion stimulus bill that investors hope will help lift the American economy out of its worst crisis in decades. European markets opened lower.

Japan’s Nikkei 225 stock average rose 144.95 points, or 1.8 percent, to 8,251.24 even as new data showed that retail sales in the world’s second-largest economy sank the most in nearly four years in December.

Hong Kong’s Hang Seng leaped 575.83 points, or 4.6 percent, to 13,154.43 after being closed for three days for the Lunar New Year. Mainland China’s markets are closed all week. South Korea’s Kospi gained 0.7 percent and Australia’s main index rose 0.9 percent.

Sentiment in Asia got a boost as President Barack Obama’s massive stimulus package moved closer to becoming a reality.

The Democratic-controlled House of Representatives approved the bill Wednesday night, sending it to the Senate where debate could begin as early as Monday. Democratic leaders have pledged to have legislation ready for Obama’s signature by mid-February.

“The U.S. stimulus package has a positive psychological impact on markets globally,” said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong.

“But there is still going to be bad news in the form of profit warnings and unemployment,” he said. “The unemployment rate is going to continue to climb, making U.S. consumers even more hesitant about spending.”

As trading got underway in Europe, major bourses fell with France’s CAC-40 off 1.1 percent, Germany’s DAX down 1 percent and Britain’s FTSE 100 slipping 1.1 percent.

U.S. stock index futures were down, suggesting Wall Street would open lower Thursday. Dow futures were down 87 points, or 1.1 percent, at 8,235 and S&P500 futures were off 8.6 points, or 1 perc(AP) — ent, at 862.90.

Financial stocks led Asia’s advance Thursday, buoyed in part by hopes of new U.S. efforts to trim bad debt and spur lending.

In Hong Kong, banking giant HSBC jumped 8.4 percent and China’s top lender, Industrial & Commercial Bank of China Ltd., or ICBC, added 5 percent.

In Tokyo, megabank Sumitomo Mitsui Financial Group soared 13 percent, Mitsubishi UFJ jumped 4.8 percent and Mizuho added 5.2 percent.

Japanese exporters such as Sony and Toshiba reported weak quarterly results after the market closed.

Sony Corp.’s net profit tumbled 95 percent in the October-December quarter, as the global slump hurt sales of its core electronics products, while Toshiba Corp. sank into the red in the third quarter and expects a loss for the full year.

Elsewhere, New Zealand’s benchmark index was up 0.8 percent after the central bank slashed its key interest rate by 1.5 percentage points to 3.5 percent to prevent the country’s recession from deepening.

Oil prices slipped below $42 a barrel as rising U.S. crude inventories offset expectations the U.S. stimulus package will revive growth and consumer demand. Light, sweet crude for March delivery was down 34 cents to $41.82 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange.

In currency trading, the dollar fell to 90.02 yen from 90.41 late Wednesday in New York, while the euro declined to $1.3044 from $1.3139.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Advertisements

Posted in AGRICULTURE, ASIA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, THE WORK MARKET, UNEMPLOYMENT, UNITED KINGDOM, USA | Leave a Comment »

SHK INVESTMENT TO REDEEM MINIBOND INVESTORS – SUN HUNG KAI INVESTMENT SERVICES WILL REFUND AS MUCH AS HK$85 MILLION TO INVESTORS WHO BOUGHT STRUCTURED NOTES LINKED TO COLLAPSED LEHMAN BROTHERS HOLDINGS (China)

Posted by Gilmour Poincaree on January 23, 2009

01-23-2009 00:37

STAFF REPORTER

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

Posted in BANKING SYSTEMS, CHINA, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, HONG KONG, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

GLOBAL BANKING CRISIS PUTS A DAMPER ON KLCI (Malaysia)

Posted by Gilmour Poincaree on January 21, 2009

Wednesday January 21, 2009

by Leong Huleong Yee

PUBLISHED BY ‘THE STAR’ (Malaysia)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR’ (Malaysia)

Posted in BANKING SYSTEMS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FORMOSA - TAIWAN, HONG KONG, INTERNATIONAL, JAPAN, MALAYSIA, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, SCOTLAND, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

TODAY’S SPECIAL: ASK FOR LESS RICE AND SAVE $1 (China – Hong Kong)

Posted by Gilmour Poincaree on January 20, 2009

Monday, January 19, 2009

by Diana Lee

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

Posted in CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), HONG KONG, INTERNATIONAL, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RICE, THE WORKERS | Leave a Comment »

SETOR BANCÁRIO DERRUBA BOLSAS DE HK E CHINA

Posted by Gilmour Poincaree on January 7, 2009

07/01/2009 – 07h57

Agência Estado

PUBLISHED BY ‘BOL’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BOL’ (Brazil)

Posted in BANKING SYSTEMS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HONG KONG, INDUSTRIES, INTERNATIONAL, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

HONG KONG SHARES GAIN 1.1 PC, LED BY ENERGY STOCKS

Posted by Gilmour Poincaree on December 30, 2008

30 Dec, 2008, 1123 hrs IST

Reuters

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in BANKING SYSTEMS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

BEIJING PROMISES TO HELP HK THROUGH CRISIS (China)

Posted by Gilmour Poincaree on December 20, 2008

Fri, Dec. 19, 2008

Joe McDonald – The Associated Press

PUBLISHED BY ‘PHILLY.COM’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘PHILLY.COM’

Posted in CHINA, ECONOMY, HONG KONG, INDUSTRIAL PRODUCTION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE WORK MARKET | Leave a Comment »

CHINA COPPER SMELTERS SEEK HIGHER SPOT, TERM FEES

Posted by Gilmour Poincaree on December 16, 2008

16 Dec 2008, 12:24 hrs IST

REUTERS

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, RECESSION | Leave a Comment »

HSBC PRIVATE BANKING PART OF US PROBE

Posted by Gilmour Poincaree on December 3, 2008

Wednesday, December 03, 2008

BenjaminScent

PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

The US Justice Department has launched a criminal investigation into whether HSBC’s (0005) private banking division illegally helped American clients avoid paying taxes by hiding their money in undeclared offshore bank accounts, according to media reports.

The investigation began in September and is looking into whether HSBC and Credit Suisse helped rich Americans squirrel away up to US$30 billion (HK$234 billion) in offshore accounts that were not declared in US tax filings, The New York Times quoted two sources as saying.

A London-based spokesman for HSBC declined to comment.

Meanwhile, HSBC said it is cutting 500 jobs from its British operations. The cuts, which account for less than 1 percent of HSBC’s 58,000 workers in the country, are mostly in London. No frontline staff in retail branches or call-center staff are impacted, according to a statement.

Separately, Standard Chartered Bank (Hong Kong) confirmed it is cutting 200 staff in the SAR, with the layoffs spread across different departments and different seniority levels. The bank started notifying the affected staff yesterday, a spokeswoman said. The layoffs account for about 4 percent of Standard Chartered’s staff in Hong Kong.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INTERNATIONAL, JUDICIARY SYSTEMS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SPAIN, TAX EVADING, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE PRESIDENCY - USA, USA | Leave a Comment »

ASIAN MARKETS MIXED ON OUTLOOK FOR CHINA, US

Posted by Gilmour Poincaree on December 1, 2008

1 Dec 2008, 1220 hrs IST, AGENCIES

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

SEOUL, South Korea: Asian stock markets were mixed on Monday as investors digested signs that the U.S. holiday shopping season got off to a tepid start over the key Thanksgiving weekend.

While Japan’s market fell, stocks in Hong Kong and mainland China rose on expectations of further measures by the Chinese government to boost the economy after last month’s big interest rate cut and multibillion dollar stimulus package.

“These are the appetizers of a full meal, “said Winson Fong, managing director at SG Asset Management in Hong Kong, which overseas about $3 billion in equities in Asia, referring to those earlier measures. “It’s not the end.”

Hong Kong’s Hang Seng index was up 297 points, or 2.1 per cent, to 14,185.8, continuing its rally from last week, when it rose nearly 10 per cent. China’s Shanghai Composite index was up 0.4 per cent to 1,879.66.

India’s benchmark Sensex index also rose, climbing 2.4 per cent to 9,305.94, reflecting at least some investor confidence in the wake of the terrorist attacks in Mumbai, where the stock exchange is located, that left at least 174 people dead.

Stocks in Australia, Singapore and South Korea also fell. Early reports from the U.S. showed modest gains in retail sales on Black Friday, the traditional start of the American holiday shopping season, but business appeared to fall off during the remainder of the weekend, considered one of the most important of the year for U.S. retailers. Also, sales gains seemed to come at the expense of profits as companies slashed prices to lure shoppers.

‘We don’t know if it’s driven by sales or if U.S. consumers are getting their confidence back,’ said Fong.

Investors around the world are paying close attention to the weekend sales figures for clues on the strength of the American economy, a vital export market.

According to preliminary figures released Saturday by ShopperTrak RCT, a research firm that tracks total retail sales at more than 50,000 outlets, sales rose 3 per cent to $10.6 billion on Friday from the same day a year ago. A more complete sales picture of how the Thanksgiving shopping weekend fared won’t be known until Thursday when the nation’s retailers report November same-store sales, or sales at stores opened at least a year.

Stocks in Thailand rose, led by energy stocks, amid hopes that the country’s political crisis will be resolved soon. Anti-government protesters have occupied Bangkok’s two main airports for nearly a week, cutting off air freight, stranding tourists and causing millions of dollars in lost sales. The benchmark SET index was up 0.8 per cent at 405.09.

In Tokyo, the benchmark Nikkei 225 stock average lost 123.34 points, or 1.5 per cent, to 8,388.93, retreating after advancing 7.6 per cent last week. Investors sold exporters as the yen strengthened, which erodes exporters’ overseas earnings.

‘Despite a rise on Wall Street last Friday, sentiment was downbeat as investors were bracing for weak U.S. manufacturing data due out later in the day,’ said Kazuhiro Takahashi, an equity strategist at Daiwa Securities SMBC Co. Ltd., referring to the Institute for Supply Management’s report for November.

Wall Street advanced for a fifth straight session Friday, the first time the Dow Jone industrial average to accomplish that feat since July 2007. For the week, the Dow climbed 9.7 per cent for the week and the broader Standard & Poor’s 500 index jumped 12 per cent.

U.S. stock futures were down, suggesting Wall Street would open lower Monday. Dow futures were up 59 points, or 0.7 per cent, to 8,763, and S&P futures were up 6.8 points, or 0.8 per cent, to 888.5.

Oil prices fell to near $53 a barrel after OPEC declined to cut production at an informal meeting in Cairo on Saturday. Light, sweet crude for January delivery was down $1.13 to $53.30 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.

In currencies, the dollar declined to 95.22 yen from 95.48 yen in New York late Friday. The euro was little changed at $1.2685.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COMMERCE, COMMODITIES MARKET, CONSUMERS AND PSYCHOLOGICAL FACTORS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INTERNATIONAL, OPEC, PETROL, SOUTH KOREA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

ASIAN SHARES, OIL TUMBLE AS GLOBAL RECESSION FEARS MOUNT

Posted by Gilmour Poincaree on November 13, 2008

November 13, 2008

by Rafael Nam

HONG KONG, Nov. 13 (Reuters) – Asian shares fell on Thursday to their lowest this month on A woman walks by an electric stock average index board in Hong Kong Thursday, Nov. 13, 2008. Hong Kong's stock index has plunged over 6 percent in early trade, tracking Wall Street's sharp losses overnight. The blue chip Hang Seng index fell 923.83 points, or 6.63 percent, to 13015.28 points in the morninguncertainty about whether the United States can succeed in its massive banking rescue and as Intel Corp.’s revenue warning stoked corporate earnings worries.

European markets also opened lower and were set for another rocky ride as the Germany announced its economy officially entered recession, contracting for a second straight quarter.

Japan’s Nikkei average dropped 6.3 percent. Other markets also took a beating: South Korea, Australia, and Hong Kong fell 5-6 percent each. Taiwan and Singapore dropped 3-4 percent each.

However, Shanghai gained 1.7 percent on hopes China’s spending plan would spur economic growth.

Evaporating confidence in the global economy led crude prices to hit a 22-month low of $ 55 a barrel, even after OPEC President Chakib Khelil indicated the oil-producing cartel may cut supply again. Metals such as platinum also dropped.

In London, oil prices steadied on Thursday after falling close to 50 dollars a barrel as the International Energy Agency warns of sliding energy demand around the globe.

With prices tumbling to the lowest levels in almost two years and down almost two-thirds in value compared to record highs of above 147 dollars a barrel in July, analysts said OPEC was certain to call an emergency meeting to announce further cuts to output.

Adding to the gloom was the forecast of the Organization for Economic Cooperation and Development that leading industrialized nations appear to be in a ‘’protracted’’ downturn, with the US, Japanese and eurozone economies likely to shrink next year.

The OECD predicted a return to modest growth in 2010 but warned that the United States, the world’s largest economy, would suffer a whopping 2.8 percent contraction in fourth quarter 2008.

It called for further government stimulus measures and steps to shore up financial markets but also warned against any move that would distort competition or threaten the operation of open markets.

The Japanese yen retreated against the euro and the dollar after soaring on Wednesday on a flight-to-quality. Other Asian currencies fell, while Australia’s central bank stepped in to support its tumbling Australian dollar.

The MSCI index of Asian stocks outside Japan dropped 5.7 percent after at one point hitting its lowest level since Oct. 30.

Asian shares followed Wall Street lower after the US Treasury on Wednesday backed away from using a $ 700 billion bailout fund to buy bad mortgage debt from lenders to focus instead on buying stakes in the US banks themselves.

The shift in focus not only created uncertainty, but came after a raft of recent gloomy economic data worldwide.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MANILA BULLETIN’ (Philippines)

Posted in ASIA, BANKING SYSTEMS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INTERNATIONAL, JAPAN, OPEC, RECESSION, SOUTH KOREA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

RISKS WEIGH ON SPREADS AS US RESCUE PLAN SHIFTS (Singapore)

Posted by Gilmour Poincaree on November 13, 2008

Posted to the web on: 13 November 2008

Reuters

SINGAPORE — Market disappointment with the US Treasury’s proposed shift in the use of its bailout funds spilled over into Asian money markets today, freezing spreads and heightening uncertainty across assets.

Currencies and stock markets tumbled in Asia while interbank rates remained fairly elevated over policy rates, even rising slightly in markets such as Hong Kong. Japan’s central bank turned more aggressive in its support for the market, pumping in a heavier than normal amount through repo transactions starting next week.

The uncertainty stemmed as much from the US government’s plan to focus the remainder of its $700 billion bailout fund on making direct investments in financial institutions and shoring up consumer credit markets as from the upcoming meeting of the Group of 20 nations.

Leaders of the 20 industralised and emerging nations meet tomorrow in Washington. “The U-turn by Paulson is spurring fears that banks won’t be able to weather the persistent financial crisis without being able to offload the troubled assets off their books to another party,” said Sue Trinh, a strategist at RBC Capital Markets in Sydney.

“And a policy u-turn in an environment of heightened uncertainty does not help confidence, in that it simply adds to that uncertainty.” The US Treasury Department initially promoted the financial rescue package approved by Congress last month as a vehicle to buy illiquid mortgage assets from banks and other institutions to spur fresh lending.

However, that plan never got off the ground and US Treasury Secretary Henry Paulson told a news conference asset purchases were not the most effective use of the funds. Dollar funding rates were barely changed in Asia, quoting at 0,1 to 0,4% for overnight funds and 2,2-2,7% for three-month funds. Three-month dollar LIBOR fell to 2,1325% overnight

Analysts suspected other risk spreads would also cease narrowing, as they have been for weeks, while markets seek clarity on Treasury’s plans. The US TED spread, the spread between 3-month treasury bills and inter-bank rates, narrowed to 199 basis points yesterday, far below their widest level of 4,6 percentage points in October yet far wider than lows around a 110 basis points in September.

“The downtrend in the TED spread tells us that the panic in the money market is over,” ING economist Tim Condon said in a note. “However, we do not expect a normal TED spread to be restored as long as banks view their counterparties as dependent on government support. The TARP flip-flopping is unhelpful in that regard.”

Three-month Hong Kong inter-bank rates rose 10 basis points to 2,1372%, reversing a steady downtrend in place since late October, as Asian currencies fell and Hong Kong dollar forwards priced that bearishness in. Overnight-indexed swaps continued to drop, reflecting both an abundance of cash and expectations for rate cuts, despite the stickiness in inter-bank rates.

The spread between three-month dollar OIS and LIBOR fell to 163 basis points on Wednesday. In India, the one-month OIS was bid at 6,25%, compared with a 7,5% central bank overnight lending rate and 9,8% one-month interbank rate. Elsewhere, the Bank of Japan undertook aggressive funding operations to start on Monday, the first day of the new monthly reserve maintenance period when a temporary scheme of paying interest on excess reserves at the central bank will take effect.

The BOJ bought 2 trillion yen of JGBs in repo agreement for one day from November 17 to November 18 at 0,43%, and also bought ¥1,6-trillion of JGBs in repos for a week from Nov.17 at 0,46%, a tad lower from 0,48% at similar repo operations earlier in the week.

“The BOJ may be sending a message that it wants to ease repo rates in the new reserve period,” said a money market trader at a big Japanese bank. “The one-day repo operation is unusual and it may just be a technical smoothing operation, but could also be a signal that it will address a gap in supply whenever possible,” he said. The yen overnight call rate was trading around the BOJ’s 0,3% policy target.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in ASIA, AUSTRALIA, BANKING SYSTEM - USA, BANKING SYSTEMS, CENTRAL BANKS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INDIA, INTERNATIONAL, JAPAN, SINGAPORE, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

RN RECEBE TRÊS NOVAS SONDAS PARA PERFURAR POÇOS (Brasil)

Posted by Gilmour Poincaree on November 13, 2008

13/11/2008 – Tribuna do Norte

A Petrobras está recebendo o reforço de três novas sondas de perfuração que chegaram da China e A PETROBRAS NO RIO GRANDE DO NORTE - BRASILirão permitir a ampliação do número de poços perfurados em todo o Estado. Os equipamentos, trazidos pela empresa ETX, estão contratados pela Petrobras para ficar durante oito anos perfurando em território potiguar. Ao todo, a operação das três sondas deverá gerar cerca de 132 empregos diretos no campo de operação, e cerca de outros 40 na base operacional. Além disso, estima-se a geração de outros 200 empregos indiretos em função delas, em atividades como transporte, alimentação e hospedagem de funcionários, uniformes e caminhões-guindaste. Cada sonda é capaz de perfurar até 2.000 metros.

O peso total do equipamento que desembarca no Porto de Natal é de 1.350 toneladas.

Esta movimentação indica o reaquecimento da atividade perfuratória no Estado, que apresenta curva de crescimento significativa: em 2005-2006, a media anual de poços perfurados variou entre 150 e 180 poços. Este ano, a estimativa da Petrobras é de 300 poços, com mais 15 a 20 furados pelos produtores independentes. Para 2009, a previsão da empresa é de cerca de 500 poços a serem perfurados no Estado. Além das três sondas, outras oito devem chegar ao RN no início de 2009.

A operação das três sondas deverá gerar o recolhimento de cerca de R$ 9 milhões em ISS ao longo de todo o contrato oito anos, beneficiando diretamente cada município em que as sondas operarem. A ETX é uma empresa de prestação de serviços de perfuração e completação de poços fundada em 2005 por executivos do setor de petróleo, em parceria com grupo investidor de Hong Kong. O grupo também participa de investimentos diretos em exploração e produção como produtores independentes em associação com investidores da Austrália.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘TRIBUNA DO NORTE’ (Brasil)

Posted in A QUESTÃO ENERGÉTICA, AUSTRALIA, BRASIL, CHINA, CIDADES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, EXPANSÃO ECONÔMICA, FLUXO DE CAPITAIS, HONG KONG, INDÚSTRIAS, INTERNATIONAL, O MERCADO IMPORTADOR, PETRÓLEO, POLÍTICA REGIONAL, REFINERIES - PETROL/BIOFUELS, RELAÇÕES INTERNACIONAIS - BRASIL, RN | Leave a Comment »

ASIAN MARKETS GAIN AS HANG SENG RISES 3 PERCENT

Posted by Gilmour Poincaree on November 3, 2008

Nov 3, 3:56 AM EST

by Jeremiah Marquez – AP Business Writer

HONG KONG (AP) — Asian stock markets rose Monday, with Hong Kong’s benchmark advancing 3 percent, as investors appeared encouraged by government efforts to help the global economy weather the financial crisis.

Across the region, markets seemed to shrug of more dispiriting economic data and focus on fresh stimulus plans.

The Korea Composite Stock Price added 1.4 percent after the government unveiled nearly $11 billion in new spending measures to protect South Korea from sliding into recession.

In Australia, the S&P/ASX 200 was up more than 5 percent despite troubling evidence of slowing manufacturing and retail sales, as traders anticipated a further interest rate cut from the country’s central bank on Tuesday.

India’s main stock index rose 4.6 percent after a central bank decision over the weekend to cut the nation’s key interest rate and release $8.1 billion into its financial system.

Hong Kong’s blue-chip Hang Seng Index was among the region’s top gainers, climbing 414, or 3 percent, to 14,382, Singapore’s key index also rose by about 4 percent.

“I don’t think it’s a massive change in direction, more a case of a little more confidence going forward in massively oversold stocks and … global organized attempts to deal with the issues,” said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong.

U.S. stock index futures were up modestly, suggesting that Wall Street would open higher. The Dow Jones industrial average added 144.32, or 1.6 percent, to close Friday at 9,325.01. Dow futures were up 0.9 percent, while S&P futures were up 0.7 percent.

Financials were sharply higher in many Asian markets. China’s ICBC gained 9.6 percent in Hong Kong, top Indian lender ICICI Bank Ltd. rose 8 percent, and leading Australian investment bank Macquarie Group Ltd. surged 12.4 percent.

Elsewhere, the prospect of interest rate cuts from the Philippine central bank buoyed the country’s market for the fourth straight session.

Shanghai’s benchmark, though, erased early gains to trade in negative territory amid reports suggesting Chinese manufacturing, the engine behind the country’s phenomenal growth, was contracting. The index closed down 0.5 percent.

Japanese financial markets were closed Monday for a public holiday and due to reopen Tuesday.

Global stock markets could take direction from the U.S. this week after the country’s presidential election on Tuesday helps fill in some blanks about how Washington might shape economic policy in the months ahead.

Analysts offered differing opinions of the election’s likely impact on markets.

Chelsea Dipasupil, head of research at RCBC Securities Inc., said the Philippine market appeared to be welcoming the possibility of Democratic presidential nominee Sen. Barack Obama winning.

“Since it is Obama leading surveys, it might be that there is a renewed confidence in a new leadership,” she said. President George W. Bush and the Republicans “had become unpopular because of some of his policies and the current economic crisis,” she said.

CFC Seymour analyst Dariusz Kowalczyk said an Obama win might provide “economic policy clarity” but Democratic control of U.S. economic policy “would risk disincentivising entrepreneurship.”

That could weigh on the long-term outlook for productivity and growth, which could be “market-negative” in the medium term, the Hong Kong-based analyst said in a research note.

Investors will also keep an eye on U.S. reports due on manufacturing, the service sector and employment in the world’s largest economy amd major market for Asia’s exports.

October was a brutal month for Asian markets, but ended with tentative signs of recovery. Hong Kong’s Hang Seng Index shed about 23 percent during the month amid worries that the global financial crisis would erode corporate profits as investors dumped shares to meet redemptions back home. The benchmark dropped as low as 11,015.84 last Monday – its worst close since May 2004 – but has since bounced back.

The rise in Asian markets also lifted oil prices, which advanced 72 cents to $68.53 a barrel in Asian trade on the New York Mercantile Exchange.

The dollar gained 99.56 yen from 98.44 late Friday in New York, up sharply from the 13-year low of 91 yen touched Oct. 24. The euro was higher at $1.2867 from $1.2751.

AP Writer Hrvoje Hranjski in Manila contributed to this report.

© 2008 The Associated Press. All rights reserved.

Copyright 2008 Associated Press

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘The Providence Journal’ (USA)

Posted in ASIA, AUSTRALIA, BANKING SYSTEMS, CENTRAL BANKS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INDIA, OCEANIA, SOUTH KOREA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »