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Interview: Asia Pacific Region markets
European markets

>> it is back to the table for united airlines and the pilots. the bankruptcy judge rejected a cost cutting agreement between the carrier and also united pilots. the judge agreed with lawyers for other united unions who argued the court would give pilots too much power over the airline’s negotiations with other labor groups. the agreement would have saved u.a.l. $1089 million a year. turning now to a preview of the markets in the asia pacific region. we have this filed tape report.

>> china’s exports probably slowed in december. higher oil prices left consumers in the u.s. and europe with less to spend on toys and electronic gadgets and clothes. in november, exports grew 46% to nearly $61 billion. december figures are expect the any day for monday. direct investment figures are also due. investment rose to a record last year. companies such as wal-mart are expanding in china to take advantage of rising demand. sri lanka may cut the key interest rate in the coming weeks to boost economic growth threatened by last month’s tsunami. in november the central bank said the $18 billion economy would grow as much as 6.5% this year. more than 30,000 people were killed when sri lanka was hit by the tsunami on december 26. the government says coastal areas may take as long as 10 years to rebuild. the cheapest loans in 30 years probably fueled indian industrial production in november. figures are expected to show output rose 1.8% from a year eermier. production rose 10.1% in october. india’s two biggest software companies will probably report higher profits in the quarter ending december 31. infosys reports wednesday and tata on thursday. the companies have been receiving more orders from clients in the u.s. and europe. south korea’s largest steel maker reports earnings on thursday. and it may say net profit almost doubled last year helped by higher steel prices. korean steel makers plan to increase capital spending by 52% this year to meet growing demand from china. asia’s biggest electronics maker sam sung probably saw profits jump 12% in the fourth quarter. as demand for cell phones, flat screens and computer chips soared. that means forecast of analysts thompson financial is for profit of 2.1 trillion. that is $2 billion. earnings around next friday -- earnings announced next friday. those are the highlights of the coming week here in arab yafment back to you.

>> for a previewst week ahead in europe, mark barton filed this report from our london bureau.

>> central bank is from the group of 10 countries meet in switzerland starting a week that includes interest rate decisions in europe’s largest economy. the central bankers may express concern about the impact of a further drop in the dollar on global economic growth. a press conference will follow with e.c.b. president, a spokesman for the group, he will also speak on thursday. essentially the rate unchaunchinged on that day. again in paris on friday. it’s another big week for retailers amid evidence that european house holds did boost their spending over the christmas shopping season. the u.k.b.r.c. retail sales monitor is due monday. a word of warning, u.k. retailers may have to bring their trading statement forward after the financial services authority bartend that information likely to surprise the market should be released promptly. still, the current schedule starts on tuesday. william morrison and matalan. metro follows on monday. there is more data, toorks on monday. easy jet, europe’s second largest discount airline reports passenger traffic for last month and the whole of last year. it will be followed during the week by luff tan saturday and sas on tuesday and baa on wednesday and fraport on thursday. in economic news, exports from germany, europe’s largest economy, probably grew at the slowest pace in three months in move. as the euro appreciated against the dollar and hurt demand. in the u.k., we have p.p.i., the constant goods leaving british factories was most likely unchanged in december after oil prices fell. and the u.k. also has the c.b.i. financial services survey.

>> that was mark barton from our london bureau. verizon wireless is not planning to block sprint’s purchase of nextel. speaking to bloomberg at the consumer electronic’s show, verizon wireless c.e.o. said his company is not interested in trying to buy sprint.

>> there’s nothing ever out of the question. but i think the market has spoken. sprint and nextel have put a deal together. and we’ll see what happens.

>> last month sprint agreed to buy nextel for $34.8 billion. the combined company will be the third biggest wireless operator in the country right behind wireless―verizon wirlse. krispy kreme donut share holders are seeking the ouster of scott lifengood. it took a 73% plunth in the company’s shares in the past year. he declined to comment because of the investigation aand shareholder lawsuits. many invoftors say his mistake was expanding krispy kreme too quickly. we’ll be right back after the break.

在线播报
Listen Market briefing --- Bob (fast)
Elliot Spitzer --- Allan (slow)

>> welcome back. you have the good fortune of finaling world report friday edition. stocks were down fractionally on the day. the dow jones industrial average and s&p 500 were down for the fourth session in five in the new year. the nasdaq has fallen in all five sessions this year. well the dollar may snap a three-year decline over the euro this year. bloomberg polled 53 strategist, investors and analysts. and the results, according to the average forecast, the dollar will rise to 1.34 per euro by the end of the year, up 2005 from from 1.30 today. further rate increases by the fed will enhance the yield advantage of treasury notes over euro region debt. the european central bank kept the benchmark rate at 2% since june of 2003. new york attorney general eliot spitzer was the leadoff witness today at a new york assembly committee hearing about canned scandal in the insurance industry. and allen dodds frank covered the hearing. he joins me with more on that insurance story.
>> new york attorney general eliot spitzer told the new york assembly committee on insurance that he expects his on going investigation into the sales of lines of personal insurance to have a broad impact on the industry. he talked about it with reporters afterward.

>> there will be disclosures i think will change the way business is done because of the contingency fees and lack of transparency to the detriment of individuals that paid premiums that are higher than they otherwise would have been. and that sun fortunate. and that is why we’re pursuing. this

>> spitzer said his investigation into bid rigging and hidden commission has proud widespread evidence of illegal activities. he told the committee that before he filed the first charges against marsha mcclenan told them false hds about how they handle the business. spitzer told reporters that thursday’s guilty plea to a criminal fraud by a managing director should be regarded as a step toward higher ranking officials.

>> even if there are going to be settlements with the individual companies, the criminal cases will continue. and the six criminal plea that’s we have obtained so far, in each instance require on going and full cooperation. and, therefore, i think it’s fair to assume that we are laying a foundation with these criminal cases that will permit us to make criminal cases and bring criminal actions against those more senior within the companies.

>> new york insurance superintendent gregory serio testified the insurance industry practice of disregarding regulatory directives has long raised red flags.

>> we have very publicly expressed our us from at an industry that will not sign a certification that filings they are making to the insurance department actually comply with the insurance law.

>> spitzer said the committee has so much to learn from the on going investigation that he is not yet prepared to as the legislature for new laws governing insurance. bob?

>> thank you, allen. appreciate that.

>> don hudson secretaryal alfonzo jackson said that fannie mae and freddie mac could compete without one of the core federal perks they receive. jackson told bloomberg news that fanny and freddy don’t need to lower borrowing cost that’s come with a $2.25 billion line of credit they receive. fanny and freddy say the benefit helps lower income americans buy homes while contributing to their profittability. jackson says they should look to the open market just like everyone else. through their government ties, fannie mae and freddie mac gain a borrowing advantage that amounted to between 119 billion anded 1ds64 billion during a four-year period ending last december plfment jackson also told bloomberg his agency plans to publish a proposed rule come monday that will open the mortgage portfolio to greater public scrutiny.

>> the books will be open. they can no longer close the books. the people will be you, bloomberg, and others will be able to see. we will not permit them again to stry this as they have in the past by keeping their books closed.

>> last october hud retired them to offer greater public access to details on recent loans including information about the borrower’s race, gender, and the property’s location.

>> bear stearns agreed to settle a fraught lawsuit with the retirement systems of alabama. the move avoids a retrial in a case due to start next week. alabama’s 25 billion dollar pension fund sued bear stearns in 2002. claiming the firm sold them $10 million in worldcom backed bonds knowing worldcom finances were deteriorating. the fund was seekinged 15ds million in damages including interest. the first trial ended with a hung jury in november. citigroup, j.p. morgan and banc of america were among the orginal defendants in the suit. they agreed to pay $111 million to settle. borrowing by u.s. consumers foal a record $8.7 billion in november that came as auto sales dropped and fewer people used charge cards. the drop in nonmortgage debt was the first in a year and followed an increase of $9.5 billion in october. total debt outstanding fell to $.085 trillion. consumers are showing signs of being overextended. the percentage of consumer loans with overdue payments rose in the third quarter of last year according to the american banker’s association. the stock market ‘s year end rally may have prompted investors to take money off of the table. according to a.n.g. data services, clients pulled $1 billion from stock market funds just over the past week. they also took $5 billion from money market funds while adding $56 million to municipal bond funds. when we come back after the break, stock markets in tokyo and hong kong fell on the week after the break, we’ll get a preview of next week’s likely market movers in that asia pacific region.
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