More Reuters Results for: “” * Most Popular * Most Shared 1. Second U.S. sailor’s remains found in Afghanistan 10:49am EDT 2. WRAPUP 3-BP lawsuits over oil spill take center stage 7:33pm EDT 3. Schwarzenegger declares California fiscal emergency 28 Jul 2010 4. Bear kills man, injures two near Yellowstone Park 28 Jul 2010 5. Obama seeks his “mojo” on daytime TV’s “The View” 4:23pm EDT 6. Key parts of Arizona anti-immigration law blocked | Video 28 Jul 2010 7. Four killed in Air Force plane crash in Alaska 9:34am EDT 8. China urges change in U.S. policy to avoid friction 7:45am EDT 9. Heavy rains delay salvage of crashed Pakistan plane 12:41pm EDT 10. Foreclosures up in 75 percent of top U.S. metro areas 7:48am EDT 1. Bear kills man, injures two near Yellowstone Park 28 Jul 2010 2. Schwarzenegger declares California fiscal emergency 28 Jul 2010 3. Wireless sensor watches blood sugar for diabetics 28 Jul 2010 4. Foreclosures up in 75 percent of top U.S. metro areas 7:48am EDT 5. Brewer claims world’s strongest beer 10:59am EDT 6. Calcium supplements may raise risk of heart attack 7:20pm EDT 7. China urges change in U.S. policy to avoid friction 7:45am EDT 8. Republicans block small business plan in Senate 7:38pm EDT 9. Second U.S. sailor’s remains found in Afghanistan 10:49am EDT 10. UPDATE 1-Foreclosures up in 75 pct of top U.S. metro areas 2:05pm EDT Broker Center Special Advertising Feature Trade free for 60 days with E*Trade SCOR: Very strong second quarter performance drives first half 2010 net income to EUR 156 million

July 30, 2010 By Leave a Comment

PARIS, Jul 29 (MARKET WIRE) —
Press Release

29 July 2010

For further information, please contact:

Jean-Charles Simon / Geraldine Fontaine +33 (0)1 46 98 73 17

Communications and Public Affairs

Antonio Moretti +44 (0) 203 207 8562

Investor Relations Director

Very strong second quarter performance drives first half 2010 net income
to EUR 156 million

Thanks to a second quarter which illustrated the Group’s capacity to
deliver a high level of recurring profitability with a net income of EUR
120 million compared to EUR 91 million in the second quarter 2009 (i.e.
+32%), SCOR records a net half-year income of EUR 156 million, compared to
EUR 184 million in 2009.

In the first half 2010, SCOR combined growth, profitability and solvency:

– premium income of EUR 3,258 million. This corresponds to a rise of 8%
compared to the first half 2009 (+5% at constant exchange rates) excluding
equity-indexed annuity business in the USA and after normalising the level
of Non-Life business in the first half of 2009 to the annual growth rate
of 2009;

– net income of EUR 156 million;

– half-year net combined ratio of 102.8% for SCOR Global P&C thanks to a
combined ratio of 97.0% in the second quarter of 2010;

– operating margin of 6.0% for SCOR Global Life;

– return on invested assets (excluding funds withheld by cedants) of 4.0%;

– annualised ROE of 7.7%;

– shareholders’ equity of EUR 4.2 billion, up 8.1% compared to 31 December
2009, i.e. EUR 23.2 book value per share;

– operating cash flow of EUR 208 million.

In addition, the first quarter demonstrated the Group’s ability to absorb
an abnormally high concentration of natural catastrophes (Chile, Haiti,
Xynthia, etc.).

Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments:
“The first half 2010 results once again illustrate the Group’s capacity to
combine growth, profitability and solvency, whilst maintaining a medium
risk appetite. SGPC’s renewals reflect the Group’s favourable positioning,
the first half results confirm our continued profitability and the
increase in our shareholders’ equity further strengthens the Group’s
financial situation and solvency.”

Key figures of the first half of 2010

Gross written premiums for Life and Non-Life reach EUR 3,258 million,
remaining stable compared to the first half of 2009 when they reached EUR
3,254 million (+0.1% but -2.7% at constant exchange rates). This stability
is principally due to the unfavourable impact of the planned and
deliberate reduction in equity-indexed annuity business and the
development of Non- Life reinsurance. Excluding equity-indexed annuities
business in the USA and by normalising the level of Non-Life business in
the first half of 2009 to the annual growth rate of 2009, premium income
grew by 8% compared to the first half of 2009 (+5% at constant exchange
rates). Bolstered by positive renewals, SCOR Global P&C’s (SGPC) premium
income records growth of +3.8% at EUR 1,764 million over the first 6
months of the year (+0.5% at constant exchange rates).

SCOR records a net income of EUR 156 million in the first half of 2010,
compared to EUR 184 million in the first half of 2009. In the second
quarter alone net income amounted to EUR 120 million compared to EUR 91
million in the second quarter of 2009. The first half result is impacted
by the high level of losses following a series of natural catastrophes,
predominantly in the first quarter. However, it has benefited from the
improved operating performance of SCOR Global Life (SGL), and greater
returns on the investment portfolio under the combined effects of an
active asset management policy and lower impairments.

The continued recovery of SGPC’s US business, which has now demonstrated
its capacity to generate recurring profits, allowed the reactivation of
the last set of deferred tax assets of the Non-Life entities in the USA
for an amount of EUR 29 million at the end of June 2010. In comparison,
net income registered at 30 June 2009 benefited from the reactivation of
EUR 100 million in deferred tax assets relating to the same entities
during the first quarter 2009.

Earnings per share (EPS) stands at EUR 0.87 compared to EUR 1.03 at the
end of June 2009. Annualised return on equity (ROE) amounts to 7.7% in the
first half of 2010, against 10.6% recorded for the same period in 2009.
For the first half standalone, annualised ROE totals 11.9%, compared to
10.5% in the second quarter 2009.

SCOR shareholders’ equity increases by 8.1% during the first half of 2010
to EUR 4.2 billion at 30 June 2010, compared to EUR 3.9 billion at 31
December 2009. Book value per share stands at EUR 23.2 at 30 June 2010.

SCOR recorded variations in the exchange rate on consolidated net assets
of EUR 272 million, compared to EUR 85 million for the first half of 2009.
During the first half, the Group continued to reduce its debt ratio and
currently has a leverage position of 10.6% compared to 14.6% at the end of
2009.

The Annual General Meeting of 28 April 2010 decided on a dividend payment
of EUR 1 per share, that is a payout ratio of 48%. It also determined that
the 2009 dividend payment could be made either in cash or in new shares
issued at EUR 15.96. This option was exercised in the amount of 2,647,517
new shares for a total value of EUR 42 million, split between EUR 21
million of share capital and EUR 21 million of additional paid-in capital.
The total sum of dividends distributed for 2009 reached EUR 179 million,
EUR 42 million being paid in shares and EUR 137 million in cash.

The positive operating cash flow linked to operational business stands at
EUR 208 million at 30 June 2010, compared to EUR 308 million for the same
period in 2009. This decrease stems mainly from SGL due to the planned and
deliberate reduction in the portfolio of equity-indexed annuity business
in the United States.

SGPC confirms its projected net combined ratio of less than 100% for the
year 2010 excluding exceptional events

SGPC reports gross written premiums of EUR 1,764 million for the first
half of 2010, compared to EUR 1,699 million in 2009, representing an
increase of 3.8%. This increase represents 0.5% at constant exchange
rates compared to 2009, a year marked by a sharp rise in gross written
premiums in the first half. Relative to normalised growth in the first
half of 2009 on the basis of the increase registered over the full year
2009, the first half of 2010 marks an increase of 8% in gross written
premiums compared to the first half of 2009.

The net combined ratio stands at 102.8% in the first half of 2010,
compared to 108.6% in the first quarter of 2010 and 97.5% in the first
half of 2009. Natural catastrophes contributed 13.1 points of net
combined ratio over the half year (compared to 20.2 points in the first
quarter 2010), whilst the second quarter saw natural catastrophe losses
in line with budget (6 points). The estimated total net cost for the
earthquakes in Chile and Haiti and hurricane Xynthia remains unchanged
relative to the figures communicated with the first quarter results.
Attritioned losses are down 1.5 points; this decrease illustrates the
dynamic management of the portfolio and the expected improvement in
technical results following the renewals of the last two years. Excluding
exceptional events and subject to natural catastrophe losses not
exceeding budget for the third and fourth quarters of the year, the net
combined ratio for 2010 should be below 100%.

The excellent P&C and Specialty treaty renewals at the end of June and in
July 2010 are characterised by premium volume growth of 19% at constant
exchange rates, totalling EUR 245 million, in line with the expected
underwriting profitability objective in 2010. These renewals concern
around 10% of the total annual volume of treaty premiums.

Following these renewals, SGPC maintains its estimation of the amount of
gross premiums in a range between EUR 3.45 and EUR 3.5 billion for 2010.

SCOR Global Life (SGL) records an operating margin of 6.0% in the first
half of 2010 compared to 5.1% in the first half of 2009

In the first half of 2010, SGL’s gross written premiums totalled EUR 1,494
million compared to EUR 1,555 million for the same period 2009 (a decrease
of 3.9%). Gross written premiums excluding equity-indexed annuity business
in the US amount to EUR 1,457 million compared to EUR 1,356 million in the
first six months of 2009, representing an increase of 7.6%. This growth
stems mainly from Critical Illness and Long-Term lines and from new
business in North America, the UK & Ireland.

The Life operating margin for the first six months ended 30 June 2010
amounted to 6.0% (compared to 5.1% for the same period 2009). This
increase of 0.9 percentage points stems mainly from improvements in the
profitability in different business segments and due to a positive
development of the investment income.

SCOR Global Investments (SGI) maintains its “rollover” investment strategy
and posts a sharp increase in net return on invested assets

In a context of low interest rates and greater volatility in the financial
markets, the Group is maintaining a “rollover strategy” for its fixed
income portfolio in order to have significant financial cash flows to
reinvest in the event of a sudden change in the economic and financial
environment, whilst seizing market opportunities in the short term.

This investment policy led to net realised gains of EUR 108 million during
the first two quarters of 2010. SCOR posts a net return on investments
(excluding funds held by cedants) of 4.1% in the second quarter 2010,
compared to 3.9% in the first quarter 2010. Consequently, SCOR has
recorded a net return on invested assets over the first 6 months of the
year (excluding funds withheld by cedants) of 4.0%, a significant rise
compared to the first half of 2009 (1.0%). The impact of impairments is
limited to EUR 52 million in the first half of 2010 compared to EUR 184
million in the first half of 2009. Taking into account the funds withheld
by cedants, net return on invested assets amounts to 3.4% over the first
half of 2010, compared to 1.4% in the same period of 2009.

Net investments, including cash, stand at EUR 21,663 million at 30 June
2010, compared to EUR 19,969 million at 31 December 2009. At 30 June 2010,
the Group’s investments consist of bonds (48.1%), funds withheld by
cedants (37.4%), cash and short-term investments (6.3%), equities (4.4%),
real estate (2.1%) and other alternative investments (1.7%). Liquidity
reaches EUR 1.4 billion at 30 June 2010, compared to EUR 1.7 billion at
31 December 2009.

SCOR’s high-quality fixed income portfolio (average rating AA) maintains a
relatively short duration of 3.4 years (excluding cash and short-term
investments), down slightly compared to 31 December 2009 (3.7 years).
Investments in inflation-linked bonds amount to EUR 1,022 million at 30
June 2010.

*

* *

Key figures (in EUR
millions)

+————————-+——-+————+————+————+
| | | H1 2010 | H1 2010 | H1 2009 |
+————————-+——-+————+————+————+
| | |(unaudited) |(unaudited) |(unaudited) |
+————————-+——-+————+————+————+
|Gross written premiums | 3 258 | 3 254 | 1 645 | 1 693 |
+————————-+——-+————+————+————+
|Non-Life gross written | 1 764 | 1 699 | 855 | 831 |
|premiums | | | | |
+————————-+——-+————+————+————+
|Life gross written | 1 494 | 1 555 | 790 | 862 |
|premiums | | | | |
+————————-+——-+————+————+————+
|Operating income excl. | 234 | 312 | 178 | 159 |
|impairments | | | | |
+————————-+——-+————+————+————+
|Net income | 156 | 184 | 120 | 91 |
+————————-+——-+————+————+————+
|Investment income | 356 | 149 | 184 | 153 |
+————————-+——-+————+————+————+
|Net Return on Investments| 4.0% | 1.0% | 4.1% | 3.6% |
+————————-+——-+————+————+————+
|Net Return on Assets | 3.4% | 1.4% | 3.4% | 3.1% |
+————————-+——-+————+————+————+
|Non-Life combined ratio |102.8% | 97.5% | 97.0% | 95.8% |
+————————-+——-+————+————+————+
|Non-Life technical ratio | 96.0% | 91.0% | 89.8% | 89.3% |
+————————-+——-+————+————+————+
|Non-Life cost ratio | 6.8% | 6.5% | 7.2% | 6.5% |
+————————-+——-+————+————+————+
|Life operating margin | 6.0% | 5.1% | 6.0% | 5.5% |
+————————-+——-+————+————+————+
|Return on Equity (ROE) | 7.7% | 10.6% | 11.9% | 10.5% |
+————————-+——-+————+————+————+
|Basic EPS (EUR) | 0.87 | 1.03 | 0.67 | 0.51 |
+————————-+——-+————+————+————+
| | | H1 2010 | H1 2010 | H1 2009 |
+————————-+——-+————+————+————+
| | |(unaudited) |(unaudited) |(unaudited) |
+————————-+——-+————+————+————+
|Investments (excl. |21 663 | 19 542 | | |
|participations) | | | | |
+————————-+——-+————+————+————+
|Reserves (gross) |23 194 | 20 848 | | |
+————————-+——-+————+————+————+
|Shareholders’ equity | 4 216 | 3 635 | | |
+————————-+——-+————+————+————+
|Book value per share | 23.2 | 20.2 | | |
|(EUR) | | | | |
+————————-+——-+————+————+————+

+————————-+————+————+-+————+
| | H1 2009 | Q2 2010 | | Q2 2009 |
+————————-+————+————+-+————+
| |(unaudited) |(unaudited) | |(unaudited) |
+————————-+————+————+-+————+
|Gross written premiums | | | | |
+————————-+————+————+-+————+
|Non-Life gross written | | | | |
|premiums | | | | |
+————————-+————+————+-+————+
|Life gross written | | | | |
|premiums | | | | |
+————————-+————+————+-+————+
|Operating income excl. | | | | |
|impairments | | | | |
+————————-+————+————+-+————+
|Net income | | | | |
+————————-+————+————+-+————+
|Investment income | | | | |
+————————-+————+————+-+————+
|Net Return on Investments| | | | |
+————————-+————+————+-+————+
|Net Return on Assets | | | | |
+————————-+————+————+-+————+
|Non-Life combined ratio | | | | |
+————————-+————+————+-+————+
|Non-Life technical ratio | | | | |
+————————-+————+————+-+————+
|Non-Life cost ratio | | | | |
+————————-+————+————+-+————+
|Life operating margin | | | | |
+————————-+————+————+-+————+
|Return on Equity (ROE) | | | | |
+————————-+————+————+-+————+
|Basic EPS (EUR) | | | | |
+————————-+————+————+-+————+
| | H1 2009 | Q2 2010 | | Q2 2009 |
+————————-+————+————+-+————+
| |(unaudited) |(unaudited) | |(unaudited) |
+————————-+————+————+-+————+
|Investments (excl. | | | | |
|participations) | | | | |
+————————-+————+————+-+————+
|Reserves (gross) | | | | |
+————————-+————+————+-+————+
|Shareholders’ equity | | | | |
+————————-+————+————+-+————+
|Book value per share | | | | |
|(EUR) | | | | |
+————————-+————+————+-+————+

Forward-looking statements

SCOR does not communicate “profit forecasts” in the sense of Article 2 of
(EC) Regulation n degrees809/2004 of the European Commission. Thus, any
forward-.looking statements contained in this communication should not be
held as corresponding to such profit forecasts. Information in this
communication may include “forward-looking statements”, including but not
limited to statements that are predictions of or indicate future events,
trends, plans or objectives, based on certain assumptions and include any
statement which does not directly relate to a historical fact or current
fact. Forward-looking statements are typically identified by words or
phrases such as, without limitation, “anticipate”, “assume”, “believe”,
“continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase” and
“may fluctuate” and similar expressions or by future or conditional verbs
such as, without limitations, “will”, “should”, “would” and “could.” Undue
reliance should not be placed on such statements, because, by their
nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ
from any results expressed or implied by the present communication, on
the other hand.

Please refer to SCOR’s document de reference filed with the AMF on 3
March 2010 under number D.10-00085 (the “Document de Reference”), for a
description of certain important factors, risks and uncertainties that
may affect the business of the SCOR Group. As a result of the extreme and
unprecedented volatility and disruption of the current global financial
crisis, SCOR is exposed to significant financial, capital market and
other risks, including movements in interest rates, credit spreads,
equity prices, and currency movements, changes in rating agency policies
or practices, and the lowering or loss of financial strength or other
ratings.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Seoul shares end lower, weighed by techs

July 28, 2010 By Leave a Comment

SEOUL, July 27 (Reuters) – Seoul shares were mixed on Tuesday after gains among automakers such as Hyundai Motor (005380.KS) were offset by declines in Hynix (000660.KS) and other technology stocks after the index reached a new 2-year high.

The Korea Composite Stock Price Index (KOSPI) ended 0.04 percent lower at 1,768.31 points, after earlier rising to 1,778.72 points, a fresh 25-1/2-month closing high.

“Investors are acting more cautiously at the index’s current level as economic uncertainties still exist,” said Hong Soon-pyo, an analyst at Daishin Securities, noting that declines in U.S. index futures were added pressure.

Confidence among big South Korean firms fell to a one-year low for August due to an uncertain economic outlook. A consumer sentiment index paused in July after setting a five-month high in June, because incomes have been lagging the rapid economic growth. [ID:nTOE66P08D]

Domestic institutional investors were sellers of a net 294 billion won ($246.8 million) worth of stocks.

Technology issues declined amid a selling spree to lock in profits on their recent sharp gains and due to a cautious earnings outlook for the second half.

Shares in Hynix (000660.KS) declined 1.9 percent despite a successful block sale of its stake by shareholders.

Shareholders of Hynix sold 584.4 billion won ($490.7 million) in shares, or a 4.1 percent stake, in the world’s No. 2 memory chipmaker at Monday’s closing price of 23,950 won. [ID:nSEU003102]

The company’s shares have risen more than 40 percent so far this year.

“There are concerns about its fourth quarter performance due to chip prices,” said Hwang Yoo-shik, an analyst at SK Securities.

Shares in Samsung SDI (006400.KS) fell 0.6 percent after its second quarter profit rose by a third.

“There are worries within the market the momentum of demand for electronic components will not catch the usual peak season between August and October,” said Kiwoom Securities analyst Kim Byung-ki.

Samsung SDI shares have risen nearly 70 percent so far in 2010.

Automakers advanced on upbeat hopes about their earnings and new models, analysts said. Shares in Hyundai Motor (005380.KS), South Korea’s top automaker, rose 2.5 percent and Kia Motors (000270.KS) gained 0.2 percent.

“Hyundai Motor is set to unveil the new Avante next month, and the new model is expected to further boost Hyundai’s already solid earnings performance,” said Ko Tae-bong, an analyst at IBK Investment & Securities.

Shares in Daewoo Engineering & Construction (047040.KS) declined 1.9 percent after posting an 86 percent drop in second quarter net profits to 22.5 billion won.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Stora Enso CEO Jouko Karvinen Comments on Second Quarter Results Announced Today

July 23, 2010 By Leave a Comment

HELSINKI, Finland, July 22, 2010 (GLOBE NEWSWIRE) — “Robust second quarter
performance”

“Our second quarter results are strong by all measures. Operating profit
excluding NRI and fair valuations at EUR 213 million, cash flow from operations
at EUR 305 million, ROCE at 10.5% and net cash position at EUR 856 million are
all not only huge improvements from a year ago, but also testimony to the early
and often difficult actions we have taken in the past three years. Our robust
performance this quarter was facilitated by external factors, especially the
significant volume recovery from the very low levels in the second quarter of
2009, our clearly lower cost base and the weaker euro. We also benefited from
pulp price increases and actions we took on prices and customer mix in almost
all segments. The fact that all six segments except Newsprint show a strong
year-on-year improvement in earnings is another positive proof point for
continuing on our path of managing those factors we can affect.

“Although the second quarter performance was generally strong, the losses that
have accrued in Newsprint clearly show that the structural overcapacity issues
have not disappeared. This unfortunately means that the recent decision to shut
down permanently two newsprint machines at Varkaus was not only necessary, but
not even enough to solve the issue. We will therefore continue to actively
manage pricing and customer mix to maximise our earnings, but also review the
earnings performance of all of our assets, and when necessary will not hesitate
to take actions.

“The outlook for the third quarter is mixed and still uncertain. Although
volumes have recovered from the very low levels of 2009, clearly market demand
in all paper segments has still been and will for a long time remain clearly
below the pre-crisis levels of 2008. To operate profitably in that environment
requires continued focus on costs and capacity management – as before, waiting
for the good times to return will help nobody. In addition to the price rises
implemented in the second quarter, we have announced further price increases
that will already have an impact in the latter part of the third quarter – and
we expect sequential pricing improvements of varying degrees in practically all
segments, even in Newsprint. This is absolutely essential to keep our earnings
at an acceptable level as increases in wood and other costs now clearly start
coming through in our operations. Specifically, we foresee Wood Products facing
an issue later in the year due to rapidly rising sawlog costs, which is why we
have signalled that we are planning to take temporary curtailments as required
at our sawmills. At the same time, however, I am glad to see the wood trade in
domestic wood in Finland has returned closer to normal levels. Now we must
ensure there is no repeat of the excessive wood costs and high inventory levels
of late 2007.

“Stora Enso has demonstrated that it is willing and able to do difficult things
to safeguard and improve the Group’s performance. We will continue on our path
of never-ending improvement of what we have, and in parallel building our future
in new markets and new products. And we are already well on our way.”

Stora Enso is a global paper, packaging and wood products company producing
newsprint and book paper, magazine paper, fine paper, consumer board, industrial
packaging and wood products. The Group is the world leader in forest industry
sustainability. We offer our customers solutions based on renewable raw
materials. Our products provide a climate-friendly alternative to many
non-renewable materials, and have a smaller carbon footprint. Stora Enso is
listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso
employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9
billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and
Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) in the International OTCQX over-the-counter market.

STORA ENSO OYJ

Jari Suvanto

Ulla Paajanen-Sainio

-0-
CONTACT: Stora Enso Oyj
Jouko Karvinen, CEO
+358 2046 21410
Markus Rauramo, CFO
+358 2046 21121
Lauri Peltola, Head of Communications
+358 2046 21380
Ulla Paajanen-Sainio, Head of Investor Relations
+358 2046 21242
www.storaenso.com
www.storaenso.com/investors

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Thai Airways says unrest hit Q2 revenue

June 18, 2010 By Leave a Comment

June 17 (Reuters) – Thai Airways International THAI.BK said on Thursday its second-quarter revenue and its cabin factor would be hit, mainly by recent political unrest and the tourist low season.

The national carrier expected its percentage of seats sold, or cabin factor, to be 60 percent in the April-June quarter, down from 81 percent in the first quarter, President Piyasvasti Amranand told reporters.

“The recent political unrest has slashed a lot of revenue we should earn in the second quarter,” Piyasvasti said, referring to anti-government protests in Bangkok from March to May which ended with a military crackdown and violence.

Early this month, the airline said it expected its second-quarter performance this year would be roughly the same as the same period of last year. [ID:nLDE6550GY]

It reported a loss of 5.4 billion baht ($167 million) in the second quarter of 2009, hit partly by political unrest and the H1N1 flu outbreak.

The company is due to announce its second-quarter results in August.

In April this year, its cabin factor was 72 percent but it dropped to 56.8 percent in May, Piyasvasti said.

“However, it is likely to pick up from July, especially on the flight to Johannesburg,” he said. South Africa is hosting the 2010 World Cup.

The airline had said in February it was aiming for a 2010 cabin factor of 75 percent, compared with 72 percent in 2009.

The national carrier expected a fund-raising plan to be completed in the third quarter, delayed from the middle of the year as initially planned, said an executive who declined to be identified.

“We are in the process of filing documents to the stock regulator,” the executive said.

Thai Airways announced the stock offer in March by selling up to 1 billion new shares to the public and shareholders, including the Finance Ministry, which owns 51 percent of the airline. [ID:nSGE62B08K]

The move is aimed at strengthening its financial position as it overhauls operations and restructures management.

At the midday break, Thai Air shares were unchanged at 26.50 baht, while the main stock index .SETI was up 0.31 percent. ($1=32.39 baht) (Reporting by Manunphattr Dhanananphorn; Writing by Arada Kultawanich; Editing by Robert Birsel)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Risk aversion could hurt JPMorgan’s Q2 -Staley

June 12, 2010 By Leave a Comment

June 11 (Reuters) – A reduction in clients’s risk appetite could affect JPMorgan’s (JPM.N) second-quarter performance, its investment banking chief Jes Staley said on Friday.

Stocks | Global Markets | Funds News | ETFs News | Financials

“Client activity has reduced. Clients are taking risk off … People are a little more wary, and that may have an impact on Q2, but I think it’s way too early to tell right now,” Staley told reporters on the sidelines of a financial industry conference in Vienna.

Investment banks are experiencing more difficult markets than in the first quarter, and Switzerland’s UBS (UBSN.VX)(UBS.N) on Thursday said it faces weaker second quarter earnings after capital markets turbulence. [ID:nLDE65911O]

Staley said JPMorgan would also be affected by a drop-off in primary issuance and said while the bank had enjoyed market share gains, its top priority was serving clients.

“If you get overly focused on market share you may lose sight of your clients — and that’s the surest way to lose market share,” he said.

“It’s very hard to hypothesise what the economic impact” of proposed derivatives regulation would be, Staley added.

(Reporting by Quentin Webb; editing by Simon Jessop)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

BRIEF-Thai AIS says Q1 results to be good despite politics

April 9, 2010 By Leave a Comment

BANGKOK, April 8 (Reuters) – Advanced Info Service PCL ADVA.BK:

Telecommuncations Services

* First-quarter performance should be good, in line with improved economy, Chief Executive Wichian Mektrakarn told reporters

* Expects limited impact from domestic politics, with an increase in use related to political factors offsetting any decline in phone use from the business side

Filed Under: International News Tagged With: , , , , , , , , , , , , , ,

UPDATE 1-LG Display rises on Q2 outlook, sees break-even

April 18, 2009 By Leave a Comment

SEOUL, April 17 (Reuters) – Shares in LG Display Co Ltd (034220.KS) rose early on Friday on growing optimism over its second-quarter performance, and its CEO predicted the panel maker would break even before the end of the second quarter.

“Selling prices will certainly go up from now on,” Chief Executive Kwon Young-soo said, adding that prices of some monitor screens had fallen too much for makers to continue production and that there were shortages of some TV panels.

“I expect to achieve a break-even point on a monthly basis sometime in the second quarter.”

Hopes for a turnaround are growing in the liquid crystal display (LCD) industry, battered by steep price falls and depressed demand, as lower prices and China’s incentives for electronics purchases have boosted consumer appetite for flat-screen TVs.

LG Display, the world’s second-biggest LCD maker, reported on Thursday a 412 billion won ($310.7 million) operating loss for January-March, slightly bigger than the market consensus, but expected panel prices and shipments to increase in the second quarter. [ID:nSEO78923]

However, the price trend in the third quarter remains uncertain as Taiwanese rivals could lower panel prices in attempts to increase shipments, Kwon said.

“We might see a slightly oversupply in the third quarter, but not a huge one.”

His comments, made at a press meeting late on Thursday, were embargoed until Friday.

At 0132 GMT, LG Display was trading up 3.4 percent at 32,200 won, leading the wider market’s 0.8 percent gain. The stock had risen as much as 5.5 percent earlier in the session.

“LG Display will see its second-quarter operating loss narrow sharply and may turn around to a profit on a monthly basis in May or June,” Hyundai Securities said in a research note.

“Its key clients — LG Electronics, Vizio and Chinese TV makers — are increasing shares in the LCD TV market.” (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

LG Display rises on Q2 outlook

April 18, 2009 By Leave a Comment

SEOUL (Reuters) – Shares in LG Display Co Ltd (034220.KS) rose early on Friday on growing optimism over its second-quarter performance, and its CEO predicted the panel maker would break even before the end of the second quarter.

“Selling prices will certainly go up from now on,” Chief Executive Kwon Young-soo said, adding that prices of some monitor screens had fallen too much for makers to continue production and that there were shortages of some TV panels.

“I expect to achieve a break-even point on a monthly basis sometime in the second quarter.”

Hopes for a turnaround are growing in the liquid crystal display (LCD) industry, battered by steep price falls and depressed demand, as lower prices and China’s incentives for electronics purchases have boosted consumer appetite for flat-screen TVs.

LG Display, the world’s second-biggest LCD maker, reported on Thursday a 412 billion won ($310.7 million) operating loss for January-March, slightly bigger than the market consensus, but expected panel prices and shipments to increase in the second quarter.

However, the price trend in the third quarter remains uncertain as Taiwanese rivals could lower panel prices in attempts to increase shipments, Kwon said.

“We might see a slightly oversupply in the third quarter, but not a huge one.”

His comments, made at a press meeting late on Thursday, were embargoed until Friday.

At 0132 GMT, LG Display was trading up 3.4 percent at 32,200 won, leading the wider market’s 0.8 percent gain. The stock had risen as much as 5.5 percent earlier in the session.

“LG Display will see its second-quarter operating loss narrow sharply and may turn around to a profit on a monthly basis in May or June,” Hyundai Securities said in a research note.

“Its key clients — LG Electronics, Vizio and Chinese TV makers — are increasing shares in the LCD TV market.”

(Reporting by Rhee So-eui; Editing by Jonathan Hopfner)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Wall St Week Ahead: Rally’s fate turns on bank results

April 11, 2009 By Leave a Comment

(Updates column sent late Thursday with more on Goldman Sachs, President Obama’s comments and two bank failures)

By Ellis Mnyandu

NEW YORK, April 10 (Reuters) – If Wells Fargo’s (WFC.N) upbeat first-quarter performance is any sign, Wall Street could rally further next week on any reassuring news from three other big banks due to post quarterly results.

The latest earnings season gets under way in earnest in the coming week, with four components of the Dow Jones industrial average, including JPMorgan (JPM.N), among companies set to report their latest scorecards.

General Electric (GE.N), a conglomerate whose results and outlook may shed light on the state of the broader economy, is scheduled to report earnings next Friday.

Goldman Sachs Group Inc (GS.N), which converted from an investment bank to bank holding company status last September after Lehman Brothers collapsed, will release quarterly earnings on Tuesday.

On Friday, Goldman Sachs was said to be considering a multibillion-dollar stock offering as part of its efforts to repay $10 billion borrowed from the U.S. government’s Troubled Asset Relief Program, or TARP, according to the Wall Street Journal, citing people familiar with the situation.

Hopes that the economic slump may be abating and some stability may be returning in the banking sector have helped underpin a month-long recovery in stocks from 12-year closing lows hit early last month.

“The market is looking like it wants to continue the rally,” said Andre Weisbrod, president and chief executive officer of STAAR Financial Advisors Inc in Pittsburg, Pennsylvania.

“But again, so much of this depends on the news of the day. It looks like we’re going to see the banks showing some improved cash flows, and that’s certainly better than the opposite situation.”

REASONS FOR HOPE

President Barack Obama said on Friday that despite the recession’s heavy toll, the U.S. economy is showing “glimmers of hope.” He didn’t mention the “stress tests” being performed at 19 big U.S. banks. The financial markets anxiously await those results, due at the end of April.

But the president expressed confidence that his administration was addressing the problems of both troubled banks and non-bank financial institutions. For more details, see [ID:nN10327428]

The benchmark Standard and Poor’s 500 Index .SPX achieved its fifth straight weekly gain at Thursday’s close after Wells Fargo, the fourth-largest U.S. bank, gave a surprisingly upbeat preliminary view on its quarterly performance.

Wells Fargo said it expected to post a record $3 billion profit for the January-March period, and investors became hopeful that more banks would keep to the same positive tune when their results roll in.

For the short holiday week, the S and P 500 rose 1.7 percent, the Dow Jones industrial average .DJI gained 0.8 percent and the Nasdaq composite index .IXIC climbed 1.9 percent.

U.S. financial markets were closed for Good Friday.

Looking ahead, JPMorgan is due to report results on Thursday and Citigroup (C.N) on Friday. For a full results diary, click [RESF/US]

LENDING UNDER THE MICROSCOPE

The banking sector’s health has been a major worry after fallout from the financial crisis led the U.S. government to pump billions of dollars into such troubled institutions as Citigroup, which gave Wall Street a pleasant surprise last month when it said it was profitable in January and February.

With the economy mired in a protracted recession, investors are eager to see if banks have again begun lending to consumers and businesses, whose spending would serve as a crucial underpinning to an economic recovery.

“The banking sector has been in focus for Wall Street for the last six months so next week sharpens that a little bit more,” said Paul Nolte, director of investments at Hinsdale Associates in Hinsdale, Illinois.

The market is “still going to be very focused on earnings and the health of banks, as well as what Corporate America has to say,” he added.

On Friday, the Federal Deposit Insurance Corporation said U.S. regulators closed Cape Fear Bank of Wilmington, North Carolina, and New Frontier Bank of Greeley, Colorado, which became the 22nd and 23rd U.S. banks, respectively, to fail this year. (See [ID:nWEN7102] and [ID:nWEN 7108] and [ID:nN02147724] )

FROM INTEL TO HARLEY-DAVIDSON

In addition to bank earnings, investors will sift through quarterly reports of other major bellwethers, particularly in the technology sector, which was mostly spared the brunt of the pain in the market’s recent plunge to 12-year lows.

Chip maker Intel Corp (INTC.O) is due to report first-quarter earnings on Tuesday, while Google Inc (GOOG.O), the Web search leader, will release results on Thursday. Both report after the bell.

The earnings spotlight will also be on Dow component and health-care company Johnson and Johnson (JNJ.N), which will report results on Tuesday, as well as on transportation companies CSX Corp (CSX.N) and AMR Corp (AMR.N), which will both release their numbers on Wednesday.

Also on tap are motorcycle maker Harley-Davidson Inc (HOG.N) on Thursday and toymaker Mattel Inc (MAT.N) on Friday. Both are important barometers of consumer spending.

“The short-term momentum is still bullish. This move off the March lows probably has more legs to it,” said Bill Strazzullo, partner and chief market strategist at Bell Curve Trading in Boston.

“But what we’re telling our clients is that once you start to get above the 860 area in the S and P 500, and 8,200-8,300 in the Dow, we want to start getting out of speculative long positions and paring back our equity exposure.”

BEARS STILL HANGING AROUND

Mindful of the fragility of previously attempted rallies, including one subsequent to the November lows, strategists still advocate some caution.

The backdrop for some of the wariness is the recent slide in the CBOE Volatility Index .VIX, or VIX, commonly known as Wall Street’s fear gauge. On Thursday, the VIX marked its lowest close since September 2008, the month that forever changed the face of Wall Street when Lehman Brothers failed.

The S and P 500 is up 26.6 percent from its March 9 bear market closing low, but it is still down 45.7 percent from its record high of October 2007.

“In our opinion, this is still a bear market move,” Strazzullo said. “So you’ve got to be careful. It’s been a great run over a short period of time, but we don’t see it as a bigger picture change in trends, so I don’t want to get careless — not at these levels.”

PPI, CPI AND HOUSING STARTS

Besides the earnings frenzy, next week’s economic calendar is packed. Highlights include March retail sales on Tuesday, along with the March Producer Price Index, followed by the March Consumer Price Index on Wednesday, along with the Federal Reserve’s Beige Book, a snapshot of regional economic conditions.

Weekly jobless claims, March housing starts and the Philadelphia Federal Reserve’s report on April Mid-Atlantic factory activity are all due on Thursday. For the full economic diary, click [ECI/US] (Additional reporting by Leah Schnurr and Edward Krudy; Editing by Jan Paschal) (Wall St Week Ahead runs weekly. Questions or comments on this one can be e-mailed to: ellis.mnyandu(at)thomsonreuters.com)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Rally’s fate turns on bank results

April 11, 2009 By Leave a Comment

NEW YORK (Reuters) – If Wells Fargo’s (WFC.N) upbeat first-quarter performance is any sign, Wall Street could rally further next week on any reassuring news from three other big banks due to post quarterly results.

The latest earnings season gets under way in earnest in the coming week, with four components of the Dow Jones industrial average, including JPMorgan (JPM.N), among companies set to report their latest scorecards.

General Electric (GE.N), a conglomerate whose results and outlook may shed light on the state of the broader economy, is scheduled to report earnings next Friday.

Goldman Sachs Group Inc (GS.N), which converted from an investment bank to bank holding company status last September after Lehman Brothers collapsed, will release quarterly earnings on Tuesday.

On Friday, Goldman Sachs was said to be considering a multibillion-dollar stock offering as part of its efforts to repay $10 billion borrowed from the U.S. government’s Troubled Asset Relief Program, or TARP, according to the Wall Street Journal, citing people familiar with the situation.

Hopes that the economic slump may be abating and some stability may be returning in the banking sector have helped underpin a month-long recovery in stocks from 12-year closing lows hit early last month.

“The market is looking like it wants to continue the rally,” said Andre Weisbrod, president and chief executive officer of STAAR Financial Advisors Inc in Pittsburg, Pennsylvania.

“But again, so much of this depends on the news of the day. It looks like we’re going to see the banks showing some improved cash flows, and that’s certainly better than the opposite situation.”

REASONS FOR HOPE

President Barack Obama said on Friday that despite the recession’s heavy toll, the U.S. economy is showing “glimmers of hope.” He didn’t mention the “stress tests” being performed at 19 big U.S. banks. The financial markets anxiously await those results, due at the end of April.

But the president expressed confidence that his administration was addressing the problems of both troubled banks and non-bank financial institutions.

The benchmark Standard and Poor’s 500 Index .SPX achieved its fifth straight weekly gain at Thursday’s close after Wells Fargo, the fourth-largest U.S. bank, gave a surprisingly upbeat preliminary view on its quarterly performance.

Wells Fargo said it expected to post a record $3 billion profit for the January-March period, and investors became hopeful that more banks would keep to the same positive tune when their results roll in.

For the short holiday week, the S and P 500 rose 1.7 percent, the Dow Jones industrial average .DJI gained 0.8 percent and the Nasdaq composite index .IXIC climbed 1.9 percent.

U.S. financial markets were closed for Good Friday.

Looking ahead, JPMorgan is due to report results on Thursday and Citigroup (C.N) on Friday.

LENDING UNDER THE MICROSCOPE

The banking sector’s health has been a major worry after fallout from the financial crisis led the U.S. government to pump billions of dollars into such troubled institutions as Citigroup, which gave Wall Street a pleasant surprise last month when it said it was profitable in January and February.

With the economy mired in a protracted recession, investors are eager to see if banks have again begun lending to consumers and businesses, whose spending would serve as a crucial underpinning to an economic recovery.

“The banking sector has been in focus for Wall Street for the last six months so next week sharpens that a little bit more,” said Paul Nolte, director of investments at Hinsdale Associates in Hinsdale, Illinois.

The market is “still going to be very focused on earnings and the health of banks, as well as what Corporate America has to say,” he added.

On Friday, the Federal Deposit Insurance Corporation said U.S. regulators closed Cape Fear Bank of Wilmington, North Carolina, and New Frontier Bank of Greeley, Colorado, which became the 22nd and 23rd U.S. banks, respectively, to fail this year.

FROM INTEL TO HARLEY-DAVIDSON

In addition to bank earnings, investors will sift through quarterly reports of other major bellwethers, particularly in the technology sector, which was mostly spared the brunt of the pain in the market’s recent plunge to 12-year lows.

Chip maker Intel Corp (INTC.O) is due to report first-quarter earnings on Tuesday, while Google Inc (GOOG.O), the Web search leader, will release results on Thursday. Both report after the bell.

The earnings spotlight will also be on Dow component and health-care company Johnson and Johnson (JNJ.N), which will report results on Tuesday, as well as on transportation companies CSX Corp (CSX.N) and AMR Corp (AMR.N), which will both release their numbers on Wednesday.

Also on tap are motorcycle maker Harley-Davidson Inc (HOG.N) on Thursday and toymaker Mattel Inc (MAT.N) on Friday. Both are important barometers of consumer spending.

“The short-term momentum is still bullish. This move off the March lows probably has more legs to it,” said Bill Strazzullo, partner and chief market strategist at Bell Curve Trading in Boston.

“But what we’re telling our clients is that once you start to get above the 860 area in the S and P 500, and 8,200-8,300 in the Dow, we want to start getting out of speculative long positions and paring back our equity exposure.”

BEARS STILL HANGING AROUND

Mindful of the fragility of previously attempted rallies, including one subsequent to the November lows, strategists still advocate some caution.

The backdrop for some of the wariness is the recent slide in the CBOE Volatility Index .VIX, or VIX, commonly known as Wall Street’s fear gauge. On Thursday, the VIX marked its lowest close since September 2008, the month that forever changed the face of Wall Street when Lehman Brothers failed.

The S and P 500 is up 26.6 percent from its March 9 bear market closing low, but it is still down 45.7 percent from its record high of October 2007.

“In our opinion, this is still a bear market move,” Strazzullo said. “So you’ve got to be careful. It’s been a great run over a short period of time, but we don’t see it as a bigger picture change in trends, so I don’t want to get careless — not at these levels.”

PPI, CPI AND HOUSING STARTS

Besides the earnings frenzy, next week’s economic calendar is packed. Highlights include March retail sales on Tuesday, along with the March Producer Price Index, followed by the March Consumer Price Index on Wednesday, along with the Federal Reserve’s Beige Book, a snapshot of regional economic conditions.

Weekly jobless claims, March housing starts and the Philadelphia Federal Reserve’s report on April Mid-Atlantic factory activity are all due on Thursday.

(Additional reporting by Leah Schnurr and Edward Krudy; Editing by Jan Paschal)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Mukherjee to meet bank CEOs today

February 2, 2009 By Leave a Comment

New Delhi, Feb. 2 (ANI): External Affairs Minister Pranab Mukherjee will meet the public sector bank CEOs here today to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government.

Mukherjee is currently handling the finance portfolio. The meeting comes in the wake of the third quarterly review of monetary policy by the Reserve Bank of India (RBI).

The RBI had noted that most banks have reduced lending and deposit rates to some extent, but some banks have not cut them so far.

Mukherjee is expected to ask banks to relieve the interest rates to boost the demand.

“The agenda of the meeting includes review of credit flow and status of implementation of the packages announced for stimulating the economy,” a Finance Ministry statement has said.

The government and the PSU banks have taken many steps to raise the demands to boost the economy.

They include reducing interest rates for housing loans of up to 20 lakh rupees and opening the refinance window for commercial banks.

The RBI had also cut the short-term lending (repo) rate to deal with the slowdown in the economy. (ANI)

Filed Under: Business News Tagged With: , , , , , , , , , , , , , , , , , , ,

Mukherjee to meet Bank CEOs on Monday

February 1, 2009 By Leave a Comment

New Delhi, Feb. 1 (ANI): External Affairs Minister Pranab Mukherjee is scheduled to meet the public sector bank CEOs on Monday to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government.

Mukherjee is currently handling the finance portfolio. The meeting comes in the wake of the third quarterly review of monetary policy by the Reserve Bank of India.

The RBI had noted that most banks have reduced lending and deposit rates to some extent, but some banks have not cut them so far.

Mukherjee is expected to ask banks to relieve the interest rates to boost the demand.

“The agenda of the meeting includes review of credit flow and status of implementation of the packages announced for stimulating the economy,” a Finance Ministry statement has said

The government and the PSU banks have taken many steps to raise the demands to boost the economy.

They include reducing interest rates for housing loans of up to 20 lakh rupees and opening the refinance window for commercial banks.

The RBI had also cut the short-term lending (repo) rate to deal with the slowdown in the economy. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Mukherjee to meet Bank CEOs on Monday

February 1, 2009 By Leave a Comment

New Delhi, Feb. 1 (ANI): External Affairs Minister Pranab Mukherjee is scheduled to meet the public sector bank CEOs on Monday to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government.

Mukherjee is currently handling the finance portfolio. The meeting comes in the wake of the third quarterly review of monetary policy by the Reserve Bank of India.

The RBI had noted that most banks have reduced lending and deposit rates to some extent, but some banks have not cut them so far.

Mukherjee is expected to ask banks to relieve the interest rates to boost the demand.

“The agenda of the meeting includes review of credit flow and status of implementation of the packages announced for stimulating the economy,” a Finance Ministry statement has said

The government and the PSU banks have taken many steps to raise the demands to boost the economy.

They include reducing interest rates for housing loans of up to 20 lakh rupees and opening the refinance window for commercial banks.

The RBI had also cut the short-term lending (repo) rate to deal with the slowdown in the economy. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Mukherjee to meet Bank CEOs on Monday

February 1, 2009 By Leave a Comment

New Delhi, Feb. 1 (ANI): External Affairs Minister Pranab Mukherjee is scheduled to meet the public sector bank CEOs on Monday to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government.

Mukherjee is currently handling the finance portfolio. The meeting comes in the wake of the third quarterly review of monetary policy by the Reserve Bank of India.

The RBI had noted that most banks have reduced lending and deposit rates to some extent, but some banks have not cut them so far.

Mukherjee is expected to ask banks to relieve the interest rates to boost the demand.

“The agenda of the meeting includes review of credit flow and status of implementation of the packages announced for stimulating the economy,” a Finance Ministry statement has said

The government and the PSU banks have taken many steps to raise the demands to boost the economy.

They include reducing interest rates for housing loans of up to 20 lakh rupees and opening the refinance window for commercial banks.

The RBI had also cut the short-term lending (repo) rate to deal with the slowdown in the economy. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,