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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Cielo SA (CIOXY: OTCQX International Premier) | Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

Category : World News

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Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

PR Newswire

BARUERI, Brazil, May 2, 2013

BARUERI, Brazil, May 2, 2013 /PRNewswire/ — Cielo S.A. (BM&FBOVESPA: CIEL3 / OTC: CIOXY) announces today its results for the first quarter of 2013. The Company’s consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in accordance with the accounting practices adopted in Brazil.

1Q13 HIGHLIGHTS

  • Transaction financial volume under the market criterion totaled R$97.6 billion, up 11.6% or R$10.2 billion as compared to 1Q12; under the accounting criterion, the volume was R$98.8 billion, up 12.2% year-on- year, or R$10.7 billion;
  • Net Operating Revenue of R$1.5 billion, up 28.4% or R$342.2 million year-on-year, but down 2.8% or R$45.0 million quarter-on-quarter;
  • EBITDA of R$874.5 million, up 13.8% or R$105.9 million year-on-year and 5.8% or R$48.3 million quarter-on-quarter;
  • EBITDA margin at 56.5%, down 7.3 p.p. year-on-year and up 4.6 p.p. quarter-on-quarter;
  • Cielo’s net income totaled R$640.9 million, up 13.1% or R$74.3 million year-on-year and 5.0% or R$30.6 million quarter-on-quarter;
  • Cielo’s net income margin at 41.4%, down 5.6 p.p. year-on-year and up 3.1 p.p. quarter-on-quarter;

Click on the link below to open the earnings release:

http://cielo.riweb.com.br/ShowResultado.aspx?IdResultado=VaIeAdR6PMoBgauIzpC4kg==&idcanal=12AmBqTTL/eTnV0CBWYuOA==&linguagem=en

1Q13 Earnings Conference Call

May 03, 2013

ENGLISH

10:30 a.m. (NY) | 11:30 a.m. (Brasilia)
Phone: +1 786 924-6977
Code: Cielo

PORTUGUESE

09:00 a.m. (NY) | 10:00 a.m. (Brasilia)
Phone: +55 11 4688 6361
Code: Cielo

Investor Relations Director

Roberta Noronha

rnoronha@cielo.com.br

+55 11 2596 1735

SOURCE Cielo S.A.

Continued here: Cielo SA (CIOXY: OTCQX International Premier) | Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

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7 big winners in Nikkei surge

Category : Business

Spurred by “Abenomics” and a weaker yen, the Nikkei 225 index is outpacing its peers this year by a wide margin. Some stocks are posting gains of 60%, 70% or even 100%. Here are a few of the top performers.

More: 7 big winners in Nikkei surge

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Akzo Nobel N.V. (AKZOY: OTC Link) | AkzoNobel publishes Q4 and Full-Year 2012 results

Category : Stocks

February 20, 2013

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HP’s figures reveal bigger problems than Autonomy | Charles Arthur

Category : Business

HP needs to forget about Autonomy and recognise that it is a company failing on several fronts, not least the mobile market

Although the noise from HP on Tuesday was about the accusations against unnamed former managers at Autonomy, the real concern should be that the company which Silicon Valley once looked to as the engine of invention is spluttering.

Ignore Autonomy; the figures that should really have HP’s management and shareholders worried, from its fourth-quarter financial figures, begin with its PC division. “Revenue was down 14% year over year with a 3.5% operating margin. Commercial revenue decreased 13%, and consumer revenue declined 16%. Total units were down 12% with both desktops and notebooks units down 12%.”

HP’s PC business is the world’s biggest, and its second-largest division (after services), bringing in revenues of $8.7bn in the past quarter. Yet HP is barely making any money on it – IDC estimates it shipped 13.94m computers, giving an average price of $620, on which it got total profits of $309m – just $22 per PC.

“I don’t see how anyone could invest in this company any longer,” ISI Group analyst Brian Marshall told Associated Press, describing it as “an unmitigated train wreck”.

Contrast that with Apple and Samsung, presently the two soaraway successes in the ferociously competitive mobile and tablet market: Apple’s average selling price per iPhone is about $630, and its per-phone gross margin about 50%, according to court filings. Similarly, Apple shifted 14m iPads in the third quarter – a figure many thought disappointing, even though it outnumbers HP’s PC figure – at an average $535 each. Samsung’s telecoms division, which produces phones and tablets, recorded $5.12bn in profit in the third quarter, shipping 97.9m phones in total (of which 56.3m were the more valuable smartphone, such as its Galaxy range) and about 2m tablets. The lesson is clear: mobile devices are where the money is.

It’s also where the growth is. While the smartphone market is roaring ahead – growing 45% year-on-year – HP’s 12% fall in PC shipments is substantially greater than the wider PC market: total shipments of Windows PCs worldwide fell by 9%. The dip is blamed on businesses and consumers waiting for the launch of Windows 8 (which came at the end of October), and the general economic climate in the US and Europe.

Yet HP very recently had if not a lead, then at least a position in both the smartphone and tablet market. In July 2010 it bought Palm, which had been a pioneer in the smartphone market but fallen on unprofitable times, for $1.2bn to “enhance HP’s ability to participate more aggressively in the highly profitable, $100bn smartphone and connected mobile device markets”. Early in 2011 it announced a forthcoming range of smartphones and even a tablet – the TouchPad.

But abruptly in August 2011, with the TouchPad having launched, it decided to kill off both tablet and smartphones (a fact it buried away in its announcement that it was “in discussions” to buy another company – Autonomy). HP took a $3.3bn writedown on the cost of the Palm acquisition and phone development. Meg Whitman, the chief executive, spoke vaguely about getting back into the smartphone market – but not before 2014.

HP has a similar problem to Dell, whose woeful results last week point to long-term weakness for companies that aren’t in the mobile market. Coming the day after the announcement that Intel’s chief executive Paul Otellini will retire from leading the company which makes the central processing chips for the world’s PCs – but not phones or tablets – it looks as though something deep is changing in the technology world.

“These issues have been brewing for a while,” says Neil Mawston, executive director of the research company Strategy Analytics. “HP and Dell have been struggling with the tablet market since 2010 [when Apple launched the iPad, triggering a huge shift in the business]. And this change has been picking up speed. But it hasn’t come out of the blue.”

The change is that people are buying tablets rather than PCs, and both Dell and HP have ignored the consumer market, says Mawston. Dell’s consumer division made a loss in the last quarter.

And the gloom isn’t over for HP. Remember its fabulously profitable printer inks, which cost more pro rate than champagne? “Printing revenue declined 5% year over year with a 17.5% operating margin,” says the results. “Total hardware units were down 20% year over year. Commercial hardware units were down 15% year over year, and consumer hardware units were down 22% year over year.” In other words, people aren’t buying printers. Shipments of “large format” printers fell 5% in the third quarter, and HP’s leading share was eroded there; more generally, we’re printing fewer pages because the availability of smartphones and tablets means we don’t have to carry paper around so much – something IDC noted as it recorded a fall in page printing in 2011 compared to 2010.

“HP’s and Dell’s problem is that they want to be IBM,” Richard Windsor, a consultant and former equities analyst at Nomura, told the Guardian. “Twenty years ago IBM was where HP is today. They decided that hardware was becoming commoditised and moved into software and services. Now they have steady margins and a good share price and an extremely well-run company. But it was a long haul, and HP is just at the beginning of that.”

Intel too is under threat, its fortunes tied to that of the PC business. Despite billions spent trying to build low-power chips, it has almost no presence in the smartphone business. Despite deals this year with Google-owned Motorola and China’s Lenovo, it has less than 1% of the market, says Mawston, and despite its huge investment he doesn’t see that growing beyond 8% by 2017. The rest belongs to chips using the low-power designs of ARM of Cambridge.

Allied to its $8bn writedown only in August against its acquisition of the services company EDS, it starts to look as though HP simply isn’t good at buying things. Writing on his own site, Windsor was acerbic: “I view the mess surrounding Autonomy as the strongest signal yet that the board of HPQ is not fit for purpose.” He thinks the question of whether HP’s shareholders were “duped” is irrelevant; Meg Whitman, the current chief executive, was one of those who approved the purchase as a director: “The management and directors of HPQ do not have what it takes to turn this company around. [The company] needs vision, audacity and above all a new board of directors. Until there is a complete clearout, I think that this company will lumber from one quarter to the next and present no real vision about how it becomes a proper technology company again.”

General Election: Polk Shines; Florida Falls Flat – The Ledger

Category : Stocks


Telegraph.co.uk
General Election: Polk Shines; Florida Falls Flat
The Ledger
Tuesday, the nation re-elected President Barack Obama with a substantial electoral college margin and a clear popular-vote margin. The strength of Obama's victory should ensure public and bipartisan-political support for his programs, including revitalization
Nonwhite voters and cultural shifts make 2012 election pivotalLos Angeles Times
Private consultants see huge election profitsWashington Post
SELWESKI: Michigan has not learned Florida's lessonsRoyal Oak Daily Tribune
CNN International

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Akzo Nobel N.V. (AKZOY: OTC Link) | AkzoNobel publishes Q3 2012 results

Category : Stocks

October 18, 2012

  • Revenue up 6 percent to €4.28 billion, mainly driven by currencies and pricing actions
  • Volumes declined 3 percent, primarily due to economic slowdown in Europe
  • EBITDA up 7 percent at €540 million (2011: €507 million)
  • Impairment of €2.5 billion in Decorative Paints, resulting in a net loss of €2.4 billion
  • Adjusted EPS €1.01 (2011: €0.91)
  • Interim dividend of €0.33 per share declared
  • Performance improvement program is on track
  • Economic environment remains our principal sensitivity

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Those jobs numbers: how do we get them and can they be cooked? | Harry J Enten

Category : Business

Collecting the data on jobs and unemployment is a complex and inexact science, but one thing they’re not is corrupt

Friday morning, the Bureau of Labor Statistics (BLS) reported that the United States added 114,000 new jobs in the month of September and the unemployment rate dropped to 7.8%.

The addition of a little over 100,000 jobs would not be enough to move the unemployment rate down from 8.1%, but the 7.8% rate was based partly on a total of 873,000 jobs added. So how is that we have these two jobs figures? And why is it that the 873,000 figure is what is counted for the unemployment rate?

The charge from some quarters of the conservative blogosphere is that the figures were being manipulated by the Obama administration to lower the headline unemployment rate? But let’s look at the facts.

The Current Employment Survey is where we get the 114,000 number of new jobs created. With the CES, it’s possible that people who already have one job might have gotten a second one. It’s a survey of businesses, so we shouldn’t expect the businesses to know about what their employees do outside of each firm’s work hours. That’s why it isn’t used for the unemployment rate.

The BLS asks businesses to voluntarily take part in the survey. Some businesses will refuse. Either way, it’s important to note that not all businesses are included in the survey. Every month, therefore, the survey must be weighted to ensure that the businesses that do submit reports are representative of all businesses. This is done from statistics collected yearly from hard data reported by employees to the government. 

The problem, of course, is that any survey, no matter how well done, will always have survey error. That’s the reason that we have initial reports and then revisions. The errors have two-fold causes. Not all businesses report their data even if they are part of the survey. As more businesses report and more hard data is acquired by the BLS, the bureau gets a better idea of where the true employment figures stand. We also have a yearly revision, as a new benchmark is created when all businesses, regardless of whether they take part in the survey, are required to report their employment statuses to state governments. This can be combined with a seasonal adjustment to take into account jobs added because of, say, ski resorts in the winter. 

These errors are typically not large in percentage terms, but the numbers themselves can look large. The 2011 change in the benchmark of +162,000 jobs (spread over the 12-month period) was only a change of +0.1%. For the monthly survey, the margin of error is a seemingly staggering 100,000 jobs at 90% confidence. Put another way, the 114,000 new jobs could actually be 14,000 or 214,000, and either would fall within the margin of error. That’s why, when I see an August revision of 96,000 to 141,000 jobs, I don’t blink an eye.

I also wouldn’t be terribly surprised if that 114,000 turned into a net job gain of -1,000 or +230,000 in the months to come. Ninety percent confidence means that 10% of the time, we can expect the first report to fall outside the margin: it’ll happen.

The other part of the BLS report is the unemployment rate. The unemployment rate is derived from the Current Population Survey. As the name implies, this is a poll of people, not businesses. Every month, 60,000 households or about 110,000 individuals are surveyed. This sample is weighted by geography, urban/rural, and industrial/farm divisions. Additionally, each person in the sample is weighted to account for differences in age, race, sex, Hispanic ethnicity, and state.

The unemployment rate is determined by the number of people looking for jobs (that is, the people not employed, but in the labor force) according to the CPS. It’s very possible to see a drop in the unemployment rate because people stop looking for jobs. We have seen that in past months, but that ‘s not what happened in September 2012.

According to the CPS, the civilian work force jumped by 418,000, with the employment level in September rising by a staggering 873,000 – the largest gain since January 2003. Meanwhile, the unemployment level dropped by 456,000 during the same period. A seasonal adjustment is then applied to this data to reach an unemployment rate.

But how is it possible that the two surveys show such vastly different results in terms of jobs gained?

First, the CPS includes people whom the CES excludes, and vice versa. The CPS includes the self-employed, private household workers (for example, nannies), unpaid family workers (for instance, the 17-year-old son working at the hardware store), and workers on leave. The CES can give a higher jobs report because an employee with two jobs can be counted twice, and because workers under the age of 16 are also included.

Second, the CPS has a far higher margin of error. The CPS is only interviewing 110,000 people out of the 240 million people potentially employed: that’s about 0.05% of the population it is trying to report on. The margin of error at 90% confidence is +/- 400,000. The CES, by contrast, is interviewing about 410,000 worksites and 140,000 businesses, when there are only about 30 million businesses in the United States.

When you take into account the differences in data collection and apply a historical adjustment, the CPS jobs gain is estimated at about 294,000 for September 2012 if adjusted to match CES criteria. That’s well within any margin of error.

Keep in mind that when we want to talk about the overall unemployment rate, we refer to the CPS because it “provides a broader picture of employment, including agriculture and the self-employed”. The unemployment rate itself only has a margin of error of +/- 0.2 of a point.

But is it possible that all of these numbers are a fraud? Can Obama really be getting at the BLS? That would require one of three things to happen. 

First, Obama would to have to be in cahoots with businesses across this country to fabricate the number of employees reported all over the US – including many who reportedly didn’t like him two months ago. These businesses would also have to change their books if Romney were elected. But why the heck would a business want to promote a president if he was supposedly hurting their bottom line?

Second, people would have to be lying in the CPS. Again, this requires that people misreport their status to promote a president who is keeping them out of work. This would also imply that minorities, who typically support Obama in larger numbers, would also misreport their employment status in larger numbers, but we know that, in fact, they suffer the highest rates of unemployment.

Third, the BLS itself has been corrupted by the White House. If you think that’s plausible, I would suggest you read this piece by Eli Saslow from March of this year. The people who are compiling the jobs data are a bunch of dedicated, data-crunching nerds who live inside their own black box. These folks get the data from computers, close the blinds, and talk with no one before the jobs report is fully compiled. 

There are simply no facts to support the thesis that the BLS data is cooked. Are we just not going to trust a number anymore because we don’t like it?

More on Sina’s Q2: Gross margin was 53%, down from 57% in the year-ago period but up from 46% in Q1, and partly responsible for the EPS beat. Also, operating expenses, which have been ramping due to Weibo investments, only rose 17% Y/Y, a slowdown…

Category : World News

More on Sina’s Q2: Gross margin was 53%, down from 57% in the year-ago period but up from 46% in Q1, and partly responsible for the EPS beat. Also, operating expenses, which have been ramping due to Weibo investments, only rose 17% Y/Y, a slowdown from recent quarters. Sales/marketing expenses actually declined. Ad revenue +12% Y/Y, an improvement from Q1′s 9%. SINA +5.5% AH. (PR) Post your comment!

Read the original: More on Sina’s Q2: Gross margin was 53%, down from 57% in the year-ago period but up from 46% in Q1, and partly responsible for the EPS beat. Also, operating expenses, which have been ramping due to Weibo investments, only rose 17% Y/Y, a slowdown…

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Credit Suisse ups Beazer Homes USA ([[BZH]] +1.7% to $2.37) to neutral from underperform and gives it a target price of $2.50. Credit Suisse says it expects rising sales and an improving margin to bring down Beazer’s losses, although the broker also…

Category : World News

Credit Suisse ups Beazer Homes USA (BZH +1.7% to $2.37) to neutral from underperform and gives it a target price of $2.50. Credit Suisse says it expects rising sales and an improving margin to bring down Beazer’s losses, although the broker also increased its prediction for the homebuilder’s FY losses to $1.20 a share from $1.18. Post your comment!

See original here: Credit Suisse ups Beazer Homes USA ([[BZH]] +1.7% to $2.37) to neutral from underperform and gives it a target price of $2.50. Credit Suisse says it expects rising sales and an improving margin to bring down Beazer’s losses, although the broker also…

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Infineon Technologies AG (IFNNY: OTC Link) | Home Country News Release – Revenue approximately unchanged; Segment Result Margin reflects strategic

Category : Stocks, World News

Infineon Technologies AG has filed a Home Country News Release – Revenue approximately unchanged; Segment Result Margin reflects strategic To view the full release click here (link to PDF).

See original here: Infineon Technologies AG (IFNNY: OTC Link) | Home Country News Release – Revenue approximately unchanged; Segment Result Margin reflects strategic

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