domingo, 26 de mayo de 2013
jueves, 23 de mayo de 2013
Oil Greece sets March 8 deadline for investors in bond swap
Oil Greece sets March 8 deadline for investors in bond swap The Parthenon on the Athens Acropolis is seen behind a Greek and an EU flag atop the Greek ministry of finance February 8, 2012. REUTERS/Yannis BehrakisEnlarge Photo The Parthenon on the Athens Acropolis is seen behind a Greek and an EU flag atop the Greek ministry of finance February 8, 2012. REUTERS/Yannis Behrakis ATHENS (Reuters) - Greece has set a March 8 deadline for investors to participate in its unprecedented bond swap aimed at sharply reducing its debt burden, according to a document outlining the offer. Greece formally launched the bond swap offer to private holders of its bonds on Friday, setting in motion the largest-ever sovereign debt restructuring in the hope of getting its finances back on track. In the document, Greece said the March 8 deadline could be extended if needed. Athens in the past has said it wants to conclude the transaction by March 12. The swap is part of a second, 130 billion euro ($175.02 billion) rescue package to claw Greece back from the brink of a default that had threatened to send shockwaves through the financial system and punish other weak euro zone members. ($1 = 0.7428 euros) (Reporting by George Georgiopoulos, Writing by Deepa Babington; Editing by Elaine Hardcastle)
domingo, 19 de mayo de 2013
Oil GRU worth a bet
Oil
GRU: ELEMENTS MLCX Grains Index TR ETN had a high volume yesterday. Between mid June and to mid July it made 40% move in one month. So if the breakout works it has potential for big move.
viernes, 17 de mayo de 2013
Signals For Europe, Few Options in a Vicious Cycle of Debt
Signals For Europe, Few Options in a Vicious Cycle of Debt Europe has a $1 trillion problem. As difficult as the last two years have been for Europe, 2012 could be even tougher. Each week, countries will need to sell billions of dollars of bonds - a staggering $1 trillion in total - to replace existing debt and cover their current budget deficits. At any point, should banks, pensions and other big investors balk, anxiety could course through the markets, making government officials feel like they are stuck in a scary financial remake of 'Groundhog Day.' Even if governments attract investors at reasonable interest rates one month, they will have to repeat the process again the next month - and signs of skittish buyers could make each sale harder to manage than the previous one. 'The headline risk is enormous,' said Nick Firoozye, chief European rates strategist at Nomura International in London. Given this vicious cycle, policy makers and investors are closely watching the debt auctions for potential weakness. On Thursday, Spain is set to sell as much as 5 billion euros ($6.3 billion) of government bonds. Italy follows on Friday with an auction of more than $9 billion. The current challenge for Europe is to keep Italy and Spain from ending up like Greece and Portugal, whose borrowing costs rose so high last year that it signaled real likelihood of default, making it impossible for the governments to find buyers for their debt. Since then, Greece and Portugal have been reliant on the financial backing of the European Union and the International Monetary Fund. The intense focus on the sovereign debt auctions - and their importance to the broader economy - starkly underscores the difference between European and American responses to their crises. Since 2008, there has been almost no private sector interest to buy new United States residential mortgage loans, the financial asset at the root of the country's crisis. To make up for that lack of investor demand, the federal government has bought and guaranteed hundreds of billions of dollars of new mortgages. In Europe, policy makers are still expecting private sector buyers to acquire the majority of government debt. Last month, in perhaps the boldest move of the crisis, the European Central Bank lent $620 billion to banks for up to three years at a rate of 1 percent. Some officials had hoped that these cheap loans would spur demand for government debt. The idea is that financial institutions would be able to make a tidy profit by borrowing from the central bank at 1 percent and using the money to buy government bonds that have a higher yield, like Spain's 10-year bond at 5.5 percent. But the sovereign debt markets continue to show signs of stress. Italy's 10-year government bond has fallen in price, lifting its yield to more than 7 percent, a level that shows investors remain worried about the financial strength of Italy's government. And European banks appear to be hoarding much of the money they borrowed from the central bank, rather than lending it to governments. Money deposited by banks at the European Central Bank, where it remains idle, stands at $617 billion, up from $425 billion just a month ago. 'It's hard to see why a banker would want to tie up money in a European sovereign for, say, three years,' said Phillip L. Swagel at the University of Maryland's School of Public Policy, who served as assistant secretary for economic policy under Treasury Secretary Henry M. Paulson Jr. Italy's troubles highlight how hard it is to generate demand for a deluge of new debt from a dwindling pool of investors. The country needs to issue as much as $305 billion of debt this year, the highest in the euro zone. By comparison, France, with the second highest total, needs to auction $243 billion of new debt, according to estimates by Nomura. Governments like Italy's are at the mercy of markets because they simply don't have the cash to pay off even some of their bonds that come due. They must issue new bonds to cover their old debts, as well as their budget deficits, at a time when investors are growing scarce. Banks, traditionally big holders of government bonds, have been selling Italian debt. 'We've seen a lot of liquidation by non-European investors,' said Laurent Fransolet, head of European interest rate strategy at Barclays Capital in London. For instance, Nomura Holdings in Japan slashed its Italian debt holdings, mostly government bonds, to $467 million on Nov. 24, from $2.8 billion at the end of Sept. European banks have also been dumping the debt. BNP Paribas, a French bank, cut its exposure to Italian government bonds to $15.5 billion at the end of October, from $26 billion at the end of June. Italian banks, though large owners of their government's obligations, may not want to take on too much more, to keep their investors happy. Shares in UniCredit have fallen more than 40 percent since last week as the Italian firm has tried to raise capital to comply with new regulations. There are ways to avoid spectacularly bad debt auctions, at least in the short term. The central bank can help by buying a country's bonds in the market ahead of a new debt sale. That would help bolster prices at the auction, or at least keep them stable. There is also some evidence that banks' government-bond selling may have abated at the end of last year, according to Mr. Fransolet. Central bank figures show European financial firms acquired $2.4 billion of Spanish government bonds in November, after selling a monthly average of $4.8 billion in the preceding three months. Governments may also be able to attract new buyers to their bond markets. Belgium sold $7.2 billion of government bonds to local retail investors last month, in part appealing to their patriotism. Opportunistic hedge funds, betting the market is too pessimistic about certain European countries, may also bite. Saba Capital Management, a New York-based hedge fund headed by the former Deutsche Bank trader Boaz Weinstein, owns Italian government bonds, though it does so as part of a wider trading strategy that includes bets that could pay off if Europe's problems worsen. But it is doubtful that Italy and Spain can find enough new buyers this year to bring their bond yields down to sustainable levels. Instead, if their economies slow - and if their governments become unpopular - debt auctions could fail and their cost of borrowing could rise even more. All eyes would then turn to the central bank for drastic action. It could lend more cheap money to banks, in the hope that some of it might find its way into government bonds. Or it could become a big buyer of government bonds itself, printing euros to finance the purchases. But that may not be a lasting solution, since the central bank's actions could scare off private investors. Typically, when government-backed organizations like the central bank hold a country's debt, their claims on the debtor rank higher than those of other creditors. For that reason, private investors might think their holdings would fall in value if the central bank became a big owner of Italian debt - and they might retreat. At the same time, the crisis response in the United States did not depend solely on government-backed entities like the Federal Reserve to buy housing loans. Professor Swagel of the University of Maryland points out that banks and investors also took large losses on existing housing debt. While painful, the mortgage debt proved less of a drag on the financial system. So far, Europe has been averse to taking permanent losses on government bonds. Except in the case of Greek debt, European policy makers have shied away from any plan that could mean private holders of government debt get hurt. However, Nouriel Roubini, a professor of economics at the Stern School of Business at New York University, recently argued in a Financial Times editorial that Italy's debt should be reduced to 90 percent of the gross domestic product from 120 percent. In such a situation, investors might suffer a 25 percent hit on the value of their Italian bonds, he said. Such haircuts might seem like the recipe for more instability right now. But if Europe struggles to find buyers for its debt, more radical options are likely to be considered. Europe's debt problem is huge, and the experience in the United States suggests dealing with it may take several, more drastic approaches. 'If you go halfway, you'll never get to the end,' Professor Swagel said. 'And that describes European policy-making.'
lunes, 15 de abril de 2013
Signals Five Sub-Penny Charts To Watch
Signals At the start of 2012 I posted charts to watch heading into the year. All of them rose 150% or more: http://pennystockgurus.blogspot.com/2012/02/150-or-bust.html
With the year 67% over I have five charts to watch. I think all five will at some point post an over 100% gain from their current prices. The stocks are UYMG at $.001, ERBB at $.0021, STKO at $.001, ELRA at $.0012 and MCVE at $.03.
With the year 67% over I have five charts to watch. I think all five will at some point post an over 100% gain from their current prices. The stocks are UYMG at $.001, ERBB at $.0021, STKO at $.001, ELRA at $.0012 and MCVE at $.03.
viernes, 12 de abril de 2013
Oil Utilities to see profit increases in 2012
Oil NEW YORK (AP) -- Shares of power companies appear to be attractive investments this year as the industry invests in new power plants and other infrastructure projects to meet new environmental standards, a Baird analyst said Friday. Analyst David Parker said he expects the industry will spend $750 billion over the next decade to maintain the electrical grid, meet stronger environmental standards and satisfy expanding or changing customer needs. New building projects are a key driver for power company profits because state regulators typically allow utilities to raise power rates and earn a greater return on their investments. Parker favors stocks from NorthWestern Corp. and Allete Inc. Both are expected to lead the industry in profitability in coming years. Northwestern, which delivers electricity and natural gas in Montana, South Dakota and Nebraska, is planning about $2 billion-$3 billion in future projects, including $550-$850 million in near-term opportunities. The near-term projects alone could boost profits by 75 cents to $1.20 per share, Parker said. If its entire project portfolio comes to fruition, it could increase profits by 6 percent-8 percent per year. Allete, which owns and maintains transmission lines in parts of Wisconsin, Michigan, Minnesota and Illinois, also is expected to benefit from new infrastructure growth. Parker expects ALLETE profits to increase by 8 percent-9 percent per year over the next three to five years. Share values for many utilities already have been rising on anticipation of these profit increases. Parker downgraded Alliant Energy Corp., Wisconsin Energy Corp., Hawaiian Electric Industries and UIL Holdings Corp. to 'Neutral' from 'Outperform,' saying their shares have risen to the point that they're now fairly valued. In morning trading, shares of NorthWestern fell by 40 cents to $35 and Allete fell by 15 cents to $40.94. Shares of Alliant fell by 24 cents to $42.68, Wisconsin Energy shares dipped by 25 cents to $34.09, Hawaiian Electric shares fell by 22 cents to $25.73 and UIL Holdings shares dropped by 46 cents to $34.27.
domingo, 10 de marzo de 2013
Earn Analysis: Oil price rise raises specter of global recession
Earn Analysis: Oil price rise raises specter of global recession LONDON (Reuters) - A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause. Oil rose to a 10-month high above $125 a barrel Friday, prompting responses from policymakers around the world including U.S. President Barack Obama, watching U.S. gasoline prices follow crude to push toward $4 a gallon in an election year. Europe may have more to fear as its fragile economic growth falters and Greece, Italy and Spain look for alternative sources to the crude they currently import from Iran, where an EU oil embargo, intended to make Iran abandon what the West fears are efforts to develop nuclear weapons, comes into force in June. In euro terms, Brent crude rose to an all-time high of 93.60 euros this week, topping its 2008 record. 'The West's determination to prevent Iran acquiring nuclear weapons is coming at a price - a price that might include a second global recession triggered by an oil shock,' said David Hufton from the oil brokerage PVM. In dollar terms, oil prices are still some $20 a barrel short of their 2008 record of $147. But the latest Reuters monthly survey will Monday show oil analysts revising up their predictions for Brent crude by $3 since the previous month. Such a change is big in a poll of over 30 analysts, and last happened at the peak of the Libyan war in May. Ian Taylor, head of the world's biggest oil trading house Vitol, told Reuters this week prices could spike as high as $150 a barrel if Iran's arch-enemy Israel launched a strike at its nuclear facilities - an option Israel has declined to rule out. 'I used to think this would never happen,' Taylor said, 'but everyone you speak to says the Israelis will have a go at striking at Iranian nuclear sites. 'The day that happens, you have to believe the Iranians throw a few mines in the Strait of Hormuz and, for a few hours at least or maybe more, I cannot see a scenario where prices would not be at that sort of level ($150).' The U.N. nuclear watchdog said Friday Iran had sharply stepped up its uranium enrichment, which Iran insists is solely for civilian purposes. Israel has warned that, by putting much of its nuclear program underground, Iran is approaching a 'zone of immunity,' but it has also said any decision to attack is 'very far off.' Wall Street bank Merrill Lynch said this week that oil prices could climb to $200 over the next five years. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> So far this year, dollar prices for Brent crude have risen by more than 15 percent, pushed up mainly by fears about Iran. The loss of supply from three small and mid-sized producers suffering internal turmoil - Syria, Yemen and South Sudan - has added to the supply worries. WEAK GROWTH, HIGH PRICES A stabilization of the U.S. economy may explain some of the rise in oil prices, but the global economy is growing far more slowly now than at this time last year, yet crude prices are just as high. World equities and oil have typically been closely correlated since 2008 because both were driven by global demand. However, as oil prices start to respond to supply problems, the correlation is evaporating, and the global economy is already paying a high price. Data published this week showed unexpectedly weak activity in Europe's most powerful economy, Germany, and in France, sparking fresh worries that the region could tip into recession. Few have forgotten that in 2008, within six months of hitting its all-time high, oil plunged as low as $35 a barrel with the onset of the global credit crisis. In the United States, demand for refined oil products is close to its lowest level in nearly 15 years, indicating that motorists are cutting back their mileage. 'The price spike is going to be a challenge for politicians in the West running for re-election,' said Olivier Jakob from the Petromatrix consultancy. He said developed countries would find it hard to justify a release of strategic oil stocks similar to what they did in 2011. Unlike a year ago, when Libyan oil exports were disrupted by a war, this year 'there is ... instead a voluntary restriction on buying from a specific country,' said Jakob. Other than a release of oil stocks, developed countries could resort to yet another round of monetary easing, to which emerging markets will respond with quantitative tightening, price controls and subsidies, said analysts from HSBC. 'In terms of fiscal health, it would seem that Asia is better placed than other regions to deal with an oil price shock,' HSBC said in a note last week.
miércoles, 27 de febrero de 2013
Earn Lloyds chief executive skips annual bonus
Earn LONDON (AP) -- The chief executive of Lloyds Banking Group, which was rescued by British taxpayers during the credit crisis, says he won't take his annual bonus for 2011. Antonio Horta-Osorio said Friday he's doing that because he took a leave of absence, not specifically in response to Prime Minister David Cameron's recent call for restraint on executive pay. Horta-Osorio took two months off last year as he suffered from sleeping problems. He did not disclose the amount in a bonus that he is turning down, but said future payments should take into account Britain's 'tough financial circumstances.' His pay and bonus entitlement will be disclosed next month in the group's annual report. British taxpayers still hold a 40 percent stake in the bank.
Forex All eyes on Fed
Forex
It is Fed interest rate and policy decision day , so nothing much will happen till that time. Market has been anticipating Fed response to slowdown in economy.
Sometime the first reaction to the Fed is a fake out. As most would have seen there are number of studies that show Fed day to be positive day.
Sometime the first reaction to the Fed is a fake out. As most would have seen there are number of studies that show Fed day to be positive day.
martes, 12 de febrero de 2013
lunes, 11 de febrero de 2013
Signals Hotel industry looks for deal pace to pick up
Signals LOS ANGELES (Reuters) - Hotel companies and real estate firms are optimistic that deal transactions will pick up this year despite concerns about Europe's economy and challenges in obtaining debt financing. While a business-led economic recovery has helped lift U.S. hotel occupancy rates, development is still a soft spot as tight credit conditions have limited new-hotel builds. Still, there is a growing sense that the hotel sector has momentum and performance will continue to improve. 'People are expecting 2012 to be a pretty positive year, with solid performance by the industry in terms of the demand for hotel accommodations and the ability to get deals done,' Arthur de Haast, chairman of Jones Lang LaSalle Hotels, said at this week's Americas Lodging Investment Summit. The hotel investment services firm has forecast that hotel deals in the Americas this year will at least match the 2011 level in value of an estimated $15 billion. U.S. hotel deal activity picked up in the first half of 2011 but calmed in the latter part of the year as debt woes in Europe began dominating the headlines. While Europe is still a risk, attendees at the three-day hotel conference said a continued recovery marked by rising room rates would make the sector attractive for investment. 'There's a lot of money on the sidelines waiting to pounce and find opportunities,' said Christian Charre, president and chief executive of the Charre Group, a Florida-based hotel brokerage and consulting firm. FOREIGN MONEY Private equity funds that have capital will be in a good position to make acquisitions, some said. Real estate investment trusts were active buyers in the first half of 2011 but are expected to be quieter this year as their share prices suffered in the latter part of 2011. 'The mix of the investors probably will change,' said Sri Sambamurthy, co-founder of real estate firm West Point Partners in New York. He said Middle Eastern, European and Asian investors especially find the U.S. market to be extremely attractive now. 'The U.S. is still considered very safe, the dollar has performed extraordinarily well,' Sambamurthy added. Hotel companies said they were looking to make acquisitions in a bid to expand their reach. 'No question that we'll be active in the marketplace in 2012,' said Paul Whetsell, president and chief executive of Loews Hotels, which owns and/or operates 18 hotels. The unit of Loews Corp (NYSE:L - News) has committed more than $500 million to acquiring hotels or developing new properties. Whetsell said Loews is looking for 4-star or higher-rated hotels in major cities where it does not have a presence such as Boston, Washington, San Francisco, Chicago and Los Angeles, as well as smaller markets like Charlotte, North Carolina, and Baltimore, Maryland. Choice Hotels International (NYSE:CHH - News), which franchises hotels focused mainly at the mid-tier and economy market segments under brands such as Comfort Inn and Econo Lodge, said it is in the hunt to acquire a value-oriented, full-service upscale brand that would help attract more business customers.
martes, 5 de febrero de 2013
Forex Comments from G20 finance chiefs meeting in Mexico
Forex Comments from G20 finance chiefs meeting in Mexico MEXICO CITY (Reuters) - Following are comments from policymakers attending the meeting of Group of 20 finance ministers and central bankers in Mexico City on Saturday. U.S. TREASURY SECRETARY TIMOTHY GEITHNER 'I think it's important to give Europe's leaders credit for what they have accomplished ... and put in place in terms of the architecture of a credible response in the last four months.' 'They have had a big impact in reducing the downside risks to growth ... though it's important not to rest on that progress.' 'I hope that we're going to see, and I expect we will see, continued efforts by the Europeans ... to put in place a stronger, more credible firewall.' CANADIAN FINANCE MINISTER JIM FLAHERTY 'I do want to encourage Germany to take that leadership role very seriously and come up with an overall euro zone plan.' 'I think that what I'd like to see in the communique is language that indicates that the real question is, when will we see the euro zone plan. And that discussions about other countries through the IMF supporting the euro zone plan should await the answer to the first question.' 'I don't think we're ever going to be able from the outside to impose a deadline on the euro zone. That's up to them.' GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE 'It does not make any economic sense to follow the calls for proposals which would be mutualizing the interest risk in the euro zone, nor in pumping money into rescue funds, nor in starting up the ECB printing press.' 'I am worried the overriding problems ... have not been tackled sufficiently. We have to be more daring when it comes to these large and fundamental challenges.' 'You know that Greece is a special and unique case...The main difficulty is a serious lack of competitiveness.' JAPANESE FINANCE MINISTER JUN AZUMI 'I'd like to see how Europe will make concrete efforts and then discuss how we can contribute.' 'I said that I expect debate on strengthening of the IMF lending capacity will progress on condition that the problem of Europe's debt crisis is put to an end by the G20 meeting in Washington in April.' 'The present firewall involves strengthening of EFSF and increase of upper cap on ESM. But I said (at G20) that they should be further strengthened.' 'The economy is somewhat picking up in the world as a whole, including Japan, and (we) want to put an end to the Europe crisis in the early spring and to accelerate the global economic growth.' BRAZILIAN FINANCE MINISTER GUIDO MANTEGA 'Emerging countries will only help under two conditions; first that they strengthen their firewall and second for the IMF (quota) reform be implemented.' 'I see most countries sharing a similar opinion that the Europeans have to strengthen their firewall.' JAY COLLINS, SENIOR CITIGROUP EXECUTIVE 'The lack of a firewall decision coming out of Europe takes a toll, speed matters.' 'Speed and urgency is critical.' BANK OF JAPAN GOVERNOR MASAAKI SHIRAKAWA 'Heightening geographical risks and some bright movements in advanced economies after the New Year are factors behind the underlying crude oil price hikes. Of course, monetary easing has been continuing but I don't see it as a major factor for driving up crude oil prices. Generally speaking, we'll closely watch effects and side-effects of monetary easing.' MARK CARNEY, BANK OF CANADA GOVERNOR AND CHAIRMAN OF THE FINANCIAL STABILITY BOARD 'We are cursed with living in extraordinary times. There are two critical challenges that are really facing policymakers at the moment. Restoring growth and stability in Europe. There's been quite appropriately tremendous attention paid to that. But at the same time, just doing that will not be enough.' 'We need to rebuild strong, sustainable, balanced growth in the global economy.' 'One of the issues in these G20 meetings has been that the issue of the moment has often, not surprisingly, crowded out this fundamental medium-term issue.' 'For emerging markets, the weak growth prospects and large accommodative monetary policies in the G3 (major advanced economies) tends to push capital flow towards them, exacerbating concerns about sudden stops and potentially causing a reaction in terms of capital controls.' 'Some emerging markets are reluctant to abandon exchange rate strategies which have served them so well in the past, and so there's a vicious circle here.' BANK OF ITALY GOVERNOR IGNAZIO VISCO 'During the G20 meeting we will discuss the outlook for the global economy and we will probably talk about the developments on the oil markets. Tensions are growing.' 'We have to be vigilant regarding oil.' 'At the moment we don't see the need for a new LTRO by the ECB, but we will have to see the whole effects of the second one (on February 29) before taking a decision.' 'Italy has made remarkable progress on the budget side, now it has to work on growth, even Europe should insist on growth.' OECD SECRETARY-GENERAL ANGEL GURRIA 'The Greek bailout was not a deal, it was an ordeal ... the problem was it came too late.' 'I don't know if Greece's debt target of 120 percent of GDP will be enough -- that will depend on whether Greece delivers on its policies.' 'We have run out of monetary policy room ... we have run out of fiscal room in most countries, some have a little fiscal room now.' 'The ECB's LTRO (long term refinancing operation) is no substitute for a European firewall.' 'It's already six months to a year late... We need a massive European firewall now.' (Compiled by Kieran Murray)
Signals Why Brand Value Still Matters
Signals Why Brand Value Still Matters RELATED QUOTES Symbol Price Change PVH 74.26 +0.36 RL 143.11 -1.43 PVH's (NYSE: PVH - News) 2010 acquisition of Tommy Hilfiger turned out to be a good long-term prospect. PVH posted a handsome growth in profits in its third quarter, spurred mainly by Tommy's international sales. The growth speaks volumes for PVH, known to be a high-end clothier trying to sail through a struggling, cash-strapped economy. Let us take a closer look at what makes PVH tick. Good third-quarter showing PVH's net income came in at $112.2 million, a 12% rise from $99.8 million in the year-ago period. Continued healthy sales for both its Calvin Klein and Tommy Hilfiger brands of clothes spurred this growth. Strong sales, both domestic and international, also boosted revenue by 9% from last year to $1.65 billion. This even exceeded management expectations. Tommy Hilfiger, in particular, went a notch ahead of Calvin Klein, as the former's strong international sales base led it to post an earnings increase of 27% over Calvin Klein's 13%. Naturally, PVH felt confident enough to raise its full-year outlook. What spurred the growth Tommy Hilfiger's strong international sales were a major boost to PVH's third-quarter figures, as the brand registered a 17% growth in revenue over last year, spurred by key markets such as the United Kingdom, Italy, and France. Of course, one of the main reasons behind Tommy Hilfiger's acquisition was because the former is known to generate a large chunk of its revenue from international markets. But then, its other flagship brand Calvin Klein was not far behind either as its revenues went up by a healthy 11%. However, PVH needs to check back on its competitors' progress as well. For instance, rival Ralph Lauren (NYSE: RL - News) also cashed in on robust sales figures to post a 14% increase in second-quarter profits. PVH needs to be particularly wary of Ralph Lauren, which is a highly aspirational brand, and whose overseas revenue is around 38% of the consolidated total. Ralph Lauren also caters to a similarly wealthy segment and is in the process of launching new brands such as Lauren footwear. The Foolish conclusion PVH is certainly not getting complacent as it aims to spend around $5 million more than what it did last year on international marketing, with the stress being on holiday campaigning through television and cinema. This is one company that has brand recall, caters to the high-end segment that is not really 'discount-dependant,' and has structured future plans. It may be a good idea to stock up on PVH. Fool contributor Subhadeep Ghose does not own shares of any of the companies mentioned in this article. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
martes, 29 de enero de 2013
Earn Japan sees upward pressure on yen waning
Earn Japan sees upward pressure on yen waning Foreign exchange dealers are seen beneath an electronic board displaying the Japanese Yen's exchange rate against the U.S. dollar at a foreign exchange trading company in Tokyo February 22, 2012. REUTERS/Kim Kyung-HoonEnlarge Photo Foreign exchange dealers are seen beneath an electronic board displaying the Japanese Yen's exchange rate against the U.S. dollar at a foreign exchange trading company in Tokyo February 22, 2012. REUTERS/Kim Kyung-Hoon By Tetsushi Kajimoto MEXICO CITY (Reuters) - A senior Japanese Finance Ministry official said the upward pressure on the yen was easing and he saw nothing strange in the currency's movements as it pulls away from record highs below 80 yen versus the dollar. The official, speaking after the first day of the weekend gathering of Group of 20 finance ministers and central bankers, said the yen was not discussed at the meeting which was dominated by talks on the euro-zone sovereign debt crisis. But the G20 did discuss volatility in currencies as well as crude oil prices, the official said, adding that these issues may be mentioned in the communique expected at the end of the meeting on Sunday. Brent crude futures settled near a 10-month high above $125 a barrel on Friday on heightened concerns over tensions with Iran about its nuclear program. Japanese authorities will continue to respond to excess volatility in currencies, he added, signaling readiness to intervene if speculators push up the yen too high again to deal a blow to the export-reliant economy. 'We hear opinions overall, including at deputies' meeting, that volatility exists in the foreign exchange market, so I expect (G20) may mention that volatility warants close monitoring,' the official said. 'We have said that (the yen's) moves have been excessive including before and after (last year's) earthquake, which was not reflecting economic fundamentals. But I see nothing strange in the current movement,' he added. The yen, meanwhile, tumbled across the board, a downtrend that started with the Bank of Japan's recent monetary easing. Japan's trade deficit, widening interest rate differentials with the United States favoring the dollar and rising crude oil prices also have hurt the yen's prospects. The dollar hit a fresh 7-1/2-month high of 81.062 yen on trading platform EBS and was last 80.990, away from 75.31 yen hit last October when Japan intervened heavily to protect exporters and drew criticism from the United States. The Bank of Japan, along with the European Central Bank and the U.S. Federal Reserve, is taking unconventional steps to boost the economy. The BOJ boosted asset purchases by 10 trillion yen on February 14 and pledged to keep ultra-easy policy until a 1 percent inflation goal is in sight. Bank of Japan Governor Masaaki Shirakawa said on Saturday that policymakers were also closely watching the effects of monetary easing on crude prices. But he said he did not see monetary easing as a big factor and the recent spike was more due to geopolitical tensions and some bright spots in advanced economies after the New Year. 'Generally speaking, we'll closely watch effects and side-effects of monetary easing,' he said. (Additional writing by Krista Hughes; Editing by Ed Lane)
Signals BBDA Gearing For Third Leg Higher?
Signals
I have successfully called each of BBDA's rallies this year. First the rally from $.0004 to over $.004, which I alerted my subscribers to before the stock moved, when the stock was virtually dormant and trading only $5,000 to $10,000 a day at most compared to the $500,000+ its has been seeing on this latest rally. The second from $.0029 to $.0199. Both ended up being very profitable. Had you bought at $.0004 (there were millions upon millions of shares for sale when I alerted it at $.0004) and sold at the recent high of $.0199 you are looking at a possible $400 into $19,900 return.
Right now I think BBDA is gearing up for its next leg higher, a move that will take the stock over 100% higher from current levels. The short term chart is showing a cup and handle formation which is bullish. Also note that any bouts of selling only sends the stock down temporarily. The uptrend is not done yet.
BBDA's most recent news:
BeBevCo: E-Z Shops are Latest Chain to Jump onto the Relaxation Revolution with KOMA UNWIND
STATESVILLE, N.C., Sept. 6, 2012 /PRNewswire via COMTEX/ -- Bebida Beverage Company (OTC markets:BBDA ) (BeBevCo), a developer, manufacturer and marketer of liquid relaxation products, announced today that E-Z Shop Convenience Stores will join the relaxation revolution by carrying Koma Unwind products in their 28 stores throughout eastern South Carolina. This is in aftermath of the roll-out of Koma Unwind at a major retailer in South Carolina that began in August.
I have successfully called each of BBDA's rallies this year. First the rally from $.0004 to over $.004, which I alerted my subscribers to before the stock moved, when the stock was virtually dormant and trading only $5,000 to $10,000 a day at most compared to the $500,000+ its has been seeing on this latest rally. The second from $.0029 to $.0199. Both ended up being very profitable. Had you bought at $.0004 (there were millions upon millions of shares for sale when I alerted it at $.0004) and sold at the recent high of $.0199 you are looking at a possible $400 into $19,900 return.
Right now I think BBDA is gearing up for its next leg higher, a move that will take the stock over 100% higher from current levels. The short term chart is showing a cup and handle formation which is bullish. Also note that any bouts of selling only sends the stock down temporarily. The uptrend is not done yet.
BBDA's most recent news:
STATESVILLE, N.C., Sept. 6, 2012 /PRNewswire via COMTEX/ -- Bebida Beverage Company (OTC markets:
'It is amazing how many new store chains and distributors are coming out of the woodwork following our announcement on 28 June, 2012. We have gained a huge amount of credibility in the beverage market in the last few weeks. Now, our European expansion is well underway and we expect that the sky is the limit. After all, in today's busy world, people everywhere need to relax and unwind as well as get a better night's sleep. It won't be long now before liquid relaxation products are everywhere; and, we are a market leader,' said Brian Weber, CEO of Bebida Beverage Company.
About BeBevCo
BeBevCo (Bebida Beverage Company) develops, manufactures and markets liquid relaxation products including KOMA Unwind 'Liquid Relaxation' (TM), KOMA Unwind Sugar-free 'Liquid Relaxation' (TM) and KOMA Unwind 'Liquid Relaxation' Shot(TM) as well as Potencia Energy, Potencia 'BLAST' energy shot, Relax 5 shots and Piranha Water.
Safe Harbor Statement
Except for historic information contained in this release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital to execute its business plan, and effectively compete against similar companies.
sábado, 26 de enero de 2013
Earn SANT - Stock Waking Up Soon?
Earn
This is a stock I gave to my subscribers as a chart to watch. The stock sits at lows with very little interest on both sides. The buyers are waiting for cheaper prices and the sellers looks to have finished their jobs for now.
The company continues to update the investing public about their operations and I think the stock could see a recovery of some of its losses this year. A move from today's $.004 price to over $.01 is what I think will happen in the short term.
Add SANT to your watchlist.
Santeon Teams Up With Sage to Deliver Cloud-Based Carrier Connections
RESTON, VA, Aug 22, 2012 (MARKETWIRE via COMTEX) -- Santeon Group, Inc. (OTCBB:SANT ) today announced that it has partnered with Sage North America to deliver Sage HRMS Benefits Messenger, a cloud-based automated benefits communications system, to the Sage HRMS client base. Sage HRMS Benefits Messenger simplifies benefits administration processes by securely automating the delivery of employee benefits enrollment data to health insurance carriers. Through the Santeon eBenefits Network (eBN), the leading independent provider of automated benefits carrier connectivity services in the U.S., Sage HRMS users gain the benefits of on-time and error-free enrollment updates, including elimination of error-related premium costs, improved employee benefit usage experience, and reduction of HR and IT workloads. eBN's innovative cloud-based transactional BPA (business process automation) approach integrates with virtually any employer system and provides immediate employer access to eBN's ever-growing network of over 200 group benefits providers, including health plans, group voluntary benefits, 401K, FSA, COBRA administrators and others.
This is a stock I gave to my subscribers as a chart to watch. The stock sits at lows with very little interest on both sides. The buyers are waiting for cheaper prices and the sellers looks to have finished their jobs for now.
The company continues to update the investing public about their operations and I think the stock could see a recovery of some of its losses this year. A move from today's $.004 price to over $.01 is what I think will happen in the short term.
Add SANT to your watchlist.
RESTON, VA, Aug 22, 2012 (MARKETWIRE via COMTEX) -- Santeon Group, Inc. (OTCBB:
'There is significant and increasing interest by employers of all sizes in having seamless interfaces between their own benefits systems and carrier systems,' said Tom Tillman, general manager of Santeon eBenefits Network. 'The Sage HRMS Benefits Messenger is a straight-forward and cost-effective solution to meet this demand in the Sage client community.'
Johnny Laurent, vice president and general manager of Sage Employer Solutions, said, 'Sage HRMS is an industry-leading, customizable HRMS solution that helps companies optimize their HR business processes. The tightly integrated Sage HRMS Benefits Messenger provides the key functionality to help employers efficiently and accurately automate the end-to-end benefits admin process.'
About Sage North America Sage is a world-leading supplier of accounting and business management software to small and midsized businesses. Our purpose is to help our customers run their businesses more effectively -- helping them gain greater insight into their business activities and providing them with lasting benefits by automating their business processes. Our applications cover a wide range of business requirements, including accounting, customer relationship management, contact management, human resources, warehouse management, and specialized products for specific industries.
Our brand, Sage, is used by all operating entities of The Sage Group, plc. The Sage Group, plc is the parent company of Sage North America and is located in the United Kingdom. With more than 6 million customers, Sage has offices in 23 countries worldwide.
Sage North America has more than 3.2 million customers with offices across the U.S. and Canada. Our corporate office is located in Irvine, California.
About Santeon Group, Inc. Santeon Group is a technology company headquartered in Northern Virginia with offices in Reston, VA, Tampa, FL, Cairo, Egypt and Pune, India. Santeon offers products and services in Agile training and transformation, healthcare, energy and media. Santeon's goal is to serve emerging markets by providing technically superior products and solutions while reducing the cost of ownership and deployment of these solutions through a strong channel partner and distribution model. For more information please visit our web site athttp://www.santeon.com.
Safe Harbor Statement: The preceding press release may include statements that include, among others, forward-looking statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words 'may', 'could', 'should', 'would', 'believe', 'anticipate', 'estimate', 'expect', 'intend', 'plan', 'target', 'goal' and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in the forward-looking statements. Our ability to achieve our financial objectives could be adversely affected by many factors, including, without limitation, the following factors: The strength of the United States economy, changes in the securities markets legislative or regulatory changes, the loss of key personnel, technological changes, changes in customer habits, our ability to manage these and other risks, and our ability to deliver products and services on time. However, other factors besides those listed above could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. These forward-looking statements are not guarantees of future performance, but reflect the present expectations of future events by our management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Any forward-looking statements made by us speak only as of the date they are made. We do not undertake to update any forward-looking statement, except as required by applicable law. For additional information about Santeon's future business and financial results, refer to Santeon's Annual Report on Form 10-K that may be found at sec.gov or on http://santeon.com/Sec_Filings.html. Santeon undertakes no obligation to update any forward-looking statements that may be made from time to time by the company, whether as a result of new information, future events or otherwise.
jueves, 24 de enero de 2013
miércoles, 16 de enero de 2013
Oil LDSI - Turning Higher?
Oil
LDSI has been in a tremendous tailspin the last two months. The stock has seen a bevy of selling bring the stock to fresh new lows for the year.
However the last two trading session reveal a stock that may be starting to turn higher. Today and Friday the stock was able to over comb selling pressure and post gains. Today we had strong buying volume and the stock looks poised to break out of its two month slump.
The stock was over $.07 last month and closed today at $.0031. We could see a sharp rally out of these oversold conditions.
Backstage Vibe(TM) Testing Features and Functionality
Marketwire 'Press Releases'
NEW YORK, NY -- (Marketwire) -- 08/20/12 --
Backstage Vibe™ (PINKSHEETS: LDSI) has created an incredibly creative and groundbreaking web platform for artists, their adoring fans, music promoters and producers. The company is currently testing all of the features and functionality to ensure that customers can't resist coming back after their initial experience.
Backstage Vibe™ promises the ultimate social music experience and has provided screenshots to showcase the streamlined and powerful functionality. The online store enables artists, music labels, and others to present and sell their products and services. The web platform provides artists with an option to create their own personal store open to the community that then feeds into a larger store open to the public.
Another exciting feature is the incorporation of SoundCloud, which will serve as an incredible resource for music integration and critical feedback, facilitate collaboration and provide ease of sales. Backstage Vibe™ will also offer a file sharing feature that will accommodate professional audio software file formats (such as ProTools files) to further optimize artists' and bands' ability to collaborate at a professional level.
These are but a few of the features and functionality already built into the web platform. As you can see from the screenshots, Backstage Vibe™ is providing artists the tools to chart their own course, whether it's promoting their art, collaborating with other artists or selling their music, goods and services.
Artists, producers, promoters, fans, and music aficionados can pre-register for the innovative social music site at www.BackstageVibes.com. Pre-registrants will receive 2 months of the service FREE when the full site goes live.
AboutLife Design Station International, Inc.
Life Design Station International, Inc. (LDSI) is a music-inspired corporation. The Company empowers artists, producers and other music professionals to reach millions of potential customers. Life Design Station International , through its Internet-based division, develops and directs an innovative global social platform allowing artists from the U.S. and the world to interface collaboratively in order to promote, produce and sell their musical artistry. LDSI's Backstage Vibe™ provides a leading-edge, secure and user-friendly environment for the sale, distribution and securing of world talent from one source.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2070780
Source:Life Design Station International, Inc.
LDSI has been in a tremendous tailspin the last two months. The stock has seen a bevy of selling bring the stock to fresh new lows for the year.
However the last two trading session reveal a stock that may be starting to turn higher. Today and Friday the stock was able to over comb selling pressure and post gains. Today we had strong buying volume and the stock looks poised to break out of its two month slump.
The stock was over $.07 last month and closed today at $.0031. We could see a sharp rally out of these oversold conditions.
Backstage Vibe(TM) Testing Features and Functionality
Marketwire 'Press Releases'
Backstage Vibe™ (PINKSHEETS: LDSI) has created an incredibly creative and groundbreaking web platform for artists, their adoring fans, music promoters and producers. The company is currently testing all of the features and functionality to ensure that customers can't resist coming back after their initial experience.
Backstage Vibe™ promises the ultimate social music experience and has provided screenshots to showcase the streamlined and powerful functionality. The online store enables artists, music labels, and others to present and sell their products and services. The web platform provides artists with an option to create their own personal store open to the community that then feeds into a larger store open to the public.
Another exciting feature is the incorporation of SoundCloud, which will serve as an incredible resource for music integration and critical feedback, facilitate collaboration and provide ease of sales. Backstage Vibe™ will also offer a file sharing feature that will accommodate professional audio software file formats (such as ProTools files) to further optimize artists' and bands' ability to collaborate at a professional level.
These are but a few of the features and functionality already built into the web platform. As you can see from the screenshots, Backstage Vibe™ is providing artists the tools to chart their own course, whether it's promoting their art, collaborating with other artists or selling their music, goods and services.
Artists, producers, promoters, fans, and music aficionados can pre-register for the innovative social music site at www.BackstageVibes.com. Pre-registrants will receive 2 months of the service FREE when the full site goes live.
About
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2070780
CONTACT:Life Design Station International, Inc.
info@backstagevibes.com
Source:
martes, 8 de enero de 2013
sábado, 5 de enero de 2013
Earn Quest for the golden cross
Earn Quest for the golden cross RELATED QUOTES Symbol Price Change MA 348.79 +0.96 XOM 85.83 -0.94 PFE 21.48 -0.15 K 49.73 -0.26 TRI 27.82 -0.10 By Rodrigo Campos NEW YORK (Reuters) - January has turned out strong for equities with just two trading days to go. If you're afraid to miss the ride, there's still time to jump in. You just might want to wear a neck brace. The new year lured buyers into growth-related sectors, the ones that were more beaten down last year. The economy is getting better, but not dramatically. Earnings are beating expectations, but at a lower rate than in recent quarters. Nothing too bad is coming out of Europe's debt crisis - and nothing good, either - at least not yet. 'No one item is a major positive, but collectively, it's been enough to tilt it towards net buying,' said John Schlitz, chief market technician at Instinet in New York. Still, relatively weak volume and a six-month high hit this week make some doubt that the gains are sustainable. But then there's the golden cross. Many market skeptics take notice when this technical indicator, a holy grail of sorts for many technicians, shows up on the horizon. As early as Monday, the rising 50-day moving average of the S&P 500 could tick above its rising 200-day moving average. This occurrence - known as a golden cross - means the medium-term momentum is increasingly bullish. You have a good chance of making money in the next six months if you put it to work in large-cap stocks. In the last 50 years, according to data compiled by Birinyi Associates, a golden cross on the S&P 500 has augured further gains six months ahead in eight out of 10 times. The average gain has been 6.6 percent. That means the benchmark is on solid footing to not only hold onto the 14 percent advance over the last nine weeks, but to flirt with 1,400, a level it hasn't hit since mid-2008. The gains, as expected, would not be in a straight line. But any weakness could be used by long-term investors as buying opportunities. 'The cross is an intermediate bullish event,' Schlitz said. 'You have to interpret it as constructive, but I caution people to take a bullish stance, if they have a short-term horizon .' GREECE, U.S. PAYROLLS AND MOMENTUM Less than halfway into the earnings season and with Greek debt talks over the weekend, payrolls data next week and the S&P 500 near its highest since July, there's plenty of room for something to go wrong. If that happens, the market could easily give back some of its recent advance. But the benchmark's recent rally and momentum shift allow for a pullback before the technical picture deteriorates. 'We bounced off 1,325, which is resistance. We're testing 1,310, which should be support. We are stuck in that range,' said Ken Polcari, managing director at ICAP Equities in New York. 'If over the weekend, Greece comes out with another big nothing, then you will see further weakness next week,' he said. 'A 1 (percent) or 2 percent pullback isn't out of the question or out of line.' On Friday, the S&P 500 (Chicago Options:^INX - News) and the Nasdaq Composite (Nasdaq:^IXIC - News) closed their fourth consecutive week of gains, while the Dow Jones industrial average (DJI:^DJI - News) dipped and capped three weeks of gains. For the day, the Dow dropped 74.17 points, or 0.58 percent, to close at 12,660.46. The S&P 500 fell 2.10 points, or 0.16 percent, to 1,316.33. But the Nasdaq gained 11.27 points, or 0.40 percent, to end at 2,816.55. For the week, the Dow slipped 0.47 percent, while the S&P 500 inched up 0.07 percent and the Nasdaq jumped 1.07 percent. A DATA-PACKED EARNINGS WEEK Next week is filled with heavy-hitting data on the housing, manufacturing and employment sectors. Personal income and consumption on Monday will be followed by the S&P/Case-Shiller home prices index, consumer confidence and the Chicago PMI - all on Tuesday. Wednesday will bring the Institute for Supply Management index on U.S. manufacturing and the first of three key readings on the labor market - namely, the ADP private-sector employment report. Jobless claims on Thursday will give way on Friday to the U.S. government's non-farm payrolls report. The forecast calls for a net gain of 150,000 jobs in January, according to economists polled by Reuters. Another hectic earnings week will kick into gear with almost a fifth of the S&P 500 components posting quarterly results. Exxon Mobil (NYSE:XOM - News), Amazon (NasdaqGS:AMZN - News), UPS (NYSE:UPS - News), Pfizer (NYSE:PFE - News), Kellogg (NYSE:K - News) and MasterCard (NYSE:MA - News) are among the names most likely to grab the headlines. With almost 200 companies' reports in so far, about 59 percent have beaten earnings expectations - down from about 70 percent in recent quarters. (Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Jan Paschal)
jueves, 3 de enero de 2013
Earn Top 5 Global Mutual Funds
Earn Top 5 Global Mutual Funds Companies: Thornburg Global Opportunities A Artio Global Equity A Oppenheimer Global Opportunities A RELATED QUOTES Symbol Price Change THOAX 14.34 0.00 BJGQX 33.60 -0.06 OPGIX 27.86 +0.50 MWOFX 24.77 -0.12 ICDAX 11.66 +0.06 The fortunes of U.S. equity markets continue to be a key determinant of the health of the global economy. However, their dominance has receded significantly over the years and a world of exciting opportunities has emerged in global markets. Moreover, research has shown that a portfolio with a combination of domestic and foreign securities produces greater returns over the long term. Global funds allow investors to hold an optimum combination of international and domestic investments without incurring the costs of holding such securities individually. Below we will share with you 5 top rated global mutual funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all global funds, then click here. Thornburg Global Opportunities A (NASDAQ:THOAX - News) seeks capital growth over the long term. The fund invests in a wide range of equity securities worldwide. This includes common and preferred stocks, real estate investment trusts and other equity trusts. The global mutual fund has a five year annualized return of 2.1%. The global mutual fund has a minimum initial investment of $5,000 and an expense ratio of 1.48% compared to a category average of 1.44%. Artio Global Equity A (NASDAQ:BJGQX - News) invests the majority of its assets in companies worldwide. Under normal circumstances, not less than 40% of its assets are invested in at least three foreign countries. A maximum of 35% of its assets may be utilized to purchase emerging market securities. The global mutual fund has a three year annualized return of 10.04%. Rudolph-Riad Younes is the fund manager and he has managed this global mutual fund since 2004. Oppenheimer Global Opportunities A (NASDAQ:OPGIX - News) seeks capital growth as well as current income. The fund invests in a wide range of equity securities worldwide. The fund focuses on acquiring stocks, but may also purchase debt securities. The global mutual fund has a ten year annualized return of 8.53%. As of November 2011, this global mutual fund held 100 issues, with 5.24% of its total assets invested in Advanced Micro Devices Inc. MFS Global Growth A (NASDAQ:MWOFX - News) invests in both domestic and foreign securities, as well as emerging market securities. The fund may invest a substantial part of its assets in a relatively small number of countries. The global mutual fund returned 2.36% in the last one year period. The global mutual fund has a minimum initial investment of $1,000 and an expense ratio of 1.53% compared to a category average of 1.44%. Ivy Cundill Global Value A (ICDAX) seeks capital growth. The fund purchases both domestic and foreign equity securities. Not more than 20% of its assets are invested in debt securities issued by companies which have filed for bankruptcy or are likely to do so shortly. The global mutual fund has a three year annualized return of 8.15%. The fund manager is James Thompson and he has managed this global mutual fund since 2009. To view the Zacks Rank and past performance of all global mutual funds, then click here. About Zacks Mutual Fund Rank By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Learn more about the Zacks Mutual Fund Rank at http://www.zacks.com/funds.
martes, 1 de enero de 2013
Signals Lloyds chief executive skips annual bonus
Signals LONDON (AP) -- The chief executive of Lloyds Banking Group, which was rescued by British taxpayers during the credit crisis, says he won't take his annual bonus for 2011. Antonio Horta-Osorio said Friday he's doing that because he took a leave of absence, not specifically in response to Prime Minister David Cameron's recent call for restraint on executive pay. Horta-Osorio took two months off last year as he suffered from sleeping problems. He did not disclose the amount in a bonus that he is turning down, but said future payments should take into account Britain's 'tough financial circumstances.' His pay and bonus entitlement will be disclosed next month in the group's annual report. British taxpayers still hold a 40 percent stake in the bank.
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