Latest Posts By pharoah88
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| 12-Aug-2010 13:48 |
YZJ Shipbldg SGD
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Cruising with the ship ..Yangzijiang
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Crude oil: ¨ IEA raises 2010 crude oil demand forecast after reducing its forecast in Jul. ¨ Maintain our assumption that crude oil price for 2010 will hover at around US$75/barrel. ¨ We remain more positive about 2011 offshore E&P activity on longer-term positive outlook for global consumption. |
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| 12-Aug-2010 13:46 |
COSCO SHP SG
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CoscoCorp
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S$1.50 ? S$1.44 ? ?
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| 12-Aug-2010 13:42 |
Chemoil Ene USD
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CHEMOIL
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Chemoil Energy reported 2Q10 net profit of US$3.2m, compared to US$12.2m in 2Q09. |
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| 12-Aug-2010 13:38 |
YZJ Shipbldg SGD
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Cruising with the ship ..Yangzijiang
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Yangzijiang Shipbuilding: Raising gross margin assumptions Summary: Yangzijiang Shipbuilding (YZJ) reported a 23% YoY rise in revenue to RMB3.1b and a 32% increase in net profit to RMB800.5m in 2Q10. Given this, 1H10 net profit formed 58% of our full year estimate and 61% of the street’s estimate. Gross profit margin amounted to 25% in 2Q10 and was higher than 24% in 2Q09 and 23% in 1Q10. This was mainly due to profit recognition of contracts secured prior to the financial crisis, which were generally of higher margins. YZJ’s effective tax rate in 2Q10 was also lower at 12.5%, mainly due to a refund to the old yard which is now enjoying a preferential enterprise income tax rate. The group is working closely with interested customers who intend to build container vessels in the near future. We understand that 96 vessels of its order book are contracts that were secured in the past when margins were still relatively higher. As such, we raise our full year gross margin assumption and our fair value estimate rises to S$1.66 (prev. S$1.60). Maintain BUY. (Low Pei Han) |
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| 12-Aug-2010 12:58 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 12:55 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 12:51 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 12:47 |
Genting Sing
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GenSp starts to move up again
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There is a HiDDEN MESSAGE ALL SHORTINGS are WELCOME |
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| 12-Aug-2010 12:44 |
Genting Sing
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GenSp starts to move up again
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bUyer in the S$1.28 and below BUY QUEUES has been TRYiNG VERY HARD WHOLE MORNiNG TEMPTiNG ALL the SELL QUEUES to DUMP their hOldIngs . . . . bUt ALL SELLER QUEUES are nOt TEMPTED . . . . |
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| 12-Aug-2010 11:35 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 11:29 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 11:24 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 11:22 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 11:18 |
Genting Sing
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GenSp starts to move up again
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| 12-Aug-2010 11:05 |
User Research/Opinions
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%%%% WORLD ECONOMIC SUMMIT %%%%
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Ginseng, now a cure for CASH debt? PRAGUE However, Prague has turned down the deal, instead suggesting that Pyongyang pays in the valuable mineral zinc, which can be resold on international markets. Consumption of ginseng in the European country is low, with only 1.4 tonnes used each year. North Korea owes the Czech Republic US$10 million from the days when the Czech Republic was under communist rule and the two countries traded with each other regularly. Communist Czechoslovakia was a leading supplier of trucks, trams and machinery to North Korea, creating a large debt. North Korea’s economy is struggling as sanctions tighten and it hopes to barter its way out of handing over valuable cash. Non-cash transactions between socialist countries are common, with Cuba sending Venezuela doctors in exchange for discounted oil.
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| 12-Aug-2010 10:44 |
Healthway Med
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healthway, healthy?
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Superbugs in UK New bacteria from South Asia could spread worldwide, study warns LONDON Many hospital infections that were already difficult to treat have become even more impervious to drugs due to a recently-discovered gene that can jump across different species of bacteria. Worryingly, the New Delhi metallo-beta-lactamase- 1 bacteria (NDM-1) are resistant even to carbapenems, a group of antibiotics often reserved as a last resort for treatment for multi-drug resistant bugs. Researchers said the bugs had been brought into Britain by patients who travelled to India or Pakistan for cosmetic surgery. In the new study, led by Cardiff University’s Timothy Walsh and Madras University’s Karthikeyan Kumarasamy, researchers set out to determine how common NDM-1 was in South Asia and Britain, where several cases had turned up. They found 44 cases — 1.5 per cent of those screened — in Chennai, and 26 in Haryana, both in India. They also found the superbug in Bangladesh and Pakistan, as well as 37 cases in Britain. NDM-1 was mostly found in E coli and K pneumoniae. It was impervious to all antibiotics except two — tigecycline and colistin. Crucially, the NDM-1 gene was found on DNA structures, called plasmids, that can be easily copied and transferred between bacteria, giving the bug “an alarming potential to spread and diversify”. “Unprecedented air travel and migration allow bacterial plasmids and clones to be transported rapidly between countries and continents,” the authors said. The emergence of these new strains could become a serious global health problem as the major threat shifts towards a broad class of bacteria, they warned. Professor Walsh said “there are no new antibiotics that are going to be available in 10 years’ time”. — “Health tourists” flocking to South Asia have carried a new class of antibiotic-resistant superbugs to Britain, researchers reported yesterday, warning that the bacteria could spread worldwide.AGENCIES |
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| 12-Aug-2010 10:33 |
User Research/Opinions
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$5.4-TRI LLION IN ENTITLEMENTS How can the fiscal gap be so enormous? Simple. We have 78 million baby boomers who, when fully retired, will collect benefits from Social Security, Medicare and Medicaid that, on average, exceed per capita GDP. The annual costs of these entitlements will total about US$4 trillion ($5.4 trillion) in today’s money. Yes, our economy will be bigger in 20 years, but not big enough to handle this size load year after year. This is what happens when you run a massive Ponzi scheme for six decades straight, taking ever larger resources from the young and giving them to the old while promising the young their eventual turn at passing the generational buck. Mr Herb Stein, chairman of the Council of Economic Advisers under US President Richard Nixon, coined an oft-repeated phrase: “Something that can’t go on, will stop.” True enough. Uncle Sam’s Ponzi scheme will stop. But it will stop too late. And it will stop in a very nasty manner. The first possibility is massive benefit cuts visited on the baby boomers in retirement. The second is astronomical tax increases that leave the young with little incentive to work and save. And the third is the government simply printing vast quantities of money to cover its bills. Most likely, we will see a combination of all three responses with dramatic increases in poverty, tax, interest rates and consumer prices. This is an awful, downhill road to follow, but it’s the one we are on. And bond traders will kick us miles down our road once they wake up and realise the US is in worse fiscal shape than Greece. Some doctrinaire Keynesian economists would say any stimulus over the next few years won’t affect our ability to deal with deficits in the long run. This is wrong as a simple matter of arithmetic. The fiscal gap is the government’s credit-card bill and each year’s 14 per cent of GDP is the interest on that bill. If it doesn’t pay this year’s interest, it will be added to the balance. Demand-siders say forgoing this year’s 14-per-cent fiscal tightening, and spending even more, will pay for itself, in present value, by expanding the economy and tax revenue. My reaction? Get real, or go hang out with equally deluded supply-siders. Our country is broke and can no longer afford no-pain, all-gain “solutions”. BLOOMBERGThe writer is a professor of economics at Boston University and author of Jimmy Stewart Is Dead: Ending The World’s Ongoing Financial Plague With Limited Purpose Banking. The opinions expressed are his own. |
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| 12-Aug-2010 10:25 |
User Research/Opinions
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WE’D HAVE TO DOUBLE TAXES To put 14 per cent of GDP in perspective, current federal revenue totals 14.9 per cent of GDP. So the IMF is saying that closing the US fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act (FiCA). Such a tax hike would leave the US running a surplus equal to 5 per cent of GDP this year, rather than a 9 per cent deficit. So, the IMF is really saying the US needs to run a huge surplus now and for many years to come to pay for the spending that is scheduled. It’s also saying the longer the country waits to make tough fiscal adjustments, the more painful they will be. Is the IMF bonkers? No. It has done its homework. So has the Congressional Budget Office (CBO), whose Based on the CBO’s data, I calculate a fiscal gap of US$202 trillion ($273 trillion), which is more than 15 times the official debt. This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labelling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future. For example, our Social Security FICA contributions are called taxes and our future Social Security benefits are called transfer payments. The government could equally well have labelled our contributions “loans” and called our future benefits “repayment of these loans less an old-age tax”, with the old-age tax making up for any difference between the benefits promised and principal plus interest on the contributions. The fiscal gap isn’t affected by fiscal labelling. It’s the only theoretically correct measure of our long-run fiscal condition because it considers all spending, no matter how labelled, and incorporates long-term and short-term policy. Long-Term Budget Outlook, released in June, shows an even larger problem. |
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| 12-Aug-2010 10:17 |
User Research/Opinions
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The US is bankrupt and it doesn’t even know it Economy won’t be big enough to handle $5.4 trillion in entitlements owed to 78 million baby boomers Laurence Kotlikoff
The United States is bankrupt.July 2010 Selected Issues Paper says: “The US fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” Neither spending more nor taxing less will help the country pay its bills. What it can and must do is radically simplify its tax, health care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalise the economy. Last month, the International Monetary Fund (IMF) released its annual review of US economic policy. Its summary contained these bland words about US fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilisation, but noted that a larger-than-budgeted adjustment would be required to stabilise debt-to-GDP.” But delve deeper, and you will find that the IMF has effectively pronounced the US bankrupt. Section 6 of the It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of US GDP”. The fiscal gap is the value today (the present value) of the difference between projected spending (including servicing official debt) and projected revenue in all future years. Let’s get real. |
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| 12-Aug-2010 10:00 |
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Earlier this year, the exit strategy was all the rage. Policy makers were focused on how to unwind the Fed’s bloated balance sheet without causing dislocations in the housing market and the economy at large. That noise you hear is the sound of the exit door being slammed SHUT. |
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