| From: RealMuLan | 3/25/2005 1:01:22 AM | | | | | | Guo Shuqing takes helm of Construction Bank
www.chinaview.cn 2005-03-25 12:30:45
(YNET.com/file)
BEIJING, March 25 (Xinhuanet) -- The China Construction Bank Corporation (CCB) announced here Friday that Guo Shuqing has been elected chairman of the board of directors of the bank.
The CCB interim share-holders' conference and the meeting of the board of directors that opened here this morning held that Guo Shuqing has leadership experiences in both the former State Planning Commission and the State Commission for Restructuring the Economy, and worked as vice governor of Guizhou Province, vice governor of the People's Bank of China and director of the State Administration of Foreign Exchange. A man of strategic vision, strong sense of reform and innovation, and chairman of the bank, Guo will play an important role in promoting CCB's reform and development and the process of internationalization.
The announcement says the CCB is at a critical time of reform and development, it will resolutely seize the opportunity to promote the bank's share-holding restructure process and other undertakings in an all-round way in line with the state's unified deployment.
Guo Shuqing said he will certainly not let down the expectations of the state, shareholders, clients and staff of the bank. He will work closely with the whole bank and make efforts tocontinuously push forward the bank's reform and development, and build the CCB into a modern commercial bank with international competitive edge. Enditem
news.xinhuanet.com |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (5) |
|
| To: Elroy Jetson who wrote (26289) | 3/25/2005 1:01:57 AM | | From: mishedlo | | | | Layoffs Du Jour
2000....Alcoa
Associated Press
Alcoa to Cut 2,000 Jobs; Sell Elkem Stake
Tuesday March 22, 8:29 am ET
Alcoa to Cut 2,000 Jobs Over the Next 12 Months; Sell Stake in Norway's Elkem ASA
PITTSBURGH (AP) -- Alcoa Inc. will cut 2,000 jobs over the next 12 months as the aluminum company streamlines its operations as part of its new global business structure, the company announced Tuesday.
biz.yahoo.com
200....Kansas City Schools
Posted on Wed, Mar. 23, 2005
School budget cuts proposed
By DEANN SMITH The Kansas City Star
Kansas City school Superintendent Bernard Taylor is proposing eliminating up to a tenth of the district's teacher, librarian and counselor positions and laying off some vice principals and administrators.
kansascity.com
62...Oswego City schools
Wednesday March 23 2005
10:20 am
Meeting held to discuss school budget situation
Updated: 3/23/2005 6:22 AM
By: Nick Cowdrey, News 10 Now Web Staff
28.3 teacher positions, 33.5 staff positions, and the elimination of several student clubs and athletic programs.
news10now.com
2000....Pioneer Corp.
Pioneer to Cut Workforce by 5.1 Percent, Ito Says (Update2)
March 23 (Bloomberg) -- Pioneer Corp., which forecasts its first annual loss in nine years, said it will try to recover profitability by cutting jobs and closing factories.
The company will eliminate 2,000 jobs, reducing its workforce by 5.1 percent to 37,000, Pioneer President Kaneo Ito said at a news conference today in Tokyo. He didn't give a time frame for the job cuts. The company also plans to shut about 10 production facilities, mainly overseas, leaving it with 30 factories worldwide, he said.
bloomberg.com
200....East Side Union High School District
SAN JOSE, Calif. San Jose high school students are letting it be known they don't want to see their teachers lose their jobs to layoffs.
About 900 students at six high schools walked out of class yesterday protesting planned teacher cutbacks in the East Side Union High School District.
The walkouts came after layoff warnings were sent to nearly 800 teachers during the last week. School officials say the warnings are a formality, and less than 200 teachers will be let go.
kesq.com
54....Cerro Metal Products
Manufacturing Plant Makes Another Round Of Layoffs
WJAC 6 Johnstown - Mar 23 3:56 AM
Centre County -- More layoffs are headed to one of Centre County's largest manufacturing plants. Cerro Metal Products handed pink slips to 24 employees in a second wave of layoffs. Thirty workers were laid off from the Bellefonte plant in December.
wjactv.com
24....DuPont
2 dozen layoffs expected at Florence plant
WIS-TV Columbia - 30 minutes ago
(Florence-AP) March 23, 2005 - A Florence company says it is laying off two dozen workers. DuPont says two dozen workers at its Teijin Films plant in Florence will be laid off at the end of the month.
wistv.com
55....Berkeley Premium Nutraceuticals
Berkeley lays off workers
Cincinnati Enquirer - Mar 22 2:41 AM
Berkeley Premium Nutraceuticals, the Forest Park company raided by eight law enforcement agencies last week as part of a yearlong mail fraud investigation, said Monday it has laid off 55 workers.
news.enquirer.com
40...United Elastic
# Stuart Manufacturing Plant Cuts 40 Jobs O
WXII ThePiedmontChannel.com via Yahoo! News - Mar 22 10:37 AM
A textile manufacturing plant in downtown Stuart, Va., has cut a total of 40 jobs in the last week, according to company officials.
news.yahoo.com
125...Omnova Solutions
Omnova Solutions Posts Wider 1Q Loss
Tuesday March 22, 10:43 am ET
Omnova Solutions Posts Wider First-Quarter Loss on Restructuring and Severance Charges
FAIRLAWN, Ohio (AP) -- Omnova Solutions Inc., a maker of chemicals, decorative surfaces and building products, on Tuesday reported a wider first-quarter loss, hurt by restructuring and severance charges after the company decided to exit a wallcovering distribution business, as well as a labor strike.
biz.yahoo.com
36....Lear Corporation
Lear Corporation announces job cuts O
WOOD TV 8 - 1 hour, 2 minutes ago
(Walker, March 24, 2005, 7:38 a.m.) The City of Walker received a warning letter yesterday from the Lear Corporation stating the company's plans to cut 36 jobs from its Alpine Avenue plant on May 6.
woodtv.com
27....Cattaraugus County
Budget cuts of $2 million include elimination of 27 jobs
The Buffalo News - 47 minutes ago
LITTLE VALLEY - The Cattaraugus County Legislature took some painful steps Wednesday to cut about $2 million to balance the lopsided 2005 budget in the first quarter of the year.
buffalonews.com
530...Bosch Corporation
Bosch layoffs begin
Posted: 03/23/2005 03:12 pm
Michigan - The first round in a series of massive job cuts has begun at Bosch Corporation in Lincoln Township, Michigan.
The layoffs will eventually total 530 workers. Forty-two people lost their jobs last week.
wndu.com
100....Georgia-Pacific
Georgia-Pacific offers buyouts to 100 workers
Georgia-Pacific Corp. is offering voluntary severance packages to eliminate up to 100 jobs at its Broadway mill.
The company will accept however many take the buyout package, up to 100, said Mary Jo Malach, company spokeswoman.
greenbaypressgazette.com
undisclosed....Socorro Observatory
Radio telescope near Socorro faces budget problems
Email to a Friend Printer Friendly Version
SOCORRO, N.M. A tight federal budget is forcing the National Radio Astronomy Observatory to trim its staff.
The N-R-A-O runs the Very Large Array radio telescope west of Socorro
N-R-A-O director Fred Lo says the observatory is encouraging early retirements.
kvia.com
Delta CEO: More Cost Cuts Are Needed
AP via Yahoo! News - Mar 23 2:14 PM
Delta Air Lines Inc. will have to cut more costs to deal with increases in fuel prices because raising ticket fares alone will not do the job, the struggling carrier's chief executive said Wednesday.
news.yahoo.com
25....Xcyte Theraphies
Xcyte Cuts Staff By 24%, Focuses Efforts On Leukemia, HIV
IWon - Money - Mar 23 2:49 PM
SEATTLE (Dow Jones)--Xcyte Therapies Inc. (XCYT) cut its work force by 24% to 81 and trimmed its clinical development efforts to focus on two diseases: chronic lymphocytic leukemia and HIV.
money.iwon.com.
35, Alcan Packaging Inc.
Thursday, March 24, 2005
From staff reports
nj.com
Two major companies in the area have plans to lay off about 50 workers.
Alcan Packaging Inc. is laying off at least 35 people at its plant in Lehigh Valley Industrial Park VI in Bethlehem Township, Pa., according to a company filing with the state Department of Labor and Industry. The layoffs are effective March 31.
90, Lexington Home Brands
Thursday, March 24, 2005
Plants to get more layoffs
Company in Lexington to cut 90 furniture jobs
journalnow.com.
By Richard Craver
JOURNAL REPORTER
The erosion of Davidson County's furniture-manufacturing base accelerated yesterday when Lexington Home Brands confirmed that it would eliminate up to 90 jobs at two plants by mid-May |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: mishedlo who wrote (26293) | 3/25/2005 1:45:41 AM | | From: Elroy Jetson | | | | | What happens then? My dream come true - reality will visit America and we get our long postponed correction, only amplified by the delay. |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: RealMuLan who wrote (26290) | 3/25/2005 2:05:34 AM | | From: mishedlo | | | | Key Japan consumer price gauge falls at lowest rate in 5 yrs in FY04
[What a screwy world - they are begging for inflation while everyone else is in fear of it - mish]
Friday, March 25, 2005 6:10:07 AM
afxpress.com
TOKYO (AFX) - The core consumer price index (CPI) for Tokyo, a leading indicator of price trends throughout Japan, fell 0.2 pct in fiscal 2004, the sixth straight year of decline, the government reported, showing the world's second-largest economy remains dogged by deflation. But the rate of decline narrowed for the third straight year, and to the smallest level in five years, showing the deflation at the heart of Japan's economic woes of recent years has become far less troublesome
The rate of decline has slowed steadily from 1.1 pct in fiscal 2001 to 0.9 pct in fiscal 2002 and 0.3 pct in fiscal 2003. Yet despite rising prices for oil and other commodities, and a broad-based recovery which has fueled a big jump in corporate profits, significant improvement in labor market conditions and early signs of a rise in personal incomes, the government and private economists do not expect Japan to emerge from deflation anytime soon. Due in part to deregulation, which is causing prices to fall for items like telephone service and electricity, Japan is expected to continue experiencing modest deflation, meaning the Bank of Japan (BoJ) may maintain its ultra-loose credit policy for months to come -- and possibly into 2006. "The government must keep up efforts with the BoJ to overcome deflation," Kyodo News quoted Finance Minister Sadakazu Tanigaki as telling reporters, vowing to accelerate structural reforms to spur economic growth while asking the central bank to maintain the current policy framework
Private economists were quicker to claim the data showed Japan might be winning its battle with deflation, though few expect victory to be declared anytime soon. "I think the real economy is gradually moving out of deflation, as the longer-term trend of the CPI shows that the pace of price declines is slowing," said Takehide Kiuchi, senior economist at Nomura Research Institute
Both the finance minister and Kiuchi were speaking after the Ministry of Internal Affairs and Communications early today released CPI data for March and fiscal 2004 for Tokyo, and nationwide data for February
The core consumer price index for Tokyo, widely watched because it's available a month earlier than the nationwide data, actually rose 0.4 pct in March from the previous month. Year-on-year, though, it fell 0.5 pct, the 66th straight monthly decline
The core rate excludes volatile fresh food prices, and thus gives a clearer indication of the underlying trend of price changes
Including fresh food prices, consumer prices in Tokyo also rose 0.4 pct month-on-month, but fell 0.3 pct from a year earlier
On a nationwide basis, the core CPI -- the BoJ's primary measure of price trends -- fell 0.4 pct in February from a year earlier. The Bank of Japan has declared that it will maintain its ultra-easy credit stance, under which it seeks to keep short-term interest rates near zero in an effort to stem deflation, until the core CPI remains above zero for a prolonged period, shows no signs of dropping and the economy is steadily growing
The index for overall prices nationally in February fell 0.2 pct month-on-month, and by 0.3 pct from a year earlier
Looking ahead, virtually all economists expect Japan's economic recovery to eventually haul the nation out of deflation, but are widely divided in predicting how soon before that happens. Kiuchi of Nomura Research said the consumer price index may fall at rates of 0.5 to 0.6 pct from year-earlier levels throughout 2005 because of the effects of deregulation, before finally turning positive next year
"The other major factor that could affect the CPI is higher crude oil prices," Kiuchi said. He said it is becoming more difficult for Japanese companies to absorb rising oil prices by keeping down labor costs, as many are now hiring new workers
Tatsushi Shikano, an economist at UFJ Research Institute, cited other reasons for arriving at the same view of deflation
"Although the data confirmed that deflation is easing, it will be difficult for the core CPI to begin rising, especially because macro-economic activity in Japan is deteriorating," Shikano said
Earlier this week the government reported that Japan's merchandise trade surplus fell again in February, raising concern over whether an expected pickup in domestic demand will compensate for a prolonged decline in external demand, long the major driver of economic growth. But other economists are more optimistic about the outlook for the Japanese economy, and thus for an early end to deflation
"We are relatively optimistic about the economy and therefore think that CPI deflation will come to an end toward the end of 2005," Kyodo News quoted John Richards, Japan strategist at Barclays Capital Japan Ltd, as saying
"This is much earlier than the broad market consensus, and implies an earlier end to zero-interest-rate policy," Richards said |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: RealMuLan who wrote (26290) | 3/25/2005 2:06:49 AM | | From: mishedlo | | | | Japan 2004 mobile handset sales down 10.5 pct, third fall in 4 yrs - Gartner
Friday, March 25, 2005 6:17:17 AM
afxpress.com
TOKYO (AFX) - The combined sales of mobile phone handsets in Japan fell 10.5 pct from a year earlier to 43.57 mln units in 2004, the third decline in four years, Gartner Japan said
In 2004, NEC Corp held the largest market share, with 19.1 pct, but down from 23.6 pct in 2003, with Matsushita Electric Industrial Co Ltd second with 15.3 pct share, also down from 16.8 pct in the previous year
Sharp Corp ranked third with 14.8 pct share, up from 11.8 pct in 2003
Sanyo Electric Co Ltd was fourth and saw its market share rise to 10.7 pct from 7.3 pct |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: RealMuLan who wrote (26290) | 3/25/2005 2:19:27 AM | | From: mishedlo | | | | Tokyo core CPI falls 0.2 pct in fiscal year to March -
[The price of Chinese cabbage is up however - Mish]
Friday, March 25, 2005 2:09:55 AM
afxpress.com
(Adds fiscal year figures, details)
TOKYO (AFX) - The metropolitan Tokyo core consumer price index (CPI), a leading indicator of price trends throughout Japan, fell 0.2 pct in the fiscal year to March 2005, the sixth straight year of decline, a provisional report released by the Ministry of Internal Affairs and Communications shows
But the same report said deflationary pressure was easing, as the headline figure was the smallest decline in five fiscal years. And for three straight fiscal years, the size of the fall has been decreasing, the report said
The core rate excludes volatile fresh food prices, and thus gives a clearer indication of the underlying rate of deflation
The Bank of Japan has declared that it will maintain its ultra-easy credit stance, under which it seeks to keep short-term interest rates near zero in an effort to stem deflation, until the core national CPI remains above zero for a prolonged period, shows no signs of dropping and the economy is steadily growing
The metropolitan Tokyo overall CPI fell 0.1 pct in the year to March, the sixth straight year of decline. It was the smallest fall in six years
Despite signs that deflation is easing, an official of the Ministry of Internal Affairs and Communications said it is "premature to conclude that the CPIs will show a year-on-year rise in the new fiscal year." Tatsushi Shikano, an economist at UFJ Research Institute, remarked: "Although the data confirmed that the degree of deflation is easing, it will be difficult for the core CPI to form a solid rising trend, especially because macro-economic activity in Japan is deteriorating." Notebook PCs led the fall in the metropolitan Tokyo overall CPI, with their prices dropping by 29.0 pct, followed by the prices of desktop PCs, down 27.9 pct. Prices of TVs declined by 8.3 pct
Prices of Chinese cabbage jumped 33.3 pct and prices of ordinary cabbage rose 21.7 pct because of the weather last autumn
Reflecting surging crude oil prices, prices of regular gasoline jumped 8.8 pct and prices of premium gasoline increased by 7.9 pct
The metropolitan Tokyo core CPI rose 0.4 pct in March from the previous month, while falling 0.5 pct from a year before, the 66th straight month of decline. The index fell 0.5 pct in both January and February
Including fresh food prices, metropolitan Tokyo consumer prices in March rose 0.4 pct month-on-month, but fell 0.3 pct from the previous year
In March, prices of desktop PCs fell 28.6 pct from a year before and prices of notebook PCs dropped 27.6 pct, while prices of regular gasoline rose 10.7 pct and prices of premium gasoline increased by 9.8 pct
The ministry also released national CPI data for February
The core rate fell 0.1 pct from the previous month. Year-on-year the core rate fell 0.4 pct
The index for overall prices nationally in February fell 0.2 pct month-on-month. Year-on-year it fell 0.3 pct
In February, prices of desktop PCs nationally plunged 30.7 pct from a year before and prices of notebook PCs fell 29.0 pct, while prices of regular gasoline rose 11.6 pct and prices of premium gasoline gained by 10.1 pct |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (2) |
|
| To: RealMuLan who wrote (26290) | 3/25/2005 2:22:17 AM | | From: mishedlo | | | | Japan Feb home appliance sales fall 4.86 pct yr-on-yr - association
Friday, March 25, 2005 4:27:55 AM
afxpress.com
TOKYO (AFX) - Sales of home appliances dropped 4.86 pct in February from a year earlier to 136.6 bln yen, the first decline in two months, due to fewer holidays, the Nippon Electric Big-store Association (NEBA) said. Among notable decliners were sales of cameras equipped with video recorders which fell 20.72 pct from the previous year. Sales of personal computers also dropped 20.07 pct while digital cameras slid 16.05 pct, the association said. NEBA consists of 30 large retailers of home appliances. |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (2) |
|
| To: mishedlo who wrote (26298) | 3/25/2005 4:54:42 AM | | From: Haim R. Branisteanu | | | | Euro could collapse in reforms, warns King
By Malcolm Moore, Economics Correspondent (Filed: 25/03/2005)
The Governor of the Bank of England yesterday warned that the euro could collapse in the wake of reforms to the European stability and growth pact.
"In the long run, it is difficult to imagine monetary union being successful without genuine cohesive fiscal discipline," said Mervyn King to a select committee of MPs.
"It is clear that my Central Banking colleagues are seriously concerned, indeed dismayed would be a better word, at this turn of events. The [European] Finance Ministers have driven a coach and horses through the stability and growth pact," he said, stressing that fiscal discipline was crucial to the single currency. "Whatever words you might use to describe those changes to the pact, it is not discipline," he added.
The pact states that members of the European Union cannot have a budget deficit of more than 3pc of GDP. However, since more than half the members of the eurozone have breached the rules since the euro was launched, the pact was redesigned this week with several loopholes.
The watered-down rules will exclude the costs of German reunification, French rearmament, Polish peacekeeping and an array of public investment. The move was immediately attacked by the Bundesbank, which said the exemptions would "crucially weaken the pact".
The Bundesbank also emphasised the risk to the euro, saying: "The possibility of a deterioration in the underlying conditions for the single European monetary policy is a matter of serious concern."
The collective budget deficit across the European Union is currently 2.9pc, and one analyst said that since European interest rates are set collectively, fiscal rules should also be set collectively. "I would only be concerned if the budget deficit was 5pc to 6pc of European GDP," he said.
Simon Hayley, at Capital Economics, said: "The death of the pact will not lead to fiscal anarchy. The pact had already lost all credibility. Replacing it with a watered-down version merely recognises this fact."
The Governor did give his approval to the UK Budget, delivered by the Chancellor last week. He told the MPs, who were questioning members of the Monetary Policy Committee on the February Inflation Report, that the Chancellor would meet his fiscal rules.
He said: "It looks very much as if in a year's time that the Golden Rule will be met." He also said that he did not doubt that the Golden Rule would be met over the course of the next economic cycle, based on the Treasury's projections. "I have no reason to doubt those numbers," he said.
The Treasury is forecasting that the economy will grow at 3pc-3½pc this year, and 2½-3pc next year. By contrast, the Bank of England expects that growth will be lower than 3pc until 2006, under its central projection.
telegraph.co.uk |
| | Mish's Global Economic Trend Analysis | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| |
