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2007-01-08 22:56:00 UTC | Xerox options trade surges on takeover speculation | http://www.reuters.com/article/ousiv/idUSN0841940020070108 | |||||||||
2007-01-08 22:56:00 UTC | U.S., Japan to simplify patent process, fight piracy | http://www.reuters.com/article/ousiv/idUSN0839376820070108 | |||||||||
2007-01-08 22:58:00 UTC | NYSE requests SEC postpone NMS compliance to March | http://www.reuters.com/article/companyNewsAndPR/idUSN0841231320070108 | |||||||||
2007-01-08 22:58:00 UTC | UPDATE 1-Home Depot changes bylaws on CEO pay | http://www.reuters.com/article/companyNewsAndPR/idUSN0841184520070108 | |||||||||
2007-01-08 23:00:00 UTC | TABLE-Team Inc | http://www.reuters.com/article/companyNewsAndPR/idUSWNAS691120070108 | |||||||||
2007-01-08 23:01:00 UTC | Congress takes another stab at stem cell bill | http://www.reuters.com/article/newsOne/idUSN0840749720070108 | |||||||||
2007-01-08 23:05:00 UTC | UPDATE 1-Alliance One says contingency reserve to hit net | http://www.reuters.com/article/companyNewsAndPR/idUSN0841241720070108 | |||||||||
2007-01-08 23:05:00 UTC | FDA expedites Osiris Therapeutics' Crohn's disease treatment | http://www.reuters.com/article/healthNews/idUSWNAS690020070108 | |||||||||
2007-01-08 23:08:00 UTC | Van Halen, R.E.M. among Rock hall of fame entrants | http://www.reuters.com/article/entertainmentNews/idUSN0836312520070108 | |||||||||
2007-01-08 23:09:00 UTC | Oregon utility pushes U.S. emissions plan | http://www.reuters.com/article/reutersEdge/idUSN0838656420070108 | |||||||||
2007-01-08 23:09:00 UTC | Indie band has Hands-on expertise in music biz | http://www.reuters.com/article/musicNews/idUSN0729375120070108 | |||||||||
2007-01-08 23:09:00 UTC | McGraw duets with Hill on his new album | http://www.reuters.com/article/musicNews/idUSN0728530420070108 | |||||||||
2007-01-08 23:09:00 UTC | UK rockers Bloc Party seeking U.S. breakthrough | http://www.reuters.com/article/musicNews/idUSN0629397220070108 | |||||||||
2007-01-08 23:09:00 UTC | "Idol" champ Clarkson plays with punk veteran | http://www.reuters.com/article/musicNews/idUSN0629387220070108 | |||||||||
2007-01-08 23:09:00 UTC | Fite the power -- satirist gives away new album | http://www.reuters.com/article/musicNews/idUSN0629383520070108 | |||||||||
2007-01-08 23:09:00 UTC | Mexican alt-rock acts eye U.S. success | http://www.reuters.com/article/musicNews/idUSN0629382220070108 | |||||||||
2007-01-08 23:09:00 UTC | Beyonce set to reissue album with Spanish tracks | http://www.reuters.com/article/musicNews/idUSN0629380120070108 | |||||||||
2007-01-08 23:09:00 UTC | R&B; sales slide alarms music biz | http://www.reuters.com/article/musicNews/idUSN0629378420070108 | |||||||||
2007-01-08 23:09:00 UTC | Digital retail enjoys record week | http://www.reuters.com/article/musicNews/idUSN0629378320070108 | |||||||||
2007-01-08 23:10:00 UTC | U.S. proposes upgrades to vehicle crash test program | http://www.reuters.com/article/domesticNews/idUSN0840069120070108 | |||||||||
2007-01-08 23:10:00 UTC | UPDATE 1-Boston Scientific says CRM business rebounding | http://www.reuters.com/article/companyNewsAndPR/idUSN0840720720070108 | |||||||||
2007-01-08 23:10:00 UTC | UPDATE 1-Fidelity's Jonas to retire at end of January | http://www.reuters.com/article/companyNewsAndPR/idUSN0820276320070108 | |||||||||
2007-01-08 23:11:00 UTC | UPDATE 3-AEP Ohio plant blast kills one, shuts unit | http://www.reuters.com/article/companyNewsAndPR/idUSN0837437720070108 | |||||||||
2007-01-08 23:11:00 UTC | AEP Ohio plant blast kills one, shuts unit | http://www.reuters.com/article/latestCrisis/idUSN08374377 | |||||||||
2007-01-08 23:13:00 UTC | SEC's Cox: no options hiding in exec pay rule | http://www.reuters.com/article/RegulationSummit07/idUSN0839049120070108 | |||||||||
2007-01-08 23:13:00 UTC | SEC's Cox says backdating cases progressing | http://www.reuters.com/article/RegulationSummit07/idUSN0840008520070108 | |||||||||
2007-01-08 23:15:00 UTC | Jolie enters debate on Madonna's adoption | http://www.reuters.com/article/entertainmentNews/idUSL0839589820070108 | |||||||||
2007-01-08 23:15:00 UTC | Bush to send some 20,000 more troops to Iraq:senator | http://www.reuters.com/article/latestCrisis/idUSWBT006382 | |||||||||
2007-01-08 23:16:00 UTC | Malawi pleased with "loving mother" Madonna | http://www.reuters.com/article/peopleNews/idUSL0565079820070108 | |||||||||
2007-01-08 23:16:00 UTC | Britney Spears says coming back "better than ever" | http://www.reuters.com/article/peopleNews/idUSN0528138920070108 | |||||||||
2007-01-08 23:16:00 UTC | Oprah takes AIDS test at new South Africa school | http://www.reuters.com/article/peopleNews/idUSL0674603820070108 | |||||||||
2007-01-08 23:16:00 UTC | Oprah Winfrey targeted in extortion scheme: report | http://www.reuters.com/article/peopleNews/idUSN0627080920070108 | |||||||||
2007-01-08 23:16:00 UTC | Burt Bacharach's daughter commits suicide | http://www.reuters.com/article/peopleNews/idUSN0530594420070108 | |||||||||
2007-01-08 23:16:00 UTC | Celebrity sleuth will be own lawyer at U.S. trial | http://www.reuters.com/article/peopleNews/idUSN0529397620070108 | |||||||||
2007-01-08 23:17:00 UTC | NY subway bomb plotter gets 30 years in prison | http://www.reuters.com/article/latestCrisis/idUSN08408578 | |||||||||
2007-01-08 23:18:00 UTC | Canada mother gives birth to sextuplets: reports | http://www.reuters.com/article/worldNews/idUSN0835588320070108 | |||||||||
2007-01-08 23:20:00 UTC | Toyota eyes heavier pickup to complete line-up | http://www.reuters.com/article/ousiv/idUSN0840296820070108 | |||||||||
2007-01-08 23:21:00 UTC | Team says internal probe finds false sales entries | http://www.reuters.com/article/companyNewsAndPR/idUSBNG16700420070108 | |||||||||
2007-01-08 23:21:00 UTC | Fish follow their noses back to tropical reefs | http://www.reuters.com/article/scienceNews/idUSN0817467920070108 | |||||||||
2007-01-08 23:22:00 UTC | U.S. citizens will need Bolivian visa from March | http://www.reuters.com/article/newsOne/idUSN0824929720070108 | |||||||||
2007-01-08 23:24:00 UTC | Treasury terror official plans Iran announcement | http://www.reuters.com/article/politicsNews/idUSN0840708220070108 | |||||||||
2007-01-08 23:26:00 UTC | Novelists not always welcome in Hollywood | http://www.reuters.com/article/filmNews/idUSN0523221120070108 | |||||||||
2007-01-08 23:27:00 UTC | NFC playoff pushes Fox to Sunday win | http://www.reuters.com/article/televisionNews/idUSN0529549320070108 | |||||||||
2007-01-08 23:27:00 UTC | UPDATE 1-TABLE-Team Inc Q2 earnings rise, raises 2007 shr view | http://www.reuters.com/article/companyNewsAndPR/idUSBNG17964620070108 | |||||||||
2007-01-08 23:27:00 UTC | "Grease" another tired talent show | http://www.reuters.com/article/reviewsNews/idUSN0727013520070108 | |||||||||
2007-01-08 23:27:00 UTC | "Fat Like Me" offers food for thought | http://www.reuters.com/article/reviewsNews/idUSN0726980220070108 | |||||||||
2007-01-08 23:27:00 UTC | Billboard album reviews: Mos Def, Sloan | http://www.reuters.com/article/reviewsNews/idUSN0530502520070108 | |||||||||
2007-01-08 23:27:00 UTC | Billboard single reviews: Norah Jones, JC Chasez | http://www.reuters.com/article/reviewsNews/idUSN0529742920070108 | |||||||||
2007-01-08 23:29:00 UTC | Verdict is in: Rickman to judge "Todd" | http://www.reuters.com/article/filmNews/idUSN0726851920070108 | |||||||||
2007-01-08 23:29:00 UTC | Worthy "Stomp" aimed at narrow demo | http://www.reuters.com/article/filmNews/idUSN0631076720070108 | |||||||||
2007-01-08 23:29:00 UTC | German Hitler comedy not very funny | http://www.reuters.com/article/filmNews/idUSN0841247020070108 | |||||||||
2007-01-08 23:29:00 UTC | "American Life" on the air at DreamWorks | http://www.reuters.com/article/filmNews/idUSN0730453420070108 | |||||||||
2007-01-08 23:29:00 UTC | Novelists, scribes compete for writing prize | http://www.reuters.com/article/filmNews/idUSN0727054920070108 | |||||||||
2007-01-08 23:29:00 UTC | Chavez ups leftist drive with private sector attack | http://www.reuters.com/article/worldNews/idUSN0839717420070108 | |||||||||
2007-01-08 23:29:00 UTC | "Titanic" director set to begin work on new film | http://www.reuters.com/article/entertainmentNews/idUSN0840149120070108 | |||||||||
2007-01-08 23:31:00 UTC | Bush to send some 20,000 more troops to Iraq: senator | http://www.reuters.com/article/politicsNews/idUSWBT00638220070108 | |||||||||
2007-01-08 23:31:00 UTC | SEC chairman touts disclosures in CEO pay debate | http://www.reuters.com/article/RegulationSummit07/idUSN0840737420070108 | |||||||||
2007-01-08 23:32:00 UTC | NY subway bomb plotter gets 30 years in prison | http://www.reuters.com/article/domesticNews/idUSN0840269120070108 | |||||||||
2007-01-08 23:33:00 UTC | Citigroup sees $370 mln loss in Japan finance unit | http://www.reuters.com/article/businessNews/idUSN0839521020070108 | |||||||||
2007-01-08 23:34:00 UTC | Blood pressure drugs useful for breathing problem | http://www.reuters.com/article/healthNews/idUSHO88475120070108 | |||||||||
2007-01-08 23:35:00 UTC | Tokyo stocks seen moving little, techs may gain | http://www.reuters.com/article/companyNewsAndPR/idUST20165520070108 | |||||||||
2007-01-08 23:36:00 UTC | Womb transplants may one day be a reality | http://www.reuters.com/article/healthNews/idUSHO88493920070108 | |||||||||
2007-01-08 23:37:00 UTC | Who paid for that study? Source affects outcome | http://www.reuters.com/article/healthNews/idUSN0830401320070108 | |||||||||
2007-01-08 23:37:00 UTC | Probiotic may help with colic in babies | http://www.reuters.com/article/healthNews/idUSHO88500220070108 | |||||||||
2007-01-08 23:38:00 UTC | NYSE requests SEC postpone NMS compliance to March | http://www.reuters.com/article/businessNews/idUSN0841258620070108 | |||||||||
2007-01-08 23:38:00 UTC | Genes, lifestyle raise macular degeneration risk | http://www.reuters.com/article/healthNews/idUSHO88506420070108 | |||||||||
2007-01-08 23:39:00 UTC | Too much oxygen may be bad for babies | http://www.reuters.com/article/healthNews/idUSHO88513720070108 | |||||||||
2007-01-08 23:45:00 UTC | Caremark favors CVS pact, rebuffs Express Scripts | http://www.reuters.com/article/businessNews/idUSN0829086220070108 | |||||||||
2007-01-08 23:48:00 UTC | U.S., EU scramble to revive Doha Round trade deal | http://www.reuters.com/article/politicsNews/idUSN0830149820070108 | |||||||||
2007-01-08 23:50:00 UTC | Schwarzenegger seeks health care for all in Calif. | http://www.reuters.com/article/companyNewsAndPR/idUSN0840662820070108 | |||||||||
2007-01-08 23:50:00 UTC | Foreign brokers place net Japan stock buy orders | http://www.reuters.com/article/companyNewsAndPR/idUST20350120070108 | |||||||||
2007-01-08 23:51:00 UTC | Sprint profit under pressure, will cut 5,000 jobs | http://www.reuters.com/article/ousiv/idUSN0841499120070108 | |||||||||
2007-01-08 23:52:00 UTC | Republican senator wants Fannie lobbying report | http://www.reuters.com/article/companyNewsAndPR/idUSN0439407020070108 | |||||||||
2007-01-08 23:52:00 UTC | Bush's Iraq plan to include more troops:senator | http://www.reuters.com/article/latestCrisis/idUSPAR829103 | |||||||||
2007-01-08 23:53:00 UTC | ElkCorp urges rejection of BMCA bid; keeps talking | http://www.reuters.com/article/companyNewsAndPR/idUSWEN195720070108 | |||||||||
2007-01-08 23:55:00 UTC | Sprint profit under pressure, will cut 5,000 jobs | http://www.reuters.com/article/businessNews/idUSWNAS689620070108 | |||||||||
2007-01-08 23:56:00 UTC | Boston Scientific says CRM business rebounding | http://www.reuters.com/article/ousiv/idUSWEN195320070108 | |||||||||
2007-01-08 23:56:00 UTC | Mercedes expects solid U.S. sales in 2007 | http://www.reuters.com/article/ousiv/idUSN0841551120070108 | |||||||||
2007-01-08 23:56:00 UTC | Samsung 2006 N.American sales up 15 pct to $19 bln | http://www.reuters.com/article/ousiv/idUSN0841417620070108 | |||||||||
2007-01-08 23:56:00 UTC | Home Depot changes bylaws on CEO pay | http://www.reuters.com/article/ousiv/idUSN0840618620070108 | |||||||||
2007-01-08 23:56:00 UTC | Sony says 2008 margin goal in reach despite PS3 | http://www.reuters.com/article/ousiv/idUSN0840607720070108 | |||||||||
2007-01-08 23:56:00 UTC | Intel debuts four-brain chip,AMD eyes home theater | http://www.reuters.com/article/ousiv/idUSN0837854120070108 | |||||||||
2007-01-08 23:58:00 UTC | Bush's Iraq plan to include more troops: senator | http://www.reuters.com/article/newsOne/idUSMAC63887820070108 | |||||||||
2007-01-09 00:00:00 UTC | Fremont Toughens Sub-Prime Mortgage Loan Guidelines | http://www.bloomberg.com/news/2007-01-09/fremont-toughens-sub-prime-mortgage-loan-guidelines-update1-.html
| Jody Shenn | Fremont Investment & Loan, the third-largest provider of sub-prime U.S. mortgages through brokers, is
making broad changes to its lending guidelines for at least the
second time within a year to reflect concerns about rising late
payments by the riskiest borrowers.
The lender will stop giving mortgages to individuals who
can't prove their income when buying a home with no money down,
or to those that make down payments of less than 10 percent for
properties sold without real estate agents, according to an
internal memo. Fremont Investment, the main operating unit of
Santa Monica , California-based Fremont General Corp., will also
refuse to refinance loans that are more than 90 days late.
``Change can be difficult for everyone, but in the current
market, change is necessary,'' Robert Clafford, a senior vice
president at Fremont, wrote in the memo, which outlined 11 areas
where the company would tighten standards. Clafford declined to
comment about the memo when reached by telephone yesterday.
A slowing housing market and looser underwriting has pushed
delinquencies on sub-prime mortgages made in 2005 and 2006 to
the worst levels for their ages since loans originated in 2001,
according UBS AG and Friedman Billings Ramsey Group Inc. Sub-prime mortgages are considered the riskiest types because they
are made to people with poor or limited credit histories.
Other lenders have also clamped down on lending practices
within the past month, including New Century Financial Corp.,
General Electric Co.'s WMC Mortgage, and First Franklin
Financial, which Merrill Lynch & Co. bought this month.
Case for Quality
Fremont has been seeking out chances to talk with bond
investors to encourage them to buy new securities backed by its
loans, according to Jeremy A. Shor, a portfolio manager at Brown
Brothers Harriman & Co. in New York .
``They are really trying to step up and make the case that
they have quality underwriting standards,'' said Shor, whose
firm manages about $3 billion in asset-backed securities.
Questions about Fremont's relative loan quality have been
raised by Moody's Investors Service and Standard & Poor's. Since
October, the rating firms have said they may downgrade low-rated
bonds created last year in securitizations of mortgages made in
late 2005 and early 2006. Rating companies typically don't
reassess such bonds' creditworthiness within their first year.
Shares in Fremont plunged 30 percent last year, compared to
a 14 percent gain for the Standard & Poor's 500 index. They've
fallen almost 9 percent this year, trading down 33 cents to
$14.78 as of 1:45 p.m. today on the New York Stock Exchange.
Rethinking Policies
Lenders have started rethinking their policies as prices
fall for the riskiest sub-prime mortgages and for some
securitizations, and because of demands by investors for the
companies to repurchase loans with early repayment problems.
Fremont bought back $345.7 million of loans in the third
quarter, according to a Nov. 9 company earnings statement.
``We periodically do changes to our underwriting
guidelines,'' said Trude Tsujimoto, general counsel for Fremont
Investment. ``That's part of our normal processes.'' She refused
to discuss the memo's details.
In his memo, Fremont's Clafford referenced the closure of
Agoura Hills, California-based Ownit Mortgage Solutions Inc.
last month and last week's decision by Middletown, Connecticut-based Mortgage Lenders Network USA Inc. to halt its broker
business amid lower sales and higher defaults.
Fremont Performance
After adjusting for traits such as credit scores, loan-to-value ratios and the mortgages' ages, as well as estimates of
appreciation, securitized sub-prime mortgages made last year by
Fremont had the fourth-worst performance among those of the 20
bond issuers studied by analysts at UBS for a Dec. 19 report.
About 19 percent of loans made by Fremont between July 2005
and December 2005 and backing a bond sold in February 30 days
late or worse, according to a Dec. 12 regulatory filing. About
5.9 percent were being foreclosed and 2.4 percent had become
seized properties, according to the filing. Standard & Poor's
said last week that it may downgrade that bond.
Fremont had $12.6 billion in assets and was collecting
payments on $24 billion of residential real estate loans as of
Sept. 30, according to the company's recent earnings statement.
`80-20' Program
In mid-2006, Fremont tightened loan standards by ending
``80-20'' programs for consumers with credit scores below 600
ready to document their income or those with scores below 640
and looking to ``state'' it, according to slides on its Web site
from a December presentation to bond investors.
The 80-20 programs allow borrowers to use home-equity loans
in lieu of down payments. Fremont also introduced new fraud
training and appraisal procedures, according to the slides.
Tighter standards could depress sub-prime industry volumes
by more than 15 percent this year, Bose George, an analyst at
Keefe, Bruyette & Woods Inc., wrote in a report last month.
After the earlier round of adjustments by Fremont, the
company's new residential lending, fell 23 percent between the
second and third quarters to $9.5 billion.
Fremont did make some changes this week that favor
borrowers, including lowering the number of existing credit
accounts that first-time home buyers must have.
Last month, the company told bond buyers that past changes
cut the amount of first-time buyers in its new loan mix from
24 percent in June, to 5.6 percent in September.
``We are also working to provide you with competitive
advantages,'' Clafford told employees in the memo.
To contact the reporter on this story:
Jody Shenn in New York at
[email protected]
To contact the editor responsible for this story:
Robert Burgess at [email protected] | |||||||
2007-01-09 00:00:00 UTC | Australian Dollar Rises as Retail Sales Gain for a Sixth Month | http://www.bloomberg.com/news/2007-01-09/australian-dollar-rises-as-retail-sales-gain-for-a-sixth-month.html
| Chris Young | The Australian dollar strengthened as
a government report showed retail sales rose in November,
supporting speculation the Reserve Bank of Australia may raise
interest rates to control inflationary pressures.
The Australian dollar climbed against all 16 of the most
active currencies tracked by Bloomberg today as a gain in retail
sales signals the central bank's third rate increase in a year on
Nov. 8 didn't deter consumers from spending.
``The number is painting a pretty solid picture of consumer
spending,'' said Warren Hogan, head of research at Australia &
New Zealand Banking Group Ltd. in Sydney. ``People will put
interest-rate bets back on the table, which will support the
Australian dollar.''
Australia's currency bought 78.33 U.S. cents as of 5:20 p.m.
in Sydney compared with 77.97 cents late in Asia yesterday. It
will gain to 80.20 cents in coming weeks, Hogan said. It reached
a 22-month high of 79.80 cents on Jan. 3.
Retail sales rose 0.2 percent from October, when they gained
a revised 0.9 percent, the Bureau of Statistics said in Sydney
today. The median estimate of 19 economists surveyed by Bloomberg
News was for a 0.3 percent gain. The figures have risen every
month since May, when they were flat.
``The consumer is in good shape,'' said Annette Beacher ,
economist at Citigroup Australia in Sydney. ``This will allow the
RBA to reiterate its tightening bias, which is good for the
Australian dollar.''
The bureau yesterday said the number of approvals to build
or renovate houses and apartments rose 4.1 percent from October
to 12,739. The median estimate of 19 economists surveyed by
Bloomberg News was for a 2 percent gain.
Yield-Related Support
Australian government bonds fell for a second day, pushing
yields higher and widening their margin over U.S. Treasuries.
This makes the currency more attractive to overseas investors.
The yield on the 10-year bond rose 1 basis point, or 0.01
percentage point, to 5.86 percent, 1.2 percentage points more
than like-dated U.S. Treasuries. That gap has averaged 82 basis
points in the past year.
The price of the 6 percent bond maturing in February 2017
fell 0.47, or 47 cents per A$1,000 face amount, to 101.071.
Commodity Slide
Gains in the Australian dollar may be limited by a slide in
the price of some of the metals the nation exports, said Joanne Masters, a currency strategist at Macquarie Bank Ltd. in Sydney.
A gauge of six metals traded on the London Metals Exchange,
including Australian exports nickel and zinc, yesterday dropped
1.6 percent, a seventh daily decline. Sales of raw materials
contribute 13.5 percent to Australia's economy.
Copper futures in Shanghai traded near a nine-month low,
after plunging 9 percent last week, on signs the decline in
prices may spur buying from China , the world's biggest consumer
of the metal.
The Reserve Bank of Australia raised its overnight cash rate
target to 6.25 percent in November to slow inflation that held
above its target for two straight quarters.
Traders see a 60 percent chance the bank will increase
borrowing costs by mid-year, compared with 48 percent late last
week, according to 30-day inter-bank interest rate futures
contracts.
Employment numbers
Jobs advertised in major newspapers and on the Internet
jumped 12.1 percent, according to an Australia & New Zealand
Banking Group Ltd. report released yesterday. The increase was
the largest since ANZ Bank began compiling figures for Internet
advertising in July 1999.
A government report in two days will probably show employers
added 15,000 workers in November after 36,200 new jobs were
created the previous month, according to a Bloomberg survey of
economists. This may add to pressures on wages to rise and fuel
inflation.
``Employment numbers are arguably the single most important
economic release for the Australian dollar,'' said Richard Grace,
senior currency strategist at Commonwealth Bank of Australia in
Sydney. ``The risk with this number lies with further strength in
employment growth and a return to strength for the Australian
dollar.''
The currency will rise to 80 cents in the next few months,
said Grace, who in May correctly predicted it would end 2006 at
79 cents.
To contact the reporter on this story:
Chris Young in Sydney at
[email protected] .
To contact the editor responsible for this story:
Sandy Hendry at
[email protected] . | |||||||
2007-01-09 00:00:00 UTC | Hong Kong Stocks Fall for Second Day; China Mobile, HSBC Drop | http://www.bloomberg.com/news/2007-01-09/hong-kong-stocks-fall-for-second-day-china-mobile-hsbc-drop.html
| Ting Ting Ng | Hong Kong stocks fell on concern a
three-month rally in China-related shares, which lifted the Hang
Seng Index to a record, more than reflected earnings prospects.
China Mobile Ltd. declined.
``A correction is expected in the near term, given that in
the last couple of months we've seen a very sharp up-tick in the
market,'' said Teresa Chow, who helps manage $500 million at RBC
Investment Management Asia in Hong Kong. ``Some investors would
be inclined to take profits now and buy on the dips.''
HSBC Holdings Plc (HSBA) fell after JPMorgan Chase & Co. cut its
rating on the shares amid concern U.S. lending is in decline and
margins at the company's Hong Kong unit are peaking.
The Hang Seng Index (HSI) lost 131.58, or 0.7 percent, to
19,898.08 in Hong Kong, extending yesterday's 0.9 percent drop.
The measure posted its first two-day decline since Dec. 12-13.
The Hang Seng China Enterprises Index, which tracks the so-called
H shares of 37 mainland companies, lost 1.3 percent to 9967.48.
Stocks tied to China have benefited from the nation's 10
percent economic growth rate, the appreciating yuan and
speculation more companies will sell shares on the mainland.
Earnings at seven of the Hang Seng's 10 best-performing
stocks in the past three months were related to China. The index
in that time has gained 13 percent, while the H-share measure
climbed 42 percent.
Too Far, Too Fast
Half of the Hang Seng Index's 36 members declined, while the
rest advanced. January futures dropped 0.5 percent to 19,929.
China Mobile (941) , the world's largest cell-phone operator by
users, fell HK$1.40, or 2.1 percent, to HK$66.45, cutting its
three-month gain to 18 percent. China Construction Bank Corp. (939) ,
the nation's fourth-largest lender, slid 17 cents, or 3.5 percent,
to HK$4.72. It's risen 37 percent in the same period.
China Life Insurance Co., China's biggest insurer, slumped
HK$1.25, or 4.7 percent, to HK$25.60. The stock, which climbed as
much as 82 percent in the past three months, was the biggest drag
on the H-share index.
The shares had benefited from speculation that the company's
mainland listing would trade at a premium to the Hong Kong stock.
China Life's yuan-denominated shares more than doubled in its
first day of trading in Shanghai today.
``The positive impact of the listing of China Life's A
shares has already been reflected in the market,'' said Conita Hung, head of research for Delta Asia Securities Ltd. ``H shares
have run up too quickly since December, and they are undergoing
some consolidation.''
Buying Laggards
Hang Lung Properties Ltd. (101) , Hong Kong's fourth-largest
developer, climbed 72 cents, or 3.9 percent, to HK$19.08 as some
investors sought shares that had underperformed the broader
market. The stock had lost 7.9 percent in the week through
yesterday, more than the Hang Seng's 1.4 percent drop.
`` Hang Lung Properties is lagging behind the market,'' said
Delta Asia's Hung. ``Apart from that, investors are optimistic
about its property projects in mainland China.'' Hang Lung plans
to invest as much as HK$30 billion ($3.85 billion) to build 12
commercial properties in China.
HSBC (5) , the Hang Seng's largest constituent, fell 70 cents, or
0.5 percent, to HK$141.50. Analysts at JPMorgan cut the London-
based bank's shares to ``neutral'' from ``overweight'' and
lowered their earnings estimates by 3 percent for 2006, 7.5
percent for 2007 and by 5 percent for 2008.
``There will be more selling in the short term because of
the downgrading of HSBC,'' said Andrew Sullivan , head of Asian
sales trading at Daiwa Securities SMBC Co. in Hong Kong. Loan
growth at HSBC ``depends on the U.S. performance.''
CLSA Ltd. also trimmed its target price and earnings
estimates, according to a Jan. 5 report.
To contact the reporter on this story:
Darren Boey in Hong Kong at
[email protected] ;
Ting Ting Ng at [email protected]
To contact the editor responsible for this story:
James Regan in Hong Kong at
[email protected] | |||||||
2007-01-09 00:00:00 UTC | Quiznos Appoints Ex-Burger King Chief to Top Post | http://www.bloomberg.com/news/2007-01-09/quiznos-appoints-ex-burger-king-chief-to-top-post-update4-.html
| Danny King | Quiznos, the second-biggest U.S.
sandwich chain, appointed former Burger King Chief Executive
Officer Greg Brenneman as president and CEO, effective
immediately.
TurnWorks Inc., Brenneman's private-equity firm, has taken
a stake in the company, Denver-based Quiznos said today in a
statement without being more specific. Brenneman replaced
Richard E. Schaden, who will remain chairman of the company.
``This is a big opportunity to eat my own cooking,'' said
Brenneman, who declined to say how much he invested in the
company. He said he will focus on improving average store sales
and expanding overseas.
Brenneman, 45, was Burger King's CEO from August 2004 to
April 2006, the month before the company held its initial
public offering, and also served as chairman for 14 months. He
left the company to return to TurnWorks Inc., though remained
as a consultant until June 30. He said Quiznos had no plans to
go public.
Miami-based Burger King, the second-largest U.S. hamburger
chain, raised $425 million when it went public last May. It was
purchased by Texas Pacific Group, Bain Capital LLC and Goldman
Sachs Capital Partners in December 2002 from Diageo Plc for
$1.5 billion.
Brenneman, who's a director at Home Depot Inc. and had
previously been president at PWC Consulting and Continental
Airlines Inc., was paid $13.9 million by Burger King for the
year ended June 30, including a $12.4 million bonus.
Employment Agreement
His agreement with Burger King prevents him from working
for or investing in hamburger chains McDonald's Corp. and
Wendy's International Inc., though not Quiznos, he said.
``He's kind of a fix-it, turnaround guy, not a restaurant
guy per se,'' said Bob Goldin, an executive vice president at
Chicago-based restaurant consultant Technomic Inc. ``They're
pretty inconsistent in terms of unit performance. When a
private-equity firm invests in these firms, they're out to
recapture they're investment sooner rather than later.''
Last March, JPMorgan Partners LLC bought a ``significant''
stake in Quiznos from Cervantes Capital for an amount that
wasn't disclosed. The closely held company, which trails Subway
Restaurants, has more than 5,000 restaurants.
In 2001, Schaden and his father, Richard F. Schaden, took
Quiznos private by acquiring the 32 percent of the company they
didn't already own for about $8 a share. The company operated
about 1,200 restaurants at the time. Richard F. Schaden remains
on the company board.
To contact the reporter on this story:
Danny King in Los Angeles at
[email protected] .
To contact the editor responsible for this story:
Michael Nol at [email protected] . | |||||||
2007-01-09 00:04:00 UTC | SEC chairman touts disclosures in CEO pay debate | http://www.reuters.com/article/RegulationSummit07/idUSN0840737420070109 | |||||||||
2007-01-09 00:05:00 UTC | ASEAN eyes new charter at Asian summit | http://www.reuters.com/article/worldNews/idUSMAN16021320070109 | |||||||||
2007-01-09 00:05:00 UTC | Asian chiefs to model pineapples and bananas at meet | http://www.reuters.com/article/worldNews/idUSMAN9262620070109 | |||||||||
2007-01-09 00:06:00 UTC | UPDATE 2-Readers not particularly loyal to Borders books | http://www.reuters.com/article/companyNewsAndPR/idUSN0841008820070109 | |||||||||
2007-01-09 00:07:00 UTC | UPDATE 2-Japan finmin expects robust economic recovery | http://www.reuters.com/article/companyNewsAndPR/idUSN0839797220070109 | |||||||||
2007-01-09 00:07:00 UTC | Nicaraguan activists bid to block abortion bill | http://www.reuters.com/article/latestCrisis/idUSN08409517 | |||||||||
2007-01-09 00:09:00 UTC | AUTOSHOW-Japan carmakers humble as Detroit loses face | http://www.reuters.com/article/companyNewsAndPR/idUSN0834904320070109 | |||||||||
2007-01-09 00:09:00 UTC | Aspen not sure if it will face legal action | http://www.reuters.com/article/companyNewsAndPR/idUSWEN195820070109 | |||||||||
2007-01-09 00:09:00 UTC | WCI investor to engage in talks to improve performance | http://www.reuters.com/article/companyNewsAndPR/idUSN0841401920070109 | |||||||||
2007-01-09 00:09:00 UTC | JGB futures hit 2-mth low on Treasury slide, BOJ | http://www.reuters.com/article/companyNewsAndPR/idUSTKW00264220070109 | |||||||||
2007-01-09 00:11:00 UTC | Nikkei slides below 17,000 as recent gainers sold | http://www.reuters.com/article/companyNewsAndPR/idUST9809420070109 | |||||||||
2007-01-09 00:12:00 UTC | Who paid for that study? Source affects outcome | http://www.reuters.com/article/healthNews/idUSN0830401320070109 | |||||||||
2007-01-09 00:13:00 UTC | AUTOSHOW-Japan carmakers humble as Detroit loses face | http://www.reuters.com/article/companyNewsAndPR/idUSN0841776120070109 |
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