BT PLC says its second-quarter profit fell 17 percent as Britain’s biggest fixed-line phone company spent 84 million pounds ($128 million) to restructure its business. …read more
Source: FULL ARTICLE at Fox World News
BT PLC says its second-quarter profit fell 17 percent as Britain’s biggest fixed-line phone company spent 84 million pounds ($128 million) to restructure its business. …read more
Source: FULL ARTICLE at Fox World News
The U.K. government is launching a review of a vetting process for products from Huawei Technologies, reflecting continuing security concerns about the Chinese company.
Under scrutiny will be Huawei’s Cyber Security Evaluation Centre in Banbury, U.K., which the company set up in 2010 as a way to test company products for possible security vulnerabilities. On Thursday, the U.K. government issued a statement, ordering a review of the center that will look at its effectiveness to protect the nation’s telecommunication infrastructure.
The review comes after the U.K. Parliament’s Intelligence and Security Committee issued a report in June, expressing concern about Huawei’s alleged ties with the Chinese government, which has been accused of state-sponsored hacking. In particular, the committee was “shocked” that Huawei was able to supply sensitive telecommunication infrastructure to U.K. operator BT without consultation with government ministers.
As early as 2008, the U.K.’s own Security Service had determined that China could theoretically exploit vulnerabilities in Huawei products to conduct espionage over BT’s networks, the committee’s report said.
To read this article in full or to leave a comment, please click here
Source: FULL ARTICLE at PCWorld
By Tony Reading, The Motley Fool
Filed under: Investing
LONDON — Management can make all the difference to a company’s success and, thus, its share price.
The best companies are those run by talented and experienced leaders, with strong vested interests in the success of the business, held in check by a board with sound financial and business acumen. Some of the worst investments to hold are those run by executives collecting fat rewards as the underlying business goes to pot.
In this series, I’m assessing the boardrooms of companies within the FTSE 100. I hope to separate the management teams that are worth following from those that are not. Today, I am looking at Kingfisher , owner of B&Q and Europe‘s largest DIY retail chain.
Here are the key directors:
|
Director |
Position |
|---|---|
|
Daniel Bernard |
(non-exec) Chairman |
|
Ian Cheshire |
Chief Executive |
|
Karen Witts |
Finance Director |
|
Kevin O’Byrne |
CEO, B&Q and Koctas |
|
Phillipe Tible |
CEO, Castorama and Brico |
Frenchman Daniel Bernard joined the board as deputy chairman in 2006, stepping up to become chairman in 2009. He has worked for several European retailers, and was chairman and CEO of Carrefour from 1998 to 2005.
Ian Cheshire was schooled at Boston Consulting Group, Guinness (where he was Ernest Saunders’s executive assistant), and Sears, before joining Kingfisher in 1998 as strategy director. He became CEO 10 years later in 2008, after being B&Q CEO from 2005.
Checkered history
He has thus seen Kingfisher’s checkered history first hand. The group grew to be a sprawling conglomerate in the late 20th century, before a failed bid to buy Asda led to shareholder pressure to refocus.
Mr Cheshire has increased operating margins, with emphasis on exploiting synergies between the company’s various international operations. The share price has doubled during his tenure, and though barely above what it was 10 years ago, that’s a considerable achievement given the economic background. The business is sensitive to consumer spending and housing markets in the U.K. and Europe.
A chartered accountant, Karen Witts has worked for several companies in finance roles, and was CFO of BT retail and CFO of Vodafone Middle East and Asian region before joining Kingfisher in October 2012.
Witts took up the job vacated by Kevin O’Byrne, who had been finance director since 2008. He had previously been finance director of DSG, and was poached after being passed over for the top job there.
Reshuffle
Philippe Tible has spent his career in the French retail industry, joining Kingfisher’s French subsidiary in 2003. He joined Kingfisher’s board in 2012 as part of the reshuffle involving O’Byrne and Witts, intended, in part, to broaden the executive team’s experience. Also promoted to the board was the U.K. CEO, but he unexpectedly decamped to be CEO of the Co-op last December.
An impressive line-up of six non-execs includes a former CEO of Ikea, and CFO of Cadbury.
Ian Cheshire has 3.8 million pounds’ worth of shares, but the other executive directors, albeit recently appointed, have much smaller holdings, and sold substantial option awards last year.
I analyze management teams from five different angles to help work out a verdict. Here’s my assessment:
|
1. Reputation. Management CVs From: http://www.dailyfinance.com/2013/04/11/the-men-and-women-who-run-kingfisher/ |
By Tony Reading, The Motley Fool
Filed under: Investing
LONDON — Baroness Thatcher will be remembered for many reforms, but one enduring legacy for investors is that she gave us the stock market we know today.
Privatization became a key plank of economic policy, and nine of the firms in the FTSE 100 are the direct descendants of state-owned companies privatized during her time as prime minister.
Thirty-five years ago, the precursors to BG , Centrica , Severn Trent , United Utilities , BP, BAE, International Consolidated Airlines, BT, and Rolls-Royce were all state-owned enterprises (in a companion piece, I have covered the five industrial and service companies). Today, they are successful blue-chip firms with a combined market capitalization of more than 200 billion.
The gas industry
British Gas, the U.K.’s monopolistic gas utility, was privatized in 1986 in the famous “Tell Sid” campaign to attract private investors.
The downstream operations were spun off as Centrica in 1997. The gas-distribution assets were demerged as Lattice Group and subsequently became part of National Grid in 2002. The remainder, British Gas‘ upstream activities, became BG Group.
Neither Centrica nor BG stuck to its existing business. Centrica has expanded upstream, and it is now the largest investor in the Cygnus North Sea gas field. A dominant market position in gas distribution has secured good returns for shareholders, and the country’s dependence on gas should boost opportunities in the future.
BG moved into, and then back out of, downstream distribution overseas. The retreat was partly to finance development of its massive discoveries in Brazil’s Santos Basin, and a significant part of the company’s value now rides on how soon and successfully it can start production. It also built a solid and successful international liquefied-natural-gas business.
The water industry
Britain’s regional water companies were privatized in 1989. (The electricity-distribution companies followed a year later, just falling outside Margaret Thatcher‘s premiership.)
Several companies have been snapped up by foreign investors keen to tap into a secure and profitable income stream. Just three listed companies remain: United Utilities in the North West, Severn Trent in the Midlands, and the FTSE 250 company Pennon.
The water companies’ fortunes ebb and flow with five-year regulatory reviews, the next of which begins in 2015 and is now being negotiated. Severn Trent has an almost unblemished dividend record; United Utilities less so.
Margaret Thatcher believed individuals should take responsibility for their own well-being. There’s no question that’s even more important today, especially when it comes to saving for retirement. That’s why The Motley Fool has created a brand-new report: “Five Shares To Retire On.” It describes five companies with healthy balance sheets, dominant market shares, and robust cash flows that could form the core of any portfolio, whether you’re saving for retirement or shorter-term goals. You can download it by clicking here — it’s free.
The article The Utility Stocks That Margaret Thatcher Gave Us originally appeared on Fool.com.
Fool contributor <a target=_blank
From: http://www.dailyfinance.com/2013/04/11/the-utility-stocks-that-margaret-thatcher-gave-us/
By Tony Reading, The Motley Fool
Filed under: Investing
LONDON — Baroness Thatcher will be remembered for many reforms, but one of enduring legacy for investors is that she gave us the stock market we know today.
Privatization became a key plank of economic policy, and nine of the firms in the FTSE 100 are the direct descendants of state-owned companies privatized during her time as prime minister.
Thirty five years ago, the precursors to BP , BAE , International Consolidated Airlines , BT , Rolls-Royce , BG, Centrica, Severn Trent and United Utilities were all state-owned enterprises. Today. they are successful blue-chip firms with a combined market capitalization of over £200 billion.
1. BP
Privatization had started in 1977 when the Labor government of James Callaghan sold a 32% stake as part of the conditions of the country’s IMF bailout. Under Margaret Thatcher‘s watch the remaining stake was sold, with two big sales in 1979 and 1987. The 1987 offering coincided with a stock market crash and the stock was left with underwriters, costing them billions.
BP subsequently grew to become the FTSE‘s biggest dividend payer, but the U.S. Deepwater Horizon disaster put paid to that. With a new alliance with Russia‘s state-owned oil company, it’s set to resume its former upwards trajectory.
2. BAE
British Aerospace (BAE) was sold off in two chunks in 1981 and 1985. BAE struggled in the 1990s and merged in 1999 with Marconi to become BAE Systems. BAE sold its 20% of Airbus to EADS in 2006 to concentrate on defense, only for new management to seek a merger with EADs in 2012 to regain exposure to commercial aerospace.
Poor strategic management may have been a counterweight to superb engineering, but a 5% yield in a — literally — defensive sector makes the company an attractive investment.
3. BT
Half of British Telecom was privatized under Margaret Thatcher in 1984, with the remaining shares sold off in 1991 and 1993. It was the first of the blockbuster utility privatizations, with the company at the time enjoying a virtual monopoly (a consortium, Mercury Communications, provided nominal competition).
Shareholders have had a roller-coaster time, with the changing structure of the industry and the technology bubble. More recently, a push into broadband has given the company a new lease of life.
4. IAG
British Airways was fully privatized in 1987, in an offer that was 11-times oversubscribed. It grew in scale with the acquisition of British Caledonian, and then in profit under CEO Willie Walsh, who did some union-wrestling of his own.
IAG was formed from the merger of British Airways and Iberia in 2010, to enjoy greater global scale. However, management is now hampered by Spanish union intransigence.
5. Rolls-Royce
Rolls-Royce is an oddity in the privatization program. It had been nationalized by Lady Thatcher‘s predecessor Edward Heath in 1971 to save it from administration after cost over-runs on the RB211 engine. The Thatcher government returned it to the private sector in 1987, since when it has prospered to be one of three global manufacturers of big engines.
In a companion piece, I’ll cover the four utility stocks.
Margaret Thatcher believed in individuals taking
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
Panasonic Debuts 3rd-Generation VariCam with Native 1080P, AVC-ULTRA Recording and Expanded Off-Speed Shooting; Announces Native 4K Resolution LCD Production Monitor
LAS VEGAS–(BUSINESS WIRE)– At the National Association of Broadcasters (NAB) annual convention, Panasonic has unveiled its third-generation VariCam® HD production camera, and a new 31″ LCD production monitor with native 4K resolution for 4K/2K/HD cinema production. The recently announced AJ-PX5000G and AJ-PD500, the company’s first P2 HD camcorder and recorder with native AVC-ULTRA recording and built-in microP2 card slots, will be shown for the first time here.
Panasonic also announced major sales to broadcasters Griffin Communications and Denali Media Holdings.
The third-generation VariCam improves upon the camera brand’s signature features–off-speed shooting and film-like image production—while incorporating Panasonic’s new AVC-ULTRA family of video codecs. The camcorder utilizes three advanced, full 1920 x 1080p wide dynamic range MOS imagers for native 1080/60p recording/operation, and boasts a true RGB imager/prism system that provides full resolution color. With an EFP-style body, the VariCam’s 2/3″ B4 lens mount enables use of native format prime lenses and servo zooms, eliminating the expensive and cumbersome workarounds required when using such optics on larger formats. Among the camcorder’s top-level production features are real-time high frame rate, off-speed recording to 120fps in full 1080p (in AVC-Intra Class100), a wide dynamic range and 24-bit LPCM audio. The camera will feature a range of high-quality recording formats including AVC-Intra Class100, AVC-Intra Class200 and AVC-Intra Class4:4:4. The third-generation VariCam will be available early next year, with pricing to be announced.
The BT-4LH310 is a 31-inch 4096 x 2160 resolution LCD monitor for unrivalled 4K/2K monitoring in the field, including use in a video village for live viewing of 4K cameras and devices with I/Os as well as for viewing of dailies. The 4LH310’s 4K 10-bit IPS panel affords native 4K resolution (more than four times that of full HD), a wide viewing angle, and faithful reproduction of up to 1.07 billion colors. Equipped with a production-tough aluminum frame, the BT-4LH310 features multiple professional inputs (including HD-SDI, 3G-SDI and HDMI); true color processing with a 3D look-up table (LUT); HD/SD closed captioning; 28V DC operation for field use; and an eco-friendly panel with mercury-free LED backlight. In addition to 4K, the 4LH310 Iis ideal for 2K and HD resolutions, meaning it can be used for all types of cinema production and post production. The BT-4LH310 will be available in fall 2013, with pricing to be announced.
The 2/3-inch, 2.2M 3-MOS AJ-PX5000G combines superb image production, light weight and innovative expandability. The camcorder features 720p and 1080p/i recording, and is the …read more
Source: FULL ARTICLE at DailyFinance
By Alan Oscroft, The Motley Fool
Filed under: Investing
LONDON — Over the coming weeks, I’ll be taking a look at the biggest and best companies in the various FTSE 100 sectors. Today it’s telecoms, and that means just two big players — Vodafone and BT Group .
Here’s a quick summary of some fundamentals:
Vodafone
|
Year to March |
EPS |
P/E |
Dividend |
Yield |
Cover |
|---|---|---|---|---|---|
|
2008 |
12.56 pence |
12 |
7.51 pence |
5% |
1.7 times |
|
2009 |
17.17 pence |
7.1 |
7.77 pence |
6.3% |
2.2 times |
|
2010 |
16.11 pence |
9.4 |
8.31 pence |
5.5% |
1.9 times |
|
2011 |
16.75 pence |
10.5 |
8.9 pence |
5% |
1.9 times |
|
2012 |
14.91 pence |
11.5 |
9.52 pence |
5.5% |
1.6 times |
|
2013 (forecast) |
15.18 pence |
12.3 |
10.35 pence |
5.5% |
1.5 times |
|
2014 (forecast) |
16.50 pence |
11.3 |
10.82 pence |
5.8% |
1.5 times |
|
2015 (forecast) |
17.52 pence |
10.6 |
11.08 pence |
5.9% |
1.6 times |
That steadily rising dividend is nice, and the consistently high yield suggests the share price has not kept pace with the true valuation of the company.
High dividends aren’t guaranteed, and a company might have to cut its payout if earnings are not sufficient. And to that end, it’s perhaps a little concerning that Vodafone’s dividend cover has fallen a little. But forecasts suggest it is stabilizing.
BT
|
Year to March |
EPS |
P/E |
Dividend |
Yield |
Cover |
|---|---|---|---|---|---|
|
2008 |
23.90 pence |
9.1 |
15.8 pence |
7.3% |
1.5 times |
|
2009 |
16.00 pence |
4.9 |
6.50 pence |
8.3% |
2.5 times |
|
2010 |
17.30 pence |
7.2 |
6.90 pence |
5.6% |
2.5 times |
|
2011 |
21.00 pence |
8.8 |
7.40 pence |
4% |
2.8 times |
|
2012 |
23.70 pence |
9.6 |
8.30 pence |
3.7% |
2.9 times |
|
2013 (forecast) |
24.95 pence |
11.2 |
9.43 pence |
3.4% |
2.6 times |
|
2014 (forecast) |
25.34 pence |
11.0 |
10.67 pence |
3.8% |
2.4 times |
|
2015 (forecast) |
27.01 pence |
10.3 |
12.09 pence |
4.4% |
2.2 times |
BT has been recovering well since 2009, but though it is growing earnings quite nicely, dividend yields have been falling.
Which is best?
BT‘s third-quarter figures saw revenue fall by 6%, and some of that is because BT is mainly dependent on just one market — around three-quarters of its business is done in the U.K., where competition is strong and saturation levels are high.
Vodafone, on the other hand, gets only around 12% of its turnover from the U.K., has a good presence in the developing market of India, and holds a 45% stake in Verizon Wireless in the US.
About 10% of BT‘s turnover comes from Europe (excepting the U.K.), whereas Vodafone gets close to 60% of its revenue from the wider eurozone area. That greater international clout helps Vodafone in capturing multinational contracts — like the recent deal to supply Germany‘sThyssenKrupp, and a new partnership with Poland‘s Polkomtel.
Elephants
There are elephants in both these rooms. For BT, it’s that massive pension fund, which is going be a millstone round the company’s neck for decades — in fact, BT is often described as a pension fund manager that has an interest in phones on the side. The worst days of the deficit during the stock market slump are behind us — but what will happen in the next bear market when assets values fall again?
For Vodafone, we have the repeatedly raised and denied rumors of a merger or a takeover with or by some combination of Verizon Communications and AT&T — or maybe a buyout of its stake in Verizon Wireless.
The big difference is that if Vodafone’s elephant comes home to, erm, roost, it would almost certainly be at a nice price for shareholders.
Vodafone is my pick of the sector — and if you do your own research, you might agree.
Finally, if you’re looking for investments that should take you all the way to a comfortable retirement, I recommend the Fool’s special new report detailing five blue-chip …read more
Source: FULL ARTICLE at DailyFinance
export BUILD_HOME=/apps/psr/build
export DB_HOME=/apps/psr/database
export LOGS_HOME=/apps/psr/logs
export BUILD_TEST=/apps/psr/build_dev/build_test
export BUILD_DEV=/apps/psr/build_dev
export BUILD_STORE=/apps/psr/store
export APP_STORE=/apps/psr/store/application
export VALIDATION_HOME=/apps/psr/validation
alias STORE="cd $APP_STORE"
alias BH="cd $BUILD_HOME"
alias BHB="cd $BUILD_HOME/bin"
alias BHW="cd $BUILD_HOME/wrappers"
alias BT="cd $BUILD_TEST"
alias BTB="cd $BUILD_TEST/bin"
alias BD="cd $BUILD_DEV"
alias VH="cd $VALIDATION_HOME"
The problem is that when i type STORE it will do its job correctly but when i type store it is not. However the same alias i have defined on other serverB where it is working in both the cases.
Also the strange thing is that when i type other alias on serverB it is not working as case insensitive. Its only working for store. I tried to google and find that we can set somthing like that
set completion-ignore-case on
but not sure if this is the correct way. Can someone please help me in this.
By Royston Wild, The Motley Fool
Filed under: Investing
LONDON — I believe that BT Group‘s aggressive strategy to build its broadband and television portfolios should underpin solid growth over the long term.
The company operates a lucrative dividend policy, making it a great pick for your tax-efficient stocks and share ISA (just click here for more information on how to maximize returns from ISAs). In my opinion, BT‘s improving earnings potential should enable it to maintain its policy of generous shareholder payouts.
Broadband and television operations ratchet up
BT continues to build market share in the U.K. broadband market, and bolstered its weighty presence further following last month’s 4G services auction. The company forked out 186 million pounds for the license to 2 x 15 MHz at the 2.6 MHz range, a move designed to enhance its wireless broadband services and allow connectivity to more remote parts of the country.
Elsewhere, BT is stepping up the fight with consolidated services heavyweight British Sky Broadcasting by steadily buildings its television portfolio to offer a rival “triple play” package.
BT agreed to buy ESPN’s U.K. and Ireland television channels late last month in a bid to bolster its BT Sport package, which is due for launch this summer. The deal gives BT the broadcasting rights to a host of top-notch football competitions, including the FA Cup and UEFA Europa League, in addition to the 38 English Premier League matches it has already agreed to show over the next three seasons.
A recent survey by broker Liberum Capital suggested that BT is gaining more interest from potential customers, with 37% of respondents in February claiming that they would consider switching from Sky, up from 25% in October and 28% in July.
The broker anticipates new BT Vision subscriptions will jump from around 100,000 per year to 250,000, mainly on the back of BT‘s ability to substantially undercut Sky on a price basis.
Earnings on course to tread higher
City analysts expect earnings per share to maintain a steady ascent in coming years — a 5% forecast increase to 24.9 pence for the year ending March 2013 is anticipated to rise 1% to 25.1 pence in 2014, and 7% to 26.9 pence in 2015.
I reckon that the telecoms giant represents decent value for money at current prices. A P/E reading of 10.8 for this year is forecast to slip to 10.7 in 2014, before sliding to 10 during the following 12 months.
BT also looks a canny pick for income investors seeking to latch on to excellent prospective dividend growth. A projected yield of 3.5% for 2013 — matching the average payout yield for the FTSE 100 — is expected by City experts to accelerate to 4% and 4.5% in 2014 and 2015 respectively.
After slashing its dividend in 2009 due to heavy earnings pressure, the company has rebuilt its progressive dividend policy that is now safeguarded with much better dividend coverage. Meaty forecast coverage of 2.6 times for 2013 is expected to remain high at 2.4 times and 2.2 times for 2014 …read more
Source: FULL ARTICLE at DailyFinance
By Prabhat Sakya, The Motley Fool
Filed under: Investing
LONDON — In September of last year, I wrote the article “My Contrarian Picks Are Beating The Market,” which article summarized the performance of my contrarian picks over the past year, noting that their return was around twice that of the wider market.
This was a learning experience for me — I had not expected to beat the market. Whenever you spot such an outlier, you are curious to learn more. Over a longer period of time, will the outperformance continue, or will there be a “reversion to the mean”? So I thought I’d revisit this topic in the following year to see how things have progressed.
So here is my update on my picks:
|
Tip Date |
Company |
Share Price Change, % |
FTSE 100 Change, % |
|---|---|---|---|
|
09/07/2012 |
Barclays |
85.7 |
13.4 |
|
14/05/2012 |
Resolution |
23.0 |
16.7 |
|
14/05/2012 |
First Group |
(8.1) |
16.7 |
|
29/12/2011 |
Barratt |
171.6 |
14.6 |
|
14/12/2011 |
Fidelity China |
26.5 |
18.9 |
|
05/12/2011 |
Admiral |
36.9 |
14.6 |
|
05/12/2011 |
Inmarsat |
48.2 |
14.6 |
|
05/12/2011 |
Kazakhmys |
(38.3) |
14.6 |
|
02/12/2011 |
BMW |
25.8 |
14.9 |
|
23/11/2011 |
BSkyB |
20.5 |
24.1 |
|
23/11/2011 |
Aviva |
28.5 |
24.1 |
|
23/11/2011 |
BP |
2.6 |
24.1 |
|
17/11/2011 |
ITV |
84.2 |
17.6 |
|
17/11/2011 |
Vedanta |
(12.0) |
17.6 |
|
Average |
35.4 |
17.6 |
In the original article, my picks’ performance was impressive: They were up 16%. They are now up by nearly 36%. My contrarian picks are continuing to beat the market, with a return that is double that of the FTSE 100. And if you add the dividend yield to these numbers, the outperformance is even greater.
Let’s focus on some of the best performers:
Barclays
Barclays was the classic contrarian play. Take a situation where financials are seen as the most unloved, unwanted shares around. Throw in the eurozone crisis and then add the LIBOR rate-fixing scandal. It is a recipe for a share to be totally trashed. But contrarians know this is precisely the time to buy.
Since last summer Barclays has made an impressive comeback, nearly doubling in price. Chief Executive Anthony Jenkins is making substantial progress in sorting out its troubles. And the good news is: I see Barclays as a long-term investment that will continue to increase in price for many more years.
Barratt Developments
I remember a year ago that investing in homebuilders seemed out of the question. We were in the depths of the property slump, and there seemed to be no end in sight to the gloom.
Of course, this meant it was the time to buy rather than sell. Those brave enough to have bought Barratt Developments then would, by now, have nearly tripled their money.
Could the shares increase further? Absolutely. You might be surprised to hear that, even now, Barratt is only at 20% of its all-time high.
ITV
So, no one’s watching TV anymore? Of course, people still are. The nature of television has evolved, with a wide variety of programming available from Sky, Virgin, BT, and Freeview.
But despite the naysayers, ITV has been holding its own, and Adam Crozier‘s turnaround of the U.K. broadcaster is working a treat. The company still puts out hugely popular television, which ranges from “Downton Abbey” and “Coronation” Street to the “X Factor.” The shares have nearly doubled in value.
Foolish final thoughts
It’s been an exceptional year for contrarian investing. I can’t guarantee that 2013 will be anywhere near as good, but I am hopeful that contrarian investing will still produce decent returns.
If Ben Graham invented …read more
Source: FULL ARTICLE at DailyFinance
By westmoreland
I’m running this rsync command on the target system (nfs02):
rsync -avr --delete root@nfs01r5v.lamar.edu:/bannertreedev/ /bannertreedev/
The source:
|
[root@nfs01r5v ~]# df -h [root@nfs01r5v ~]# du -sch /bannertreedev/* |
The Target:
|
[root@nfs02r5v ~]# df -h [root@nfs02r5v ~]# du -sch /bannertreedev/* |
…read more
Source: FULL ARTICLE at The UNIX and Linux Forums
Google filed a patent infringement lawsuit against BT Group companies in a court in the U.S. stating it was defending itself against the British communications services company's own “meritless patent claims” and its arming of patent trolls. …read more
Source: FULL ARTICLE at Computerworld Latest