Bartle Doo Article Archives

Cyprus gov't upbeat ahead of first troika review

July 16, 2013 Bartle Doo Leave a comment

Cyprus’ finance minister says he’s optimistic that international creditors will confirm that the country is sticking to the terms of its financial rescue when they complete their first assessment.

Haris Georgiades says the quickest way to shed the harsh terms of the 23 billion euro ($29.9 billion) bailout that the country signed in March is it to faithfully implement them.

He said Tuesday that the government aims to slash spending by 11 percent by next year, but won’t impose new taxes.

Officials from the European Commission, the European Central Bank and International Monetary Fund begin the assessment Wednesday.

Georgiades said the focus will be on quickly restoring the decimated banking sector back to health in order to get the tanking economy moving again.

Source: FULL ARTICLE at Fox World News

Falling Consumer Confidence Another Blow to European Economic Recovery

April 29, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Global Economy, Economy

Europe‘s number can be added to evidence in the United States that its economic activity has slowed. That leaves the world’s two largest economies tipping more negative. (The European Union is often measured as on nation for GDP measurement purposes). Some data out of China show that its normally white hot economy has flagged also.

Bloomberg said of economic confidence in Europe:

Economic confidence in the euro area decreased more than economists forecast in April as the 17- nation currency bloc struggled to emerge from a recession and the bailout of Cyprus renewed debt-crisis concerns.

An index of executive and consumer sentiment dropped to 88.6 from a revised 90.1 in March, the European Commission in Brussels said today. That’s the lowest since December. Economists had forecast a decline to 89.3, according to the median of 26 estimates in a Bloomberg News survey.

Business confidence and investor sentiment in Germany, Europe‘s largest economy, dropped more than expected in April.

Filed under: 24/7 Wall St. Wire, Economy, International Markets

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Source: FULL ARTICLE at DailyFinance

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What Is Important in the Financial World (4/29/2013)

April 29, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

Consumer Confidence in Europe

In another blow to the recovery of the European economy, consumer confidence across the region fell in April. The reading was the lowest since December and is another marker that whatever brief recovery there might have been late last year is over. Europe‘s number can be added to evidence in the United States that its economic activity has slowed. That leaves the world’s two largest economies tipping more negative. (The EU is often measured as on nation for GDP measurement purposes). Some data out of China show that its normally white hot economy has flagged also. Bloomberg said of economic confidence in Europe:

Economic confidence in the euro area decreased more than economists forecast in April as the 17- nation currency bloc struggled to emerge from a recession and the bailout of Cyprus renewed debt-crisis concerns.

An index of executive and consumer sentiment dropped to 88.6 from a revised 90.1 in March, the European Commission in Brussels said today. That’s the lowest since December. Economists had forecast a decline to 89.3, according to the median of 26 estimates in a Bloomberg News survey.

Business confidence and investor sentiment in Germany, Europe‘s largest economy, dropped more than expected in April.

Avon Chairman Departs

In another sign that the nonexistent turnaround at Avon Products Inc. (NYSE: AVP) may be in even more trouble, its non-executive chairman, in office for only a few months, is leaving — without explanation. Avon’s fortunes have been awful for two years, mostly because former CEO Andrea Jung ruined the company through wild expansion. Her replacement, Sheri McCoy, has done nothing to reverse the slide. Avon announced both Chairman Fred Hassan‘s departure (he severed his relationship so sharply that he will not stay on the board) and the name of his replacement:

Fred Hassan has resigned from the Avon Board of Directors in order to focus more time on his other professional commitments. Mr. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.

Doug Conant, who currently serves on the Board, has been elected to the position of non-executive Chairman. Both are effective immediately.

“Avon is a great company and I am honored to have served on the Board of Directors,” said Mr. Hassan. “However, my other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my Board colleagues to take on the Chairmanship.”

If he was so honored to serve, why did he leave so quickly?

Disappointing Corporate Revenues

Earnings may be up as U.S. public companies report their quarterly results. Revenues, however, are not. This may be a sign of trouble ahead, perhaps driven largely by a slowing in exports to Europe. The USA Today reports on U.S. corporate revenues:

Investors were hoping by this point in the economic cycle, companies would be able to find growth selling new products and services or tapping new customers. But

Source: FULL ARTICLE at DailyFinance

Computers

Microsoft Q3 earnings and revenue up, as all divisions make gains

April 18, 2013 Bartle Doo Leave a comment

Microsoft increased revenue across all its divisions in its third fiscal quarter, achieving an almost 20 percent revenue increase year on year.

For the quarter ended March 31, 2013, Microsoft generated revenue of US$20.5 billion, up 18 percent compared with the same quarter of 2012, the company said Thursday.

Net income came in at $6.06 billion, or $0.72 per share, compared with $5.1 billion, or $0.60 per share, in 2012’s third quarter.

On a pro forma basis, factoring in certain one-time items, including net revenue recognition for Windows and Office upgrade offers and pre-sales, as well as the European Commission fine, revenue was $18.8 billion and earnings per share were $0.65.

From: http://www.pcworld.com/article/2035733/microsoft-q3-earnings-and-revenue-up-as-all-divisions-make-gains.html#tk.rss_all

By Business Wirevia The Motley Fool

Seattle Genetics to Host Conference Call and Webcast Discussion of First Quarter 2013 Financial Resu

April 18, 2013 Bartle Doo Leave a comment

Filed under: Investing

Seattle Genetics to Host Conference Call and Webcast Discussion of First Quarter 2013 Financial Results on May 7, 2013

BOTHELL, Wash.–(BUSINESS WIRE)– Seattle Genetics, Inc. (NAS: SGEN) announced today that it will report its first quarter 2013 financial results on Tuesday, May 7, 2013, after the close of financial markets. Following the announcement, company management will host a conference call and webcast discussion of the results and provide a general corporate update. Access to the event can be obtained as follows:

LIVE access on Tuesday, May 7, 2013
1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time

Telephone (877) 941-0843 (domestic) or (480) 629-9866 (international); conference ID 4614604
Webcast available at http://www.seattlegenetics.com/ in the Investors and News section

REPLAY access

Telephone replay will be available beginning at approximately 3:30 p.m. PT on Tuesday, May 7, 2013 through 5:00 p.m. PT on Thursday, May 9, 2013 by calling 800-406-7325 (domestic) or 303-590-3030 (international); conference ID 4614604
Webcast replay will be available on the Seattle Genetics website at http://www.seattlegenetics.com/ in the Investors and News section

About Seattle Genetics

Seattle Genetics is a biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer. The company’s lead program, ADCETRIS^® (brentuximab vedotin), received accelerated approval from the U.S. Food and Drug Administration in August 2011 and approval with conditions from Health Canada in February 2013 for two indications. In addition, under a collaboration with Millennium: The Takeda Oncology Company, ADCETRIS received conditional marketing authorization from the European Commission in October 2012. Seattle Genetics also has four other clinical-stage ADC programs: SGN-75, ASG-5ME, ASG-22ME and SGN-CD19A. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Abbott, Agensys (an affiliate of Astellas), Bayer, Celldex Therapeutics, Daiichi Sankyo, Genentech, GlaxoSmithKline, Millennium, Pfizer and Progenics, as well as ADC co-development agreements with Agensys and Genmab. More information can be found at www.seattlegenetics.com.

From: http://www.dailyfinance.com/2013/04/18/seattle-genetics-to-host-conference-call-and-webca/

Science & Technology

European Commission must innovate to get value from 70 billion science funding program, researchers say

April 17, 2013 Bartle Doo Leave a comment

The European Commission needs to make some key innovations in its science funding programme if Europe is to enjoy the full benefits of the €70 billion to be spent on science research as part of the Horizon 2020 programme kicking off in 2014, according to an academic paper published by SAGE in the Journal of Health Services Research & Policy today.

From: http://phys.org/news285430004.html

Computers

EU digital rights groups demand net neutrality protection

April 17, 2013 Bartle Doo Leave a comment

More than 80 European digital rights organizations on Wednesday called on the European Commission to do more to protect net neutrality.

The groups, represented by The European Consumer Organization (BEUC) and European Digital Rights (EDRi), are demanding an end to “dangerous experimentation with the functioning of the Internet in Europe.”

The group said in an open letter to the Commission that operators across Europe are violating Internet neutrality particularly in the mobile sector, where they say there is evidence that companies including ISPs are “using technical measures for their own commercial interests and tampering with citizens’ ability to access the Internet.”

“The experimentation by certain European access providers with blocking, filtering and throttling of services creates borders in an online world whose key value is the absence of borders,” said Joe McNamee, Executive Director of EDRi, in a statement demanding that the European Commission put a stop to it.

To read this article in full or to leave a comment, please click here

From: http://www.pcworld.com/article/2035438/eu-digital-rights-groups-demand-net-neutrality-protection.html#tk.rss_all

From: http://feeds.foxnews.com/~r/foxnews/world/~3/mGaNtcZctAM/

Official: Cyprus lawmakers to vote on bailout deal

April 16, 2013 Bartle Doo Leave a comment

Cyprus‘ attorney general says parliament must vote on the 23 billion euro ($30 billion) bailout deal the country has agreed on with international creditors.

Petros Clerides confirmed to the Associated Press on Tuesday that the deal Cyprus reached with its euro partners and the International Monetary Fund must secure parliamentary approval to become valid.

In a written statement Tuesday, deputy government spokesman Victoras Papadopoulos said the government will act according to law.

Cypriot lawmakers have already approved many of the austerity measures that were mandated by the creditors — the European Commission, the European Central Bank and the IMF. They include cuts to government salaries, tax increases and an overhaul of the troubled banking sector.

The new vote will also cover extra measures that have been agreed upon since then.

Time For These People To Make Up Their Minds About What They Want From Google

From: http://www.forbes.com/sites/timworstall/2013/04/15/time-for-these-people-to-make-up-their-minds-about-what-they-want-from-google/

By Tim Worstall, Contributor Google seems to be close to reaching an agreement with the European Commission about what it may or may not do with the way it presents search results. The basic complaints come from a group of Google’s competitors and I have to admit that all of it smacks of no more than sour grapes to me. These companies have been beaten fair and square in the marketplace and now they’re trying to get the politicians to hobble Google in response.

Science & Technology

'Aeroplane flaps' on lorries to save lives in Europe

Rolling out round-nosed lorries with aeroplane-style flaps at the back on Europe‘s roads would cut fuel costs, reduce carbon emissions and save lives, while giving a boost to the struggling auto sector, the European Commission said Monday.

From: http://phys.org/news285238108.html

Debt inspectors reach agreement with Greece

From: http://feeds.foxnews.com/~r/foxnews/world/~3/EMGG0NmzR-s/

International debt inspectors have reached an agreement with Greece on the country’s economic reforms, including the firing of civil servants, paving the way for the debt-ridden country to receive the next installment of its bailout pot.

The review by the International Monetary Fund, European Commission and European Central Bank is part of a regular process under which Greece receives installments of its multi-billion euro bailout if it meets certain conditions. Greece has been dependent on the rescue loans since 2010.

In a joint statement Monday, the three institutions said recent steps taken by Greece suggest that targets for March “are likely to be met in the near future.” As a result, they said the eurozone could soon agree to disburse 2.8 billion euros ($3.7 billion) pending from last month.

Media Digest (4/15/2013) Reuters, WSJ, NYT, FT, Bloomberg

From: http://www.dailyfinance.com/2013/04/15/media-digest-4152013-reuters-wsj-nyt-ft-bloomberg/

By 24/7 Wall St.

Filed under: Investing

Wells Fargo & Co. (NYSE: WFC) cuts the number of outside investment managers that its brokers can offer to clients. (Reuters)

Thermo Fisher Scientific Inc. (NYSE: TMO) is likely to pay $13 billion to buy Life Technologies Corp. (NASDAQ: LIFE). (Reuters)

Foxconn adds workers in preparation for production of the new Apple Inc. (NASDAQ: AAPL) iPhone. (WSJ)

The FAA orders inspections of about 1,000 Boeing Co. (NYSE: BA) 737s. (WSJ)

Microsoft Corp. (NASDAQ: MSFT) probably produces a new touch smartphone type watch. (WSJ)

Verizon Wireless pushes out the number of months subscribers need to wait for phone upgrades from 20 months to 24. (WSJ)

McDonald’s Corp. (NYSE: MCD) presses value of its products to customers to help same-store sales. (WSJ)

Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) will produce new transmissions together. (WSJ)

Google Inc. (NASDAQ: GOOG) agrees to search restrictions to settle antitrust claims by the European Commission. (NYT)

The ability of big companies to save money on manufacturing overseas helps offset a weak U.S. economy. (NYT)

A study by Brookings and the Financial Times shows the global economy is not improving. (FT)

India’s inflation drops to a 40-month low at 5.96% in March. (Bloomberg)

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: AAPL, BA, F, GM, GOOG, LIFE, MCD, MSFT, TMO, WFC

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Computers

Industry group attacks EU plans to overhaul copyright enforcement law

April 12, 2013 Bartle Doo Leave a comment

Organizations representing Europe‘s electronic-communications industry on Friday urged the European Commission not to change the directive on the civil enforcement of intellectual property rights (IPRED).

Cable Europe, ECTA, ETNO and EuroISPA together represent fixed and mobile telecoms operators, ISPs and cable companies. The group warned that “introducing stricter enforcement through increasingly restrictive technical measures” would have “a chilling effect” on innovation, consumers’ confidence in digital products, freedom of communications and Internet openness.

The group is particularly worried that under a revision of the IPRED directive, ISPs “may be ordered to implement unspecified, disproportionate and possibly repressive technical measures in a blanket fashion against their customers.”

The directive was passed in March 2004, but the Commission is now considering an overhaul and recently closed a public consultation to identify where changes may need to be made. However, the group said it is too soon to assess the impact of the IPRED directive as, according to the Commission’s own report, “due to late transposition of the directive in many member states, experience in applying the directive is limited.”

To read this article in full or to leave a comment, please click here

From: http://www.pcworld.com/article/2034133/industry-group-attacks-eu-plans-to-overhaul-copyright-enforcement-law.html#tk.rss_all

From: http://feeds.foxnews.com/~r/foxnews/world/~3/aRWrPKH9NSA/

Cyprus president to ask EU for more help

April 12, 2013 Bartle Doo Leave a comment

Cyprus‘ president says he will ask the European Union to provide more help to the crisis-hit country, which has to pay for most of its 23 billion euro ($30 billion) bailout.

President Nicos Anastasiades said Friday that he will send letters to EU Commission President Jose Manuel Barroso and EU Council chief Herman Van Rompuy telling them of the “need for a change of EU policy” toward Cyprus by offering additional assistance.

Anastasiades didn’t specify what kind of help he will seek.

Cyprus has seen its share of the bailout cost swell to 13 billion euros according to a draft document by its creditors — the European Commission, the European Central Bank and the International Monetary Fund. That’s almost double what it was initially meant to pay.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/H1C5LdQg7z0/

Cyprus bailout swells to $30 billion

April 11, 2013 Bartle Doo Leave a comment

A draft document by Cyprus‘ international creditors shows the island nation will have to take on the lion’s share of the measures needed to avoid the nation’s bankruptcy.

The draft document, obtained by The Associated Press Thursday, says the restructuring imposed on Cyprus‘ financial system, including heavy losses on large bank deposits, additional taxes, privatizations and a part-sale of the central bank’s gold reserves are expected to net 13 billion euros ($17 billion).

The country’s international creditors — the European Commission, the European Central Bank and the International Monetary Fund — are set to grant the Mediterranean island nation a 10 billion euros ($13 billion) rescue loan package. Cyprus — a member of the 17-nation eurozone — was initially expected to contribute only 7 billion euros to the bailout package.