Two more proxy advisers back Harbin Electric CEO’s
On Monday, Harbin got support for the deal from proxy adviser Institutional Shareholder Services (ISS).Harbin CEO Tianfu Yang, along with private equity firm Abax Global Capital, had made the $24 per share offer to take Harbin private last October.The company has been a target of short-seller Citron Research, which has been raising questions about the deal and past activities of CEO Yang.A meeting of Harbin Electric shareholders to consider and vote upon the proposal to adopt the offer will be held on October 29.Harbin’s shares closed at $22.44 on Monday on Nasdaq.
ACÇÕES PORTUGAL-PSI20 fecha em queda c/Europa, após declarações ministro alemão
O ministro das Finanças alemão, Wolfgang Schaeuble, referiu que no próximo Conselho Europeu
de 23 de Outubro não deverá ser apresentada uma solução final para combater a crise da dÃvida
soberana da Zona Euro, ao contrário do que era esperado pelos mercados.”Os polÃticos europeus gostam de fazer declarações grandiosas sobre apoiar o euro e conter a
crise. Mas agora dão-se conta que o detalhe é um pouco mais complicado e que a solução poderá
não satisfazer os mercados”, afirmou Daniel McCormack, estrategista da Macquarie.* Nos EUA, o Ãndice Nasdaq cai 0,96 pct e o Dow Jones perde 1,23 pct,
penalizados pelos comentários do ministro das Finanças alemão e pelos resultados do Wells Fargo
que falharam as previsões de Wall Street.* O PSI20 cai 1,38 pct para 6.002,63 pontos, com 13 quedas e sete subidas, tendo-se
negociado 41,2 milhões de acções ou 64,6 ME, na NYSE Euronext Lisbon .* Na banca, o BES caiu 4,76 pct para 1,80 euros, já o Banif ganhou 0,54 ct para
0,375 euros, o BPI subiu 0,92 pct para 0,659 euros, o Millennium bcp ganhou
0,59 pct para 0,171 euros.* A Galp Energia desvalorizou 3,09 pct para 14,45 euros, a EDP desceu
1,79 pct para 2,42 euros e a Portugal Telecom recuou 1,22 pct para 5,245 euros.* O euro cede 0,91 pct para 1,3759 dólares, a reflectir os comentários do ministro
das Finanças alemão.* O contrato do barril de brent para Dezembro LCOc1 cai 1,25 pct para 110,83 dólares e o
de crude para Novembro CLc1 desce 0,38 pct para 86,48 dólares.
(Por PatrÃcia Vicente Rua; Editado por Filipa Cunha Lima)
FX OUTLOOK-Euro heads for best week since Jan; rally may fade
* U.S. dollar index heads for worst week since May, 2009By Wanfeng ZhouNEW YORK, Oct 14 (Reuters) - The euro headed for its best
week in nine months against the dollar on Friday on optimism
that European leaders would take bold steps to tackle the debt
crisis, but a lack of concrete actions could limit further
gains.Group of 20 finance ministers and central bank chiefs began
a two-day meeting in Paris on Friday, a day after the euro
zone’s 17 member nations completed their approval of the
expansion of the region’s bailout fund.Hopes that officials will agree on the outlines of a plan
in time for a European Union summit on Oct. 23 boosted the
euro. Discussions that China, India and other fast-growing
economies might bolster the capital base of the International
Capital Fund to help rescue Greece further lifted sentiment.That lifted the common currency to a one-month high just
beneath $1.39. In the near term, analysts said momentum traders
could still push the euro a bit higher, though it remained
fragile and may hit a top ahead of $1.40 in the coming days.”A lot of this is a short-covering rally,” said Mark
McCormick, currency strategist at Brown Brothers Harriman in
New York.Even though there’s positive news from the G20 and optimism
that European policymakers would take bold actions, “there’s
still a lot of time in between when these things are announced,
when these things can be enacted, and when they can be put in
place to actually forestall further contagion,” he said.The euro touched a session high of $1.3895 on
trading platform EBS. It was up 3.5 percent on the week, on
pace for its biggest weekly rise since mid-January.Data from the Commodity Futures Trading Commission showed
Friday that speculators reduced bets against the euro, as they
slightly boosted long positions in the U.S. dollar.Talk that the European Central Bank was buying Italian and
Spanish debt also helped lift the single currency off an
earlier low of $1.3723.SPAIN DOWNGRADEStandard & Poor’s cut Spain’s credit rating, underlining
the challenges facing euro zone officials to contain the debt
crisis. Fitch put a number of European banks on review for
possible downgrades.Greek Finance Minister Evangelos Venizelos pledged to pass
sweeping austerity measures in parliament next week, declaring
that Greece was in a “fight for our existence.”Inspectors from the European Union, International Monetary
Fund and European Central Bank said they would recommend
releasing an 8 billion euro tranche of aid that Greece needs to
keep paying its bills past mid-November. But they warned that
the country was slipping behind on its targets.Avery Shenfeld, chief economist at CIBC World Markets, said
for now, hopes that Greece will receive loans and steps to
expand the European Financial Stability Facility (EFSF) have
calmed market jitters.But he added: “an actual plan will be tougher to deliver,
and the Greek issue will return as that country inevitably
fails to meets its new targets. A default on Greek debt still
leaves risk that investors will refuse to fund Spain or Italy,
countries that the current EFSF isn’t large enough to bail
out.”Against the yen, the dollar rose 0.5 percent to 77.22 , after hitting 77.45 on EBS, near a one-month high
set on Wednesday. On the week, the dollar gained 0.6 percent.An increase in risk appetite hurt the safe-haven dollar,
which slipped 0.5 percent against a basket of currencies . The dollar index was on track for a weekly loss of 2.6
percent, the biggest since May 2009.Earnings releases next week from U.S. companies, including
Citigroup , Goldman Sachs and Apple could
also affect the euro’s performance, which has closely tracked
investors’ appetite for stocks and other risky assets.
UPDATE 1-Pirelli says to invest up to $500 mln in Argentina
* Further $200 million planned if market is favorableBUENOS AIRES, Oct 13 (Reuters) - Italy’s Pirelli ,
the world’s fifth-largest tire maker, plans to invest up to
$500 million to build a new plant in Argentina, government and
company officials said on Thursday.Pirelli will invest $300 million through 2014 to build the
radial truck tire factory, with a further $200 million
earmarked for expanding capacity if market conditions are
favorable, a company spokesman said.The investment in Latin America’s No. 3 economy was
included in an industrial plan announced by the company late
last year, the spokesman said, but the project was presented to
government officials on Thursday.The move to boost production in Argentina, where growing
grains harvests are sent to port by truck, is part of Pirelli’s
strategy to expand into fast-growing emerging markets.Pirelli, which already has a factory near Buenos Aires,
estimates that its revenues in Argentina will rise 40 percent
this year to $500 million.The new radial truck tire factory would initially produce
700,000 units per year, with the second phase lifting that to a
potential 1.4 million units.
