my]
Abstract#
ここには、以前から、Financial Times誌を読んで、気になったことについて、自分のメモ的に書いてきたものがあります。ここで起きた経済のニュースの裏には、さまざまな意思決定がなされているのだと思います。その意思決定は、どのような情報をもとに判断されてきたのか、今は、そこに興味があります。これから勉強していきます。 I'd like to write things related economy quoted mainly from FT
.
Topic#
- Severe situation for US car*maker
| According to FT in 4 Aug 2008, GM posted $15.5bn lose for this quarter. Share price fell 7.59% to $10.23. Not only GM but also Toyota and Ford decrease their sales. The demands for the cars especially for gasoline car are declining. GM seems to be in a situation that they cannot afford to plan to catch up with electric car development. Investors concerned this situation very much. |
- Kraft Foods earning rise instead of price increase
| According to FT in 29 July 2008, Kraft Foods, the largest food maker in the US, increased 7% their revenue and 9% their share price in this quarter, instead of price increase. Like any competitors, because of high price of ingredients such as wheat, Kraft Foods' earning declined at the first quarter. The company had many struggle to solve the problems, and succeeded high margin and low price of their products. I want to know what they do to solve the problems and succeed. |
- The biggest decline of the stock per day from 2000
| According to FT in 28 July 2008, the biggest decline of share price per day was recorded in 24 July 2008. Washington Mutural, Fannie Mae, Freddie Mac, Merrill lynch, Lehman Brothers, City Group and JP Morgan had 5.9 * 23.4 per cent decline of their share price. The reason of this big decline seems to be that the big drop of home price and sales were released. |
- Banks had been damaged by accounting rule change
| According to FT in 8 July 2008, US banks lost profit which was gotten by an accounting rule which allows "mark to market" for bank's debt, by changing the accounting rule. The rule was accused by investors, analysts and credit rating agencies. |
- Create third alliance of flight?
| British Airline (BA) and American Airline (AA) are making a joint venture. it will include Iberia, which is Spanish airline company. The joint venture seems a kind of alliance such as Star alliance and Sky*team alliance. This joint venture is strong for transatlantic aviation market. The triggers of this joint are three things. One is record fuel costs. Second is weakening economies. Third one is the most important that is the impact of the “open skies” treaty agreed last year between the US and the European. |
- Average share price in US is declining very much.
| It got down 20% from recent peak. It affected bad results to various fields such as material, industry, transport, financial, carmaker, costumer service, technology. Excepts are just few examples such as starbucks, yahoo, Dell. |
- Starbucks will close 600 US stores.
| According to FT in 2 July 2008, Starbucks which operates 7000 stores across the U.S. will close 600 US stores. It will cost $300m. Starbucks have expanded over*rapidly their stores to various locations in the US. About 70% stores have been opened for this 2.5 years. However US economy has been progressed less than expected, so Starbucks seems to have some less profitable stores. |
- The sales of car in the US recorded the worst in the decade.
| According to FT in 1 July 2008, Detroit car sales set to be the worst since 1990s. The high oil price and house hold budget dulled the people's purchase and change people's interests from large cars to small compact cars. Detroit's three big car company, GM, Ford, Chrysler tend to change their capabilies to production from large to small. |
- London Stock Exchange's dark pool.
| According to FT in 26 June 2008, London Stock Exchange (LSE) has a dark pool. "Dark pool" is off public market which the traders such as bank and hedge fund can trade large block of share in secret. Individual investors usually cannot take part in the market. The competition between exchanges such as NYSE Euronext and Chi*X is getting severe. LSE seems to want to get diversify its own revenue base. |
- The beef trade between US and South Korea
| According to FT in 23 June 2008, US and South Korea have not resume the beef trade yet; because the two countries have not gotten the trade agreement. The two countries once reached an agreement that cow of all ages could be imported to South Korea. Because of the intensive public outcry for health, the South Korean government had to reconsider the agreement. Their new requirement is that the cows which are less 30 month age can be allowed to import. US government is protesting the new requirement, because they believe all age cows have no danger from world scientific standard. |
- Transatlantic deal of tankers
| According to FT in 19 June 2008, a big refuelling tanker deal between the US Air Force and EADS, which is a big aerospace company in Europe, was reopened; because The Government Accountability Office (GAO) agreed with Boeing that there were flaws in the process used to choose EADS and Northrop Grumman, its US partner, over their Chicago*based rival. This can affect the bad relationship between US and EU; because it can seem that US government disturbed the European company to get the contract of the US Air force without clear reason. |
- アメリカで洪水？
| 2008年6月18日のFTによると、アメリカ（アイオワ、イリノイ）でここ15年で最悪の洪水に見舞われているたしい。These regions are famous for places of productions of corns and soybeans; therefore これにより、食料の価格が更に上がるだろうといわれている。 |
- Wall Streetでインサイダー取引が目立っているらしい
| 2008年6月4日のFTによると、SEC （the US Securities and Exchange Commission）の実施責任者であるリンダさん（Linda Chatman Thomsen）曰く、今のWallストリートでは、1980年代のIvan Boeskyという人がいたころのようにインサイダー取引が横行している。由々しき事態だとのこと。モルガンスタンレーのコンプライアンス関係の人とかUBSの幹部が絡んでいた例もあるらしい。難しい問題だ。投資は、その人の持っている情報に基づいて、実施されるもので、如何に早く正確な情報を手に入れるかがキーとなる。情報を握っている人は意識して気をつけてないとすぐリスクをおいそう。自社株は持たないほうがいいのかな。 |
| ２００８年５月３１日のFTによると、メリルリンチ系の資金運用会社のBlackRockがスイス系のUBSから不良な負債を買った！？その裏には、クウェート政府系のファンドがついているとか。で？何が何だか。（Ref：Financial Times. http://www.ft.com） |
- 中国の農業政策
| 中国が自国の食料の安全な確保のため、自国の農業という産業の海外進出を推し進めておく政策を考えているらしい。具体的には、国内の農業会社にアフリカや南アメリカなどへの海外進出を促すとか。実は、あれだけ広そうに見える中国でさえ、大豆の輸入が増えていたりするらしい。また、食料の価格も上がっているとか。現地の労働力とどう付き合うか、環境問題にきちんと配慮するのかが気になるところ。同じような動きが中東の石油輸出国にもあるらしい。日本は、このような政策を立てているのだろうか？（Ref：Financial Times. http:__www.ft.com） |
- アジアでのインフラ投資が熱い？
| モルガンスタンレーというアメリカの超ビックな、証券会社がFUND（private equity fund）を立ち上げて、アジアのインフラ投資に熱心になっているとのこと。今後、インフラの改善のニーズが巨大な市場になると予測しているらしい。（Ref：Financial Times. http:__www.ft.com） |
| Mergers and Acquisitions、（合併と買収） |
| 石油関連 |