Qatar investment fund Qatar Investment Authority (QIA) is negotiating to acquire a strategic share of the National Bank of Greece (NBG) – the largest commercial bank in Greece and the owner of the Bulgarian United Bulgarian Bank (UBB), it is clear from the information to Financial Times. Familiar with the negotiations said that the state investment fund QIA, through its subsidiary Qatar Holding, will acquire between 5% and 7% of NBG for about 250 million. The deal is part of the investment strategy of the Fund for the purchase of shares below 10% in financial institutions. The acquisition will help restore confidence in the Greek banking system is under serious pressure from the debt crisis in the country, said the publication. Last week, Greek Prime Minister Georgios Papandreou in Athens urged banks to consolidate, stressing that “industry must take strategic decisions to remain competitive. In an interview with Canadian TV Papandreou announced that investment funds interested in acquiring shares in Greek banks. According to sources, the Financial Times the deal is firm Morgan Stanley. QIA owns 4 percent of the Greek Alpha Bank – the third largest bank in Greece – which the Fund acquired through a holding company before the debt crisis.
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The largest company producing soft drinks in the world – the U.S. Coca-Cola, announced profit growth of 19 per cent in the first quarter. That has contributed to the strong performance of the company’s products on foreign markets. This is offset significant cost savings to American consumers because of the crisis. Profits of Coca-Cola for the quarter to April 2 at the rate of 1.61 billion dollars, or 69 cents a share, compared to a profit of 1.35 billion dollars, or 58 cents a share for the same period last year. Company revenue rose 5 percent to 7.53 billion dollars. The results of Coca-Cola are among the few who were below the expectations of market analysts for major companies in the U.S.. The forecasts were for earnings of 75 cents per share on revenue of 7.72 billion dollars, transmits AP. Most improved results of Coca-Cola in Eurasia and Africa, where sales volumes increased by 11 per cent. Surge in India is 29 per cent, while in Turkey – 11 per cent. Double-digit growth was achieved even in Russia, Egypt, Brazil, Vietnam and the Philippines.
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The adoption of the euro Czech Republic is unlikely before 2015 and depends on the condition of state finances, said Governor of the Czech National Bank Zdenek Toumani. He said adopting the common currency of the European Union a question of political will and political decision. Republic remains a problem to maintain a budget deficit below 3 percent, according to the Maastricht criteria, the data show. Last year the country reported 6.6 percent of GDP deficit. The outlook for this year the Czech Ministry of Finance for 5.3 percent and the Czech National Bank – 5.6% respectively. Adoption of the euro before 2015 was mission impossible and Czech experts and politicians. The second problem facing the Republic is the retention rate of exchange for the country to be able to enter the system ERM II. As regards the other Maastricht criteria the country is in good condition. Last year, government debt was 35.6 percent of GDP.
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UniCredit Securities investment company increased the estimated price of the shares of Russian oil and gas campaigns between 15 and 83% reported Russian magazine “Finance”, referring to the surveillance report of UniCredit. From the big oil companies and gas sector is the largest projected increase in the share prices of LUKoil – 30% (in current dollar price of 60.6 dollars per share, is estimated 78.07 dollars). The estimated price of Gazprom shares is 6.82 dollars per share (6.14 in current dollars) of Rosneft – 9.53 dollars per share (8.59 in current dollars), the TNK-BP – 1.81 dollars per share (1.76 in current dollars) of Surgutneftgaz – 1.36 dollars per share (0.91 in current dollars). The Review notes that one of the main reasons for the increase in forecast prices of the shares of oil and gas sector in Russia is the decrease in risk-free interest rates and premiums for the acquisition of state shares. Moreover, UniCredit Securities increased its recommendation on shares of Lukoil from “hold” to “buy” but Rosneft – from “sell” to “hold”.
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The Industrial company 3M Co, which produces over 55 000 different products, reported third-quarter profit that surpassed analysts’ expectations. Net profit for the third quarter of 3M is 957 million dollars or 1.35 dollars per share in earnings per share of 1.41 dollars for the same period last year. If you exclude certain one-off effects, profit of the company is 1.37 dollars per share, the average Wall Street expectations were for earnings of 1.17 dollars per share. 3M sales fell by 5.6 percent annually to 6.2 billion dollars. Since the beginning of the conglomerate in 2008 was shortened 5 800 jobs in order to optimize the cost. 3M’s shares started today’s session of the New York Stock Exchange to rise from 38 cents to 76.33 dollars. Since the beginning of the year they rose by 33 per cent. While 3M raise profit forecasts for the entire 2009 years of 4,5-4,55 dollars per share. The company’s previous forecast was for profit of 4,1-4,3 dollars per share.
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Despite his criticism to the U.S. dollar, China is still eager to absorb American government bonds. This actually made for other foreign and U.S. investors, who expect low inflation even if the depreciation of the dollar. Since the beginning of the year, foreign investors have swallowed 43.1 per cent of those issued by U.S. government bonds worth 1.41 trillion. dollars. For comparison, last year foreigners lost 27.1 percent of emissions, which were up 527 billion dollars. Currently 15 percent retreat dollar index against the tip of 4 March does not disturb the auction, organized by the Treasury of the United States, transmit Bloomberg. This indicates that the fund-managers are confident in the soundness of the dollar, as inflation expectations remain fairly low despite the high money supply. Since the beginning of the year the position of China in U.S. government bonds has risen by 10 percent and now exceeds 800 billion dollars. Only in July did the country has made purchases worth 24.1 billion dollars.
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The Eight major banks are already with profits in the U.S., which reported earnings in the second quarter of 2009 today to the group, which fell safe as Goldman Sachs and JP Morgan Chase joined Bank of America and Citigroup. The Bank of America reported profits of 3.2 billion dollars during April-June (or $ 0.33 per share) and revenues amounted to 33.1 billion dollars, which is 60 percent more. The results were better than expectations, according to which profits should be between 0.28 and 0.29 dollars per share. Last year in the second quarter was 0.72 dollars per share (or profit amounted to 3.41 billion dollars). The Net income of Bank of America for the period April-June increased by 9 percent to 11.9 billion dollars. Furthermore, the Bank announced that during the second quarter expanded loans to more than 211 billion dollars. Treasury announced that it added reserves (provisions) for credit losses amounted to 13.4 billion dollars. Citigroup results show a net profit of 3.1 billion dollars for the second quarter of 2009, or earnings of 0.49 dollars per share (compared to a loss of 0.55 dollars per share or net losses of 2.5 billion dollars in the second quarter of 2008 ). Bank earnings have amounted to 29.97 billions USD revenues to 17.54 billion dollars for the prior year.
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A meeting between Russia and Ukraine through the European Union will be held on July 17, said Spokesman of the European Commission Mark Gray, quoted by Reuters. He emphasized that the initiative of the European Commission. The first meeting in this Chamber was in Brussels on June 29. After her release in the popular European Commission said that a meeting is negotiating to provide loan for Ukraine to pay its debt for Russian gas. The document stresses that progress is made. Later in the Russian press appeared information that international lenders consider the ability to provide loans amounting to half the amount necessary for Ukraine to solve problems with accumulation of gas in its gas storage. Ukraine asked the European financial structure can be assured its 4.2 billion dollars.
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It is expected to sell the most profitable assets to the newly formed General Motors Company, where the governments of the United States and Canada have more than 72 percent participation to end today, said an official representative of the Ministry of Finance in the United States wanted to remain anonymous, cited by Bloomberg. Down GM in Detroit this morning to discuss plans for future operation of the company. There will be new views of the manufacturer of the product and changes in management. It is expected that the company veteranat Bob Luts, who was expected to retire this year, to be held in the managing authority. The transfer of assets to the new company gives the green light to GM to end production of brandove which are emblematic for the company to lay off nearly 6 Hill jobs and close 16 plants. Earlier the company’s CEO Fritz Henderson said it would reduce the management of more than one-third to accelerate decision-making.
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