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Intel posts 3 billion dollar quarterly net profit

In Uncategorized on October 13, 2010 at 8:09 am

 US computer chip giant Intel posted a quarterly net profit of nearly three billion dollars on Tuesday and record revenue of more than 11 billion dollars.

Earnings per share of 52 cents were slightly better than the 50 cents expected by Wall Street analysts.

Revenue rose 18 percent during the quarter ending September 25 to 11.1 billion dollars, roughly what the company forecast in August when it slashed its third quarter revenue outlook due to lower demand for computers.

Intel, the world’s biggest manufacturer of computer chips, said it expected revenue of 11 billion to 11.8 billion dollars during the current quarter.

The Intel logo is displayed outside the firm’s offices in Santa Clara, California

Intel shares were up 0.91 percent at 19.95 dollars in after-hours electronic trading.

“Intel’s third-quarter results set all-time records for revenue and operating income,” Intel president and chief executive Paul Otellini said.

“These results were driven by solid demand from corporate customers, sales of our leadership products and continued growth in emerging markets,” Otellini said in a statement.

“Looking forward, we continue to see healthy worldwide demand for computing products of all types and are particularly excited about our next-generation processor, codenamed Sandy Bridge, and the many new designs around our Intel Atom processors,” he said.

In a conference call with financial analysts, Otellini said Sandy Bridge represented the “largest increase in computing performance in our history.”

“Early demand is much higher than anticipated,” he said.

Otellini also said he did not expect tablet computers such as Apple’s iPad and upcoming devices running Google’s Android platform to significantly impact personal computer sales.

“Sure, at the margins they probably will, we saw the same things with netbooks,” he said.

“But three years later, both the PC and netbook markets have grown,” the Intel chief said. “In the end, the tablet category will be additive to our bottom line and not take away from it

“We think that tablets are exciting and we fully welcome their arrival,” he said.

Source: SGGP

Germany posts record growth in second quarter

In Uncategorized on August 13, 2010 at 11:22 am

FRANKFURT (AFP) – Germany posted its best quarterly growth since reunification in 1990 on Friday, with one economist saying it was “in a league of its own” as other leading nations showed signs of slowing down.

The German economy, Europe’s biggest, thundered ahead at a rate of 2.2 percent in the second quarter from the previous three-month period, and 4.1 percent from the second quarter of 2009, the national statistics office said.

(AFP file) Construction cranes work in Berlin, 2007.

“The recovery of the German economy, which lost momentum at the turn of 2009/2010, is really back on track,” the Destatis office said. “Such quarter-on-quarter growth has never been recorded before in reunified Germany.”

Elsewhere, major economies in North America and Asia are showing signs of slowing down while the 16-nation eurozone might see better than expected figures in the third quarter too.

ING senior economist Carsten Brzeski said Germany was “playing in a league of its own.”

Destatis also revised the first quarter growth figure higher to 0.5 percent from an initial estimation of 0.2 percent, the rate seen at the end of 2009.

After suffering its worst post-war recession in 2009, “we are now experiencing XL growth,” Economy Minister Rainer Bruederle said.

Analysts polled by Dow Jones Newswires had forecast a second-quarter rise of 1.4 percent and an annualised gain of 2.6 percent.

The record figure is especially notable as fears grow that the United States and now China, the Asian powerhouse, are showing distinct signs of slowing, raising questions about the overall global recovery.

But while Germany normally relies on exports to underpin growth — it is the second biggest exporter worldwide after China — “household and government final consumption expenditure contributed to GDP growth, too,” Destatis said.

“Structurally in a much better shape than many other industrialized countries, it was just a matter of time before the German economy would pick up further speed,” Brzeski said.

UniCredit counterpart Alexander Koch said Germany had “put the pedal to the metal” in the second quarter, and added that “the massive rebound in the spring GDP figures impressively confirms the revival of the German business model.”

Barclays Capital senior economist Julian Callow said the latest figures put Germany “on track to grow around three percent or even slightly more for this calendar year, significantly stronger than our prior estimate.”

For the full eurozone, European Central Bank president Jean-Claude Trichet said last week: “We consider that both the second quarter and probably the third quarter are likely to be better than we had anticipated.”

Source: SGGP

Japan’s economy posts strongest growth since 2007

In World on November 16, 2009 at 9:16 am

TOKYO, Nov 16, 2009 (AFP) – Japan’s economy grew at its strongest pace in more than two years in the latest quarter, smashing market forecasts and extending a recovery from the worst downturn in decades, data showed Monday.

Shoppers cross road at Tokyo’s Ginza district on November 16, 2009 (AFP photo)

The world’s second largest economy posted a second straight quarter of positive growth as it emerges from a severe year-long recession on the back of rebounding exports and the government’s massive stimulus spending.

The economy expanded 1.2 percent in July-September from the previous quarter — 4.8 percent on an annualised basis, the government reported. It was the best performance since January-March 2007 and about twice as fast as expected.

“Positive growth will continue in the fourth quarter,” said RBS Securities economist Junko Nishioka.

“As long as fiscal stimulus effects continue and overseas demand remains stable, we think the likelihood of a double-dip in the economy is low.”

Exports soared 6.4 percent quarter-on-quarter in July-September, while corporate capital expenditure rose 1.6 percent and household spending went up 0.7 percent.

The rebound follows a brutal contraction in Japan’s export-led economy, which suffered double-digit annualised contractions in both the last quarter of 2008 and the first quarter of 2009.

Analysts said the strong performance was also partly due to a temporary boost from corporate inventory restocking and warned the fourth quarter’s growth was unlikely to be so stellar.

“Although the GDP figure is really strong, we need to discount the positive contribution made by private inventories because it’s not sustainable,” said Kyohei Morita, chief Japan economist at Barclays Capital.

The upbeat report followed news Friday that Europe crawled out of recession in the third quarter.

Japan sank into recession in the second quarter of 2008 as the global economic downturn battered demand for its cars, electronics and other exports.

The economy returned to positive growth in April-June this year, expanding 0.7 percent quarter-on-quarter, but there are concerns the recovery could lose steam as the boost from the government’s pump-priming efforts fades.

With the ageing and shrinking population dimming the outlook for consumer spending, Japan remains as dependent as ever on foreign markets to drive growth, although the new government has pledged to stimulate domestic demand.

Renewed deflation is seen as a threat to the recovery, with the central bank predicting three straight years of falling consumer prices.

Most data, however, have painted a picture of an economy that is slowly getting back on its feet, with the unemployment rate falling to 5.3 percent in September and factory output rising for a seventh straight month.

“Global financial markets have increasingly been showing signs of improvement, and the global economy has started to pick up,” Bank of Japan governor Masaaki Shirakawa said in a speech to a financial forum Monday.

The BoJ announced last month it would wind down some of its emergency stimulus measures, but held its key lending rate at 0.1 percent and pledged to continue a highly stimulative monetary policy.

“Clearly, Japan will be the last major economy to raise interest rates,” said Societe Generale’s chief Asia economist, Glenn Maguire.

“It would be silly for the Bank to even consider raising rates over the course of 2010, unwise over the course of 2011, and most probably imprudent over the course of 2012,” he added.

Source: SGGP Bookmark & Share

HSBC joins Vietnam Posts Corporation in providing banking services

In Uncategorized on August 26, 2008 at 2:35 pm

HCM City (VNA) – The Vietnam Posts Corporation (VNPOST) and HSBC will cooperate in providing banking services following a memorandum of understanding (MoU) signed in Ho Chi Minh City on August 26.

Under the MoU, VNPOST, via its nationwide network of post offices and subsidiaries, will provide collection and payment services for individuals or organisations having accounts at HSBC, raising HSBC’s total collecting points in Vietnam to 20,000.

VNPOST and the Hong Kong-Shanghai Banking Corporation (HSBC) will also seek opportunities to cooperate in offering inward and outward remittance services.

The MoU also includes agreements on marketing partnership, information exchange, and HSBC’s assistance to VNPOST in personnel training.-

Cambodia: FUNCINPEC not to hold ministerial posts

In Uncategorized on August 12, 2008 at 1:40 pm

– Ministerial posts in a coalition government between the Cambodian People’s Party (CPP) and the FUNCINPEC party will be held by CPP’s members, said Cambodian government’s spokesman Khieu Kanharith.

Speaking on his website, spokesman Khieu Kanharith, who is also Cambodian Minister of Information, added that the new government may establish one more ministry, the Ministry of Finance, bringing Cambodia’s total ministries to 27.

The new government will also appoint at least one more secretary as well as under-secretary at each ministry, the spokesman said, adding that there will be at least four FUNCINPEC members to be chosen as secretaries at the ministries.

FUNCINPEC General Secretary Nhiek Bun Chhay is expected to be re-appointed the deputy prime minister.

The National Election Commission (NEC) announced on August 9 that the CPP captured 90 of the 123 seats in Parliament while Sam Rainsy Party (SRP), 26; Human Rights Party (HRP), 3; and Norodom Ranariddh Party (NRP) and FUNCINPEC, each having 2.-