Hong Kong stocks fell as Spain’s credit rating was cut, Credit Suisse Group AG reduced its outlook for China’s economy and economic reports in the U.S and Europe added to concern the global economy is slowing.
Esprit Holdings Ltd. (330), a clothier that gets most of its sales in Europe, plunged 11 percent as it resumed trading after dropping the most in 15 years yesterday. AAC Technologies Holdings Inc., a maker of miniature acoustic components that gets more than a quarter of its revenue from Europe, slid 2.3 percent. China Minsheng Banking Corp., the nation’s first non- state lender, fell 0.8 percent after Credit Suisse cut its economic growth forecast for the country for this year and next.
“Equities investors are looking for signs of a growth surprise,” said Khiem Do, Hong Kong-based head of Asian multi- asset strategy at Baring Asset Management Asia Ltd., which oversees about $10 billion. “Growth surprises around the world are not frequent these days so that’s why it has put a cap on any value in the market.”
The Hang Seng Index (HSI) slid 0.6 percent to 18,917.30 as of 1:04 p.m. local time, paring yesterday’s 0.8 percent gain. About three stocks fell for every two that rose in the 49-company gauge. Volume on the index was 37 percent below its 30-day average, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index of mainland stocks fell 0.7 percent to 9,589.51.
The Hang Seng Index fell 12 percent through yesterday from a high this year on Feb. 29 amid concern Greece’s financial crisis is jeopardizing the future of the euro and amid signs that the economies of China and the U.S. are slowing. Shares on the Hang Seng Index traded at 9.8 times estimated earnings on average yesterday, compared with 12.6 times for the Standard & Poor’s 500 Index and 10.1 times for the Stoxx Europe 600 Index.
Esprit Departures
Esprit fell 11 percent to HK$9.43, extending yesterday’s 22 percent loss. Its chairman quit within 24 hours of the chief executive officer’s resignation. The fashion brand left the financial community in the dark on the resignations and succession plans. Chief Executive Officer Ronald Van der Vis quit June 12 and the Hong Kong-based company reported the departure of its chairman a day later.
“The moves could lead to questions regarding whether there are issues with the operation/accounts or there is a power struggle among the management team and the board,” Anne Ling, an analyst at Deutsche Bank AG, said in a note to clients.
Spain’s credit rating was downgraded three steps to Baa3 from A3 yesterday by Moody’s Investors Service, citing the nation’s increased debt burden, weakening economy and limited access to capital markets. Euro-area industrial production declined for a second month in April, led by a drop in Germany.
Financial Stocks
AAC fell 2.3 percent to HK$23.40. Hutchison Whampoa Ltd., a port operator controlled by billionaire Li Ka-Shing that gets about half its sales in the Europe, fell 1.1 percent to HK$63.55. Standard Chartered Plc, a London-based bank, fell 0.4 percent to HK$164.80.
Financial stocks led declines in Hong Kong after Credit Suisse cut China’s economic growth forecast for 2012 to 7.7 percent from 8 percent and for 2013 to 7.9 percent from 8.2 percent. The Hang Seng Finance Index (HSF) fell 0.7 percent.
China Minsheng fell 0.8 percent to HK$7.27. Bank of East Asia Ltd., which gets about 41 percent of its revenue from China, declined 0.8 percent to HK$25.55.
Retail sales in the U.S. fell in May for a second month, prompting economists to cut forecasts for economic growth as limited job and income gains hold back consumers. The 0.2 percent decrease matched April’s drop that was previously reported as a gain, Commerce Department figures showed yesterday in Washington.
Futures, Volatility
Li & Fung Ltd., a supplier to Wal-Mart Stores Inc., retreated 2 percent to HK$14.94. Techtronic Industries Co., a power-tools maker that relies on North America for almost three quarters of its sales, slid 2.4 percent to HK$9.15. Yue Yuen Industrial Holdings Ltd. (551), which makes shoes for Nike Inc., fell 3.5 percent to HK$23.80.
Hang Seng Index futures expiring this month slid 0.1 percent to 18,916. The HSI Volatility Index (VHSI) gained 2.8 percent to 27.11, indicating traders expect a swing of about 7.8 percent in the benchmark index during the next 30 days.
To contact the reporters on this story: Eleni Himaras in Hong Kong at ehimaras@bloomberg.net; Crystal Chui in Hong Kong at tchui4@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
Auctus Rebus Financial Group Announces Game-Changing Legal Retainer Financing - msnbc.com
SAN ANTONIO, Texas, June 14, 2012 (GLOBE NEWSWIRE) -- via PRWEB - For attorneys across the United States, winning the most demanding of criminal or civil cases often pulls their clients out of legal trouble and into trouble with their finances. However, for the first time in the industry, Auctus Rebus Financial Group today announces their innovative legal retainer financing.
The program makes even the most expensive of lawyers an affordable reality, by allowing the attorney to offer affordable 3rd party financing of their fees to their clients.
Legal retainers up to $12,000 can be financed for up to a sixty month period. Using this model as a guide, a qualified client could easily finance an $8,000 retainer with no money down and repayments under $200 a month.
"Our game-changing legal retainer financing will allow attorneys to focus 100% on servicing their client's needs, rather than turning the relationship sour by chasing payments. It ensures that attorneys get paid quickly, and at a level that allows them to provide the best possible legal services," says Alex Brown, President of Auctus Rebus Financial Group.
Virtually all civil legal cases are eligible for the funding, as well as many first-time criminal misdemeanor cases. People with cases that do not qualify for immediate financing are able to provide a guarantor to ensure that they can afford only the best legal assistance when they need it the most.
Following the recent financial climate, Brown and his team have ensured that their funding remains open to many people, even with past financial problems.
"Credit score requirements are low because approvals are weighted highly on income and job stability. In fact people with FICO scores as low as 600 are often approved, and at interest rates that are lower than the average store credit card. In addition, all clients receive a 6 months same as cash promotion," he adds.
The company hopes that, by removing the heavy up-front financial burden associated with many of the country's top lawyers, people will be able to get the best level of legal assistance for their circumstances – regardless of cost.
The Financial Group is currently working with an expansive network of approved attorneys, with every legal professional urged to contact them for speedy approval.
"We don't want people to risk their case by using the wrong attorney. If you cannot afford your legal fees, ask your attorney to contact us today," Brown concludes.
For more information, please visit the official Auctus Rebus Financial Group website: http://www.auctusrebus.com
About Auctus Rebus Financial Group
Auctus Rebus Financial Group headquartered in San Antonio Texas provides financing, alternative financing and no credit needed payment plans for legal practices, medical practices and many other businesses.
Auctus Rebus Financial Group helps businesses and professional practices nationwide grow by making products and services more affordable. Auctus Rebus Financial Group is a highly rated member of the Better Business Bureau.
Media Contact
Alex Brown - President
info(at)auctusrebus(dot)com
888-890-8673
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2012/6/prweb9595653.htm
CONTACT: Auctus Rebus Financial Group Alex Brown info@auctusrebus.com 888-890-8673
© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved
Asian Stocks Drop on Spanish Downgrade, Europe Concern - Bloomberg
Stocks dropped and Spain’s bond yields rose to a euro-era record after the country’s credit rating was cut to one level above junk. Italian bonds fell before a debt sale, while metals advanced.
The Stoxx Europe 600 Index lost 1 percent at 9:50 a.m. in London and the MSCI Asia Pacific Index slid 0.5 percent. Standard & Poor’s 500 Index futures slipped less than 0.1 percent before data on U.S. jobless claims. The yield on Spain’s 10-year bond climbed to as high as 6.9 percent and the rate on Italy’s two-year note jumped 18 basis points. New Zealand’s dollar gained against all 16 of its most-traded peers. Platinum and gold advanced, while Brent crude added 0.2 percent before OPEC meets in Vienna to discuss production quotas.
Spain’s credit rating was lowered three steps to Baa3 by Moody’s Investors Service yesterday. Italy plans to sell as much as 4.5 billion euros ($5.7 billion) of three-, seven- and eight- year bonds after borrowing costs climbed at a sale of 12-month bills yesterday. Credit Suisse Group AG and Deutsche Bank AG cut China’s growth forecast as weakness in exports and in investment drag on the world’s second-biggest economy.
“Europe is sliding further into a recession and the global and U.S. economies are still slowing down,” said Shane Oliver, the Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion under management. “It’s still time for caution on the short-term view.”
BSkyB Tumbles
More than five shares declined for every one that gained in the Stoxx 600. A gauge of media companies dropped 1.1 percent as British Sky Broadcasting Group Plc (BSY) plunged 6.8 percent, its biggest tumble in 11 months, after winning the rights to screen 116 English Premier League soccer matches for 2.3 billion pounds ($3.6 billion). The U.K.’s largest pay-TV broadcaster paid 1.6 billion pounds for the package of games it won under the previous three-year deal.
BT Group Plc slid 3 percent after acquiring the rights to show 38 matches from the 2013-14 soccer season. Nokia Oyj (NOK1V) slumped 7.4 percent after cutting its earnings forecast for this quarter. Credit Suisse sank 4 percent as Switzerland’s central bank said that it must increase capital this year.
Spain’s two-year note yield surged 15 basis points to 5.06 percent and the cost of insuring against a Spanish default rose to within 10 basis points of a record, with credit-default swaps tied to the nation’s bonds climbing five basis points to 604, compared with an all-time high of 613.5 reached on June 1. A report showed borrowings by the nation’s banks from the European Central Bank rose to a record 287.8 billion euros in May from 263.5 billion euros in April.
German Bunds Drop
Italy’s two-year rate climbed 13 basis points. German bunds fell for a third day, sending the yield three basis points higher to 1.51 percent.
The MSCI Emerging Markets Index (MXEF) slid 0.5 percent after closing yesterday at its highest level since May 29. The Hang Seng China Enterprises Index (HSCEI) and the Philippine Stock Exchange Index lost more than 1 percent. Russia’s Micex Index slipped 0.5 percent. India’s Sensex Index fell 0.5 percent after inflation quickened more than economists estimated. The ISE National 100 Index gained 0.3 percent in Istanbul as JPMorgan Chase & Co. upgraded Turkish stocks to overweight from neutral.
U.S. futures were little changed before a Labor Department report at 8:30 a.m. in Washington that may show initial jobless claims slipped to 375,000 last week from 377,000 the previous week, according to 49 economists surveyed by Bloomberg News.
The yield on the 30-year Treasury bond rose two basis points to 2.73 percent before the government auctions $13 billion of the securities, the last of three sales this week totaling $66 billion. The 10-year yield also increased two basis points, to 1.61 percent.
Brent climbed to $97.30 a barrel as OPEC ministers are deciding output levels for the second half of the year. The Organization of Petroleum Exporting Countries will probably keep its output ceiling unchanged, three of the cartel’s delegates said. Platinum gained 1.5 percent on a possible strike in South Africa, the world’s largest producer. Gold rose 0.3 percent to $1,621.07 an ounce, the fifth consecutive advance.
To contact the reporters on this story: Stephen Kirkland in London at skirkland@bloomberg.net; Glenys Sim in Singapore at gsim4@bloomberg.net;
To contact the editor responsible for this story: Stuart Wallace at Swallace6@bloomberg.net
Stocks Fall on Spain Downgrade as Italy Bonds Lower After Sale
Angel Navarrete/Bloomberg
Visitors watch stock price movements on computer screens inside the Madrid stock exchange in Madrid.
Visitors watch stock price movements on computer screens inside the Madrid stock exchange in Madrid. Photographer: Angel Navarrete/Bloomberg
June 14 (Bloomberg) -- Tan Teng Boo, managing director of Capital Dynamics Asset Management Sdn., talks about global stocks and his investment strategy. He speaks in Hong Kong with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
Announcing New Google Plus (G+) and Google+ Local Training For Business “What … - YAHOO!
Google has converted 80 million Google Places pages worldwide into Google+ Local pages. Google+ trainers Yifat Cohen and Maya Mendoza launch new G+ and Google+ Local courses to teach business owners what they need to know and do to generate leads and increase profits.
Austin, Texas (PRWEB) June 14, 2012
Google Plus is rapidly & completely changing Search and the way people find things online. And as Google integrate all Google services into Plus (G+) the question for every business must be: What will this mean for your business?The latest change has seen the demise of Google Places. Google Places (Maps) has been a powerful Search & Reviews ally for companies looking to boost their local popularity. Now Google is taking the first step to eradicate millions of Google Places pages and morph then all into new Google+ Local pages.
Why is Google making these changes?
Maya Mendoza, Social SEO trainer and founder of Milagro Fusion Marketing said:
“This is Google's move to ramp up social integration. Fundamentally Google+ Local Pages for business are an evolution of Places pages with a more powerful and comprehensive system for customer and client reviews”
Google believe that the new Google+ Local will bring people more relevant and better trusted results from their search queries.
Mendoza continues “This really is quite an exciting shift and businesses can expect a lot more radical changes to come".
As with any update there are bugs and lingering issues as a result of the major update. It appears that the transition from Google Places into the new Google+ Local pages have left many Google business users in a state of confusion and disarray.
For business owners who use Google Places already and understand the power that it brings to local search this integration with Google+ Business Pages has generated both concern and excitement.
When asked how Google Places owners have responded to the changes Hangouts Host and G+GoTo Gal Yifat Cohen said:
"The main concern Google business users have expressed is that the changes came with no apparent warning. Many are worried about how Google+ Local will effect their search results and page rank and do not know what steps to take to maximise this opportunity."
Cohen continued "Although Google are promising increased merchant benefits from the new business rating system, and are planning to roll out many more helpful merchant features, this radical and sudden change to how they generate business has rocked the boat"
Both Cohen and Mendoza agree that the sudden switch over to Google+ Local pages raises a lot of questions for business owners. They have joined forces to bring effective Strategic Google Plus (G+) and Google+ Local Training & Services to their clients and a wider business audience across the USA and UK.
“The message that business can no longer afford to ignore the impact of social search is not getting across to people” says Mendoza “both Yifat Cohen and I are on a mission to help people get on board and benefit before their businesses get left behind”.
Business owners who wish to get more information about the upcoming trainings may register their interest by completing a short form at this Google Plus Training page
Patrick Tuttle
Milagro Fusion Marketing
443 807 8383
Email Information
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