Shares in media firm Nation Multimedia Group Pcl pushed higher amid hopes of an earnings turnaround and a possible dividend payout for the first time in eight years.
Nation shares were up 6.1 percent at 1.05 baht ($0.03) at the midsession break at 0530 GMT, putting them up 52 percent for the year, outpacing a 9.1 percent gain of the benchmark SET index.
Kasikorn Securities rated the stock outperform, with target price of 2 baht each.
"After a long and painful period, the group has fully recovered from the 1997 Asian financial crisis. Nation Multimedia Group's turnaround is mainly being driven by 2 units - Publishing and Broadcasting," the broker said in a report.
Kasikorn says the Nation's plan to clear its retained loss via a par reduction to 0.53 baht from 1.0 baht in August will allow the media firm to pay its first dividend since 2004, with a 100 percent payout possible.
1327 (0627 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)
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12:29 STOCKS NEWS THAILAND: True Corp up on mobile business outlook
Shares in True Corp Pcl TRUE.BK, owner of Thailand's third-biggest mobile phone network, rose as much as 1.7 percent after the company on Tuesday said it expects its mobile business to break even by the year-end, driven by growth in t hi r d-generation subscribers. (Full Story)
By 0525 GMT, True Corp shares were trading up 0.58 percent at 3.46 baht ($0.11). They climbed at one point to 3.5 baht, reversing a 1.2 percent decline in early trade and the combined 8.1 percent loss of the previous three sessions.
"This is quite an optimistic view compared to our projection and we are still uncertain... In the telecoms sector, we think AIS offers better fundamentals and we like it for high dividend payouts," said an analyst at KGI Securities.
True has risen 9.6 percent so far this year to Tuesday, underperforming a 26 percent gain by top mobile phone firm Advanced Info Service Pcl ADVA.BK. Second-ranked Total Access Communication Pcl DTAC.BK, gained 10.1 percent during the period.
1225 (0525 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.65 baht)
Spain begs for financial help to prop up its banks as the EU sets new plans to protect taxpayers' money - Daily Mail
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Spain has made an extraordinary plea for financial help to prop up its debt-laden bank amid concerns it is being shut out of credit markets.
Spanish Treasury minister Cristobal Montoro said high borrowing costs mean that Spain 'doesn't have market doors open' to it.
The request for aid comes as the European Union unveiled plans to stop taxpayers' money from being used to bail out failed banks.
Spain's treasury minister Cristobal Montoro (left) said markets' doors were closed to Spain while Prime Minister Mariano Rajoy (right) said Europe 'needs to support those that are in difficulty'
He added that a bailout for Spain would now be impossible, and the amount of money needed to prop up its troubled banking sector is estimated to be around €40bn.
He did not explain why a rescue would be impossible, but many analysts fear the size of the economy would stretch the resources of existing European rescue mechanisms.
Spain's economy represents 12 per cent of the eurozone's output - twice that of Ireland, Portugal and Greece combined.
The appeal from Europe’s fourth largest economy came as the G7 group of leading nations held crisis talks.
The ECB isn't likely to take any new steps when it meets on Wednesday, analysts say, even as anxiety builds over the deteriorating outlook for Europe's economy and banking system.
Indeed Herman van Rompuy, European Council president, will detail long term plans for eurozone integration that are not intended to deal with Spain's crisis.
The UK's treasury committee chairman, Andrew Tyrie, is expected to say that Greece should leave the euro.
He believes that the ECB cannot solve problems facing the country and plans need to be made for an orderly exit.
Spain, the fourth biggest economy in the eurozone, is set to put €2bn of bonds up for auction tomorrow, considered to be a key test for the country.
Mr Montoro urged the European Union to help recapitalise its debt-laden banks.
'The risk premium says Spain doesn’t have the market door open and that we have a problem in accessing markets when we need to refinance our debt,' he said.
There will be some relief for taxpayers when the European Commission unveils its proposals to make bank shareholders and creditors shoulder the burden of losses rather than taxpayers.
Cash injection: Santander chairman Emilio Botin says a relatively small figure of 32billion would be enough to prop up Spain's ailing smaller banks
It is hoped that this will prevent a run on the banks which could pull the entire system down. Spain's prime minister Mariano Rajoy echoed Mr Montoro's comments adding that Europe 'needs to support those that are in difficulty.'
He said: 'The most urgent and important thing is we have a problem of financing, of liquidity and of debt sustainability.'
Herman van Rompuy, European Council president, will detail long term plans for eurozone integration that are not intended to deal with Spain's crisis
A G7 source said Germany was pushing Spain to end its resistance to a rescue from the eurozone’s bailout fund.
Spain has been trying to gain direct aid without having to submit to the political humiliation of an assistance programme.
Meanwhile David Cameron will hold talks on Europe’s debt crisis with German Chancellor Angela Merkel in Berlin this week.
The chairman of Spain's largest bank said yesterday that the European Union could solve his country's financial problems by contributing 32billion to some of its most troubled banks.
The comments come ahead of a telephone conference between the finance chiefs of the G7 group of industrialised nations, which fear that Europe's failure to get to grip with its worsening financial position will drag on global recovery.
Emilio Botin, of Santander, said the prospect of a bailout for the nation's government would be 'bad for Spain', insisting instead on an injection of €40billion to such banks as Bankia, Catalunya Caixa and others.
The Spanish government has been trying to come up with a plan to recapitalise Bankia, the country's third-largest bank, after its management requested 15.4 billion from the government in May.
The cost of international bailouts so far amount is 69billion for Ireland, 63billion for Portugal and 236billion for Greece, leading to deep worries about the price of a Spanish lifeline.
EURO CRISIS POURS COLD WATER ON WORLD MARKET
Evidence that Europe's debt crisis is continuing to drag down world economies pushed stock markets lower today, ahead of the G7 conference call about the crisis.
U.S. officials have said Washington expects more action to strengthen the European banking system in the next two weeks before a meeting of the Group of 20 major economies in Los Cabos, Mexico, later this month.
Germany's DAX retreated one per cent to 5.922, while France's CAC-40 rose 0.4 per cent to 2,967. Markets in London were closed for a second day for the Queen's Jubilee celebrations.
The euro fell back 0.6 per cent to $1.2429.
U.S. markets also looked set to open lower. S&P futures fell 0.2 per cent to 1,271, while Dow futures edged down 0.03 per cent to 12,059.
Earlier in Asia, stock markets rose following a move by Chinese authorities to boost consumption.
Japan's Nikkei 225 index rose one per cent to 8,382 after suffering sharp losses the day before. Hong Kong's Hang Seng added 0.4 per cent to 18,259.03, and South Korea's Kospi gained 1.1 per cent.
Mr Montoro said Prime Minister Mariano Rajoy's government, which took power in December after a landslide election win over the previous Socialist administration, had a mandate to reform.
He said: 'We had the vote of Spaniards and that is the task they gave us. We understand that our future is in Europe, in the euro. And we should clearly bank on the institutions taking decisions.'
Mr Montoro's comments seemed to chime with Mr Botin's, with the finance minister agreeing that an EU-established banking union would allow ailing lenders to seek help without governments intervening.
Mr Montoro declined to set a figure of how much money the sector would need to cover toxic loans and mortgages, but said the question was where the money would come from - and insisted the EU must make progress on banking unity measures.
As bond markets charge exhorbitant rates to lend to Spain, investors fear Madrid may be forced to seek external aid to finance a bailout of the bad loan-ridden financial system.
A report for clients by HSBC has calculated that over three years the costs of a bailout for Spain would be 365billion, of which 80billion would go towards the banks.
While analysts have priced a banking rescue at between 50billion and 160billion, Mr Montoro said the sum required to recapitalise the financial sector '...is not a very high figure, it is not an excessive figure'.
No cut is expected later today in the ECB's benchmark interest rate, which is already at a record low of 1 per cent. And there's little prospect that it will serve up more cheap emergency loans for shaky banks anytime soon. It handed out €1 trillion in such loans in December and February.
Analysts say the ECB has a strong motive for staying put until it sees some movement from governments.
'The ECB looks tired of being the eurozone's fire brigade and seems to have a preference for staying on hold,' Carsten Brzeski, an analyst at ING in Brussels, wrote in a note to investors. 'It looks like the ECB will want to keep the pressure as high as possible to tackle political complacency.'
Money for art Committee continues search for funding - Brattleboro Reformer
BRATTLEBORO - The Town Arts Committee is probably not going to ask the Selectboard to create a public arts fund, but the group is continuing to work on creative ideas to find money to fund new public art in Brattleboro.
The committee was discussing whether it should ask the Selectboard to commit 1 percent of its capital budget, and 10 percent of the town’s local option rooms and meals tax, into an annual public arts fund.
But after meeting with Town Manager Barbara Sondag, who said she would not support the fund, Arts Committee Chairwoman Kate Anderson said the group should probably come up with other ways to leverage town funds, or "in kind" work, toward public art.
According to Anderson, Sondag recommended that the Arts Committee come up with specific proposed projects that the board could consider.
The committee met Tuesday and decided to begin working on a public arts project at the Union Station development project. The committee wants to find the money for art-enhanced bicycle racks on the Union Station site.
The committee talked about finding the money within the Union Station budget, and suggested that a portion of the funding could be matched with private money.
The Arts Committee expects to meet with members of the Union Station Committee in the coming weeks to present its plan.
Before deciding to focus on the Union Station idea, the committee looked at other municipalities around the country
that maintain public arts funds such as Seattle and Northampton, Mass.The committee members also talked about introducing public art into the budgets for public development. The committee was not willing to completely give up on the idea of establishing a public art fund paid for with tax money.
Arts Committee member Doug Cox, who supports the proposal, said he did hear from a resident who opposed the fund. Cox said he understood that in the current economic climate it was going to be hard sell, though he said he was willing to keep the idea on the table.
"This is not something we should expect to be approved the first time around," said Cox. "We should expect push back. This is probably going to be a multi-year project."
Howard Weiss-Tisman can be reached at hwtisman@reformer.com or at 802-254-2311 ext. 279.
Business owner full of praise for his NorthTec apprentice - Scoop
Business owner full of praise for his NorthTec apprentice
Amongst those competing at the regional iTaB Apprentice Challenge was Brendon Williams, who recently gained employment and an apprenticeship with Whangarei and Tutukaka-based Campbell Lee Construction Ltd.
Although the regional competition was won by Michael Ferris (David Millar Builders Ltd) who went on to contest the National final over the weekend in Wellington, Brendon’s employer, Campbell Lee, could not have been happier with the effort his apprentice put forward in the regional competition.
Brendon has been building houses in and around Whangarei for Lee since September 2011. He is the first employee taken on by Campbell after he started up a building business in Northland in 2008. That was at a time when the recession was beginning to bite. In retrospect, Campbell says it probably was not the best time to be starting a business, but that he had managed to keep the business going along nicely by himself during this unsettling period.
It was last year, when activity in the construction/building industry in Northland gradually began to pick up that Campbell decided to employ Brendon, who was studying towards his National Certificate in Carpentry (Level 4).
Campbell said it was important that he take on someone who had completed a Pre-trade course as he did not have to teach them the fundamentals of construction.
With Brendon, Campbell says he has found his ‘right-hand man.’ He has sound all-round knowledge, works safely with the machinery, knows his tools well, and can work on projects on his own that Campbell says is a credit to his tutors at NorthTec, (John Pratt, Mark Pearson and Robin Storey), who had taught him the essentials well.
He described Brendon as a quality practitioner, who has a good work ethic and the right attitude for the job.
Campbell, who has been in the building industry in New Zealand and overseas for 15 years, said it was good that he could invest in Brendon just as he had been invested in when completing his Pre-trade carpentry course.
Campbell, who is a member of the Certified Builders Association of New Zealand, said he encouraged Brendon to take part in the recent iTaB Apprentice Challenge as it was good for his development.
“He needs to challenge himself otherwise he cannot discover what areas he can make improvements in. He believed this was also good for the future of the local building industry and urges other firms to look at having their apprentices participate in the iTaB Apprentice Challenge at NorthTec next year.
While Brendon found building the play house during the iTaB Apprentice Challenge difficult with lots of different technical aspects to it, he was happy to test out his capabilities in front of his family and boss.
Along with Brendon Williams and Michael Ferris, the other apprentices to take part in the regional iTaB Apprentice Challenge were Brodie Crum of Matt Crumm Builders and Rick Schuler who works for Robin Watson.
At the regional contest, each apprentice had to build a 1.5m x 1.2m children’s play house using plywood. Design features such as the scalloping detail, round windows and 25 degree pitch gable roof provided quite the challenge.
The finished play houses have been donated to four local charities that included Project Promise, Cancer Kids, The Salvation Army and Women’s Refuge.
This year’s regional event was sponsored by and received support from local and national sponsors including: ITM Whangarei, Place Makers Whangarei, NorthTec, ITM, deWalt, Gib, iTaB and the AST Trust.
Even though it was a push for Brendon to finish the play house in the time allowed during the challenge – Campbell said he is only at the start of the apprenticeship and had done really well.
Brendon pointed out that he was appreciative of the fact that Campbell has taken him on as an apprentice, and therefore, is eager to improve his skills in his chosen career whenever he gets the chance.
ends
Business calendar - Salem News
Thursday, June 7
"Easier, Better, Faster, Cheaper: The Power of Lean Manufacturing," 8:30 to 10:30 a.m., Enterprise Center, Salem State University, 121 Loring Ave., Salem. Enhance quality, reduce costs, decrease delivery cycles and delight customers, all at the same time. Speaker: Pat Wardwell of Greater Boston Manufacturing Partnership. Free. enterprisecenter.org.
After Hours, Salem ferry. Salem Chamber of Commerce presents the Welcome Back Salem Ferry event. After Hours portion will be dockside from 5 to 6 p.m., followed by a one-hour cruise from 6 to 7 p.m. Free admission and open bar for chamber members. Reservations required at info@salem-chamber.org or 978-744-0004.
Friday, June 8
North Shore Business Forum: Get Good Press, 7:30 a.m., Danversport Yacht Club, 161 Elliott St., Danvers. Speaker: Janice Walker of JD Communications on the best way to work with local news outlets. $10 admission includes continental breakfast. www.nsbforum.org.
Monday, June 11
Annual Golf Tournament, Beverly Golf & Tennis Club, 134 McKay St. Beverly Chamber of Commerce's tournament includes a shot at $1 million. Lunch at noon, shotgun start at 1:30 p.m. and dinner at 6:30 p.m. Cost is $125/person and includes a boxed lunch, 18 holes with cart and post-golf dinner. Registration must be accompanied by payment in advance. 978-232-9559 or jsomes@beverlychamber.com.
Tuesday, June 12
Coffee Connection at Lightshed Photography Studio, 7:30 to 9 a.m., Lightshed Photography, 79 Washington St., Salem. Salem Chamber of Commerce presents a networking event. Be prepared to give an elevator speech. Free/chamber members, $20/nonmembers. Reserve a spot at 978-744-0004 or info@salem-chamber.org.
The Art & Science of Sales and Marketing, 8:30 to 10:30 a.m., Enterprise Center, Salem State University, 121 Loring Ave., Salem. Learn about cold calling, closing sales, getting that first appointment, making presentations and developing positive long-term relationships with customers. Speaker: Jay Wallus of JayWallus.com. Free. enterprisecenter.org.
Business After Hours, 5:30 to 7:30 p.m., Danubio Chiropractic, Lowell Street, Peabody. Presented by the Peabody Area Chamber of Commerce. Meet other business professionals. Light refreshments served. Free/PACC members, $10/nonmembers. Register at www.peabodychamber.com.
Wednesday, June 13
North by North Shore: A digital media conference, 7 to 10:30 a.m., Danversport Yacht Club, 161 Elliott St., Danvers. Learn about social media tools that help businesses run smarter. 7 a.m., networking and continental breakfast; 7:45 a.m. program begins. $50/person. To register, email fanfoundry@gmail.com.
North Shore Technology Council: "On the Water" Networking Event, 6 to 8 p.m., Jubilee Yacht Club, 127 Water St., Beverly. North Shore Technology Council networking event, hosted by Good Leads. Geared toward executives, business professionals, business owners and business development people interested in expanding their network and making business connections. Free/NSTC members, $25/nonmembers. Online registration closes at noon on June 13; www.nstc.org.
Thursday, June 14
An Insider's Guide to Grants for Visual Arts, 8:30 to 10:30 a.m., Enterprise Center, Salem State University, 121 Loring Ave., Salem. Learn more about the seemingly mysterious and definitely important world of grants. Learn where to find them and how to apply. Different types of funding, best practices, the jury process, crowd source funding and other grant-related topics will be discussed. Speaker: Kelly Bennett and Dan Blask of the Massachusetts Cultural Council. Free. enterprisecenter.org.
Young Entrepreneurs of the North Shore: Perfecting Your Marketing Pitch, 5:30 to 7:30 p.m., Enterprise Center, Salem State University, 121 Loring Ave., Salem. Speaker: Stuart Papp, former standup comedian and current financial adviser, on how to create and execute a marketing pitch, followed by a short question-and-answer session. Event beings with 30 minutes of socializing and refreshments. Free. enterprisecenter.org.
Annual Dinner Meeting, 6 p.m., The Hardcover, 15 A Newbury St., Route 1 north, Danvers. North Shore Women Lawyers' Association to honor Annette Gonthier Kiely as Lawyer of the Year. Event includes appetizers, dinner and dessert. Cost is $45 for NSWLA members and $50 for nonmembers if check is received by June 8; $55 for everyone who responds after June 8 or at the door. Mail checks to NSWLA, c/o Rosalyn Stults, 221 Essex St., Suite 51, Salem, MA 01970. 978-745-4100.
Friday, June 15
North Shore Business Forum: Email Marketing, 7:30 a.m., Danversport Yacht Club, 161 Elliott St., Danvers. Speaker: Alicia Williams of Constant Contact on small business email marketing strategies. $10 admission includes continental breakfast. www.nsbforum.org.
North Shore Business Leads Group, 8 to 9:30 a.m., North Shore Chamber of Commerce, 5 Cherry Hill St., Suite 100, Danvers. Attendees can market their firm, give a two-minute commercial, and hand out business cards and promotional material. Limited to first 35 attendees. North Shore Chamber of Commerce members only. $25. 978-774-8565.
Thursday, June 21
Mobile Marketing 2012, 8:30 to 10:30 a.m., Enterprise Center, Salem State University, 121 Loring Ave., Salem. Determine how businesses can benefit from mobile marketing. Learn how to leverage mobile devices to drive traffic to a business, increase word-of-mouth marketing and influence customer behavior. Speaker: Keith Griffis, consultant, Simple Media Marketing. enterprisecenter.org.
Friday, June 22
North Shore Business Forum: Cash Flow to Profits, 7:30 a.m., Danversport Yacht Club, 161 Elliott St., Danvers. Speaker: Mike Sobius of Next Level Marketing on how to manage cash flow. $10 admission includes continental breakfast. www.nsbforum.org.
STOCKS NEWS EUROPE-BCP slides 15 pct on recapitalisation concerns - Reuters UK
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