fisher capital management: November 2010

Friday, November 26, 2010

Government Bond Markets Global Outlook Fisher Capital Management Seoul

Fisher Capital Equipment Management Update- Bechtel joined BrightSource Energy today in a ceremony to mark the start of construction of the Ivanpah Solar Electric Generating System, a groundbreaking project that will usher in a new era of advanced solar power in the United States.The ceremony was held in California's Mojave Desert next to the Ivanpah site. Avoid online internet scams, get latest updates on Fisher Capital Equipment Management website.
Ian Copeland, president of Bechtel's Renewable Power business, described the significance of Ivanpah for Bechtel and the renewable power industry. California Governor Arnold Schwarzenegger, U.S. Secretary of the Interior Ken Salazar, and other state and local dignitaries also recognized the importance of Ivanpah in the evolution of renewable energy.
ABOUT IVANPAH. Bechtel is partnering with BrightSource Energy on one of the most important projects yet in renewable energy.
The Ivanpah Solar Electric Generating System, in the Mojave Desert northwest of Needles, will be the first large-scale solar thermal project built in California in nearly two decades, and the largest of its kind in the world. It will generate enough electricity to power more than 140,000 homes and will nearly double the amount of commercial solar thermal electricity produced in the United States today.
Bechtel will provide engineering, procurement and construction services for Ivanpah. The company also is an equity investor in the project, underscoring its commitment to fighting climate change through renewable energy.
The complex will consist of three separate plants using use BrightSource Energy’s Luz Power Tower (LPT) technology. It will displace 400,000 tons (363,000 metric tons) of carbon dioxide emissions per year— the equivalent of taking 70,000 cars off the road— while also reducing water use 90 percent by using a closed-loop dry-cooling technology.
The three plants will have a combined capacity of around 400 megawatts of electricity, which BrightSource will provide to PG&E and Southern California Edison. Commencement of construction on the first plant was in October 2010, following permitting review by the California Energy Commission and the Department of Interior’s Bureau of Land Management. The first plant is scheduled to come online in mid-2012.
Bechtel (BEK tl) is the world's No. 1 choice for engineering, construction, and project management.
Our diverse portfolio encompasses energy, transportation, communications, mining, oil and gas, and government services. We currently have projects in dozens of locations worldwide, from Alaska to Australia. No matter how challenging a project or how remote its location, chances are Bechtel can handle it. That's because we bring an unmatched combination of knowledge, skill, experience, and customer commitment to every job.
We have had record revenues for the past five years, and Engineering News-Record (ENR) has named Bechtel the top U.S. construction contractor for 12 straight years.
While we work for governments and commercial customers, our projects have helped grow local economies and improve the quality of life for communities and people around the world. Time and again our work has demonstrated that the only limits on human achievement are those that we place on ourselves.
Privately owned with headquarters in San Francisco, we have offices around the world and 49,000 employees. In 2009, we had revenues of $30.8 billion and booked new work valued at $20.3 billion.

Groundbreaking on Ivanpah Solar – Fisher Capital Equipment Update

Fisher Capital Management South Korea, Brazil’s Economy: 1st Quarter

Fisher Capital Management Seoul Korea, Brazil’s Economy - The brief recession of 2009 has given way to a robust increase in consumer demand and recovery in investment in Brazil in 2010. The economy is likely to grow 5.5% this year. GDP grew 2% year-on-year in the fourth quarter of 2009 and fell 0.2% for the whole of 2009 compared with 2008.

Fisher Capital Management South Korea Investing: - The central bank did not raise its target overnight interest rate, the so-called Selic rate, unchanged leaving it at 8.75% a year. This was expected as the presidential election is nearing. The rate fell from 13.75% to 8.75% between December 2008 and July 2009. By the year-end, the rate is expected to rise by 250 basis points to curb inflation.

Even though the US and Brazil are not as open an economy as one would believe. Trade accounts for approximately 14% for both the countries. US cotton subsidies had been a bone of contention for the two countries. The US was accused of excessive cotton subsidies by Brazil. After eight years of litigation at the World Trade Organization Brazil has won the case and Brazil’s move to raise tariffs on a wide range of American goods has a potential of starting a new front in the trade war with the US over cotton subsidies. Overall, the issue is still not blown out of proportion as the two countries are engaged on other fronts.

Fisher Capital Management Korea, Brazil’s Economy: 1st Quarter Investment - Brazil’s government announced a R$958.9bn programme of investments in infrastructure for 2011 to 2014. The program is known as the PAC 2 … the Portuguese acronym for accelerated growth programme, part two … to increase Brazil’s investment rate and its potential for economic growth during the period of the next government, which begins on January 1 2011.

Fisher Capital Management South Korea, Investment News: Henrique Meirelles who provided monetary stability to Brazil is all set to stand for election either as a Vice President or a senator. President Lula may choose him to run for the Vice President office to send a message that macroeconomic stability will be maintained under Ms Rousseff, presidential nominee of Mr. Lula’s party in the October election.
Fisher Capital is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.
As a full service company Fisher Capital provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.
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Fisher Capital Management
Fisher Capital Management Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world. As a full service company Fisher Capital Management Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none

Fisher Capital
Fisher Capital Management

Gangnam-Gu, Seoul South Korea
Gangnam-Gu, Seoul
South Korea 135-909

Voice: +82 2 3782 4623
Fax: +82 2 3782 4624
Email:

Website: Fisher Capital Management

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Thursday, November 25, 2010

Government Bond Markets Global Outlook Fisher Capital Management Seoul

Government Bond Markets Global Outlook Fisher Capital Management Seoul - Conditions in the government bond markets have remained very difficult over the past month, and there have been further falls in some of the minor markets, especially in the euro-zone, because of continuing fears about sovereign debt defaults. The agreement reached by the member countries of the euro-zone to combine with the IMF to provide any necessary support to enable Greece to refinance its maturing debts and avoid a default has had a poor response in the markets; but at least Greece has been able to make further bond issues; and the gilt edged market has coped fairly well so far with a disappointing Budget statement that has left any real attempt to resolve the serious UK debt problems until after the general election. But the sudden weakness in the world bond markets after a series of disappointing auctions has once again increased the tensions.

Our position remains unchanged; any existing exposure to bonds should be further reduced in favor of US & Euro equities.

Fisher Capital Management Seoul, South Korea - The global economic recovery is developing slowly, and so short-term interest rates are likely to remain at low levels for a considerable period. It is also possible that the “fudged” agreement amongst member countries of the euro-zone will provide an opportunity for the introduction of the necessary austerity measures; and that a new government will finally begin to address the debt problems in the UK. But the risks in the situation are still increasing, sovereign debt defaults may still occur, and the single currency system in the euro-zone may not be sustainable in its present form. Higher bond yields therefore appear unavoidable; prospects for all the bond markets are unattractive.

Developments in the bond market over the past month have clearly illustrated the need for caution. The US economy continues to recover. The Fed has left shortterm interest rates unchanged, and has indicated that they will remain “at exceptionally low levels for an extended period”. This tended to enhance the “safe haven” status of the US equity market for most of the past month, as conditions continued to deteriorate in other bond markets.

Fisher Capital Management Seoul, South Korea - Most of the available evidence supports the view that the economic recovery is continuing, but only at a slow pace. The unemployment rate remains close to 10%, and the housing sector is still depressed, with both new housing starts and sales of existing homes weakened still further by adverse weather conditions. However
retail sales are holding up fairly well, and manufacturers are beginning to increase capital expenditures and inventories, and so there is a general expectation that growth in the first quarter will be around a 2% annualized rate.

Fisher Capital Management Seoul, South Korea - The Fed has confirmed that its buying programmed for mortgage-backed securities has ended, and that it may be moving slowly towards re-selling some of these securities; but it seems to be in no hurry, and so both the economic background, and the position of the central bank, remain broadly supportive.

The situation facing investors in the mainland European bond markets is more serious. The economic background is improving, with the weaker euro providing considerable support in export markets, and so the area continues to move out of recession. But progress is slow, and so the European Central Bank is maintaining very low short-term interest rates, and providing support. However the massive fiscal deficits are threatening to overwhelm the bond markets and to lead to sovereign debt defaults, and so investors have continued to switch from the bonds of the weaker countries into those of the stronger countries, and have widened the yield
spreads across the markets. The latest Greek bond auctions have received only a very moderate response, and there is considerable uncertainty whether even the markets of the stronger countries are adequately discounting the risks in the situation.

Fisher Capital Management Seoul, South Korea - The available evidence on the performance of the euro-zone economy is mixed, but slightly more encouraging. The weakness in domestic demand is continuing, and retail sales volumes are disappointing in most member countries; but the manufacturing sector, especially in Germany, is much more buoyant, with exports
providing most of the momentum. The latest Ifo index of business sentiment in Germany is sharply higher, and other countries are also sharing in the improvement.

Analysts are therefore forecasting growth around the 0.5% level in the first quarter
of the year.

Fisher Capital Management
Fisher Capital Management Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world. As a full service company Fisher Capital Management Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none

Fisher Capital
Fisher Capital Management

Gangnam-Gu, Seoul South Korea
Gangnam-Gu, Seoul
South Korea 135-909

Voice: +82 2 3782 4623
Fax: +82 2 3782 4624
Email:

Website: Fisher Capital Management

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