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Bharat Heavy to Boost Exports as Rivals Larsen, Toshiba Expand in India

by on February 9, 2010

By Gaurav Singh Feb. 10 (Bloomberg) — Bharat Heavy Electricals Ltd. , India’s biggest power equipment maker, plans to double exports as expansions by rivals such as Larsen & Toubro Ltd. and Toshiba Corp. threaten a supply glut in its main market. The state-run company wants overseas sales to account for 15 percent of revenue by 2012 and is targeting orders from Central Asia, Africa, the Middle East and the Indian subcontinent, Chairman B. Prasada Rao said in an interview. “Manufacturing capacity could be a little more than what the market requires” in a few years, Rao, 56, said in his office at the company’s headquarters in New Delhi yesterday. “There will be pressure on companies to play well.” India’s plan to almost double electricity generation by 2017 has prompted Bharat Heavy to add capacity and attracted investments in equipment manufacturing from companies including Larsen, Toshiba and Alstom SA. Bharat Heavy’s sales growth has slowed for three straight quarters and has lagged behind the company’s target of a 25 percent annual increase. “The company clearly won’t like to have all its eggs in one basket,” Shruti Udeshi , an analyst with Finquest Securities Pvt., said by telephone from Mumbai. Bharat Heavy “will witness competition in the Indian market with new capacity coming up in the next couple of years.” Shares of Bharat Heavy have risen 68 percent in the past year compared with the 67 percent increase in the benchmark Sensitive Index . The stock rose 0.2 percent to close at 2,332.15 rupees in Mumbai yesterday. Orders in Hand Exports currently account for 8 percent of the company’s sales, Rao said. That compares with a 6.4 percent share in the financial year ended March 2009, according to data compiled by Bloomberg. The equipment maker said Feb. 8 it won an order to supply a hydroelectric plant to Bhutan, its biggest for generators that produce electricity from water. Bharat Heavy has in hand orders worth 1.34 trillion rupees ($28.6 billion) to supply equipment over the next three years. The New Delhi-based company is doubling its annual capacity to produce equipment capable of generating 20,000 megawatts by 2012. That compares with 23,763 megawatts of plants that started in the last three years. One megawatt is enough to power about 200 middle-class Indian homes. Toshiba , Japan’s largest supplier of nuclear reactors, plans to sell $400 million worth of power-generation equipment in India by 2015 in a joint venture with JSW Group. The venture plans to produce steam turbines and generators ranging in size from 500 megawatts to 1,000 megawatts, the two companies said in a Feb. 1 statement. Alstom Ventures Paris-based Alstom and its units won government approval last month to form two joint ventures with Bharat Forge Ltd. to manufacture power plant equipment and invest 70.5 million euros ($98 million). Mumbai-based Larsen expects to start producing equipment capable of generating 4,000 megawatts of electricity from this year, according to a company spokesman, who declined to be named because of internal rules. Indian utilities plan to add 78,700 megawatts of generation capacity in the five years to March 2012 and 100,000 megawatts in the following five, according to the country’s Power Ministry . Power producers have placed orders for more than half of the projects planned in the five years ending March 2017, according to Rakesh Nath, chairman of the Central Electricity Authority , the country’s utilities regulator. Bharat Heavy and Larsen also face competition from Chinese equipment makers such as Shanghai Electric Group Co. and Dongfang Electric Co. Shanghai Electric is supplying generators to three power projects being built by Reliance Power Ltd., controlled by billionaire Anil Ambani , the third-richest Indian. To contact the reporter on this story: Gaurav Singh in New Delhi at gsingh31@bloomberg.net .

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Greenspan Predicts U.S. Economy Will Slow in 2010 as Stocks `Flatten Out’

by on September 30, 2009

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Greenspan Sees Growth Slowing as Stocks `Flatten Out’

September 30, 2009

By Albert R. Hunt and Rich Miller Sept. 30 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said he sees the U.S. economy slowing next year as the surge in stocks comes to an end. “The odds are we flatten out,” Greenspan said today in a Bloomberg television interview, referring to the equity market. “That flattening out will put some sort of dull face on 2010.” Greenspan said he expects the economy to grow at a 3 percent to 4 percent annual pace in the next sixth months before slowing down. As a result, unemployment isn’t likely to decline much from last month’s 9.7 percent, he said. Even so, he doesn’t expect the economy to relapse into recession next year. The world’s largest economy shrank at a 0.7 percent annual rate from April through June, the best performance in more than a year, revised figures from the Commerce Department showed today in Washington. Gross domestic product contracted at a 6.4 percent pace in the first three months of 2009. Growth will be boosted in the near term by the inventory cycle as companies bring stockpiles of goods into line with sales, he said. The Standard & Poor’s 500 Index has jumped 55 percent since its low for the year on March 9, an ascent that’s had a “very positive” impact on the economy, Greenspan said. To contact the reporter on this story: Rich Miller in Washington rmiller28@bloomberg.net

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Recession in U.S. Eased in Second Quarter, Recovery Probably Taking Hold

September 30, 2009

By Shobhana Chandra Sept. 30 (Bloomberg) — The worst U.S. recession since the Great Depression eased in the second quarter and the economy is probably now in the early stages of recovery, economists said before reports today. Gross domestic product contracted at a 1.2 percent annual rate from April to June, the smallest drop in a year, according to the median of 78 forecasts in a Bloomberg News survey. Companies cut fewer workers this month and business activity expanded for the first time in a year, other figures may show. Government stimulus plans such as “cash for clunkers” and first-time homebuyer credits are giving manufacturing and housing, the two areas at the center of the economic slump, a boost this quarter. Federal Reserve policy makers are among those concerned that gains in consumer spending will not be sustained as unemployment climbs and incomes stagnate. “The worst is over and the third quarter will be a strong growth quarter,” said Patrick Newport , an economist at IHS Global Insight in Lexington, Massachusetts. “The stimulus is one reason for the improved economy. The only part still suffering is the job market.” The Commerce Department report on GDP, the sum of all goods and services produced, is due at 8:30 a.m. in Washington. Forecasts in the Bloomberg survey ranged from declines of 1 percent to 1.5 percent. Job Losses At 8:15 a.m., ADP Employer Services may report companies trimmed 200,000 jobs this month after cutting 298,000 in August, according to the Bloomberg survey. ADP includes only private employment and does not take into account hiring by government agencies. The Labor Department’s payrolls report this week may also show job losses are slowing. Figures from Institute for Supply Management-Chicago Inc., due at 9:45 a.m., may show its business barometer rose to 52, the highest level since September 2008, from 50 in August. A reading of 50 is the dividing line between contraction and expansion. Today’s GDP report is the last of three estimates the government issues on quarterly economic growth. The government’s report last month showed a 1 percent pace of contraction at an annual pace last quarter. The world’s largest economy contracted at a 6.4 percent rate from January to March. The Standard & Poor’s 500 Index has jumped 57 percent since reached a 12-year low on March 9 as reports indicated the recession was abating. The gauge closed down 0.2 percent yesterday at 1,060.61 in New York. ‘Guarded Confidence’ The economic recovery is “slow but certain,” FedEx Corp. Chief Executive Officer Fred Smith said this week, adding he has “guarded confidence” about an improving global outlook. “Recovery is not a straight line up, but a zig-zag with a few steps forward and backward,” Smith, the founder of the second-largest U.S. package-shipping company, said at FedEx’s annual meeting in its hometown of Memphis, Tennessee. Consumer spending, which accounts for about 70 percent of the economy, probably fell 1 percent from April to June, economists forecast today’s report will show. Purchases are recovering this quarter. Sales at retailers surged in August by the most in three years, boosted by demand for automobiles as Americans rushed to take advantage of the “cash for clunkers” plan. Declines in stockpiles, which dropped last quarter at the fastest pace on record, have set the stage for a pickup in manufacturing. Automakers General Motors Co. and Ford Motor Co. are among firms boosting production in the second half of 2009. The drag from housing is dissipating. Sales of new homes rose last month to the highest level in almost a year, and a report yesterday on the S&P/Case-Shiller home-price index showed house values in 20 U.S. cities climbed in July from the prior month by the most since 2005. The jobs report in two days may show payrolls declined by 180,000 this month after a 216,000 drop in August, and the unemployment rate climbed to 9.8 percent from 9.7 percent, the survey median shows. Economists surveyed by Bloomberg predict unemployment may reach 10 percent by year-end, the highest level since 1983. To contact the report on this story: Shobhana Chandra in Washington schandra1@bloomberg.net

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Orders at U.S. Factories Probably Climbed in July by the Most in Two Years

September 1, 2009

By Courtney Schlisserman Sept. 2 (Bloomberg) — Orders placed with U.S. factories probably rose in July by the most in two years as companies tried to prevent stockpiles from dropping further, economists said before a report today. Bookings rose 2.2 percent, the most since July 2007, according to the median projection of 63 economists surveyed by Bloomberg News. Other reports may show worker productivity climbed and job losses slowed. Companies from Intel Corp. to Rockwell Collins Inc. are among those seeing demand stabilizing as customers here and abroad, buoyed by growing profits and more accessible credit, begin to invest in new equipment. A rebound at automakers resulting from the government’s “cash-for-clunkers” plan may give orders an added boost in coming months as dealers restock. “Inventory levels have been worked off pretty much as far as they’re going to go,” said Carl Riccadonna , senior U.S. economist at Deutsche Bank Securities Inc. in New York. “We should see further evidence of production picking up in the third quarter and also as we go into the fourth quarter. That’s a key development of the economy showing early signs of life.” The Commerce Department’s report on orders is due at 10 a.m. in Washington. Estimates in the Bloomberg News survey ranged from increases of 0.6 percent to 4.5 percent. A report from the Labor Department at 8:30 is projected to show productivity , or what each worker produces in an hour, jumped at a 6.4 percent annual pace in the second quarter, the biggest gain in almost six years. Job Cuts Figures from ADP Employer Services at 8:15 a.m. may show companies cut 250,000 workers from payrolls in August, down from 371,000 the prior month, according to economists surveyed. Manufacturing, which makes up about 12 percent of the world’s largest economy, grew in August for the first time in 19 months, a report from the Institute for Supply Management yesterday showed. The group’s measure of new orders reached the highest level since December 2004. Demand is rising after companies trimmed stockpiles at a record pace in the first half of the year. Inventories dropped at a $159.2 billion annual rate in the second quarter, the Commerce Department said last week, following a $113.9 billion decrease in the first three months of 2009. Intel, the world’s largest chipmaker, is among companies saying customers are restocking. The Santa Clara, California- based company last week increased its sales forecast for this quarter and projected a recovery, and has credited consumers in Asia as leading the rebound in demand for personal computers. Sales Overseas U.S. exports in May and June showed the biggest two-month gain in almost a year. Clayton Jones , chief executive officer at Rockwell Collins, the Cedar Rapids, Iowa-based aircraft-parts producer, said yesterday that the decline in sales is slowing. “The bleeding is about to stop, and we’re going to see some stabilization maybe this quarter and next,” Jones said at a Morgan Stanley conference broadcast online. Automakers are also putting more people to work. A report yesterday showed sales of cars and light trucks jumped to a 14.1 million rate, the most since May 2008. Last month, Ford Motor Co., General Motors Co. and Honda Motor Co. were among automakers citing the popularity of the federal cash-for-clunkers plan in announcing production increases for the coming months. The clunkers program, which ended Aug. 24, offered auto buyers discounts of as much as $4,500 to trade in older cars and trucks for new, more fuel-efficient vehicles. The Standard & Poor’s 500 index has been up for six straight months on growing optimism that the worldwide economic slump is abating. The index dropped yesterday for a third day, the longest losing streak since June, on concern banks will post more losses. To contact the reporter on this story: Courtney Schlisserman in Washington cschlisserma@bloomberg.net

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Norway’s Wealth Fund Hires Managers After Record Loss Erases 12-Year Gain

August 28, 2009

By Meera Bhatia and Josiane Kremer Aug. 28 (Bloomberg) — Norges Bank Investment Management, which oversees Europe’s largest sovereign wealth fund, named a new team of executives after record losses last year wiped out gains from 12 years of investing Norway’s oil and gas revenue. The 2.47 trillion-krone ($410 billion) Government Pension Fund – Global promoted Bengt Enge to chief investment officer, Trond Grande to chief risk officer and Age Bakker to chief operating officer, the Oslo-based fund said today. Mark Clemens from Citigroup Inc. will be chief administrative officer and Jessica Irschick from UBS AG chief treasurer. “NBIM now has a management team with considerable international financial markets experience,” Yngve Slyngstad , the chief executive officer of the fund, said in a statement. Deputy CEO Stephen Hirsh also remains in his position. The fund had a record 633 billion-krone loss last year, wiping out gains over the past 12 years amid tumbling global markets. It recouped some losses in the second quarter of this year with a record 12.7 percent gain as it completed a move to increase its stock holdings to 60 percent from 40 percent. Adding Stocks The fund has been adding stocks and moving into emerging markets as well as planning to start investing in real estate, in contrast to other sovereign wealth funds that are set to cut risk, according to a study this month by State Street Corp. Assets of Singapore’s Temasek Holdings Pte fell S$40 billion ($27 billion) in the last fiscal year. Stocks gained in the second quarter amid signs the world was emerging from a recession. The German and French economies unexpectedly expanded in the quarter while the U.S. contraction slowed to a 1 percent rate from a 6.4 percent in the first three months of the year. The MSCI World Index stock rallied 20 percent in the second quarter, and is up 19 percent this year, after plunging 42 percent last year amid the worst financial crisis since the Great Depression. Norway, the world’s fifth-largest oil exporter and second- largest exporter of natural gas, derives money for the fund from taxes on oil and gas and ownership of petroleum fields. The fund has a portfolio of around 8,000 companies and offices in Oslo, London, New York and Shanghai. Abu Dhabi Only Abu Dhabi, with $627 billion, and Saudi Arabia, which has $431 billion, have bigger sovereign funds, according to the Roseville, California-based Sovereign Wealth Fund Institute. Irschick was previously chief of staff to the head of the UBS investment bank in London and Clemens was global chief administrative officer at New York-based Citigroup. Enge has been with the NBIM for 13 years, while Grande had been acting head of risk management since 2007. Bakker joined this year as head of information technology. Enge, who will start his new job Oct. 1, wasn’t available for an interview, said Dag Dyrdal , manager of external relations at the fund. Slyngstad was previously also chief investment officer and his deputy, Hirsh, was chief operating officer. The other positions are newly created. The fund declined to provide the ages, said Norges Bank spokesman Vidar Korsberg Dalsboe. To contact the reporter on this story: Josiane Kremer in Oslo at Jkremer4@bloomberg.net .

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China’s Home Prices Rise Most in Nine Months as Economic Growth Rebounds

August 9, 2009

By Bloomberg News Aug. 10 (Bloomberg) — China’s urban home prices rose by the most in nine months in July on record lending and faster economic growth. Prices in 70 major cities gained 1 percent from a year earlier, the National Development and Reform Commission said today on its Web site. China’s economic growth accelerated in the second quarter and the Shanghai Composite Index of stocks has climbed almost 80 percent this year, powered by a record $1.1 trillion of lending in the first six months. Premier Wen Jiabao reiterated in a statement yesterday that monetary policy will remain unchanged, after climbing asset prices triggered speculation that a tightening could be imminent. “The overall increase that we’re seeing in property prices is still manageable, the government would be more concerned about the stock market,” said Sherman Chan , an economist at Moody’s Economy.com in Sydney. “Higher confidence and more liquidity” are causing price gains, she added. Prices began to rise in June after declining for the previous six months. New home prices rose in 43 cities and fell in 26 from a year earlier, the NDRC said. The largest increase was a 6.4 percent gain in the eastern city of Ningbo. Month-on-month, 63 cities posted increases in new home prices, with three reporting declines. Across the 70 cities, home prices climbed 0.9 percent from June, the fifth straight monthly again. To contact the Bloomberg News staff on this story: Paul Panckhurst in Beijing at ppanckhurst@bloomberg.net

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Obama Says U.S. May Have Weathered Worst of Recession as Job Losses Slow

August 7, 2009

By Edwin Chen and Nicholas Johnston Aug. 7 (Bloomberg) — President Barack Obama said today’s unemployment numbers indicate “the worst may be behind us” for the recession. The Labor Department report showing a slower rate of job losses, along with gross domestic product figures released earlier, show “we are pointed in the right direction,” Obama said in remarks at the White House. Obama spoke hours after the government reported the unemployment rate dipped to 9.4 percent in July from 9.5 percent the month before and job losses slowed more than forecast. The administration still expects the rate will hit 10 percent before beginning a sustained decline, White House press secretary Robert Gibbs said earlier. The state of the economy later this year is likely to have an impact on the president’s ability to push through Congress his top two domestic priorities: overhauling the health-care system and curbing carbon emissions to combat global warming. In recent weeks, polls show the president’s job approval ratings have been sinking, fueled by concern about the rising unemployment rate and the growing budget deficit. A Quinnipiac University poll found half the registered voters surveyed from July 27 to Aug. 3 approve of the job Obama is doing, compared with 42 percent who disapprove. That’s down from 57 percent approval and 33 percent disapproval in a poll taken in late June, the poll said. Jobs Lost The latest Labor Department numbers brought total jobs lost since the recession began in December 2007 to about 6.7 million, the biggest decline in any post-World War II recession. The Commerce Department reported July 31 that the GDP shrank at a better-than-forecast 1 percent annual pace in the second quarter after a 6.4 percent drop in the prior three months. The GDP figure “showed a marked improvement over the last few months,” Obama said today. “This morning we received additional signs that the worst may be behind us.” Obama used the figures to argue that the $787 billion stimulus plan he pushed through Congress and other measures are having an effect. He also said the U.S. must take steps to ensure a more stable economy in the future, including enacting his health-care and energy initiatives. “We can’t afford to return to an economy based on inflated profits and maxed-out credit cards, an economy where we depend on dirty and outdated sources of energy, an economy where we’re burdened by soaring health-care costs,” he said. To contact the reporter on this story: Edwin Chen in Washington at EChen32@bloomberg.net ; Nicholas Johnston in Washington at Njohnston3@bloomberg.net

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Pimco’s McCulley Says Federal Reserve Won’t Increase U.S. Rates Until 2011

August 2, 2009

By Candice Zachariahs Aug. 2 (Bloomberg) — Federal Reserve Chairman Ben S.

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Worker Compensation Grows by Lowest Amount On Record

July 31, 2009

(AP): Employment compensation for U.S. workers has grown over the past 12 months by the lowest amount on record, reflecting the severe recession that has gripped the country. The Labor Department said Friday that employment costs rose by 1.8 percent for the 12 months ending in June, the smallest annual gain on records that go back to 1982.

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