Fisher Capital Management- Financial Market August 2010

Fisher Capital Management- Financial Markets: Sentiment in the financial markets has improved

over the past month. The global economic recovery is continuing,

so far there have been no sovereign debt defaults, and there has

been a modest recovery in the euro. Investors and traders therefore

appear to have concluded that the gloom was overdone.

But there has been evidence of a worsening situation in Spain, and

the decision by the Chinese authorities to adopt a “more flexible”

towards renminbi has also raised some concerns about the growth

prospects for the Chinese economy.

Fisher Capital Management- Equity Markets: All the major equity markets, and the emerging

markets, have improved over the past month. Wall Street has outperformed

markets elsewhere because of some welcome economic

data; there have been strong gains in most of the mainland European

markets as the sovereign debt crisis has appeared to ease; the UK

market has welcomed the measures by the new coalition government

to address the problems of the huge UK fiscal deficit; and the

Japanese market has also moved slightly higher. Corporate results

have been satisfactory; and this has helped to improve sentiment

amongst investors.

Government Bond Markets have had another unusual month. The

sovereign debt crisis might have been expected to lead to a general

weakness in bond markets; but the main effect has been to produce

aggressive switching for the “weaker” markets to the “stronger”

ones, and a further widening of the yield curve.

As a result the major markets are unchanged or only slightly lower

at a time when the “weaker” markets, especially in Southern Europe,

have continued their sharp declines. Slow economic growth and

low short-term interest rates are continuing to provide support.

Currencies: The improvement in sentiment in the markets has led

to a movement of funds out of the “safe havens” of the dollar and

the yen into commodity-related currencies and “riskier” assets.

Both the dollar and the yen are therefore slightly weaker over the

month; and this movement has also eased some of the pressure on

the euro, and allowed it to recover.

Sterling has also improved as the markets have welcomed the

measures introduced by the new UK government to reduce the

fiscal deficit.

Fisher Capital Management- Shrt-Term Interest Rates: There have been no changes in shortterm

interest rates over the past month in the major financial

markets.

Fisher Capital Management- Commodity markets: have produced a mixed performance over the

past month, with some weakness in base metal prices, but strong

gains in the prices of cocoa, coffee, oil and precious metals.

Fisher Capital Management Report Part 2 - The UK Emergency Budget

Fisher Capital Management Report  Part 2- The UK has had an emergency budget and it could have been much

worse. The heavy lifting is being done by a rise in VAT bringing in

£13 billion. On the spending side the cuts are achieved by freezing

public sector pay, indexing state benefits to the CPI rather than the

faster-rising RPI and freezing child benefits. State pensions will be

indexed to the higher of wages or the CPI but the pension age will

be raised to 66 fairly soon.

Interest rates are projected to remain low, with inflation absent;

and it is possible that Quantitative Easing will need to be resumed

but on present prospects this seems unlikely to be necessary.

Another concern is with the regulative proposals. There is an antibank

mentality developing in this coalition government, which is

most unfortunate; much of it seems to emanate from Vince Cable

and the Lib Dems.

Yet a moment’s thought should be enough to convince one that we

need bank credit expansion and a return to competition on the

bank high street in order to foster recovery and enterprise. Ever

tougher bank regulation is what was needed before, at the peak of

expansion, not now in the slough of recession giving way to recovery.

Talk of breaking up banks fails to recognise the natural economics

of banks, which favours scale and risk-spreading. Talk of capping

mortgage lending at modest percentages of income is also unfortunate

when the UK want to see a revival of it’s housing market, now once

again back in the doldrums.

A last area of concern is the state of the labour market. The UK do

have near ‘full employment’ if one discounts the modest temporary

effect of recession. But this only applies to those normally looking

for work.

Fisher Capital Management Report Part 2 - The UK Emergency Budget: There is now a large group of people who are claiming benefits of

various sorts in order to stay out of the labour market. Disability

benefit is one route; another is the having of children in order to

get child benefits and related parenting allowances, with tragic

consequences for some children.

Tightening up of this has been signalled in the budget but this has

happened before, with no proper follow-through.

Another UK labour market problem is the resurgence of union

power as Labour loosened the union laws passed before 1997. One

key loosening was the 12-week rule, which allows workers to breach

their contracts with impunity when on strike until 12 weeks of

strike have occurred. When strikes are designed for short periods

for maximum disruption, this 12 week period can take a long time

to trigger. During it the employing firm is unable to defend itself

by recruiting a different labour force.

Under the pre-1997 legislation firms were able to dismiss workers

in breach of contract, provided they did so in a non-discriminatory

way. This led to a huge reduction in strikes and a large rise in UK

productivity, to the great general benefit.

As we have seen in recent years, certain unions are exploiting this

12-week rule to damage the economy — the classic case has been

the BA dispute where UNITE has persisted in attempting to defend

well-above market wages for cabin crew.

In sum the budget was a decent start in restoring fiscal sanity. But

only a start.

The UK now needs urgent attention to the creation of a proper tax

system with low marginal rates but generating a reliable revenue

source — the two are perfectly compatible. It needs sense and

restraint in regulation. Finally they need to reform their labour

market yet again.

How to avoid Engineering Scholarship Scams

Fisher Capital Equipment Tips - Construction Project Management and Civil Engineering Careers. Civil Engineer site - How to avoid Engineering Scholarship Scams

Student or parents needs to be able to recognize the scholarship fraud profile. Following are top 10 Scholarship Scams.

1. The free seminar scam. Overwhelmed by all the information out there? Want to make the best financial aid decisions for you or your child? Often a free financial aid seminar is no more than a “come-on” for insurance sales pitches, matching services or investment products.

Signs that should make the warning bells go off: Are they using the hard sell? Sign-up today or the price shoots up tomorrow? Can only answer certain questions after you pay their fee? Wants your credit card information to “hold” a scholarship for you? Your ears should be ringing by now.

Remember, if you receive help from a consultant, he or she must sign the Free Application for Federal Student Aid (FAFSA). If the seminar sales rep refuses to do so, it is another alarm bell. And never let a company consultant suggest that you adjust your income on the FAFSA in order to receive more aid. It’s unethical (a crime even). And it can backfire, big time.

2. Scholarships for profit. Scholarships are designed for many purposes—recruit talented athletes, assist low income applicants, encourage study in an academic discipline, promote campus diversity, attract the best students—but profit should never be one of them. Scammers that award modest scholarships of $1,000 (or no scholarship at all) can collect many times over that amount in fees by attracting thousands of applicants. You may only be out the 15 bucks or so, but multiple that by 1,000 scholarship hopefuls just like you and you just made for a nice payday for the scholarship scam artist. Being denied such a scholarship does not make you undeserving—but just one more scammed applicant.

3. The advance-fee loan. A low-interest loan with an upfront fee? Don’t think so, and neither should you. Legitimate lenders deduct fees from at the time disbursement checks are issue; they do not charge fees before paying out the loan to a borrower. Be wary of any lender that asks for money upfront—that is a loan that will likely never materialize.

4. Your Financial Aid Office. Huh? Your college Financial Aid Office is a credible and free resource for education funding. But beware; the Education Department recently banned the practice of lenders offering financial incentives to universities that recommend their service as a preferred lender (the university often receiving a “cut” for the loan). The move was prompted by investigations showing that some university officials accepted gifts, payments or stock on favorable terms in exchange for such practices. In other instances, marketing representatives for lenders staffed phones at student aid offices. In an $85 billion student loan industry, you have to ask yourself if your university steered you to the lender with the best rate available, or simply the one lining their pockets. Ouch.

5. The guaranteed matching service. If Match.com can’t guarantee you Prince Charming and firmer abs, scholarship matching services cannot guarantee you money in the bank. Matching services that promise guaranteed matching sources for a processing fee of $49.95 (and much higher) will at best provide you with information available for free on the web. Take note that these services often inflate their database when an individual sponsor offers hundreds of scholarships.

The Better Business Bureau (BBB) reports that many of the sources provided by scholarship matching services are inaccurate and “few, if any at all, receive the actual funds”. The BBB adds that information provided is often out of date, providing sources for deadlines that have long passed. And never mind that money-back guarantee—it comes with more hoops to jump through than any dog-and-pony show you could ever imagine.

6. Linked products. Don’t let any sales person ever convince you that a financial product, such as student life insurance, or an annuity, must be purchased to qualify for federal student financial aid. It just isn’t so. And it is a sure fire scam.

7. The telemarketer. Telemarketing was once the biggest bugaboos of scholarship fraud when the FTC first addressed scholarship scams in the 90s. Attention more recently has shifted to bogus financial aid and scholarship seminars, and deceptive practices among consultants. That does not mean that telemarketing scams still do not surface. The U.S. Department of Education warned consumers recently about telemarketing scammers posing as U.S. Department of Education (ED) officers offering grants to students for a $249 processing fee (by requesting a bank or credit card number). Contact the DOE’s Office of Inspector General at 1-800-MIS-USED begin_of_the_skype_highlighting            1-800-MIS-USED      end_of_the_skype_highlighting (1-800-647-8733 begin_of_the_skype_highlighting            1-800-647-8733      end_of_the_skype_highlighting) or oig.hotline@ed.gov to learn more.

8. Guaranteed financial aid consultants. What can you expect for your fee from a financial aid consultant? Help completing the FAFSA, estimating your expected family contribution (EFC), and advising you or child on types of aid. Information and assistance that is readily available and free from a financial aid office at any university, your local library, on the web, or from a high school guidance counselor. So what is free, free, free information worth to you? Plenty, if you pay fees to a financial aid consultant to get it.

Some may want the handholding of a consultant regardless. Then be aware of deceptive claims that should send you looking for help from other sources. A financial aid consultant may guarantee a minimum $2,500 in aid or promise to refund your money. That’s nice, but misleading. Yes, you will no doubt receive that $2,500 student loan, but then so will every applicant who completes the FAFSA (free and on the web at www.fafsa.ed.gov). A federal entitlement available simply by completing the FAFSA should not be misrepresented or misconstrued as aid a consulting company can uniquely guarantee you as an enticement.

Likewise, if a consulting service guarantees you will receive every last penny to ship your child off to school (or your money back), you should not be fooled. You guessed it, another federal entitlement that is a byproduct of completing the FAFSA. That and a decent credit rating will earn you a PLUS loan for 100 percent of the total cost of attendance for you or your child. It is just good sense to steer clear of any company that entices clientele with benefits that are freely available to all students completing the FAFSA (whether they pay pricey consulting fees or not) as a federal entitlement.

Remember, if a consulting agency is completing a FAFSA (or any other form) on your behalf, review, sign it, and mail it yourself. You should maintain copies of the completed FAFSA and expect a refund if it is incorrect. And always agree to a flat fee for financial aid consulting services, never a percentage of aid received. Qualifications to consider when screening potential financial aid consultants include whether the consultant has experience at a financial aid office and is a Certified Public Accountant. Never be hesitant to ask for references.

9. The sweepstakes scholarship. Lucky you! You have just been selected as a finalist to win a scholarship in a sweepstakes that you never entered. (And you thought you never won anything.) The only obstacle standing between you and collecting your winnings is paying the redemption fee. Be wary of contests, websites and scholarships that collect personal data, payout a single dollar-amount (play the lottery today?) and repay the kindness with a barrage of advertisements. Which brings us to our next popular scam tactic.

10. The redemption fee. Common catchphrases by the scammer are disbursement fee, redemption fee, or processing fee. Notice the common denominator here? Legitimate scholarships do not ask a student to pay for an award. Be wary of any money awarded to you out of the blue that comes with strings, especially those with strings attached to your pocketbook.

Fisher Capital Updates Avoid Scams- New Swiss Style Agency Nexturn

Most recently by the financial turmoil sweeping the globe, has been leading the international trend of the European heavy truck heavy truck giant constantly laying off employees and cut-off of the news. Avoid scams. Keep posted and don’t be a victim.

  2008 12 16, Sweden Volvo Truck Group headquarters in Gothenburg, announced first quarter 2009 will be discontinued 20 to 25 days to avoid a drop in demand caused by product mix. Earlier, the German truck maker Man (MAN) company announced major layoffs for temporary workers and cut production. Mercedes-Benz trucks were announced job cuts in Canada and the United States, 2300.

  Chinese auto companies have gradually felt the tremendous power of this financial crisis. In the heavy truck market, the independent brand of electric control and high-pressure EGR Track Product spreads win one or two million in full swing, not to mention the high price of imported heavy card. The face of tough international market, the European heavy truck giant can turn "crisis" into "opportunities" in China for more effective business support?

  Previous years, this time, each company will announce a new year of market objectives and development plans. But this year, most businesses still wait until. Interest rates, exchange rates frequently adjusted bailout plan were introduced, the situation changes so rapidly, so that hundreds of battles in the European heavy truck giant become more cautious than ever.

  Benz trucks in China public relations manager, told reporters that Wang Hui, Mercedes-Benz on the Chinese market and customers long-term commitment is consistent. Slowdown in the current market circumstances, the Mercedes-Benz will continue to provide Chinese customers with high quality products and services. Meanwhile, Mercedes-Benz that the Chinese government to stimulate domestic demand, increasing investment in initiatives such as the opportunities for the commercial vehicle market, promising Chinese market, long-term, sustainable development.

  Insiders commented that, compared with the domestic heavy truck, imported products have a distinct performance advantage. However, due to the special needs of our commercial vehicles, heavy trucks have been no imports of high-end open market, even as imports of passenger cars did not bring in huge profits for multinational corporations. At present, this situation has not changed.

  Hard for many years in China, another giant of heavy trucks in Europe?? Volvo to the Chinese market showed cautious optimism. President of Volvo Trucks in China, said Lu Bo days, despite the international financial crisis, but the driving force for China's economic development still exist, with the timely measures taken by the relevant market better than in Europe and the United States. He said that both in good times or bad, both for China Volvo Cooperation Partner support, and will not lay off in China.

  As the industry leader in commercial vehicles in Europe, Mercedes-Benz and Volvo is also China's imports of high-end heavy truck market leader, in recent years has annual sales of more than in 1000. Rely on much weaker than the company's own brand dealer network, can achieve such results is not easy, to keep victories is their primary goal. Man speaking for the company, but the adverse economic situation it saw an opportunity. Man Fischer, vice president of China, told reporters that the financial turmoil, China is likely in 2009 a temporary economic downturn. However, the Man for 2010 are optimistic about China's economic situation. On the one hand, the 4 trillion yuan in central government investment projects, traffic, transportation, logistics industry is the key; the other hand, the Chinese yuan to upgrade the user's purchasing power. By expanding dealer network to provide users of financial services and other measures, Mann hopes the Chinese market in 2009 heavy truck sales of more than 500 in 2010, and strive to reach 1,000 units in China imports high-end heavy truck market share from the current 8% to 20%.

  China called the world's largest truck market, regardless of existing capacity or growth potential is very attractive. At present, the global economy are shrouded in shadow of financial turmoil, the Chinese market for multinational auto giants significantly increased the importance of the European heavy truck giant too. Although China's own brand of technical level of heavy truck brand products in Europe there is still a gap, but their progress over the years is obvious to all. The industry believes that both the Chinese heavy truck market prospects are also notable features. This feature is changing for the right to speak, the Chinese heavy truck industry has gradually become rules of the game makers. Only able to adapt to the rules of Chinese enterprises to share the fruits of victory.

  Related Reading: 2009 debut all the new heavy truck market in China smoke resurgence

  In the global financial crisis, China's heavy truck industry is facing the most strong market impact in history, many users are forced to report truck stop, a sharp decline in market demand, but as the beginning of large-scale infrastructure and fuel tax implementation, some experts predict that 2009 will be the second half of the Chinese heavy truck market is expected to rebound. Then, the face of the current severe situation, how companies can survive the winter; future market rebound when the business first opened, how can the situation? In the face of this issue, China's heavy truck manufacturers have thought they were talking to the product. Recently, the China Heavy Duty Truck, Shaanxi Auto, Fukuda, SAIC Iveco Hongyan, Valin successively announced their new 09 models, can be predicted that in 2009 China's heavy truck market, a war broke out did not smoke.

Fisher Capital Equipment Update - Machine Components Industry in China Problems

Fisher Capital Equipment Management Update- Machine Components Industry in China Problems and their causes - the machinery, basic parts - construction machinery industry Avoid online internet scams, get latest updates on Fisher Capital Equipment Management website.

As our country on the basis of pieces of machinery in Machinery Industry Awareness of the importance of late, long-term lack of investment, leading the entire industry based on poor, weak economic foundation and strength of the weak. In particular, as the host country raises the level of basic pieces of machinery behind the main bottleneck is becoming more apparent. In recent years, although the introduction of technology, technological innovation, scientific research and development, our country has given some support, but with the current level of market demand and overseas, there remains no small gap, in particular in: less product variety, low level quality of instability, early failure rate, poor reliability.

  China Machine Components product variety, small size, especially a big gap between high-end products can not meet the growing needs of the host. At present, various types of host based piece of performance indicators is roughly equivalent to the level of foreign 20th century 80s. Quality of instability, early failure rate, reliability is poor, the Achilles heel of basic items. Therefore, many OEMs to enhance the market competitiveness of its host, often choose to import the basis of supporting documents, resulting in domestic basic parts, especially the low-tech products, the domestic market share declined. Although China's exports of basic items has obvious advantages, but mainly labor-intensive products, the number of large, low-value, technology added value.

  Present, China Machine Components Industry of the following main issues: First, redundant construction
seriously, the low degree of specialization, not form scale, low economic efficiency
Machine Components, compared with the host enterprises to establish an initial financial and technical inputs required relatively few times in the national economic development period, have increased the number of basic parts manufacturer, also appeared along a large number of low-level duplicated construction, multi-point, volume is small, not form economies of scale. Basic pieces of business, while gradually independent of the OE, but most of the enterprise itself is large and, small but complete, low degree of specialization, the level of equipment is not high, the quality of instability, low economic efficiency. If China Bearing Annual output of three large enterprise sector bearing less than the sum of a well-known foreign companies 50%. The past two years, China built nearly one hundred Hydraulic Parts Plant, but the annual output of 300,000 or more only a few, the main product is Agricultural Machinery Matching. The company's annual output of Germany Rexroth hydraulic items 1.3 million, the Japanese oil research (strain) is also an annual output of 600,000 or more. Industrialized countries die of about 150 000 companies per capita output to 20 million, China's only 4 million to 50 thousand yuan. In recent years, with a variety of common development policies, the ownership, basic parts industry is experiencing increasingly focus from scattered to the intensive development process.

Fisher Capital Equipment Management Update- Machine Components Industry in China Problems and their causes - the machinery, basic parts - construction machinery industry Avoid online internet scams, get latest updates on Fisher Capital Equipment Management website.

  Second, weak research and development, insufficient capital investment, technological progress is slow
Basic pieces of 70 different industries in the late 20th century, early 80s to early introduction of a number of foreign advanced technology, but the lack of adequate absorption of the hardware and software investment. According to foreign experience, required for digestion and absorption of imported technology and capital ratio of approximately 1:7, and our understanding of this late, slow digestion and absorption steps. Technical strength of competition in the market is actually a contest. Have attached great importance to overseas, have increased investment, occupy high ground. Various well-known companies for research and development funds account for its Sell Amount of 4% to 5%, 10% in key areas. Although many institutions of higher learning in China at present engaged in research work, a lot of theoretical research, scientific research, patents, papers have a very high level, but actual production is not tightly integrated, especially into commodities slow.

  Third, and related raw materials, backward technology, low level of technology and technological equipment, the foundation of the development constraints

  Fasteners, chains, springs, bearings, molds and other steel products used by the poor quality specifications less direct impact on the quality of basic items, while the hydraulic pressure and hydraulic pressure castings and quality of products related to electronic control technology backward, but also directly affect the quality and reliability of hydraulic components. Mechanical parts are generally based on batch, mass production, but also more variety, high precision machining products, and therefore requires high technology and equipment production, large investment. Foreign multi-use high efficiency and precision of the plane, line or soft line for efficient automated production. However, some basic pieces of our business by financial constraints, input small businesses transform themselves poor, less advanced equipment not matching, affect product quality and quality.

Fisher Capital Equipment Update - Market slams Fisher and Paykel on profit Warning

The share market has come down hard on Fisher & Paykel Appliances - with its shares falling 40 per cent after the company issued a profit warning today.

The whiteware manufacturer's shares, which were worth $2.94 this time last year and worth $1 on Friday, went into free fall and are currently trading at just 60 cents, a 40 cent fall.

Earlier today the company said it expected a net profit of $25 million to $30m, down up to 54 per cent on last year.

Due to the deterioration in the New Zealand dollar, Fisher & Paykel Appliances' total bank debt grew $122 from March last year to $512m at the end of January. It was predicted to be $570m by the end of March.

It is now looking at reviewing its capital structure and alternative sources of capital.

Fisher Capital Equipment Update - Market slams Fisher and Paykel on profit Warning - The market was very concerned the company had to come back with a capital raising, which was unexpected, said Hamilton, Hindin, Greene director Grant Williamson.

The home appliance market had dropped off in all areas Fisher & Paykel exported to and there did not appear to be too many signs of a turnaround in world housing at the moment, he said.

"I think investors are starting to say; how long is it going to be before conditions change for the company? I think that's the biggest concern."

Williamson said Fisher & Paykel Appliances' wares were sold into most new homes but when very few new homes being built it would have a serious effect on their sales.

A 40 per cent drop in share value was a big hit for the share price to take but that was the general state of the market.

"If any company disappoints the market then the market is very harsh on their share price and we have certainly seen that this morning with Fisher & Paykel Appliances."

The company announced it would not proceed with a capital note issue and was looking an alternative source of capital.

The directors were considering the merits of issuing equity, including to a cornerstone investor.

Williamson said he did not believe a capital notes raising would have been particularly well received.

He did not see any short term bounce in the price until there was clarification around the structure of equity raising. That was expected to be announced in early March.

"At the moment there's still a fair degree of selling in the market place, around the 60c level."- NZPA

 

Fisher Capital Equipment Management - Significant Progress on Dulles Metrorail

Avoid internet scams, get the latest news update from Fisher Capital Equipment Management. Construction of the Dulles Corridor Metrorail Extension project, which is being built near Washington, D.C., is moving forward above and below ground. Crews have made significant progress on the elevated guideway structure that will carry the Metrorail over I-495, the region's primary highway, as well as Tysons Corner, one of the area's most congested business and retail districts. At the same time, a 2400-foot tunnel is being built under the intersection of Route 123 and International Drive as the traffic continues through Tysons Corner, and as the businesses and residents are going about their daily routines.
The progress of the project was highlighted on W-USA 9, a Washington, D.C. area TV station. The report featured interviews with Bechtel construction managers. Watch the video.
Construction of the project began in March 2009, with the signing of a $900 million grant from the U.S. Department of Transportation. The project is being constructed by Dulles Transit Partners, a team of Bechtel and URS, and will include five new Metro stations and 11.5 miles of new track. The project is owned and managed by the Metropolitan Washington Airports Authority.
Fisher Capital Equipment Management - Significant Progress on Dulles Metrorail - 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.

What We Do

• Airports and seaports
• Communications networks
• Defense and aerospace facilities
• Environmental cleanup projects
• Fossil and nuclear power plants
• Mines and smelters
• Oil and gas field development
• Pipelines
• Roads and rail systems
• Refineries and petrochemical facilities

Ethics 

Bechtel's culture is grounded in integrity and respect. This means adhering to the highest standards of ethics. Our reputation as an ethical company is one of our most valuable assets. We stand by everything we do.  

Quality

At Bechtel, quality means doing the job right the first time.  We've always delivered quality work, and we are continually striving to improve our performance through Six Sigma and other initiatives.

Safety 

Bechtel has a world-class safety program, and it pays off. Nearly 90 percent of our projects complete each year without a lost-time accident. Our philosophy is simple—every accident, and therefore every injury, is preventable. 

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.

Groundbreaking on Ivanpah Solar – Fisher Capital Equipment Update

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.
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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.
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