Financials,
October 18, 2011
The past decade, United States debt situation continued to deteriorate. In 2001 when Bush took office, United States national debt scale of 5.8 trillion dollars by June 2011 up to $ 14.34 trillion. United States national debt share of the GDP increased from 57% to 100%. To ensure that the debt ratio is no longer rising, over the next decade United States GDP average increase to at least $ 4.4%~5% in the name. 2010 United States economic growth only 1.6% first half of 2011, only 0.8%.
From the United States Treasury Department data, holders in foreign countries held by the United States Government bonds accounted for all bonds 31%, of which China's holdings of less than 8%, surpassing the United States holdings of the family. Because China is the United States claims the largest single holder, United States debt crisis on China's influence is inevitable, particularly external financial assets to China will have to be reckoned with negative impact. From a recent view, United States debt crisis on China's negative impact mainly on the following areas.
China reserves plunge in risk. China's external financial assets, assets up to 71%. It is clear that the dollar will inevitably lead to China's huge external financial assets have plunged. Falling dollar means that China's huge foreign exchange reserves falling purchasing power suffered great losses. This is actually a United States be proficient in the knowledge of "soft-default". Huge foreign exchange reserve in China face "soft default" erosion risk.
Since the beginning of 21st century we continuing weakness of the dollar against the euro and other currency exchange rate almost fell at an annual rate of 3%. If coupled with the US dollar than other currencies, actual loss has been suffered by the holders of dollar assets exceed 30%. Due to the current United States debt is still growing, and the United States Government on the "double cut" lack of effective measures, which will cause the United States long-term debt crisis. Under the influence of the negative, weak dollar or dollar depreciation will be forced to tend to perpetuate. There is no doubt that in this century of creditors and debtors in the great game, China, as the United States’ largest creditor nation, losses will certainly bear the brunt.
Further push up inflation. The dollar and its expected, causing the dollar-denominated gold, crude oil, rapid increases in the prices of international commodities and raw materials, thereby increasing the production costs of global commodity and inflationary pressures, increased global inflationary pressures, in particular raises emerging economy countries imported inflation pressures. China's inflation causes the demand factor or cost reasons. From external factors, increases in import prices in the international market on the one hand promote the rising prices of China; on the other hand a lot of money into China looking for investment opportunities abroad, further aggravated the situation of excess domestic liquidity, thereby affecting overall price level in China.
United States sovereign credit downgrade, the Federal Reserve maintain the zero interest rate policy unchanged for two years leading to excess Bank reserves from the Fed's withdrawal, into financial circulation of new liquidity. Liquidity not only address these releases United States continue to issue bonds and the needs of the growing debt ceiling, but also makes a further fall in the dollar, United States national debt continue to shrink. In fact sovereign credit downgrade has received quantitative easing effects, lower cost incurred. These releases huge liquidity will further drive up international prices of food, energy and resources, imported inflation will continue to stubbornly high inflation in China helped, and potentially change the trend of inflation in China, China's macro-control policies will have to face more complicated situation.
Forcing the faster rise. History always seems strikingly similar, 26 years ago United States force at that time the biggest creditor nation Japan signed "square deal", depreciation of the dollar against the yen since then 300%, the US debt substantially diluted, United States economy to achieve self-redemption. This scene was repeated again today: high speed increased holdings of us debt in China of the last 10 years, the dollar will accelerate the depreciation of the currency. If starting from RMB exchange rate reform introduced in July 2005, a six-year period against the devaluation of the Renminbi has more than 20%.
Face of the continued deterioration of the US debt crisis, people have reasons to believe that the next two years, depreciation of the dollar against the Yuan will be bigger, a depreciation can be more than 30% with a view to increase the intensity of us debt dilution, again complete United States economic self-redemption. For China, China's export enterprises under the dual pressure of inflation and cost, profit space is minimal, many enterprises are at the edge of bankruptcy. If a further substantial appreciation of the Renminbi, China's economy did not rule out being hit.
http://roll.sohu.com/20111018/n322604302.shtml
Europe's banks or more layoffs measures
2011-09-13
SINA finance share the article copy link big Sina finance hearing hours on the evening of September 13 messages, continuing deterioration of the situation in financial markets, Europe's largest banks could adopt such measures as more workers redundant or zero bonus, encourage them to keep a fixed salary.
Investment banker after basic salary increases of up to 100%, Europe's largest banks are facing falling incomes and rising cost pressures. Industry lawyer and adviser said, even further worsening, such decision is irreversible and this makes banks can use raise profit margins options become very few. Employment law firm Dechert LLP in London lawyer Jason-buteweike (Jason Butwick) says: "cut the current pay is the banks want to finally do Noe thing, unless they have clear contractual right to do so. Take justice, reputation, this measure business and logistical risks are substantial time. ”
According to Bloomberg codification of data display, since this year medium-term yilai, including Switzerland Bank (UBSN), and BA grams Barclays Bank (BARC), and HSBC holding (HSBA), and Scotland Royal Bank Group (RBS) and Switzerland Credit Group (CSGN) zainei of European all large bank announced of layoffs new definitions today, has over has 70,000 people; and this compared to, United States all large bank earlier of layoffs new definitions today, for 42,000 people. Two well known inside sources say, Japan's largest brokerage Nomura holdings (Nomura Holdings Inc) (8,604) is planning a European market some 5% workers redundant. One of the sources, Nomura holdings will be reductions of less than 400 employees worldwide, most of the retrenched staff in Europe.
For Barclays Capital analyst stated in August 10 a report released, 20 largest investment banks, salaries in net profits percentage in 2011 in consecutive second year increased expected to rose from 2009 55% per cent. Among them, Switzerland banks, Switzerland credit and compensation of Nomura holdings of its investment banking sector expenditure as a percentage of net profits could exceed 80%. Fixed expenditures rise is due primarily, United Kingdom and France and other European countries the regulators to the bankers to pay manner and time limits, in order to promote their basic salary increase.
Banks are facing a slowdown in economic growth rates and eurozone sovereign debt crisis brought about by the plight of this dilemma is dampened confidence in the European financial institutions. Barclays Capital analyst pointed out that, in the first quarter of this year, total revenues of the world's 20 largest investment banking fell 8%, the year-ago period fell 23%. So far this year, with 46 stocks only Bloomberg European banking and financial services index has fallen by 38%.
Headhunters Astbury Marsden London Executive Director Jonathan-Nicholson (Jonathan Nicholson), European banks will soon adopt further retrenchment measures. He pointed out: "Bank staff bonus is lower than ever before. Now fixed expenditure as a proportion of total compensation is approximately 70% per cent, banks funding for bonuses is less than ever before. Can only slash spending to just cutting staff. ”
Switzerland Bank, Nomura holdings, the Royal Bank of Scotland Group, HSBC, Barclays Bank and Switzerland credit statements per capita declined in London if it is by cutting staff or pay cuts to reduce expenditure to comment. (Kanayoshi/compilation)
http://www.nbd.com.cn/newshtml/20110913/20110913210315407.html
Peoples Sidney Financial Corp OTC Bulletin Board Market:PPSF Financial : Regional Banks. $9.00 ( August 18, 2011 )
Peoples-Sidney Financial Corporation (Peoples) is a savings and loan holding company that operates through its wholly owned subsidiary, Federal Savings and Loan Association of Sydney (the Association). The Association is a federally chartered savings and loan association. The Association is primarily engaged in the business of attracting savings deposits from the general public and investing such funds in permanent mortgage loans secured by one- to four-family residential real estate located primarily in Shelby County, Ohio, and the contiguous counties of Logan, Auglaize, Miami, Darke and Champaign. The Association also originates loans for the construction of one- to four-family real estate, loans secured by multi-family real estate (over four units) and non-residential real estate, consumer and commercial loans, and invests in the United States Government obligations, mortgage-backed and related securities, and interest-bearing deposits in other financial institutions.
Price/Earnings (TTM) 11.44x. Price/Sales (TTM) 1.98x. Price/Book (MRQ) 0.62x. Price/Cash Flow (TTM) 9.65x.
101 E. Court Street Sidney, OH 45365
Phone: (937) 492-6129 Fax: (937) 498-4554
Bar Harbor Bankshares AMEX:BHB Financial : Regional Banks Small Cap Value. $28.90 ( August 18, 2011 )
Bar Harbor Bankshares (BHB) is a bank holding company. The Company has one wholly owned operating subsidiary, Bar Harbor Bank & Trust (the Bank), which offers a range of deposit, loan, and related banking products, as well as brokerage services provided, through a third-party brokerage arrangement. In addition, the Company offers trust and investment management services, through its subsidiary, Bar Harbor Trust Services (Trust Services), a trust company. These products and services are offered to individuals, businesses, not-for-profit organizations and municipalities.
http://www.bhbt.com/investor_relations/
Price/Earnings (TTM) 10.4x. Price/Sales (TTM) 2.79x. Price/Book (MRQ) 1.04x. Price/Cash Flow (TTM) 9.41x.
82 Main Street Bar Harbor, ME 04609
Phone: (207) 288-3314 Fax: (207) 288-2626
JPMorgan Chase and Co NYSE:JPM Financial : Regional Banks Large Cap Value. $34.96 ( August 18, 2011 )
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national bank with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national bank that is the Firm's credit card-issuing bank. JPMorgan Chase's principal nonbank subsidiary is J.P. Morgan Securities LLC (JPMorgan Securities), the Firm's United States investment banking firm. The bank and nonbank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Company's activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM).
Price/Earnings (TTM) 7.81x. Price/Sales (TTM) 1.4x. Price/Book (MRQ) 0.82x. Price/Cash Flow (TTM) 5.77x.
270 Park Avenue
New York, NY 10017
Phone: (212) 270-6000
Fax: (212) 270-1648
Citigroup Inc NYSE:C Financial : Money Center Banks Large Cap Value.$27.69 ( August 18, 2011 )
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2010, the Company had approximately 200 million customer accounts and did business in more than 160 countries and jurisdictions. Citigroup operates two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). On February 1, 2011, Citigroup
acquired Maltby Acquisitions Limited (Maltby).
http://ec.europa.eu/competition/mergers/cases/decisions/m6137_20110301_20310_1706227_EN.pdf
Price/Earnings (TTM) 9.07x. Price/Sales (TTM) 1.1x. Price/Book (MRQ) 0.49x. Price/Cash Flow (TTM) 6.53x.
399 Park Avenue New York, NY 10043
Phone: (212) 559-1000 Fax: (212) 793-3946
Mastercard Inc NYSE:MA Financial : Consumer Financial Services Large Cap Growth. $305.00 ( August 18, 2011 )
MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. The Company provides a variety of services in support of the credit, debit, prepaid and related payment programs of approximately 22,000 financial institutions and other entities that are its customers. The Company offers payment solutions, which enable its customers to develop and implement credit, debit, prepaid and related payment programs for their customers, which include cardholders, businesses and government entities. MasterCard manages a family of payment card brands, including MasterCard MasterCard, Maestro and Cirrus, which the Company license to its customers. MasterCard generates revenue by charging fees to its customers for providing transaction processing and other payment-related services
Price/Earnings (TTM) 20.22x. Price/Sales (TTM) 6.87x. Price/Book (MRQ) 7.58x. Price/Cash Flow (TTM) 18.24x.
2000 Purchase Street Purchase, NY 10577
Phone: (914) 249-2000 Fax: (914) 249-4206
Community Bank System Inc NYSE:CBU Financial : Regional Banks Small Cap Value.$22.17 (August 18, 2011 )
Community Bank System, Inc. is a single bank holding company, which wholly owns five subsidiaries: Community Bank, N.A. (the Bank), Benefit Plans Administrative Services, Inc. (BPAS), CFSI Closeout Corp. (CFSICC), First of Jermyn Realty Company, Inc. (FJRC) and Town & Country Agency LLC (T&C). BPAS owns three subsidiaries: Benefit Plans Administrative Services LLC (BPA), a provider of defined contribution plan administration services; Harbridge Consulting Group LLC (Harbridge), a provider of actuarial and benefit consulting services, and Hand Benefits & Trust Company (HB&T), a provider of Collective Investment Fund administration and institutional trust services. CFSICC, FJRC and T&C are inactive companies. The Company also wholly owns two unconsolidated subsidiary business trusts formed for the purpose of issuing mandatorily
redeemable preferred securities, which are considered Tier I capital under regulatory capital adequacy guidelines.
Company Release - 07/26/2011 17:40
Cash dividend increased 8%, the 19th consecutive year of increased dividends
SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE: CBU) reported second quarter 2011 net income of $18.0 million ($0.49 per share), an increase of 11.3% over the $16.2 million reported for the second quarter of 2010. The second quarter 2011 results included $3.6 million ($0.07 per share) of acquisition expenses related to the Company’s purchase of The Wilber Corporation, completed in early April. Excluding acquisition expenses and special charges, earnings per share were up 16.7% over the prior year to $0.56, a record for the Company’s second quarter. 2011 year-to-date earnings of $34.1 million, or $0.96 per share, include $4.3 million ($0.09 per share) of acquisition expenses.
Total revenue for the second quarter of 2011 was $76.9 million, an increase of $8.6 million, or 12.6%, over the second quarter of last year. The higher revenue was a result of a 16.2% increase in average earning assets, principally from the Wilber acquisition, and a three-basis point improvement in the Company’s net interest margin to 4.13%. The quarterly provision for loan losses of $1.1 million was $1.0 million lower than the second quarter of 2010, reflective of lower net charge-offs and the continuation of generally stable and favorable asset quality metrics. Total operating expenses were $51.1 million for the quarter, including $3.6 million of acquisition expenses related to Wilber. Recurring operating expenses of $47.5 million (excluding acquisition expenses and special charges) for the quarter were $3.5 million, or 7.9%, higher than the second quarter of 2010, reflective of the additional operating costs from the Wilber acquisition, partially offset by lower intangible amortization.
http://www.communitybankna.com/
Price/Earnings (TTM) 11.86x. Price/Sales (TTM) 3.04x. Price/Book (MRQ) 1.17x. Price/Cash Flow (TTM) --.
5790 Widewaters Parkway DeWitt, NY 13214
Phone: (315) 445-2282 Fax: (315) 445-0904
Unitedhealth Group Inc NYSE:UNH Financial : Insurance (Accident & Health) Large Cap Blend. $ 43.89 ( August 18, 2011 )
UnitedHealth Group Incorporated is a diversified health and well-being company. The Company operates in four segments: Health Benefits, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State; OptumHealth; Ingenix, and Prescription Solutions
http://www.unitedhealthgroup.com/main/default.aspx
Price/Earnings (TTM) 10.2x. Price/Sales (TTM) 0.5x. Price/Book (MRQ) 1.78x. Price/Cash Flow (TTM) 8.11x..
UnitedHealth Group Center
Minnetonka, MN 55343
Phone: (952) 936-1300
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