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LONDON, May 21 (Reuters) - British defence technology company QinetiQ Group posted full-year operating profit ahead of expectations and rasied its dividend 11.8 percent on Thursday, but also said it would cut 400 jobs. QinetiQ, a former arm of the British government, said operating profit rose 22 percent to 155 million pounds ($245 million) in the year to end-March, against analyst forecasts of 150 million, according to Reuters estimates. The dividend was hiked 11.8 percent to 4.75 pence. QinetiQ, which upgrades helicopters as well as testing weapons systems, said its raised dividend showed its confidence in future growth, adding it saw budget cutbacks at Britain's Ministry of Defence and would axe 400 workers. Thousands of staff were balloting for strike action this week over a pay freeze at the company.. QinetiQ shares, down 9 percent this year, closed on Wednesday at 143.5 pence, valuing the business at 956 million pounds. (Reporting by John Bowker; Editing by Dan Lalor) ($1 = 0.6331 pound) Keywords: QINETIQ RESULTS/ (john.[protected]@reuters.com;+[protected] Reuters Messaging: john.bowker.reuters.[protected]@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, May 21 (Reuters) - British defence technology company QinetiQ Group posted full-year operating profit ahead of expectations and rasied its dividend 11.8 percent on Thursday, but also said it would cut 400 jobs. QinetiQ, a former arm of the British government, said operating profit rose 22 percent to 155 million pounds ($245 million) in the year to end-March, against analyst forecasts of 150 million, according to Reuters estimates. The dividend was hiked 11.8 percent to 4.75 pence. QinetiQ, which upgrades helicopters as well as testing weapons systems, said its raised dividend showed its confidence in future growth, adding it saw budget cutbacks at Britain's Ministry of Defence and would axe 400 workers. Thousands of staff were balloting for strike action this week over a pay freeze at the company.. QinetiQ shares, down 9 percent this year, closed on Wednesday at 143.5 pence, valuing the business at 956 million pounds. (Reporting by John Bowker; Editing by Dan Lalor) ($1 = 0.6331 pound) Keywords: QINETIQ RESULTS/ (john.[protected]@reuters.com;+[protected] Reuters Messaging: john.bowker.reuters.[protected]@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The next financial meltdown will be in the currency markets, as central banks around the world have been printing money, giving the appearance of massive government intervention to weaken their currencies, legendary investor Jim Rogers, chairman, Rogers Holdings, told CNBC Wednesday.
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"At the moment I have virtually no hedges, I suspect it is going to be the next problem, big crisis will be in the currency markets, I'm trying to figure out what to do there, " Rogers told "Squawk Box Asia".
Rogers has bought the yen [JPY-TN 94.09 -0.30 (-0.32%) ] because he expects the Japanese currency to withstand future problems, but he does not have short positions in any currency and is currently not buying the yen any more.
"I'm certainly not short in the dollar — not at the moment, although it may be the peak. We may have come to the peak, " he said. "I don't plan to own the yen forever, because you know the Japanese, Japan has some huge problems down the road."
For the moment currencies may look safer than anything else in the markets, as stocks may face a new bottom since they were artificially lifted by the amount of money created by central banks, but there are pitfalls ahead, he said.
"If I am right, you're going to see a lot of currency problems in the next decade or two, " Rogers said.
"Governments around the world are doing their best to destroy currencies, many currencies in fact. And people need to understand that; if they don't understand it now, they're going to find out, they're going to find out the hard way, " he added.
RELATED LINKS
Current DateTime: 08:59:27 21 May 2009
LinksList Documentid: 30838257
Faber: Capitalism Could Fail
Dr. Doom: Money-Printing Caused Rally
Pros Say: Go East, Investor
Slideshow: World's Safest Banks
"At the moment I have virtually no hedges, I suspect it is going to be the next problem, big crisis will be in the currency markets, I'm trying to figure out what to do there, " Rogers told "Squawk Box Asia".
Rogers has bought the yen [JPY-TN 94.09 -0.30 (-0.32%) ] because he expects the Japanese currency to withstand future problems, but he does not have short positions in any currency and is currently not buying the yen any more.
"I'm certainly not short in the dollar — not at the moment, although it may be the peak. We may have come to the peak, " he said. "I don't plan to own the yen forever, because you know the Japanese, Japan has some huge problems down the road."
For the moment currencies may look safer than anything else in the markets, as stocks may face a new bottom since they were artificially lifted by the amount of money created by central banks, but there are pitfalls ahead, he said.
"If I am right, you're going to see a lot of currency problems in the next decade or two, " Rogers said.
"Governments around the world are doing their best to destroy currencies, many currencies in fact. And people need to understand that; if they don't understand it now, they're going to find out, they're going to find out the hard way, " he added.
Trader disclosure: On May 21st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (APC) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (ISIS); Najarian Owns (MOS) Call Spread; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Call Spread; Najarian Owns (BP) Call Spread; Terranova Owns (GENZ), (ABI), (JOYG), (XBI), (TER); Terranova Owns Oil Futures; Terranova Owns Nat Gas Futures; Terranova Owns (DIS) Calls; (XOM) Calls; Terranova Owns June Gold Futures; Grasso Owns (NYX), (XLF), (RIMM), (V); Grassso's Clients Owns (PETM); Grasso's Firm Owns (WMT); Grasso's Client Owns (SUN); Grasso Owns (NYX); Seymour Owns (AAPL), (BBT), (BX), (EEM), (FLR), (TTM), (INFY), (MGM), (PBR); Seymour is Short (FCX), (POT)
Data on Thursday underscored that economic recovery in the United States will be a long, slow slog, with a key manufacturing indicator showing only marginally less weakness and an outlook for rising unemployment even when growth resumes.
Woman filing for unemployment
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The new reports came a day after the Federal Reserve, in minutes released from its April policy meeting, cut its outlook for economic growth over the next three years and said a full recovery could take five or six years.
The Federal Reserve Bank of Philadelphia on Thursday reported that its closely watched indicator of factory activity in the Mid-Atlantic region was marginally less weak in May, while an index of leading economic indicators for April managed its first increase in almost a year.
The Labor Department reported that initial jobless claims last week fell for the third time in four weeks. But the labor market outlook remained cloudy, with the Congressional Budget Office projecting that the unemployment rate could rise even when economic growth resumes.
"The Philly Fed data was definitely on the disappointing side of expectations, " said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Conn. "The numbers are consistent with only a tepid global recovery as factories switch on the lights again."
Woman filing for unemployment
[protected][protected][protected][protected]
The new reports came a day after the Federal Reserve, in minutes released from its April policy meeting, cut its outlook for economic growth over the next three years and said a full recovery could take five or six years.
The Federal Reserve Bank of Philadelphia on Thursday reported that its closely watched indicator of factory activity in the Mid-Atlantic region was marginally less weak in May, while an index of leading economic indicators for April managed its first increase in almost a year.
The Labor Department reported that initial jobless claims last week fell for the third time in four weeks. But the labor market outlook remained cloudy, with the Congressional Budget Office projecting that the unemployment rate could rise even when economic growth resumes.
"The Philly Fed data was definitely on the disappointing side of expectations, " said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Conn. "The numbers are consistent with only a tepid global recovery as factories switch on the lights again."
Kiliwani development moves forward
Offshore staff
PERTH, Australia -- An appraisal location comprising an area surrounding the Kiliwani North No. 1 gas discovery has been agreed between the Nyuni joint venture participants and the Tanzanian authorities.
The joint venture has signed a contract with BGP for a new 2D seismic survey on and around Songo Songo Island. The survey is hoped to provide better definition of the Kiliwani North No. 1 gas discovery, which tested gas at 40 MMcf/d in June 2008.
Discussions relating to the terms of the commercialization of Kiliwani North No. 1 gas are continuing in Tanzania in parallel with the necessary environmental work. It is probable that the discovery will be tied back to the Songo Songo gas processing plant.
Work continues in the evaluation of the West Songo Songo exploration license area, according to Key Petroleum. The area is located between the producing Songo Songo gas field and the Tanzanian coast line. The license is prospective for Neocomian structural traps as per the Songo Songo and Kiliwani North fields, as well as an untested shallower stratigraphic play in Campanian age sediments. Analysis of seismic reflections over the Campanian fairway is consistent with the presence of light hydrocarbons, the company says.
"We look forward to receiving the results of the Kiliwani North seismic survey, " says Ken Russell, Key Petroleum's CEO and MD. "This survey should provide further important information required for the commercialization of Kiliwani North."
Offshore staff
PERTH, Australia -- An appraisal location comprising an area surrounding the Kiliwani North No. 1 gas discovery has been agreed between the Nyuni joint venture participants and the Tanzanian authorities.
The joint venture has signed a contract with BGP for a new 2D seismic survey on and around Songo Songo Island. The survey is hoped to provide better definition of the Kiliwani North No. 1 gas discovery, which tested gas at 40 MMcf/d in June 2008.
Discussions relating to the terms of the commercialization of Kiliwani North No. 1 gas are continuing in Tanzania in parallel with the necessary environmental work. It is probable that the discovery will be tied back to the Songo Songo gas processing plant.
Work continues in the evaluation of the West Songo Songo exploration license area, according to Key Petroleum. The area is located between the producing Songo Songo gas field and the Tanzanian coast line. The license is prospective for Neocomian structural traps as per the Songo Songo and Kiliwani North fields, as well as an untested shallower stratigraphic play in Campanian age sediments. Analysis of seismic reflections over the Campanian fairway is consistent with the presence of light hydrocarbons, the company says.
"We look forward to receiving the results of the Kiliwani North seismic survey, " says Ken Russell, Key Petroleum's CEO and MD. "This survey should provide further important information required for the commercialization of Kiliwani North."
Today is my last day in Q3 technologies. I wanted to take a moment to thank Q3 for everything. I have enjoyed my 2 years tenure here in Q3 technologies and I appreciate having had the opportunity to work with Q3. Thank you for believing in me all the time, support, guidance, and encouragement you have provided me during my time at Q3. Even though I will miss my colleagues and the company, I am looking forward to this new challenge and to starting a new phase of my career. I have learnt a lot of things, which I will remember forever.
It was indeed a great experience in working with you all. There were moments of success and failures and I had learnt lot from them. I am leaving with a good note of thanks and satisfaction. I wish all at Q3 a great success in the years to come.
I would like to give my special thanks to the HR department at q3 technologies. My releiving formalities went absolutely smoothly because of HR people and i faced no problems in getting relieved from Q3.
I will be continuing my journey in the same industry and look forward for opportunity to work together and hope to be in touch with you all.
It was indeed a great experience in working with you all. There were moments of success and failures and I had learnt lot from them. I am leaving with a good note of thanks and satisfaction. I wish all at Q3 a great success in the years to come.
I would like to give my special thanks to the HR department at q3 technologies. My releiving formalities went absolutely smoothly because of HR people and i faced no problems in getting relieved from Q3.
I will be continuing my journey in the same industry and look forward for opportunity to work together and hope to be in touch with you all.
It seems talk of a correction seems to be picking up steam.
Only one day ago TD Securities strategist Stephen Koukoulas told CNBC.com, “our hunch is that the stock market will have a significant pullback in the next six months.”
Investment strategist Subodh Kumar told us he expects a 10 to 15 percent correction in the nearer term. And on Fast Money, the founder of hedge fund T2 Partners Whitney Tilson revealed a substantial number of short positions based on a similar belief. Considering Thursday's market action all these guys may be onto something.
If we're about to embark on the next leg lower, how should you protect yourself?