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09 декабря, 14:00

Nearly 5 Million U.S. Jobs Depend on Trade With Mexico

Arguments that policies such as NAFTA have killed American manufacturing jobs often ignore the many other American jobs that such deals create and support.

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30 ноября, 16:00

Why Top Management Should Listen to Activist Investors

Activist investors who expect to raise returns by influencing strategic decisions are having a meaningful impact on many industries from consumer-packaged goods to aerospace and defense. And the odds that your company, or industry, may find itself targeted by an activist are going up. Activists launched 159 campaigns in 2015 focused on shareholder value maximization, nearly double the 88 that were launched the year before. If you are a senior executive in a company concerned about activists, you have two potential paths: take the defensive (and perhaps expected) posture of defending your current strategy, or embrace the challenge and reassess your company’s path to value creation. Activists’ interventions are often described, favorably or not depending on your point of view, as slashing and burning, taking out cost, and engaging in financial engineering. But that’s an unfair oversimplification. Many activists are asking some very tough and fundamental strategic questions: Are the company’s investments in the right place?  Is the company’s portfolio too diverse?  Are there difficult moves that must be made to create a winning strategy?  Senior executives should consider these questions carefully, since the rise of corporate activism is unlikely to slow any time soon — either way — these very basic but important strategic questions must be addressed. Simply improving short-term performance by cutting costs across the board isn’t the answer – activists can do that themselves, simply by taking out 10% from your company’s cost baseline. You need to look at costs as strategic investments that ultimately drive growth: which costs, if cut, would actually destroy shareholder value by diminishing growth or competitive advantage? And as an insider with the right perspective and access to granular company data, you can match or exceed what outsiders may be able to offer your investors. Take the time to reassess your company’s path to value creation. You have clearly thought about these strategic questions before, but constraints on your business and short-term issues may have stood in the way of  the answers – or at least at looking at the questions as an outsider might, and possibly arriving at different conclusions about the business. Now, you will have to translate your strategic thinking into a value creation plan that your management team and board will embrace.  You will have to be clear-minded about such questions as: What are the simple approaches to value creation that have worked in the industry, and do they still apply? What advantage do we have — or can we create — in the market, and how do we maintain and extend this advantage? What is our company great at doing? What is our promise to the market and to customers? What is needed to execute against that promise? Defining your aspirations that way and combining them with the capabilities required to fulfill those aspirations will give your company the best chance to create long-term value … and to address activists’ concerns and capitalize on the opportunities and ideas they bring. For our recent book we studied companies from a broad range of industries that operate this way, including Apple, CEMEX, Danaher, Haier, IKEA, Inditex (known for its Zara apparel business), Starbucks and many others. These companies may do business in a dozen different sectors, but everything they do nonetheless fits together in a coherent way. Apple’s online services, smartphones, and computers, for example, all rely on the same capabilities for design and integration. Starbucks applies its capabilities in talent management and distinctive retailing to everything it does. Danaher designs, manufactures, and markets industrial and consumer products in industries including dental, industrial technologies, environmental, and life science and diagnostics, and has distinguished itself by its outstanding shareholder return and its focus on continual improvement, across all its businesses. When your company has developed that kind of clear identity, you have leverage and insight that other companies –and activist investors –do not have. When investor Carl Icahn wrote to Tim Cook in 2014, with concerns about insufficient cash growth and share undervaluation at Apple, Cook’s response was measured. He eventually did buy back stock and increase shareholder dividends, but his response about television and cars was such that Icahn stated publicly that whatever Tim Cook decided was completely Tim Cook’s decision. Danaher, similarly, has good relationships with activist investors. In fact, the company was formed by Steven and Mitchell Rales, who were corporate raiders and understood the value of coherence from the start. Aetna CEO Mark Bertolini described the positive impact of coherence on stock value: “The magic question is: Are your business fundamentals sound enough so that you can consistently deliver a product to customers that they will continue to buy over time? If people believe your business fundamentals are sustainable, it will move the stock price higher.” Some CEOs might resist this approach: they may feel locked into the constraints given to them, or may simply want to avoid the risk of change — hoping that potential disruption or industry structure changes that activists initiate will leave them unharmed. But we’ve seen that movie over and over, and we know how it ends. The better course is to build a case for your company’s fundamental advantage, and lay out your plans for improving it and driving value creation.

24 ноября, 17:38

Компания из Мексики поможет Трампу построить стену

Компания-производитель цемента из Мексики заявила о готовности оказать свои услуги новоизбранному американскому президенту Дональду Трампу, который ранее заявлял о намерении возвести стену на границе между США и Мексикой для борьбы с потоком мигрантов.

24 ноября, 17:38

Компания из Мексики поможет Трампу построить стену

Компания-производитель цемента из Мексики заявила о готовности оказать свои услуги новоизбранному американскому президенту Дональду Трампу, который ранее заявлял о намерении возвести стену на границе между США и Мексикой для борьбы с потоком мигрантов.

12 ноября, 16:00

The Companies Trump Has Criticized

How are they doing now?

10 ноября, 20:38

6 Stocks & ETFs to Avoid on Trump's Win

Investors should stay away from these stocks and ETFs as Trump makes it to White House.

02 ноября, 15:38

Jacobs (JEC) Secures Role in Australian Transport Plan

Jacobs Engineering Group Inc. (JEC) declared that it has been selected as a member of the prestigious Fulton Hogan Seymour Whyte Joint Venture (FHSW JV) by the Department of Transport and Main Roads of Queensland.

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03 октября, 15:52

New Strong Buy Stocks for October 3rd

New Strong Buy Stocks for October 3rd

26 сентября, 09:00

Holding pattern

Are markets going to enter a holding pattern this week?  Obviously, that doesn't mean that nothing can or will happen, but it's a bit more of a comment on the mindset of the marketplace.  Consider the state of play in various major markets:US:  With the Fed, obviously it's a waiting game, almost certainly until December.    And while both Yellen and Fischer speak this week, it's not like there's been a lot of new news since last week's FOMC announcement to change the picture.  Payrolls isn't until a week from this Friday, and earnings season kicks off the week after that.  Sure, there's data this week, but the "highlight" (Macro Man is struggling to contain a gaga reflex) may well be this evening's first presidential debate between Clinton and Trump.  Maybe if Trump "wins" the debate convincingly there will be a trade to go long Cemex, short MXN....Europe:  The ECB is on autopilot for the moment, and like the Fed is generally out of the picture until December.  The biggest event on the near-term calendar is Italy's constitutional reform referendum, which the latest polls show as too close to call.   As a reminder, Prime Minister Renzi has said that he will step down should the vote fail; while he's kind of tried to dance  his way around that recently, it seems safe to assume that a No vote would see Italy descend back into political chaos.   While this is admittedly not an unusual state of affairs over the last 70 years or so, it nevertheless would not engender much confidence in certain institutions (cough, Monte dei Paschi, cough).  Maybe the market will feel comfortable enough to deploy risk in either bullish or bearish directions before the vote, though somehow betting on a too close to call election doesn't seem to carry much edge.UK:  Now that the Tory Party Jeremy Corbyn has won the Labour Party leadership election, it's back to waiting for Godot Article 50.Japan:   The BOJ has given us quantitative easing with yield curve control, and uh....OK, there you go.  The one thing that Macro Man found somewhat bemusing was the big song and dance made about this in some quarter and surprise registered in others that long end JGBs rallied after the announcement.   Uhhh...maybe the Japanese version of the statement was different from the English one, but there was no explicit mention of long end yield targets, and the only explicitly named measures that could impact long end yields were ones designed to keep them down.  Maybe things will change in the future, but the future isn't now.China: With the 19th Party Congress slated for next year, it is apparently all about keeping the balls in the air (and stealthily depreciating the RMB) for as long as possible.Hey, at least we've had some data already- New Zealand's trade balance for August was much worse than expected.   Even that, though, looks to be largely a function of seasonality- for the last few years, the trade balance has reached a local nadir at roughly this time of year.   So while it's nice on the margin for AUD/NZD, Macro Man somehow doesn't think it's enough to jolt the market out of its prospective holding pattern. source:  worldeconomiccalendar.com

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30 августа, 18:37

Cemex продаст ряд своих активов в США за $306 млн

Мексиканский производитель цемента Cemex заключил соглашение на предмет продажи ряда своих активов в США за $306 млн. Сообщается, что покупателем в рамках данной сделки выступит кмопанияGrupo Cementos de Chihuahua (GCC).

30 августа, 11:16

Cemex продаст ряд своих активов в США за $306 млн

Мексиканский производитель цемента Cemex заключил соглашение на предмет продажи ряда своих активов в США за $306 млн. Сообщается, что покупателем в рамках данной сделки выступит кмопанияGrupo Cementos de Chihuahua (GCC).

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