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13 октября 2016, 13:01

Участница списка Forbes продаст в России завод упаковки за 2,8 млрд рублей

Международная компания Mondi Group со штаб-квартирой в Вене покупает в России завод ​«Бипак», выпускающий гофрокартон и упаковку для пищевых и сельхозпродуктов, владельцем которого является Ольга Белявцева (№4 в рейтинге богатейших женщин...

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13 октября 2016, 10:21

Mondi shares fall 3% after financial update

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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13 октября 2016, 00:04

Одна из богатейших женщин России – Ольга Белявцева продает завод по производству упаковки

Крупный международный производитель упаковки Mondi Group подписал соглашение о приобретении 100% долей российского ООО «Бипак», говорится в сообщении Mondi Group. «Бипак» выпускает гофрокартон и упаковку для пищевых и сельскохозяйственных продуктов, включая напитки, молочные продукты, фрукты и овощи. Предприятие расположено в г. Лебедянь Липецкой области.

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13 октября 2016, 00:04

«Фрутоняня» без упаковки

Крупный международный производитель упаковки Mondi Group подписал соглашение о приобретении 100% долей российского ООО «Бипак», говорится в сообщении Mondi Group. «Бипак» выпускает гофрокартон и упаковку для пищевых и сельскохозяйственных продуктов, включая напитки, молочные продукты, фрукты и овощи. Предприятие расположено в г. Лебедянь Липецкой области.

11 апреля 2016, 19:43

How Tobacco Companies Led A Devastating 50-Year Infiltration Into Black Communities

Lincoln Mondy's asthma is probably the only reason why he's never smoked a cigarette. Doctors warned his parents about the dangerous effects their smoking habit could have on their son, but it was almost impossible to stop because in Farmersville, Texas, "tobacco is everything," according to Mondy. At the age of 14, Mondy took matters into his own hands when he made a PowerPoint presentation for his mom, whom he lived with, which warned her about tobacco's adverse effects. With the support of Mondy and other family members, his mother eventually quit smoking by the time he was 15. But getting his father to quit was a different beast to tackle. "My black family all smoked menthol," Mondy, who is biracial, told The Huffington Post about a pattern he noticed on his paternal family's side. "Like why do they smoke menthol but my white side dips and smokes cigarettes that aren’t menthol?" Menthol is a flavoring additive that makes it easier to inhale smoke which makes it more addictive than non-menthol cigarettes, according to the Center for Disease Control. More than 70 percent of black smokers prefer menthol, as shown in the infographics (above and below) by the African American Tobacco Control Leadership Council. After learning that black people are more likely to die from smoking-related diseases than whites, Mondy realized his father's affinity for menthol wasn't a coincidence. The now 22-year-old senior at George Washington University, started to research the campaigns big tobacco companies used to target black communities for his film project,"Black Lives/Black Lungs." The film was published in March in conjunction with Truth Initiative, and he found some very disturbing facts. Check out "Black Lives/Black Lungs" in the video below and keep scrolling to continue the story. Mondy searched for keywords within the Truth Tobacco Industry Documents database like "ethnic," "ghetto," "lower income" and "negro." He found countless documents that outlined tobacco companies' strategies in its campaigns which were aimed specifically at black people. He said the latter three search terms yielded results that surprised him, but it was a document from Lorlliard Tobacco that said "negroes" smoke menthol to "mask a real/mythical odor," which he said disturbed him the most. "They started really seeing [that] saying menthols would make people think 'fresh breath,'" Mondy said of his findings. "So in like the '60s they started targeting on that. They really started going really hard on 'hey, smoke this, it’s healthier, fresh breath, minty,' those kind of buzz words that would make people feel like its healthier than a regular cigarette." In addition to the language used in advertisements, these tobacco companies would buy a disproportionate amount of ad space in black publications like Ebony, Jet and Essence in comparison to mainstream magazines like Life, Vanity Fair and Elle. In 1962, Ebony carried twice as many cigarette ad pages as Life. These ads showed black men and women with cool and even empowering demeanors as they held a cigarette. Many tobacco companies were ordered in 2014 by U.S. District Judge Gladys Kessler to run corrective statements in many publications about their overall misleading messages about the negative health effects of smoking in ads, but black media outlets were completely ignored. Mondy also found that businessmen from tobaccos companies would take "ethnic field trips" to neighborhoods highly populated with black people in the '60s where they would stay for hours and give away menthol cigarettes.  "You're getting them hooked for free," Mondy said of the these "disturbing" marketing tactics by the tobacco companies. “So they'd go and take really impressive research to kind of pinpoint the culture and see what people like, what people don't like. And then, maybe like three months later, after that one ethnic field trip, there'd be an ad targeted specifically to that population." Phillip Gardiner, public health activist and co-chair of the African American Tobacco Control Leadership Council, wrote in his 2002 study "The African Americanization of menthol cigarette use in the United States" -- which Mondy refers to often in his research -- that tobacco companies saw the distinct traits of the black community, philanthropy included, and adjusted their marketing accordingly to build the community's trust: "Because the industry was based in the South, and the majority of black people lived and worked in the South, even as many migrated to urban centers, it was to the advantage of the tobacco industry to develop a strategic relationship with the African-American community. Moreover, the tobacco industry was one of the first major corporate employers to hire and promote African-Americans, not just in the processing of tobacco but also as executives (Gardiner, 2001; Robinson & Sutton, 1994)." Mondy called the tobacco industry's infiltration into the black community "strategic." Tobacco companies like Altria have donated millions of dollars to black institutions -- including the Congressional Black Caucus Foundation, historically black colleges and universities, and the NAACP -- over the years. In 2014, Altria donated one million dollars to the Smithsonian National Museum of African-American History and Culture which opens this year. Mondy said these institutions would risk vital funding which could ultimately help them to have a positive impact on the black community if they spoke up against the tobacco companies. "They have no choice," he told HuffPost. "In the '70s when the NAACP needed funding for meetings, the tobacco industry was there, no one else was there. The tobacco industry was there to give money to them so they couldn’t say smoking is bad." Today, menthol is the only tobacco additive that is not banned, despite a 2009 law which banned other flavor additives like cherry and bubblegum. Yet, as shown in the graphic below, the Tobacco Control Legal Consortium found that if menthol was banned that 44.5 percent of black smokers would quit smoking tobacco. Mondy said he believes the reason it hasn't been banned is due to political reasons -- Lorillard, the company which produces Newports, has donated to more than half of the black democrats in Congress compared to just under 3 percent of non-black Democrats in 2014.  In 2015, Lorillard, whose sales depended on menthols for roughly 85 percent of sales the year prior, merged with Reynolds American Inc. -- the company that owns R.J, Reynolds Tobacco Company. Jacob McConnico, a spokesperson for the R.J, Reynolds Tobacco Company, provided a statement to HuffPost in regards to claims about marketing practices that specifically targeted the black community in the past few decades and today: "I am not able to provide any insight to claims related to alleged marketing activities of up to 50 years ago. I can tell you, as it relates to our marketing today, our marketing efforts are designed to reach a wide and diverse audience of adult tobacco consumers. Those efforts are designed to include elements of interest for all adult smokers, regardless of their ethnicity or gender. Adult African-Americans, Hispanics, and other minorities have the same ability and right as the rest of the population to evaluate and make informed decisions about whether or not they want to use tobacco or any other consumer product. It would not be appropriate to exclude minority audiences or media from our brand communications." Steve Callahan, a representative for Altria Client Services, the company which owns Philip Morris USA brands such as Marlboro, Virginia Slims, among others, also said that he couldn't speak on marketing campaigns from the past in a statement to HuffPost. He said there has been tighter regulation on tobacco companies due to the 1998 Master Settlement Agreement which changed the way brands market tobacco and the 2009 Tobacco Control Act in which the Food and Drug Administration began regulating the manufacture, distribution and marketing of these products.  Also, Callahan said to HuffPost that Philip Morris USA is "committed to marketing our products responsibly by building relationships between our brands and adult smokers while taking steps designed to limit reach to unintended audiences." He added, "Philip Morris USA markets its menthol cigarette brands using the same marketing approaches it uses for its non-menthol cigarette brands." Advocates like Gardiner, however, aren't convinced that tobacco companies shouldn't be held accountable. "The bottom line is that African-Americans prefer menthol cigarettes because the tobacco industry pushed these products on and created the demand among this population," Gardiner wrote in his study. "Did the industry do this on purpose? The answer to this question is an unequivocal yes." Despite tobacco's deep impact on the black community, Mondy said he's using his "Black Lives/Black Lungs" project as a vehicle of hope. With the help of Truth Initiative, he plans on interviewing key players in the fight to ban menthol and turn his findings into a documentary which he intends to premiere this summer. His efforts aren't to shame smokers because quitting tobacco can be a hard feat, especially, if a person may have smoked his or her entire life. Instead, he said he wants to educate people on the issue. Mondy's approach to informing others has even made his father take quitting more seriously. He said his dad texted him in February to tell him that he had gone 30 days without smoking a cigarette, the longest in Mondy's lifetime. "This is like so engorged into our community," he said. "I think it’s important to equip people with the education and information and so like, I’m not going around saying 'smoking is bad, stop smoking.'" Instead, Mondy said he hopes the research he provides will lead people to make an informed decision on whether they want to quit smoking or "keep buying from these companies that benefit from black death." Learn more about the tobacco industry's targeted campaign on the black community with "Black Lives/Black Lungs" and watch the video above. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

11 апреля 2016, 19:43

How Tobacco Companies Led A Devastating 50-Year Infiltration Into Black Communities

Lincoln Mondy's asthma is probably the only reason why he's never smoked a cigarette. Doctors warned his parents about the dangerous effects their smoking habit could have on their son, but it was almost impossible to stop because in Farmersville, Texas, "tobacco is everything," according to Mondy. At the age of 14, Mondy took matters into his own hands when he made a PowerPoint presentation for his mom, whom he lived with, which warned her about tobacco's adverse effects. With the support of Mondy and other family members, his mother eventually quit smoking by the time he was 15. But getting his father to quit was a different beast to tackle. "My black family all smoked menthol," Mondy, who is biracial, told The Huffington Post about a pattern he noticed on his paternal family's side. "Like why do they smoke menthol but my white side dips and smokes cigarettes that aren’t menthol?" Menthol is a flavoring additive that makes it easier to inhale smoke which makes it more addictive than non-menthol cigarettes, according to the Center for Disease Control. More than 70 percent of black smokers prefer menthol, as shown in the infographics (above and below) by the African American Tobacco Control Leadership Council. After learning that black people are more likely to die from smoking-related diseases than whites, Mondy realized his father's affinity for menthol wasn't a coincidence. The now 22-year-old senior at George Washington University, started to research the campaigns big tobacco companies used to target black communities for his film project,"Black Lives/Black Lungs." The film was published in March in conjunction with Truth Initiative, and he found some very disturbing facts. Check out "Black Lives/Black Lungs" in the video below and keep scrolling to continue the story. Mondy searched for keywords within the Truth Tobacco Industry Documents database like "ethnic," "ghetto," "lower income" and "negro." He found countless documents that outlined tobacco companies' strategies in its campaigns which were aimed specifically at black people. He said the latter three search terms yielded results that surprised him, but it was a document from Lorlliard Tobacco that said "negroes" smoke menthol to "mask a real/mythical odor," which he said disturbed him the most. "They started really seeing [that] saying menthols would make people think 'fresh breath,'" Mondy said of his findings. "So in like the '60s they started targeting on that. They really started going really hard on 'hey, smoke this, it’s healthier, fresh breath, minty,' those kind of buzz words that would make people feel like its healthier than a regular cigarette." In addition to the language used in advertisements, these tobacco companies would buy a disproportionate amount of ad space in black publications like Ebony, Jet and Essence in comparison to mainstream magazines like Life, Vanity Fair and Elle. In 1962, Ebony carried twice as many cigarette ad pages as Life. These ads showed black men and women with cool and even empowering demeanors as they held a cigarette. Many tobacco companies were ordered in 2014 by U.S. District Judge Gladys Kessler to run corrective statements in many publications about their overall misleading messages about the negative health effects of smoking in ads, but black media outlets were completely ignored. Mondy also found that businessmen from tobaccos companies would take "ethnic field trips" to neighborhoods highly populated with black people in the '60s where they would stay for hours and give away menthol cigarettes.  "You're getting them hooked for free," Mondy said of the these "disturbing" marketing tactics by the tobacco companies. “So they'd go and take really impressive research to kind of pinpoint the culture and see what people like, what people don't like. And then, maybe like three months later, after that one ethnic field trip, there'd be an ad targeted specifically to that population." Phillip Gardiner, public health activist and co-chair of the African American Tobacco Control Leadership Council, wrote in his 2002 study "The African Americanization of menthol cigarette use in the United States" -- which Mondy refers to often in his research -- that tobacco companies saw the distinct traits of the black community, philanthropy included, and adjusted their marketing accordingly to build the community's trust: "Because the industry was based in the South, and the majority of black people lived and worked in the South, even as many migrated to urban centers, it was to the advantage of the tobacco industry to develop a strategic relationship with the African-American community. Moreover, the tobacco industry was one of the first major corporate employers to hire and promote African-Americans, not just in the processing of tobacco but also as executives (Gardiner, 2001; Robinson & Sutton, 1994)." Mondy called the tobacco industry's infiltration into the black community "strategic." Tobacco companies like Altria have donated millions of dollars to black institutions -- including the Congressional Black Caucus Foundation, historically black colleges and universities, and the NAACP -- over the years. In 2014, Altria donated one million dollars to the Smithsonian National Museum of African-American History and Culture which opens this year. Mondy said these institutions would risk vital funding which could ultimately help them to have a positive impact on the black community if they spoke up against the tobacco companies. "They have no choice," he told HuffPost. "In the '70s when the NAACP needed funding for meetings, the tobacco industry was there, no one else was there. The tobacco industry was there to give money to them so they couldn’t say smoking is bad." Today, menthol is the only tobacco additive that is not banned, despite a 2009 law which banned other flavor additives like cherry and bubblegum. Yet, as shown in the graphic below, the Tobacco Control Legal Consortium found that if menthol was banned that 44.5 percent of black smokers would quit smoking tobacco. Mondy said he believes the reason it hasn't been banned is due to political reasons -- Lorillard, the company which produces Newports, has donated to more than half of the black democrats in Congress compared to just under 3 percent of non-black Democrats in 2014.  In 2015, Lorillard, whose sales depended on menthols for roughly 85 percent of sales the year prior, merged with Reynolds American Inc. -- the company that owns R.J, Reynolds Tobacco Company. Jacob McConnico, a spokesperson for the R.J, Reynolds Tobacco Company, provided a statement to HuffPost in regards to claims about marketing practices that specifically targeted the black community in the past few decades and today: "I am not able to provide any insight to claims related to alleged marketing activities of up to 50 years ago. I can tell you, as it relates to our marketing today, our marketing efforts are designed to reach a wide and diverse audience of adult tobacco consumers. Those efforts are designed to include elements of interest for all adult smokers, regardless of their ethnicity or gender. Adult African-Americans, Hispanics, and other minorities have the same ability and right as the rest of the population to evaluate and make informed decisions about whether or not they want to use tobacco or any other consumer product. It would not be appropriate to exclude minority audiences or media from our brand communications." Steve Callahan, a representative for Altria Client Services, the company which owns Philip Morris USA brands such as Marlboro, Virginia Slims, among others, also said that he couldn't speak on marketing campaigns from the past in a statement to HuffPost. He said there has been tighter regulation on tobacco companies due to the 1998 Master Settlement Agreement which changed the way brands market tobacco and the 2009 Tobacco Control Act in which the Food and Drug Administration began regulating the manufacture, distribution and marketing of these products.  Also, Callahan said to HuffPost that Philip Morris USA is "committed to marketing our products responsibly by building relationships between our brands and adult smokers while taking steps designed to limit reach to unintended audiences." He added, "Philip Morris USA markets its menthol cigarette brands using the same marketing approaches it uses for its non-menthol cigarette brands." Advocates like Gardiner, however, aren't convinced that tobacco companies shouldn't be held accountable. "The bottom line is that African-Americans prefer menthol cigarettes because the tobacco industry pushed these products on and created the demand among this population," Gardiner wrote in his study. "Did the industry do this on purpose? The answer to this question is an unequivocal yes." Despite tobacco's deep impact on the black community, Mondy said he's using his "Black Lives/Black Lungs" project as a vehicle of hope. With the help of Truth Initiative, he plans on interviewing key players in the fight to ban menthol and turn his findings into a documentary which he intends to premiere this summer. His efforts aren't to shame smokers because quitting tobacco can be a hard feat, especially, if a person may have smoked his or her entire life. Instead, he said he wants to educate people on the issue. Mondy's approach to informing others has even made his father take quitting more seriously. He said his dad texted him in February to tell him that he had gone 30 days without smoking a cigarette, the longest in Mondy's lifetime. "This is like so engorged into our community," he said. "I think it’s important to equip people with the education and information and so like, I’m not going around saying 'smoking is bad, stop smoking.'" Instead, Mondy said he hopes the research he provides will lead people to make an informed decision on whether they want to quit smoking or "keep buying from these companies that benefit from black death." Learn more about the tobacco industry's targeted campaign on the black community with "Black Lives/Black Lungs" and watch the video above. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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21 марта 2016, 12:34

Котировки фьючерсов на нефть Brent опустились ниже отметки в $41 за баррель

Котировки фьючерсов на нефть Brent опустились ниже отметки в $41 за баррель после того, как стало известно, что число действующих нефтяных буровых установок в США перестало сокращаться, отреагировав тем самым на произошедшее повышение уровня нефтяных цен. Фьючерсы на ведущие фондовые индексы США сегодня утром снижаются. Основные азиатские фондовые индикаторы не показывают единой динамики. Премаркет европейской сессии в текущем моменте сигнализирует о понижении основных европейских фондовых индексов в начале торгового дня. Ведущие европейские фондовые индексы в пятницу не показали единообразной динамики. Британский фондовый индикатор FTSE 100 по итогам дня потерял 0.19%, а из числа бумаг, входящих в его состав, снижением выделились акции производителя бумаги Mondi (-5.3%) и горнодобывающей компании Antofagasta (-4.3%), а повышением банка Standard Chartered (+7.6%) и поставщика комплектующих GKN (+3.

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21 марта 2016, 09:42

Котировки фьючерсов на нефть Brent опустились ниже отметки в $41 за баррель

Котировки фьючерсов на нефть Brent опустились ниже отметки в $41 за баррель после того, как стало известно, что число действующих нефтяных буровых установок в США перестало сокращаться, отреагировав тем самым на произошедшее повышение уровня нефтяных цен. Фьючерсы на ведущие фондовые индексы США сегодня утром снижаются. Основные азиатские фондовые индикаторы не показывают единой динамики. Премаркет европейской сессии в текущем моменте сигнализирует о понижении основных европейских фондовых индексов в начале торгового дня. Ведущие европейские фондовые индексы в пятницу не показали единообразной динамики. Британский фондовый индикатор FTSE 100 по итогам дня потерял 0.19%, а из числа бумаг, входящих в его состав, снижением выделились акции производителя бумаги Mondi (-5.3%) и горнодобывающей компании Antofagasta (-4.3%), а повышением банка Standard Chartered (+7.6%) и поставщика комплектующих GKN (+3.

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16 февраля 2016, 19:15

Годовая базовая операционная прибыль Mondi может превысить $832 млн

Производитель упаковочной бумаги Mondi сообщил, что его годовая базовая операционная прибыль может превысить прошлогоднее значение в 767 млн евро ($832,98 млн). Ожидается, что годовая прибыль на акцию составит 121-126 евроцентов.

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16 февраля 2016, 11:42

Годовая базовая операционная прибыль Mondi может превысить $832 млн

Производитель упаковочной бумаги Mondi сообщил, что его годовая базовая операционная прибыль может превысить прошлогоднее значение в 767 млн евро ($832,98 млн). Ожидается, что годовая прибыль на акцию составит 121-126 евроцентов.

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20 ноября 2014, 14:05

На Сыктывкарском лесопромышленном комплексе начали выпуск товарной целлюлозы KOMICELL

20 ноября на производственных мощностях АО «Монди СЛПК» введена в эксплуатацию новая сушильная машина. Объем инвестиций в проект составил более 1,5 млрд рублей. Создано 35 рабочих мест.На 2015 год на сушильной линии планируется выпуск 90 тысяч тонн товарной белёной хвойной целлюлозы, которая будет использоваться отечественными и зарубежными производителями для производства санитарно-гигиенической, газетной и упаковочной бумаги. Исполнительный директор Mondi Europe & Internatio...

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28 октября 2014, 21:44

Mondi jumps after joining top picks

Credit Suisse boost for UK packaging group

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01 сентября 2014, 17:37

CANANEWS AND SPORTS SCHEDULE AT 1200 ECT

BRIDGETOWN, Barbados, CMC – The following is the CANANews and SPORTS Schedule for Mondy, September 1, 2014.

03 марта 2014, 20:44

ЮАР: годовая прибыль Mondi увеличилась на 22%

Крупнейший в ЮАР производитель упаковочной бумаги Mondi зафиксировал 22%-ный рост прибыли в 2013 году благодаря возросшему спросу на упаковку для потребительских товаров. Так, операционная прибыль компании за исключением некоторых статей составила 699 млн евро ($959 млн) по сравнению с 574 млн евро годом ранее. Продажи, в свою очередь, повысились на 12% до 8,48 млрд евро.

03 марта 2014, 12:02

ЮАР: годовая прибыль Mondi увеличилась на 22%

Крупнейший в ЮАР производитель упаковочной бумаги Mondi зафиксировал 22%-ный рост прибыли в 2013 году благодаря возросшему спросу на упаковку для потребительских товаров. Так, операционная прибыль компании за исключением некоторых статей составила 699 млн евро ($959 млн) по сравнению с 574 млн евро годом ранее. Продажи, в свою очередь, повысились на 12% до 8,48 млрд евро.

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11 сентября 2013, 22:33

UPDATE 1-Serco, ENRC demoted in reshuffle of Britain's FTSE

* Coca Cola HBC, Sports Direct and Mondi make FTSE debuts

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08 августа 2013, 19:23

Rising paper prices boost Mondi revenues

Packaging group has switched attentions to emerging markets, but warns that increased industry capacity and weaker demand will have an impact

25 февраля 2013, 16:45

Тело погибшего на ЛПК под Сыктывкаром извлекли из-под завалов

Спасатели извлекли из-под завалов тело одного из рабочих, который погиб при обрушении на Сыктывкарском ЛПК. Об этом сообщает ГУ МЧС по региону. ЧП произошло во время проведения реставрационных работ бака под химикаты ОАО "Mondi business paper Сыктывкарский лесопромышленный комплекс". Сообщение о происшествии поступило в 14:40. На месте обрушения работали 16 человек. После обрушения строительных лесов девять человек выбрались самостоятельно

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01 октября 2012, 13:30

Германия: компания Mondi завершила сделку по покупке Nordenia за 259 млн евро

Крупнейший в Европе производитель упаковочной бумаги Mondi сообщил, что завершил сделку по приобретению 99,93%-ной доли в немецкой компании Nordenia International, специализирующейся на изготовлении пленки и гибкой упаковки, за 259 млн евро.

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20 сентября 2012, 19:53

20 Sep 2012 – “ No Fun " (Sex Pistols, 1977)

20 Sep 2012 – “ No Fun " (Sex Pistols, 1977) http://youtu.be/xnLjy1Usnug   The Thrill has gone, definitively. The S&P traded another excruciatingly slow 6-tick session, and that’s for the extremes, with most of the afternoon reduced to 2 ticks, before a “sharp sell-off” of 3 points in the close, leaving it still up a small 2 points. So… Weak Asian session on the back of slow Japanese data and yet another disappointing Chinese flash PMI, which, while edging higher to 47.8 after 47.6, showed the fastest drop in output in 10 months. Asian equities closing deep red with Japan down 1.5% and China minus 2% plus. Shanghai now at the lowest since early Feb 2009. Risk Off backdrop for opening Europe. Equities gapping down 1%. Bund futures up 50 ticks. Bunds back through the 1.60% level, down 4 bp to 1.57%. Periphery in Pavlovian torsion out by 4-5, ahead of this morning’s EUR 4.5bn 3 and 10 YRS auction (opening levels of the bonds 3.90% and 5.70%, after closing 3.86% and 5.67%). Italy symbolically past the 5%-mark again, broken yesterday. UST down 6 bp to 1.72%. Credit wider, although Itraxx half-yearly index rolls make the reading a little blurred. Commodities generally weaker with Copper losing its late resilience. EUR down 100 pips from Asian trading, down to 1.295.   PMI disappointment round starting (Consensus was mostly for a bit of a rebound to show a bottoming out) with French Manufacturing down to 42.6 (fcst 46.4 after 46) and, more important, Services down to 46.1 (fcst 49.5 after 49.2). Late SPMI lows had been 45.1, 45.2 and 44.6 in May and April 2012 and before in Oct 2011. Before that Jul 2009 (…). Mfg PMI shows sharpest output fall since Apr 2009. Composite PMI down to 44.1 after 48. At least German data had the decency to abide to (and overshoot) expectations with Services up over the 50-mark at 50.6 (fcst 48.5 after 48.3) and Mfg at 47.3 (fcst 45.2 after 44.7). German Comp PMI at 49.7, a 5-month high, after 47. Just below expansion mark. But then, it’s Germany. And it remains below 50… German PPI a tick over consensus at +0.5%/ +1.6% YoY (after +0% / +0.9%). Helped stabilize equities from the opening sell-off to around -0.75%. PMI data was rounded up by EZ Comp at 45.9, missing the 46.6 consensus after 46.3, split into better Mfg at 46.0 (fcst 45.5 after 45.1) and worse Serv at 46.0 (fcst 47.5 after 47.2). Hadn’t had Comp below 46 since June 2009. Given, the high correlation, EZ 2012 GDP might end up in the -1% territory. Still, stabilized equities by another 0.25%. EUR sent spinning lower to 1.294.   This week’s most focused-on auction with EUR 4.5bn of Spanish new 3 YRS 3.75% Oct 2015 ES00000123P9 (opening 3.90% after COB 3.86%) and 10 YRS Jan 2022 (opening 5.70% after COB 5.67%) on the chop. Size amount was eventually beaten with a combined EUR 4.8bn, split into a large chunk of new 3s with EUR 3.9bn sold at average 3.845% (but with a stop-out rate of 3.92%) and EUR 860m 10s at 5.666% (stop-out 5.70%), meaning tails of 21.5 cts and 24 cts (7.4 and 3.4bp, respectively). Bid to cover in 3s at 1.6 and in 10s at 2.9, which is poor for the first, especially with the Draghi put, and looks rather fair for the later. Obviously, funding costs ARE lower than in the summer, down from off the run 3s at 5.09% in July, but up from early Sep’s 3.68%, and 10s at 6.65% early Aug. 10 YRS now back to Apr auction levels (5.74%). Lowest levels since 2011 were 5.16-20% in Feb/Mar and Sep 11. Quotes in the immediate aftermath about stable 3.87% and 5.70% mid. 82% of planned 2012- mid- /long-term debt issuance now done. Glass was half-full until now, might turn half empty. Or just half… French auction for a combined BTAN supply of EUR 7.97bn with EUR 3.2bn Sep 2014 at 0.20%,  EUR 1.3nn Feb 2016 at 0.53% and EUR 3.5bn Jul 2017 at 0.98% (COB 0.21%, 0.53% and 0.99%, from 0.12% in Jul and 0.86% in July in 2s and 5s). In line with yesterday’s close and Risk Off open. Had a 6 cts tail in 5s (1.3bp), though. Funding costs higher than in Summer (Duh!). Given today’s PMI numbers and growth outlook, the French government will need to be furthermore creative to remain on target, especially with the Fiscal Compact / Golden rules passing government approval yesterday (Still needs to pass Parliament). Closes auction supply for the week. 10 YRS Bunds next Wed and long Italians to close the month next Fri to focus on. Italian and Spanish bills next Wed and Thu shouldn’t be market-rocking in the current environment.   Had the EU on the ticker still pushing for Banking Union to start early 2013, which is unrealistic. First steering committees, maybe. ECB Coeuré repeating all that has been said before in defence of the OMT. That Central Banks have an unlimited capacity to create money is an illusion, though. As shown by the last few weeks of QE or similar announcements…  Thus this mean they only have an unlimited capacity to buy bonds? Ok, that’s mean. Message goes to the governments in charge (US fiscal cliff, EU union, reforms etc etc.).  What is right is that all that money can’t buy you peace of mind, if markets are unconvinced (see fading Draghi put or the JPY at 78.2, stronger than before the latest Japanese QE announcement).   Midday levels slightly more relaxed, off lows, but still down, ahead of US data. Bunds1,60% (-1), OBLs 0,60% (-3); BKOs 0,048% (-1,3) with UST at 1,74% (-4). Bunds 3bp off tightest levels, as are UST, but still better bid. Spanish 2s at 3,03% (-1), 10s at 5,72% (+5). Spanish 2-10s 269bp (+6). Italian 2s at 2,11% (unch), 10s at 5,04% (+6). Italian 2-10s 293bp (+6). Spain holding ok after the supply. Italy in line. Auction supply a bit off at 3.89% and 5.72%. Equities down 0.75% to a small percent.  EUR heavy on 1.296. Commodities down 0.75%-1%. Copper down 1.5%.   US data : Claims at 382k (fcst 375k after 382k, revised 385k), Continuous Claims at 3272k (fcst 3300k after 3283k, revised sharply up to 3304k). Revisions eventually give a rather flat picture. 4w average crawling up. US Flash PMI at 51.5 (fcst unch from Aug 51.5) right on consensus. Output down to Sep 2009 levels, New Orders up, Employment slightly up. Nothing to brag about expansion-wise. Closing US data supply for the week with Philly Fed at better than expected -1.2 (fcst -4.6 after -7.1) and Leading Indicators in line at -0.1% (fcst -0.1% after +0.4%, revised +0.5%). No US data tomorrow. Not much Monday either.   Afternoon titbits: Talks on tax revenue sharing between Rajoy and Catalan leader Mas, which the latter described as “having not gone go well”. Catalonia will have to reflect deeply (…). Sounds familiar. Early elections obviously dynamite, as debates would certainly resolve around independency and /or sense of EUR-membership et al. Talking of Spain, press reports of ESM signing coming Wed. EU-China meeting not yielding anymore than standard pep talk and the joy of cooperation from all sides. Greek collation tensions on Troika demands. S&P warning Finland on its AAA in case of slippage (see Monday’s comment: Revised budget and deficit outlooks now show 3.4% deficit this year (after 3.3% last year) and 2.8% next year (revised from 1%). To hell with austerity… Slippery road.) EZ Consumer confidence at -25.9 (fcst -24 after the August 3-year low -24.6). June 2009 levels. Draghi effect, someone? No rebound.   Lame US start, opening down 0.50%, in line with futures and ambient mood, propped up a little (+0.25%) by the latest US data set.   It’s not like anvils are flying low, nor shoes dropping. No major news, but jittery here. No fun. US equities don’t like the slide and are trying to crawl back to closing levels. Bunds closed at 1,57% (-4), OBLs at 0,58% (-5) and BKOs 0,041% (-2) with UST at 1,75% (-3) Spanish 2s at 3,09% (+5), 10s at 5,74% (+7). Spanish 2-10s 265bp (+2). Italian 2s at 2,13% (+2), 10s at 5,03% (+5). Italian 2-10s 290bp (+3). Why do Spanish bonds always rally like hell AHEAD of the auctions? So often ends up in bruises: Spanish auction supply closing in the red at 3.92% and 5.74% (from 3.845%, stop-out 3.92%, respectively 5.666%, stop-out 5.70%). Bonds closed nevertheless off lows, as 10s spiked out to 5.83%. Risk Off day closing with typical credit torsion around Austria / France. Good 5 YRS performance.   New Issues running a bit out of steam: Sampo Bank raised EUR 1bn 7 YRS at MS +37 in covered bond format. In corporates, Met Life ran a double-trancher with EUR 500m 7 YRS at MS +108 and GBP 500m  14 YRS at UKT +155, joined by Mondi Finance for EUR 500m 8 YRS at MS +185 and Spanish gas-utility Enagas  with EUR 500m 5 YRS at MS +335, some 35 bp through the sovereign. SSA EUR traffic was reduced to a EUR 500m 7 YRS FRN at 3mE +5for the German City-State of Bremen. Had Dutch agency BNG successfully raise USD 2.25bn 5 YRS at MS +58.   Closing levels: 10 YRS Yields: Germany 1,57% (-4); Luxembourg 1,62% (-6); Swaps 1,79% (-5); Netherlands 1,86% (-2); Finland 1,87% (-3); EU 1,94% (-4), Austria 2,13% (-1); France 2,27% (+0); EIB 2,22% (-5); EFSF 2,37% (-4); Belgium 2,65% (+1); Italy 5,03% (+5); Spain 5,74% (+7).   10 YRS Spreads: Luxembourg 5bp (-2); Swaps 22bp (-1); Netherlands 29bp (+2); Finland 30bp (+1); EU 37bp (unch); Austria 56bp (+3); France 70bp (+4); EIB 65bp (-1); EFSF 80bp (unch); Belgium 108bp (+5); Italy 346bp (+9); Spain 417bp (+11).   EUR swap curve 2-5 YRS 50bp (-3,0); 5-10 YRS 86bp (+2,0) 10-30 YRS 59bp (unch). 2 YRS German BKOs closed 0,041% (-2) and 5 YRS OBLs 0,58% (-5).   Main at 125 from 121 (3,3% wider); Financials at 202 after 191 (5,8% wider). SovX unch at 171. Cross at 468 from 464. Stoxx Futures at 2551 / -0,7% (from 2569) with S&P minis at 1450 (-0,4% from 1456, at European close). VIX index at 14,3 after 13,8 yesterday same time.   Oil 92,3/109,0 (WTI/Brent) from 92,2/108,4 (+0,1%/+0,6%). Gold at 1763 after 1773 (-0,6%). Copper at 378 from 382 (-1,0%). CRB at EU COB 308,0 from 309,0 (-0,3%). Definitively new week, new luck, new trend! Fourth positive session, with the Baltic Dry adding yet another 4.6%, fixing at 755 from 722. Question is what is shipped? Ore? iPhones? Xmas toys?   EUR 1,295 from 1,307   Greek bonds guesstimates: Everything still stable here with 2023s back to 20.50% from 20% with 2042s likewise out 25bp at 18.50%.   All levels COB 17:30 CET   Tomorrow and next week: Running empty on data flow for the rest of the week, knowing that next week doesn’t offer much more either. German IFO on Monday. End of month data publication fatigue, so markets will run on sentiment. Spanish bank audit due on Friday 28 Sep. Closes auction supply for the week. 10 YRS Bunds newt Wed and long Italians to close the month next Fri to focus on. Italian and Spanish bills next Wed and Thu shouldn’t be market-rocking in the current environment.   EZ: Fri 27 M3 & Biz Climate + final Sentiment Data GE: Mon IFO (last 102.3, Current 111.2, Expectations 94.2); Wed CPI; Thu unemployment FR: Tue Biz Confidence; Wed unemployment Italy: Tue Con Conf (last 86), Wage data; Wed Retail Sales (last +0.4% MoM); Thu Biz Conf (last 87.2) Spain: Fri Mortgages; Mon PPI (last +2.6% YoY); Thu Housing Permits (last -32.6% YoY) & Retail Sales. Fri Bank audit. US: Nothing on Friday. Mon Chicago & Dalles FED; Tue Case-Shiller Home PX, Cons Conf (last 60.6), Rich FED; Wed New Home Sales; Thu GDP revision, Pers Consumption, Durable Goods, Claims, Home Sales   Click link on title or below for today’s musical support: No fun to hang around / Feeling that same old way No fun to hang around / Freaked out for another day Hat off to The Stooges (1969) for the original, but, hey nothing beats the SP cover… http://youtu.be/xnLjy1Usnug   For the purists: The Stooges eventually covering the Sex Pistols covering The Stooges http://youtu.be/WZYPriCxvoI   http://www.aviewfrommyscreens.com/