Stock Research

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British Vodafone Group Plc., the world’s largest operator of mobile communication, has declared sale of 25 percent share holding of the leading Belgian operator of mobile communication Proximus to Belgian company Belgacom SA for 2 billion euro. Such data contain in the message of the British company published today.
Earlier Belgacom owned 75% of Proximus stocks. The transaction should be approved by adjusting bodies. The transaction is to be completed by December, 31st 2006.
In addition to this transaction Vodafone and Proximus have signed the agreement on partnership for the period of 5 years. This agreement allows users of the Belgian operator to continue usage of Vodafone products and services, such as service on uploading multimedia products Vodafone live!, Vodafone Mobile Connect Card, Blackberry and international roaming.

The USA has the largest share market in the world. And though for some years (in the end of 80th - the beginning of 90th years) it has yielded precedence to the Japanese market, nevertheless it has regain positions after crash of the Japanese market after earthquake in Osaka. Ordinary stocks in the USA have no face-value. Other feature of actions of the USA is that their holders usually do not receive preemption right when the companies issues additional stocks.
If the company wishes to issue stocks for the public circulation, it should address in the Commission under securities and stock exchanges and to carry out of strict obligations on disclosing the information which continue to operate and in the further. Even the method of preparation and representation of the financial reporting stipulates in these rules. Until recently the Commission negatively concerned to dual listing of securities on a myriad of the stock exchanges organized on all country. These stock exchanges (all of them are authorized by the Commission) have no exclusive right on trade. And operations on over-the-counter market are widely widespread at them.
Many stock exchanges have kept the adherence to a trading hall in which brokers conclude transactions face to face. In addition to trade in a hall of a stock exchange are equipped by computer systems (at New-York stock exchange such system refers to “Super pillbox”), and at them so-called “transactions by phone on the top floor” for large share holdings also practice. Stock exchanges also often use “expert” who partly is engaged in regulation, and partly acts in a role of the main trader, and only one expert is engaged in each securities. However the growing North American association of dealers under securities (NASD) by means of the system of automatic quotations has created a special market niche especially for stocks of the hi-tech companies and technically it is considered organized over-the-counter market. There is a requirement of bodies of regulation concerning all intermediaries in the USA - they should aspire to the conclusion of the transaction under the “best” price which is available in a network of stock exchanges of the USA irrespective of, whether local it is the market or not.
In the general opinion, the market of the USA is the most adjustable according to the legislation originally put into operation in the beginning of 1930th years. In this market extremely strict control measures are applied concerning its all participants at their admission on the market and carrying out of operations on it. Access of commercial banks to trade in securities is still limited by Glass Stigl Certificate which does not allow concluding to banks the transaction on the goods and securities of the same companies.
Calculations are usually made for the third working day after day of the conclusion of the transaction (T + 3) on the basis of everyday execution through usual bank system.

The world leader in the sphere of development of the software for personal computers company Microsoft Corp. will let out this week in South Korea two special versions of operational systems (OS) Windows according to the decision of antimonopoly body of the country, informs Associated Press referring to the data received from an anonymous source in the company.
Release of special versions of OS Windows (one - without preestablished programs Windows Media Player and Windows Messenger, another - with references to pages on the Internet where users could download alternative versions of these programs), has been ordered in February of 2006 the decision of the Korean antimonopoly department - the Commission on fair trade - in connection with that the American company abused the leading position in the market of the country, imposing some kinds of the software to the buyers, using operational system Windows. In this connection the corporation should pay the penalty at a rate of 32.5 billion (34 million dollars), and also till August, 24th of 2006 should start to give to buyers 2 special versions of OS Windows.
The company has gone on this step after in the beginning of July of 2006 the South-Korean court has rejected the appeal of the company for a delay of application of sanctions till the moment when proceeding in this occasion will be completed. The company has agreed to execute sanctions inflicted it, intending, nevertheless, to continue protection of own position in the judicial order.
Meanwhile Microsoft it is involved in similar antimonopoly process in the Europe. In July of 2006 antimonopoly adjusting bodies of the European Union (EU) have passed the decision on imposing the penalty on Microsoft at a rate of 280.5 million euro (357 million dollars) for default of the decision of court from 2004. The court has obliged the company to give to competitors the information on program codes of system Windows. This decision has been delivered after in December 2005 the European Commission has published the application in which it was marked, that Microsoft has not executed the decision of the court which has been delivered in March 2004 when the American company have accused of abusing a leading position in the market of EU and have obliged to pay the penalty at a rate of 497 million euro, and also to give to competitors an initial code of server OS. Microsoft has paid the penalty; however, in opinion of European Commission, regarding disclosing an initial code the company has not given exact and trustworthy information.
In case Microsoft and in the further will not carry out judgments, it is threatened with new collecting - on 3 million dollars a day, since July, 31st 2006.

The nearest years the government of Iraq plans to construct some new oil refining factories, and also to modernize already existing, to start to export gasoline and other products of oil refining to 2010. Minister of oil of Iraq Hussein Al-Shahristani has made such statement today.
As he said, construction of largest of new factories nearby 140 thousand barrel per day will be completed by capacity to 2009-2010. The exact site of a factory is not specified yet; however it is known, that it will be in one of the central areas of the country. One more factory (capacity nearby 70 thousand barrel per day), according to minister, is planned to construct near to settlement Koja in the north of Iraq. After 2010 construction of a large factory by capacity nearby 300 thousand barrel per day in An-Nasria is planned, informs Associated Press.
Besides, as minister has noted, is planned to modernize and expand already existing oil refining factories in Baidga, Dora and Basra, having increased manufacture on each of them on 700 thousand barrel per day. “Thus, to 2009-2010 national manufacture of mineral oil will allow to cover internal demand, and to 2010-2011 we shall be ready to start to export mineral oil”, - minister has concluded.
Hussein Al-Shahristani also has confirmed plans of the government to lift a level of oil extracting in the country from existing 2 up to 3 million barrel per day already by the end current year. Iraq takes the third place in the world on volume of the proved oil stocks. After the American intrusion in 2003 extraction has decreased on third, and attacks of insurgents complicate work of oil refining factories therefore in the country there was a sharp shortage of gasoline and diesel fuel.
As for the World prices for oil on August, 21st 2006 they have considerably risen. On results of the trades at leading oil stock exchanges Inter Continental Exchange Futures (ICE Futures - London) and New York Mercantile Exchange (NYMEX - New York) the official prices of oil futures of the nearest month of delivery have accordingly made - IPE Brent Crude - $73,38 (+1,08) for barrel - Light Sweet Crude Oil - $72,45 (+1,31) for barrel.

The management of American computer giant Microsoft Corp. has made changes to the program under the back baying of the stocks. According to representatives of the company, by the moment of end on August, 17th 2006 declared in July of 2006 “The Dutch auction” (to public sale at which the auctioneer gradually reduces the declared price, there will be no yet a buyer) it has been redeemed stocks only on 3.8 billion dollars.
Before the beginning of auction Microsoft intended to redeem securities not less than on 20 billion dollars. In this connection the company has declared plans to redeem till June, 30th 2011 securities (within the limits of the long-term program of the repayment of stocks) for a total sum of 36.2 billion dollars, that almost twice surpasses proposed earlier, Associated Press informs. In July 2006 Microsoft has declared intention to redeem till August, 17th 2006 during “the Dutch auction” securities for the sum nearby 20 billion dollars. Besides, the company plans to redeem securities on 20 billion dollars till June, 30th 2011.

American motorcar giant Ford Motor Co. has informed today, that volume of manufacture in 4th quarter of 2006 in Northern America will decrease on 21% in comparison with this indication for the same period of the last year. Thus, last 3 months of current year the company will let out on realization on 168 thousand cars less, than year earlier. The volume of manufacture on results of 3rd quarter will decrease on 20 thousand cars in comparison with the same period of 2005. On results of 2006 the volume of manufacture of Ford will decrease on 9% in annual calculation, informs Associated Press.
“This is heavy decision which will affect our employees and suppliers negatively. On the other hand, it is unique a true step from the point of view of long-term prospects”, - the general director of concern Bill Ford has declared.
Earlier in some American mass-media there was information that on a background of chronic losses of Ford also has made a decision on the further reductions of the personnel: nearby 6 thousand persons, mainly management will lose the workplaces in the near future. It will allow Ford to cut down expenses on the salary to employees for 10-30%.
On July, 20th 2006 Ford Motor has unpleasantly surprised investors, having informed about quarter losses, that the majority of analysts predicted profit. And in 2 weeks the company has recognized, that the size of losses has appeared almost in 2 times more, than has been specified in the financial report - 254 million dollars, or 14 cents in recalculation one stock, instead of 123 million dollars, or 7 cents on the stock. Thus the sales volume was reduced to 7% in annual calculation, and proceeds - on 6%. Ford has explained revision of parameters by increase in annual charges on reduction of pensions: instead of the dollars planned 1 billion the corresponding program will cost the companies 1.2 billion dollars.
In the last half of a year Ford has closed 14 automobile factories and than 30 thousand employees has been dismissed in Northern America within the limits of the scale of plan of re-structuring which has been accepted in the end of 2005.

Now I am trying to choose the market where I can try to speculate. I ask all my friends and many of them advise me to try to speculate at FOREX. Here I write the summarizing of all advices about the trade at FOREX.
You should be morally ready to probable losses of committed finances. All participants in gamble in market FOREX are divided on two big groups depending on that approach to FOREX which they profess.
 The first group - the people wishing fast to take the maximum profit on committed finances without essential time temporary, intellectual both financial expenses, and evaluating FOREX as something similar to game in a roulette in a casino.
The second group - the people suitable to FOREX as to the serious financial market, deeply studying the theory and ready to spend is a lot of time and efforts to learn correct work in this market, and with the course of time to start to earn essential and, the most important, stable profit. Thus it is necessary to understand that FOREX in this sense it is very flexible and gives a field of action both for those, and for others. The spectrum of probable results is very great. At successful coincidence of circumstances it is possible, not possessing even elements of the market to double an ownership capital for 1 day. On the other hand, for large financial institutions in the West comprehensible yield in this market is the level of 20-60% per annum on the invested capital. These are two poles in possible strategy in this market. The game approach allows earning fast lump sum, but sustains risk of instant loss of all funds and has no long prospect. The market approach allows earning at the certain persistence decent money with limited enough risks. And before entering the market you for it should define, to what of poles you will be closer during the work.
Define in advance, that you wish to receive from the market, for what term, with what expenses and risks. Depending on the selected strategy of game on FOREX you should define for yourselves that time with which you are ready to allocate for studying market FOREX. At desire quickly to earn it is enough to study one book in the size in 200-300 pages, containing substantive provisions and concepts of market FOREX, and to start the beginning of operations. Thus the probability of a prize will change about 50% and to tend to downturn at increase in quantity of operations. More serious approach demands initially studying of a maximum quantity of an available information for full understanding of all bases of the market, available tools and methods of the analysis and forecasting of the market which can raise quality of your trade. Unnecessarily in the trade to use all existing ways and methods of forecasting and the analysis, but their knowledge and skill to apply them will allow to develop as much as possible effective system of the trades without which successful long trade is simply impossible.
Find the greatest possible quantity of time for studying the theory before the beginning of practice. It is necessary to find also in the life any part of time directly for participation during trade. Quantity of spent time for acquaintance with the current information, forecasting of the market, the analysis of own results more often in direct ratio received profit. Rash operations seldom enough lead to notable positive results. And even the earned profit at absence of the analysis and systematization in work is quickly lost in next transactions. Thus, all again depends on time.
The major stage before decision-making on the beginning of real game in market FOREX is definition of the size of money resources which you are ready to risk for reception of profit. Any speculative market, and market FOREX in particular, is interfaced to risk of loss of the committed finances. Therefore never put in game more money, than you are ready to lose. Possible losses (from which are not insured even professionals) should not become for you a financial trouble. Do not play on extra funds or for last means postponed for “rainy day”. Market FOREX far not that place where it is possible quickly and without problems to increase greatly a seed capital. It or risky game for the people possessing free money and ready is painless for them to lose, or long and laborious work on purchase of the skills capable in the future to bring the essential income on the invested capital. Therefore primary you should are morally ready to loss of means and to define that sum of funds which loss will be rather painless for your budget. Probably, it also will not occur, but to realize such opportunity better in advance, than to receive financial both psychological impact and feeling of desperation after already it is impossible to correct anything.
After you all the same have made a decision on test of the forces in market FOREX, the major stage becomes a choice of the partner or, easier speaking, the broker through whom will pass your operations. Even at brilliant possession of the theory and practice of the market the certain moments in activity of the intermediary between you and the market can reduce “on there is no” all your efforts and even to serve as the reason of losses. Therefore, before to begin trade, it is necessary to spend the certain efforts to a choice of the good partner. For this purpose it is necessary to collect more information on brokers working in the market, on their financial conditions and reputations. Various brokers offer commissions differing from each other, spreads, percent and the software for trade. The size of the commission, a spread, speed and convenience of the program, and also quality of the offered information on the market can render huge influence on an end result of your work. However, attractive financial conditions by all means should be combined with good reputation and long for works in the market. Otherwise even the earned funds can be for ever lost because of untidiness of the broker that is not for today such unusual occurrence.
At a choice of the broker, besides acquaintance with financial operating conditions, it is necessary to familiarize and test by all means the software which becomes the tool for execution of your will in the market. Different brokers offer their own programs written in different languages and possessing a different degree of speed, reliability, convenience and a various tooling of the analysis. Practically all intermediaries suggest to take advantage of their programs in a demonstration mode, and some people by means of them and to participate in free-of-charge competitions with monetary prize-winning fund. It is desirable to try for comparison some similar intermediaries on offered conditions. Necessarily spend not less than month for game in a demonstration mode, combining it with studying the theory of the market, testing the received knowledge in practice. It will allow you not only to check up quality and convenience of the software, but also you to check up more and more time necessity of the introduction into game on real money. Quality of work of the program and the personnel of the intermediary in a demonstration mode in many speaks about what quality can receive final service, having opened the real account. Constantly analyze results of own work and quality of service. A unique major condition in a demo-game is that with virtual money you should try to address also carefully as with real. Frequently game in a demonstration mode can force you not only replace the prospective intermediary, but also in general to make a decision on undesirability of your participation in game in the financial markets. Far not each person is capable to work successfully in the financial markets: the clear intellect is necessary for this purpose, endurance, skill to risk still more many other individual qualities.
During demonstration trade try to define precisely those tools and information sources which you will use at decision-making on fulfillment of transactions. Also, even prior to the beginning of real trade, it is necessary to define tactics of fulfillment of transactions. As you will often open positions, how much long you will hold the open positions in what the moments will make transactions, as well as in what size you will limit possible losses under the transaction, what part of the capital will use at fulfillment of each separate transaction - all is questions, answers on which will render very essential influence on end results. Besides allocate from huge weight of sources of the information and indicators of the market for itself what, in your opinion, are reliable and correspond to chosen tactics. In language of professionals it refers to as development of own trading system. In fulfillment of financial operations the order and complexity is necessary. The intuition and feeling of the market, undoubtedly, are an important point in decision-making, but they should not be principal causes for fulfillment of the transaction at all. Having developed the certain system of trade, it is necessary to recede from it only in the extreme cases. It is necessary to analyze constantly results of own system, to bring corrective amendments and constantly to improve it. Chaotic trade is a direct way to loss of the committed finances.
Starting real trade, it is necessary to understand firmly, that game in a demonstration mode or as speak, “on a paper” very essentially differs from real game on “real” money. The difference is comparable to sensations of the same sportsmen on training and in the world championship. At real game each movement of a rate is expressed in quite concrete sum of your means, and it puts huge psychological pressure upon the person. Even quite successful players at the slightest failure can lose a head and ability to sober thinking and the analysis. But also excessive euphoria from the received prize can play with you a malicious jest.
Develop own system of successful trade and strictly follow it. Having chosen trading strategy and tactics, having developed own trading system, do not wait, that 100% of transactions become profitable. Any professional makes both profitable and unprofitable transactions. It is important, that the quantity and total result of profitable transactions exceeded the same parameters unprofitable. The best professionals approximately only in 70% of cases reach positive result under the transaction. The profit earns during the long period of time at the cost of excess of the size of the total income over losses. Therefore the individual unprofitable transaction should not upset and unsettle you. You only should analyze closely the reasons which have led to losses and to improve own system of trade in due course to achieve stable growth of results.

The trial jury has recognized American pharmaceutical company Merck and Co. guilty on case about soothing preparation Vioxx which became the reason of heart attack at the 62-years former agent of FBI Gerald Barnetta in July of 2002. Jury have found, that the company has not given to doctors full and a trustworthy information about danger which bears use of a medicine and consequently should pay to the victim 50 million dollars of indemnification, informs Associated Press.
Scandal with soothing preparation Vioxx has caused the big resonance in pharmaceutical branch of the USA. Vioxx has been withdrawn from the world markets on September, 30th 2004. After publication of the information that long reception of a preparation twice increases risk of heart attacks and insults.
It is not the unique claim against Merck in the given occasion (one in federal court and four - in courts of states New Jersey and California). The company has won 5 previous processes, for 3 processes (two - in court of Texas and one – in New Jersey) - has lost. The verdict about guilt of the company has been born when use of a preparation became the reason of death or heavy mutilations victims. In these cases as indemnification moral and a material damage the company has been obliged to pay significant fines. So, in August 2005 during consideration of this case at the court of state of Texas the decision to recognize the company guilty of Robert Ernest’s death was accepted and to oblige to pay to the widow of the victim 253.4 million dollars of indemnification of moral and a material damage.

The manufacturer of cars Hyundai Motor Co largest in South Korea does not plan to buy British Jaguar, belonging to Ford Motor Co. Representatives Hyundai today have informed on it. As they said, the company considered an opportunity of purchase of any automobile brand of a class luxe, and among applicants was Jaguar, however later these plans has been decided to refuse in favour of increase in volume of manufacture at factories Hyundai outside of South Korea. Now Hyundai except for the factories located in South Korea, has factories on manufacture of cars in the USA, China, India and Turkey, informs Associated Press.
On August, 2nd 2006 in a number of the American mass-media there were data that American motorcar giant Ford Motor Co. considers an opportunity of sale of division on manufacture of cars Jaguar and of some other divisions which maintenance is unprofitable to the company. Among them also are financial division Ford Credit. Under the same data, on a background of chronic losses management Ford Motor reflects on creation of an alliance with other motor-car manufacturers by an example of other leader of the American car industry - General Motors which negotiates for cooperation with Renault and Nissan. Official representatives of the company refuse to make comments on these messages.