usa at Stock Research

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 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.

Net profit of one of leaders in the USA manufacturers of computers - Dell - in the first half of 2006-2007 which has come to the end on August, 4th, reduced to 35% and has made 1.26 billion dollars against 1.95 billion dollars received for first six months of 2005-2006. Such data are resulted in the financial report of the company published today.
The proceeds have grown on 6% - up to 28.3 billion dollars whereas year earlier this parameter made 26.8 billion dollars. Net profit of Dell in 2nd quarter of 2006-2007 was reduced for 51% - up to 502 million dollars against 1.02 billion dollars fixed on year earlier. Proceeds of Dell for 2nd quarter of current fiscal year have increased for 5% - up to 14.1 billion dollars in comparison to 13.4 billion dollars received for the similar period on year earlier.

British Internet-book-maker BetOnSports Plc. has declared today, that stops reception of rates from the American clients. As they say in the message of the company widespread today, representations in Costa Rica and on Antigua Iceland in Caribbean Sea, worked on the American market, will be closed in the near future.
The company could not register business in territory of the USA as the American laws forbid the Internet-totes. In opinion of analysts, closing of the American business actually means the end of the company as three quarters of its proceeds and 95% of profit fall to the USA, and expansion of operations in Asia and the Europe hardly compensates huge losses.
The decision was accepted after on July, 17th of 2006 in Texas on charges in swindle executive director of the company David Karruters has been arrested. According to consequence, illegal reception of rates has allowed BetOnSports to avoid taxes to a total sum more than 3 billion dollars. Next day stocks of BetOnSports have been removed from the trades at the London stock exchange, and thousand clients of the company have demanded immediately to pay money due by it. BetOnSports declares that they are ready to pay, but time is required to the company to convince banks to defreeze actives.
The general turn of the industry of gambling on the Internet is estimated in 12 billion dollars a year. The leader of the market is British PartyGaming Plc., rendering services of the Internet-poker.

The American corporation Mills Corp., engaged construction and management of large shopping centers in the USA, Canada and the Europe, sells the shares in three shopping centers for 981 million dollars, it is spoken in the press release of the company published today.
As the buyer acts Ivanhoe Cambridge Inc. According to the signed contract, Ivanhoe Cambridge will receive shares of Mills in three shopping centers - Vaughan Mills in Ontario (Canada), St. Enoch Centre in Glasgow (Great Britain) and Madrid Xanadu in Madrid (Spain).
Mills expects to receive net profit from the transaction at a rate of 500 million dollars. The received financial assets will go on payment of a duty of the company.

The American company International Business Machines Corp (IBM), the world’s largest provider of computer services, buys the developer of hardware FileNet Corp. for 1.6 billion dollars. Such data contain in the press release of company IBM published today. In recalculation on one stock IBM will pay for each securities FileNet on 35 dollars, that on 1% above cost of stocks of FileNet on results of closing of the trades in electronic system Nasdaq on the eve. The transaction will be carried out in carry-over funds.
The transaction still should be approved by shareholders of FileNet and adjusting bodies of the USA. End of the transaction is expected in 4th quarter of 2006.
American company FileNet develops corporate decisions for automation of document circulation and business processes.

Channel Islands Stock exchange (CISX/Exchange) has begun the activity in 1998 and renders services under the admission of securities to the trades (listing), and also on over-the-counter trading of securities. CISX/Exchange developed the accelerated rates, and for December, 31st, 2004 its market capitalization has made 28 billion US dollars.
For May, 31st, 2005 800 companies have passed procedure of listing. CISX/Exchange offers an individual approach and fast process of processing of applications on the admission of securities on the innovative and highly controllable market. CISX/Exchange specializes on following services:
- services of experts on carrying out of operations with securities (including the Eurobonds, the structured duty and guarantees);
- investment funds;
- primary and secondary listing of securities and the actions emitted by the companies of Channel Islands and the foreign companies;
- depositary receipts which are given out by Channel Islands.
CISX/Exchange has the site in the Internet where the detailed review of sponsors of listing and the securities quoted at a stock exchange is given. The market information and quotations of the prices, is published worldwide on the pages of agency Reuters devoted to the CISX/Exchange.
CISX/Exchange has a favorable mode of listing of those securities in which the limited number of the investors (well understanding questions of investments) trades.
With the introduction in July of the Instruction of EU on Market Frauds, heightened interest to the securities which are quoted on CISX/Exchange as Channel Islands are not a part of EU so, CISX/Exchange is not the market adjustable by the given Instruction is observed.
CISX/Exchange has competitive prices, an effective turn of documents with the purpose of consideration of applications within 48 hours, and also keeps work with emitters and sponsors of listing on a flexible and commercial basis. The similar attitude is reflected in all aspects of listing from requirements about disclosing the information before accommodation of methods of introduction of innovative structures.
Though CISX/Exchange is situated at the territory of the Europe, and time of carrying out of its trades coincides with London time, it is not adjusted EU.
CISX/Exchange has a plenty of official international recognitions, for example:
• It is adjusted by the Commission on granting Financial Services of Guernsey which is the participant of the International Organization of the Commissions under securities;
• Is the recognized stock exchange according to section 841 of the Law on the income and corporate tax of the United Kingdom from 1988, hence, the debt securities quoted on CISX/Exchange, can be considered as quoted Eurobonds for the purposes of the taxation in the United Kingdom, percent on which are paid up to a deduction of taxes;
• Management of Financial Services of the United Kingdom has approved activity CISX/Exchange as an investment stock exchange within the limits of the Law on Financial Services and the Markets from 2000;
• CISX/Exchange is a related member of the International Organization of the Commissions under securities;
• The stock exchange is recognized by the Commission under securities and stock exchanges of the USA as an offshore securities market according to the Rule 902 (c) of the Law on securities of 1933;
• It is officially recognized by the Australian Stock exchange;
• CISX/Exchange is registered in the World Federation on Stock exchanges as “the market which is meeting the requirements”;
• The stock exchange is a member of the European Forum on maintenance and financing of securities.
Applications on reception of the quotation on CISX/Exchange move through the sponsor who is the member of CISX. The given stock exchange provides accelerated “the equivalent approach” to process of applications on reception of the quotation of securities. It means that by consideration of the similar application documents on reception of the listing, prepared for jurisdiction or the stock exchange recognized CISX/Exchange provided that the information containing in documents of a similar sort, essentially did not change can be used. Process of applications on reception of the quotation has four stages.
1. The sponsor and the emitter prepare and hand over the initial application, including the project of the document on reception of the quotation. CISX/Exchange usually loyally approaches to consideration of documents if requirements about disclosing a special sort of the information are not observed owing to presence of circumstances from the emitter. For submission of applications on secondary listing already available documents on reception of the quotation in the primary market can be used. At the given stage all corresponding projects of powers of attorney on management of the property and other financial tools serving by maintenance of debt securities, or components of those also are a subject to check.
2. Check of applications (usually within 48 hours) is spent, and then the sponsor at the coordination with the emitter gives answers on emerged questions.
3. The sponsor submits a final variant of the application which considers Management of the Share Market.
4. After reception of approval of Management of the Share Market documents on reception of listing are registered, and securities are brought in the official list of quotations of a stock exchange. The official information of listing are published in the form of the official application, and process of fulfillment of the trades and commercial transactions begins.
To pass all four stages from the initial application before reception of listing it is possible for 10 days, though CISX/Exchange can accelerate this process, proceeding from commercial reasons.
The sponsor of listing promotes the emitter in preparation of all documents, submits them in CISX/Exchange and keeps in contact with CISX/Exchange concerning any inquiries which can act in connection with process of reception of the quotation.
A necessary condition for reception of listing is that the emitter carries out the obligations according to Rules of listing and other duties concerning given procedure. Besides observance of special Rules of listing, the emitter is obliged to inform the public, CISX/Exchange and holders of securities of the company on occurrence of any important data concerning the emitter, allowing the public and owners of securities correctly define a financial position of the emitter, to avoid creation of a false securities market, and also possible negative influence on activity of the market and cost of securities.
The further requirements include granting CISX/Exchange of spears of annual reports, audit or other financial reports of the emitter, and also disclosing CISX/Exchange of the information on any changes of the rights provided by debt securities of the emitter, quoted on a stock exchange. Emitters should hand over copies of the announcements containing the information on debt securities, included in listing, for check by Channel Islands Stock exchange before their publication.

Universal Computer Systems Inc buys American company Reynolds and Reynolds Co. which is engaged in development of computer maintenance for the companies, selling cars, for 2.5 billion dollars. Such data contain in press release of Reynolds and Reynolds published today.
According to the signed agreement, Universal Computer Systems which also is engaged in development of computer maintenance will pay on 40 dollars for each stock of Reynolds and Reynolds, that on 14 % above cost of securities Reynolds and Reynolds on results of closing of the New York stock exchange on the eve. Besides it, Universal Computer Systems will incur obligations on repayment of duty of Reynolds and Reynolds for the sum of 300 million dollars the Transaction will be carried out in securities.
For financing purchase Universal Computer Systems will apply for the credit in banks Deutsche Bank and Credit Suisse. After end of the transaction the company will continue to conduct the activity under trademark Reynolds and Reynolds. Voting of shareholders under the transaction will pass in 4th quarter of this year. The transaction still should be considered by adjusting bodies of the USA. The termination of transaction is expected in the beginning of 2007.

The American court on affairs of bankruptcies has approved the plan of refinancing of a duty of airline Northwest Airlines. Judge Alan Gopper has approved intention of the company to refinance an existing duty at a rate of 1.13 billion dollars and to receive an additional loan in 250 million dollars owing to what the airline becomes more liquid. Refinancing will help Northwest Airlines to save nearby 34 million dollars a year from payments on percent and 900 million dollars more for repayment of debts to 2010. The fifth on size airline of USA Northwest Airlines has declared the bankruptcy on September, 14th 2005. Its pure losses on results of 2nd quarter of 2006 have increased for 22% - up to 285 million dollars in comparison with losses at the rate of 234 million dollars fixed for the similar period on year earlier.

This page is generated by Wpkeys plugin