Golden Fibonacci

PT Elnusa Tbk (ELSA) tengah mengerjakan sejumlah proyek geosains dari PT Pertamina senilai Rp 626,85 miliar. Perseroan optimistis mampu meraih target pendapatan sebesar Rp 3,02 triliun pada akhir 2009.

Dari divisi geosains ini, ELSA menargetkan pendapatan sebesar Rp 1,03 triliun pada 2009.

“Sebagian besar pendapatan itu didapat dari Pertamina dan merupakan bentuk sinergi Elnusa dengan induknya,” kata Vice President Corporate Secretary ELSA,Agus Gunawan dalam siaran pers, Senin (25/5/2009).

Proyek-proyek geosains tersebut adalah Blok Rengasdengklok-Bekasi senilai Rp 347,55 miliar, Karang Makmur-Jambi Rp 105 miliar, Suban Siarak-Sumatera Selatan Rp 50,4 miliar, Randugunting-Jawa Timur Rp 67.2 miliar, dan proyek Bernai di Sumatera Selatan Rp 55,65 miliar. Ream more »

May 23 (Bloomberg) — General Motors Corp., facing rising cash needs before a June 1 bankruptcy deadline, tapped $4 billion more in U.S. aid to push its total to $19.4 billion.

GM’s latest loan from the Treasury exceeded a forecast of $2.6 billion, according to a regulatory filing yesterday by the largest U.S. automaker. Detroit-based GM said it needed $1.4 billion more in cash this month than it expected.

The accelerated borrowing schedule means GM will need $7.6 billion in June and beyond, a decrease from a planned $9 billion. GM has said a bankruptcy filing is now probable by June 1, the date set by President Barack Obama to restructure in or out of court. Ream more »

May 22 (Bloomberg) — U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will extend its weekly advance, as better-than-estimated earnings at Sears Holdings Corp. offset concern the U.S. may lose its AAA credit rating.

Sears, the largest U.S. department-store chain, soared 24 percent in pre-market New York trading as the retailer also said it amended a credit agreement. General Motors Corp. gained on speculation the carmaker may get a fourth offer for its Opel and Vauxhall operations in Europe. Alcoa Inc. and Exxon Mobil Corp. climbed as oil and metals prices increased.

Standard & Poor’s 500 Indexfutures expiring in June added 0.6 percent to 894.3 at 12:15 p.m. in London. Dow Jones Industrial Average futures rose 0.6 percent while Nasdaq-100 Index futures gained 0.8 percent. Ream more »

May 20 (Bloomberg) — Treasury Secretary Timothy Geithner said he’s inclined to “quickly” sell warrants the government got when injecting capital into banks, offering prospects of a speedy exit to lenders seeking to retire government stakes.

“In general, our objective will be to sell these warrants as quickly as we can,” Geithner told the Senate Banking Committee today. “What I’m reluctant to do is have the government be in a position where we hold these investments for a long period of time, longer than is desirable, in the hopes that we’re going to maximize value.”

The Treasury received warrants with nearly every capital injection it made with its $700 billion bank-rescue fund, called the Troubled Asset Relief Program. As big banks begin to pay back the assistance years earlier than expected, the Treasury may use market bidding to break a logjam over how to value a key component of the government’s equity stakes. Ream more »

May 20 (Bloomberg) — Japan’s economy shrank by a record last quarter amid an unprecedented collapse in exports and a drawdown of inventories that could pave the way for a recovery later this year.

Gross domestic product contracted an annualized 15.2 percent in the three months ended March 31, following a revised fourth-quarter drop of 14.4 percent, the Cabinet Office said today in Tokyo. Economists predicted the economy would shrink 16.1 percent.

Japan’s worst recession since World War II probably reached its bottom last quarter, as a pullback in business and consumer spending compounded the export crash that began in October. A rebound in world equity markets has spurred investor sentiment the past month and Prime Minister Taro Aso’s three stimulus packages totaling 25 trillion yen ($260 billion) have buoyed confidence at home.

“There’s light at the end of the tunnel,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo. “The economy will probably return to growth this quarter” as companies replenish inventories and stimulus plans at home and abroad take effect, he said. Ream more »

May 18 (Bloomberg) — U.S. stocks rallied, helping the Standard & Poor’s 500 Index recover more than half of last week’s loss, as analysts recommended Bank of America Corp. and Lowe’s Cos. beat earnings projections. Oil climbed to a six- month high above $59 a barrel, while Treasuries fell.

Bank of America gained 9.9 percent after Citigroup Inc. said it may have sold $4 billion in shares and Goldman Sachs Group Inc. put the lender on its “conviction buy” list. Financial stocks led the advance after the cost of borrowing in dollars between banks dropped the most in two months as credit markets continued to thaw. Lowe’s, the home-improvement retailer, added 8.1 percent.

“It’s a buying stampede,” said Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, which manages $222 billion. “Earnings estimates have been managed down way below where they should be. We’ve seen the worst of GDP figures.”

The S&P 500 jumped 3 percent to 909.71 at 4:05 p.m. in New York, its steepest gain in two weeks. The Dow Jones Industrial Average surged 235.44 points, or 2.9 percent, to 8,504.8. Europe’s Dow Jones Stoxx 600 Index rallied 2.4 percent, while the MSCI Asia Pacific Index lost 0.4 percent. India’s benchmark index soared a record 17 percent after the prime minister’s party won nationwide elections. Fourteen stocks rose for each that fell on the New York Stock Exchange. Ream more »

May 18 (Bloomberg) — Japanese stocks slumped as Europe’s economy contracted the most in at least 13 years and Panasonic Corp. forecast a second year of losses.

Canon Inc., which gets about a third of its sales in Europe, slipped 3.9 percent. Panasonic, the world’s largest maker of plasma TVs, plunged 7.4 after saying it expects to lose 195 billion yen this year and two brokerages downgraded the stock. Mizuho Financial Group Inc., Japan’s No. 2 listed bank, sank 2.1 percent after posting a loss for last year. Inpex Corp., the nation’s No. 1 oil explorer, dropped 3 percent after crude fell.

The Nikkei 225 Stock Average retreated 205.47, or 2.2 percent, to 9,059.55 as of 9:26 a.m. in Tokyo. The broader Topix index slipped 17.57, or 2 percent, to 864.08. The yen jumped to as high as 94.70 against the dollar today, the strongest since March 20, and 127.28 versus the euro, the highest since April 29.

“Concerns are building about the health of Europe,” said Ryuta Otsuka, a strategist at Toyo Securities Co. in Tokyo. “That’s having an effect on the currency market and creating a headwind for export companies.” Ream more »

By Katie Merx and Mike Ramsey

May 16 (Bloomberg) — General Motors Corp.’s plan to slash its dealer network by the end of 2010 may accelerate, matching the pace set by Chrysler LLC, in a bankruptcy the biggest U.S. automaker says is probable.

GM began telling 1,100 U.S. dealers yesterday their franchise agreements wouldn’t be renewed, meaning they would stop selling cars in about a year. A day earlier, Chrysler informed 789 U.S. dealers they’d stop selling cars by June 9. Ream more »

May 15 (Bloomberg) — Temasek Holdings Pte, a Singapore state-owned investment company that bought stakes in Merrill Lynch & Co. and Barclays Plc amid the global financial crisis, has sold its stake in Bank of America Corp.

Temasek had received shares in Bank of America after the U.S. bank bought Merrill Lynch & Co. The investment company had paid about $5.9 billion for a 14 percent stake in Merrill Lynch.

“We have divested our shares in Bank of America,” Temasek said in an e-mailed response to Bloomberg News queries.

A Form 13F filing to the U.S. Securities and Exchange Commission indicates that Temasek no longer held shares in Bank of America or Merrill Lynch as of March 31.

To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net; To contact the reporters on this story: Miles Weiss in Washington at weiss1@bloomberg.net;

May 14 (Bloomberg) — Japanese stocks fell after U.S. retail sales unexpectedly dropped last month, clouding the earnings outlook for makers of cars and electronics.

Mazda Motor Corp. retreated 4.2 percent. Canon Inc., which gets a third of its sales from the Americas, declined 3 percent. Inpex Corp., Japan’s largest oil and gas explorer, sank 5 percent after it forecast a drop in full-year profit and oil prices slid.

“The U.S. retail report stole confidence from investors that the global economy was headed for a recovery,” said Mitsushige Akino, who oversees about $629 million at Ichiyoshi Investment Management Co. in Tokyo. “Current valuations are prohibitive unless you believe companies will raise annual forecasts later this year.”

The Nikkei 225 Stock Average declined 183.23, or 2 percent, to 9,157.26 as of 9:07 a.m. in Tokyo. The broader Topix index fell 16.02, or 1.8 percent, to 872.73. Ream more »