| BROKERWATCH Titan Cement cut to 'underperform' at Credit Suisse on outlook
ATHENS (Thomson Financial) - Broker Credit Suisse cut its rating on Greek Titan Cement to 'underperform' from 'neutral' and lowered its target price to 28 eur from 38 eur because they consider the stock is too expensive given its poor earnings outlook. At 12.55 pm Titan cement was dipping 2.3 pct to 30.98 eur, and the ASE general index was down 1.2 pct at 5,035.1. Credit Suisse said that Titan is trading an 6.8 times its 2008 enterprise value to EBITDA which is an 18 pct premium to its peers, and the broker underlined that this is excessive given that they expect the group to report a decline in earnings in 2008. Operationally the Greek market presents concerns due to increasing evidence of a slowdown in construction and this is compounded by its US business, which the broker expects will grow at rates below its south east European division.
Allied Nationwide To Obtain Credit Rating
Allied Nationwide Finance Limited (Allied Nationwide) today announced that it has formally engaged Standard & Poors to undertake a credit rating on the company in early 2008. The move was in response to the requirements of the proposed new regulations which will make credit ratings mandatory for non-bank deposit takers, including finance companies. John Mallon, Chief Executive of Allied Nationwide said, “We have decided to proceed with the credit rating process early as we consider it is important, both to meet current investor expectations and to position Allied Nationwide as a quality finance company. .
Uganda: Young People 'Carry All Our Hopes for the Future'
"How can we ever dream of pushing half of our population to the sidelines?" This question was posed by Commonwealth Secretary-General Don McKinnon at the closing ceremony of the Commonwealth Youth Forum in Kampala, Uganda, on 20 November 2007. .
Stocks Mostly Higher After Seesaw Day
NEW YORK, NY (AP) -- Wall Street finished an extremely volatile session mostly higher Tuesday after investors, still jittery about mortgage-related problems at the nation's major lenders, decided to interpret comments from the Federal Reserve as suggestive of another interest rate cut. .
Ailing dollar falls to historic low against euro
A dollar printing plate at the Bureau of Engraving and Printing in Washington. The ailing US dollar tumbled to a historic low against the euro Tuesday as concerns mounted about US economic growth after the Federal Reserve trimmed back its growth projections, traders said. .
ARTS & CULTURE
An ambitious young woman is launching her career in a big city. A heartless, merciless boss feels her reputation gives her carte blanche to terrorize underlings. The tantalizing and steadily intensifying whiffs of a romance are fomented by industry Stockholm syndrome. Insider intrigue, double crosses, and maneuvers abound by the wheelbarrow. The involuntary relief on the part of readers, observing safely from behind the fourth wall, is that we don't have to trudge 1,000 hellacious miles in the narrator's pumps. All of the above brings to mind, almost unavoidably, Lauren Weisberger's The Devil Wears Prada, but Saira Rao's protagonist in Chambermaid isn't suffering for fashion she's slaving away for jurisprudence. Sheila Raj is fresh from Columbia Law School and grin-and-bearing-it through a much-coveted Philadelphia federal clerkship she hopes will propel her to an ACLU job.
UPDATE: Calif, Ohio, Florida Led In Foreclosures In 3Q
California, Ohio and Florida had more than two-thirds of the 25 cities with the nation's highest foreclosure rates during the third quarter, as the credit crunch and falling home values hit homeowners, a foreclosure-listing service said. James J. Saccacio, chief executive of RealtyTrac Inc., said the number of filings at 77 of the 100 largest metro areas rose from the second quarter. There continue, however, to be "pockets of the country - most noticeably metro areas in the Carolinas, Virginia and Texas - that have thus far dodged the foreclosure bullet," the CEO noted. Higher interest rates and weaker home values have hit many homeowners hard, especially those with higher-risk subprime mortgages. Lenders, in turn, have tightened standards, making it tougher for individuals and companies to obtain credit.
Japan Outlook:Mitsubishi UFJ Financial 1H, Oct Trade Balance
TOKYO (Dow Jones)--Here are the major economic events scheduled in Japan on Wednesday. All times refer to GMT. The following companies report earnings for the fiscal first half ended in September: -Tokyo Bureau, Dow Jones Newswires; 813-5255-2929 (END) Dow Jones Newswires November 20, 2007 17:30 ET (22:30 GMT) Copyright 2007 Dow Jones & Company, Inc. .
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