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Börsipäev 13. juuni - Russia, Beware:Estonia Chooses A National Fish

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  • Kui täna alustasin oma igapäevast wjs.com sirvimist, siis silma jäi järgnev lugu. Päris üllatav ning tänast börsipäeva alustame siis niimoodi:

    Baltic Herring, Submerged
    Under the Soviets, Wins;
    Will People Eat It Now?
    By CHRISTOPHER RHOADS
    June 13, 2007; Page A1

    TALLINN, Estonia -- Since this seafaring Baltic nation achieved independence in 1991 from its far larger Russian neighbor, Estonia has tried to forge a post-Soviet national identity. That effort became more urgent recently in the face of renewed threats from Moscow, including riots in the capital here led by Kremlin supporters.

    A key part of the strategy: Baltic herring.

    Following an emotional debate, online poll, charges of voter fraud and parliamentary debate, Estonia, which is about half the size of Maine, several months ago officially selected the small, oily animal as its national fish.

    "Food has a political dimension," explains Ruve Schank, an Estonian Agriculture Ministry official, who recalls how recipes, including their names, had to be approved by Moscow in Soviet times. "For me, the Baltic herring as our national fish is meaningful."

    There are some problems with the selection. For starters, few Estonians actually eat it. The Baltic Sea is one of the most polluted in the world, reducing the herring catch in recent years. High amounts of dioxin are found in some Baltic herring, often above levels allowed by the European Union, which Estonia joined in 2004. The country's herring fleet is about a third its size a decade ago.

    What's more, much of the 40,000 tons of herring caught last year was exported. Herring prices -- about $1.60 a pound in local stores -- are now largely determined by the international market, making the fish expensive for many Estonians.

    Vjatseslav Savtenko, a 70-year-old retired locksmith fishing from the banks of a saltwater river near Tallinn early one morning, said he hadn't caught a Baltic herring in years.

    He prefers porgy, he said, like the four-pounder he caught the previous evening and fried with onions for his dinner.

    "For fishermen, the bigger the better," he said, with a blue, frayed cap pulled down low over his weathered face. Baltic herring are usually no more than eight inches long. That size makes them hard to prepare. They can also go bad within a day or two, he added, even when refrigerated.

    More Worthy Choice

    Some believe that pike would have been a more worthy choice. In fact, in the online poll to select a national fish, which attracted 50,000 voters, the pike won by about 500 votes, acknowledges Valdur Noormägi, the head of the group behind the idea, the Estonian National Fishery Association.

    But a panel of judges that included him overruled the vote on the grounds that as a traditional staple of the Estonian diet, the Baltic herring has been more important for more people through the country's history. The pike's popularity lies mostly with weekend fishermen on the country's many rivers and lakes.

    Mr. Noormägi says the panel's action was also justified by what he termed voter fraud, which occurred on the last day of voting in February when more than 150 votes for the pike came from a single computer. Also, other Web sites that allowed Estonians to vote for the national fish -- which boosted the voter turnout to more than 300,000 -- showed a vast majority for the Baltic herring, he says.


    Baltic herring
    "This was the correct choice," says Mr. Noormägi. "Scientists said the Baltic herring has been near our coast for 5,000 years."

    The heralding of the herring is part of a larger government campaign -- called "fish makes good" -- to encourage Estonians to improve their diet by eating more fish. The government in recent weeks began running ads depicting a woman in a bikini emerging from the sea with a fish in her mouth, illustrating how fish can improve one's complexion.

    The government also wants to promote Estonian cuisine. It first had to identify it.

    Over the years, the largely agrarian population of 1.4 million has been partial to pork, sauerkraut, blood sausage and fried potatoes, fare heavily influenced by nearby Germany and Russia.

    During the Soviet period, Estonian recipes were suppressed as nationalist by the Soviets. A Moscow-sanctioned Estonian cookbook from 1955 has just 18 pages of Estonian recipes relegated to the back of the 416-page publication. It features instead long political tracts describing how in "capitalist countries the production of consumer goods diminishes with each passing year."

    Out of Favor

    As a result, many Estonian dishes -- such as a popular holiday recipe of beets, potato salad and Baltic herring called rosolje -- fell out of favor during the Cold War, preserved primarily by the Estonian diaspora. After independence in 1991, Estonians were eager for foreign goods, such as German yogurt and American ice cream.

    "Our food was virtually lost," says Karin Annus Kärner, who heads an Estonian school in New York and recently wrote an Estonian cookbook. In Brooklyn, N.Y., Toomas Sorra, a gastroenterologist and Estonian-American who has visited Estonia frequently in recent years, says the only Baltic herring he has experienced was as a gift at a dinner at the Estonian Consulate in New York. He offers that his relatives in Estonia like to catch eel.

    Now, the government is eager to develop its own cuisine, led by the herring. The matter recently found its way to the Estonian Parliament, which debated whether to build some sort of statue for the chosen fish. Estonian personalities have weighed in.

    Dimitri Demjanov, a prominent Estonian chef and founder of a culinary institute in Tallinn, has appeared numerous times on TV to talk about the distinctiveness of the fish. Herring eaten in other countries like Finland, Sweden and Holland is bigger and "more rubbery" than the Estonian version, he says. "We have this fish that no one else has," he says. "Ours is smaller and more gentle."

    Mr. Demjanov says having symbols like a national fish is particularly important for a country like Estonia, which has enjoyed independence only once before in its history, for 22 years before World War II. "It shows the world we are an independent country," he says.

    The Baltic herring joins the blue cornflower and the barn swallow as Estonian national symbols, which were chosen during the Cold War as small expressions of nationhood in the face of Soviet hegemony.

    The suddenly unfriendly relations with Russia make the initiative timely. Russia last month cut rail and road links to Estonia -- and may have been behind an unprecedented cyber-attack on the country -- after the Estonian government relocated a Soviet war memorial. Moving the controversial statue triggered a night of riots led by a pro-Kremlin youth group called Nashi (the word is Russian for "Ours"). The Kremlin has denied any involvement in the cyber-attack.

    Others still assert there are better uses of the government's time and money. The total cost of the fish promotion, including advertising and brochures, was more than $600,000, some of which came from the EU.

    "I like Estonian food but it's not worth spending money for this jokey thing," says Leopold Garder, who runs a shipping business in Tallinn. "We have a national flag, song and flower -- that is quite enough."

    An angry editor of a local newspaper quipped in an editorial that the national fish is the former agriculture minister who came up with the campaign.
  • Citigroup on väljas päris agressiivse arvamusega Cognizant Technology Solutions Corpi osas (CTSH). Analüüsimaja arvates on CTSH puhul tegemist high-alpha võimalusega. Nii negatiivne valuutaefekt kui ka kahanev nõudlu on viimasel kuul CTSH aktsiale väga halvasti mõjunud.

    Kuid citi mainib, et CTSH on valuutaefekti hajutamas ning analüüsimaja indikeerib, et mured nõudluse osas on valesti turu poolt hinnatud. Citi soovitab CTSH osta.

    Äritegevust valuutaefekt ei mõjuta? Aasta algusest 9-protsendilise tõusu USA dollari vastu läbi teinud India ruupia surub alla CTSH marginaale. CTSH ei maanda finantsilises mõttes valuutariski kuid teeb seda operatsioonidega – firma suudab maandada 2.5% valuutaga seotud marginaalilanguse 1-protsendilise utilisatsiooni parandamisega. Suutes kohandada oma tööjõu suurendamise plaane, suudab CTSH hedgeda valuutariski ilma kasvu aeglustamata. Samas on USD/INR stabiliseerunud.

    Andmed indikeerivad vägevat nõudlust – paari kuu jooksul on Citi nii rääkinud mitmete teenusepakkujatega (TCS, Wipro, Infosys) ning kõik räägivad sama – nõudlus on tugev ning kasvu peaks toetama nii mahtude kui hindade kasv.

    Vaata kaugemale kvartaalsetest kõikumistest. Pikaajalised trendid näitavad, et CTSH kasvumäär järgib ”suurte numbrite seaduse” mustrit. Siiski on prognoosid konsensuse osas ootamas järsku langust kasvumääras tagasihoidliku languse asemel. Citi usub, et prognoosid on vaja agressiivselt üles korrigeerida 2007. aasta teises pooles.

    Citi ilmselt tekitab ostuhuvi, vaadates kõrvale ka INFY viimase aja liikumist.

  • HSBC initiates IBKR with an Overweight and a $33.80 tgt saying they forecast Electronic Brokerage to grow faster than Market Making; despite lower margins, its revenues are higher quality.

  • Kui enne majandusandmeid indikeerisid USA futuurid päeva algust, siis praeguseks on futuurid tunduvalt madalamal tasemel. 30-aastase võlakirja yieldi kajastav $TYX asetseb 54.08 tasemel.

    Jameüügi andmed väga kuumad ning ilmselt retaileritele suhteliselt head...

    Retail Sales +1.4% vs +0.6% consensus
    Retail Sales ex-auto +1.3% vs +0.7% consensus

    Import Prices ex-oil 2.8%, prior +0.2%
  • Adversity Brings Opportunity

    By Rev Shark
    RealMoney.com Contributor
    6/13/2007 8:23 AM EDT
    Click here for more stories by Rev Shark

    The difficulties of life are intended to make us better, not bitter.
    -- Author unknown

    Over the past week or so, the market has been confronted with some difficulties. The primary issue is an increase in interest rates. In some cases, bond yields are now at levels not seen in more than five years. There are concerns in some quarters that this rise in rates will continue and become a major headwind for the market. Higher interest rates make stocks more expensive, and given how much we have rallied since last August, there is plenty of pressure to lock in gains and take a defensive approach.

    The upward trend in interest rates is typically not something that easily reverses. Once it starts, it tends to feed on itself. The main driving force for higher rates is strong growth in overseas economies. Various central banks, from England to China to New Zealand, are trying to cool things down and keep inflation contained by raising rates.

    It is possible that this sudden spike in interest rates will subside and the market will return to the strong uptrend we have enjoyed for so long. However, expecting that this new development is just a temporary disruption that will quietly go away is a very dangerous game.

    We need to respect the fact that rates are now an issue and take at least some minor defensive action. It is far more important that we protect our capital than rely on hope that interest rates are an irrelevancy.

    The good news about this sudden change in market character is that it will lead to better opportunities for profit at some point. Too many stocks have become extended in recent months, and now they have the chance to move back and fill and build better technical patterns. We just need to make sure we stay patient and aren't overly anxious to jump back in.

    The great thing about the stock market is that adversity always leads to opportunity. All we need to do is keep an open mind and stay flexible. We get in trouble only when we refuse to adapt to conditions as they change. The inertia of those who have been riding a trend invariably leads to the most damage. People don't like to change their thinking until they are forced to do so, and they don't feel forced until they suffer a good-sized loss.

    A new crop of opportunities will come, but for now we have to respect the interest rate issue that the market is now facing. It has the capacity to undermine the private-equity acquisitions that were driving things and will hurt valuations of stocks. Give it some room to play out.

    We have a bit of a bouncing developing this morning, but I suspect the market isn't going to do much today in front of tomorrow's PPI report and the CPI report that will be released Friday. Those inflation reports will affect the outlook of interest rates and give the market something to focus on.
  • Majandusandmete järel võlakirjaturg kukkus ning 10-aastase võlakirja yield oli 5.316%, kuid hakkas siis tasapisi taas allapoole liikuma.

    Vaatame korra ka maailma börse. Euroopa pigem plussis; Aasia eilse verelaskmise järel USAs ning Greenspani likviidsuskommentaaride tõttu oli üksikute eranditega täna üpriski punane.

    Saksamaa Dax -0.39%
    Prantsusmaa CAC +0.75%
    Inglismaa FTSE +0.33%
    Hispaania IBEX -0.04%

    Jaapani Nikkei -0.16%
    Hong Kongi Hang Seng -0.28%
    Hiina Shanghai A (kodumaine) +2.5%
    Hiina Shanghai B (välismaine) +5.00%
    Lõuna-Korea Kosdaq +0.33%
    Thai Set -2.51%
    India Sensex -0.91%

    Ülespoole avanevad:

    Gapping up on strong earnings/guidance: LWSN +10.2%, SAPE +9.0%... Other news: BBI +5.1% (upgraded to Buy at Citigroup), ILMN +4.2% (receives order for 75th genome analyzer, upgraded to Strong Buy at Matrix), RDY +3.9% (upgraded to Outperform at Credit Suisse), ACLI +3.5% (bounces after yesterday's ~10% decline), NBIX +3.4% (announces resubmission of new drug application for Indiplon capsules), RTP +3.0% (Forbes.com reports RTP unit Coal & Allied declares 'force majeure' on number of sales deals), MT +2.6% (Shareholders approve all resolutions on the agenda of MT co's annual general meeting), OMTR +1.9% (announces pricing of public offering of common stock at $18.15).

    Allapoole avanevad:

    Gapping down on weak earnings/guidance: HS -4.2%... Other news: BSX -7.8% (judge rules that some product liability claims can proceed against BSX), LJPC -5.2% (initiated with a Sell at Lazard), IDIX -4.2% (continued weakness after yesterday's ~7% sell-off, downgraded to Hold at Maxim), NFLX -2.6% (continued weakness following yesterday's BBI competitive pricing news).
  • Kroszner says FED TO 'SERIOUSLY CONSIDER' WHETHER SOME MORTGAGE LENDING PRACTICES SHOULD BE BANNED
  • Just avaldati iganädalane energiaraport, kust on näha, et mootorkütuse varud jäid muutusteta vs oodatud 1.5 miljoni barreliline tõus(utiliseerimismäär ja impordid langesid) distillaatide varud tõusid 0.287 mln barrelit vs oodatud 1.65 mln barrelit. Toornafta varud näitasid 0.082 mln barrelist tõusu vs oodatud 0.275 mln barreliline langus.

    Nafta hind kohe suuri muutusi ei kajastanud, olles enne uudist $65.025 peal ning pärast $65.4 peal.
  • Samal ajal kui enamus silmi on ilmselt liimitud yieldide külge, teevad GOOG ja AAPL päris karuseid mustreid!
  • GOOG HUGE NEW NEG - Deutsche Saying That As of Yesterday, EBAY Is No Longer Buying Google Adwords unconfirmed
  • Deutsche Bank says that in a "truly retaliatory" response to the announcement of a Google Checkout party at eBay Live, eBay has stopped purchasing Google AdWords as of yesterday. The firm says while it's unconfirmed at this point, it's unclear how long the ban will continue. They think the move will hurt eBay given its heavy reliance on keyword marketing. Google represents 60%+ of search queries and they think the ban could put ~10%-20% of eBay traffic at risk.
  • sry risustamise pärast aga oleks vaja hädasti teada saada mida näitab mb suhtarv
  • Yanek... M/B - 'market-to-book-value't mõtled ehk?
  • ausalt öeldes isegi ei tea
    aga nüüd sain vähemalt tõlke
    kahjuks mb otsingusse panna ei saa kuna mingid artiklid megabaitide kohta tulevad ainult :)
  • Föderaalreservi Beezi raamatu sisu tähtsamad punktid:

    Fed says no district reported rise in new home construction, most saw housing as weak
    Fed - Some districts said fuel price rises may have held back consumer spending on other items
    Fed says hiring 'picked up' in late April through May
    Fed says overall wage pressures not rising, but price gains for energy-related products "significant"
    Beige Book says most districts note higher energy costs
    Fed says consumer spending, retail sales up; luxury items selling better than low-end merchandise
    Beige Book: 'Increasing strength' in commercial real estate
    Fed says continued weakness in residential real estate
    Beige Book says overall price pressures generally not rising
    Fed's Beige Book: Economic activity continued to expand mid-April through May
  • Greenspan rääkis täna fiskaalkriisi võimalikkusest Mehhikos, kui nafta tootmine peaks vähenema või nafta hinnad kukkuma. Minu arust päris tähtis teema kogu Ladina-Ameerika jaoks. Nimelt on Mehhiko majanduse väga suur sõltuvus naftast n-ö avalik saladus. Samas, riigi naftatoodang tipnes, kui ma ei eksi, niivõrd palju aastaid tagasi kui 1921. aastal, mil pumbati kogunisti 25% maailma naftast. Tänaseks on aga mitmed tähtsad väljad tühjad/tühjenemas ning tootmine langusfaasis. Hiljuti on küll teatatud ka uutest leidudest, kuid nende arendamine võtab aega ja investeeringuid ning ei lahenda ikkagi Mehhiko riigieelarve sõltuvuse probleemi naftatuludest.

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