32 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. FROM PAGE ONE DHL taps UPS for U.S. deliveries Behind the oil-export decline Continued from first page Continued from first page enough natural gas. This uses up VOL. XXVI NO. 82 THURSDAY, MAY 29, 2008 global delivery giants in the U.S. and 2007 market of U.S. express-delivery services is in the middle of a major invest- oil supply that could otherwise be elsewhere as soaring fuel costs and ment campaign to become a world exported. an economic slowdown eat into Total deliveries Ground deliveries Air deliveries player in petrochemicals, alumi- Some producers, such as the Fear, rumors touched off Ft 530

profit. num and fertilizers, all of which U.A.E., are easing back at times on Sk 100.00 Both UPS and FedEx Corp., which FedEx will require huge amounts of oil the crucial industry practice of in- fatal run on Bear Stearns control more than 70% of express FedEx 18% and natural gas. jecting natural gas into crude oil - Hungary news in depth | PAGES 16-17 Banks help make Libor - Slovakia parcel deliveries in the U.S., have is- 22% USPS FedEx USPS Since 2004, Saudi oil consump- fields, which is done to boost reser- sued profit warnings this year amid UPS 12% 31% 32% tion has increased nearly 23%, to voir pressure and increase crude re- USPS 50% UPS $1.75 (C/V) spiking oil prices and a U.S. retail- 2.3 million barrels a day last year. covery rates. Halting the injections SR 14.00 18% Other 62% Bid for Anheuser may spending slump. The $1 billion that 7% UPS Other Jeffrey Brown, a Dallas-based petro- ends up undercutting oil produc- Other 4%

25% - Egypt DHL is expected to pay UPS annually 6% leum geologist who studies net ex- tion, further reducing exports. leave bitter aftertaste an erratic barometer to airlift its parcels is nearly two- port numbers, said that at its cur- Declining oil shipments from

- Saudi Arabia corporate news | PAGE 4 thirds of rival FedEx’s roughly $1.6 DHL Americas 4% DHL Americas 2% DHL Americas 9% rent growth rate, Saudi Arabia the world’s top petroleum export- billion contract to carry mail for the could be consuming 4.6 million bar- ers illustrates the central role that Dkr 22.00 Analysis by Journal U.S. Postal Service. “This is a great Note: Figures may not add up to 100% due to rounding. USPS = U.S. Postal Service rels a day by 2020. historically marginal players such QR 14.00 Shipping less

deal for UPS and a shot across the Source: Wolfe Research, LLC That would cut significantly as Brazil and Kazakstan are likely - Denmark shows rates are lower

- Qatar Net oil exports from the world's top 15 exporters, which account for nearly bow of FedEx,” industry consultant into Saudi exports during a time to play in coming years. Three of half of all the world’s supply, fell nearly one million barrels a day in 2007. Doug Caldwell said. when the world will be looking to the four non-OPEC players among Kc 110 than market suggests Deutsche Post hasn’t found its At a news conference in Bonn, ery business was being unfairly sub- its largest oil supplier to help the top 15 oil exporters—Russia, Zl 10.50 What’s News— Net exports Net change footing in the U.S. since it acquired Frank Appel, Deutsche Post’s chief sidized by German taxpayers. Deut- manage rising demand. Saudi Ara- Norway and Mexico—are report- By Carrick Mollenkamp in thousands of barrels a day in exports 7 Business&Finance World-Wide 7 Country 2006 2007 in thousands of barrels a day Seattle-based Airborne Express for executive, said the company has sche Post enjoyed a monopoly on bia has nearly a quarter of the ing declines in production this - Poland And Mark Whitehouse

$1.05 billion in 2003. The German now opted for a “pragmatic and real- the delivery of small letters in Ger- world’s proven reserves and sup- year. Kazakhstan is showing slight - Czech Republic Major banks are contributing Top oil producers are proving Saudi Arabia 8,525 7,923 –602 Œ2.70 mail giant quickly merged that busi- istic” strategy for the U.S. market. many until this January, and the gov- plies around 12% of the 86 million net export gains. OR 2.00 to the erratic behavior of the unable to put more barrels on LONDON—Major banks are con- Russia 6,866 7,018 152

ernment still owns slightly less than HRK 20 ness with globe-trotting DHL, of Deutsche Post expects the cost- barrels a day that the world now No big exporter is struggling London interbank offered rate, world markets despite high tributing to the erratic behavior of a UAE 2,564 2,548 –16 which Deutsche Post acquired full cutting measures to boost operat- a third of the company’s shares. consumes. There is another big more than Mexico, where net ex- - Oman reporting significantly lower prices, in a trend that looks set crucial global lending benchmark, a

- Euro (ex. Ire) –221 control in 2002, but it hasn’t been a Klaus Zumwinkel, who headed ports dropped 15% in 2007. Mexi- borrowing costs for the global to continue. Rising profits have Wall Street Journal analysis shows. Norway 2,542 2,321

ing profit by about $1 billion annu- - Croatia

happy marriage. DHL’s U.S. parcel- Deutsche Post for nearly two de- can officials announced Monday £1.30 lending benchmark than what fueled a boom in demand in the Iran 2,463 2,298 –165

ally by 2011. But the restructuring Nkr 25.00 The Journal analysis indicates delivery business has racked up a plan is expensive and will take an es- cades, meanwhile, dismissed UPS as No big exporter is that output from the country’s other market measures suggest Mideast, leaving less oil for ex- Citigroup WestLB HBOS Kuwait 2,341 2,268 –73

BD 1.50 that Inc., , “a cult” during an interview 18 port. At the same time, aging loss of an estimated $3 billion in the timated $2 billion to implement. once-mighty offshore Cantarell they should be, a Wall Street PLC, J.P. Morgan Chase & Co. and Nigeria 2,130 2,040 –90 U.S. in the past four years and months ago. UPS management has struggling more than field had plunged by a third in - Norway Journal analysis shows. Page 1 fields and sluggish investments Deutsche Post also says it will take UBS AG are among the banks that Venezuela 2,182 2,024 –158 developed an industry reputation - Bahrain have caused exports to drop changed local management several years to turn around the domestic less than a year. – United Kingdom have been reporting significantly over many years for controlling all n Deutsche Post plans to trans- sharply in other nations. Page 1 20 times, while its market share has re- U.S. business. It expects losses at Mexico, where 2007 Analysts said there are reasons Dh 24.00 Algeria 1,842 1,862 aspects of its operations. $2.00 fer DHL’s U.S. air-parcel deliver- n The U.K. will exempt lower borrowing costs for the Lon- mained stuck below 10%. In Janu- the U.S. express unit to widen to for optimism. Russia’s government about Angola 1,379 1,707 328 But tougher economic condi- net exports fell 15%. Lk 370.00 ies to UPS and cut its ground 30 North Sea crude-oil and nat- don interbank offered rate, or Libor, ary, it announced it would write off $1.3 billion this year from $1 billion is scrambling to alter the tax rates 22 tions are causing express-delivery - Morocco capacity there by a third. Page 1 than what other market measures Libya 1,530 1,552 Œ600 million ($941.8 million) of the in 2007, before narrowing in steps that many say have put a lid on new ural-gas fields from some taxes companies to rethink their posi- and approved the development suggest they should be. Those five Iraq 1,437 1,484 47 U.S. business and review its strate- to about $300 million by 2011. oil development. Mr. Robinson said n The U.S. filed a WTO complaint tions. Deutsche Post and UPS also Page 3 banks are members of a 16-bank gic options. problem: Increasing natural-gas 65 new ultra-deep water drilling - U.S. Military (Eur) over EU tariffs on three kinds of of two new oil fields. Mexico 1,711 1,456 –255 Shares in Deutsche Post fell 5.4% have new chief executives since ear- L£ 4000.00 panel that reports rates used to cal- DHL’s reputation took a big hit in shortages are having a cascading rigs are expected to arrive over the n Kazakhstan 1,144 1,193 49 in Frankfurt Wednesday as inves- lier this year. high-tech devices, saying a 1997 Oxford University is launch- culate Libor in dollars. the U.S. in September 2005, when it affect on crude output and ex- next three years, following a five- YTL 3.75 WTO treaty exempts them. Page 2 ing a drive to raise more money tors reacted to the looming costs “We’re seeing out-of-the-box That has led Libor, which is sup- Qatar 1,032 1,011 –21 transferred its northern Kentucky ports, as more oil has to go to year stretch in which the industry - Lebanon from private donors, signaling and continued losses. Late after- thinking from UPS we haven’t n EADS ex-CEO Noël Forgeard posed to reflect the average rate at Total 39,688 38,705 –983 hub to Airborne’s hub in Wilming- power the Persian Gulf region’s gained only 10 such rigs. - Turkey that Europe’s largely state- noon, shares in UPS were up 3.1% in seen,” said Ed Wolfe, an industry re- was detained amid a probe into which banks lend to each other, to ton, Ohio. Deliveries were pushed energy needs, said Bill Farren- Those additional rigs will help KD 1.00 composite trading on the New York search analyst. If the cooperation funded universities are strug- Reasons for the export slump: back two to three hours a day for two Price, director of energy at Med- companies tap some of the most alleged insider trading of the gling to cover costs. Page 2 act as if the banking system was do- Stock Exchange. goes well, “it could be a blueprint” S£ 150.00 ley Global Advisors. promising, but now inaccessible, Airbus parent’s shares. Page 6 ing better than it was at critical junc- Boom in oil demand in Saudi Arabia ...And aging fields and sluggish months as conveyor belts malfunc- - Kuwait for other pacts between the big glo- n Serbian nationalists signed n n tioned and newly hired workers In an interview Wednesday, John This is particularly troublesome waters off Brazil, Australia, West n Airbus expects high fuel tures in the financial crisis. and across the Middle East... investments in Norway and Mexico Mullen, a Deutsche Post board mem- bal delivery players in the U.S. and a coalition agreement with Milo- failed to keep up with the surge in during the summer, when govern- Africa and in the Gulf of Mexico. prices to spur airlines to cancel 2.31 3.85 JD 2.00 Faced with suspicions by some 2.14 3.78 3.71 3.50 ber who heads DHL’s world-wide op- elsewhere, he added. sevic allies to form the city gov- 1.88 2.00 3.20 packages. Handlers also had to jug- ments scramble to keep the lights Those fields could bring signifi- and defer jet orders but will stick Please turn to page 31 Saudi Arabia Exports in 2.98 2.79 In an interview, Mr. Appel said - Syrian Arab Rep. ernment in Belgrade, likely en- 2.57 gle two different types of planes: erations, said it was never an option on and air conditioners cranking. cant new allotments of oil on- with plans to raise output. Page 6 demand in millions Deutsche Post’s focus is on the cur- - Jordan suring a right-wing mayor. millions of of barrels those that belonged to DHL’s original to abandon the domestic U.S. mar- Although Middle East nations stream, but they won’t offer relief rent UPS deal, which he described SF 4.40 n U.S. stocks advanced, amid a barrels a day a day ket entirely. That is because about are loathe to acknowledge the prob- for years. n Lebanon’s new president re- fleet and could be loaded through as “a win-win transaction.” But he report durable-goods orders fell half of DHL’s 100 biggest global cus- lem, these shortages are forcing “The sense in the market is that NIS14.00 appointed Siniora to head the wide cargo doors, and those from Air- wouldn’t rule out further pacts with less than expected in April. Euro- 2004 2005 2006 2007 2004 2005 2006 2007 borne, which had to be loaded tomers are based in the U.S. countries at times to burn more peak oil is here and that things will cabinet, despite reservations by In a reversal, - Israel longstanding rivals. “I am open to - Switzerland pean shares climbed. Pages 11, 20 Source: U.S. Energy Information Administration through narrow passenger doors. The planned partnership with any discussion,” he added. fuel oil, a refined byproduct of only get worse,” says Mr. Robinson. the Hezbollah-led opposition. kr 24

UPS represents a turnabout from Œ2.50 n Express customers representing Deutsche Post said it hopes to fi- crude, because they can’t produce “But the verdict is still out on that.” Exxon shareholders rejected n A Sunni bloc suspended talks the rivalry between the two compa- $300 million to $400 million in an- nalize an agreement with UPS a proposal to create an indepen- on ending its boycott of Iraq’s DHL taps UPS For information or to subscribe, visit www.services.wsje.com or call +32-2-741-1414 — Albania Sweden nies. UPS and FedEx mounted ag- Ireland nual revenue—a bit less than 10% of within the next three months. UPS dent chairman, handing man- government, just as Maliki ar- gressive but unsuccessful political DHL’s overall business in the coun- Chief Operating Officer David Abney agement a shaky victory. Page 3 rived in Sweden for a U.N. con- Oil exporters are unable try—abandoned DHL in the ensuing and legal challenges to block Deut- said the planned arrangement to air- for help in U.S. n Atos ended its dispute with ference on progress in Iraq. months. Many have stayed away. sche Post’s entry into the U.S. mar- lift DHL parcels in the U.S. “would its two largest shareholders af- n Pakistan’s prime minister DHL also has struggled to build up a ket earlier this decade. represent a wise use of our assets By Mike Esterl ter the French company’s chair- ground network that could compete UPS also has complained in re- and network capacity while creating urged the U.S. to increase its And Corey Dade to keep up with demand THE/FUTURE/LEADERSHIP/INSTITUTE man stepped down. Pages 4, 19 with UPS and FedEx, which spent de- cent years to European regulators a substantial and profitable revenue economic and defense assis- tance to help the newly elected cades developing theirs. that Deutsche Post’s express-deliv- stream for our company.” n Ford is looking to cut 2,000 When Germany’s Deutsche Post By Neil King Jr. tion, fell by nearly a million barrels democratic government. Page 10 And Spencer Swartz The Wall Street Journal Books for brains white-collar jobs amid a slide in AG tried to expand into the U.S. ex- to 38.7 million barrels a day last Europe and the London 15 management books to win U.S. truck sales. GM’s lead inde- n Israel’s defense minister said press-delivery market with its DHL year. The drop would have been he will pull out of the govern- unit a few years ago, it ran a promi- The world’s top oil producers steeper if not for heightened out- Business School Football pendent director said the board supports management. Page 6 ing coalition unless Olmert re- nent ad campaign boasting “Yellow are proving unable to put more bar- put in less-developed countries Otsuka buys stake in France’s Alma Club present signs amid a corruption scandal. is the new brown,” a swipe at the rels on thirsty world markets de- such as Angola and Libya, whose n Burberry reported its fiscal- chocolate-colored United Parcel spite sky-high prices, a shift that de- economies have yet to become big n Nepal’s Parliament voted to By Kenneth Maxwell the remaining 51% of the unlisted more upscale Chateldon, but Crista- year net rose 23% on a 17% rise Service fies traditional market logic and energy consumers. “The Business of Football” make the world’s last Hindu Inc. delivery trucks that for And Hiroyuki Kachi Alma. Otsuka is buying its stake line is by far the biggest seller. With in sales and said it is sticking looks set to continue. For all the attention paid to Chi- kingdom a republic. Page 12 decades have been a feature on from Rox , an investment company to its expansion plans. Page 8 Fresh data from the U.S. Depart- na’s increasing energy thirst, rising annual sales of Œ783 million ($1.23 May 29 American roads. TOKYO—Closely held Japanese controlled by Mr. Papillaud. n Diplomats meeting in Ireland ment of Energy show the world’s energy demand in the Middle East billion) in 2007, Alma operates 34 n German consumer prices rose Since then, DHL has hemor- drug, food and drink maker Otsuka Otsuka—best known in Japan for agreed on a treaty to ban cur- top oil exporters last year shipped may pose the greater challenge. plants in Europe, mostly in France. 3% year to year in May, fueling rhaged billions of dollars in the U.S. Pharmaceutical Co. said Wednes- itsPocariSweatsoftdrinkandCalorie Afternoon Seminar rent designs of cluster bombs 2.5% less petroleum products than Last year, the region’s six largest pe- According to a 2005 Nestlé SA expectations for an acceleration and has signed up few customers. day it will pay about $1.2 billion to Mate energy bars—expects the Alma and require the destruction of in 2006, despite a 57% increase in troleum exporters—Saudi Arabia, study,theFrenchdrink anaverageof London Business School in euro-zone inflation. Page 11 Wednesday, the deep-pocketed buy a 49% stake in Alma SA, the To win a copy of “The stockpiles within eight years. prices, a trend that appears to be stake to give it a substantial presence 145litersofbottledwaterperperson former German mail monopoly sig- United Arab Emirates, Iran, Kuwait, makerofCristaline,France’sbiggest- Momentum Effect,” by INSEAD n holding true this year as well. Iraq and Qatar—curbed their out- inFranceandtocreateafootholdfora every year, just behind Italians, who Bear Stearns will give docu- n A U.S. lawyer who is an ex- naled a retreat, scaling back its am- selling still-water brand by volume. European sales network. professor J.C. Larreche, email ments to the SEC showing that There are several reasons be- put by 544,000 barrels a day. At the lead the world with 189 liters, and us your full contact details pert on money laundering in the bitions and turning to archrival UPS ThemovebyTokyo-basedOtsuka— Brands controlled by Alma ac- hind the net-export decline. Soar- same time, their domestic demand ahead of Americans, who drink 89 li- with “Momentum” in the several financial titans cut their ex-Soviet Union was charged for help. buying part of a stake formerly held count for about one-quarter of exposure to Bear in the weeks ing profits from high-priced crude increased by 318,000 barrels a day, ters. subject field. Reply by noon with drug smuggling in Belarus. In a broad restructuring of its by Groupe Castel, France’s biggest France’s bottled-water business. CET, June 7, ’08 to the before its collapse. Pages 16, 21 have fueled a boom in oil demand in leading to a loss in net exports of Otsuka’s move is unlikely to be n wineproducerbyvolume—isthelat- Otsuka—which makes and sells address below. Winners will South Africa will set up shel- flailing U.S. delivery business, Deut- Saudi Arabia and across the Middle 862,000 barrels a day, according to the last foray by Japanese food and ters for displaced victims of re- sche Post unveiled plans to transfer estinaseriesofdealsstruckbyJapa- pharmaceuticals, medical equip- be informed by email. Markets 4 p.m. ET East, leaving less oil for export. At the U.S. Energy Information Admin- nese food and beverage suppliers to ment, food and cosmetics—had drink makers beyond home shores NET PCT cent attacks on foreigners. DHL’s North American air-parcel de- the same time, aging fields and slug- istration. Contact: [email protected] expand overseas. sales of 928.48 billion yen ($8.9 bil- as the nation’s aging population re- MARKET CLOSE CHG CHG n A French court convicted liveries to Atlanta-based UPS and gish investments have caused ex- Demand in the Middle East is a Seen as something of an upstart lion) for the year ended in March, duces domestic demand. DJIA 12594.03 +45.68 +0.36 Michel Fourniret of killing slash its network capacity on the ports to drop significantly in Mex- major factor right now, said Adam The Wall Street Journal Europe The Wall Street Journal Europe within the bottled-water industry, with a staff of about 5,300 employ- In December, Kirin Holdings Co. Nasdaq 2486.70 +5.46 +0.22 seven young women and sen- ground by about a third to stanch ico, Norway and, most recently, Rus- Robinson, an oil analyst at Lehman is read every day by 27,000 welcomes 3 Turkish Cristaline has surpassed its rivals in ees. Overseas operations include acquired Australian dairy-product DJ Stoxx 600 320.15 +2.96 +0.93 tenced him to life in prison. the bleeding. sia. The Organization of Petroleum Brothers in New York. Mr. Robinson students at 175 top business sales volumes since it was started in Crystal Geyser mineral-water prod- and soft-drink maker National universities to The Future FTSE 100 6069.6 +11.1 +0.18 The overhaul represents a tacit Exporting Countries also cut pro- predicts that the region will consti- schools and university campuses the early 1990s by Castel’s now uct lines in the U.S. Foods Ltd. from San Miguel Corp. of Leadership Program DAX 7033.84 +75.18 +1.08 Editorial Opinion acknowledgment by Deutsche Post duction early last year and didn’t tute more than 40% of increased de- across Europe. & 81-year-old founder, Pierre Castel, But while nearly 39% of overall the Philippines for 294 billion yen. CAC 40 4971.11 +64.55 +1.32 that it can’t go it alone in the highly move to boost supplies again until mand next year. and long-term business partner sales comes from overseas busi- In 2006, Japanese seasonings • Yildiz Technical University Get personal competitive U.S. market, even as its last fall. Saudi Arabia in particular has Pierre Papillaud, despite a relatively ness, Otsuka’s food-and-drinks pres- maker Ajinomoto Co. acquired • Galatasaray University Euro $1.5632 -0.0090 -0.57 DHL unit enjoys market leadership In all, according to the Energy become a major energy consumer European Platform for Financial Professionals Hillary’s only weapon against • Istanbul Technical University Nymex crude $131.03 +2.18 +1.69 subdued marketing presence. ence in Europe has been limited. Danone’s Amoy Food business for Obama. Wonder Land column positions in Europe and Asia. It also Department figures, net exports as the country pushes to put its oil Under the terms of Castel’s exit Paris-based Alma is home to sev- about 27.3 billion yen, in a bid to Money & Investing > Page 19 Page 15 could herald more tie-ups between from the world’s top 15 suppliers, riches to greater use. The kingdom from water, Mr. Papillaud will own eral water brands, including the strengthen overseas operations. Please turn to back page which account for 45% of all produc- Please turn to back page 2 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 31 LEADING THE NEWS FROM PAGE ONE U.S. brings suit against EU Banks help make Libor an erratic barometer Methodology Oxford solicits donations Continued from first page If Libor rates are understated as for three months from other banks situation. Citigroup refused. A BBA for the Journal’s on electronic-gadget tariffs bankers that their rivals have been much as the Journal’s analysis sug- at 2.73%—in line with all the other spokeswoman says reports pub- the £1 billion effort Cambridge Uni- low-balling their borrowing rates to gests, it would represent a roughly panel banks. A UBS spokeswoman lished by member banks aren’t a Fund-raising plan Poor relations versity announced in 2005. Cam- By John W. Miller tech products totaled $11 billion last avoid looking desperate for cash, $45 billion break on interest pay- declined to comment. matter for the BBA. Libor analysis bridge has raised more than two- year. It isn’t clear exactly how many the British Bankers’ Association, ments for homeowners, companies By Carrick Mollenkamp British university endowments To gauge how much the borrow- After the Journal reported on signals fiscal stress thirds of that money so far, Peter U.S. products are affected by the which oversees Libor, is expected to And Mark Whitehouse are far smaller than those of their BRUSSELS—The U.S. filed suit and investors over the first four ing rates reported by the 16 banks April 16 that bankers suspected ri- Agar, director of development and higher duties, according to a spokes- report Friday on possible adjust- U.S. rivals. Figures in billions: against the European Union over tar- months of this year. That is good for on the Libor panel might be out of vals of intentionally understating at European schools alumni relations, said in a phone in- iffs on three kinds of popular high- man for Hewlett-Packard. “That ments to the system. That report them, but a loss for others in the whack, the Journal calculated an al- their borrowing rates, the BBA said Amid concern that Libor might Harvard $34.9 terview Wednesday. Oxford has dou- tech gadgets. doesn’t matter,” said Robert Nov- isn’t expected to recommend any market, such as mutual funds that in- ternate “borrowing rate” for each it was speeding up a review of Libor. not reflect what it is supposed to re- By Jeanne Whalen bled its fund-raising staff of late to The EU taxes imports of set-top ick, a lawyer representing the U.S. major changes, according to people vest in mortgages and certain hedge bank using information from the de- It said it would kick out any bank flect—the average interest rates at Yale 22.5 about 125 and hosted its first alumni boxes, used to convert outside sig- technology industry. “The EU is familiar with the association’s delib- funds that use derivative contracts fault-insurance market. found to be reporting inaccurate which banks make short-term loans reunion weekend last year. LONDON—Oxford University nals into sound and images on a tele- clearly...taxing products covered un- erations. tied to Libor. In mid-March, the bank borrow- rates. Over the next two days, banks to one another—The Wall Street Jour- Stanford 17.2 In November, it opened an office said it is launching a drive to raise vision; flat computer screens; and der” the 1997 Information Technol- In order to assess the borrowing At 11:00 each morning in Lon- ing rates calculated using default-in- nal took a closer look at the rates. in Hong Kong to expand contacts raised their reported rates, causing £1.25 billion ($2.47 billion) from pri- Princeton 14.8 so-called multifunctional appli- ogy Agreement, meant to spur glo- rates reported by the 16 banks, the don, traders at the 16 banks on the surance data rose sharply amid Dollar Libor rates are calculated with alumni and other potential do- dollar-denominated Libor to log its vate donors in what it called the big- ances such as printer-fax machines. bal high-tech innovation. The EU Journal crunched numbers from an- Libor panel report what it would growing fears about the financial using information provided to the nors in Asia. It is also stepping up biggest jump since August. gest-ever fund-raising campaign by Cambridge 9.2* U.S. companies such as Hewlett- says the products aren’t covered un- other market that provides a win- cost them to borrow money for health of banks, which culminated British Bankers’ Association by a the work of Oxford’s New York of- That increase surprised some a European university. Packard Co. and American trade offi- der the 1997 deal and shouldn’t be lengths of time ranging from over- in the collapse of Bear Stearns Cos. panel of 16 banks. To get a sense of Oxford 6.8* fice, which is already a major con- dow into the financial health of homeowners, including Bill Petit, a The effort is one of the strongest cials say those goods should be cov- considered truly high-tech because night to a year. Thomson Reuters But Libor actually declined. whether the banks’ reported rates re- tributor: about 25% of private gifts banks: the default-insurance mar- real-estate broker with a $470,000 signals that Europe’s largely state- ered under a 1997 World Trade Orga- they compete with traditional me- Corp., a news and information pro- Between late January and April flect their true borrowing costs, the *Converted to dollars at current rate to Oxford last year came from North ket. Until recently, the cost of insur- adjustable-rate mortgage on his Del funded universities are struggling nization treaty that guarantees tar- dia. For example, EU officials say, vider, makes those rates public, 16, when the Journal first reported Journal looked to the market for Source: the universities America, Mr. Dellandrea said. “The ing against banks defaulting on Mar, California, home. “It doesn’t to cover their costs. Unlike in the iff-free access for all information- flat screens can be used as TV sets. their debts moved largely in tandem and uses them to calculate the concerns about Libor’s accuracy, credit-default swaps, a form of de- U.S., they don’t have a tradition of point that’s been made by a couple technology products. The case also highlights the com- seem natural,” he says. “If it would fault insurance. of now donors when we first talked with Libor—both rose when the mar- day’s Libor. Citigroup’s reported rates differed alumni and others donating money dowment is $34.9 billion. Though the U.S. and EU recently plexity of modern supply chains. have done this over a month or so, I That market allows participants to them was, where have you been? ket thought banks were in trouble. When posting rates to the BBA, the most from what the default-in- to universities, something Oxford A key goal for Oxford and rival pledged to patch up trade differ- Though U.S. companies design and could have understood it.” He says to buy and sell insurance against de- Where has the university been, But beginning in late January, as the 16 panel banks don’t operate in a surance market suggested. On aver- will need to change. Cambridge is to increase alumni con- ences, the case, filed with the WTO sell most of the products affected by the move caused his monthly mort- faults by banks and other companies. where has my college been?” fears grew about possible bank fail- vacuum. Hours before the banks re- age, the rates at which Citigroup The British have traditionally tributions. In a phone interview, Jon in Geneva, is likely to add tension to the tariffs, they make them in Asia. gage payment to jump by $98 more Much like borrowing rates, which Cambridge, meanwhile, is in- ures, the two measures began to di- port their rates, their traders can said it could borrow dollars for viewed university funding as the Dellandrea, pro-vice-chancellor at continuing trans-Atlantic disputes, Unless the EU and U.S. reach a com- than he was expecting, raising it to rise and fall with concerns about a creasing its telephone and mail con- verge, with reported Libor rates fail- phone brokers at firms such as Tul- three months were about 0.87 per- government’s responsibility. Until Oxford, said about 12% of Oxford’s including fights over subsidies for promise, a WTO panel will rule on $2,056.25. tact with alumni, encouraging them ing to reflect rising default-insur- lett Prebon PLC, ICAP PLC and Cie. centage point lower than the rate recently, British universities hadn’t alumni, called “old members,” give airplane makers, U.S. tax credits for the dispute in about nine months. It Hedge-fund manager Narayan to make regular donations of £20 a ance costs, the Journal analysis Financière Tradition to get esti- calculated using default-insurance really carried out coordinated fund- to the university, a percentage he biodiesel and U.S. chicken exports. could order the EU to withdraw the Prasad says he uses Libor-based con- Confidence in Libor month. The university’s top brass shows. The gap between the two mates of where the brokers perceive data, the Journal’s analysis shows. raising campaigns or held large- aims to double. By contrast, about EU imports of the three high- tariffs or face U.S. trade sanctions. tracts known as interest-rate swaps are also traveling more often to the measures was wider for Citigroup the loan market to be. (The bank A Citigroup spokesman says, “We scale fund-raising events such as 40% of Ivy League graduates donate to protect his investors from sud- matters because the U.S., India and Hong Kong to raise of the U.S., Germany’s WestLB, the traders also factor in other data continue to submit our Libor rates alumni reunions, which alumni have to their alma maters, Mr. Dellandrea den shifts in the relationship be- funds, says Mr. Agar. U.K.’s HBOS, J.P. Morgan Chase of when estimating borrowing rates.) at levels that accurately reflect our generally organized themselves on a said. Yale University is currently try- CORRECTIONS & AMPLIFICATIONS tween short-term and long-term in- system is a banking “We want a much higher propor- the U.S. and Switzerland’s UBS than At times of market turmoil, perception of the market.” small scale. ing to raise $3 billion; Cornell Univer- tion of alumni contributing, even if banks face a dilemma. If any bank The difference was 0.7 percent- terest rates. “You expect total integ- Oxford, a popular destination for sity is trying to raise $4 billion. for the other 11 banks. One possible rity with respect to how it is com- barometer. only small amounts. We’ve still got explanation for the gap is that banks submits a much higher rate than its age point for WestLB, 0.57 point for tourists with its Gothic spires and Without U.S. levels of private Vietnam’s dong currency is North Korea sets official exchange puted,” he says. If Libor is off by as some ways to go to get to levels that understated their borrowing rates. peers, it risks looking like it is in fi- HBOS, 0.43 for J.P.Morgan, and 0.42 grand courtyards, says a lack of pub- funding, British universities say the Ivy League would normally ex- still limited to rising or falling 1% rates for its currency. A map that ac- nancial trouble. So banks have an in- for UBS. Royal Bank of Canada’s re- much as some analysts have esti- around the official daily rate companied a Money & Investing arti- The BBA says Libor is reliable bank’s financial health, credit-de- lic funding leaves it unable to cover they find it harder to attract star pect,” he said. centive to play it safe by reporting ported rates came closest to the mar- mated, he says, it has cost investors against the U.S. dollar. An Econ- cle Tuesday about currency pegs in- and notes that the financial crisis fault swaps reflect investors’ views its total teaching and research costs faculty and finance world-class re- Oxford says it has already raised something similar—which would ket-based calculation—there was in his fund, Anchor Capital Manage- omy & Politics article Wednesday correctly identified the three coun- has caused many indicators to act in on the risk that a given bank will re- each year. It has covered its shortfall search. Emerging Asian universi- £575 million during the “prelaunch cause the reported rates to cluster no significant difference. An HBOS ment, some $500,000 in the first incorrectly said the central bank tries as nations with heavily man- unusual ways. “The current situa- nege on its debts. On April 16, accord- of about £150 million a year by tap- ties are also stepping up the global phase” of the current campaign and together. spokesman says the bank’s Libor four months of this year. doubled the currency’s daily trad- aged currencies that investors ex- tion is extraordinary,” said BBA ing to data provider Markit Group, in- ping Oxford University Press, which competition for the best faculty aims to raise at least another £675 In fact, the Journal analysis quotes are a “genuine and realistic” The questions about Libor have ing band. In addition, a statement pect to strengthen. Chief Executive Angela Knight in an vestors were demanding an annual the university owns. and students. million, for a total of £1.25 billion. Ox- shows that during the first four indication of its borrowing costs. caused Robert Fuller, head of New from Nguyen Quang Huy, director interview. A BBA spokesman says $107,000 to insure against defaults The endowments at Oxford, Cam- Oxford plans to use the money to ford hasn’t set a time limit on the months of this year, the three- J.P. Morgan declined to comment. Jersey’s Capital Markets Manage- of the central bank’s foreign-ex- A possible cost of carbon allow- there is “no indication” that the de- on $10 million in Citigroup debt—a bridge and Britain’s other main uni- augment scholarships for its 20,000 campaign. Many universities quietly month borrowing rates reported by Overall, in the first four months ment LLC, to begin thinking about change management department, ances could be $25 per metric ton of fault-insurance market provides a “risk premium” of 1.07 percentage versities pale next to those of their students, create new academic posts gather initial donations before offi- the 16 banks on the Libor panel re- of this year, the three-month and six- using other benchmarks. Mr. and increase funding for current said the exchange rate “continues emissions. A May 20 Corporate more accurate picture of banks’ bor- points. U.S. rivals. Oxford and its colleges cially announcing a fund-raising mained, on average, within a range month dollar Libor were about a Fuller, who consults with hospi- posts and build new infrastructure. to be managed in a stable direc- News page article about carbon rowing costs than Libor. The Journal used this risk-pre- have a current endowment of about campaign because it helps motivate of only 0.06 percentage point—tiny quarter percentage point lower tals, schools and governments tion, with the level of fluctuation caps and nuclear power incorrectly mium information to construct an al- £3.4 billion. Harvard University’s en- Oxford’s fund-raising goal tops others to give. Representatives for the 16 banks in relation to the average than the borrowing rates about interest-rate swaps, says he in 2008 at plus and minus 2% as ap- gave the value as $25 per million ternative “borrowing rate” for each on the Libor panel either declined to Libor of 3.18%. suggested by the default- is considering using the federal proved by the prime minister.” The metric tons of emissions. WSJ.com of the 16 banks. There were two steps comment, didn’t respond to ques- Those reported rates insurance market, the funds rate—the rate at which article incorrectly translated the to the process: First, the Journal esti- tions or said they provide accurate “are far too similar to be Interactive graphic analysis shows. After banks lend to each other over- INDEX TO BUSINESSES statement as saying that the cen- A Money & Investing article on mated what Libor would be if there rates. believed,” says Darrell See charts banks adjusted their Li- tral bank had adjusted the rate to night—in swaps contracts. was no risk that any of the banks May 22 about say-on-pay proposals The Journal’s analysis doesn’t Duffie, a Stanford Univer- comparing banks' bor rates following news This index of businesses mentioned in today’s issue of The Wall Street Journal Europe is intended to include all significant references to compa- plus- or minus-2%. at Wall Street firms used executive- “I am thinking very carefully would default. Then, it added each prove that banks are lying or inten- sity finance professor reported Libor rates of the BBA review in mid- nies. First reference to these companies appear in boldface type in all articles except those on page one and the editorial pages. compensation figures compiled by about how to proceed, and I do bank’s risk premium to that number, tionally manipulating Libor. Ana- who examined the data at to Journal April, the difference Japan allows the yen to float Standard & Poor’s ExecuComp. The think most of the swap community yielding 16 different “borrowing lysts offer various reasons why the request of the Jour- calculations based shrunk to about 0.15 per- freely, South Korea occasionally in- article didn’t give the full name of is doing the same,” he says. “I rates.” Accor.19...... BAE Systems.9...... Carrefour.19...... InBev.4...... Polo Ralph Lauren.9...... some banks might report Libor nal. Prof. Duffie was one on risk, at centage point. tervenes in currency markets and the source of the data. would definitely consider doing To back the default risk out of Li- Acer.29...... Bank of Cathay Pacific.22...... ING Groep.16...... PPR.4...... rates lower than what other mar- of three independent aca- WSJ.com/ Mikhail Chernov, a fi- Advanced Micro Devices Tokyo-Mitsubishi.31... . CBS.16...... Inpex.22...... Q-Cells.22...... something like fed funds or any- bor, the Journal made one important kets indicate. For one, since the fi- OnlineToday nance professor at Lon- .29...... Barclays.25...... Centaurus Capital.... . 4,19 Intel.29...... Qantas Airways... . 6,9,22 demics who reviewed the thing else that the industry has assumption: The cost of default insur- nancial crisis began, banks have all don Business School who AGF Holding.4...... BASF.28...... China Mobile...... 20,22 IntercontinentalExchang Rabobank Group.16...... Journal’s methodology that’s nonmanipulable.” ance on the most credit-worthy bank Bear Stearns.... . 16,20,21 e..25...... Regions Financial.20...... but stopped lending to each other and findings at the paper’s re- reviewed the Journal’s methodol- Allianz SE.4...... Chrysler.6...... INDEX TO PEOPLE London brokerage ICAP is in the provides a reasonable estimate for Alma.32...... BHP Billiton.22...... Citadel Investment J.P. Morgan Chase Renaissance for periods of three months or quest. All three said the approach ogy, says it is an appropriate way to BMW.20...... process of launching a new way to default risk contained in Libor. That American Intl Group.20. . Group.21...... 1,16,21,23,25 Technologies.16...... more, so their estimates of how British Energy.20...... Rox.32...... This index lists the names of businesspeople and government regulators was reasonable. assess the reported Libor rates. Anheuser-Busch.4...... Citigroup...... 1,16,23,31 J.C. Penney.9...... much it would cost to borrow in- measure the rate at which banks bor- is because all 16 banks have been re- British Energy Group.9.. . Royal Bank of Canada.31 who receive significant mention in today's Journal. At times, banks reported similar David Juran, a statistics professor porting nearly the same Libor Apple...... 3,20 Cnooc.22...... JetBlue Airways...... 6,20 volve a lot of guesswork. Also, some row money—an anonymous survey British Airways...... 9,20 Credit Suisse.25...... KeyCorp.20...... Royal Bank of Scotland borrowing rates even when the de- at Columbia University who also re- Arkema.20...... BT.20...... Group.9...... For more people in the news, visit of some 40 banks it plans to call the rates—as if they were all equally Credit Suisse Group Kohlberg Kravis Roberts U.S. banks—such as Citigroup and viewed the methodology, says that Assicurazioni Generali .9 Burberry Group.8...... Saint-Gobain.19...... 1 fault-insurance market was draw- New York Funding Rate. Participat- credit-worthy...... 16,31 .20...... CareerJournal.com/WhosNews J.P. Morgan—have ample customer Atos Origin...... 4,19,20 Cable & Wireless.9...... SANYO Electric.4...... ing big distinctions about their fi- for almost all of the 16 panel banks, On April 16, for example, the low- D. Carnegie & Co..25...... Korean Air.22...... deposits and access to dollar loans ing banks wouldn’t have to worry Babcock International Capital Markets Sanyo Electric.22...... nancial health. On the afternoon of the calculations show “very convinc- est rate reported by the 16 banks to Daimler.6...... Lafarge Corp..19...... from the U.S. Federal Reserve, mean- about the stigma of reporting high Group.9...... Management.31...... SAP.20...... Abney, David.32...... Fuller, Robert.31...... Otellini, Paul.29...... March 10, for example, investors in ingly” that reported Libor rates are the Libor panel was 2.72%. The cheap- Dell.29...... Lagardère.6...... Sharp.22...... Agar, Peter.2...... Gent, Chris.19...... Papillaud, Pierre.32...... ing they might not need to borrow rates. The planned survey would Depository Trust & Lanxess.20...... the default-insurance market were lower than what the market thinks est default insurance was for Bank of Shun Tak Holdings.9...... Ahrendts, Angela.8...... Germond, Philippe.4...... Parr, Gary.16...... at higher rates from other banks. cover a wide range of markets, not FREE daily access Clearing.25...... LCH.Clearnet.25...... Sinosteel.9...... Amssoms, Marianne.4.... . Gibson, David.22...... Pecoriello, Bill.4...... betting that WestLB, which was hit they should be, well surpassing the just interbank loans. Tokyo-Mitsubishi: 0.25 percentage 1 Deutsche Post...... 1,20 Lehman Brothers Smith Breeden Perissinotto, Giovanni.9. . The price of default insurance threshold statisticians use to assess to WSJ.com Annys, Erwin.28...... Greenberg, Alan “Ace” 16 especially hard by the credit crisis, But plugging a new benchmark point. So the Journal’s estimate of Deutsche Telekom.20...... Holdings...... 16,21 Associates.21...... Appel, Frank.32...... Griffin, Kenneth.21...... Pintado, Miguel.25...... isn’t a perfect indicator of a bank’s the significance of a result. what Libor would be if there were no Deutsche Bank .16,21,23 was nearly twice as likely to renege into trillions of dollars of securities Many Gain Investments Société Genéralé.23...... Balbinot, Sergio.9...... Harbour, Ron.6...... Pokharna, Anupama.29.... . credit-worthiness. Data provider If you bought today’s paper from Dow Chemical.3...... 9...... on its debts as Credit Suisse Group, Beginning late last year, some risk of defaults came to 2.72 minus Sony.6...... Bolton, Anthony.21...... Hepp, Michael.29...... Quinn, John.8...... Markit Group calculates the daily and loans would require a big re- a retail outlet, simply register at: easyJet.20...... Mattel.8...... bankers began to suspect Libor 0.25, or 2.47%. Standard Chartered Brito, Carlos.4...... Ho, Stanley.9...... Rau, Shane.29...... a Swiss bank that was perceived to structuring of the financial system— Electronic Arts.4...... McGraw-Hill.23...... 23,25 prices based on dealers’ quotes, That base number was used to cal- wsj.com/reg/coupon Bryant, Carter.8...... Honma, Mitsuru.4...... Reineke, Ninja.28...... be in better shape. Yet the next wasn’t high enough. Questions something unlikely to occur in the Enel.9...... Merrill Lynch.25...... Sullivan & Cromwell.23. . which can be volatile and vary or renew at: wsj.com Caldwell, Doug.32...... Huang, Jen-Hsun.29...... Robeck, Katrin.11...... morning, for Libor purposes, about the rate arose at meetings near term. culate borrowing rates for each bank. Eni.9...... MGA Entertainment.8... . Taiwan Semiconductor Sarin, Arun.20...... widely in times of market turmoil. For example, to calculate Citigroup’s Today’s code is: EUROPE-M-507 Manufacturing.29...... Callow, Julian.11...... Iger, Robert.16...... WestLB reported the same borrow- held in November and April by a Euler Hermes.4...... Microsoft...... 3,4,16,29 Saïd, Wafic.2...... But over the longer time periods re- The BBA recently held a meeting rate on April 16, the Journal added Eurazeo.4...... Midwest.9...... Take-Two Interactive Campbell, Gordon.9...... Khazanchi, Shiv.25...... ing rate as Credit Suisse. A WestLB Bank of England money-market com- Cartwright, Stacey.8...... Knight, Angela.31...... Scaroni, Paolo.9...... viewed by the Journal, the data pro- for about 10 market participants, in- the cost of one-year default insur- European Aeronautic Mitsubishi Corp..22...... Software.4...... Schuhmacher, Harry.4...... spokesman said the bank provides mittee that includes banks and the THE WALL STREET JOURNAL EUROPE (ISSN 0921-99) Tata Motors.9...... Cayne, James.16...... Knupffer, Nick.29...... vide a good picture of investors’ as- cluding some of the banks that sub- ance on Citigroup debt—1.07 percent- Boulevard Brand Whitlock 87, 1200 Brussels, Belgium Defence & Space.6...... Mitsubishi Electric.22... . Schwartz, Alan.16...... BBA. The minutes of the commit- Thus Group.9...... Cherpitel, Didier.4...... Larian, Isaac.8...... sessment of the financial health of accurate data. mit quotes for the dollar Libor rates. Telephone: 32 2 741 1211 FAX: Business: 32 2 732 1102 Exxon Mobil...... 3,23 Mondial Assistance.4...... Sinofsky, Steven.3...... age points—to the base rate, yielding Toyota Motor.6...... Cheung, Jackson.23...... Leahy, John.6...... In addition to borrowing from tee’s April 3 discussions say that News: 32 2 741 1600 Editorial Page: 32 2 735 7562 FedEx.32...... Moody’s.23...... Sprow, John.21...... banks. People familiar with the discussion an estimated borrowing rate of Tullett Prebon.31...... “U.S. dollar Libor rates had at times SUBSCRIPTIONS, inquiries and address changes to: Fidelity Investments.16 . Morgan Stanley.... . 21,25 Cipriani, Jack.4...... Leemans, Marc.4...... Stanley, Stephen.11...... other banks, banks can borrow in say the BBA isn’t planning a radical Telephone: +32 2 741 1414 UBS...... 1,25 Confidence in Libor matters, be- 3.54%. On the same day, Citigroup’s Fimalac.23...... Murchison Metals.9...... Cohen, H. Rodgin.16...... Leight, Peter.29...... the commercial-paper market, appeared lower than actual traded International freephone: 00 800 9753 2000 United Parcel Service.1.. . Sundaram, Anant.4...... cause the rate system plays a vital redesign of how Libor is calculated. reported Libor rate was 2.72%—0.82 E-mail: [email protected] Website: www.services.wsje.com Financière Tradition.31. . Colao, Vittorio.20...... Levinson, Tom.21...... interbank rates.” Navistar Intl.9...... Verizon Communications Thierry, Jean-Philippe.4... . role in the global economy. Central where they issue short-term IOUs to Ms. Knight, the BBA chief, says percentage point lower. Advertising Sales worldwide through Dow Jones Ford Motor.6...... Nokia.20...... Coley, Bill.9...... Lierop, Ton Van.28...... Tillerson, Rex.3...... International. Frankfurt: 49 69 971428 0; London: 44 207 842 .16...... Conti, Fulvio.9...... Lisman, Bruce.16...... bankers follow it closely as a barom- investors such as mutual funds. In Citigroup interest-rate strate- there is no need to replace Libor, The Journal then used these esti- 9600; Paris: 33 1 40 17 17 01 France Telecom.20...... Nvidia.29...... Turner, Mike.9...... Vivendi.20...... Dimon, James.16...... Liveris, Andrew.3...... eter of the banking system’s health, mid-April, UBS, which has suffered gist Scott Peng raised similar ques- which has been used widely as a Printed in Belgium by Concentra Media N.V. Printed in Germany by General Motors.6...... NYSE Euronext.25...... Vodacom.20...... Upton, Robert.16...... mated rates to calculate its own three- Dogan Media Group / Hürriyet A.S. Branch Germany. Printed in Dixon, Geoff.9...... Maynard, Andrew.28...... some $38 billion in write-downs on tions in an April 10 report, writing Goldman Sachs Group OmniVision Technologies Vodafone.20...... Vilhelmson, Stig.25...... and to decide how much to adjust in- benchmark for more than two de- month dollar Libor average: Just like Switzerland by Zehnder Print AG Wil. Printed in the United Kingdom by Dokania, Pradeep.25...... Minikes, Michael.16...... Newsfax International Ltd., London. Printed in Italy by Telestampa ...... 16,21,25 .29...... Vodafone Group.19...... Wagoner, Rick.6...... terest rates to keep their economies investments gone bad, was paying that “Libor at times no longer repre- cades. “I see no reason suddenly to the BBA does, it threw out the four Centro Italia s.r.l. Printed in Spain by Bermont S.A. Printed in Ireland Google.20...... Otsuka Pharmaceutical Volkswagen.4...... Enderle, Rob.29...... Mishkin, Frederic.20...... Warner III, Douglas A..4.. . growing. Payments on nearly $90 an annual rate of about 2.85% to bor- sents the level at which banks ex- up sticks and change a process that highest and four lowest rates, then av- by Midland Web Printing Ltd. Printed in Israel by The Jerusalem Post Grupo Ferrovial.9...... 32...... Walt Disney.9...... Ericson, Mikael.25...... Molinaro, Samuel.16...... Weyer, Bruce.29...... Group. Printed in Turkey by GLOBUS Dünya BasInevi. trillion in dollar-denominated mort- row dollars for three months in the tend loans to others.” The BBA com- has actually served the financial eraged the rest. On April 16, the Jour- HBOS.1...... Pardus Capital WestLB.1...... Fisher, George.6...... Moonves, Leslie.16...... Whitacre Jr., Edward E. 4 Registered as a newspaper at the Post Office. gage loans, corporate debt and fi- commercial-paper market. But plained to the bank and asked about community world-wide extremely nal’s Libor was 2.97%, about a quar- Trademarks appearing herein are used under license from Dow Jones Hewlett-Packard.2...... Management...... 4,19 Woodside Petroleum.22. . Fisher, Peter.12...... Mulally, Alan.6...... Wiesner, Mark.28...... & Co. © 2008 Dow Jones & Company All rights reserved. Hutchison Essar... . 19,20 Paulson.21...... Yahoo...... 4,16 Forgeard, Noël.6...... Mullen, John.32...... Wolfe, Ed.32...... nancial contracts rise and fall ac- when it reported for Libor purposes having the report withdrawn, ac- well for a very considerable number ter of a percentage point higher than Editeur responsable: Daniel Hertzberg M-17936-2003 ICAP.31...... Petrofac.3...... Zions Bancorp.20...... Friedrichs, Steffi.28...... Nolan, Thomas.8...... Zames, Matt.16...... cording to Libor’s movements. on April 16, UBS said it could borrow cording to people familiar with the of years,” she says. the actual reported rate of 2.73%. 30 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 3 PERSONAL JOURNAL:Wealth LEADING THE NEWS

RESEARCH LUXURY GOODS WSJ.com 7 7 Windows 7: a sneak peek Support grows for raising Goya drawings could top Vacant houses nearby mally called Windows 7, have been tention from Windows Vista, which New Microsoft system sparse. Microsoft executives re- though it has sold well, has received mained tight-lipped about other de- lackluster reviews. Microsoft execu- taxes on affluent people $4 million at Christie’s can threaten home values with touch screen tails, including exactly when it will tives have repeatedly pointed to FINANCIAL HRISTIE’S said three VACANT HOME go on sale. They would say only that 2008 as an important year for corpo- Times/Harris Poll drawings by Spanish nearby can exposes Vista’s flaws their goal is to begin selling Win- rate adoption of Vista, yet many dows 7 around three years after the businesses say they aren’t ready to A finds growing world- Cmaster Francisco Jose A threaten your own By Robert A. Guth wide support for raising de Goya y Lucientes are ex- home’s resale value—and launch of Windows Vista—or about make the move. taxes on the wealthy. pected to fetch more than £2 your safety, writes colum- January 2010. Mr. Sinofsky expressed confi- The study of 8,748 million ($4 million) when nist Terri Cullen. If an CARLSBAD, California—Mi- In an interview, Microsoft Senior dence that the development process adults in eight countries they go up for sale in London. empty property is un- crosoft Corp. offered a glimpse of the Vice President Steven Sinofsky said he is following will assure that Win- found more than half of The auctioneer says the kempt, small projects next version of its Windows operat- the company is on track to deliver dows 7 arrives on schedule with new

respondents in all coun- drawings have been out of Getty Images like picking up uncol- ing system, demonstrating a touch- the software then. features such as multitouch intact.

Corbis tries believed the public view since they were lected mail or mowing screen technology that could spawn Any details that emerge about Over the years, the complexity of the next version of Windows are Windows has grown, making the cre- wealthy should be taxed Press Associated auctioned at the Hotel the property’s lawn can prevent eyesores from drag- a new class of personal computers in coming years. closely watched because the soft- ation of new versions a monumental

more. Here are the soak-the-rich rankings: Japan, Drouot in Paris in 1877. ging the neighborhood’s market value down. Ensur- Reuters But the demonstration, coming at ware generates Microsoft’s largest and risky endeavor. 77%; Spain, 65%; Germany, 64%; U.S., 62%; China, They were among 105 Goya sketches offered in the ing that homes are tidy on the outside will also in- Environmentalists protested against Exxon outside its shareholders meeting. The least 20 months before the software single source of revenue and profit Windows Vista, which went on 60%; Italy, 59%; U.K., 56%; France, 51%. The re- landmark sale. crease the appeal for would-be buyers and keep out Rockefeller family’s push for an independent chairman didn’t win enough votes. sponses become more interesting when compared The drawings being offered up for auction on would-be troublemakers. is expected to be released, also high- and because a host of PC makers and sale in January 2007 after several de- with another question: Is the gap between rich and July 8 include a sketch of an airborne woman grin- lights the perception that the current software companies depend on it lays, took five years to make, years version of the Microsoft software, for their products. longer than expected. Microsoft says poor too wide? In this—call it the envy ranking—Ja- ning as she yanks another’s hair, a constable Do you have a vacant home nearby? Find out how pan is at bottom, with 64% saying the gap is too stitched inside a dead horse, and a wide-eyed man to protect yourself in Terri Cullen's Fiscally Fit Exxon wins shaky victory Windows Vista, isn’t living up to the By showing a feature of the prod- that as of March 31, it had sold 140 wide; Germany ranked first at 87%. —Robert Frank praying in front of a cross. —Associated Press column, at WSJ.com/FiscallyFit. company’s expectations. uct now, Microsoft risks diverting at- million Vista licenses. The new technology, which Mi- in vote on splitting top jobs crosoft calls multitouch, allows a per- son to use fingers to manipulate soft- By Russell Gold Standard Oil, signed on as either ware through a touch-sensitive dis- Dow Chemical to raise its prices filers or co-filers of this and other play screen, similar to those used on Exxon Mobil Corp. sharehold- proxy proposals related to global Apple Inc.’s iPhone. By Christopher Hinton sis,” saying a lack of leadership in ers rejected a proposal to create an warming and alternative fuels. A key feature of the Microsoft Washington, D.C., is harming Ameri- independent chairman, handing Other measures they supported technology allows for multiple Dow Chemical Co., citing the ca’s manufacturing sector. management a shaky victory but received support from numerous in- touches simultaneously; for instance, crush of rising energy costs, said it “The government’s failure to de- Posh hotels: suite dreams are made of this not the strong vote of confidence stitutional investors, including dragging five fingers across a screen will raise prices on its products by as velop a comprehensive energy pol- they sought. state pension funds. A proposal to would draw five separate lines. much as 20% beginning June 1. icy is causing U.S. industry to lose marketingfortheSetaihotelinMiami. planner, the hotel will make extra ef- At the Irving, Texas, oil compa- require Exxon to set goals to reduce Microsoft executives said the The company makes ingredients ground when it comes to global com- Luxury properties The hotel’s penthouse has a private forts to check them out. First, most ny’s annual meeting, 39.5% of share- greenhouse-gas emissions received touch technology would be well- used in paints, textiles, glass, packag- petitiveness,” said Chief Executive roof-top infinity pool, a Steinway pi- hotels require that their top suites be holders voted to create an indepen- 30.9% of the vote. Another requiring suited for editing digital photos and ing, pesticides and cars, and any siz- Andrew Liveris. cater to megarich; ano and costs $30,000 a night. “It will booked through the general manag- dent chairman, almost exactly the Exxon to do set a policy to increase navigating Internet-mapping ser- able price jump would likely affect a For 2008, Dow Chemical said it ex- attract guests who want the pent- er’s office or a designated office. 40% margin the proposal received support for renewable-energy re- vices. They demonstrated the soft- wide range of industries. pects to spend about $32 billion on en- $30,000 a night houseandtravelerstoourothersuites At The Dorchester in London, all last year. search received 27.4% of the vote. ware Tuesday at the D: All Things Dig- The Midland, Michigan, chemical ergy and hydrocarbon-based chemi- too,” because of the good reputation reservations for the royal penthouse Rex Tillerson holds both the While the proposals didn’t gar- ital conference here. company also criticized government cal feedstocks. By comparison, those By Sarah Nassauer thesuitegivestheentirehotel,hesays. must go through a designated book- chairman and chief executive jobs. ner a majority of the vote, members Details about the software, infor- inaction for the current “energy cri- costs totaled $8 billion in 2002. These rooms aren’t for the price- ing office, and if the guest is un- Exxon management opposed the of the board of directors were HE POSHEST room in the ho- sensitive. The Royal Suites at the Raf- known, the hotel will make a point of proposal, stating that “there is no warned that some shareholders tel—the so-called presiden- fles Dubai cost $12,252 a night. The checking the guest’s credit-card single best organizational model would keep an eye on them. A dep- T tial suite—is getting its own Ritz Carlton Suite in Washington is limit, says Brett Perkins, the hotel’s that would be most effective in all uty to California Controller John upgrade. $5,800 per night, and the Ty Warner sales manager. The suite—with a circumstances.” Chiang said at the meeting that she Many hotels have long promoted Penthouse is $30,000 a night. 24-carat gold-plate and black-marble The issue, which has been on wanted to see the board do a better bathroom, along with a hairdressing their largest, most glamorous suite But not every guest has to pay the Exxon proxy for several years, job of overseeing management and as the place to house moguls, celeb- room and cinema—is listed at about gained considerable attention in developing an alternative-fuels those presidential-suite prices. At the $30,000 per night, plus a 17.5% tax. rities and even actual presidents in Four Seasons Hotel Westlake Village recent weeks when members of strategy. If not, she warned, Mr. the utmost comfort. Now, with com- At the Waldorf-Astoria, special se- the Rockefeller family said they Chiang’s support for current direc- in California, the presidential suite is curity checks are done on an un- petition in the U.S. hotel industry es- often free or discounted for meeting were supporting the measure. Fif- tors could end. Mr. Chiang is a calating as room supply continues known guest attempting to book the teen members of the family, de- trustee of the California Public Em- planners looking at the location for presidential suite, especially if diplo- to grow and demand slows, hotels an event, says Thomas Gurtner, the scendents of John D. Rockefeller, ployee’s Retirement System, the are putting more glitz into their top mats are staying in nearby rooms. the founder of Exxon-forerunner largest public pension in the U.S. hotel’s general manager and regional Pure marketing is also a concern suites. They hope to use the suites vice president. In addition, “if a PR to woo not only those rich enough to when deciding to book a suite. The person or celebrity stays that we can Waldorf-Astoria will hold its presi- afford their eye-popping position ourselves with, we some- prices—$30,000 a night in some dential suite if a guest doesn’t fit the time upgrade them as a surprise,” he room’s profile. “We don’t want to cases—but also to generate buzz says. The suite includes a dining area make it easily accessible because U.K. cuts taxes on oil fields, around their entire properties. The with hand-painted silk wall cover- then it loses the mystique,” says Jas- promise is that presidential-suite ings. The adjacent kitchen with pan- min Howanietz, who is often in glamour may just rub off on those try is equipped with refrigerated charge of booking the room as the di- opens areas to development booking regular rooms. wine storage, a Sub Zero refrigerator rector of diplomatic affairs for the Ty Warner, the toy mogul and By Laurence Norman The measures adopted by the and granite countertops. hotel. If an unfamiliar guest calls to owner of the Four Seasons Hotel And James Herron British yesterday will do little to reserve, she will ask a series of ques- Andthepresidenthimselfdoesn’t ease those concerns. New York, invested $50 million in tions to get an idea of how the room pay the rack rate—at least not at the LONDON—The British govern- that hotel’s top-tier suite, the Ty will be used. If the potential guest is Tax changes to certain North Sea Waldorf-Astoria in New York, where ment, pressed for solutions to soar- Warner Penthouse. The suite a businessperson, Ms. Howanietz production operations will allow the presidential suite has hosted ev- Seasons Hotel Four ing fuel prices, said it will exempt opened last summer and is home to says, she often checks out the per- new oil and gas fields to be carved ery seated president since Herbert about 30 existing North Sea crude- an indoor-outdoor “zen garden” son’s company online. from unprofitable parts of 30 exist- Hoover, says Matt Zolbe, director of The Ty Warner Penthouse at the Four Seasons Hotel New York features a ‘zen oil and natural-gas fields from some that overlooks downtown Manhat- Fending off known suite trashers ing fields. This potentially will add sales and marketing for the hotel. “If garden’ and a bathroom sink carved from a solid block of rock crystal. tan and a bathroom sink carved is important because many top suites taxes and approved the develop- 20,000 barrels a day of new produc- from a solid block of rock crystal. the president stays here, other heads ment of two new North Sea oil of state stay here, and then so do in- hold rare art work or delicate fabrics tion at the fields’ peak, the Depart- Raffles Dubai opened two “royal like silk carpet with gold embroidery. fields, which could begin produc- ment of Business, Enterprise and suites” in February. Intricate stone ternational business heads,” so the Zolbe. “He is going to call his wife and suite for the price of a regular room. tion in early 2009. presidentprovidesunlimitedmarket- “If you have been in the business for a Regulatory Reform said in a state- inlays line the walls of one, terracotta say, ‘Know where I am tonight?’ Sleep- Walking down the hall at the Fair- while, you know” who has a reputa- But the measures, announced as ment. ing value, Mr. Zolbe says. The presi- ing in the president’s bed.’ ” mont Orchid at Mauna Lani, Hawaii, U.K. Prime Minister Gordon Brown statues the other. Both have dining tion for damage, explains Mr. Gurtner U.K. oil fields produced about 1.5 rooms for 12 people and come with a dent always negotiates a govern- A few hotels say they stick reli- during a recent stay in the presiden- and Chancellor of the Exchequer of the Four Seasons. “We will find a million barrels of oil a day in 2007, personal butler. The Ritz-Carlton mentrateonanofficialtripwhenpos- giously to their listed price. The Ty tial suite for a meeting, “the maid Alistair Darling met with U.K. oil-in- way to convince them it’s full.” according to government figures. Washington D.C., which has its eye on sible, says White House spokes- Warner Penthouse “is the only suite called me by name,” he says. “How do dustry executives to explore ways woman Emily Lawrimore. Those who do get to book the pres- The 30 fields will be exempted this winter’s U.S. presidential inaugu- in the hotel that I can genuinely say you not love that?” idential suite are partly lured by the to increase oil and gas production, from the Petroleum Revenue Tax, ration, completely renovated its lux- Regular Joes do get upgraded to has never been discounted,” says Even if you are asked to—and promise of privacy. But that doesn’t seemed unlikely to significantly al- which is levied at 50% of cash flow ury suites at the end of 2007, adding the top spot every so often. “If some- Leslie Lefkowitz, director of public can—pay full price, that doesn’t always work so well—and hotels ad- ter Britain’s fuel-price problems. after capital expenditures and oper- larger TVs with access to more inter- one walks in at 11 [p.m.] and it’s open relations for the Four Seasons Hotel mean you can book the suite. In an mit that they like the publicity a high- The British government, like oth- national stations and additional seat- that night, they might get lucky,” says New York. It is rented about once a attempt to protect all those expen- profile guest courts. Any employee ers in Europe, has come under fire ating costs on oil produced in the BENTLEY MOTORS ing in the living room and dining Mr. Gurtner of the Four Seasons Hotel month, she says. sive furnishings, hotels do turn who talks to the press about a guest’s in recent weeks from groups that North Sea above a specific allow- room to accommodate large in-room Westlake Village. At the Waldorf-As- The suites also bring in lucrative down potential guests who they per- identity at a Ritz-Carlton is disci- are severely affected by high fuel ance for each field. It applies only to diplomatic meetings. toria, a regular who is known to get in meeting and conference business. ceive could be destructive or rowdy— plined, says Vivian Deuschl, vice presi- prices. Tuesday, transport compa- fields that received development The hotels say the rooms and the late at night and leave early in the Richard Coon, president of the Recre- perhaps by surreptitiously sneaking dent of public relations for Ritz-Carl- nies sent hundreds of trucks into consent before March 1993. personal service guests in high-end morning might get put into the presi- ational Vehicle Industry Association, in 100 of their closest friends for a ton. But, she adds, “if it gets in the pa- London to protest high fuel prices, The U.K. Secretary of State for suites receive are worth the invest- dential suite as a perk. has stayed in many presidential presidential-suite bash. per” that a diplomat or celebrity while French President President Business, John Hutton, also gave ap- www.breitlingforbentley.com ment. An impressive suite “allows you “He’s paying 1,200, 1,400 bucks” suites during his organization’s meet- If a guest isn’t known to the hotel stayed at a hotel, “it adds cachet.” Nicolas Sarkozy urged countries in proval to Petrofac Ltd. for the devel- to reach that top-tier market,” says for the $7,000-to-$10,000 suite, so it’s ings. As part of the meeting contract, or isn’t booking through a known —Darren Everson the European Union to consider cap- opment of the West Don and Don Jorge Collazo, director of sales and an acceptable discount, explains Mr. the group is usually given the top travel agent, movie studio or meeting contributed to this article. ping fuel taxes. Southwest fields in the North Sea. 4 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 29 CORPORATE NEWS TECHNOLOGY JOURNAL THE MART

AUTOMOBILES HOTELS ENERGY ANTIQUES/ART BUSINESS OPPORTUNITIES 7 7 7 Chip picture gets blurrier BANKERS NEEDED For Lovers of Extra Swiss based Financial Services Company needs Sanyo to start production Many rooms are available Germany looks at pricing jockeying to push their products be- to combine graphics circuitry and mi- Representatives now. Use our proven Banking Intel, Nvidia, AMD yond PCs to multimedia phones, croprocessors on the same chip, an ef- Fine Art Furniture, Programs and Services to assist Clients in hand-held computers, game consoles fort it calls Fusion. Intel has similar Financing their business plans. Startups and of lithium-ion batteries during Beijing Olympics in gasoline, diesel markets jockey for supremacy Check Out Website: existing business - $10MM minimum. and television sets. “It’s a battle ideas; besides Larrabee, the com- www.mgregorio.com Full training and on-going support. Participate in ANYO Electric HE HOTEL- ERMANY’S Federal Car- royal,” says Shane Rau, an analyst at pany has discussed letting custom- our programs by contract. For details call: in a new landscape 41 43 244 8790 in Zurich Co. plans to start ROOM crunch tel Office said it was in- market-research company IDC. ers mix and match microprocessors The fight is intensifying because and other components on a chip, tar- S mass-producing T that was pre- G vestigating the gasoline By Don Clark of changes in PC usage. Microproces- geting consumer-electronics devices DISTRIBUTOR-WEB BASED lithium-ion batteries dicted for the Beijing and diesel markets to “iden- And Riva Richmond AUCTIONS used in automobiles Olympics doesn’t seem tify possible distortions of sors, which manage general-purpose and other products where low pric- National firm seeks distributors nationwide. calculating functions, help deter- by the end of next to be happening, said competition,” including price- ing is paramount. No competition. Work from home. Since the early 1980s, the micro- mine how fast a computer runs many “We are moving into an era of sys- year, throwing its hat Zhang Huiguang, direc- fixing. Full Time/Part Time. 100K + potential income. processor has been the king of com- kinds of software. But people are in- tems on a chip,” Paul Otellini, Intel’s into the ring in the tor of Beijing’s Tour- The office said the probe Please Fax resume to puter chips. But that picture is get- creasingly using computers for pas- chief executive officer, summed up promising next-genera- ism Bureau. She said follows “numerous com- 561-697-8370 tion automobile-bat- about 500,000 foreign- plaints from consumers and ting blurry because of technology times such as playing digital videos Wednesday at Intel’s annual meeting. tery business. ers are expected for the Games, a figure Beijing offi- independent gas-station oper- that makes images on computer and games that simulate three-di- Such combinations are aided by The Japanese company also agreed to jointly de- cials have long been predicting. ators.” It said five companies— screens look sharp. mensional landscapes, which rely the relentless race of manufacturers Investor Needed velop the batteries in conjunction with Volkswagen Only 77% of capacity at Beijing’s five-star hotels Royal Dutch Shell PLC, BP PLC, ConocoPhillips, Exxon Three Silicon Valley companies— more on graphics chips than micro- to shrink transistors and other chip Intel Nvidia Ad- Mi- Earn a guaranteed 10% return on your AG for use in the German auto maker’s Audi-brand has been booked for the Aug. 8-24 Games. The four- Mobil Corp. and Total SA—account for about 73% of Corp., Corp. and processors. Windows Vista, circuitry, and demands for small gad- vanced Micro Devices crosoft vehicles. Mitsuru Honma, executive vice president star hotel rate is 44%, she said, adding the rate is gasoline and diesel sales in Germany, but said individ- Inc.—are wag- Corp.’s current operating sys- gets with low price tags. Multifunc- cash, fully secured by property. Steady ing a complex, bruising battle over tem, also runs noticeably better with tion chips, for example, have long at Sanyo, said the advanced battery has about a even lower for three- and two-star facilities. ual companies aren’t targeted. A spokeswoman for business is looking for cash investor. 25% longer life than the company’s mainline nickel- One reason could be China’s crackdown on visa Exxon Mobil’s German operations said the company chips that draw the animated land- more-powerful graphics chips. been used in cellphones. Nvidia re- Call Jordan 404-803-1832 metal hydride battery and weighs about half as procedures. Also, prices are rising, Ms. Zhang said. hasn’t been officially notified. Shell, BP, ConocoPhil- scapes in computer games and man- Chip makers are trying to educate cently announced an energy-effi- much. —Yoshio Takahashi —Associated Press lips and Total weren’t available. —Jan Hromadko age other visual effects. Besides rac- usersaboutthetechnology.Lastweek, cient chip for handsets called APX ing to make digital im- 2500 that combines un- à As with all investments, ages more realistic, the usually sophisticated appropriate advice should be obtained prior three companies are lay- graphics with a micropro- to entering into any binding contract. à ing long-range plans to cessor. The company esti- outflank each other by mates the chip can allow a combining graphics cir- cellphone to play back 10 BUSINESSES FOR SALE cuitry with other chips hours of high-definition promising benefits such video on a single battery Well Established Construction as lower personal-com- charge. Company For Sale puter prices and laptop But Jen-Hsun Huang, Can InBev overcome Anheuser resistance? Fully Staffed & Organized. Current Accounting. computers with longer Nvidia’s chief executive, Over 1 million in signed contracts as of 5-1-08. If the price went that high, InBev over longer work hours, layoffs and battery life. bristles at any suggestion Over 2 million collected for '07. All advertising, Workers, politicians would need to wring steep cost cuts plans to shut one of its main brewer- “All of them agree that that GPUs may fade as a AVIATION tools, equipment and vehicles included. Selling for out of Anheuser to make the combi- Beck’s meets Bud ies. The company’s response has graphics are the field Nvidia separate product cate- personal reasons. Serious Inquiries Only. in U.S. could derail nation financially viable, possibly InBev and Anheuser-Busch at a glance been to seek compromise, except in where the battle is going Graphics chips, such as those from Silicon Valley company gory, at least in personal Odessa, Texas. 432-889-5445 slashing expenses by more than $1 InBev Anheuser-Busch the area of cutting jobs. InBev has to be fought,” says Rob Nvidia, render more-realistic on-screen 3D images. computers. “Intel says we deal for King of Beers billion over a few years. That could laid off more than 350 people in five Enderle, principal at re- are going to integrate 35,000 Sq. Ft. Corp Hangar Space Provider of Integrated mean sharp reductions in Anheus- Carlos Brito CEO August Busch IV European countries since 2004. search concern Enderle Nvidia out; ‘They will be Avail at Savannah Int'l AP for Lease Communication Solutions Eastern U.S. Turnkey IT systems - voice, By David Kesmodel, er’s marketing budget and large Marianne Amssoms, an InBev Group. “They’re going down differ- for example, AMD announced it has dead,’ ” Mr. Huang says. That kind of For Lg Corp AC. Only 5 Spcs left. New Const Leuven, Belgium Headquarters St. Louis Avail 7/1/08. Has Cls A Off Suites Attached. video, data, security & digital signage 2008E Matthew Karnitschnig numbers of layoffs, analysts say. spokeswoman, said Tuesday that the ent paths but approaching the same teamed with a number of PC makers, thinking, he argues, ignores the fact Sales $20M, EBITDA $3.9M and John W. Miller 85,617 Employees* 30,849 including Dell Inc. and its Alienware Com area Incl Flt Plan Rm, Conf Rm, B/Rs w/Shwrs. Unsolicited offers are never easy total number employed by InBev has thing.” that new GPUs are at least as complex Hangar Htd & Insul. 180'x28' Elect Drs. Has Own Fuel. to pull off. Two recent cases—Mi- $23.1 billion 2007 revenue $16.7 billion risen over the years. She also said AMD, since its 2006 purchase of brand, ona campaignto place logoson as microprocessors and are being im- systems that meet specifications for 912-663-2354 www.woodbridgegrp.com NVESTORS HAVE BEEN giddy crosoft Corp.’s pursuit of Yahoo Inc. $3.5 billion 2007 net income $2.1 billion the company “never fails to support ATI Technologies, and Nvidia are the proved at a faster rate. Consumers 203-389-8400 x 205 about the prospect of InBev and Electronic Arts Inc.’ offer for our leading brands in a way that ben- Chevy and Ford of chips called graph- graphics to handle increasingly de- seem to value that innovation, he Anheuser-Busch Take-Two Interactive Software 195.9 million 2007 beer volume (barrels) 128.4 million manding gaming applications. I NV’s buying efits the consumer.” InBev is more ef- ics processing units, or GPUs. These adds, since many continue to install BUSINESS OPPORTUNITIES CAPITAL WANTED Cos., but it could be a lot harder for Inc.—have run into difficulty. The Beck's, Labatt Major brands Budweiser, Bud ficiently managed than Anheuser, discrete graphics chips are placed The interplay of graphics with mi- video cards with GPUs in PCs that al- the Belgian company to swallow the boards of both companies are hold- Blue, Brahma, Light, Michelob, says Anant Sundaram, a finance pro- alongside microprocessors or added croprocessors and other components ready come with integrated graphics. King of Beers than many imagine. ing out for more money. Bass Natural Light fessor at Dartmouth College in the to a PC on a card. isalsoincreasinglyimportantincom- Nick Knupffer, an Intel spokes- 5 Year Term Loan A host of factors could derail a Though Anheuser’s board of di- *InBev (2006); Anheuser-Busch (2007) U.S. InBev’s operating margin is 27%, Intel, in contrast, has focused on puter design. Intel plans to deliver a man, disputes Mr. Huang’s character- AAA Capital Investment 15% Interest Inc. 500 software company bid: the cultural differences be- rectors has been loyal to the Busch Sources: the companies; Mergent Online compared with 17% for Anheuser. embedding graphics circuitry in chip chip set, dubbed Montevina, in June ization of Intel’s position. Discrete $5M @ 9%, 1st/2nd TD, Two year note. Comm thatisexpectedtohelpcomputermak- offering 5 year term loan 15% tween the two brewers; potential un- family, the board also includes inde- In an election year, the transac- sets that surround microprocessors, GPUs will remain “a vital component Income Prop google "Coos Bay, OR" secured with fixed rest from Anheuser employees and pendent directors with records as tion could become a political flash ersdevelopmodelswithbettergraph- a market it dominates. The company for hard-core gaming and other de- (Forbes Top 10) $15M @ 12% Monterey CA, Inv. monthly payments. distributors; and even protests by deal makers, including former AT&T everything from malted barley to tal, he adds. That means marketing point. The economic slowdown and doesn’t offer GPUs, although it is ics performance, longer battery life manding 3-D applications for the Contact: Drew White www.1031-inc.com politicians over foreign ownership Inc. Chief Executive Edward E. Whi- television ads. dollars spent on billboards, bar post- job losses have prompted candi- planning to enter that arena in 2009 and better wireless communication. foreseeable future,” he states. 866-603-7029x513 of a U.S. icon during an election year. tacre Jr. and former J.P. Morgan Anheuser thinks “if it’s good to ers or store displays can be crucial dates to question unfettered free or 2010 with a chip code-named Lar- AMD, the perennial No. 2 to Intel In the short term, Nvidia and 888-909-6637 Chris, VP “We would like to see it remain Chase & Co. Chairman Douglas A. send one marketing person to a to wooing drinkers. trade and outsourcing. A takeover rabee. in microprocessors, viewed the abil- AMD are trying to get the word out Successful R.E. an American company,” says Team- Warner III. Their presence, coupled meeting, it’s even better to send Carlos Brito, chief executive of In- of the biggest U.S. brewer could lead All three companies are trying to ity to offer such “platforms” of multi- that shifting spending from micro- Investment Co. sters Vice President Jack Cipriani, with shareholder pressure to accept five,” says Harry Schuhmacher, edi- Bev, of Leuven, Belgium, is an ag- to a popular outcry. ple chips as a reason for the $5.4 bil- SEEKING INVESTOR OR BUYER persuade consumers to pay as much processors to graphics is a good idea. Seeking "Line of Credit" in the amount of $2M. for operating MIAMI BASED CASINO VESSEL AND who is director of the union’s an offer at a high premium, could tor of the industry newsletter Beer gressive cost cutter who may be will- To blunt political opposition, In- attention to the graphics chips in lion purchase of ATI. The deal sad- One PC maker that got the message Excellent credit. brewer and soft-drink workers’ con- help InBev overcome board opposi- Business Daily. ing to take his chances with An- Bev might try to make a takeover their systems as to the Intel or AMD dled the company with heavy debt was Acer Inc.’s Gateway unit, which BUSINESS. Ship alone appraises at $3.45 million Rick Sessions 303-252-1132 ference. “It doesn’t seem that em- tion if it decides to pursue a deal. Bill Pecoriello, an analyst with heuser. more palatable, such as by naming microprocessors in them. Over the but gave it the unique ability to offer recently designed a laptop for gam- with multi-million dollar revenue stream. Huge [email protected] ployees fare well when foreign suit- InBev, the world’s second-larg- Morgan Stanley, says if InBev “They look at Anheuser-Busch the new company Anheuser-Busch long term, AMD and Nvidia are pro- microprocessors, GPUs and chip sets. ers around a high-end Nvidia graph- upside potential for strong owner/operator. Principals only please ors buy American breweries.” est brewer by volume after SAB- slashed Anheuser’s marketing bud- and they see a lot of waste,” says or putting members of the Busch fam- moting the idea that GPUs will take Soon, AMD is expected to deliver a ics card and an Intel microprocessor Email: [email protected] The union, which represents Miller PLC, is no stranger to buying get, it could hurt sales of its big U.S. Marc Leemans, an analyst with ily on the board. A combination of In- Call: Glenn 978-337-2153 over new kinds of computing chores bundle of chips for portables, code- that isn’t the most powerful avail- TRAVEL about 7,500 of Anheuser’s 30,000 companies and then making deep brands, such as Bud Light and Miche- Bank Degroof. “Their focus…will be Bev and Anheuser would be unlikely from microprocessors, for corporate named Puma, exploiting technology able. Priced at $1,400, the laptop employees, could turn to its own po- cost cuts. That approach could be lob Ultra. Unlike those of many de- to get rid of the fat.” to raise antitrust concerns because uses as well as entertainment. from the acquisition. costs well below the price of some litical ally: Illinois Sen. Barack risky at Anheuser, a 150-year-old veloping countries where InBev op- InBev’s tough approach with its InBev has a tiny share of the U.S. mar- Meanwhile, the companies are In the next few years, AMD plans performance-oriented systems. Save 60% First/Business Obama, the likely Democratic presi- company whose success has been erates, the U.S. beer market is grow- unionized work force in Belgium ket and Anheuser imports and mar- Major Airlines. Corp. Travel dential nominee whom the union en- built partly on paying top dollar for ing slowly, and competition is bru- has triggered protests and strikes kets about 20 of InBev’s brands. www.cookamerican.travel (212) 201-1828 dorsed earlier this year. WE WILL NOT BE UNDERSOLD InBev, the maker of Labatt Blue COOK and Beck’s, is studying a possible OmniVision touts sensor for phones An American takeover bid, people familiar with Express Rep. the matter say. Anheuser’s manage- Chairman’s exit ends Atos battle with holders By William M. Bulkeley Corp., a Phoenix market-research customers. ment is cool to the idea of any deal firm, noted that the new technology The Sunnyvale, California, com- with InBev, people close to the St. By Geraldine Amiel services company, have been at log- of seven independent members and Mr. Thierry is chairman of the su- In a development that may pro- will allow cellphone makers to offer pany, which also sells its sensors to Louis brewer say, which could re- gerheads with management for one representative each for Pardus pervisory board of Euler Hermes SA vide a significant improvement in resolution comparable to that found camera and laptop makers, views the Mondial Assistance quire InBev to pay a hefty premium. PARIS—Atos Origin SA and its months and have been seeking to oust and Centaurus. The board’s struc- and and a direc- camera-phone picture quality, semi- in the latest digital cameras. How- cellphone market as the primary tar- To advertise A deal probably would top $45 bil- two largest shareholders, invest- Mr. Cherpitel and nominate their own ture will be submitted for share- tor of PPR SA and investment com- conductor maker OmniVision Tech- ever, she said, it will probably be sev- get for the new sensor. Peter Leight, lion, or $63 a share, analysts say. An- ment funds Centaurus Capital Ltd. candidates to the supervisory board. holder approval at the rescheduled pany Eurazeo, in a nonvoting capacity. nologies Inc. said it has developed a eral years before the new chips ap- chief financial officer, said that hand- Emma Balogun heuser shares were at $55.32, down and Pardus Capital Management In a joint statement, Atos and the annual general meeting June 12. Atos said it will create a strategic “radically different” image sensor pear in lower-end handsets. set makers expect to sell 1.1 billion MAKE GREAT The Wall Street Journal Europe 2.5%, Wednesday afternoon on the PLC, Wednesday ended their fight funds said they reached an agree- Centaurus and Pardus have com- committee “…to examine, in close co- that can squeeze many more pixels on “The mobile handset market is units world-wide this year, and about New York Stock Exchange. In Brus- over Atos’s management and strat- ment “in the best interest of the operation with the management a tiny chip. brutal when it comes to prices,” she 80% of them will have cameras. CONNECTIONS +44 20 7842 9608 (direct) mitted to vote in favor of all resolu- IN EUROPE. sels, InBev shares closed at Œ48.26 egy after Chairman Didier Cherpitel company, its employees, its clients, tions recommended by management board, all investments and strategic OmniVision, which last year be- said. She predicted that at first, the Michael Hepp, product marketing +44 20 7842 9650 (fax) ($75.74), up 2.7%. stepped down. and all stakeholders.” at the rescheduled meeting. They options available to the company in or- came the leading supplier of image new OmniVision chips will cost “two manager, said one challenge with the THE WALL STREET Wall Street analysts say An- Jean-Philippe Thierry, chairman Atos’s annual general meeting will get four supervisory board mem- der to maximize shareholder value.” sensors for the world’s handset mak- to three times as much” as the $3 new sensor technology was figuring JOURNAL EUROPE. [email protected] heuser is likely to strenuously resist and chief executive of French insur- was adjourned last week amid a dis- bers, compared with the five they The funds had been pushing for the ers, said it expects eight-megapixel three-megapixel chips that are com- out how to make the semiconductor any approach by InBev, whether ance company AGF Holding and a pute over the votes of the company’s had been seeking before one of their company to launch a strategic review. sensors will start appearing in high- ing into widespread use now. layer thin enough to absorb light with- friendly or hostile, which in turn member of Allianz SE’s management employee shareholding fund. nominees, exited from the running “Adding another three weeks of end phones in 2009. Currently, al- Bruce Weyer, OmniVision’s vice out having large numbers of defective could raise the price for the maker board, will succeed Mr. Cherpitel. Atos and the funds said they last week. Atos had come out against battle was not the right way for the most all camera phones have sensors president of marketing, said the com- chips. He said OmniVision engineers of Budweiser to as much as $70 a Pardus and Centaurus, which hold agree to “support, recommend and the funds, saying if they wanted to company, and especially our custom- of three megapixels or less. pany plans to charge a “premium received help from Taiwan Semicon- share. Anheuser and InBev declined a combined stake of more than 23% in vote” in favor of a nine-member su- take control of the company they ers,” said Atos Chief Executive Phil- Anupama Pokharna, a consumer- price” for the new sensor. He declined ductor Manufacturing Co., the to comment. the French information-technology- pervisory board structure, made up should pay an acquisition premium. ippe Germond in an interview. electronics researcher for iSuppli to elaborate or to name any potential foundry that makes its sensors. 28 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 5

WSJ.com Suite dreams are made of this: Graphics chips Your eyes only Hotels add glitz to their poshest rooms reshape battlefield James Bond memorabilia Efforts are meant to woo the megarich while Intel, Nvidia, AMD jockey from the files of 007 Page 30 Page 29 blogs.wsj.com/buzzwatch 7 generating buzz among the hoi polloi > for supremacy > > 7

PERSONALTECHNOLOGY Vauhini Vara EU to pace nanotechnology and one of the lead authors of the you’ve got to see some action,” said Latest study fuels new study on carbon nanotubes. Mr. Maynard of the Woodrow Wil- “Any multinational is having to ad- son Center. “Clearly the informa- Make your cellphone smart concerns over health; here to what REACH says ahead of tion the industry is working with in whatever their local regulations its health and safety data is com- MESSAGE for those of you vices from Google, Yahoo and setting a standard are.” pletely out of step with information with no iPhone or Black- 4INFO. Google can be reached by Nanomaterials already appear in coming out of the laboratory.” A Berry: Your cellphone is sending a text message to 466453 By Matthew Dalton more than 600 products, such as The debate over how the EU smarter than you think. (“Google”); for Yahoo, text 92466 Brussels sunscreen, paints, disinfectants, should regulate nanomaterials is In fact, your boring old cell- (“Yahoo”); for 4INFO, text 44636 pharmaceuticals and cosmetics, just beginning. In one of its first de- phone has enormous potential, if (“4INFO”). OUNTING concern said Mark Wiesner, a professor of cisions, the European Commission you help to realize it. Here is a and new scientific evi- civil environmental engineering at is set to propose within the next few guide to checking your email, look- O FIND information, it’s use- dence that nanoparti- Duke University in North Carolina. weeks whether REACH should keep ing up information and updating ful to know some shortcuts: cles could threaten The nanotechnology industry ac- carbon and graphite on a list of natu- your calendar, just by sending text T For a stock quote, text mes- human health are counts for $50 billion in sales annu- ral substances that are exempt from messages. You can use any cell- sage a ticker symbol. For sports Mratcheting up the pressure on Euro- ally and is growing at double-digit safety testing. phone, but you’ll need a generous scores, type a team’s name. For lo- pean officials to produce regula- rates, he said. Environmentalists say carbon text-messaging plan. cal information, type “weather,” tions governing the use of the tech- Nanoparticles are used in sun- and graphite should be removed For email, I tested TeleFlip, a “movies,” or the name of a local nology. screen, for example, so the cream from the list of exempted sub- free service that lets you send and business, along with a ZIP Code or Nanoparticles are molecules of can be rubbed into the skin and dis- stances to ensure that all their nano- receive email via text messaging. the name of a city. In my tests, all usually harmless substances that appear more easily. Carbon nano- forms are tested before being sold TeleFlip works with any email ac- three services responded accu- have been manipulated into special tubes—the type of nanomaterial in Europe. count that doesn’t require a se- rately to my text messages in un- shapes to give them desirable prop- that one study has said mimics the “We fear that new loopholes will cure connection to the Web. That der 10 seconds. erties such as strength or flexibility. behavior of asbestos—are now be- be created in further exemptions applies to all the major Web- Each service has unique fea- Companies already sell hun- ing used in sports equipment to from REACH,” said Ninja Reineke, se- based email providers, including tures. To find local businesses, I dreds of products containing nano- make them stronger and lighter. nior policy adviser at WWF, an envi- Yahoo Mail, Hotmail and Gmail. liked Yahoo because it includes materials and say they believe these Nanotechnology companies ronmental group. Signing up for TeleFlip took me cross streets. For instance, when I products are safe. But a major study range from small start-ups to some The chemical industry, however, under five minutes. All I needed searched for a certain Indian res- released this month found says carbon and graphite to enter was my Gmail taurant, Yahoo gave me that at least one nanoma- should stay on the list, be- address and password, its phone number and ad- terial, carbon nanotubes, cause nanomaterials have my cellphone number dress. appears to mimic the be- separate classification and a confirmation num- I liked that 4INFO havior of cancer-causing numbers from the carbon ber that TeleFlip sent to lets you set up custom- asbestos in the lung. or graphite they are de- my cellphone—via text ized alerts to your cell- Critics of the industry rived from. They would message, of course. Tele- phone—texting you, say, say nanotechnology com- therefore be subject to Flip then had me build a when a stock falls by panies have little safety safety testing under “whitelist” of contacts, more than 5% (4info. data about their products REACH. by importing my address net/alerts/add/stock) or that addresses the unique “We have always been book or manually adding when a game ends health concerns raised by saying that nanomaterials

email addresses. If I re- John Segal (4info. nanotechnology. “Re- and nanoforms are per- ceive an email from net/alerts/add/sports). search and business com- fectly covered by the someone not on that list, I don’t Google, meanwhile, sends you munities continue to in- REACH legislation,” said get it on my cellphone—an annoy- driving directions if you text it vest heavily in carbon nan- Erwin Annys of the Euro- ing quirk. (TeleFlip has plans to this: “directions from (address, otubes for a wide range of NanoLab pean Chemical Industry let users access all of their email, city or ZIP Code) to (address, city products under the as- Carbon nanotubes, which a study said mimics the behavior of Council. beginning in August.) or ZIP Code).” You can also get ru- sumption that they are no asbestos, are used in sports equipment to make them stronger. But the Woodrow Wil- TeleFlip does what it promises— dimentary Web-search results by more hazardous than son Center’s Mr. Maynard but it’s neither fast nor pretty. It texting Google: “web.” graphite,” the researchers said there are nanomateri- took from three to 35 minutes for In response to Web-search que- wrote in their study, published in of the world’s biggest chemical mak- als that simply have the classifica- TeleFlip to text me my email after ries, Google typically sends back the journal Nature Nanotechnology. ers. BASF AG, for example, has tion numbers of carbon and graph- Gmail received it. Because cell- text messages with words from the “Our results suggest the need for opened a nanomaterials research ite and so would be exempt from phone carriers typically limit text top search results. So, be extra-pre- further research and great caution center in Singapore, and it owns a REACH safety testing rules if car- messages to 160 characters, Tele- cise with your search terms. before introducing such products stake in U.S. nanomaterials firm SD- bon and graphite remain exempted. Flip chops each email into snip- With Google Calendar, you can into the market if long-term harm is Cmaterials Inc. In the next few weeks, the com- pets, sent in successive text mes- also check and update your calendar to be avoided.” The nanotechnology industry mission plans to issue a report that sages. By default, TeleFlip limits using text messaging. To start, visit European Union regulators says its products should be regu- will review the various EU regula- itself to three snippets per email. calendar.google.com, click “Set- didn’t reach any conclusions on nan- lated under REACH. The industry tions surrounding nanomaterials You can choose to receive fewer or tings” in the top, right corner and otechnology as they prepared the says nanotechnology is safe and will and identify possible gaps, EU offi- more. I thought three was enough click“MobileSetup”toregisteryour new law on chemical standards— pass the requirements of the new cials say. Then a working group will cellphone for notifications. Then, regulatory regime. to get the gist of the message. known as REACH—that comes into meet in July to discuss more click the “Calendars” tab. Next to force on June 1. They must now de- “We are not saying that before broadly how nanomaterials should your calendar, click “Notifications” REACH, our products were not be regulated under REACH and OU CAN also send email. cide when nanotechnology turns an and follow the instructions. safe,” said Steffi Friedrichs, execu- other EU health and safety laws. TeleFlip assigns a nickname ordinary substance into a whole You can receive text-message re- tive director of the Nanotechnology The group will also examine to each of your contacts— new material that needs to be Y minders for events. You can also ask Industries Association. “There have what kinds of new tests may be tested, as well as what new tests the first six characters of their for a daily agenda, or even get re- always been a lot of requirements needed to gauge the impact of expo- might be needed to gauge nanomate- email address. To send email, text minders on the fly at 48368 for safety in various markets.” sure to nanomaterials on humans. rials’ impact on human health. TeleFlip at 33715 and type the re- (“Gvent”). Texting “day” got me the Ms. Friedrichs said the study on “Nanomaterials should be cipient’s nickname and the mes- day’s schedule, texting “next” got me They also must decide whether carbon nanotubes isn’t surprising, treated like any other substance, sage—for example: “walt.m my next event, and texting “nday” additional laws will be needed to as- and it doesn’t mean workers or con- and therefore will be subject to the Thanks for your email. I’ll get got me the following day’s schedule. sess the potential health dangers of sumers are at risk. Workers in the in- information requirements under back to you soon.” It will appear My favorite part: You can add nanomaterials, EU officials say. dustry use protective equipment, REACH,” said Ton Van Lierop, to the recipient as if it came from events to your Google Calendar by The decisions on nanomaterials while nanotubes used in consumer spokesman for the commission’s your email, not your cellphone. texting “Gvent.” To add a dinner are likely to affect how nanomateri- products are usually embedded in business directorate, which is One turnoff: Each time I re- date for the following week, I sim- alsareregulatedacrosstheworld,be- hard materials, preventing them partly responsible for implement- ceived an email via TeleFlip, the ply wrote, “dinner Tuesday 7 pm.” cause Europe is one of the world’s from being inhaled, she said. ing the new rules. company sent a one-time email to When I visited Google Calendar on- largestexportmarketsforchemicals. Critics say that nanomaterials He adds, however, that some is- the sender telling them about Tele- line a few minutes later, the event “REACH in Europe is setting the producersandusersarealreadysell- sues do need clarification. “How to Flip. I found that intrusive. TeleFlip was already listed. pace on chemicals regulation ing hundreds of products containing characterize nanomaterials? says it will let users disable those around the world,” said Andrew nanomaterials that lack safety data. Should they be seen as separate sub- emails starting around August. Email to [email protected]. Maynard, a scientist at the Wood- “We’re at a point right now stances? And how to refine testing To search the Web, I tried ser- Walter S. Mossberg returns June 5. row Wilson Center in Washington where words don’t count for much, methods?” he asks. 6 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 27 CORPORATE NEWS BLUE CHIPS & BONDS

Below, a look at the Dow Jones Stoxx 50, the Dow Jones Industrial Average P/E: 85 Major players & benchmarks biggest and best known companies in Europe, Ford will cut 2,000 jobs including the U.K. LAST: 12594.03 s 45.68, or 0.36% EADS probe gains speed YEAR TO DATE: t 670.79, or 5.1% Dow Jones Stoxx 50: Wednesday’s best and worst… OVER 52 WEEKS t 1,039.05, or 7.6% nocent” but added that “judging by as sales of trucks slump Ex-chief Forgeard Noël Forgeard the unfair fallout, I think after- Market value, Previous High in billions close, in STOCK PERFORMANCE wards that it would have been bet- By Jeff Bennett Company Country Industry of US$ local currency Previous session 52-week Three-year n Born in 1946 Close 13600 questioned by police ter if I had not done it.” Rough road SAP Germany Software $68.1 34.95 4.80% –0.4% 2.6% n Graduated Low France’s stock-market watch- DETROIT—Ford Motor Co. is look- U.S. new large-vehicle sales, ArcelorMittal Luxembourg Steel 143.1 63.21 2.61 45.8 ... in trading inquiry from French dog, which is conducting a parallel ing to cut about 2,000 white-collar in millions of units AXA S.A. France Full Line Insurance 72.5 22.51 2.60 –29.5 13.6 13100 engineering investigation in the case, last jobs in the U.S., a person familiar with Pickups SUVs By David Gauthier-Villars schools month filed insider-trading charges the matter said, in reaction to the Through Full Anglo Amer U.K. General Mining 92.3 34.70 2.48 15.8 156.6 2.5

Polytechnique against Lagardère and Daimler as deep downturn in truck sales squeez- April year France Telecom France Fixed Line Telecom 85.1 20.84 2.13 –8.6 –11.0 12600 PARIS—A criminal investiga- and Ecole des well as against Mr. Forgeard and 16 ing Detroit auto makers as well as t 2.0 tion into possible insider trading Mines other former and present EADS and some of their non-U.S. competitors. Lloyds TSB Grp U.K. Banks $43.0 3.85 –2.22% –33.3 –16.5 50–day European Aero- 12100 at Airbus parent n 1986-1987: Advisor to Prime Airbus executives. The news of job cuts comes less BP U.K. Integrated Oil & Gas 249.6 6.06 –1.78 6.9 7.7 moving average nautic Defence & Space Co. gath- Officials at Lagardère and Daim- than a week after falling truck sales 1.5 Minister Jacques Chirac Royal Bk of Scot –1.35 ered speed Wednesday as French ler said they had received notifica- prompted Ford to announce it U.K. Banks 76.0 2.38 –56.1 –49.0 police took the company’s former n 1988-1997: Head of Lagardère tion of the charges and were confi- doesn’t expect to meet its goal of re- 1.0 UniCredit Italy Banks 90.5 4.34 –1.25 –38.3 3.5 11600 co-chief executive into custody for defense operations dent they would be dismissed. “We turning to profitability in 2009. The Barclays U.K. Banks 50.4 3.87 –0.90 –46.6 –26.7 questioning. n 1998-2005: Airbus chief executive are confident that we will fully re- company, which depends on pickup 0.5 Noël Forgeard, who stepped buff the accusations,” a spokes- trucks and sport-utility vehicles for 11100 n 2005-2006: EADS co-chief down as the company’s co-CEO in woman for Daimler said Wednes- most of its profit, also outlined dra- 0 ...And the rest of Europe’s blue chips 29 7 14 20 28 4 11 18 25 2 9 16 23 executive 2004 ’05 ’06 ’07 ’08 Mar. Apr. May July 2006, was detained and inter- day. matic cuts in truck production for Latest, Latest, Source: Autodata Corp. Market value, in local STOCK PERFORMANCE Market value, in local STOCK PERFORMANCE rogated by financial police, the A person close to Mr. Forgeard the second half. Company/Country (Industry) in billions (U.S) currency Latest 52-week Three-year Company/Country (Industry) in billions (U.S) currency Latest 52-week Three-year Note: Price-to-earnings ratios are for trailing 12 months Paris prosecutor’s office and peo- ny’s A380 double-deck and A350 said the former EADS executive Ford’s move raises questions SUEZ 94.3 46.16 1.63% 9.6% 109.2% Diageo 55.3 9.78 0.51% –9.1% 23.3% ple close to Mr. Forgeard said. long-haul planes when they sold would respond to the regulator’s about whether crosstown rivals Gen- France (Multiutilities) U.K. (Distillers & Vintners) DJIA component stocks As of late Wednesday, magis- shares or exercised stock options charges by a July 31 deadline. eral Motors Corp. and Chrysler LLC tive packages to get workers to Allianz SE 84.7 119.80 1.63 –26.1 24.0 Sanofi-Aventis S.A. 100.1 46.89 0.49 –33.9 –36.3 Germany (Full Line Insurance) France (Pharmaceuticals) Volume, CHANGE trates looking into the case had yet between November 2005 and Mr. Forgeard, 61 years old, will also have to take additional re- leave the company. The third-larg- Stock Symbol in millions Latest Points Percentage March 2006. est auto maker in terms of U.S. sales, ING Groep 84.4 24.26 1.57 –26.2 5.9 Daimler 77.8 49.10 0.47 –27.4 48.3 to decide whether to put joined Airbus in 1998 when the air- structuring steps. All three car mak- Netherlands (Life Insurance) Germany (Automobiles) AT&T T 19.40 $39.51 0.68 1.75% behind GM and Toyota Motor Corp., Mr. Forgeard under formal investi- EADS shocked investors in June craft maker was still a consortium ers are losing money and have been Nokia 111.9 18.21 1.51 –9.7 30.4 BT Grp 38.5 2.25 0.34 –32.6 4.8 Alcoa AA 10.70 41.57 1.19 2.95% gation or to release him without 2006 when it said that Airbus’s run by the French, German, British closing plants and downsizing over has been forced to move more ag- Finland (Telecom Eq) U.K. (Fixed Line Telecom) AmExpress AXP 7.30 46.15 0.25 0.54% pressing charges. Mr. Forgeard has A380 program was plagued with de- and Spanish governments. He pre- the past three years. Collectively, gressively as the U.S. sales slump Vodafone Grp 188.0 1.63 1.50 1.8 19.0 Telefonica S.A. 135.8 18.20 0.22 8.6 40.6 AmIntlGp AIG 54.10 34.91 –1.71 –4.67% U.K. (Mobile Telecom) Spain (Fixed Line Telecom) denied any wrongdoing. lays and cost overruns. The disclo- sided over Airbus’s transformation they have eliminated tens of thou- has accelerated in recent weeks. BankAm BAC 43.70 33.87 –0.30 –0.88% Nestle S.A. 193.5 511.50 1.49 7.7 53.4 Unilever 55.8 20.82 0.14 –6.2 13.9 Other former or present EADS sure sent EADS shares down 26% in into a full-fledged corporation and, sands of factory jobs in the U.S. Ford, GM, and Chrysler are strug- Switzerland (Food Products) Netherlands (Food Products) Boeing BA 3.90 82.13 –0.74 –0.89% executives are scheduled to be one day. in 2005, became co-chief executive “They’re all concerned because gling with their turnaround efforts BASF 73.0 95.18 1.47 5.8 72.9 Astrazeneca 62.9 21.80 0.09 –19.1 –7.4 Caterpillar CAT 4.50 83.19 1.24 1.51% questioned by police in the coming Soon before that, in April, officer of EADS with Thomas End- of what the market looks like now,” because of the deteriorating envi- Germany (Commodity Chemicals) U.K. (Pharmaceuticals) Chevron CVX 10.00 100.42 0.84 0.84% weeks, the Paris prosecutor’s of- French media group Lagardère ers, now head of Airbus. said Ron Harbour, a partner at Oliver ronment in the U.S., where sales are Assicurazioni Gen 58.4 26.50 1.38 –13.5 16.6 Soc. Generale 60.6 66.50 0.08 –50.6 –11.9 Citigroup C 66.50 21.60 –0.06 –0.28% Italy (Full Line Insurance) France (Banks) fice said. EADS declined to com- SCA and German auto maker Daim- The French government owns Wyman, a global consulting firm at their lowest level in more than a CocaCola KO 11.00 57.44 –1.15 –1.96% Banco Santander 129.5 13.25 1.30 –4.7 40.5 HSBC Hldgs 199.1 8.47 –0.09 –9.3 –3.5 ment. ler AG announced decisions to sell 15% of EADS, while Lagardère owns that publishes the Harbour Report decade. Toyota, which has made a Spain (Banks) U.K. (Banks) Disney DIS 13.90 33.86 0.22 0.65% French judicial authorities are part of their EADS stakes. In 7.5%, having forward-sold an addi- on auto production. big push into trucks, is also feeling Tesco 65.3 4.19 1.28 –9.1 33.3 E.ON 138.3 132.66 –0.11 13.1 92.4 DuPont DD 5.00 47.63 0.63 1.34% trying to determine how much cur- March, Mr. Forgeard had exercised tional 7.5%. Under a 2000 pact, the Ford’s planned job cuts, which the pinch. It recently reported U.K. (Food Rtlrs & Whlslrs) Germany (Multiutilities) ExxonMobil XOM 21.30 90.43 0.63 0.70% rent and former EADS executives, stock options valued at Œ2.5 mil- French interests are combined into were reported earlier by the Detroit lower earnings in North America, Royal Dutch Shell 152.5 27.38 1.22 0.2 13.1 Banco Bilbao Viz 84.2 14.37 –0.14 –22.9 11.4 GenElec GE 62.20 30.55 0.15 0.49% U.K. (Integrated Oil & Gas) Spain (Banks) GenMotor GM 25.40 17.15 –0.27 –1.55% board members and shareholders lion ($3.9 million). a single holding company. Daimler News, would reduce its U.S. salaried blaming the slump in U.S. auto sales. Koninklijke Philips Elec 43.2 24.22 1.19 –21.1 14.5 ENI 162.0 25.88 –0.19 –0.8 22.4 HewlettPk HPQ 17.40 46.52 0.82 1.79% knew about profit-damaging prob- In a recent newspaper inter- is EADS’s single largest share- work force by about 12%, the person Ford was down 1.2% at $6.72 in Netherlands (Consumer Electronics) Italy (Integrated Oil & Gas) HomeDpt HD 12.80 27.43 0.15 0.55% lems associated with the compa- view, Mr. Forgeard said he was “in- holder, with a 22.5% stake. familiar with the matter said. The in- midafternoon New York Stock Ex- GlaxoSmithKline 132.4 11.17 1.18 –15.9 –18.8 Novartis 142.1 54.10 –0.37 –21.4 –12.0 voluntary cuts would be completed change trading. U.K. (Pharmaceuticals) Switzerland (Pharmaceuticals) Intel INTC 42.60 23.47 –0.13 –0.55% IBM IBM 9.40 129.54 2.22 1.74% by Aug. 1, according to this person. The company recently posted a Credit Suisse Grp 59.1 52.85 1.05 –41.9 5.4 HBOS 31.9 4.31 –0.46 –59.9 –46.9 Switzerland (Banks) U.K. (Banks) JPMorgChas JPM 30.30 42.86 –0.15 –0.35% Laying off salaried workers would surprising first-quarter profit of L.M. Ericsson Tel B 40.0 16.12 0.88 –38.4 –31.1 Deutsche Telekom 73.1 10.72 –0.46 –21.8 –29.4 JohnsJohns JNJ 12.80 64.88 –0.27 –0.41% $100 million and said then it was Sweden (Telecom Eq) Germany (Fixed Line Telecom) be Chief Executive Alan Mulally’s big- McDonalds MCD 5.20 58.69 0.58 1.00% gest step to control internal costs as still on track to turn profitable next Roche Hldg Part. Cert. 120.0 177.50 0.85 –21.3 10.9 BNP Paribas S.A. 92.8 65.55 –0.47 –27.6 18.5 Airbus sees oil affecting jet orders Switzerland (Pharmaceuticals) France (Banks) Merck MRK 10.40 38.66 0.04 0.10% the U.S. auto maker struggles to re- year. Mr. Mulally reiterated that the Fortis 58.2 15.75 0.77 –39.3 –15.9 Banca Intesa 77.0 4.16 –0.54 –27.0 8.1 Microsoft MSFT 49.30 28.18 –0.26 –0.91% By Daniel Michaels planes a month. That would be the petition is making airlines unprofit- gain its financial footing amid a slow- turnaround was on track during the Netherlands (Banks) Italy (Banks) And Kirsten Bienk Pfizer PFE 38.60 19.30 –0.03 –0.16% highest sustained production level able. down in U.S. sales sparked by high annual shareholders meeting May 8. Deutsche Bk 60.2 72.64 0.76 –35.4 12.8 BHP Billiton 87.6 19.59 –0.66 61.9 190.4 ProctGamb PG 9.90 64.87 –0.20 –0.31% Germany (Banks) U.K. (General Mining) ever for a jetliner. Mr. Leahy predicted carriers fuel prices, tight credit and concerns Last week, however, Mr. Mulally, 3M MMM 3.50 76.90 0.73 0.96% BERLIN—Airbus expects high JetBlue Airways Corp. of the U.S. around the world will adapt to ris- Siemens 103.0 72.07 0.57 –26.1 19.3 Rio Tinto 130.3 61.37 –0.66 68.8 269.5 about the economic outlook. citing “structural” changes in the Germany (Electronic Equipment) U.K. (General Mining) UnitedTech UTX 4.70 70.23 –0.57 –0.81% fuel prices to prompt airlines to can- and Australia’s Qantas Airways Ltd. ing costs by grounding older, less Since Mr. Mulally took over as U.S. market, said Ford now expects Total S.A. 208.2 55.61 0.56 0.2 23.3 UBS 73.7 26.04 –0.76 –63.1 –40.0 Verizon VZ 9.80 37.77 0.39 1.04% cel and defer jetliner or- this week announced defer- fuel-efficient aircraft and either can- CEO in October 2006, Ford had been to break even on a pretax basis com- France (Integrated Oil & Gas) Switzerland (Banks) WalMart WMT 18.70 57.09 0.69 1.22% ders, but the European rals of Airbus orders due to celing or deferring orders. relying on buyout offers and incen- pany-wide next year. Sources: Dow Jones Indexes; WSJ Market Data Group Source: WSJ Market Data Group plane maker is sticking soaring fuel prices. Mr. But he said Airbus has more or- with plans to increase pro- Leahy said such announce- ders than it can fill for its A320-fam- duction, the company’s ments came as little sur- ily of single-aisle planes, even at a head of sales, John Leahy, prise and were figured into production level of 40 planes a Hedge funds Credit-default swaps: European companies said here Wednesday at an Airbus production plans. month. Demand from robust mar- GM director says the board air show. “We had anticipated can- kets such as China and the Middle Tracking Dow Jones TOTAL RETURN for rolling periods, net of fees* At its most basic, the pricing of credit-default swaps measures how much a buyer has to pay to purchase-and Hedge Benchmark One week One month One quarter Year to date One year Such cancellations cellations and delays of or- East means that Airbus still isn’t be- how much a seller demands to sell-protection from default on an issuer's debt. The snapshot below gives a Convertible Arbitrage 0.12% 0.46% -5.6% -5.6% -5.0% would most likely affect ders,” Mr. Leahy told report- ing forced to discount planes dra- sense which way the market was moving yesterday. backs embattled managers credit Merger Arbitrage 0.31% 1.87% 1.1% 1.2% 7.5% the company’s strong-sell- ers. “They will have no im- matically to close deals, Mr. Leahy Event Driven -0.12% 1.42% 2.6% 2.4% 0.6% ing single-aisle models, pact on our [production] said. By John D. Stoll money and U.S. market share this Distressed Securities 0.17% 0.22% 0.0% -4.1% -9.8% Showing the biggest improvement... And the most deterioration Mr. Leahy said. Airbus, a John Leahy rate increase.” “Pricing continues to firm up” af- year, and the poor results come as markets & Equity Market Neutral -0.05% -0.01% 0.4% -0.5% -1.0% unit of European Aeronau- Mr. Leahy noted that ter three years of record demand, General Motors Corp.’s lead inde- Mr. Wagoner continues to balance a Equity Long/Short -0.70% 3.84% 4.7% 0.8% 10.2% CHANGE, in basis points CHANGE, in basis points tic Defence & Space Co., now deliv- some markets are being hit particu- Mr. Leahy said. He added that profit pendent director said the board portfolio of risks that eat into an al- Yesterday Yesterday Five-day 28-day Yesterday Yesterday Five-day 28-day *Estimates as of 05/27/08, after fees; Source: www.djhedgefundindexes.com NIBC Bk NV 544 –13 10 –63 Kingfisher 320 17 53 –25 ers 34 single-aisle aircraft a month. larly hard—such as the U.S., where margins are increasing on Airbus’s completely supports the company’s ready-dwindling pool of liquidity. dealmakers Ld Secs 143 –12 –12 –28 Stena Aktiebolag 353 18 47 23 By the end of 2009, the company rising fuel prices are squeezing car- older models, such as the A320 fam- embattled management team and in- In recent weeks, GM’s share Credit derivatives Klepierre 107 –8 … –13 Ineos Gp Hldgs 859 19 89 95 plans to increase production to 40 riers, and India, where intense com- ily, as production levels rise. sisted that the auto maker will price has been hammered as inves- Unibal Rodamco 79 –7 –6 –20 Rallye 498 20 53 –2 weather the latest storm it faces in tors digest news of increasing weak- Spreads on credit derivatives are one way the market rates Hammerson 190 –6 –8 –34 Rank Gp 503 21 47 4 North America. ness in the markets for pickup creditworthiness. Regions that are treading in rough waters can Deutsche Bahn 34 –4 –4 –10 M real 950 22 48 19 George Fisher, a retired chief ex- trucks and sport-utility vehicles see spreads swing toward the maximum—and vice versa. Indexes Evonik Degussa 179 –2 5 –33 TUI AG 390 23 43 –26 ecutive of Eastman Kodak Co., said that underpin the auto maker’s below are for five-year swaps. AB SKF 65 –1 3 –18 Intl Pwr 337 25 55 64 the auto maker is facing a series of North American profitability. GM Sony unveils a glass speaker system Markit iTraxx Indexes SPREAD RANGE, in pct. pts. Tomkins 176 –1 20 –11 FCE Bk 745 26 73 33 challenges in North America due to shares on Tuesday touched $16.87 Mid-spread, since most recent roll Bouygues 54 –1 1–8 Norske Skogindustrier 997 39 80 98 By Yukari Iwatani Kane with ways it can eliminate the tradi- woofer speakers to create a fuller intraday, their lowest point since Index: series/version in pct. pts. Mid-price Coupon Maximum Minimum Average an unexpectedly steep increase in Source: Markit Group tional bulky, rectangular speakers range of sound. gasoline prices and pressure on Aug. 17, 1982. The company’s mar- Europe: 9/1 0.86 103.47% 0.02% 1.32 0.64 0.89 TOKYO—Sony Corp. unveiled a that usually flank televisions and The speaker, which will be priced the U.S. economy. He expressed ket cap is hobbling below $10 bil- Eur. High Volatility: 9/1 1.60 104.26 0.03 2.10 1.23 1.57 high-end speaker system Wednes- stereo systems. In addition to the at about $10,000, first will be of- confidence that the U.S. market lion, about a fourth its value when Europe Crossover: 9/1 4.77 106.52 0.07 5.96 4.00 4.77 US: Bank revenues from equity capital markets day that consists of a long tube of Sountina, the company last week un- fered in Japan next month. Though “will come back again” and that Mr. Wagoner assumed the helm in Asia ex-Japan IG: 9/1 1.17 105.91 0.03 2.10 0.85 1.27 glass, through which sounds are vi- veiled a golf-ball-size speaker that Sony also may make the speaker GM will be a stronger competitor the summer of 2000. Japan: 9/1 0.87 106.35 0.02 1.61 0.65 0.99 Behind every IPO, n Equity capital markets n Debt capital markets (both in billions, left axis) brated out. has the power of larger models, but available in the U.S. and in Europe, in that market, thanks to its re- Wednesday afternoon on the Note: Data as of May 27 follow-on or convertible equity 6.0 100% While speakers usually need to weighs just 70 grams. Sony also the company said its main target is vised products. New York Stock Exchange, GM was WSJ.com In percentage points ECM as a percentage of total be placed strategically throughout a sells a television stand with speak- superwealthy consumers in mar- “Certainly, I and the board still trading at $17.08, down 2% from Spreads offering is one or (right axis) Index roll more investment 4.5 t 75 room to create a surround-sound en- ers embedded in it. kets like Brazil, Russia and the Mid- support our management team, as Tuesday’s close. Follow the markets throughout Spreads on five- 5.60 vironment, the Japanese consumer- Sony said Sountina, meant to dle East. we have in the past,” said Mr. Mr. Fisher said GM’s low share year swaps for banks. At right,

the day, with updated stock 4.20 investment banks electronics company said its latest convey a combination of “sound” Sony said it expects to sell a few Fisher, a director since 1996. “We price isn’t the management team’s corporate debt; t 3.0 50 quotes, news and commentary historical and year- product, called Sountina, can de- and “fountain,” is the result of three hundred of the speakers in its first think we have the best manage- top concern at this point, and he in- at WSJ.com/Europe. based on Markit Europe Crossover 2.80 liver sound throughout a room years of development. It relies on a year. They can be used in homes but ment team to get us through these sisted that GM’s actions will lead to iTraxx indexes. Europe Senior Financials to-date revenues Also, receive email alerts that t 1.40 from global equity- 1.5 25 equally to people, who are sitting or new technology that vibrates sound are more likely to be used in public difficult times.” an increase in value. “Our major summarize the day’s trading in standing, regardless of its location. up a one-meter-long glass tube, spaces, like restaurants and hotels. Mr. Fisher’s endorsement comes worry is to make sure we have the 0 capital-market Europe and Asia. (ECM) deals Sony is looking for new ways to which then projects it out horizon- Sony said one Sountina speaker has at a critical time for Chief Executive right cars and trucks. The stock To sign up, go to Dec. Jan. Feb. Mar. April May 0.0 0 2007 2008 expand its business. The audio divi- tally. The aluminum base of the enough power for a banquet room Rick Wagoner and his lieutenants. price will follow what we are do- WSJ.com/Online Today 2002 2003 2004 2005 2006 2007 2008 sion has been trying to come up speaker includes midrange and sub- of 300 people. The company could continue losing ing,” he said. Source: Markit Group Source: Dealogic 26 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 7 GLOBAL MARKETS LINEUP

Commodities Prices of futures contracts with the most open interest Currencies London close on May 28 EXCHANGE LEGEND: CBOT: Chicago Board of Trade; CME: Chicago Mercantile Exchange; ICE-US: ICE Futures U.S.MDEX: Bursa Malaysia Per In Per In Derivatives Berhad; LIFFE: London International Financial Futures Exchange; COMEX: Commodity Exchange; LME: London Metals Exchange; AMERICAS Per euro In euros U.S. dollar U.S. dollars EUROPE Per euro In euros U.S. dollar U.S. dollars NYMEX: New York Mercantile Exchange;ICE-EU: ICE Futures Europe ONE-DAY CHANGE Contract Contract Argentina peso-a 4.8753 0.2051 3.1188 0.3206 Euro zone euro 1 1 0.6397 1.5632 Commodity Exchange Last price Net Percentage high low Brazil real 2.6049 0.3839 1.6664 0.6001 1-mo. forward 1.0015 0.9985 0.6407 1.5609 Corn (cents/bu.) CBOT 592.50 –5.50 –0.92% 639.00 270.00 Canada dollar 1.5510 0.6447 0.9922 1.0079 3-mos. forward 1.0046 0.9955 0.6426 1.5561 Soybeans (cents/bu.) CBOT 1372.75 25.00 1.85% 1,596.00 626.00 1-mo. forward 1.5518 0.6444 0.9927 1.0074 6-mos. forward 1.0092 0.9908 0.6456 1.5489 3-mos. forward 1.5525 0.6441 0.9932 1.0069 Czech Rep. koruna-b 25.202 0.0397 16.122 0.0620 Wheat (cents/bu.) CBOT 759.00 unch. unch. 1,272.75 372.00 6-mos. forward 1.5535 0.6437 0.9938 1.0063 Denmark krone 7.4594 0.1341 4.7719 0.2096 Live cattle (cents/lb.) CME 101.625 0.125 0.12 102.175 90.700 Chile peso 749.71 0.001334 479.60 0.002085 Hungary forint 243.11 0.004113 155.52 0.006430 Cocoa ($/ton) ICE-US 2,622 32 1.24 2,983 1,804 Colombia peso 2761.86 0.0003621 1766.80 0.0005660 Malta lira 0.4579 2.1838 0.2929 3.4137 Coffee (cents/lb.) ICE-US 135.60 3.60 2.73 174.10 118.80 Ecuador US dollar-f 1.5632 0.6397 1 1 Norway krone 7.8795 0.1269 5.0406 0.1984 Sugar (cents/lb.) ICE-US 10.11 0.04 0.40 15.21 8.83 Mexico peso-a 16.1710 0.0618 10.3448 0.0967 Poland zloty 3.3967 0.2944 2.1729 0.4602 Cotton (cents/lb.) ICE-US 66.49 0.24 0.36 94.52 57.30 Peru sol 4.4739 0.2235 2.8620 0.3494 Russia ruble-d 36.938 0.02707 23.629 0.04232 Crude palm oil (ringgit/ton) MDEX 3,585.00 –140 –3.76 4,491 1,965 Uruguay peso-e 30.795 0.0325 19.700 0.0508 Slovak Rep. koruna 30.7028 0.03257 19.6410 0.05091 Cocoa (pounds/ton) LIFFE 1,403 0.43 6 1,567 915 U.S. dollar 1.5632 0.6397 1 1 Sweden krona 9.3429 0.1070 5.9768 0.1673 Robusta coffee ($/ton) LIFFE 2,280 48 2.15 2,835 1,435 Venezuela bolivar 3356.66 0.000298 2147.30 0.000466 Switzerland franc 1.6234 0.6160 1.0385 0.9629 Copper (cents/lb.) COMEX 369.50 –2.10 –0.57 426.05 232.00 ASIA-PACIFIC 1-mo. forward 1.6230 0.6162 1.0382 0.9632 Gold ($/troy oz.) COMEX 905.00 –7.80 –0.85 1,039.80 687.40 Australia dollar 1.6256 0.6151 1.0399 0.9616 3-mos. forward 1.6223 0.6164 1.0378 0.9636 Silver (cents/troy oz.) COMEX 1741.50 –5.00 –0.29 2,150.00 620.00 China yuan 10.8560 0.0921 6.9447 0.1440 6-mos. forward 1.6219 0.6166 1.0375 0.9638 Aluminum ($/ton) LME 2,933.00 –74.00 –2.46 3,211.50 2,375.00 Hong Kong dollar 12.2019 0.0820 7.8057 0.1281 Turkey lira 1.9189 0.5211 1.2276 0.8146 Tin ($/ton) LME 23,800.00 –400.00 –1.65 25,450 13,525 India rupee 66.639 0.0150 42.630 0.0235 U.K. pound 0.7892 1.2670 0.5049 1.9807 Copper ($/ton) LME 8,060.00 –165.00 –2.01 8,800.00 6,335.00 Indonesia rupiah 14538 0.0000688 9300 0.0001075 1-mo. forward 0.7911 1.2641 0.5061 1.9760 Lead ($/ton) LME 2,012.00 –16.00 –0.79 3,875.00 2,012.00 Japan yen 163.75 0.006107 104.76 0.009546 3-mos. forward 0.7947 1.2583 0.5084 1.9669 Zinc ($/ton) LME 2,102.00 –67.00 –3.09 3,794.00 2,102.00 1-mo. forward 163.48 0.006117 104.58 0.009562 6-mos. forward 0.8004 1.2493 0.5120 1.9529 Nickel ($/ton) LME 22,800 –300 –1.30 48,000 22,800 3-mos. forward 162.96 0.006137 104.25 0.009593 MIDDLE EAST/AFRICA 6-mos. forward 162.18 0.006166 103.75 0.009638 Bahrain dinar 0.5892 1.6972 0.3769 2.6530 Crude oil ($/bbl.) NYMEX 131.03 2.18 1.69 135.09 66.00 Malaysia ringgit-c 5.0648 0.1974 3.2400 0.3086 Egypt pound-a 8.3709 0.1195 5.3550 0.1867 Heating oil ($/gal.) NYMEX 3.8470 0.0231 0.60 4.0338 1.6650 New Zealand dollar 1.9943 0.5014 1.2758 0.7839 Israel shekel 5.1429 0.1944 3.2900 0.3040 RBOB gasoline ($/gal.) NYMEX 3.3841 0.0571 1.72 3.4300 2.0100 Pakistan rupee 106.454 0.0094 68.100 0.0147 Jordan dinar 1.1064 0.9039 0.7078 1.4129 Natural gas ($/mmBtu) NYMEX 11.995 0.64 0.076 12.209 4.595 Philippines peso 68.132 0.0147 43.585 0.0229 Kuwait dinar 0.4139 2.4162 0.2648 3.7770 Brent crude ($/bbl.) ICE-EU 130.86 2.43 1.89 135.80 59.57 Singapore dollar 2.1331 0.4688 1.3646 0.7328 Lebanon pound 2363.56 0.0004231 1512.00 0.0006614 Gas oil ($/ton) ICE-EU 1,248.25 –14.50 –1.15 1,308.25 607.00 South Korea won 1615.18 0.0006191 1033.25 0.0009678 Saudi Arabia riyal 5.8628 0.1706 3.7505 0.2666 Taiwan dollar 47.670 0.02098 30.495 0.03279 Source: Reuters; WSJ Market Data Group South Africa rand 12.0177 0.0832 7.6879 0.1301 WSJ.com Thailand baht 50.534 0.01979 32.328 0.03093 United Arab dirham 5.7416 0.1742 3.6730 0.2723 Follow the markets throughout the day, with updated stock quotes, news and commentary at SDR -f 0.9596 1.0421 0.6139 1.6289 WSJ.com/Europe. Also, receive email alerts that summarize the day’s trading in Europe and Asia. a-floating rate b-commercial rate c-government rate c-commercial rate d-Russian Central Bank rate f-Special Drawing Rights from the Inter- To sign up, go to WSJ.com/Online Today national Monetary Fund ; based on exchange rates for U.S., British and Japanese currencies. Note: Based on trading among banks in amounts of $1 million and more, as quoted by Reuters.

Major stock market indexes Stock indexes from around the world, grouped by region. Shown in local-currency terms.

Price-to- PREVIOUS SESSION PERFORMANCE Price-to- PREVIOUS SESSION PERFORMANCE earnings ratio* Region/Country Index Close Net change Percentage change Yr.-to-date 52-wk. earnings ratio* Region/Country Index Close Net change Percentage change Yr.-to-date 52-wk. 12 EUROPE DJ Stoxx 600 320.15 2.96 0.93% –12.2% –18.7% … Russia RTSI 2396.87 6.27 0.26% 4.6% 39.0% 11 DJ Stoxx 50 3169.69 23.59 0.75 –14.0% –19.0% 11 Spain IBEX 35 13499.2 47.8 0.36 –11.1% –10.8% 12 Euro Zone DJ Euro Stoxx 361.31 3.49 0.98 –12.9% –16.8% 15 Sweden OMX Stockholm 324.14 2.68 0.83 –7.9% –21.7% 11 DJ Euro Stoxx 50 3743.18 32.15 0.87 –14.9% –16.2% 14 Switzerland SMI 7474.50 56.53 0.76 –11.9% –20.3% 13 Austria ATX 4388.77 54.89 1.27 –2.8% –9.0% … Turkey ISE National 100 39384.87 –804.42 –2.00% –29.1% –14.9% 11 Belgium Bel-20 3710.92 54.88 1.50 –10.1% –20.2% 10 U.K. FTSE 100 6069.6 11.1 0.18 –6.0% –8.1% 13 Czech Republic PX 1675.9 31.1 1.89 –7.7% –7.9% 15 ASIA-PACIFIC DJ Asia-Pacific 150.84 –2.24 –1.46 –4.6% –2.6% 14 Denmark OMX Copenhagen 422.90 2.31 0.55 –5.8% –11.5% … Australia SPX/ASX 200 5648.1 –66.3 –1.16 –10.9% –9.5% 12 Finland OMX Helsinki 9643.71 92.24 0.97 –16.9% –14.6% … China CBN 600 29070.10 801.99 2.84 –29.8% –7.6% 12 France CAC-40 4971.11 64.55 1.32 –11.5% –17.7% 14 Hong Kong Hang Seng 24249.51 –32.53 –0.13 –12.8% 19.5% 13 Germany DAX 7033.84 75.18 1.08 –12.8% –9.4% 18 India Sensex 16525.37 249.78 1.53 –18.5% 14.7% … Hungary BUX 22738.22 253.01 1.13 –13.3% –12.5% … Japan Nikkei Stock Average 13709.44 –183.87 –1.32 –10.4% –22.1% 7 Ireland ISEQ 6120.56 12.36 0.20 –11.7% –37.9% … Singapore Straits Times 3132.78 17.43 0.56 –9.6% –9.0% 10 Italy S&P/MIB 32758 15 0.05 –15.0% –23.8% 11 South Korea Kospi 1805.64 –19.59 –1.07 –4.8% 8.6% 7 Netherlands AEX 481.66 7.82 1.65 –6.6% –10.0% 15 AMERICAS DJ Americas 364.72 0.04 0.01 –3.2% –4.7% 11 Norway All-Shares 568.16 –0.06 –0.01% –0.3% 2.5% … Brazil Bovespa 72724.47 1732.42 2.44 13.8% 38.9% 17 Poland WIG 46868.52 285.70 0.61 –15.8% –24.8% 24 Mexico IPC 31527.49 113.28 0.36 6.7% 1.4% 13 Portugal PSI 20 10641.17 –25.31 –0.24 –18.3% –18.4% *P/E ratios use trailing 12-months, as-reported earnings Reuters Group PLC is the primary data provider for several statistical tables in The Wall Street Journal, including foreign stock quotations, futures and futures Note: Americas index data are as of 3:00 p.m. ET. Sources: Reuters; WSJ Market Data Group options prices, and foreign exchange tables. Reuters real-time data feeds are used to calculate various Dow Jones Indexes. Dow Jones and Dow Jones Stoxx Indexes MSCI indexes

Price-to- Price-to- Developed and emerging-market regional and country indexes Dividendearnings PERFORMANCE (euros) PERFORMANCE (U.S. dollars) Dividendearnings PERFORMANCE (euros) PERFORMANCE (U.S. dollars) from MSCI Barra as of May 27, 2008 yield* ratio* Dows Jones Index Last Daily 52-wk. Last Daily 52-wk. yield* ratio* Dows Jones Index Last Daily 52-wk. Last Daily 52-wk. 2.40% 14 World -a % % 287.64 –0.19% –5.0% 7.29% 8 Stoxx Select Dividend 30 2228.80 0.85% –35.3% 2980.83 0.25%–24.7% Price-to- LOCAL-CURRENCY Dividend earnings PERFORMANCE 2.42% 14 Stoxx Global 1800 238.80 0.34% –19.2% 279.09 –0.14% –5.8% 4.13% 8 Euro Stoxx Select Div 30 2723.30 0.72% –25.0% 3656.23 0.12%–12.8% yield ratio Morgan Stanley Index Last Daily YTD 52-wk. 3.06% 12 Stoxx 600 320.20 0.93% –18.7% 373.66 0.34% –5.4% 4.55% 15 U.S. Select Dividend -b % % 775.40 –1.11%–19.4% 2.60% 15 ALL COUNTRY (AC) WORLD* 384.21 0.06% –4.7% –1.8% 3.15% 12 Stoxx Large 200 343.70 0.92% –17.9% 398.97 0.32% –4.4% 7.99% 13 Australia LPT -b, c 1788.70 –0.60% –27.0% % % 2.60% 15 World (Developed Markets) 1,512.95 0.08% –4.8% –4.1% 2.69% 13 Stoxx Mid 200 292.20 1.06% –21.5% 339.14 0.46% –8.7% 2.91% 13 Sustainability 986.70 0.47% –18.4% 1303.43 0.00% –4.9% 2.40% 15 World ex-EMU 173.38 0.25% –4.2% –4.3% 2.51% 13 Stoxx Small 200 182.40 0.91% –23.0% 211.63 0.31%–10.4% 1.87% 16 Islamic Market -a % % 2389.54 0.01% 4.3% 2.50% 15 World ex-UK 1,497.11 0.20% –4.5% –3.6% 2.06% 16 Stoxx Growth 1534.40 1.24% –12.8% 2109.24 0.64% 1.5% 2.23% 14 Islamic Market 100 1872.70 0.49% –12.5% 2507.46 0.01% 2.0% 3.20% 13 EAFE 2,135.58 –0.24% –5.2% –4.5% 3.98% 9 Stoxx Value 1444.40 0.74% –20.9% 1986.40 0.15% –8.0% 5.55% 8 Islamic Turkey -c 2873.90 –2.66% 0.0% % % 2.10% 15 Emerging Markets (EM) 1,191.98 –0.12% –4.3% 22.9% 2.91% 12 Euro Stoxx 361.30 0.97% –16.8% 421.70 0.38% –3.2% 6.02% 11 Bahrain -c 244.30 0.08% 24.0% % % 3.60% 12 EUROPE 110.94 –0.37%–12.9% –17.6% 2.99% 11 Euro Stoxx Large 200 385.50 0.98% –16.8% 447.17 0.38% –3.2% 1.91% 16 Wilshire 5000 % % 14044.70 –0.10% –9.0% 3.70% 11 EMU 258.86 –0.72% –7.5% –3.0% 2.58% 13 Euro Stoxx Mid 200 337.60 1.05% –15.1% 391.50 0.46% –1.2% % DJ-AIG Commodity 190.60 0.35% 8.4% 216.28 –0.24% 26.2% 3.50% 12 Europe ex-UK 121.84 –0.29%–12.6% –16.3% 2.38% 13 Euro Stoxx Small 200 203.40 0.65% –20.6% 235.63 0.06% –7.6% % Euro Currency 124.90 % 11.2% % % 4.80% 10 Europe Value 128.65 –0.54%–15.1% –23.0% *Fundamentals are based on data in U.S. dollar. Footnotes: a-in US dollar. b-dividends reinvested. c-in local currency. Note: All data as of 2 p.m. ET. Source: Dow Jones Indexes 2.50% 15 Europe Growth 93.14 –0.21%–10.8% –12.2% 2.60% 15 Europe Small Cap 192.63 –0.67%–10.5% –25.4% Cross rates U.S.-dollar and euro foreign-exchange rates in global trading 2.00% 12 EM Europe 435.24 –1.14% –9.5% 6.4% 3.80% 11 UK 1,797.42 –0.54% –6.4% –7.3% USD GBP CHF SEK RUB NOK JPY ILS EUR DKK CDN AUD 3.20% 13 Nordic Countries 185.91 –0.72% –9.8% –12.9% Australia 1.0399 2.0597 1.0014 0.1740 0.0440 0.2063 0.0099 0.3161 1.6256 0.2179 1.0481 ... 1.40% 12 Russia 1,525.40 –2.06% 1.5% 29.6% Canada 0.9922 1.9652 0.9554 0.1660 0.0420 0.1968 0.0095 0.3016 1.5510 0.2079 ... 0.9541 2.80% 15 South Africa 785.36 –1.00% 10.1% 7.3% Denmark 4.7719 9.4515 4.5950 0.7984 0.2019 0.9467 0.0456 1.4504 7.4594 ... 4.8094 4.5887 2.70% 16 AC ASIA PACIFIC EX-JAPAN 479.09 0.56% –9.6% 11.8% Euro 0.6397 1.2670 0.6160 0.1070 0.0271 0.1269 0.0061 0.1944 ... 0.1341 0.6447 0.6151 1.70% 16 Japan 866.40 1.82% –7.8% –19.3% Israel 3.2900 6.5163 3.1680 0.5505 0.1392 0.6527 0.0314 ... 5.1429 0.6895 3.3159 3.1637 1.40% 20 China 70.00 1.13%–18.0% 31.8% Japan 104.7550 207.4830 100.8714 17.5269 4.4332 20.7822 ... 31.8404 163.7530 21.9525 105.5785 100.7324 0.80% 24 India 665.14 –0.33%–22.2% 18.0% Norway 5.0406 9.9837 4.8537 0.8434 0.2133 ... 0.0481 1.5321 7.8795 1.0563 5.0802 4.8470 1.80% 13 Korea 505.43 1.58% –2.2% 19.1% Russia 23.6295 46.8017 22.7534 3.9535 ... 4.6878 0.2256 7.1822 36.9376 4.9518 23.8152 22.7221 3.70% 17 Taiwan 336.38 0.84% 0.7% 7.0% Sweden 5.9768 11.8379 5.7552 ... 0.2529 1.1857 0.0571 1.8167 9.3429 1.2525 6.0238 5.7473 Switzerland 1.0385 2.0569 ... 0.1738 0.0439 0.2060 0.0099 0.3157 1.6234 0.2176 1.0467 0.9986 2.00% 18 US BROAD MARKET 1,516.23 0.73% –5.0% –6.0% U.K. 0.5049 ... 0.4862 0.0845 0.0214 0.1002 0.0048 0.1535 0.7892 0.1058 0.5089 0.4855 1.40% 30 US Small Cap 1,947.88 1.19% –1.9% –7.4% U.S. ... 1.9807 0.9629 0.1673 0.0423 0.1984 0.0095 0.3040 1.5632 0.2096 1.0079 0.9616 2.00% 15 EM LATIN AMERICA 5,023.89 –1.18% 14.2% 51.3% Source: Reuters via WSJ Market Data Group *Twenty-three developed and 26 emerging markets Source: MSCI Barra 8 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 25 CORPORATE NEWS

Burberry Group PLC Mattel, MGA www.efinancialnews.com Revenue, in millions of pounds Burberry shows strength £1,000 come out firing D. Carnegie ends tum,” she said. Among the lines £185.1 million a year earlier. That fig- 800 in Bratz-doll case Profit, sales climb Burberry plans to increase are chil- ure, boosted by higher sales and Richer Indians keep money local appeal of fine dren’s clothing and women’s shoes. store openings, was in line with mar- 600 By Nicholas Casey as retailer maintains For the fiscal year ended March 31, ket expectations. millionaires—with their ranks grow- Burberry, famous for its camel, red- Sales trends in stores were more 400 RIVERSIDE, California—Toy Well-run markets, New money ing by 20% a year and estimated to in trading case its expansion plans and-black-check design, volatile in the second half makers Mattel Inc. and MGA Enter- Growth between 2005 and 2006 reach 300,000 by 2012—the number By Matt Turner said net profit rose 23% to of the latest year, particu- 200 tainment Inc. presented conflicting high returns check in the number of people who of nonresident Indians is growing at And Lauren Willington By Lilly Vitorovich £135.2 million ($267.2 mil- larly in the last quarter, accounts of the origin of MGA’s pop- had more than $1 million in around 15%. During the same period, lion) from £110.2 million a making it more difficult to 0 ular Bratz doll during a federal intel- flow of money abroad assets for selected countries Standard Chartered forecasts, total Swedish investment bank D. Car- LONDON—U.K. fashion house year earlier. The most recent spot trends, said Stacey 2005 '06 '07 '08 lectual-property trial here. bankable assets in India are ex- negie & Co. AB dropped its appeal Burberry Group PLC reported year’s results include a gain Cartwright, Burberry’s Note: fiscal years end March 31 Mattel has accused MGA of steal- By Tara Loader Wilkinson India 20.5% pected to reach more than $1 trillion of the 50 million kroner, or about strong profit and sales increases of £15.1 million from the relo- chief financial officer. Source: the company ing the idea for the big-headed Russia 15.5 Shiv Khazanchi, managing direc- $8.5 million, fine it received last and said it is sticking to its expan- cation of company headquar- Burberry shares fell Bratz dolls, which were invented .S. BILLIONAIRE John Rock- tor and head of Standard Chartered year for proprietary-trading viola- Australia 10.3 sion plans in the U.S. and elsewhere, ters in London. Both years in- 1.6% to 499 pence on the around 10 years ago by Carter Bry- efeller said, “The only ques- Private Bank, India, said regulatory tions and said it won’t pursue legal even as slowing economies have clude costs to overhaul its news. The stock had risen said one analyst at Citigroup, which ant, a doll designer who had worked Ution with wealth is, what do Brazil 10.1 changes have also played a part in action against former board mem- hurt its rivals. back-office computer and Tuesday ahead of the re- has a “buy” rating on Burberry and a for Mattel. The date of the invention you do with it?” India’s growing U.S. 9.4 liberating India’s wealthy. “Since bers and former Chief Executive In an interview, Chief Executive supply-chain systems, in an sults, but it has fallen 11% target price of 550 pence. is a matter of debate: Mattel claims core of high-net-worth individuals the Royal Bank of India eased inter- Stig Vilhelmson. U.K. 8.1 Angela Ahrendts said the U.S. has effort called Project Atlas. Angela Ahrendts since the start of the calen- Revenue rose 17% to £995.4 million the dolls were created while Mr. Bry- have an answer: They are keeping national investment regulations a The Nordic-focused bank said been “underpenetrated” by Burb- Stripping out taxes and dar year amid concerns in fiscal 2008 as shoppers snapped up ant was employed by the company, themselves and their investments China 7.8 few years ago, local Indians can Monday it will drop its appeal to the erry, leaving room for further expan- costs related to Project Atlas, Burb- about the economy. Burberry’s latest clothing collection, while MGA says they were first at home. now invest up to $200,000 over- Swedish Financial Supervisory Au- sion. “You have a market that’s got- erry reported an 11% rise in its ad- “Burberry’s sales momentum luxury handbags and shoes, Ms. Cart- drawn when the designer was be- In the past, Indians with serious Canada 6.9 seas, so they no longer need off- thority over the fine, imposed last ten relatively soft, but the brand in justed operating profit to should continue and outperform the wright said. That compares with tween stints at Mattel. money to invest would have to move Germany 4.1 shore accounts.” September for overstating earnings. the market has tremendous momen- £206.2 million for the year, up from broader luxury industry in 2008,” £850.3 million a year earlier. In opening arguments Tuesday, their wealth to other developing The global banks are excited at A bank spokesman said dropping the lawyers for Mattel described MGA markets to guard against domestic Sources: Merrill Lynch; CapGemini the thought of such domestic appeal creates “a fresh start [where as a minor player in the toy industry political and financial uncertain- growth. During the past 12 months, we can] concentrate on the compa- that lacked competitive doll-design ties, which are diminished now. Busi- ing markets outside India since ans who have moved abroad to almost every global bank has set up ny’s business challenges.” facilities and decided to “go out and ness ownership and income now ac- the credit crunch, or else they make money, generally sending it a private-wealth-management The announcement followed the take” the Bratz concept from Mattel count for nearly 60% of wealth in In- don’t feel the need when they can back to the country. Yet, nonresi- branch in India; some have estab- discovery last May that three traders by hiring Mr. Bryant. MGA chose to dia. And India is the main contribu- make good returns locally. Many of dent Indians are moving back as In- lished several. Standard Chartered inflated dealing profits by around recruit “not a former Mattel de- tor to that new wealth, according to India’s wealthy aren’t familiar dia’s investment prospects become considers India one of its most im- 630 million kroner, forcing the bank signer [but] a current Mattel de- a Merrill Lynch & Co. and Capgemini about how to invest abroad, ac- more attractive. portant regions and plans to open to cover the discrepancy and scale signer” for the task, said John wealth report. cording to bankers. “While Indians are creating its sixth Indian private-bank branch, back results. An official investigation Quinn, a lawyer for Mattel. High domestic returns and a well- “I expect most of the new wealth more global businesses, I think in Hyderabad, before the year ends. later uncovered “serious deficien- Mattel claims it had Mr. Bryant run financial market mean that generated will be kept in India, as that more nonresidents will come Last week, Credit Suisse became cies in its governance and control.” under contract when he pitched the once capital controls are lifted, as is the wealthy people are still not ex- back than Indians moving out,” Mr. the latest major investment bank to Swedish regulators criticized doll idea to MGA, expected to occur in coming posed to global opportunities and Dokania said. set up a private bank in India to tap the board for lax oversight and or- therefore mak- months, millionaires may not use not inclined to look abroad,” said The number of domestic Indian the wealthy. Merrill Lynch, Gold- dered Mr. Vilhelmson immediately ing it the prop- the opportunity to shift vast Pradeep Dokania, head of Merrill high-net-worth individuals is grow- man Sachs Group Inc., J.P. Morgan to step down as chief executive. Mi- erty of Mattel. amounts of capital out of the coun- Lynch’s private bank in India. ing at a faster rate than similarly Chase &Co.,Barclays PLC and Mor- kael Ericson, a former executive MGA has denied try, according to the report. India’s wealth story is a tale of wealthy nonresident Indians, ac- gan Stanley all have a presence, and vice-president at Handelsbanken Mattel’s asser- Also, many Indians have lost two sides, however: The resident cording to Standard Chartered PLC. UBS AG has been granted a license, Capital Markets, became chief execu- tion, saying Mat- confidence in investing in develop- Indians, and the nonresident Indi- While India now has 100,000 local though it hasn’t made its move yet. tive April 26. tel has no claim to its hip-hop doll with pouty lips. Mr. Quinn S&P lowers its outlook also hammered Carter Bryant away at Mr. Bry- ant’s claim that he invented the Only dolls before returning to Mattel, sug- on LCH.Clearnet rating £195 if gesting similarities between Bratz and a Mattel in-house design By Vivek Ahuja tions exchange owned by NYSE you book project dating from about the time Euronext, in March confirmed before he returned. Mr. Quinn also said LCH.Clearnet’s credit rating has plans to move into clearing services 6 June FORTUNE magazine is your essential that Isaac Larian, MGA’s founder, come under pressure from Standard for the first time. personally issued “an edict” that in- & Poor’s, which warned this week S&P said it was particularly con- 13 June 2008, Middle East Association, London business tool. Equip yourself with the structed employees not to mention that intensifying competition in the cerned by the possible loss of con- latest global business news; recognize the Mr. Bryant’s involvement in the securities-clearing industry and the tracts from NYSE Euronext, which it project, fearing the trial his com- potential loss of several key contracts said accounts for about 50% of LCH. “What has religion got to do with banking? movers and shakers; understand the major pany now faces. could hurt profitability at Europe’s Clearnet’s revenue. It also cited the Thomas Nolan, a lawyer repre- largest independent clearing house. move by ICE last July to provide 12 The rapid rise of Islamic Finance” issues and influences; study the secrets of senting MGA, challenged Mattel’s S&P has rated LCH.Clearnet as months’ written notice terminating version of events. He offered com- low double-A since April of last year. its clearing agreements with LCH. success and know the best investment The UK is the largest centre of Islamic However, issues such as a lack of trust In conjunction with Dow Jones, Middle parisons between the Bratz doll While affirming that rating on Tues- Clearnet on energy futures and over- East Association Wall Street opportunities. FORTUNE—the business the-counter derivatives. Finance in the Western World and has in the nature of these products, a lack and the and several magazine ads from day, S&P lowered its outlook to nega- been described as Europe’s capital of standardisation, a dearth of Islamic Journal Europe, Financial News’ bible you can’t afford to be without. 1998 that Mr. Bryant says inspired A spokeswoman for LCH.Clear- of Islamic Finance. There is a huge banking practitioners (human capital) Islamic Finance Lunch Briefing him and prove the date of the doll’s net in London said the company “is demand by foreign investors, including and issues regarding transparency conference will provide a platform for conception. Mattel, the lawyer More competition delighted that the rating has been Gulf investors, sovereign wealth have stifled the growth of Islamic key players to discuss the pertinent said, was trying to “grab back” a de- confirmed and notes S&P’s revised funds, Muslim and non-Muslim retail Finance in the UK. topics, learn about new developments sign that was created before Mr. could cut into profit outlook. Our recent results demon- investors, for Sharia based UK banking and network in a relaxed atmosphere. Bryant returned to Mattel. The de- strate that we are able to success- products. signer’s employment agreement at the independent fully adapt to a challenging environ- Top level speakers include: Be there for EXPERT ADVICE on: To register or for more information with Mattel didn’t cover that pe- ment and we shall continue to take contact Anna Konieczny on riod and “is not a lifetime sen- clearing house. the business forward, building on +44 (0) 20 7426 3345 or email Mr. Michael Thomas, • How to implement Islamic Finance tence,” Mr. Nolan said. market opportunities and further Director General, Middle East • The size of the industry akonieczny@efinancialnews.com Mr. Nolan said that Mr. Larian enhancing our franchise.” Association • What the best routes into Islamic never covered up Mr. Bryant’s in- tive from stable, indicating that a A proposal to fold LCH.Clearnet Finance are For sponsorship information Mr. Brian Kettell, Course Director, contact Ifeoma Bosah on volvement and that his role in Bratz downgrade had become more likely. into U.S.-based Depository Trust & Islamic Banking & Finance Training • How competitive Islamic Finance is Courses. (Former Adviser to the • How to secure the big deals +44 (0) 20 7426 3346 or email was “common knowledge” in the S&P analyst Miguel Pintado said LCH. Clearing Corp. could be put before Bahrain Monetary Agency, now the ibosah@efinancialnews.com toy industry. The lawyer also chal- Clearnet faced more uncertainty as shareholders within weeks, accord- Central Bank of Bahrain)

rights reserved. lenged Mattel’s claim that MGA was more competitors move onto its turf. ing to people close to the long-run- Mr.Waheed Qaiser, Managing desperate for a hit doll, citing previ- Still, S&P noted that LCH.Clear- ning talks, as LCH.Clearnet looks to Director, Qatar Consulting Co. and Amanah Banking Consultants Delegates places are limited and are allocated on a ous MGA doll lines, and added that net’s profitability has proved “resil- strengthen its position amid the (Former Head, Islamic Investment it was Mattel’s “bureaucracy” that ient,” with profit last year reaching more competitive environment. Unit, United Bank of Kuwait) first come first served basis. FORTUNE made it unable to invent a doll of its a record Œ257 million ($403 million) own like Bratz. “MGA took the risk on surging volumes. But Mr. Pintado and brought Bratz to the retail mar- added that losing some big con- — NOTICE TO READERS — Partners & Supporters Lead Media Partner:

© 2007 Time Inc. All www.cnnmoney.com ket, and Mattel is not entitled to tracts to competitors or cutting fees The articles on this page on the what they didn’t think of,” he said. more than expected because of com- securities and investment-banking Since Bratz dolls were intro- petition could hurt profit. industry are provided by Financial duced in 2001, they have hurt sales U.S.-based IntercontinentalEx- News, a Dow Jones company in of Mattel’s iconic Barbie line. The ri- change has gained regulatory ap- London that publishes the valry has left an opening for other proval for its own London-based de- Financial News Web site (www.efi- doll competitors to continue to chip rivatives clearing house, while Liffe, nancialnews.com) and Financial www.efinancialnewsevents.com/islamicfinance08/ at Barbie’s market share. the London-based futures and op- News weekly newspaper. 24 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 9 Advertisement [ INTERNATIONAL INVESTMENT FUNDS www.WSJ.com ] Advertisement GLOBAL BUSINESS BRIEFS Continued from previous page NAV — %RETURN — NAV — %RETURN — NAV — %RETURN — FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR NAV — %RETURN — and Midwest unveiled on Monday lifted Eni’s earnings on the back of a FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR Robeco DynamicPrem EUR EU MM LUX 05/27 EUR 75.99 1.9 3.4 3.0 Choice North America Eq. Fd US EQ LUX 05/27 USD 2.23 –8.3 –10.4 3.7 Eq. Global A GL EQ LUX 05/27 USD 35.54 –7.2 –9.2 4.0 Grupo Ferrovial SA Assicurazioni Generali SpA Babcock International Group Robeco Em.Mkts EUR GL EQ LUX 05/27 EUR 137.21 –5.3 13.8 17.0 Ethical Global Fd GL EQ LUX 05/27 USD 1.03 –4.4 –8.1 6.3 Eq. Global Technol A OT EQ LUX 05/27 USD 6.65 –6.1 –8.0 0.6 plans for a merger by way of a re- surge in global oil prices. Under Mr. PF (LUX)-Asian Eq-Pca AS EQ LUX 05/27 USD 204.01 –10.9 9.2 19.7 Robeco Eur Eq EUR EU EQ LUX 05/27 EUR 37.08 –10.3 –18.6 –1.4 Ethical Sweden Fd NO EQ LUX 05/27 SEK 42.85 –3.8 –16.0 7.1 Eq. Gold Mines A OT EQ LUX 05/27 USD 30.42 1.5 22.9 11.3 PF (LUX)-Biotech-Pca OT EQ LUX 05/26 USD 325.41 –2.2 5.8 15.8 Assicurazioni Babcock International Group verse takeover that they said at the Conti, Enel embarked on an interna- Robeco EurMidcap EUR EU EQ LUX 05/27 EUR 78.77 –9.4 –23.9 –1.5 Europe Fd EU EQ LUX 05/27 USD 3.28 –9.0 –9.4 20.1 Eq. Japan A JP EQ LUX 05/27 JPY 1206.70 –8.9 –21.7 –9.6 BAA’s profit soars on gain Italian insurer PF (LUX)-CHF Liq-Pca CH MM LUX 05/27 CHF 123.01 0.8 2.0 1.8 Robeco Fin Eq EUR OT EQ LUX 05/27 EUR 39.73 –18.5 –37.3 –15.7 Global Equity Fd GL EQ LUX 05/27 USD 1.81 –0.8 –2.4 10.6 Eq. Japan Sm Cap A JP EQ LUX 05/27 JPY 1397.20 –18.0 –34.5 –30.4 Generali SpA said it decided to pull PLC, a U.K. support-services com- time valued Midwest shares at tional expansion last year. PF (LUX)-CHF Liq-Pdi CH MM LUX 05/27 CHF 94.95 0.8 2.0 1.8 Robeco Flex-O-Rente EUR EU OT LUX 05/27 EUR 104.71 1.4 0.6 1.2 Index Linked Bd Fd SEK OT BD LUX 05/27 SEK 12.65 1.4 5.1 4.0 Eq. Japan Target A JP EQ LUX 05/27 JPY 1944.51 –4.0 –18.8 –11.5 from sale of airport retailer A$7.17,or A$1.53 billion in total, com- PF (LUX)-Cnt Eu Eq-I EU EQ LUX 05/27 EUR 193.38 –13.1 –18.9 2.4 Robeco FoodAgri EUR OT EQ LUX 05/27 EUR 53.16 –12.1 –11.6 4.0 Medical Fd OT EQ LUX 05/27 USD 3.42 –11.1 –10.4 1.1 Eq. Switzerland A CH EQ LUX 04/17 CHF 36.35 –16.6 –21.3 –4.3 out of the running for Royal Bank of pany, said it is tapping BAE Systems PF (LUX)-East Eu-Pca EU EQ LUX 05/26 EUR 442.62 –13.9 2.6 10.9 Robeco Glob Bond EUR EU BD LUX 05/27 EUR 67.21 0.4 3.3 2.7 Short Medium Bd Fd SEK NO MM LUX 05/27 SEK 9.02 1.5 3.3 2.8 Eq. UK A UK EQ LUX 05/27 GBP 14.18 –16.9 –23.8 –7.5 U.K. airport operator BAA Ltd. Scotland Group PLC’s insurance ac- PLC’s chief executive, Mike Turner, pared with Sinosteel’s all-cash offer PF (LUX)-Emg Mkts-Pca GL EQ LUX 05/27 USD 703.05 –4.2 19.6 25.0 Shun Tak Holdings Ltd. Robeco Global Eq EUR GL EQ LUX 05/27 EUR 43.35 –10.7 –16.1 –2.2 Technology Fd OT EQ LUX 05/27 USD 2.64 –7.3 4.2 7.3 Eq. US ConcenCore A US EQ LUX 05/27 USD 24.76 –7.8 –3.8 0.8 of A$6.38 a share. Sinosteel said its PF (LUX)-Eu Indx-Pca EU EQ LUX 05/26 EUR 122.03 –10.6 –16.2 1.9 Robeco HighYield EUR EU BD LUX 05/27 EUR 76.46 2.6 –1.0 3.9 World Fd GL EQ LUX 05/27 USD 2.71 –0.9 –1.9 16.2 Eq. US Lg Cap Gr A US EQ LUX 05/27 USD 20.09 –0.1 2.8 7.6 said first-quarter net profit rose tivities. Investors and analysts to become its nonexecutive chair- PF (LUX)-EUR Bds-Pca EU BD LUX 05/27 EUR 358.17 –0.9 –1.0 –0.7 Robeco HlthCare EUR OT EQ LUX 05/27 EUR 41.86 –14.8 –24.7 –8.6 Eq. US Mid Cap A US EQ LUX 05/27 USD 37.58 –4.0 12.6 11.6 sharply, boosted by £517 million cheered the move, saying the price man. Mr. Turner, who is due to re- offer provided certainty of cash in a Conglomerate Shun Tak Hold- PF (LUX)-EUR Bds-Pdi EU BD LUX 05/27 EUR 281.27 –0.9 –1.0 –0.7 Robeco IT Eq EUR OT EQ LUX 05/27 EUR 30.26 –16.3 –13.3 –3.7 n SEB Fund 4 Eq. US Multi Strg A US EQ LUX 05/27 USD 28.05 –2.6 –6.2 3.1 PF (LUX)-EUR Cp Bd-Pca EU BD LUX 05/27 EUR 130.65 –0.4 –1.2 –0.2 Robeco TelServ EUR OT EQ LUX 05/27 EUR 35.01 –19.5 –19.8 2.7 Short Bond Fd EUR EU MM LUX 05/27 EUR 1.26 1.4 2.6 2.7 Eq. US Rel Val A US EQ LUX 05/27 USD 27.18 –5.0 –16.6 –0.3 ($1.02 billion) from the disposal of was too high and that the deal of- tire from his BAE post in August, challenging environment, and the ings Ltd., controlled by Macau ca- PF (LUX)-EUR Cp Bd-Pdi EU BD LUX 05/27 EUR 95.25 –0.4 –1.2 –0.2 Robeco US PremiumEq EUR US EQ LUX 05/27 EUR 108.52 –3.2 –9.2 3.4 Short Bond Fd SEK NO MM LUX 05/27 SEK 21.30 1.6 3.4 2.8 Eq. US Sm Cap Val A US EQ LUX 05/27 USD 23.27 –6.8 –17.3 –5.0 its World Duty Free Europe airport- fered little in the way of synergy ben- will succeed Gordon Campbell, who Chinese group said it wouldn’t be in- sino businessman Stanley Ho, said PF (LUX)-EUR HiYld-Pca EU BD LUX 05/27 EUR 140.69 –1.8 –8.4 –0.2 Robeco US PremiumEq USD US EQ LUX 05/27 USD 113.08 –3.5 –8.4 5.0 Short Bond Fd USD US MM LUX 05/27 USD 2.48 0.9 3.4 4.0 Eq. US Value Opp A US EQ LUX 05/27 USD 23.59 –7.5 –17.7 –6.2 PF (LUX)-EUR HiYld-Pdi EU BD LUX 05/27 EUR 90.99 –1.8 –8.4 –0.2 Money Market EURO A EU MM LUX 05/27 EUR 26.44 1.7 4.1 3.6 retail arm. BAA, owned by Spain- efits. Though Generali didn’t give a is standing down after eight years creasing its bid. one of its units agreed to buy a resi- n PF (LUX)-EUR Liq-Pca EU MM LUX 05/27 EUR 131.89 1.6 3.4 3.3 n RUSSELL INVESTMENT GROUP SEB Fund 5 Money Market USD A US MM LUX 05/27 USD 15.52 1.4 4.3 4.6 Grupo Ferrovial PF (LUX)-EUR Liq-Pdi EU MM LUX 05/27 EUR 98.52 1.6 3.4 3.3 Multi-Style, Multi-Manager Funds www.russell.com Alpha Bond Fd SEK -A- NO BD LUX 05/27 SEK 10.24 0.2 1.7 1.4 based SA, said net reason for the decision, people fa- with the company. He will become a dential site at Macau’s Nam Van dis- PF (LUX)-Europ Eq-Pca EU EQ LUX 05/27 EUR 525.11 –13.9 –21.0 –0.1 Actions France A EU EQ IRL 05/27 EUR 871.69 –11.4 NS NS Alpha Bond Fd SEK -B- NO BD LUX 05/27 SEK 9.19 0.2 1.7 1.4 profit rose to £482 million from miliar with the matter said the nonexecutive director in June be- trict for HK$3.15 billion (US$403.5 PF (LUX)-EuSust Eq-Pca EU EQ LUX 05/26 EUR 161.46 –12.3 –22.4 –2.5 Core Eurozone Eq B EU EQ IRL 05/27 EUR 1010.17 NS NS NS Alpha Bond Fd SEK -C- NO BD LUX 05/27 SEK 25.67 0.2 1.5 1.3 Eni SpA PF (LUX)-Gl Em Dbt-Pca GL BD LUX 05/26 USD 203.28 1.3 3.4 8.5 Euro Fixed Income A EU BD IRL 05/27 EUR 1222.86 –2.1 –3.2 –1.9 Alpha Bond Fd SEK -D- NO BD LUX 05/27 SEK 8.55 –0.9 0.4 0.7 £73 million a year earlier. But BAA U.K.-based bank wanted more for fore taking over as chairman in No- million). Its wholly owned unit, PF (LUX)-Gl Em Dbt-Pdi GL BD LUX 05/26 USD 144.94 1.3 3.4 8.5 Euro Fixed Income B EU BD IRL 05/27 EUR 1293.08 –1.8 –2.7 –1.3 Alpha Short Bd SEK -A- NO MM LUX 05/27 SEK 10.67 1.6 3.5 2.9 swung to an operating loss of £51 mil- the business than the Italian insurer vember, Babcock said. BAE hasn’t Italy’s new government, led by Shun Tak Lake Ltd., will acquire PF (LUX)-Gl Eq Sel-Pca GL EQ LUX 05/26 USD 22.19 –8.7 –8.9 2.9 Euro Small Cap A EU EQ IRL 05/27 EUR 1552.87 –11.8 –29.6 –6.1 Alpha Short Bd SEK -B- NO MM LUX 05/27 SEK 10.01 1.6 3.5 2.9 PF (LUX)-Indian Eq-Pca EA EQ LUX 05/27 USD 369.72 –30.3 4.0 24.4 Euro Small Cap B EU EQ IRL 05/27 EUR 1647.42 –11.6 –29.1 –5.6 Alpha Short Bd SEK -C- NO MM LUX 05/27 SEK 20.90 1.5 3.4 2.8 lion, compared with a year-earlier was willing to pay. In April, Genera- named a successor for Mr. Turner, Prime Minister Silvio Berlusconi, the land from Many Gain Invest- PF (LUX)-Jap Index-Pca JP EQ LUX 05/27 JPY 13202.31 –7.1 –19.2 –5.6 Eurozone Agg Eq A EU EQ IRL 05/27 EUR 818.07 –14.6 –22.0 NS Alpha Short Bd SEK -D- NO MM LUX 05/27 SEK 8.69 1.5 3.4 2.8 n TRIGON CAPITAL profit of £107 million, hit by higher li’s co-chief executives, Sergio Balbi- 59 years old, who has been CEO for will reappoint the chief executives ments Ltd. The price represents a PF (LUX)-Jp Eq Sel-Ica JP EQ LUX 05/27 JPY 12426.37 –7.3 –23.6 –10.7 Eurozone Agg Eq B EU EQ IRL 05/27 EUR 1164.50 –14.4 –21.6 –0.7 Bond Fd EUR -C- EU BD LUX 05/27 EUR 1.22 0.7 2.3 1.1 Phone +372 667 9208 Fax +372 667 9221 E-mail [email protected] Website www.trigoncapital.com Bond Fd EUR -D- EU BD LUX 05/27 EUR 0.49 –3.8 –2.2 –1.2 security and maintenance costs at Eni Enel 22% discount to the HK$4.05 bil- PF (LUX)-Jp Eq Sel-Pca JP EQ LUX 05/27 JPY 12175.20 –7.5 –24.1 –11.2 Glbl Bd (EuroHdg) A GL BD IRL 05/27 EUR 1280.96 –1.0 0.0 0.6 Central and Eastern EuropeanEE EUR EQ EST 05/28 EUR 13.83 –19.3 –25.4 –2.6 not and Giovanni Perissinotto, told the past six years. Mr. Turner previ- of energy giants SpA and Bond Fd SEK -C- NO BD LUX 05/27 SEK 37.97 0.5 2.1 1.2 PF (LUX)-JpEq130/30-Pca JP EQ LUX 05/27 JPY 6486.37 –5.9 –19.8 –11.8 Glbl Bd (EuroHdg) B GL BD IRL 05/27 EUR 1345.40 –0.7 0.5 1.2 New Europe Small Cap EUR EE EQ EST 05/28 EUR 7.43 –16.5 –26.0 0.4 its seven U.K. airports. The operat- shareholders that the insurer would ously served as a Babcock director SpA, said Andrea Ronchi, the coun- lion valuation by an independent PF (LUX)-Pacif Idx-Pca AS EQ LUX 05/27 USD 307.28 –3.7 11.3 23.0 Glbl Bd A EU BD IRL 05/27 EUR 965.85 –4.2 –7.2 –5.2 Bond Fd SEK -D- NO BD LUX 05/27 SEK 11.39 0.5 2.1 1.2 Second Wave EUR EE EQ EST 05/28 EUR 14.81 –15.2 –12.0 15.7 PF (LUX)-Piclife-Pca CH BA LUX 05/27 CHF 797.33 –6.2 –9.4 –0.5 Glbl Bd B EU BD IRL 05/27 EUR 1018.58 –4.0 –6.6 –4.6 Corp. Bond Fd EUR -C- EU BD LUX 05/27 EUR 1.18 0.7 0.0 0.3 ing loss came despite an 8.8% rise in pursue a plan to expand its opera- for nine years. try’s European Union affairs minis- valuer in May, which took into con- PF (LUX)-PremBrnds-Pca OT EQ LUX 05/26 EUR 66.56 –13.4 –22.7 –1.6 Glbl Real Estate A OT EQ IRL 05/27 USD 1259.36 –0.9 –11.7 7.1 Corp. Bond Fd EUR -D- EU BD LUX 05/27 EUR 0.93 1.3 0.3 0.4 revenue to £506 million. Separately, tions abroad but that it would con- ter. The reappointments of Paolo sideration the development poten- PF (LUX)-Security-Pca GL EQ LUX 05/26 USD 99.66 –10.7 –10.4 NS Glbl Real Estate B OT EQ IRL 05/27 USD 1286.05 –0.7 –11.2 7.8 Corp. Bond Fd SEK -C- NO BD LUX 05/27 SEK 12.16 0.7 0.8 1.3 PF (LUX)-Sm Cap Eu-Pca EU EQ LUX 05/27 EUR 565.16 –8.4 –22.1 0.8 Glbl Real Estate EH-A OT EQ IRL 05/27 EUR 1129.98 –3.7 –17.3 2.3 Corp. Bond Fd SEK -D- NO BD LUX 05/27 SEK 9.55 0.9 0.9 1.4 BAA and British Airways PLC said sider only acquisitions that were Scaroni as head of state-controlled tial of the site and general market Danish Mortgage Bond Fd EURNO -ID- BD LUX 05/27 EUR 97.99 NS NS NS Walt Disney Co. PF (LUX)-Telecom-Pca OT EQ LUX 05/26 USD 123.50 –9.7 0.7 16.9 Glbl Real Estate SH-B OT EQ IRL 05/27 GBP 106.60 –2.9 –15.6 4.6 Danish Mortgage Bond Fd EURNO -RC- BD LUX 05/27 EUR 97.97 NS NS NS they aim to complete the delayed reasonably priced. oil-and-gas giant Eni—for an addi- conditions of Macau’s property PF (LUX)-US Eq-Ica US EQ LUX 05/26 USD 122.66 –4.7 –3.1 7.9 Glbl Strategic Yield A EU BD IRL 05/27 EUR 1501.51 0.5 –1.6 3.6 Glbl Strategic Yield B EU BD IRL 05/27 EUR 1591.45 0.7 –1.0 4.2 Danish Mortgage Bond Fd SEKNO -ID- BD LUX 05/27 SEK 98.76 NS NS NS PF (LUX)-USA Index-Pca US EQ LUX 05/26 USD 109.22 –5.8 –7.6 5.0 transfer of long-haul flights into the Walt Disney Co. plans to make tional three years—and Fulvio Conti market, Shun Tak Holdings said Japan Equity A JP EQ IRL 05/27 JPY 17038.00 –8.4 –20.9 –8.8 Danish Mortgage Bond Fd SEKNO -RC- BD LUX 05/27 SEK 910.69 NS NS NS n YUKI MANAGEMENT & RESEARCH CO., LTD. PF (LUX)-USD Bds-Pca US BD LUX 05/26 USD 480.02 1.7 7.7 6.0 Japan Equity B JP EQ IRL 05/27 JPY 17987.00 –8.1 –20.5 –8.3 Flexible Bond Fd -C- NO BD LUX 05/27 SEK 19.96 1.2 2.7 2.3 new fifth terminal of London’s its Disney Channel in Spain avail- at the helm of Enel until 2011 are con- late Tuesday. PF (LUX)-USD Bds-Pdi US BD LUX 05/26 USD 362.67 1.7 7.7 6.0 Tel: +81-3-5299-3277 www.yukijapan.co.jp Qantas Airways Ltd. Multi St Cash Plus EH-A GL EQ IRL 05/27 EUR 1012.97 0.1 NS NS Flexible Bond Fd -D- NO BD LUX 05/27 SEK 11.30 1.2 2.7 2.3 PF (LUX)-USD Liq-Pca US MM LUX 05/26 USD 128.65 1.2 3.7 4.4 YMR-N Growth Fund JP EQ IRL 05/28 JPY 13937.00 –16.9 –30.9 –15.3 Heathrow Airport by the end of Octo- able free through digital-terrestrial firmed, the minister said. Both com- PacBasn (Ex-Jap) Eq A AS EQ IRL 05/27 USD 2430.62 –8.1 5.2 18.1 YMR-N Japan Fund JP EQ IRL 05/28 JPY 15073.00 –13.3 –26.0 –8.5 PF (LUX)-USD Liq-Pdi US MM LUX 05/26 USD 86.72 1.3 3.7 4.4 n PacBasn (Ex-Jap) Eq B AS EQ IRL 05/27 USD 2569.02 –7.9 5.8 18.8 SEB Global Hedge YMR-N Low Price Fund JP EQ IRL 05/28 JPY 19894.00 –12.8 –25.6 –13.2 ber. BA had originally planned to Qantas Airways Ltd. said it will television starting in July, entirely panies pick new boards at share- PF (LUX)-Water-Pca GL EQ LUX 05/26 EUR 139.20 –10.9 –14.2 2.5 Pan European Eq A EU EQ IRL 05/27 EUR 1185.13 –12.8 –20.2 –1.4 Global Hedge I SEK -C- OT OT LUX 05/27 SEK 105.65 –3.4 –6.0 –1.1 YMR-N Small Cap Fund JP EQ IRL 05/28 JPY 9888.00 –20.2 –33.8 –21.2 PF (LUX)-WldGovBds-Pca GL BD LUX 05/26 USD 155.62 5.7 15.0 7.8 move all of the long-haul services lay off staff, implement an execu- funded by advertising. The popular holder meetings next month. Over —Compiled from staff Pan European Eq B EU EQ IRL 05/27 EUR 1252.72 –12.6 –19.7 –0.8 Global Hedge I SEK -D- OT OT LUX 05/27 SEK 96.55 –3.4 –6.0 –1.1 Yuki Mizuho Gen Jpn III JP EQ IRL 05/28 JPY 7791.00 –16.1 –24.2 NS PF (LUX)-WldGovBds-Pdi GL BD LUX 05/26 USD 131.70 5.7 15.0 7.8 US Equity A US EQ IRL 05/27 USD 1091.47 –5.9 –4.1 5.9 from Terminal 4 on April 30. tive-pay freeze and reduce capac- children’s channel is currently the past three years, Mr. Scaroni has and wire service reports. n SEB Sicav 1 Yuki Mizuho Jpn Dyn Gro AS EQ IRL 05/28 JPY 8267.00 –14.9 –27.5 –16.4 n POLAR CAPITAL PARTNERS LIMITED US Equity B US EQ IRL 05/27 USD 1157.32 –5.7 –3.5 6.5 Yuki Mizuho Jpn Exc 100 JP EQ IRL 05/28 JPY 10812.00 –13.7 –23.6 –13.6 ity across its domestic and interna- broadcast on several Spanish cable US Small Cap A US EQ IRL 05/27 USD 1613.31 –6.1 –9.6 1.7 Choice Emerging Mkts Fd GL EQ LUX 05/27 USD 3.14 –5.7 24.4 27.9 Yuki Mizuho Jpn Gen JP EQ IRL 05/28 JPY 12849.00 –16.4 –28.5 –13.9 International Fund Managers (Ireland) Limited PH - 353 1 670 660 Fax - 353 1 670 1185 US Small Cap B US EQ IRL 05/27 USD 1711.94 –5.9 –9.0 2.3 Eastern Europe Fd EE EQ LUX 05/27 EUR 3.52 –13.6 –11.0 11.0 Yuki Mizuho Jpn Gro JP EQ IRL 05/28 JPY 9759.00 –20.9 –31.4 –18.0 Asia Ex-Japan Fund USD AS EQ IRL 05/20 USD 1.12 –93.7 –93.8 –72.2 tional networks by about 5% to off- networks. Disney said the low num- Yuki Mizuho Jpn Inc JP EQ IRL 05/28 JPY 12112.00 –7.6 –23.4 –8.1 British Energy Group PLC Global Technology OT EQ IRL 05/27 USD 13.39 –7.5 –7.7 –1.1 n SEB Sicav 2 n SEB ASSET MANAGEMENT S.A. Yuki Mizuho Jpn Lg Cap AS EQ IRL 05/28 JPY 7961.00 –15.6 –25.3 NS set higher costs from recent record ber of cable subscribers in Spain— Japan Fund USD JP EQ IRL 05/28 USD 16.54 –1.8 –7.1 –6.0 Choice Asia SmCap exJpn AS EQ LUX 05/27 SEK 27.49 –17.7 –17.7 2.0 www.seb.se Yuki Mizuho Jpn LowP JP EQ IRL 05/28 JPY 15705.00 –13.3 –26.5 –15.3 Eastern Europe SmCap Fd EU EQ LUX 05/27 EUR 3.58 –14.3 –21.8 9.6 Nuclear-power generator British fuel prices. Despite a recruitment about three million homes out of a SEB Fund 1 Yuki Mizuho Jpn PGth JP EQ IRL 05/28 JPY 12980.00 –20.9 –28.1 –17.1 n Hemisphere Management (Ireland) Limited Europe Chance/Risk Fd EU EQ LUX 05/27 EUR 1465.25 –13.8 –21.5 0.0 Choice Global Value -C- GL EQ LUX 05/27 SEK 101.78 –12.7 –21.1 NS Yuki Mizuho Jpn SmCp JP EQ IRL 05/28 JPY 9957.00 –21.4 –31.9 –21.1 Energy Group PLC, which is consid- freeze, its fuel-hedging strategy, population of 40 million—made it Columbus USD A GL EQ CYM 04/30 USD 99.82 –1.0 4.6 NS Choice Japan Fd JP EQ LUX 05/27 JPY 71.66 –9.4 –24.3 –10.8 Yuki Mizuho Jpn Val Sel AS EQ IRL 05/28 JPY 8237.00 –12.4 –22.9 –13.3 Discovery USD A OT OT CYM 04/30 USD 112.93 1.2 15.5 NS ering takeover approaches, posted a continued fuel surcharges and two hard to increase the channel’s view- Choice Jpn Chance/Risk JP EQ LUX 05/27 JPY 81.39 –9.1 –17.6 –5.5 Yuki Mizuho Jpn YoungCo AS EQ IRL 05/28 JPY 4616.00 –19.2 –41.3 –34.2 Elbrus USD A GL EQ CYM 04/30 USD 15.32 –6.4 17.7 NS Choice NthAmChance/Risk US EQ LUX 05/27 USD 5.11 –2.2 –0.2 8.4 28% drop in fiscal-full-year net increases in ticket prices an- ers. It will be the first time the Dis- Europn Conviction USD B EU EQ CYM 04/30 USD 118.48 3.7 10.1 8.9 n Ethical Europe Fd EU EQ LUX 05/27 EUR 2.64 –13.5 –21.1 0.3 Yuki 77 Series profit after problems at two of its nounced over the past month, Qan- ney channel has been offered free in Europn Forager USD B OT OT CYM 04/30 USD 210.52 2.6 3.2 14.1 Europe 1 Fd EU EQ LUX 05/27 EUR 3.76 –13.5 –21.5 0.2 Yuki 77 Excellent JP EQ IRL 05/28 JPY 7551.00 –14.6 –23.1 –12.0 Gl Utilities Abs Rtn USD A OT OT CYM 04/30 USD 112.33 –6.4 3.5 5.4 Yuki 77 General JP EQ IRL 05/28 JPY 9871.00 –14.1 –23.9 –11.4 Europe 2 Fd EU EQ LUX 05/27 EUR 1.25 –13.8 –21.5 0.0 n plants. British Energy, the largest tas said it isn’t able to offset an ex- any country. Japan Abs Ret USD A AS EQ CYM 04/30 USD 142.94 –8.6 –19.3 –6.0 Europe 3 Fd EU EQ LUX 05/27 GBP 4.37 –7.0 –7.8 9.4 SG ASSET MANAGEMENT HTTP://WWW.SGAM.COM Yuki 77 Growth JP EQ IRL 05/28 JPY 9834.00 –19.8 –30.7 –18.4 Latin America USD A GL EQ CYM 04/30 USD 13.87 1.8 16.4 NS Eq. China A AS EQ LUX 05/27 USD 25.95 –21.6 13.8 36.5 producer of electricity in Britain pected A$2 billion (US$1.92 bil- Global Chance/Risk Fd GL EQ LUX 05/27 EUR 0.72 –8.9 –19.1 –2.5 n Yuki Chugoku Series Paragon Limited USD A EU EQ CYM 04/30 USD 283.60 3.2 12.9 19.1 Global Fd GL EQ LUX 05/27 USD 2.83 –4.3 –5.7 7.6 Eq. Pacific A AS EQ LUX 05/27 USD 11.91 –14.0 10.4 22.6 with eight nuclear-power stations lion) increase in its fuel bill for the Yuki Chugoku Jpn Gen JP EQ IRL 05/28 JPY 10072.00 –13.5 –27.9 –14.2 UK Fund USD A OT OT CYM 04/30 USD 168.91 6.2 4.4 6.7 Intl Mixed Fd -C- NO BA LUX 05/27 USD 32.92 –1.2 0.9 8.5 Sinosteel Corp. n SGAM Fund Yuki Chugoku Jpn Gro JP EQ IRL 05/28 JPY 8239.00 –18.3 –25.3 –12.7 Intl Mixed Fd -D- NO BA LUX 05/27 USD 23.23 –2.0 0.0 9.5 and one coal-powered station, said it year to June 2009 without making n PT CIPTADANA ASSET MANAGEMENT Bonds CHF A CH BD LUX 05/27 CHF 26.15 0.2 0.8 0.0 Yuki Chugoku Jpn Inc JP EQ IRL 05/28 JPY 8077.00 –7.0 –20.2 –8.3 Nordic Fd NO EQ LUX 05/27 EUR 7.00 –5.4 –12.9 7.7 Sinosteel Bonds ConvEurope A EU BD LUX 05/26 EUR 29.61 1.9 6.1 6.7 Yuki Chugoku JpnLowP JP EQ IRL 05/28 JPY 12421.00 –12.4 –24.8 –12.6 is making good operational progress the changes just announced. “The Chinese metals trader Tel: 521-3479 Fax: 521-3478 Website: www.ciptadana-asset.com Wireless Fd OT EQ LUX 05/27 EUR 0.16 –16.7 –14.3 –1.0 Indonesian Grth Fund EA EQ CYM 05/21 USD 124.37 –8.2 9.4 30.4 Bonds Eur Corp A EU BD LUX 05/26 EUR 21.76 –0.8 –1.7 –0.4 Yuki Chugoku JpnPurGth JP EQ IRL 05/28 JPY 7606.00 –13.1 –28.2 –14.0 despite the disappointing financial fact is that fuel prices are some- Corp. said it won’t raise its n SEB Fund 2 Bonds Eur Hi Yld A EU BD LUX 05/26 EUR 20.36 –4.0 –9.7 –0.8 n Yuki Daishi Series performance. Chief Executive Bill Co- thing we have no control over, so A$1.36 billion (US$1.3 billion) take- Choice Asia ex. Japan Fd AS EQ LUX 05/27 USD 8.05 –11.4 3.7 16.4 Bonds EURO A EU BD LUX 05/27 EUR 37.03 0.3 1.8 0.8 Yuki Daishi General JP EQ IRL 05/28 JPY 11178.00 –13.1 –26.9 –13.1 Currency Alpha EUR -IC- OT OT LUX 05/27 EUR 10.49 2.7 3.3 NS Bonds Europe A EU BD LUX 05/27 EUR 35.43 –0.9 –0.1 0.0 ley said the company’s Sizewell B re- we have to look harder at areas over offer for Australian iron-ore de- Currency Alpha EUR -RC- OT OT LUX 05/27 EUR 10.46 2.5 3.0 NS Bonds US MtgBkSec A US BD LUX 05/23 USD 22.75 –9.8 –6.2 –0.3 n Yuki Hokuyo Japan Series Bonds US OppsCoreplus A US BD LUX 05/23 USD 32.04 1.8 6.9 5.9 actor would return to service where we do have control,” said veloper Midwest Corp., despite the Currency Alpha SEK -ID- OT OT LUX 05/27 SEK 101.66 NS NS NS Yuki Hokuyo Jpn Gen JP EQ IRL 05/28 JPY 7818.00 –11.3 –21.9 –10.4 Bonds World A GL BD LUX 05/27 USD 39.22 5.5 15.1 8.4 Currency Alpha SEK -RC- OT OT LUX 05/27 SEK 97.28 NS NS NS Yuki Hokuyo Jpn Gro JP EQ IRL 05/28 JPY 6614.00 –17.7 –29.8 –17.6 “within days” after an unplanned Qantas Chief Executive Geoff emergence of a rival proposal from Eq. ConcentratedEuropeA EU EQ LUX 05/27 EUR 34.77 –13.8 –20.4 –2.6 Generation Fd 80 OT OT LUX 05/27 SEK 8.75 –7.5 NS NS Yuki Hokuyo Jpn Inc JP EQ IRL 05/28 JPY 7915.00 –6.1 –22.7 –10.2 Nordic Focus EUR NO EQ LUX 05/27 EUR 91.86 –7.1 NS NS Eq. Eastern Europe A EU EQ LUX 05/27 EUR 39.36 –10.7 3.0 12.6 shutdown Tuesday. The company Dixon. Crude-oil futures have more Murchison Metals Ltd. Murchison Nordic Focus NOK NO EQ LUX 05/27 NOK 89.99 NS NS NS Eq. Equities Global Energy OT EQ LUX 05/27 USD 28.79 14.3 32.4 25.9 n Yuki Nishi Nippon City Japan Series posted net profit of £335 million than doubled over the past year, hit- Nordic Focus SEK NO EQ LUX 05/27 SEK 90.95 –8.6 NS NS Eq. Euroland A EU EQ LUX 05/27 EUR 14.33 –17.1 –21.3 –2.1 Yuki Nishi-Nippon Cty GeneralJP EQ IRL 05/28 JPY 8198.00 –15.5 –25.7 –13.1 Russia Fd EE EQ LUX 05/27 EUR 12.05 –0.8 17.3 NS Eq. Euroland MidCapA EU EQ LUX 05/27 EUR 26.78 –7.6 –20.9 –0.7 Yuki Nishi-Nippon Cty PurGthJpJP EQ IRL 05/28 JPY 7460.00 –16.4 –27.1 NS ($662 million) for the year ended ting a record close of US$133.17 a n ROBECO GROUP Eq. EurolandCyclclsA EU EQ LUX 05/27 EUR 22.60 –10.8 –9.0 5.0 March 31, down from £465 million barrel last week, prompting a sav- Tel. +31 10 224 1224 , www.robeco.com n SEB Fund 3 Eq. EurolandFinancialA OT EQ LUX 05/27 EUR 15.54 –16.5 –28.1 –8.5 n Yuki Shizuoka Japan Series Robeco AsiaPac EUR AS EQ LUX 05/27 EUR 75.44 –10.8 –14.2 –2.2 Choice Asia Eq. ex Japan Fd AS EQ LUX 05/27 USD 1.44 –10.2 5.1 18.9 Eq. Glbl Emg Cty A GL EQ LUX 05/27 USD 13.00 –3.8 21.2 23.7 Yuki Shizuoka General Japan JP EQ IRL 05/28 JPY 8323.00 –13.1 –27.6 –12.6 the previous year. Revenue declined aging of airlines around the world, 6.3% to £2.81 billion. The financial re- particularly in the U.S. Advertisement [ ALTERNATIVE INVESTMENT FUNDS www.WSJ.com ] Advertisement sults were higher than analysts ex- pected thanks to higher power Tata Motors Ltd. prices in the final quarter of the year. 12-month and 2-year returns may be calculated over 11- and 23-month NAV — %RETURN — NAV — %RETURN — periods pending receipt and publication of the last month end price. FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR Tata Motors Ltd. said its direc- NAV — %RETURN — INDICES tors approved raising about 72 bil- FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR n D'AURIOL FUNDS WWW.DAURIOL.BIZ Lvgd Alpha AdvantEdge OT OT JEY 04/30 USD 133.62 –7.9 –0.8 1.9 Cable & Wireless PLC 2 FUNDS OF FUNDS OF HEDGE FUNDS Trading AdvantEdge OT OT GGY 04/30 USD 143.83 6.9 26.3 14.5 lion rupees ($1.68 billion) through NAV % RETURN D'Auriol Alt Non-Lev A EU OT CYM 03/31 EUR 124.52 –3.9 2.7 3.1 US AdvantEdge OT OT JEY 04/30 USD 125.12 –1.0 4.3 5.6 FUND NAME GF DATE CR NAV 1-WK 1-MO 1-Q 1-YR 2-YR U.K. telecommunications com- three separate rights issues, D'Auriol Opp F3 EUR EU MM CYM 03/31 EUR 1290.59 –5.8 –3.0 0.5 n ARIX ABSOLUTE RETURN INVESTABLE INDEX pany Cable & Wireless PLC said it mainly to finance the recent acqui- Feri Institutional Advisors, www.feri.de had approached smaller rival Thus sition of Ford Motor Co.’s Jaguar ARIX Composite Gross USD OT 05/21 USD 1579.77 0.5 NS NS NS NS Group PLC about a possible bid, and Land Rover luxury-car brands. n 788 ASSET MANAGEMENT LTD. NAV — %RETURN — FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR which, according to one London- Tata will raise as much as 22 billion [email protected] www.788am.com 788 China Fund Ltd OT OT CYM 04/30 USD 183.81 –39.1 10.2 22.1 n INTEGRATED ALTERNATIVE INVESTMENTS, TEL: +44 (0)20 75149200 based analyst, would likely be in the rupees through a rights issue of eq- n PRIMASIA PACIFIC ASSET MANAGEMENT LTD. TEL: +852 2523 8221 788 China Smaller Cap OT OT CYM 04/30 USD 109.57 NS NS NS n HARMONY CAPITAL Email: [email protected] - Website: www.integratedai.com range of £270 million to £280 million uity shares, said India’s biggest 788 Gl Asset Alloc. Fd OT OT CYM 04/30 USD 125.09 –12.9 14.4 15.1 email: [email protected] Tel: + 44 207 290 6630 Altipro OT OT FRA 05/22 EUR 256.37 0.2 3.5 NS www.primasia.com www.primasiahedgefund.com 788 Japan Fund Ltd OT OT CYM 04/30 USD 115.78 –6.4 10.8 12.9 Harmony Cap Ltd A USD OT OT BMU 04/30 USD 2133.12 –8.7 –10.0 –0.9 Integrated Cash Dyn EUR OT OT CYM 04/30 EUR 100.84 0.0 1.7 3.1 Primasia Hedge Fund GL OT BMU 05/26 USD 18.02 4.0 NS NS ($534 million to $553 million). Cable auto maker by sales. In addition, as n ALEXANDRA INVESTMENT MANAGEMENT Harmony Cap Ltd B EUR OT OT BMU 04/30 EUR 2054.25 –8.5 –10.5 –2.1 Integrated Dir Trading USD OT OT CYM 04/30 USD 97.56 4.9 16.6 8.0 & Wireless said last week it was look- much as 20 billion rupees will be Integrated Emg Markets EUROT OT CYM 04/30 EUR 98.68 –6.1 0.8 2.6 Alexandra Global Inv I OT OT VGB 04/30 USD 54.57 –17.2 –10.5 –1.0 Harmony Cap Ltd D USD OT OT BMU 04/30 USD 1226.04 –8.8 –10.4 –1.3 Harmony Cap Ltd E EUR OT OT BMU 04/30 USD 1184.81 –8.5 –10.8 –2.5 Integrated European EUR OT OT CYM 04/30 EUR 149.28 0.5 –2.3 –0.3 ing at acquisitions to strengthen its raised through a rights issue of vot- Harmony Cap Ltd F GBP OT OT BMU 04/30 GBP 1030.13 –8.3 –9.5 NS Integrated Event Driven USDOT OT CYM 04/30 USD 103.95 –3.1 2.4 7.8 ing shares. A further 30 billion ru- Integrated Lg/Sh Sel A USD OT OT USA 04/30 USD 97.88 –2.2 3.2 5.9 U.K. operations. Thus, which is un- n HERMITAGE CAPITAL MANAGEMENT LTD. Integrated Lg/ShEqA USD OT OT IRL 04/30 USD 116.66 –0.9 3.3 3.5 profitable, mainly provides fixed-line pees will be raised through an issue Tel: +7501 258 3160 www.hermitagefund.com Integrated MultSt B USD OT OT VGB 04/30 USD 139.79 –1.4 4.1 5.5 and wireless telecom services to busi- of five-year, 0.5% convertible pref- The Hermitage Fund GL EQ JEY 05/23 USD 1850.40 3.9 24.2 13.6 Integrated Relative Value USDOT OT CYM 04/30 EUR 98.64 –1.8 –0.5 4.6 n RAINBOW ADVISORY SERVICES LTD. TEL: +242 322 5444 nesses and the public sector. Its inter- erence shares. The shares will have n HORSEMAN CAPITAL MANAGEMENT LTD. [email protected] n ASPECT CAPITAL LIMITED WWW.ASPECTCAPITAL.COM net provider, Demon, largely serves the option of conversion into vot- T: +44(0)20 7838 7580, F: +44(0) 20 7838 7590, www.horsemancapital.com Rainbow Glb Hi Yld GL BD BHS 04/30 USD 4079.37 0.2 23.5 2.3 TEL: +44(0)20 7170 9700 FAX: +44 (0)20 7170 9701 Horseman EmMkt Opp EUR GL EQ GBR 04/30 EUR 181.28 –2.2 34.7 NS Star Fund Ltd Inv GL BD BHS 04/30 USD 2821.71 6.4 43.4 8.9 small businesses. Cable & Wireless ing shares after three years but be- Aspect Dvsfd USD GL OT CYM 05/26 USD 290.05 9.4 14.4 12.5 Horseman EmMkt Opp USD GL EQ USA 04/30 USD 187.36 –2.2 36.4 NS Aspect Euro Eqty USD OT OT CYM 05/23 USD 176.83 5.5 8.5 6.8 said the approach wasn’t a firm inten- fore five years. On completion of Aspect Global Curr USD GL OT CYM 05/23 USD 102.27 6.4 NS NS Horseman EurSelLtd EUR EU EQ GBR 04/30 EUR 196.77 9.6 24.6 19.7 Aspect Global Eqty USD OT OT CYM 05/23 USD 110.93 4.2 3.0 NS Horseman EurSelLtd USD EU EQ GBR 04/30 USD 206.08 9.7 25.2 21.3 tion to make an offer. Thus, shares of the three rights issues, Tata also Aspect Master USD OT OT CYM 05/23 USD 162.28 5.9 6.7 7.9 Horseman Glbl Ltd EUR GL EQ CYM 04/30 USD 401.45 7.0 26.7 22.7 n KEY ASSET MANAGEMENT (UK) LIMITED which jumped more than 20% after plans to raise between $500 mil- Horseman Glbl Ltd USD GL EQ CYM 04/30 USD 401.45 7.0 26.7 22.7 Tel: +44 207 0166200 [email protected] n ATLANTIC INVESTMENT MANAGEMENT - NEW YORK, NEW YORK the approach was announced, re- lion and $600 million through an is- n HSBC ALTERNATIVE INVESTMENTS LIMITED Key Asia Hldgs, Inc. OT OT VGB 05/16 USD 237.36 –5.8 –1.5 2.1 [email protected] Tel: +1 212 484 5050 Key Europe, Inc. EU EQ VGB 05/16 EUR 201.19 –2.4 NS NS AJR International A US EQ VGB 05/21 USD 1137.40 7.4 NS NS sponded by urging its shareholders sue of securities in the overseas T +44 20 7860 3074 F + 44 20 7860 3174 www.hail.hsbc.com Key Global, Inc. GL EQ VGB 05/16 USD 688.52 –1.5 NS NS AJR International B US EQ VGB 05/23 USD 189.98 6.9 14.2 NS HSBC Absolute Companies n SUPERFUND ASSET MANAGEMENT GMBH markets. Cambrian Asia Ltd. AS EQ VGB 05/21 JPY 9186.00 –5.9 NS NS Key Hedge Fund, Inc. OT OT VGB 05/16 USD 435.74 –2.1 NS NS to take no action for the time being. Cambrian Europe Ltd. EU EQ VGB 05/21 EUR 97.41 –6.9 NS NS HSBC Absolute Companies Key Recovery Fd Ltd. OT OT CYM 05/16 USD 176.93 –3.0 –1.2 5.2 For information about open funds, please contact us on Tel: +43 1 24700 Cambrian Fund Ltd. A US EQ VGB 05/21 USD 841.90 –2.4 NS NS Euro Absolute OT OT GGY 04/30 GBP 1.58 –3.1 –2.7 2.5 KeyGblEmgMkts, Inc. GL EQ VGB 05/16 USD 638.93 –1.6 NS NS www.superfund.com *Closed for New Investments Euro Absolute EUR OT OT GGY 04/30 EUR 2.21 –3.5 –3.8 0.8 Cambrian Fund Ltd. B US EQ VGB 05/21 USD 205.40 –2.4 NS NS Superfund Cayman* OT OT CYM 05/20 USD 63.81 34.0 32.9 19.1 Polo Ralph Lauren Corp. Navistar International Corp. Rodinia Fund Ltd US EQ VGB 05/21 USD 143.16 –0.7 –1.9 NS Global Absolute OT OT GGY 04/30 GBP 1.11 –1.3 5.3 5.7 n KREDIETBANK LUXEMBOURG Superfund GCT USD* GL EQ LUX 05/20 USD 3138.00 29.3 20.2 14.0 Global Absolute USD OT OT GGY 04/30 USD 2.05 –2.1 4.1 6.1 www.kbl.lu Fax : +352 47 97 73 911 Superfund Q-AG* OT OT AUT 05/20 EUR 7804.00 20.7 18.5 13.7 KBL SPOP Investing OT OT LUX 04/30 EUR 2143.31 –2.8 3.0 6.0 Polo Ralph Lauren Corp. posted Truck maker Navistar Interna- n HSBC ISPartners Diversified Fund KBL SPOP Investing OT OT LUX 04/30 USD 2071.73 –2.9 3.8 7.4 n tional Argon Fund EUR OT OT GGY 04/30 USD 136.15 –0.4 7.4 6.9 KBL SPOP Long/Short Eq OT OT LUX 04/30 USD 608.34 –8.2 8.4 NS WEAVERING CAPITAL a 41% increase in fiscal-fourth-quar- Corp. said it is expecting to Argon Fund USD OT OT GGY 04/30 USD 141.98 –0.4 8.2 8.5 KBL SPOP Long/Short Eq OT OT LUX 04/30 EUR 600.12 –7.7 8.0 NS www.weaveringcapital.com [email protected] T:+44(0)2073554720 ter profit amid strong sales in Eu- achieve record revenue and solid n HSBC Portfolio Selection Fund Weavering Macro F.I. Fd GL OT CYM 04/30 USD 169.80 3.0 11.8 11.7 rope and the launch of its partner- profitability in fiscal 2008 despite n GH Fund CHF Hdg OT OT JEY 04/30 CHF 120.71 –1.6 3.2 3.8 n CAPITAL MANAGEMENT ADVISORS GH Fund EUR Hdg OT OT JEY 04/30 EUR 130.45 –1.0 5.0 5.6 WINTON CAPITAL MANAGEMENT LTD ship with J.C. Penney Co. Its shares the weak truck industry, according Phone Number: +1 441 295 59 29 GH Fund GBP Hdg OT OT JEY 04/30 GBP 142.39 –0.5 6.9 7.5 Tel: +44 (0)20 7610 5350 Fax: +44 (0)20 7610 5301 were up 11% to $68.60 in afternoon to a filing with the U.S. Securities CMA Dynamic OT OT BHS 04/30 USD 1609.13 –1.3 –0.2 3.7 GH Fund USD OT OT GGY 04/30 USD 288.80 –1.2 5.9 7.3 Winton Evolution EUR GL OT VGB 04/30 EUR 1318.05 5.4 21.2 10.3 CMA MultHdge Arbtrge OT OT CYM 04/30 USD 1897.20 –1.7 0.3 4.1 Hedge Investments OT OT JEY 04/30 USD 145.40 –1.0 6.2 7.8 New York trading. The New York and Exchange Commission. The CMA MultHdge Balncd OT OT CYM 04/30 USD 1386.15 –1.0 1.1 3.7 Winton Evolution GBP GL OT VGB 04/30 GBP 1291.21 5.9 23.1 11.8 Leverage GH USD OT OT GGY 04/30 USD 146.30 –4.1 4.8 7.4 CMA MultHdge Growth OT OT CYM 04/30 USD 2015.28 2.1 3.6 4.9 Winton Evolution JPY GL OT VGB 04/30 JPY 117894.02 2.6 16.1 NS clothing and home-decor company Warrenville, Illinois, company, MultiAdv Arb CHF Hdg OT OT JEY 04/30 CHF 109.32 –4.2 –4.9 1.4 n MERIDEN GROUP CMA MultiHdge Lvrgd OT OT CYM 04/30 USD 1387.50 –2.9 –4.3 3.2 Winton Evolution USD GL OT CYM 04/30 USD 1291.78 5.3 22.1 11.7 MultiAdv Arb EUR Hdg OT OT JEY 04/30 EUR 117.22 –3.6 –3.4 3.1 reported net income for the quarter which also makes diesel engines Tel: + 376 741 175 Fax: + 376 741 183 Email: [email protected] Winton Futures EUR GL OT VGB 04/30 EUR 186.85 10.1 29.0 15.6 MultiAdv Arb GBP Hdg OT OT JEY 04/30 GBP 127.11 –3.3 –2.2 4.3 Antanta Combined Fund EE EQ AND 05/16 USD 763.00 –8.2 –6.0 –14.2 Winton Futures GBP GL OT VGB 04/30 GBP 199.87 10.9 31.3 17.4 ended March 29 of $103.5 million, or and school buses, said it expects MultiAdv Arb USD OT OT GGY 04/30 USD 214.50 –3.9 –2.8 4.7 Antanta MidCap Fund EE EQ AND 05/16 USD 1824.86 0.7 28.1 21.0 Winton Futures JPY Lead SeriesGL 2 OT VGB 04/30 JPY 13698.57 8.8 25.6 12.7 $1 a share, up from $73.2 million, or first-half consolidated revenue of n Meriden Opps Fund GL OT AND 05/21 EUR 107.84 –3.8 NS NS HSBC Uni-folio Meriden Protective Div GL EQ AND 05/19 EUR 75.92 –6.4 NS NS Winton Futures USD GL OT VGB 04/30 USD 668.23 10.3 30.2 17.2 Alpha AdvantEdge OT OT JEY 04/30 USD 128.90 –3.3 2.5 4.3 68 cents a share, a year ago. The lat- between $6.7 billion and $6.9 bil- Asian AdvantEdge OT OT JEY 04/30 USD 201.43 –5.7 9.0 10.7 n ZULAUF EUROPE FUNDS est results were boosted by a lower lion and manufacturing-segment Emerg AdvantEdge OT OT JEY 04/30 USD 193.76 –6.4 9.7 9.4 n CARLO SCEVOLA & PARTNERS Europ AdvantEdge EUR OT OT JEY 04/30 EUR 138.24 –3.1 –3.3 2.1 Phone: +353 1436 7200 Fax: +353 1672 5361 www.zulaufeurope.ky tax rate. Revenue rose 20% to profit of between $375 million and n Tel +44 (0) 20 7419 5671 Europ AdvantEdge USD OT OT JEY 04/30 USD 144.37 –3.4 –2.9 3.5 OTHER FUNDS Zulauf Europe Fd EUR OT OT CYM 05/16 EUR 150.15 6.0 NS NS $1.24 billion. Wholesale sales rose $425 million. The company said www.rescgf.com Japan AdvantEdge JPY OT OT JEY 04/30 JPY 8869.49 –5.5 –5.0 –11.7 For information about these funds, please contact us on Tel: +44 (0) 207 842 9694/9633Zulauf Europe Fd LP OT OT CYM 03/31 USD 173.04 1.2 12.5 6.3 Resolute Capital Gth Fd OT OT VGB 04/30 USD 1172.54 4.3 17.3 8.3 Japan AdvantEdge USD OT OT JEY 04/30 USD 101.92 –5.1 –1.3 –7.5 Medinvest Plc Dublin OT OT IRL 03/31 USD 1425.95 –3.9 4.3 6.6 Zulauf Europe Fd USD OT OT CYM 05/16 USD 320.01 6.7 NS NS 25%, while retail sales rose 16% as manufacturing-segment profit is ex- same-store sales rose 8.9% and In- pected to reach nearly $1 billion for For information about listing your funds, please contact: Peter Jennings, tel: +44-20-7842-9674; email: [email protected] or Carsonong W tel: +852 2831-6481; email: [email protected] ternet sales grew 36%. the full year. 10 THURSDAY, MAY 29, 2008 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, MAY 29, 2008 23 ECONOMY & POLITICS THE INTERNATIONAL INVESTOR

FRANCE SWITZERLAND NORWAY 7 7 7 Beijing emerges as Shanghai rival Paris will open job market Central bank is expected Key rate remains at 5.5%, policy information because the area an investment-banking than a com- mier in charge of the country’s eco- Political capital rises hosts all of China’s financial regula- mercial-banking presence in China, nomic and financial issues. tory agencies and the main offices have chosen Beijing for their main- The capital also is home to more to most new EU members to keep Libor as guide but more increases likely as savvy challenger of China’s four biggest domestic land China headquarters. Skyscrap- than 100 central-government- RANCE on July 1 will HE SWISS Na- ORWAY’S central bank to financial capital banks. Increasingly, it is also home ers just a few years old on Financial owned enterprises, including the begin lifting restric- tional Bank, the held its key interest to many of their competitors from Street have been filling up with big state-owned telecommunica- tions on workers from only major Eu- rate at 5.5%, but sig- overseas. teams from foreign banks, and the tion operators and oil companies.

F T N Newscom eight formerly communist ropean central bank naled further increases are on BEIJING—Shanghai is home to “In Beijing you can see the whole area—although far, in Beijing’s Many of those companies that countries that joined the Eu- that relies on the Lon- the way despite signs of mod- China’s biggest stock exchange, its picture, while in Shanghai [the per- heavy traffic, from the eastern part haven’t already done so are ex- A number of foreign banks are opening ropean Union in 2004, Presi- don interbank offered erating growth. Norges Bank bond and money markets, and the spectives] are very local,” said a se- of the city that long hosted most for- pected to offer shares publicly and offices on Beijing’s Financial Street. dent Nicolas Sarkozy and the rate for its monetary said the inflation rate has China headquarters of several for- nior banker at a U.S. investment eign business—now boasts several pursue mergers and acquisitions in European Commission said. policy, may be evalu- risen more than expected, eign banks. But now the coastal city house. of Beijing’s swankiest hotels. the years to come. These expecta- Mr. Sarkozy, left, stressed ating recent concerns and that it could keep rising. long seen as this nation’s answer to Shanghai is still booming. The “Being close to the market, the tions make Beijing a lucrative mar- such as tax preferential measures, that he believed in the free about Libor’s accu- “The increase in inflation New York is facing competition from first batch of nine foreign banks ap- customers and the regulators is ket for investment bankers, says says the foreign banker. And Shang- movement of people and racy, but economists who follow the central bank and the prospect of higher an unlikely rival to the north: Beijing. proved to set up locally incorporated very important,” said Jackson Che- Huo Xuewen, head of the Finance Bu- hai is by no means sitting still. Ear- goods inside Europe. The Eu- closely don’t expect it to stop using it. inflation suggest a further in- The rising profile of China’s politi- units, including Citigroup Inc. and ung, chief executive for China of reau of the Beijing Municipal Gov- lier this month at a forum in Shang- ropean Commission later Economists say the rate is still the best tool for crease in the key policy cal capital in the financial sector re- Standard Chartered PLC, put their French bank Société Genéralé SA. ernment. hai’s financial district, officials said confirmed that Paris would open its labor market to the Swiss central bank, given its wide usage in finan- rate,” Central Bank Governor Svein Gjedrem said. Nor- flects, in part, the central role still headquarters in Shanghai. They now SocGen has decided to base its lo- In early May, Beijing city leaders that developing Shanghai into an in- workers from the eight countries that joined the bloc cial markets. “There are certainly discussions going way’s annual core inflation rate in April was 2.4%, played by the state in banking, securi- enjoy deep customer bases and good cally incorporated subsidiary in launched a set of guidelines to push ternational financial center re- in 2004: Poland, Slovakia, Hungary, Latvia, Lithuania, on at the SNB whether or not to stick with Libor, but which was 0.2 percentage point higher than the cen- ties and other financial businesses. brand recognition there. And both Beijing when it opens, probably in development further, saying a previ- mains a national strategy. Estonia, Slovenia and the Czech Republic. Restric- the question is, of course, whether any new bench- tral bank expected. But uncertainty due to global fi- In the past several years, following Shanghai and Beijing continue to the fourth quarter of this year, al- ous five-year plan drawn in 2005 Li Chao, spokesman for the Peo- tions will still apply to workers from Bulgaria and Ro- mark would be a better solution,” said Credit Suisse nancial market turbulence persuaded the central the development of an area in west have major competition from Hong though it will also keep operations was “conservative.” Beijing will ex- ple’s Bank of China, said that while Beijing known as Financial Street, mania, which joined in 2007. —Associated Press economist Karsten Linowsky. —Martin Gelnar bank to keep rates steady for now. —Joel Sherwood Kong, the former British colony re- in Shanghai. pand Financial Street to host emerg- the central bank supports the ef- the city has attracted banks and bank- turned to China in 1997, where bank- Beijing’s emergence as a finan- ing businesses in areas such as finan- forts of other cities to boost their fi- ers from New York, Frankfurt and ers enjoy low taxes, a transparent le- cial hub accelerated after Wang Qis- cial leasing, futures broking, and in- nancial status, it is always easier Paris that are putting their China gal system and a deep pool of Chi- han, an official with long experience vestment trusts. As part of the plan, said than done to build a so-called fi- headquarters there, drawn largely by nese speaking financial-services pro- dealing with the financial sector Beijing will add development parks nancial hub. The central bank is greater proximity to China’s most-im- fessionals. known and a reputation as a capable to house back-office services for for- based in Beijing, but it has made portant decision makers. But several big names, including problem-solver, became mayor of eign banks, Mr. Huo said. Shanghai its secondary headquar- On Financial Street, foreign bank- J.P. Morgan Chase & Co. and Deut- Beijing in 2004. Mr. Wang earlier Beijing still lacks some policies ters. Pakistan seeks more aid Myanmar junta honors ers say they have easier access to sche Bank AG, which have more of this year was promoted to vice pre- to keep foreign companies coming, —Victoria Ruan pledge to allow access Prime minister urges Indonesia will pull out of OPEC Moody’s is less defensive By Patrick Barta Myanmar also continues to re- U.S. to help boost ject aid offered by Western militar- By Tom Wright For Indonesia, the Œ2 million there is some obligation for mem- A more accurate picture of the ies, including the U.S. Navy. Al- ($3.1 million) annual membership bers to help each other.” in internal ratings probe the new government devastation wrought in Myanmar though the U.S. has sent some 75 JAKARTA, Indonesia—Reduced fee isn’t an issue, analysts said. In- Indonesia is still, on balance, a by Cyclone Nargis may emerge in cargo flights into Yangon with water to the status of a marginal net oil ex- stead, Indonesia’s interests lie with small net exporter of crude oil, de- By Aaron Lucchetti, Service, McGraw-Hill Cos.’ Stan- By Zahid Hussain coming days as international aid and other supplies, it hasn’t gained porter, Indonesia will quit the Organi- lower oil prices, putting it at odds spite steady declines in production Kara Scannell dard & Poor’s unit and Fimalac SA’s Islamabad, Pakistan workers gain wider access to politi- approval for aid from ships it has an- zation of Petroleum Exporting Coun- with OPEC’s mission to keep crude since 1995. The Asian financial crisis And Neil Shah Fitch Ratings rated billions of dol- cally sensitive areas affected by the chored off the Myanmar coast. The tries at the end of this year, Energy prices higher, said Kurtubi, an inde- of 1997-98 hurt confidence in the na- lars in mortgage-related securities. AKISTAN’S NEW prime minis- deadly storm. USS Essex, a helicopter and amphibi- Minister Purnomo Yusgiantoro said. pendent Jakarta-based oil analyst. tion, and investment in exploration Moody’s Corp. employees may “We are looking at issues around ter said he is urging the U.S. to Aid agencies said Wednesday ous-craft carrier that leads the na- Asia’s only OPEC member, Indo- “Our interests are much different ground to a standstill. In the past de- be fired if the firm finds that errors errors that were made in the pro- P increase its economic and de- that Myanmar’s ruling military val task force, has blankets, high-en- nesia still exports natural gas, but than OPEC’s,” he said. cade, lack of regulatory clarity and in calculating credit ratings for cer- cess of coming to ratings,” Erik fense assistance to help strengthen junta was making good on promises ergy rations and the ability to pro- its aging oil fields and lack of fresh Indonesia’s decision to pull out disagreements between state-owned tain products were covered up, peo- Sirri, the director of the SEC’s divi- his country’s newly elected demo- to allow more foreign relief workers duce 50,000 gallons of water per investment in exploration have un- won’t affect global oil markets, be- oil company Pertamina and major ple familiar with the matter said, sion of trading and markets, said in cratic government. into the country and the hard-hit Ir- day for relief efforts. But the ships dermined the country as a crude pro- cause the country’s relatively low global oil companies like Exxon Mo- marking a turn away from the an interview. The review includes In an interview Wednesday with rawaddy River delta, where as many are sitting tight for now, said a U.S. ducer and forced it to slash costly crude production and exports are bil Corp. over contracts have slowed firm’s more-defensive stance of re- rating-firm errors “related to struc- The Wall Street Journal, Prime Min- as 134,000 people were left dead or military spokesman in Bangkok. domestic fuel subsidies. the result of a decade of underinvest- the development of new fields. cent months. tured products, issues around poli- ister Yousuf Raza Gilani also said he missing in the disaster in early May, French authorities, meanwhile, Mr. Purnomo said he would sign ment in new oil fields and aren’t re- Indonesia is producing just short Moody’s had been saying it did cies and procedures in which they is willing to work with President Per- Press Associated according to government estimates. appeared to abandon a similar ship- a letter to OPEC Wednesday inform- lated to OPEC restraints on output. of one million barrels of crude daily— nothing wrong in its rating busi- [raters] find errors, how often they vez Musharraf, a key U.S. ally in its Pakistan’s new prime minister, Yousuf Raza Gilani, said he pushed for more U.S. Previously, Myanmar’s govern- based aid mission Wednesday after ing the group of Indonesia’s inten- But some industry analysts said much lower than a peak of 1.6 mil- ness during the past few years, de- occur, what do they do to correct battle against Islamic terrorism, economic and defense aid at a recent meeting with President George W. Bush. ment had blocked foreigners’ ac- they failed to gain consent from the tion to leave when its 2008 member- Indonesia would do better to stay in lion barrels in the mid-1990s, Mr. spite having dramatically lowered those ratings.” but he would let his party decide cess. But it softened its stance Fri- government. Instead, they un- ship lapses. “Today we decided that OPEC, allowing the nation to try to Purnomo said. But Indonesia, which many ratings on the securities it The SEC faxed letters to the whether to try to force the presi- day and over the weekend after vis- loaded thousands of tons of relief we are pulling out from OPEC,” Mr. influence global crude prices from has relatively few oil refineries, im- tracked. three firms Friday; its report is due dent from office. pad for assaults on the North Atlan- Eight weeks after a new coalition its from foreign-government repre- supplies at a Thai port and now in- Purnomo said. “We are an [oil] con- inside. OPEC members produce ports large amounts of refined prod- The firm’s heightening internal to Congress June 26. Mr. Musharraf is facing mount- tic Treaty Organization’s troops in government was formed, Pakistan’s sentatives and United Nations Secre- tend to hand that aid to the World suming country.” about 40% of the world’s oil. ucts such as gasoline and diesel. In- investigation, which may conclude Moody’s, S&P and Fitch spokes- ing pressure from his political oppo- neighboring Afghanistan. internal political strife continues. tary-General Ban Ki-moon. Food Program, a U.N. agency, The last country to leave OPEC “There is no benefit for Indone- donesia could rejoin OPEC in a few by next month, comes as the U.S. Se- men said their companies were re- nents to resign or face removal from Mr. Gilani, 55 years old, heads a The coalition that emerged from Unicef, the U.N. children’s relief Agence France-Presse reported. was Gabon in 1994, citing the cost of sia to quit OPEC,” said Subroto, a years if it can boost crude-oil pro- curities and Exchange Commission sponding to the SEC’s requests. office. Earlier this week, the new fractious coalition government led February’s elections began to fall agency, said visas for nine of its staff Victims continue to crowd into membership. Ecuador quit in 1992 former Indonesia oil minister and duction, Mr. Purnomo said. widens its own probe into rating- Moody’s has tapped law firm Sul- government introduced reforms de- by the Pakistan People’s Party of as- apart after a major coalition part- were approved in recent days and monasteries or impromptu tent before rejoining the group as its secretary-general of OPEC from —Deden Sudrajat firm conduct. The SEC is focused livan & Cromwell LLP to review the signed to reduce the president’s sassinated former Prime Minister ner—the Pakistan Muslim League that six international workers were camps along roadsides. Some survi- 13th member last year. 1988 to 1994. “If we remain in OPEC contributed to this article. chiefly on how Moody’s Investors situation. powers to dismiss the government Benazir Bhutto. The new govern- (N) led by former Prime Minister granted permission to enter the vors say government soldiers are and dissolve Parliament. ment already has taken a different Nawaz Sharif—pulled its ministers delta to assess the damage. forcing victims to return to collapsed Mr. Gilani said further U.S. assis- tack in the battle against terrorism from the cabinet. The PPP and Mr. World Vision, an international re- homes, or detaining local volunteers Advertisement [ INTERNATIONAL INVESTMENT FUNDS www.WSJ.com ] Advertisement tance “will help deliver a democracy than followed by Mr. Musharraf. For Sharif disagreed over how to re- lief organization, said it gained ap- and impounding their vehicles. Continued from previous page NAV — %RETURN — NAV — %RETURN — NAV — %RETURN — dividend to the people” after Paki- example, Mr. Gilani’s government store judges ousted by Mr. Mushar- proval for two sorties with interna- Still, relief workers said they FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR stan held landmark elections for a has been negotiating with militants raf when he declared a temporary tional staff into the delta, including were heartened by indications that NAV — %RETURN — FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR (Lux) E Eur ConvgnceUSD EE EQ LUX 05/27 USD 102.62 –16.9 –8.7 NS Sel Emerg Mkt Equity GL EQ GGY 05/27 USD 263.23 –2.7 15.6 22.0 LG Asian Plus AS EQ CYM 05/16 USD 72.54 –15.0 14.0 7.2 new Parliament in February. and exchanging prisoners. state of emergency late last year. access is improving, and they prom- (Lux) Russian EUR EE EQ LUX 05/27 EUR 106.05 –6.8 5.5 NS Sel Euro Equity EUR US EQ GGY 05/27 EUR 128.15 –12.3 –20.2 –0.4 LG Asian SmallerCo's AS EQ BMU 05/27 USD 127.39 –19.9 –21.3 6.0 one that will leave Thursday for Andfs. Franca EU EQ AND 05/27 EUR 12.28 –12.6 –19.5 –2.4 (Lux) Russian USD EE EQ LUX 05/27 USD 127.80 –0.2 23.2 NS Sel Euro Mny Mkt EU MM GGY 05/28 EUR 127.34 1.6 3.9 3.3 LG India EA EQ MUS 05/22 USD 65.60 –29.8 2.1 19.2 He also said further aid is needed The latest accord came Wednes- The fate of Mr. Musharraf and Ngapudaw, a remote area in the east- ised to ramp up their efforts. They Andfs. Japo JP EQ AND 05/27 JPY 695.79 –9.9 –21.6 –8.1 Balkan Fund EE EQ SWE 05/27 SEK 23.11 –30.7 –25.4 10.1 Sel European Equity EU EQ GGY 05/27 USD 267.58 –5.7 –6.7 10.7 Siberian Investment Co EE EQ IRL 05/19 USD 80.54 –8.6 3.9 22.0 Andfs. Plus Dollars US BA AND 05/27 USD 10.43 –2.5 –2.7 2.7 to help provide stability as the na- day, when the government signed a how the government should deal also will be able to perform more Baltic Fund EE EQ SWE 05/27 SEK 64.32 –13.4 –13.6 5.1 Sel European Fxd Inc EU BD GGY 05/27 EUR 145.32 –1.9 –2.6 –2.0 ern part of the delta where the full Andfs. RF Dolars US BD AND 05/27 USD 11.41 0.8 1.5 3.3 Eastern European Fund EU EQ SWE 05/27 SEK 47.16 –13.9 –3.6 12.7 Sel Glob Equity GL EQ GGY 05/27 USD 255.96 –6.3 –10.3 4.6 peace deal with a Taliban militant with him has added a further destabi- Andfs. RF Euros EU BD AND 05/27 EUR 10.80 –2.2 –4.5 –1.5 tion seeks to fight terrorism. Paki- scope of the disaster remains poorly comprehensive assessments of the Russian Fund EE EQ SWE 05/27 SEK 1606.64 –8.0 6.5 17.6 Sel Glob Fxd Inc GL BD GGY 05/27 USD 150.06 2.3 7.2 4.0 Andorfons EU BD AND 05/27 EUR 14.80 –3.3 –7.2 –2.4 stan has received more than $11 bil- group near the Afghan border. The lizing element. Turkish Fund EE EQ SWE 05/27 SEK 6.88 –40.0 –25.7 –3.8 Sel Japan Equity JP EQ GGY 05/27 USD 96.20 –2.5 –8.6 –5.9 understood. “We feel relieved that damage. Aid workers initially re- Andorfons Alternative PremiumOT OT AND 03/31 EUR 112.70 –2.9 0.4 1.9 Sel Pacific Equity AS EQ GGY 05/27 USD 170.38 –3.4 9.4 21.0 deal includes a pledge from the mili- On Wednesday, Mr. Sharif said at Andorfons Mix 30 EU BA AND 05/27 EUR 10.97 –5.4 –8.0 –0.7 lion from the U.S., most of which has we’re talking about practical chal- ported that some 3,000 schools were Sel US Equity US EQ GGY 05/27 USD 160.56 –5.9 –8.5 3.5 Andorfons Mix 60 EU BA AND 05/27 EUR 11.98 –9.1 –10.7 –0.2 gone to the military, since it joined tants’ leader not to target security a news conference he had secured lenges now” rather than just focus- damaged. Now, the estimate has Sel US Fxd Inc US BD GGY 05/27 USD 171.54 –0.5 3.6 4.1 the U.S.-led war on terror following and government officials, a senior PPP Chairman Asif Ali Zardari’s ing on getting access, said spokes- risen to about 4,000, with roughly n CHARTERED ASSET MANAGEMENT PTE LTD - TEL NO: 65-6835-8866 Sel US Sm Cap Eq US EQ GGY 05/27 USD 219.79 –4.9 –16.1 –1.3 n MP ASSET MANAGEMENT INC. Fax No: 65-6835 8865, Website: www.cam.com.sg, Email: [email protected] Sel USD Money Mkt US MM GGY 05/28 USD 158.70 1.2 4.1 4.4 the Sept. 11, 2001 attacks. government official said. agreement on Tuesday to move for half of them effectively wiped out. Tel: + 386 1 587 47 77 man Chris Webster. CAM-GTF Limited AS EQ MUS 05/23 USD 249473.05 –4.4 –1.6 8.3 n KREDIETBANK LUXEMBOURG MP-BALKAN.SI OT OT SVN 05/28 EUR 54.55 –25.4 –38.0 14.5 Mr. Gilani didn’t specify how Both sides swapped prisoners, Mr. Musharraf’s ouster. “I have spo- Aid workers still face big hur- The World Health Organization, n DJE INVESTMENT S.A. n HERITAGE FUND MANAGEMENT www.kbl.lu Fax : +352 47 97 73 911 MP-TURKEY.SI OT OT SVN 05/28 EUR 34.76 –31.9 –26.6 –1.3 DSF 25/75 EU BA LUX 05/27 EUR 341.82 –5.3 –5.2 –1.1 much further assistance Pakistan is though details weren’t disclosed; ken with Mr. Zardari that we should dles. Transportation remains a prob- another U.N. agency, is working to ex- internet: www.dje.lu email: [email protected] phone:+00 352 269 2522 0 fax:+00 352 [email protected] 25252 www.heritagefunds.ch n PAREX ASSET MANAGEMENT IPAS WWW.PAREXGROUP.COM DJE Real Estate P EU BA LUX 05/28 EUR 10.43 0.6 0.0 3.7 HF-China Abs Ret OT OT CHE 05/22 CHF 116.99 –22.5 –14.8 NS DSF 50/50 EU BA LUX 05/27 EUR 275.73 –7.1 –8.8 –1.5 now seeking. He made his case for the militants had been holding some throw him out to respect the man- lem, with inadequate roads and tend a surveillance network it hopes HF-World Bds Abs Ret OT OT CHE 05/22 USD 84.69 –7.2 2.4 2.9 DSF 75/25 EU BA LUX 05/27 EUR 227.22 –9.5 –12.9 –2.9 Basteja Blvd. 14, Riga, LV-1050, LatviaTel: +371 67010810 DJE-Absolut P GL EQ LUX 05/28 EUR 234.14 –7.2 –6.4 6.8 Parex Russian Equity 21/04/08 - 2yrs return is 26.92% government officials. Mr. Gilani said date of the people of Pakistan, and DJE-Alpha Glbl P EU BA LUX 05/28 EUR 194.28 –5.0 –4.1 7.1 KBC Eq (L) Europe EU EQ LUX 05/27 EUR 669.97 –11.8 –19.3 –1.9 further aid during a recent meeting shortages of trucks and boats. Aid will allow it to better watch for out- Parex Caspian Sea Eq GL EQ LVA 05/27 EUR 9.07 1.0 –9.0 NS DJE-Div& Substanz P GL EQ LUX 05/28 EUR 230.64 –3.2 –5.8 9.0 KBC Eq (L) Japan JP EQ LUX 05/27 JPY 26290.00 –11.0 –23.6 –10.1 in the Middle East with U.S. Presi- the government is talking only to he agreed yesterday to do so,” Mr. agencies still must apply for ap- breaks of cholera and other disease. DJE-Gold&Resourc P OT EQ LUX 05/28 EUR 189.31 1.0 12.8 5.9 KBC Eq (L) NthAmer EUR US EQ LUX 05/27 EUR 733.57 –4.8 –5.8 2.1 Parex Eastern Europ Bd EU BD LVA 05/27 USD 14.16 3.6 5.9 6.9 dent George W. Bush. tribesmen who renounce violence Sharif said, according to news proval to enter affected areas, pro- Estimates of the costs remain a DJE-Renten Glbl P EU BD LUX 05/28 EUR 120.92 –0.9 –0.9 1.1 KBC Eq (L) NthAmer USD US EQ LUX 05/27 USD 1040.84 –4.5 –4.0 4.7 Parex Russian Eq EE EQ LVA 05/27 USD 32.14 1.2 33.7 34.2 LuxPro-Dragon I AS EQ LUX 05/28 EUR 142.14 –21.4 7.5 NS KBL Key America EUR US EQ LUX 05/26 EUR 550.83 –5.8 –4.6 NS Parex Ukrainian Eq EU EQ LVA 05/27 EUR 10.00 –2.5 NS NS Mr. Gilani said the use of military and surrender weapons. But U.S. and agency reports. viding full descriptions of their matter of dispute. The Myanmar LuxPro-Dragon P AS EQ LUX 05/28 EUR 139.40 –22.9 5.6 NS KBL Key America USD US EQ LUX 05/26 USD 568.67 –5.8 –3.2 NS means alone to try to stamp out mili- NATO officials argue the peace deals However, Information Minister travel plans and activities, and it is government has said it could cost as LuxTopic-Aktien Europa EU EQ LUX 05/28 EUR 17.47 –9.4 –2.8 8.5 KBL Key East Europe EU EQ LUX 05/26 EUR 3120.27 –8.1 4.8 13.6 LuxTopic-Pacific AS EQ LUX 05/28 EUR 18.38 –14.4 –6.0 10.8 n HERMES FINANCIAL MANAGEMENT (EGYPT) LIMITED, [email protected] Key Eur Sm Cie EU EQ LUX 05/26 EUR 1226.52 –10.5 –23.7 0.2 tancy from Pakistan’s hinterlands have given militants time to regroup. Sherry Rehman of the PPP said unclear whether certain types of much as $10 billion to repair the Tel: 9714 363 4041 *Middle East & Developing Africa Fund KBL Key Europe EU EQ LUX 05/26 EUR 784.05 –11.2 –20.1 –0.1 n would never bring peace. “We need to The prime minister said Paki- later: “We have not made any such equipment will be allowed. Mr. Web- country, though how it reached that EAST CAPITAL EFG-Hermes Egypt GL EQ BMU 04/30 USD 71.31 10.9 61.8 36.6 KBL Key Far East AS EQ LUX 05/26 USD 1619.25 –15.2 –2.3 13.3 EFG-Hermes MEDA* GL EQ BMU 04/30 USD 39.32 8.6 51.3 30.5 KBL Key Major Em Mkts GL EQ LUX 05/26 USD 870.31 –6.3 24.8 NS review our strategy to deal with the stani forces would remain deployed commitment.” ster said his organization still isn’t number is unclear. EFG-Hermes Telecom OT EQ BMU 04/30 USD 36.71 –4.2 10.1 19.5 KBL Key NaturalRes EUR OT EQ LUX 05/26 EUR 617.52 –0.7 7.3 NS KBL Key NaturalRes USD OT EQ LUX 05/26 USD 740.67 7.2 25.8 NS n PICTET & CIE, ROUTE DESACACIAS 60, CH-1211 GENEVA 73 situation in the tribal region,” he said. along the border. And he empha- Mr. Gilani said he would main- authorized to use satellite phones Foreign governments so far have n HSBC ALTERNATIVE INVESTMENTS LIMITED Tel: + 41 (58) 323 3000 Web: www.pictetfunds.com n WEBSITE: www.eastcapital.com T +44 20 7860 3074 F + 44 20 7860 3174 www.hail.hsbc.com n LLOYD GEORGE MANAGEMENT (HK) LTD Western intelligence agencies sized the need to increase the tain a working relationship with Mr. or other communications equip- pledged only a fraction of that, PF (LUX)-Asian Eq-Ica AS EQ LUX 05/27 USD 211.49 –10.4 10.2 20.6 Ph: +46 (0) 8 505 88 505, Fax: +46 (0)8 505 88 508 HSBC Portfolio Selection Fund Suite 3808, One Exchange Square, HK: Tel. 852 2845 4433 Fax. 852 2845 3911 contend that Pakistan’s tribal re- strength of Afghan troops on the Af- Musharraf for now. “I have no prob- ment to provide Internet connec- roughly $230 million. (Lux) E Eur ConvgnceEUR EE EQ LUX 05/27 EUR 85.14 –22.4 –21.9 NS Sel Emerg Mkt Debt GL BD GGY 05/27 USD 312.96 0.4 2.1 8.0 LG Antenna GL EQ BMU 05/23 USD 68.56 –8.4 8.5 17.8 Please turn to next page gion has become a major operating ghan side of the border, to better lem working with him, but will go by tions in the area, making it difficult —Tom Wright center for al Qaeda and a launching protect against border crossings. the party’s decision,” he said. to scale up operations quickly. contributed to this article. For information about listing your funds, please contact: Peter Jennings, tel: +44-20-7842-9674; email: [email protected] or Carsonong W tel: +852 2831-6481; email: [email protected]