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...Take that spectacular 3.9% annualized second-quarter growth rate. In a pair of reports entitled The Paradox of Deflation and The Paradox of Deflation Solved, HSBC Securities senior economist Peter Morgan concludes that Japan's gross-domestic-product figures are increasingly skewed by discrepancies in how price changes for different types of goods (particularly computers and other information-technology products) are calculated, thereby creating significant distortions. "This suggests that official GDP data are substantially overstating economic growth," he writes. Morgan's own second-quarter GDP-growth estimate is just 2.1%. "Things may not have been as bad as everybody thought...
Kahan recommends preferred shares (yielding 6% to 8%) of bank companies, including Fleet Financial and HSBC, and of real estate investment trusts, including Vornado Realty and Health Care Properties. He likes junk-bond mutual funds, including Columbia High Yield and Northeast Investors. He also favors short-maturity bond funds (which yield just north of 1%) like Vanguard Short-Term Bond. Bank CDs are another alternative to money-market funds. Keep a mix of CDs that come due in three, six, 12 and 18 months. You can get 2% on a three-year CD, but you'll run the risk...
...looked as if the U.K's revolt against fat-cat compensation - the movement against oversize salaries and bonuses for CEOs, especially those in charge of underperforming companies - might actually have some teeth. The stage seemed set for a major showdown at the annual shareholder meeting of banking giant HSBC last Friday. A new American board member, William F. Aldinger III, was up for an eye-popping three-year, $37.5 million financial package, and shareholders would get a chance to vote on it. First, they got a chance to sound off. "This American-style remuneration has no place in this country...
...Mizuho's precarious position and the sheer size of its offering will make it difficult to raise the money by the bank's stated deadline of March 31. "There are lots of questions about whether they can pull this off," says Brian Waterhouse, an equity analyst at HSBC Securities in Tokyo. Mizuho president Maeda has said that he is looking at foreign and domestic investors alike. Most likely, he'll have to sell preferred stock to the bank's own customers and close business partners. This will perpetuate a pattern of cross-ownership between banks and affiliated companies that...
...left over to save smaller banks if Mizuho's fund raising is successful. The banking behemoth does business with 70% of the companies listed on the Tokyo Stock Exchange plus thousands of smaller firms as well. "Mizuho could be the sponge that sucks up all the money," says HSBC's Waterhouse...