Is HSBC’s $17.7 billion rights issue a sign of weakness or of strength?
THERE are two radically different tales doing the rounds about HSBC, Europe’s biggest lender by market value. The first says that HSBC, deep down, is still an emerging-markets operation run by rugged types who disdain the sorcery of modern finance. Under the temporary grip of an evil spell in 2003 they bought Household, an American consumer-credit firm that then haemorrhaged losses. On March 2nd they snapped out of it. HSBC’s chairman acknowledged that it was “an acquisition we wish we had not undertaken”, wrote off its cost and promised to run down its book of dodgy loans. Having opened its heart, HSBC felt able to lower its dividend and raise its core tier-one capital ratio to 8.5%, above those of JPMorgan Chase (6.4%) and Santander (7.2%), two more of the Western world’s biggest banks also vying for the title of the safest one.
Against this there is a horror story. It says that HSBC’s definition of capital excludes mark-to-market losses on asset-backed securities (ABS). Furthermore, particularly demanding critics say that it also excludes mark-to-market losses on its loan book. Like almost all banks, HSBC carries these at book value and impairs as customers default. However, include both these items and the core tier-one ratio would drop to just 2%. Treating loan books on the same basis, JPMorgan would be at 5% and many other banks would be insolvent.
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This would suggest that HSBC is in fact poorly capitalised, and needs to raise even more equity. The alternative, advocated by, among others, Knight Vinke, an activist investor, would be to cut loose Household, which HSBC does not legally guarantee and which accounts for just over half of the additional mark-to-market losses. Household’s credit spreads are much higher than HSBC’s, suggesting that investors think this is possible, despite HSBC’s verbal assurances to the contrary.
Which story is right? Given the risk of litigation, the reputational hit and the fact that HSBC has itself loaned Household some $13.5 billion, its mark-to-market loss would have to get a lot worse before HSBC was prepared to let it default. And like many banks, HSBC argues that there is at least some chance mark-to-market losses overstate the ultimate impairments it will face. The ABS loss has been very volatile, doubling in six months and stands at ten times HSBC’s “stress test” estimate of the probable hit. The mark-to-market loss on Household’s loan book is double what optimistic analysts think the likely ultimate impairment will be.
Pleading that fair-value accounting is cruel is hardly unique, but what makes HSBC’s position more credible than most is that it has the capacity to wait and see. Its funding position is excellent with deposits exceeding loans, reducing its dependence on wholesale markets. And the core business continues to generate lots of pre-provision earnings. If spread out over several years, the bank could absorb the hit from Household implied by the mark to-market valuation without damaging its capital.
Indeed the real moral of the tale is different. Compared with other banks HSBC is protected by its big deposit base and its profitability. It looks therefore as if investors will back the rights issue. Others do not have even that comfort.
6 Mart 2009 Cuma
The slowdown of the Houston economy is picking up speed.
After setting a torrid pace less than a year ago, the local economy is barely adding new jobs now. At the same time, the unemployment rate has shot up, and so has the number of first-time filers for jobless benefits.
Houston-area employers created 17,200 new jobs between January 2008 and January 2009, according to data released Thursday by the Texas Workforce Commission. That 0.7 percent year-over-year increase was the weakest since the summer of 2004 and doesn’t include the large layoffs already announced in Galveston at the University of Texas Medical Branch and Shriners Hospital for Children.
It’s a sharp departure from just a year ago, when Houston gained 87,400 jobs in the preceding year for a robust 3.5 percent clip.
“I think we’re headed to negative territory in just a few months,” said Barton Smith, director of the University of Houston’s Institute for Regional Forecasting. “By May or June they’ll be negative.”
Weaker hiring coupled with a spike in the number of folks looking for work caused the local jobless rate to jump to 6.5 percent in January, its highest level since July 2004, according to the commission. In December, the rate was 5.6 percent.
The rate is also climbing statewide. In January, the Texas unemployment rate was 6.4 percent, which commission Chairman Tom Pauken expects to grow to 8 percent later this year. Statewide data is seasonally adjusted while local data is not.
“It’s occurring a little faster than we thought,” said Smith, referring to the slowdown that has been especially hard on retailers and financial firms.
New figures due today
While the strong energy industry buffered Houston during 2008, Smith predicts the city soon will lose that cushion. As world economic conditions deteriorate and reduce the demand for energy, he expects widespread job cuts in oil field equipment manufacturing, a key industry for Houston.
The layoffs are still relatively mild but they’ll pick up during the year, he said.
“The national economic storm has hit us,” said Pauken, who spoke with the Houston Chronicle’s editorial board Thursday.
The unemployment rates in Houston and Texas are still better than the U.S. figure, which stood at 7.6 percent in January and rose to 8.1 percent in February, according to federal statistics released today.
Pauken pointed to the spike in initial claims for unemployment benefits that has made it difficult for out-of-work Texans to get through on the busy phone lines to file for benefits. The commission is adding phone capacity to handle the calls, he said.
He pointed to the spike in initial claims for unemployment benefits that has made it difficult for out-of-work Texans to get through on the busy phone lines to file for benefits. The commission is adding phone capacity to handle the calls, he said.
In January, 26,828 Houston-area residents filed initial claims for unemployment benefits. That’s up 24.4 percent from December, when 21,567 residents requested benefits, and nearly double the number of applicants a year ago.
Previous report revised
It’s not uncommon to see job losses from December to January because companies are cutting holiday help and evaluating budgets, said Joel Wagher, labor market analyst for Workforce Solutions, which manages employment services, education and training for the area.
But this time losses were higher than usual because of the struggling economy, he said. It was the worst one-month employment decline in the last 10 years, he said.
Also, the latest report included the annual revision of the previous year’s estimates. Houston’s job base didn’t grow nearly as quickly as the commission thought.
In January, the commission estimated the Houston area added 57,300 new jobs between December 2007 and December 2008, a 2.2 percent increase. But once actual payroll tax records were tallied, the area gained only 22,500 jobs during that time for a 0.9 percent increase.
Houston’s annual job growth peaked last June at 4.6 percent. It has declined ever since, Wagher said.
Houston-area employers created 17,200 new jobs between January 2008 and January 2009, according to data released Thursday by the Texas Workforce Commission. That 0.7 percent year-over-year increase was the weakest since the summer of 2004 and doesn’t include the large layoffs already announced in Galveston at the University of Texas Medical Branch and Shriners Hospital for Children.
It’s a sharp departure from just a year ago, when Houston gained 87,400 jobs in the preceding year for a robust 3.5 percent clip.
“I think we’re headed to negative territory in just a few months,” said Barton Smith, director of the University of Houston’s Institute for Regional Forecasting. “By May or June they’ll be negative.”
Weaker hiring coupled with a spike in the number of folks looking for work caused the local jobless rate to jump to 6.5 percent in January, its highest level since July 2004, according to the commission. In December, the rate was 5.6 percent.
The rate is also climbing statewide. In January, the Texas unemployment rate was 6.4 percent, which commission Chairman Tom Pauken expects to grow to 8 percent later this year. Statewide data is seasonally adjusted while local data is not.
“It’s occurring a little faster than we thought,” said Smith, referring to the slowdown that has been especially hard on retailers and financial firms.
New figures due today
While the strong energy industry buffered Houston during 2008, Smith predicts the city soon will lose that cushion. As world economic conditions deteriorate and reduce the demand for energy, he expects widespread job cuts in oil field equipment manufacturing, a key industry for Houston.
The layoffs are still relatively mild but they’ll pick up during the year, he said.
“The national economic storm has hit us,” said Pauken, who spoke with the Houston Chronicle’s editorial board Thursday.
The unemployment rates in Houston and Texas are still better than the U.S. figure, which stood at 7.6 percent in January and rose to 8.1 percent in February, according to federal statistics released today.
Pauken pointed to the spike in initial claims for unemployment benefits that has made it difficult for out-of-work Texans to get through on the busy phone lines to file for benefits. The commission is adding phone capacity to handle the calls, he said.
He pointed to the spike in initial claims for unemployment benefits that has made it difficult for out-of-work Texans to get through on the busy phone lines to file for benefits. The commission is adding phone capacity to handle the calls, he said.
In January, 26,828 Houston-area residents filed initial claims for unemployment benefits. That’s up 24.4 percent from December, when 21,567 residents requested benefits, and nearly double the number of applicants a year ago.
Previous report revised
It’s not uncommon to see job losses from December to January because companies are cutting holiday help and evaluating budgets, said Joel Wagher, labor market analyst for Workforce Solutions, which manages employment services, education and training for the area.
But this time losses were higher than usual because of the struggling economy, he said. It was the worst one-month employment decline in the last 10 years, he said.
Also, the latest report included the annual revision of the previous year’s estimates. Houston’s job base didn’t grow nearly as quickly as the commission thought.
In January, the commission estimated the Houston area added 57,300 new jobs between December 2007 and December 2008, a 2.2 percent increase. But once actual payroll tax records were tallied, the area gained only 22,500 jobs during that time for a 0.9 percent increase.
Houston’s annual job growth peaked last June at 4.6 percent. It has declined ever since, Wagher said.
5 Mart 2009 Perşembe
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4 Mart 2009 Çarşamba
Direct drive brushless DC servo motor
* Precision ground ABEC-7 4-point contact bearings
* Durable stainless steel top plate with through hole
* Resolution to 0.2 arc seconds
* Highly repeatable Hall effect home and limit switches
* Optional encoder scale cover
* Ideal for:
o Wafer Inspection
o Precision Assembly
o Laser Machining
Low Profile Direct Drive Rotary Stage
Anorad's new DDR-150 rotary positioning stages are designed for precise position and velocity control in light to medium force applications. High performance is achieved through use of a brushless DC servomotor, high resolution optical encoder and precision bearing set all housed in a compact and precisely machined aluminum base with a rugged stainless steel top plate.
The direct drive servo control of the brushless DC motor has several advantages over conventional gear driven rotary stages. Backlash is eliminated, torque variation is minimized, plus gear and brush wear are no longer factors in long term usage. Added benefits include speeds up to 360 rpm, 0.2 arc second resolution and ±1 arc second repeatability. Step-and-settle time is also reduced due to increased servo bandwidth.
Available options for the DDR-150 include a variety of encoder resolutions to meet your speed and accuracy requirements. An axial through hole for use with pneumatic or optical devices; adjustable home, limit and hardstop positions; and a sheet metal cover to protect the encoder and internal components.
Specifications
Parameter Specification Parameter Specification
Travel unlimited Maximum Velocity2 1273 rpm
Accuracy ±20 arc sec Acceleration 34 rad/s2
Repeatability1 (bi-directional) ±1 arc sec Axial Capacity 25 kg
Resolution1 0.214 arc sec Axial Runout (TIR) 5 µm
Stability ±2 counts Radial Runout (TIR) 5 µm
Minimum move1 0.5 arc sec Wobble3 ±8 µm
Peak Torque 7.4 Nm Thru Hole diameter 35 mm
Continuous Torque 1.4 Nm Concentricity (Thru hole) ±2 µm
Inertia
0.217 kg-m2 Stage Weight 3.5 kg
DDR-150 Construction Mechanical Features
Stationary Base High strength aluminum alloy with black anodized finish (Nickel plating optional)
Rotating Table
Stainless steel with passivated finish
Bearing System
ABEC-7 precision ground 4-point contact radial bearing
Encoder
Incremental optical encoder with reflective tape scale (50 lines/mm)
Limit Switches Hall effect home and limit switches
1. With 0.214 arc sec resolution (256x multiplication)
2. At lowest resolution (top speed dependent on controller and resolution)
3. Measured at 60mm radius
* Durable stainless steel top plate with through hole
* Resolution to 0.2 arc seconds
* Highly repeatable Hall effect home and limit switches
* Optional encoder scale cover
* Ideal for:
o Wafer Inspection
o Precision Assembly
o Laser Machining
Low Profile Direct Drive Rotary Stage
Anorad's new DDR-150 rotary positioning stages are designed for precise position and velocity control in light to medium force applications. High performance is achieved through use of a brushless DC servomotor, high resolution optical encoder and precision bearing set all housed in a compact and precisely machined aluminum base with a rugged stainless steel top plate.
The direct drive servo control of the brushless DC motor has several advantages over conventional gear driven rotary stages. Backlash is eliminated, torque variation is minimized, plus gear and brush wear are no longer factors in long term usage. Added benefits include speeds up to 360 rpm, 0.2 arc second resolution and ±1 arc second repeatability. Step-and-settle time is also reduced due to increased servo bandwidth.
Available options for the DDR-150 include a variety of encoder resolutions to meet your speed and accuracy requirements. An axial through hole for use with pneumatic or optical devices; adjustable home, limit and hardstop positions; and a sheet metal cover to protect the encoder and internal components.
Specifications
Parameter Specification Parameter Specification
Travel unlimited Maximum Velocity2 1273 rpm
Accuracy ±20 arc sec Acceleration 34 rad/s2
Repeatability1 (bi-directional) ±1 arc sec Axial Capacity 25 kg
Resolution1 0.214 arc sec Axial Runout (TIR) 5 µm
Stability ±2 counts Radial Runout (TIR) 5 µm
Minimum move1 0.5 arc sec Wobble3 ±8 µm
Peak Torque 7.4 Nm Thru Hole diameter 35 mm
Continuous Torque 1.4 Nm Concentricity (Thru hole) ±2 µm
Inertia
0.217 kg-m2 Stage Weight 3.5 kg
DDR-150 Construction Mechanical Features
Stationary Base High strength aluminum alloy with black anodized finish (Nickel plating optional)
Rotating Table
Stainless steel with passivated finish
Bearing System
ABEC-7 precision ground 4-point contact radial bearing
Encoder
Incremental optical encoder with reflective tape scale (50 lines/mm)
Limit Switches Hall effect home and limit switches
1. With 0.214 arc sec resolution (256x multiplication)
2. At lowest resolution (top speed dependent on controller and resolution)
3. Measured at 60mm radius
3 Mart 2009 Salı
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