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Higher uranium prices helped Cameco Corp. post a higher fourth-quarter profit despite a slip in its revenues.

The Saskatoon-based company said Wednesday that it made $61 million, or 18 cents a share, in the October-December quarter. That was up from $40 million, or 11 cents a share in the same quarter of 2006. Cameco 3-month TSX chart

Cameco said its overall revenue for the quarter was $494 million, down from $512 million.

The company’s revenue from its uranium business decreased by $23 million to $219 million comparedwith the same period in 2006 due to a 39 per cent drop in sales volume. However, that was made up for by a 49 per cent increase in the average realized price for uranium.

Cameco said earnings before taxes from its uranium business increased to $63 million, from $49 million.

The company’s fuel services business posted a loss before taxes of $36 million on rising costs stemming from a shutdown of Cameco’s Port Hope, Ont., uranium hexafluoride plant. The company booked $14 million in expenses to clean up contaminated soil at the plant. In the fourth quarter of 2006, the fuel business had earnings before tax of $11 million.

Shares of Cameco slipped 13 cents to close at $32.19on the TSX. The stock is near its 52-week low of $32, which was reached on Jan. 22.

BANGKOK (XFN-ASIA) - New finance minister Chalongphob Sussangkarn said the government will maintain the existing currency rules, which require 30 pct of all incoming investment to be held by financial institutions for up to one year.

The market had been speculating that the government would soon lift the measures, imposed by the army-backed government in December to curb the Thai baht’s rise.

Many exemptions have since been made to the controls but the general policy remains at least in theory.

The appointment of Chalongphob as the new finance minister earlier this week raised hopes that the government would end the stringent rules as the former World Bank economist had previously come out against them.

But Chalongphob said the capital rules are needed to control the Thai unit, which has risen nearly 12 pct against the dollar over the past year.

“Regarding the 30-pct reserve rules, I personally think that Thailand still needs measures to manage capital flows in and out of the country,” he told reporters.

“At the moment, appropriate measures (to replace the capital rules) have not been found and any policy changes must be made appropriately and gradually to minimize impacts on the stock market,” he said.

The Thai baht, which yesterday hit a new nine-year high of 35.10 against the dollar on hopes for an end to the measures, fell to 35.30-36 following Chalongphob’s remarks before picking up again to the 35.20 levels.

The central bank chief, Tarisa Watanagase, said in a newspaper interview yesterday that she was waiting for the “right time” to completely lift the currency controls.

Chalongphob also said that investor confidence had declined sharply since last year’s coup, which ousted premier Thaksin Shinawatra, and he vowed to restore sagging sentiment.

“As the global economy remains volatile, the government’s economic policies should help boost investor confidence, not lessen it further,” the new minister said.

Chalongphob did not discuss the military government’s approval of limiting foreign investors to holding no more than 49 pct of the shares or voting rights in Thai companies, another issue that has raised investor concerns.

But he insisted Thailand would maintain good relationships with foreign businesses.

afp/net

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Will Jobs Keep His Job? Apple’s Stock Continues to Soar, but the Company’s Backdating Scandal Threatens to Bring Down Its CEO By SCOTT MAYEROWITZ
ABC News Business Unit

April 26, 2007 - Apple, the giant technology company, says its CEO, Steve Jobs, has done nothing wrong.

And while the government this week alleged that there was securities fraud at the company, it placed the blame squarely on Apple’s former chief financial officer Fred Anderson and former general counsel Nancy Heinen.

But now the former CFO says that Jobs knew more than he is letting on.

Jobs is a long way away from losing his post — industry watchers were extremely reluctant to speculate about his future — but dozens of top executives involved with backdating at their own companies have been forced to leave.

Nobody but Anderson is saying that Jobs has done anything wrong, but even the remote possibility of his departure has left some investors struggling to imagine a post-Jobs world at Apple.

“Steve Jobs is synonymous with Apple. In reality if he isn’t there, the company is a totally different company,” said Tim Bajarin, president of Creative Strategies, a technology consulting firm. “He is the heart and soul of Apple, and without Jobs’ driving vision and innovation, Apple would most likely be just another computer company.”

Bajarin said prior estimates said that Jobs had added $20 billion to the company’s overall value.

Even with this cloud hanging over the company, sales are still strong at Apple.

The company’s extremely popular iPod continues to fly off store shelves, and sales of Macintosh computers remain strong. There is also a lot of hype surrounding the company’s forthcoming release of the iPhone, a cell phone, personal organizer and MP3 player that allows users to surf the Web and check e-mail.

Wednesday afternoon the company released its quarterly earnings, showing an 88 percent increase that sent its shares higher than $100 for the first time.

So, amid the prosperity, who is responsible for Apple’s backdating, and is it possible that it could still ultimately hurt a company that seems otherwise invincible these days?

The Backdating Problem

The company’s backdating scandal stems back to 2001. At that point, some Apple executives, including Jobs, were given backdated stock options — meaning the company allowed the executives to exercise stock options on dates that would be most financially advantageous, possibly illegally.

An internal inquiry by the company cleared Jobs of any wrongdoing, but the Securities and Exchange Commission continued to investigate.

On Tuesday the SEC announced that it was filing a securities fraud lawsuit against two Apple executives: Anderson and Heinen.

On the same day, it was announced that Anderson had agreed to pay $3.5 million in fines to settle his suit. Heinen is fighting the charges.

Some industry watchers believed that the exclusion of Jobs in the SEC announcement had exonerated him and would allow the company to move on.

But that sentiment was quickly shattered when Anderson asserted that Jobs had been personally involved in the backdating scandal, renewing speculation on whether Jobs’ role could have legal ramifications for the CEO.

The SEC has not commented on whether Anderson’s allegations might further implicate Jobs.

Jobs sits on the board of directors for the Walt Disney Co., parent company of ABC.

So What Is Backdating?

Stock options are often given to executives as a form of compensation. The holder of an option is allowed to purchase stock at a later date at a price set when the option is granted.

For example, a company president could be given the option to purchase 100 shares at $20 each on March 1. This price — called the “strike price” — is determined by the market value of the shares on the date of the grant.

If a company’s stock rose to $25 in June, that executive could “exercise,” or buy, the 100 shares at the strike price of $20, immediately realizing a profit of $500 if they sold the options. If the price dropped, the person would not have to purchase the shares at all.

The idea behind giving executives stock options is that it gives them a personal incentive to have the company’s stock price rise.

But some companies went one step further by backdating those options, effectively setting the strike price lower than it should have been.

Under that scenario, an executive is given the option to purchase those same 100 shares in March. But instead of using the March 1 stock price as legally required, the company would say the options were issued on Feb. 5 when the stock price was $17 a share — effectively “backdating” the options.

Beyond Apple

The options backdating scandal goes well beyond Apple.

The Wall Street Journal, which recently won a Pulitzer Prize for its coverage of the issue, says that 140 companies have been implicated and that 80 executives have lost their jobs.

“In terms of the culture in general, we’re talking about something that started during the ’90s. Everybody was doing it,” said Alexandra Higgins, senior compensation analyst with the corporate governance research firm The Corporate Library. “You’ll find people who will admit to that. They didn’t really think they were doing anything wrong because everybody was doing it.”

“That’s not to say that’s [an] excuse, but that’s how the practice perpetuated,” she said.

The old saying on Wall Street is: Buy low, sell high.

The problem is, investors never know when a stock is going to go up or down. With backdating, though, company executives are guaranteeing that they are buying low.

“They intentionally went to a date, prior to the date of grant, where they saw their stock price was at a low,” Higgins said. “Shareholders don’t have that option.”

ROME (AFX) - Italy’s GDP, unadjusted to the number of working days, rose 1.9 pct year-on-year in 2006 compared with a 0.1 pct rise in 2005, according to the statistics office ISTAT.

ISTAT added that the public deficit totalled 4.4 pct of GDP compared with 4.1 pct a year earlier.

On Feb 13, ISTAT released preliminary GDP data, adjusted to the number of working days, that showed that 2006 GDP rose 2.9 pct.

There were two working days less in 2006 than in 2005.

philip.webster@thomson.com

pw/jlc

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Action Insight | Written by ActionForex.com | Dec 06 07 14:01 GMT |
Forex Mid-Day Technical Report BoE Cut Rates, ECB on Hold

After holding rates unchanged for four months, BoE delivered the first rate cut in over 2 years, lowering the main repurchase rate target by 25bps from 5.75% to 5.50%. The accompanying statement noted that “conditions in financial markets have deteriorated and a tightening in the supply of credit to households and businesses is in train, posing downside risks to the outlook for both output and inflation further ahead”. On inflation, the bank judged that slowing demand growth will pull inflation “back to target in the medium term.” Sterling dived lower after the release but recovers quick back into earlier range of today. «www.bankofengland.co.uk»

ECB left rates unchanged at 4.00% as widely expected. In the following press conference, Trichet said that latest information confirms upside pressure to price stability. He reiterated that ECB will act in a “firm and timely manner” to counter such inflation risks. However, Trichet also said that ECB will pay great attention to financial market developments. ECB staff’s inflation projection for 2008 is raised from 1.5% -2.5% to 2.0% -3.0%. on higher food and oil prices and with the assumption of no second-round effects. 2008 GDP growth forecast is lowered from 2.2% - 2.8% to 1.5% - 2.5%.«www.ecb.int»

Data released today saw US jobless claims dropped from 353k to 338k. UK industrial production rose 0.4% mom, 1.0% yoy, better than expectation of 0.2% mom, 0.7% yoy. Manufacturing production rose 0.3% mom 0.3% yoy versus consensus of 0.2%, 0.4%. German factory orders was strong in Oct, rising 4.0% mom, 14.0% yoy comparing to expectation of 0.9% mom, 6.2% yoy. Canadian dollar is lifted mildly after building permits unexpectedly rose 6.8% in Oct, much higher than expectation of 0.8%. EUR/USD

Daily Pivots: (S1) 1.4545; (P) 1.4658; (R1) 1.4724; «www.actionforex.com»

EUR/USD dives further to as low as 1.4524 today, inches above mentioned key near term support zone of 1.4490/4519 cluster support (50% retracement of 1.4014 to 1.4966 at 1.4490). At this point, intraday bias remains on the downside as long as 1.4647 resistance holds and further decline is still in favor. As discussed before, with daily MACD’s dip below signal line as well as mild bearish divergence condition in daily RSI, a decisive break below 1.4490/4519 cluster support will indicate that whole rise from 1.3360 has also completed at 1.4966, after failing 1.5 psychological resistance. In such case, deeper decline should be seen to 55 days EMA (now at 1.4439) or lower before staging another rally.

However, note that strong rebound from 1.4490/4519 cluster support will indicate that price actions from 1.4966 is merely consolidation to rise from 1.4014 only and rally from 1.3360 is still in progress. Above 1.4647 minor resistance will turn intraday outlook neutral first. Further break of 1.4769 resistance will indicate correction from 1.4966 has completed and bring retest of 1.5 psychological resistance.

In the bigger picture, regardless of internal structure, medium term up trend from 1.1639 remains in force and is treated as resumption of long term up trend from 0.8223 (00 low) to 1.3668 (04 high) and has failed 61.8% projection of 0.8223 to 1.3668 from 1.1639 at 1.5004 target which will overlap with 1.5 psychological resistance on overbought condition as seen in weekly RSI. On the upside, sustained trading above this key resistance is needed to confirm medium term rally is still underway to next projection target of 100% projection at 1.7048. On the downside, firm break of 1.3851 resistance turned support is needed to be the first signal that this up trend from 1.1639 has completed. Otherwise, long term outlook remains bullish.

GBP/USD

Daily Pivots: (S1) 2.0138; (P) 2.0374; (R1) 2.0503; «www.actionforex.com»

Cable’s fall from 2.0830 continues today and extends further to as low as 2.0179. At this point, intraday bias remains on the downside as long as 2.0352 minor resistance holds and further decline is still in favor. As discussed before, rise from 1.9652 has completed after touching medium term rising channel resistance. Subsequent fall from 2.1161 is expected to head towards medium term rising channel support (now at 2.0076) before completion. On the upside above 2.0352 will turn intraday outlook neutral first but further decline is still in favor as long as 2.0523 support turned resistance holds.

In the bigger picture, medium term rally from 1.7047, regardless of internal structure, is treated as resumption of long term up trend from 1.3680 (01 low) to 1.9554 (04 high) with subsequent correction ended at 1.7047. The current from from 2.1161 is still treated as interim correction to such rally only. Strong support should be seen between 2.000 psychological support, 100% projection of 2.1161 to 2.0353 from 2.0830 2.0022 and the medium term channel support (now at 2.0076). Strong rebound from there, followed by break of 2.0523 resistance will indicate that fall from 2.1161 has completed and medium term up trend could have resumed.

However, sustained break of 2.0 psychological support will indicate that whole medium term rally from 1.7047 has possibly completed. Deeper decline should then be seen to next medium term support at 1.9652 first.

USD/CHF

Daily Pivots: (S1) 1.1189; (P) 1.1237; (R1) 1.1322; «www.actionforex.com».

USD/CHF’s rebound from 1.0890 is confirmed to have resumed after breaking of 1.1326 resistance. At this point, further upside is still expected towards 38.2% retracement of 1.2467 to 1.0890 at 1.1492 before completing this corrective rebound from 1.1326. On the downside, break of 1.1150 support will indicate that rebound from 1.0890 has completed and will bring retest of this low.

In the bigger picture, the current preferred interpretation is that fall from 1.3282 was initially contained at 1.1919 and turned into sideway triangle consolidation that completed at 1.2467, where the medium term down trend from 1.3283 resumed . Such medium term decline is tentatively treated as resumption of the long term down trend from 1.8305 (00 high) which should extend further to parity after taking out 1.1100 key support after finishing the current consolidation from 1.0890. On the upside, break of 1.1891 is needed to indicate such down trend from 1.3283 has completed. Otherwise, long term outlook will remain bearish

USD/JPY

Daily Pivots: (S1) 110.07; (P) 110.51; (R1) 111.32; «www.actionforex.com».

Outlook remains unchanged in USDJPY. After being supported above 109.46 support, USD/JPY continues to crawl higher and is pressing 111.21 resistance. Intraday outlook remains neutral for the moment. Even though further upside could still be seen, upside is expected to be limited by 111.76 resistance and bring another fall. On the downside, below 109.46 support will indicate that corrective rebound from 107.21 has completed and encourage a retest of 107.21 low.

In the bigger picture, sharp decline from 124.13 remains in force and is expected to extend at least further to 100% projection of 124.13 to 111.59 from 117.94 at 105.40 and will likely bring retest of key long term support zone of 101.22/65. While the interim fall from 117.94 has completed, break of 115.91 resistance is needed to signal that the fall from 124.13 has ended too. Otherwise, medium term outlook remains bearish.

EUR/JPY

Daily Pivots: (S1) 161.31; (P) 162.18; (R1) 162.88; «www.actionforex.com»

Not much to add. EUR/JPY continues to engage in choppy consolidation inside established range of 158.67 and 164.30 and it looks like such consolidation will extend further before completion. Nevertheless, as discussed before, 164.26/30 cluster resistance (61.8% retracement of 167.62 to 158.67 at 164.26) remains intact and EUR/JPY still struggling to take out 55 days EMA decisively. The case that rise from 149.27 has already completed at 167.72 is still in favor. That is, price actions from 168.93 is developing into larger scale consolidation The last falling leg is in progress, with price actions from 158.67 as interim consolidation.

Having said that, on the downside, break of 158.67 will confirm fall from 167.62 has resumed for 61.8% retracement of 149.27 to 167.72 at 156.31 first. However, on the upside, sustained break of 164.00/26 cluster resistance will dampen this case and flip favors back to the case that price action from 167.72 is merely consolidation to rise from 149.27 and will bring retest of this high and then 168.93 key resistance.

In the bigger picture, break of trend line support (137.16, 150.75) confirmed that medium term rally from 130.60 has made an important medium term top at 168.93. However, subsequent sharp correction from there to 149.27 was supported by long term rising channel. Hence, long term up trend from 88.97 (00 low) remains intact. But break of 168.93 high is needed to confirm such up trend has resumed.

Forex News Digest

«www.bloomberg.com»

«www.bloomberg.com»

«www.bloomberg.com»

«www.bloomberg.com»

«www.bloomberg.com»

«c.moreover.com»
Thu, 6 Dec 2007 09:21:00 GMT from International Herald Tribune

«c.moreover.com»
Thu, 6 Dec 2007 08:57:00 GMT from Philippine Daily Inquirer

«c.moreover.com»
Thu, 6 Dec 2007 08:57:00 GMT from Philippine Daily Inquirer

«c.moreover.com»
Thu, 6 Dec 2007 08:45:00 GMT from Irish Times

«www.actionforex.com» Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
21:00 NZD RBNZ rate decision Dec 8.25% 8.25% 8.25%
05:00 JPY Japan Leading indicators 20.00% 20.00% 0.00%
06:00 JPY Japan Machine tools orders Y/Y Nov 13% N/A 16.60%
06:45 CHF Swiss Unemployment rate Nov 2.70% 2.60% 2.60%
09:30 GBP U.K. Industrial prod’n M/M Oct 0.40% 0.20% -0.40%
09:30 GBP U.K. Industrial prod’n Y/Y Oct 1.00% 0.70% -0.20%
09:30 GBP U.K. Manufacturing prod’n M/M Oct 0.30% 0.20% -0.60%
09:30 GBP U.K. Manufacturing prod’n Y/Y Oct 0.30% 0.40% -0.10%
11:00 EUR Germany Factory orders M/M Oct 4.00% 0.90% -2.50% -1.60%
11:00 EUR Germany Factory orders Y/Y Oct 14.00% 6.20% 1.10% 1.90%
12:00 GBP BOE rate decision Dec 5.50% 5.75% 5.75%
12:45 EUR ECB rate decision Dec 4.00% 4.00% 4.00%
13:30 EUR ECB Press Conference
13:30 USD U.S. Jobless claims Dec 338K 335K 352K 353K
13:30 CAD Canada Building permits Oct 6.80% 0.80% -1.70% -1.10%
15:00 CAD Canada Ivey PMI Nov 55 57.1

«www.actionforex.com»