I think Clinton's behavior has been totally disgusting. And it means he's not doing what he's supposed to be doing -- focusing on this country's business. I could elaborate, but I would probably stick my foot in my mouth AGAIN.
Some news below. (Most not positive, in case some want to hit "Next")
02/01: Asia-Pacific 98 car sales seen down 29 pct-report
LONDON, Feb 2 (Reuters) - Car sales in the Asia-Pacific region fell an estimated seven percent in 1997 and look set to slump by 29 percent in 1998, according to a report from the Economist Intelligence Unit (EIU) on Monday.
The report warned that as the fallout from the region's economic turmoil continued, Asia-Pacific car sales faced a crisis, with sales plunging by as much as 70 percent in 1998 in some countries.
The report said 2.35 million units would be wiped off the market in the 1997 and 1998 period and the problems were likely to run through to 2001 before market conditions recovered to peak 1996 levels.
The anticipated slump in the region's sales would wipe out six years of growth, pushing the industry to below 1992 sales levels, said the report.
Growth was finally expected to return to the region in 1999, with a rise of 14 percent in sales. That would be followed by further double digit growth in the following three years.
But the recovery would then falter, with the report concluding that sales would weaken to 3.5 percent by 2005.
"The region's industry must think about how it should respond to a period of low sales, more intense competition, greater price pressures, fewer incentives and an even greater push from governments to cut imports and raise exports, " the EIU said in a statement.
The report warned denial of these realities would simply hamper any recovery. The report added that some form of rationalisation among manufacturers was "imminent." Efforts to open up world markets would also accentuate the regional industry's pain.
Highlighting the problems in South Korea, in particular, the report said factors like "rampant corruption, inadequate banking controls and power in the hands of too few" had rocked the economy.
It warned restructuring of the country's motor manufacturing industry would take years and said only three may survive: Daewoo <DWGR.CN>, Hyundai<11760.KS> and Samsung <SAGR.CN>.
In a regional breakdown, the report said sales in South Korea fell by 13 percent in 1997 and would plummet by 60 percent in 1998.
In Thailand, 1997 sales are seen falling by 39 percent and by 37 percent in 1998.
Malaysian sales expanded in 1997, but are seen falling 33 percent in 1998.
Sales in Indonesia also rose in 1997, but will fall by a huge 70 percent in 1998.
Sales in China and India are expected to fall by a more moderate five and nine percent, respectively, said EIU's report.
19:03 02-01-98
Copyright 1998 Reuters Limited. All rights reserved.
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02/02: National Semiconductor <NSM.N> sees weaker Q3
SANTA CLARA, Calif., Feb 2 (Reuters) - National Semiconductor Corp said Monday its fiscal third-quarter sales and earnings may be below second-quarter results and below analysts' expectations because of slowed shipments brought on by uncertainties in the Asia-Pacific region.
The company had $720 million in sales and $0.17 in earnings per share in the second quarter.
Analysts surveyed by First Call expected the company to earn $0.39 a share for the third quarter, which ends this month.
The company, in a released statement, said that in particular, customers in South Korea have slowed acceptance of deliveries for many products as they review the effects of the current financial crisis.
National Semiconductor also said it has seen an adjustment in delivery requests from its wireless communications customers for analog power management and application specific frequency synthesizer devices used in portable phones sold into Asia.
A large portion of this adjustment is inventory-related, the company said, adding that it expects shipments to return to to more normal levels by the fourth quarter.
Finally, National said it expects sales from its recently acquired Cyrix business unit to decline in the third quarter because of difficulty in ramping up adequate volumes to meet demand.
11:49 02-02-98
Copyright 1998 Reuters Limited. All rights reserved.
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02/02: National Semi <NSM.N> tumbles on earnings warning
SAN FRANCISCO, Feb 2 (Reuters) - Shares of National Semiconductor Corp tumbled Monday after the chip maker warned that its third quarter earnings would be below Wall Street's expectations and many analysts slashed earnings estimates.
The Santa Clara, Calif.-based company said sales and earnings for its third quarter are expected to decline from the second quarter of the current fiscal year, in part due to uncertainties in Asia and slowing orders from customers who sell to that region, in particular wireless products.
Bill Milton, a Brown Brothers Harriman analyst, said he cut sharply estimates on National Semi for its May 1998 year.
Milton, who has a neutral rating on the stock, said he cut both third and fourth quarter estimates, resulting in a total estimate for fiscal 1998 of $1.13, from $1.57 previously.
Milton said while uncertainties in some Asia-Pacific markets was a factor, about half of the company's expected earnings shortfall is due to problems in getting to adequate volume production at its recently acquired Cyrix unit.
"The problem is production, not demand (of Cyrix products)," Milton said. He added that National's demand shortfall in the wireless markets in Asia may be seen by other chip makers whose customers sell to the Asia Pacific area.
12:01 02-02-98
Copyright 1998 Reuters Limited. All rights reserved.
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Etec <ETEC.O> sees Q2 earnings below forecasts
HAYWARD, Calif., Feb 2 (Reuters) - Etec Systems Inc said Monday it expects second quarter earnings to be "significantly lower" than analysts' expectations due to a delay in shipping one of its ALTA 3500 systems.
"Without this problem, our second quarter was within plan," Steve Cooper, chief executive officer, said in a statement. "Our current plan is to ship the ALTA 3500 in the fiscal third quarter, and our overall outlook for the fiscal year remains unchanged."
Analysts' consensus estimate for the second quarter, ended January, was $0.54 a share, according to First Call.
The machine that was delayed is the second beta shipment of Etec's recently released ALTA 3500, a 0.25 micron laser tool used in the production of semiconductors. The delay was caused by the failure of a critical subassembly.
The first ALTA 3500 beta system passed acceptance at a customer location.
Etec expects to report second quarter earnings on Feb. 24, it said.
11:20 02-02-98
Copyright 1998 Reuters Limited. All rights reserved.
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TABLE-S.Korea Jan trade surplus at $1.6 bln
SEOUL, Feb 2 (Reuters) - South Korea posted a
customs-cleared trade surplus of $1.6 billion in January, the
first monthly surplus in January since 1988, provisional
figures from the trade ministry showed on Monday.
Jan Dec 97 Jan 97
Trade balance +1,601 +2,320 -3,481
FOB Exports 9,164 12,558 9,034
CIF Imports 7,563 10,238 12,515
NOTE: in millions of dollars, December figures revised
The trade ministry said exports increased by 1.4 percent in
January against the same month last year as the won weakened
against the dollar. It also said the gold campaign in South
Korea, which raised about $580 million through exports, helped
boost the figure to $9.16 billion.
The gold campaign kicked off in December and South Koreans
have been lining up at banks to deposit gold rings, jewellery
and nuggets. By January 20, more than 100 tonnes, worth an
estimated $900 million, had been collected for export.
The trade ministry said exports of semi-conductors,
petrochemical products and automobiles continued to be strong
while steel and textile exports dwindled on the Asian financial
crisis.
The ministry said imports shrank by 39.6 percent in January
to $7.56 billion against the same month last year, making it
the largest ever year-on-year decrease.
It said South Korea imported less as corporations faced
difficulties opening letters of credit needed for the import of
raw materials.
The ministry said that while $497 million worth of letters
of credit were issued in January 1997, only $200 million were
issued from the start of this year until January 24.
Exports of heavy industrial and chemical products increased
16.2 percent year-on-year to $3.53 billion on the strength of
automobiles and precision machinery, the ministry said.
It said South Korea exported $2.40 billion worth to
advanced countries, up 24.9 percent from a year ago.
Imports of raw materials contracted by 30.3 percent to
$3.03 billion from a year ago, mostly due to the fall in crude
oil prices.
The ministry said imports of consumer goods shrank 35.6
percent to $540 million with a fall in home electronic
appliances.
The trade ministry said it expected exports to continue to
grow, with the won losing ground against the dollar and
corporates emphasising exports to make up for dwindling
domestic sales.
It said imports would continue to fall as the slowdown in
economic growth would taper consumption.
01:56 02-02-98
Copyright 1998 Reuters Limited. All rights reserved.
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