| Chesapeake Reports Third-Quarter 2007 Results
RICHMOND, Va., Nov. 6 /PRNewswire-FirstCall/ -- Chesapeake Corporation (NYSE: CSK) today reported financial results for the third quarter of 2007. "We remain on track to have improved operating results for 2007 compared to 2006," said Andrew J. Kohut, Chesapeake president & chief executive officer. "Solid earnings growth in our plastics packaging business and benefits from our global cost savings program have offset competitive market conditions in certain end-use markets in our paperboard packaging business. We have made significant progress in aligning the organization and focusing our people to capture growth opportunities with our customers." Segment Results The following discussion compares the results of the business segments for the third quarter of 2007 with the third quarter of 2006 and excludes the effect of changes in foreign currency exchange rates and special items.
Yuan rises 0.34 percent on journal report
The yuan rose the most since China ended its fixed exchange rate to the US dollar in 2005 as the government signaled faster gains to cool the economy and curb inflation. The currency climbed as much as 0.43 percent after the official China Securities Journal cited Ba Shusong (ƪQ), a Cabinet researcher, as calling for a stronger yuan to curb prices of imported fuel and food. Last Friday, the central bank called for the market to play a greater role in setting the exchange rate. "The economy is overheating in at least some regions," Yu Yongding (Eéw), the director of the World Economics and Politics Institute in Beijing and a former central bank monetary policy committee member said in an interview yesterday. "The central bank now has more room to let the yuan rate float with more flexibility." The yuan strengthened 0.34 percent to 7.3192 per dollar as of 2:52pm in Shanghai, according to the China Foreign Exchange Trade System.
Dollar strengthens post-poll
WITH the federal election decided and investors' risk appetite improving, the Australian dollar has inched higher to close US1c stronger. At 4pm Queensland time, the Australian dollar was trading at $US0.8833/36, up from Friday's close of 0.8727/33. During the local session, the Australian dollar traded between a low of $US0.8755 and a high of 0.8847. Westpac chief currency Robert Rennie said the Australian dollar benefited from a shorter Friday trading day in the US, with more positive risk sentiment feeding through to Asia. "We have actually seen some very strong gains on Asian equity markets," he said. "We have seen a very strong risk sentiment ... to risky Asian assets. That's helping the Australian dollar." Mr Rennie said foreign exchange markets were not showing a strong reaction to the weekend federal election, which resulted in a national swing of six per cent against the Liberal-National government and voted Labor voted into office for the first time since 1996.
Kenya: Exporters Plan to Switch to Euro As Dollar Wavers
A dilemma is facing exporters of coffee, tea and horticultural products over which currency to peg their trading on following the erratic behaviour of the dollar that has left them smarting from foreign exchange losses. The exporters have for decades traded in the dollar but because their main market is Europe, there appears to be a natural fit with the Euro. .
Military incursion may weaken YTL
No prime minister in Turkey's history has done more to make lira stronger in the foreign exchange market than Recep Tayyip Erdoan. Traders now bet his threat to invade northern Iraq will turn it into a laggard. The Turkish lira (YTL) has fallen 0.6 percent since Oct. 9, when Erdoan told the military to prepare to strike bases of the outlawed Kurdistan Workers' Party (PKK). The decision ended the big rally in YTL, breaking the momentum that made it the best performer this year among 26 emerging markets tracked by Bloomberg. Trading in options shows YTL is now the riskiest currency over the next two months. YTL's 19 percent appreciation this year to a record 1.18 versus the dollar reflects Erdoan's success in attracting investors and tourists to Turkey. The economy more than doubled since he was elected in 2003, and the benchmark Istanbul Stock Exchange (IMKB-100) has risen five-fold.
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