The Taipan Group's 247profits e-Dispatch
Baltimore, New York, Chicago, Berlin, Bonn, London and Paris
August 30-31, 2004
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***Consumer spending rose 0.8% last month. Americans are back doing
what they do best: Spending money�
***Boom-boom-boom: gold, silver, bronze. Put that in your pipes and
smoke it! Scantily clad girls� New York City crowds� more�
***You Could Make 6,410% Gains at the Expense of Terrorists
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>From the Desk of J. Christoph Amberger
Dear Friend,
The last Olympic flag has been folded, the last celebratory balloon popped.
Scantily clad girls with names like Misty and Kerri and Carly have hitched up
their low-ride jeans and are probably setting off airport detectors by virtue of
the precious metal they're packing as we speak.
Like everybody else, I, too, had a favorite Olympic moment. It was the
men's 200-meter finals, when Greece proved that it is a fully-fledged part of
Europe by voicing its collective anti-Americanism Jerry Springer-style,
booing the American competitors.
The US athletes had a more appropriate response than I would have given.
They shut down the race with a lock on all medals. Boom-boom-boom:
gold, silver, bronze. Put that in your pipes and smoke it.
I loved every second!
***Odd sightings: After I dropped off a forgotten lunch at the elementary
school this morning (an auspicious beginning to the school year!) I noticed a
plumber's truck parked in front of a neighbor's house.
It advertised "His Way Plumbing," complete with the symbol of the Fish.
That has thrown me for a loop all day now: What does it mean? Does this
divine plumbing service favor carpentry skills? Does it involve the "other
cheek" in any way, shape or form?
I personally would like to see a plumbing outfit call itself "Danny Boy."
The pipes, the pipes are calling�
***Parking in New York is going to be hard this week, what with all the
Subarus and Tercels awaiting the return of substitute art teachers, sociology
professors, perennial students, coffee shop clerks and rock stars in town for
their Hate-In.
Independent of their expected antics, I wouldn't be surprised to see trading
volume fall off, especially toward the weekend: With Labor Day strategically
poised next Monday, the last week of summer seems to be custom-made for
a long weekend.
That could put the spring back into August sales numbers. Thus far, the
summer has been reasonably good to retailers. American consumers were
back doing what they do best - spending money on things they really don't
need:
Overall, consumer spending rose 0.8% last month, boosted by car and retail
sales, after a revised 0.2% decline in June. Originally, that decline had been
reported as 0.7%.
***Don't Miss this Important Market Warning:
You must act immediately to prepare for the volatile market ahead.
Current economic, political and security factors are forming a turbulent
market climate that will bring masses of unprepared investors to their knees.
But a select few inventors who see it coming - and act accordingly - will
prosper.
Don't be left out. View the Full Report right here:
http://www.youreletters.com/t/52454/3785361/556051/70/
Earnings Announcements for Tuesday, August 31, 2004:
Bayer AG, Cooper Companies Inc., Donaldson Company Inc., FuelCell
Energy Inc., and Zale Corp. are some of the companies releasing earnings.
***Quote of the Day:
"Whether we are Democrats, Republicans or independents, we all can
agree that democracy depends on well-informed citizens. So as you flip
through the channels tonight while the convention is largely ignored,
consider whether TV broadcasters, sustained by free access to the
public airwaves in exchange for programming in the public interest, are
holding up their end of the deal."
--Michael J. Copps (D), member of the Federal Communications
Commission, August 29, 2004
***WORLD OF PROFITS***
*** "The charts show a gain of 40 to 60 points is possible on Monday."
Our indicators proved to be "eerily correct," as we like to put it. (Did I hear
someone say "crystal ball unclouded"?) The Hang Seng did indeed end the
day at 12,877.78, up the predicted 59.36 points or 0.46%.
But will the bull continue? Our indicators anticipate profit taking� with a
potential downside of 1.5%.
*** "But trading was light and with an expected pickup in volume on
Monday, we're looking for investors to take some gains off the table before
the industrial production report. Mild losses around 15 to 35 points."
The Nikkei 225, too, followed our prediction to a tee, closing at 11,184.53,
down 25.06 points (0.22%).
Our indicators see tomorrow's upside at breakeven, with a downside
potential of 0.4%.
***DESK OF DENHOLM***
This just in from Taipan's resident Editor-at-Large, Martin Denholm:
Feeling any post-Olympic letdown? I have to admit, I didn't watch much of
the Games (apart from one insomnia-ridden night when I found myself
watching women's softball and rowing, of all things!). So I missed out on the
remarkable 37 world records that were either matched or broken. But a
record 24 athletes were expelled for drug violations.
I think we should all be glad that only one idiotic Irish ex-priest managed to
disrupt things, as opposed to widely predicted terrorist attacks. Now we just
have to hope for an equally peaceful few days at the Republican Convention
in New York.
Speaking of the Olympics�
***Greeks Grumble Over Deficit: Staging the Olympic Games doesn't come
cheap. And the enormous expense associated with putting on a successful
show has pushed the Greek budget deficit to higher levels.
The country's Deputy Finance Minister Petros Doukas gloomily stated that
the country's debt is now "heading towards 4% [of national GDP], maybe a
bit over."
This marks a rapid turnaround. Just two years ago, Greece was handling its
finances expertly, with the budget deficit just 1.4% of GDP, under half the
EU limit. Last year, that ballooned to 3.2%. And with the country mired in
debt, it now has until early November to present an action plan. Odds are
high that the government will reduce spending on infrastructure and defense
to bring the deficit down.
The Athens Games were the most expensive state-funded Olympics since
Moscow in 1980. Following an original estimate of 4.6 billion euros, Doukas
said the Olympic bill could now roll in at 7 billion euros. According to
Bloomberg, the frantic last-minute race against time and associated costs of
paying workers overtime sent the Olympic budget up 52%.
Greece is the latest in a line of countries to stage impressive games, but once
the flame is out and the razzmatazz is over, the country or city is left footing
the bill. Consider that the poor folks in Montreal will only finish paying for
their city's Olympics next year via tobacco taxes. And they were held in
1976!
It's not all bad, though. Just look at the worldwide media attention on Athens
for a solid two weeks. Television money totaled US$1.5 billion (shared by
Greece and the International Olympic Committee). Corporate sponsorship
hit US$1.2 billion. Consider, too, the influx of tourists and ticket sales
(although only two thirds of the 5.3 million tickets available for the events
were sold) and the related income for hoteliers and retailers. The
improvements to the transportation and communications systems. The
consequent investment inflows and business attention Greece may receive.
But spare a thought for the poor Chinese. The infrastructure is in such
desperate need of renovation or new facilities that the organizers of the 2008
Games expect it to cost a massive US$35 billion. Even the IOC has asked
China to ease up on the spending.
That's it for today. Regular non-Olympic coverage resumes tomorrow.
***TAIPAN TIDINGS***
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J. Christoph Amberger
Executive Publisher
and The Taipan Group's
247profits e-Dispatch Team
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