In a censorship battle that Google (NYSE:GOOG) lost to China, Baidu (Nasdaq:BIDU) took advantage of the misguided actions of Google to seize even more share in China and revenue growth to go with it.
Baidu Chief Executive Officer Robin Li said, “We have been gaining traffic share gradually.”
Guidance from Baidu were for revenue in the third quarter to increase 77 percent to $333 million, as it increased customers over the last three months in record numbers.
Earnings for the quarter ending June 30 increased to 837.4 million yuan, or 2.40 yuan for each American depositary receipt. That was up from 383.3 million yuan, or 1.10 yuan for each ADR receipt during the same quarter last year. Analysts had been looking for 710.4 million yuan on average.
Revenue for the quarter stood at 1.9 billion yuan, a big increase over the 1.1 billion yuan in the second quarter of 2009.
Li says the company has over 250,000 customers now, adding 33,000 more in the latest quarter.
Saturday, July 24, 2010
Saturday, July 17, 2010
Russia in Major Deals with Germany's Siemans
In a move to modernize the Russian economy, President Dmitry Medvedev is looking to German engineering giant Siemens.
Partnering with Siemens will be Russian Railways, which they'll work together on 22 railway switching yards throughout the country, and together produce 240 regional trains.
Siemens also landed a wind power deal where they'll install wind turbines in Russia as well.
Most products will be manufactured in Russia, Siemens said.
The deals for Siemens are reportedly worth about $2.8 billion.
Partnering with Siemens will be Russian Railways, which they'll work together on 22 railway switching yards throughout the country, and together produce 240 regional trains.
Siemens also landed a wind power deal where they'll install wind turbines in Russia as well.
Most products will be manufactured in Russia, Siemens said.
The deals for Siemens are reportedly worth about $2.8 billion.
Friday, July 16, 2010
OGX Petroleo and Gas Participacoes (PK:OGXPY) Hits First Dry Well
It finally had to happen for OGX Petroleo & Gas Participacoes (PK:OGXPY), and it has, as the exploration company hit its first dry oil well, after a string of 14 straight successes.
The company, while finding plenty of commercially viable oil, has yet to produce any, and while having a market value of $32.9 billion, is considered a very speculative company.
OGX primarily explores in the Campos Basin, although the miss came in the Santos Basin. The Santos basis in more difficult to read because of the heavy salts on the ocean floor, even though technology has improved a lot in that area, which has contributed to other major oil finds in the region.
The Tupi field, worked by Petrobras, is the largest oil discovery in the Americas in 34 years, and has an estimated 8 billion barrels of oil in it.
According to the company web site of OGX, they will drill a total of 27 wells in 2010, with plans for 79 through 2013.
The company, while finding plenty of commercially viable oil, has yet to produce any, and while having a market value of $32.9 billion, is considered a very speculative company.
OGX primarily explores in the Campos Basin, although the miss came in the Santos Basin. The Santos basis in more difficult to read because of the heavy salts on the ocean floor, even though technology has improved a lot in that area, which has contributed to other major oil finds in the region.
The Tupi field, worked by Petrobras, is the largest oil discovery in the Americas in 34 years, and has an estimated 8 billion barrels of oil in it.
According to the company web site of OGX, they will drill a total of 27 wells in 2010, with plans for 79 through 2013.
Ford (NYSE:F) Moving 4,000 Figo's This Month
With demand growing for the Figo, Ford India (NYSE:F) said their current backlog of 4,000 units will be moved within a month from its Chennai factory.
Since the small automobile was launched in March 2010, the company has received 25,000 orders for units. These 4,000 are the last of those orders to be cleared.
Ford India President and Managing Director Michael Boneham said, "Reaching the 25,000 sales booking milestone in close to 100 days continues the Figo's remarkable rise in popularity among Indian consumers."
Ford India will start a second shift at the plant in response to the surprising popularity, along with hiring another 1,000 workers by the end of 2010.
Other cars they compete with in the segment are Volkswagen's Polo, Maruti Swift, and Hyundai i20.
Since the small automobile was launched in March 2010, the company has received 25,000 orders for units. These 4,000 are the last of those orders to be cleared.
Ford India President and Managing Director Michael Boneham said, "Reaching the 25,000 sales booking milestone in close to 100 days continues the Figo's remarkable rise in popularity among Indian consumers."
Ford India will start a second shift at the plant in response to the surprising popularity, along with hiring another 1,000 workers by the end of 2010.
Other cars they compete with in the segment are Volkswagen's Polo, Maruti Swift, and Hyundai i20.
Thursday, July 15, 2010
Wheat Prices Up on Russian Drought Concerns
Wheat prices continue to rise on concerns over the Russian drought, and the weather in the Midwest which may hammer corn and soybeans to the point of causing significant supply problems.
This has to play out yet, and for now it's just concerns, but if the weather indeed continues as it is, it could cause prices to continue to rise.
Wheat has been pummeled for years because so many nations have been growing their own, and prices have remained down for some time.
Russia said the grain harvest this year will probably be 20 percent less than it was in 2009, declining to 77 million metric tons.
Wheat futures for September delivery grew 29 cents, or 5.2 percent, to $5.88 a bushel at a little after 10:00 AM CDT on the Chicago Board of Trade, after reaching as high as $5.985, the highest price for a most-active contract since the latter part of November 2009.
This has to play out yet, and for now it's just concerns, but if the weather indeed continues as it is, it could cause prices to continue to rise.
Wheat has been pummeled for years because so many nations have been growing their own, and prices have remained down for some time.
Russia said the grain harvest this year will probably be 20 percent less than it was in 2009, declining to 77 million metric tons.
Wheat futures for September delivery grew 29 cents, or 5.2 percent, to $5.88 a bushel at a little after 10:00 AM CDT on the Chicago Board of Trade, after reaching as high as $5.985, the highest price for a most-active contract since the latter part of November 2009.
Saturday, July 10, 2010
Mark Mobius Likes Chinese Equities
Mark Mobius recently said he continues to like Chinese equities, and even if the renminbi goes up some, he doesn't expect it to shoot up quickly, so it shouldn't have a negative impact on Chinese stocks.
Part of the reason is the $800 billion the Chinese government holds in US Treasuries.
"A sharp movement in the renminbi's value in either direction could potentially hurt either party, foreign or Chinese. Domestically, I think the Chinese authorities realise that," Mobius says.
He doesn't think this will be allowed to happen, so maintains his bullish outlook for Chinese stocks.
Part of the reason is the $800 billion the Chinese government holds in US Treasuries.
"A sharp movement in the renminbi's value in either direction could potentially hurt either party, foreign or Chinese. Domestically, I think the Chinese authorities realise that," Mobius says.
He doesn't think this will be allowed to happen, so maintains his bullish outlook for Chinese stocks.
Saturday, July 3, 2010
China Could Double GDP in Next Decade
Some China economic watchers are projecting China's economy to reach $7.5 trillion over the next decade, which would effectively double the size of the middle kingdom in that short period of time.
If this estimate is accurate, China's growth would be larger in GDP than the United States, combined with China's three BRIC counterparts.
There can be no doubt that China will be the economic story of the 21st century, and even with their measures to slow down their urban property markets, they will still grow at a solid pace, one that is much more healthy than it was before.
Now what is waited for is for China to successfully navigate from being primarily an export economy to one balanced with domestic growth and demand as well.
Assuming they do it correctly, they will be poised to extraordinary growth in the years ahead, which will continue to dominate the global economic growth other countries are increasingly relying on.
If this estimate is accurate, China's growth would be larger in GDP than the United States, combined with China's three BRIC counterparts.
There can be no doubt that China will be the economic story of the 21st century, and even with their measures to slow down their urban property markets, they will still grow at a solid pace, one that is much more healthy than it was before.
Now what is waited for is for China to successfully navigate from being primarily an export economy to one balanced with domestic growth and demand as well.
Assuming they do it correctly, they will be poised to extraordinary growth in the years ahead, which will continue to dominate the global economic growth other countries are increasingly relying on.
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