Government Bond Markets Global Outlook Fisher Capital Management Seoul

Government Bond Markets Global Outlook Fisher Capital Management Seoul - Conditions in the government bond markets have remained very difficult over the past month, and there have been further falls in some of the minor markets, especially in the euro-zone, because of continuing fears about sovereign debt defaults. The agreement reached by the member countries of the euro-zone to combine with the IMF to provide any necessary support to enable Greece to refinance its maturing debts and avoid a default has had a poor response in the markets; but at least Greece has been able to make further bond issues; and the gilt edged market has coped fairly well so far with a disappointing Budget statement that has left any real attempt to resolve the serious UK debt problems until after the general election. But the sudden weakness in the world bond markets after a series of disappointing auctions has once again increased the tensions.

Our position remains unchanged; any existing exposure to bonds should be further reduced in favor of US & Euro equities.

Fisher Capital Management Seoul, South Korea - The global economic recovery is developing slowly, and so short-term interest rates are likely to remain at low levels for a considerable period. It is also possible that the “fudged” agreement amongst member countries of the euro-zone will provide an opportunity for the introduction of the necessary austerity measures; and that a new government will finally begin to address the debt problems in the UK. But the risks in the situation are still increasing, sovereign debt defaults may still occur, and the single currency system in the euro-zone may not be sustainable in its present form. Higher bond yields therefore appear unavoidable; prospects for all the bond markets are unattractive.

Developments in the bond market over the past month have clearly illustrated the need for caution. The US economy continues to recover. The Fed has left shortterm interest rates unchanged, and has indicated that they will remain “at exceptionally low levels for an extended period”. This tended to enhance the “safe haven” status of the US equity market for most of the past month, as conditions continued to deteriorate in other bond markets.

Fisher Capital Management Seoul, South Korea - Most of the available evidence supports the view that the economic recovery is continuing, but only at a slow pace. The unemployment rate remains close to 10%, and the housing sector is still depressed, with both new housing starts and sales of existing homes weakened still further by adverse weather conditions. However

retail sales are holding up fairly well, and manufacturers are beginning to increase capital expenditures and inventories, and so there is a general expectation that growth in the first quarter will be around a 2% annualized rate.

Fisher Capital Management Seoul, South Korea - The Fed has confirmed that its buying programmed for mortgage-backed securities has ended, and that it may be moving slowly towards re-selling some of these securities; but it seems to be in no hurry, and so both the economic background, and the position of the central bank, remain broadly supportive.

The situation facing investors in the mainland European bond markets is more serious. The economic background is improving, with the weaker euro providing considerable support in export markets, and so the area continues to move out of recession. But progress is slow, and so the European Central Bank is maintaining very low short-term interest rates, and providing support. However the massive fiscal deficits are threatening to overwhelm the bond markets and to lead to sovereign debt defaults, and so investors have continued to switch from the bonds of the weaker countries into those of the stronger countries, and have widened the yield

spreads across the markets. The latest Greek bond auctions have received only a very moderate response, and there is considerable uncertainty whether even the markets of the stronger countries are adequately discounting the risks in the situation.

Fisher Capital Management Seoul, South Korea - The available evidence on the performance of the euro-zone economy is mixed, but slightly more encouraging. The weakness in domestic demand is continuing, and retail sales volumes are disappointing in most member countries; but the manufacturing sector, especially in Germany, is much more buoyant, with exports

providing most of the momentum. The latest Ifo index of business sentiment in Germany is sharply higher, and other countries are also sharing in the improvement.

Analysts are therefore forecasting growth around the 0.5% level in the first quarter

of the year.

Fisher Capital Management: Government Bond Markets Global Outlook Part2

Fisher Capital Management: Government Bond Markets Global Outlook Part 2 - Our position remains unchanged; any existing exposure to bonds should be further reduced in favor of US & Euro equities.

The European Central Bank appears to share this view, although it has warned that the recovery “is likely to remain uneven”, and has kept short-term rates at very low levels. The bond markets have therefore continued to receive considerable support from the economic background and the actions of the central bank.

Fisher Capital Management Seoul, South Korea: However, these factors have been much less important than the fears about the debt problems in Greece and in other weaker members of the euro-zone. After considerable prevarication, due primarily to strong German opposition to a bail-out; an agreement has been reached amongst the member countries that, in conjunction with the IMF, they will provide support for Greece if this becomes necessary to prevent a defaulton its sovereign debts.

But the details of the agreement are very vague, and there is certainly no guarantee that the country can carry out its promises to introduce significant reductions in spending levels to reduce the size of its debts. The agreement has helped the country to issue a further ¤5 billion bond; but it was forced to offer an interest rate of 5.9% on a seven-year bond, 325 basis points above the equivalent German bund, and that issue has subsequently moved to a substantial discount. Conditions have also been made worse by the downgrade in Portugal’s credit rating, and so the pressures on the bond markets are continuing.

Fisher Capital Management Seoul, South Korea: The gilt edged market has coped fairly well so far with the latest weakness in the bond market, an inadequate response in the latest Budget to the debt problems in the UK, and a warning from the Fitch rating agency that the government’s timetable for reducing the fiscal deficit was “frankly too slow”, and that the country’s credit rating was at risk. The economic recovery remains very slow, and the Bank of England is holding short-term interest rates close to zero, so the market is receiving some support; but in all the circumstances it is perhaps surprising that it has managed to perform so well.

Fisher Capital Management Seoul, South Korea: The economic background in the UK remains depressed, but is slowly improving. Retail sales bounced back strongly; the public sector continued its recruitment programmed; and there has been a pickup in activity in both the manufacturing and service sectors of the economy.

It was not surprising therefore that the Bank of England kept short-term interest rates unchanged at the latest meeting of its Monetary Policy Committee and even suggested that it would be prepared to reactivate its quantitative easing programmed if this proved to be necessary. But this may not be enough to sustain gilt edged prices at current levels.

Fisher Capital Management Seoul, South Korea: The latest Budget statement is forecasting a slightly lower fiscal deficit of £167 billion in the 2009/10 fiscal year, and a halving of the deficit by 2013/14; but there is considerable skepticism in the markets about the growth assumptions underlying the figures, and about the willingness of the politicians to address the real problems

involved in reducing the deficit. If there is no credible plan to achieve this reduction, the country may well lose its AAA credit rating. Prospects have therefore become even more uncertain, and a move to higher yield levels seems unavoidable.

Fisher Capital Management Seoul, South Korea: The Japanese bond market is slightly weaker over the past month. It is likely that this year, for the first time, bond issuance may provide greater support for the fiscal deficit than tax revenues. This has already led to a downgrade on Japanese public debt by Standard and Poor’s, and with new bond issuance this year estimated to reach ¥44,300 billion, and to reach ¥55,300 billion by 2013, further downgrades seem likely. Japanese institutional investors are used to financing massive deficits, but it seems unlikely that deficits of this size can be adequately financed at present yield levels. Prospects for the Japanese market therefore remain unattractive.

Fisher Capital Updates Avoid Scams- New Swiss Style Agency Nexturn

Most recently by the financial turmoil sweeping the globe, has been leading the international trend of the European heavy truck heavy truck giant constantly laying off employees and cut-off of the news. Avoid scams. Keep posted and don’t be a victim.

  2008 12 16, Sweden Volvo Truck Group headquarters in Gothenburg, announced first quarter 2009 will be discontinued 20 to 25 days to avoid a drop in demand caused by product mix. Earlier, the German truck maker Man (MAN) company announced major layoffs for temporary workers and cut production. Mercedes-Benz trucks were announced job cuts in Canada and the United States, 2300.

  Chinese auto companies have gradually felt the tremendous power of this financial crisis. In the heavy truck market, the independent brand of electric control and high-pressure EGR Track Product spreads win one or two million in full swing, not to mention the high price of imported heavy card. The face of tough international market, the European heavy truck giant can turn "crisis" into "opportunities" in China for more effective business support?

  Previous years, this time, each company will announce a new year of market objectives and development plans. But this year, most businesses still wait until. Interest rates, exchange rates frequently adjusted bailout plan were introduced, the situation changes so rapidly, so that hundreds of battles in the European heavy truck giant become more cautious than ever.

  Benz trucks in China public relations manager, told reporters that Wang Hui, Mercedes-Benz on the Chinese market and customers long-term commitment is consistent. Slowdown in the current market circumstances, the Mercedes-Benz will continue to provide Chinese customers with high quality products and services. Meanwhile, Mercedes-Benz that the Chinese government to stimulate domestic demand, increasing investment in initiatives such as the opportunities for the commercial vehicle market, promising Chinese market, long-term, sustainable development.

  Insiders commented that, compared with the domestic heavy truck, imported products have a distinct performance advantage. However, due to the special needs of our commercial vehicles, heavy trucks have been no imports of high-end open market, even as imports of passenger cars did not bring in huge profits for multinational corporations. At present, this situation has not changed.

  Hard for many years in China, another giant of heavy trucks in Europe?? Volvo to the Chinese market showed cautious optimism. President of Volvo Trucks in China, said Lu Bo days, despite the international financial crisis, but the driving force for China's economic development still exist, with the timely measures taken by the relevant market better than in Europe and the United States. He said that both in good times or bad, both for China Volvo Cooperation Partner support, and will not lay off in China.

  As the industry leader in commercial vehicles in Europe, Mercedes-Benz and Volvo is also China's imports of high-end heavy truck market leader, in recent years has annual sales of more than in 1000. Rely on much weaker than the company's own brand dealer network, can achieve such results is not easy, to keep victories is their primary goal. Man speaking for the company, but the adverse economic situation it saw an opportunity. Man Fischer, vice president of China, told reporters that the financial turmoil, China is likely in 2009 a temporary economic downturn. However, the Man for 2010 are optimistic about China's economic situation. On the one hand, the 4 trillion yuan in central government investment projects, traffic, transportation, logistics industry is the key; the other hand, the Chinese yuan to upgrade the user's purchasing power. By expanding dealer network to provide users of financial services and other measures, Mann hopes the Chinese market in 2009 heavy truck sales of more than 500 in 2010, and strive to reach 1,000 units in China imports high-end heavy truck market share from the current 8% to 20%.

  China called the world's largest truck market, regardless of existing capacity or growth potential is very attractive. At present, the global economy are shrouded in shadow of financial turmoil, the Chinese market for multinational auto giants significantly increased the importance of the European heavy truck giant too. Although China's own brand of technical level of heavy truck brand products in Europe there is still a gap, but their progress over the years is obvious to all. The industry believes that both the Chinese heavy truck market prospects are also notable features. This feature is changing for the right to speak, the Chinese heavy truck industry has gradually become rules of the game makers. Only able to adapt to the rules of Chinese enterprises to share the fruits of victory.

  Related Reading: 2009 debut all the new heavy truck market in China smoke resurgence

  In the global financial crisis, China's heavy truck industry is facing the most strong market impact in history, many users are forced to report truck stop, a sharp decline in market demand, but as the beginning of large-scale infrastructure and fuel tax implementation, some experts predict that 2009 will be the second half of the Chinese heavy truck market is expected to rebound. Then, the face of the current severe situation, how companies can survive the winter; future market rebound when the business first opened, how can the situation? In the face of this issue, China's heavy truck manufacturers have thought they were talking to the product. Recently, the China Heavy Duty Truck, Shaanxi Auto, Fukuda, SAIC Iveco Hongyan, Valin successively announced their new 09 models, can be predicted that in 2009 China's heavy truck market, a war broke out did not smoke.

Fisher Capital Equipment Management - Significant Progress on Dulles Metrorail

Avoid internet scams, get the latest news update from Fisher Capital Equipment Management. Construction of the Dulles Corridor Metrorail Extension project, which is being built near Washington, D.C., is moving forward above and below ground. Crews have made significant progress on the elevated guideway structure that will carry the Metrorail over I-495, the region's primary highway, as well as Tysons Corner, one of the area's most congested business and retail districts. At the same time, a 2400-foot tunnel is being built under the intersection of Route 123 and International Drive as the traffic continues through Tysons Corner, and as the businesses and residents are going about their daily routines.
The progress of the project was highlighted on W-USA 9, a Washington, D.C. area TV station. The report featured interviews with Bechtel construction managers. Watch the video.
Construction of the project began in March 2009, with the signing of a $900 million grant from the U.S. Department of Transportation. The project is being constructed by Dulles Transit Partners, a team of Bechtel and URS, and will include five new Metro stations and 11.5 miles of new track. The project is owned and managed by the Metropolitan Washington Airports Authority.
Fisher Capital Equipment Management - Significant Progress on Dulles Metrorail - Bechtel (BEK tl) is the world's No. 1 choice for engineering, construction, and project management.
Our diverse portfolio encompasses energy, transportation, communications, mining, oil and gas, and government services. We currently have projects in dozens of locations worldwide, from Alaska to Australia. No matter how challenging a project or how remote its location, chances are Bechtel can handle it. That's because we bring an unmatched combination of knowledge, skill, experience, and customer commitment to every job.
We have had record revenues for the past five years, and Engineering News-Record (ENR) has named Bechtel the top U.S. construction contractor for 12 straight years.
While we work for governments and commercial customers, our projects have helped grow local economies and improve the quality of life for communities and people around the world. Time and again our work has demonstrated that the only limits on human achievement are those that we place on ourselves. 
Privately owned with headquarters in San Francisco, we have offices around the world and 49,000 employees. In 2009, we had revenues of $30.8 billion and booked new work valued at $20.3 billion.

What We Do

• Airports and seaports
• Communications networks
• Defense and aerospace facilities
• Environmental cleanup projects
• Fossil and nuclear power plants
• Mines and smelters
• Oil and gas field development
• Pipelines
• Roads and rail systems
• Refineries and petrochemical facilities

Ethics 

Bechtel's culture is grounded in integrity and respect. This means adhering to the highest standards of ethics. Our reputation as an ethical company is one of our most valuable assets. We stand by everything we do.  

Quality

At Bechtel, quality means doing the job right the first time.  We've always delivered quality work, and we are continually striving to improve our performance through Six Sigma and other initiatives.

Safety 

Bechtel has a world-class safety program, and it pays off. Nearly 90 percent of our projects complete each year without a lost-time accident. Our philosophy is simple—every accident, and therefore every injury, is preventable. 

Groundbreaking on Ivanpah Solar – Fisher Capital Equipment Update

Fisher Capital Equipment Management Update- Bechtel joined BrightSource Energy today in a ceremony to mark the start of construction of the Ivanpah Solar Electric Generating System, a groundbreaking project that will usher in a new era of advanced solar power in the United States.The ceremony was held in California's Mojave Desert next to the Ivanpah site. Avoid online internet scams, get latest updates on Fisher Capital Equipment Management website.

Ian Copeland, president of Bechtel's Renewable Power business, described the significance of Ivanpah for Bechtel and the renewable power industry. California Governor Arnold Schwarzenegger, U.S. Secretary of the Interior Ken Salazar, and other state and local dignitaries also recognized the importance of Ivanpah in the evolution of renewable energy. 
ABOUT IVANPAH. Bechtel is partnering with BrightSource Energy on one of the most important projects yet in renewable energy.
The Ivanpah Solar Electric Generating System, in the Mojave Desert northwest of Needles, will be the first large-scale solar thermal project built in California in nearly two decades, and the largest of its kind in the world. It will generate enough electricity to power more than 140,000 homes and will nearly double the amount of commercial solar thermal electricity produced in the United States today.
Bechtel will provide engineering, procurement and construction services for Ivanpah. The company also is an equity investor in the project, underscoring its commitment to fighting climate change through renewable energy.
The complex will consist of three separate plants using use BrightSource Energy’s Luz Power Tower (LPT) technology. It will displace 400,000 tons (363,000 metric tons) of carbon dioxide emissions per year— the equivalent of taking 70,000 cars off the road— while also reducing water use 90 percent by using a closed-loop dry-cooling technology.
The three plants will have a combined capacity of around 400 megawatts of electricity, which BrightSource will provide to PG&E and Southern California Edison. Commencement of construction on the first plant was in October 2010, following permitting review by the California Energy Commission and the Department of Interior’s Bureau of Land Management. The first plant is scheduled to come online in mid-2012.
Bechtel (BEK tl) is the world's No. 1 choice for engineering, construction, and project management.
Our diverse portfolio encompasses energy, transportation, communications, mining, oil and gas, and government services. We currently have projects in dozens of locations worldwide, from Alaska to Australia. No matter how challenging a project or how remote its location, chances are Bechtel can handle it. That's because we bring an unmatched combination of knowledge, skill, experience, and customer commitment to every job.
We have had record revenues for the past five years, and Engineering News-Record (ENR) has named Bechtel the top U.S. construction contractor for 12 straight years.
While we work for governments and commercial customers, our projects have helped grow local economies and improve the quality of life for communities and people around the world. Time and again our work has demonstrated that the only limits on human achievement are those that we place on ourselves. 
Privately owned with headquarters in San Francisco, we have offices around the world and 49,000 employees. In 2009, we had revenues of $30.8 billion and booked new work valued at $20.3 billion. 

Fisher Capital Updates - Bechtel-Enka Completes Albanian Motorway

Fisher Capital Equipment Management News Updates - TIRANA, ALBANIA -  Bechtel and joint-venture partner Enka today completed construction on the Albanian Motorway, a 37-mile (61-km), four-lane highway that stretches from central Albania to the to Kosovo border. The motorway is now open to traffic. 
Construction Project Management and Civil Engineering Careers scams. Keep posted and don’t be a victim. 
The end of construction was marked by a ceremony to open a second tunnel bore, the final section of the motorway. Ministers of transport from Albania and Kosovo, and additional senior officials from both countries, attended the opening. Speaking on behalf of the Albanian government, Sokol Olldashi, the minister of transport and telecommunications, thanked Bechtel-Enka for its commitment and the quality of work performed during construction of the motorway.
The motorway is the central leg of a 106-mile (171-km) highway traversing the country from the Adriatic Sea to the northeastern village of Kalimash near Kosovo. The new roadway cuts travel time along the route from six to two hours, boosting coastal trade and northeast tourism. The motorway also provides a vital connection within Albania and across the region, linking markets to the Adriatic port of Durres and contributing to economic growth as Albania prepares for accession to the European Union.
The Albanian Motorway is one of the largest-ever infrastructure projects in the country and presented many engineering challenges due to complexities of the geology in the region and the fast-track construction schedule. The motorway includes a 3.4-mile (5.5-km) twin bore tunnel and 29 bridges built in a rocky, mountainous region.
During construction, the project was the largest employer in the area, with Albanians accounting for two thirds of the workforce.
Fisher Capital Equipment Management News Updates - Bechtel (BEK tl) is the world's No. 1 choice for engineering, construction, and project management. Construction Project Management and Civil Engineering Careers scams. Keep posted and don’t be a victim. 
Our diverse portfolio encompasses energy, transportation, communications, mining, oil and gas, and government services. We currently have projects in dozens of locations worldwide, from Alaska to Australia. No matter how challenging a project or how remote its location, chances are Bechtel can handle it. That's because we bring an unmatched combination of knowledge, skill, experience, and customer commitment to every job.
We have had record revenues for the past five years, and Engineering News-Record (ENR) has named Bechtel the top U.S. construction contractor for 12 straight years.
While we work for governments and commercial customers, our projects have helped grow local economies and improve the quality of life for communities and people around the world. Time and again our work has demonstrated that the only limits on human achievement are those that we place on ourselves. 
Privately owned with headquarters in San Francisco, we have offices around the world and 49,000 employees. In 2009, we had revenues of $30.8 billion and booked new work valued at $20.3 billion.

Ethics 

Bechtel's culture is grounded in integrity and respect. This means adhering to the highest standards of ethics. Our reputation as an ethical company is one of our most valuable assets. We stand by everything we do.  

Quality

At Bechtel, quality means doing the job right the first time.  We've always delivered quality work, and we are continually striving to improve our performance through Six Sigma and other initiatives.

Safety 

Bechtel has a world-class safety program, and it pays off. Nearly 90 percent of our projects complete each year without a lost-time accident. Our philosophy is simple—every accident, and therefore every injury, is preventable. 

Boiler Room Equipment: HeatSponge SIDEKICK Eventually Exposed

Boiler Room Equipment, Inc, is very pleased to eventually introduce the SIDEKICK type of condensing boiler economizers for industrial and conventional warm water boilers. Fisher Capital on Boiler Room Equipment, Inc, - The Sidekick continues to be in advancement for almost a couple of years and shows an transformative growth of high-proficiency installations in the boiler market. The SIDEKICK is a warning game changer the likes of which have not been knowledgeable since the launch of the very first condensing boilers. The SIDEKICK provides the capability to combine condensing boiler efficiencies to conventional boilers on a new or retrofit basis. The SIDEKICK enables a person with a conventional boiler system the power to recognize condensing efficiency gains that normally would demand the existing boiler to be destroyed and changed with a brand new condensing boiler. Conventional, non-condensing boilers can now realize the efficiency benefits of outdoor air temperature reset controls and lower circulating hot water loop temperatures. Sidekicks also allow for duel fuel condensing applications utilizing conventional boilers. The SIDEKICK features all stainless internal construction, stainless tubes and fins, and an insulated outer casing. Inspection and clean out ports make periodic maintenance and cleaning easy.

The effectiveness of the SIDEKICK moves far beyond simply energy retrieval to the ultra-productive procedure by which it really is chosen and created. Temperature recovery for condensing purposes presents a substantial quantity of variables that creates a catalog-approach to products collection nearly impossible. Boilerroom Equipment has developed a new method of quantifying heat recovery, the Recovery Rate, and integrated this into the design. The development of the Recovery Rate variable permits a customer to customize the level of heat recovery and cost straight to the specifications of each particular application. We establish this fresh idea in heat recovery design as 3D Modularity, for modular construction in three dimensions. Based on a "Mass-Customization" approach to product development, Bruce will consider all of the application design constraints and will design a SIDEKICK enhanced to satisfy the exact overall performance needs at the most reasonably competitive selling price. Bruce has been given the ability to consider all aspects of the heat exchanger design relative to the price of the equipment and generate a fully priced proposal all in real-time; a software and engineering accomplishment that added over one thousand hours of coding and heat transfer modification to Bruce's core program. This means Bruce can handle all inquiries and generate proposals in real time by himself. The near elimination of sales and support overhead and significantly reduced project execution overhead requirements the Bruce software provides allows us to offer a product superior to any before it at pricing and responsiveness levels no conventional competitor could hope to match. 

Fisher Capital News: European Union Combats Pollutant Emissions from Non-Road Mobile Machinery

With such close scrutiny on pollutant emissions from road vehicles, what measures are in place to regulate emissions from non-road mobile machinery (NRMM)? Get educated, avoid scam and learn from latest news update from Fisher Capital Equipment Management Leasing.

NRMM refers to any transportable industrial equipment or vehicle with or without bodywork that is not intended to be used to carry goods or passengers on the road, in which an internal combustion engine is installed. This includes any vehicle fitted with a diesel engine and covers numerous construction vehicles and equipment such as excavators, front loaders and compressors.

Do NRMM contribute significantly to pollutant levels?

NRMM are not currently subject to as tight controls as road vehicles and investigations undertaken by the European Commission estimate that off road machinery accounts for approximately a quarter of the emissions of oxides of nitrogen and a third of PM2.5 (particles less than 2.5 micrometers in diameter)  emissions of mobile sources in 2000.

Oxides of nitrogen and particulates are the most significant pollutants emitted by diesel engines and are the two pollutants of most concern to the United Kingdom in terms of air quality. Oxides of nitrogen can have adverse effects on health, particularly among those with respiratory problems. In addition, they contribute to acidification, and to ground level ozone formation. Particulates are also damaging to health, particularly those suffering from cardiovascular and respiratory complaints.

What has been done to control these emissions?

Directive 97/68/EC was passed by the European Parliament and the Council of 16 December 1997 to approximate the laws of Member States relating to measures against the emission of gaseous and particulate pollutants from internal combustion engines to be installed in non-road mobile machinery. Several amendments have been made to this directive including, 2001/63/EC, 2002/88/EC, and 2004/26/EC to include technological advancements and to extend the scope of the directive to cover agricultural and forestry tractors, small spark ignition engines, locomotives and inland waterway vessels. The directive identifies the necessity to control emissions of air pollutants that have recognised health risks such as nitrogen dioxide, particulates – black smoke and other pollutants such as carbon monoxide.

How does it work?

The directive approximates laws of the Member States with regard to emission standards and has established a ''type approval' procedure for engines intended to be fitted to NRMM.  Type approval is a procedure whereby a Member State certifies that an internal combustion engine 'type' or 'family' meets the minimum technical requirements specified in the directive with regards to its level of emission of gaseous and particulate pollutants. Through certification, engine 'types' or 'families' can be approved with the assumption that, as a result of similar design, the expected exhaust emissions will comply with requirements of the directive.

What does this mean for the Construction Industry?

The Mayor of London’s 'Best Practice Guidance' already recommends minimum standards for off-road vehicles associated with increasing numbers of construction sites in London and large high profile demolition and construction sites, more commonly being asked by local planning authorities to specify exhaust emission controls for NRMM within their Construction Environmental Management plans.

In instances where the existing poor air quality exists upgrading NRMM to the latest engine 'type' or 'family', where budget allows,  can not only reduce the impact construction activities have on local air quality but also have climate change benefits through efficient / clean engine technologies.  As an alternative a range of exhaust after-treatment technologies is also available as a retrofit or as an original equipment option. Where upgrading to the latest technology or retrofit is not possible, other simple changes to on-site operations can be made to reduce the impact of NRMM. Such changes as using ultra low sulphur equivalent diesel and routinely maintaining/servicing an engine can hugely reduce levels of pollutants. Moreover, careful consideration of where to locate stationary construction plant equipment such as generators and cranes can also minimise the impact of exhaust emissions i.e. away from pedestrian walkways or areas where members of the public may be exposed for any length of time. A cost effective way that companies with sizeable stocks of NRMM can minimise their impacts on air quality at the most sensitive sites would be to distribute only there newest NRMM to sites with existing air quality issues.

With ever increasing pressure on the construction industry to tighten up their environmental practices, emissions from NRMM should not forgotten and through planned equipment renewal and on-site management companies can help protect the general public and employees against recognised health risks from air pollution and improve their environmental credentials.

Fisher Capital Management South Korea, Brazil’s Economy: 1st Quarter

Fisher Capital Management Seoul Korea, Brazil’s Economy - The brief recession of 2009 has given way to a robust increase in consumer demand and recovery in investment in Brazil in 2010. The economy is likely to grow 5.5%

this year. GDP grew 2% year-on-year in the fourth quarter of 2009 and fell 0.2%

for the whole of 2009 compared with 2008.

Fisher Capital Management South Korea Investing: - The central bank did not raise its target overnight interest rate, the so-called Selic rate, unchanged leaving it at 8.75% a year. This was expected as the presidential

election is nearing. The rate fell from 13.75% to 8.75% between December 2008

and July 2009. By the year-end, the rate is expected to rise by 250 basis points to

curb inflation.

Even though the US and Brazil are not as open an economy as one would believe.

Trade accounts for approximately 14% for both the countries. US cotton subsidies had been a bone of contention for the two countries. The US was accused of excessive cotton subsidies by Brazil. After eight years of litigation at the World Trade Organization Brazil has won the case and Brazil’s move to raise tariffs on

a wide range of American goods has a potential of starting a new front in the trade

war with the US over cotton subsidies. Overall, the issue is still not blown out of

proportion as the two countries are engaged on other fronts.

Fisher Capital Management Korea, Brazil’s Economy: 1st Quarter Investment - Brazil’s government announced a R$958.9bn programme of investments in infrastructure for 2011 to 2014. The program is known as the PAC 2 … the

Portuguese acronym for accelerated growth programme, part two … to increase

Brazil’s investment rate and its potential for economic growth during the period

of the next government, which begins on January 1 2011.

Fisher Capital Management South Korea, Investment News: Henrique Meirelles who provided monetary stability to Brazil is all set to stand for election either as a Vice President or a senator. President Lula may choose him to

run for the Vice President office to send a message that macroeconomic stability

will be maintained under Ms Rousseff, presidential nominee of Mr. Lula’s party in the October election.

Fisher Capital is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.

As a full service company Fisher Capital provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

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Fisher Capital Management- Financial Market August 2010

Fisher Capital Management- Financial Markets: Sentiment in the financial markets has improved

over the past month. The global economic recovery is continuing,

so far there have been no sovereign debt defaults, and there has

been a modest recovery in the euro. Investors and traders therefore

appear to have concluded that the gloom was overdone.

But there has been evidence of a worsening situation in Spain, and

the decision by the Chinese authorities to adopt a “more flexible”

towards renminbi has also raised some concerns about the growth

prospects for the Chinese economy.

Fisher Capital Management- Equity Markets: All the major equity markets, and the emerging

markets, have improved over the past month. Wall Street has outperformed

markets elsewhere because of some welcome economic

data; there have been strong gains in most of the mainland European

markets as the sovereign debt crisis has appeared to ease; the UK

market has welcomed the measures by the new coalition government

to address the problems of the huge UK fiscal deficit; and the

Japanese market has also moved slightly higher. Corporate results

have been satisfactory; and this has helped to improve sentiment

amongst investors.

Government Bond Markets have had another unusual month. The

sovereign debt crisis might have been expected to lead to a general

weakness in bond markets; but the main effect has been to produce

aggressive switching for the “weaker” markets to the “stronger”

ones, and a further widening of the yield curve.

As a result the major markets are unchanged or only slightly lower

at a time when the “weaker” markets, especially in Southern Europe,

have continued their sharp declines. Slow economic growth and

low short-term interest rates are continuing to provide support.

Currencies: The improvement in sentiment in the markets has led

to a movement of funds out of the “safe havens” of the dollar and

the yen into commodity-related currencies and “riskier” assets.

Both the dollar and the yen are therefore slightly weaker over the

month; and this movement has also eased some of the pressure on

the euro, and allowed it to recover.

Sterling has also improved as the markets have welcomed the

measures introduced by the new UK government to reduce the

fiscal deficit.

Fisher Capital Management- Shrt-Term Interest Rates: There have been no changes in shortterm

interest rates over the past month in the major financial

markets.

Fisher Capital Management- Commodity markets: have produced a mixed performance over the

past month, with some weakness in base metal prices, but strong

gains in the prices of cocoa, coffee, oil and precious metals.

How to avoid Engineering Scholarship Scams

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Student or parents needs to be able to recognize the scholarship fraud profile. Following are top 10 Scholarship Scams.

1. The free seminar scam. Overwhelmed by all the information out there? Want to make the best financial aid decisions for you or your child? Often a free financial aid seminar is no more than a “come-on” for insurance sales pitches, matching services or investment products.

Signs that should make the warning bells go off: Are they using the hard sell? Sign-up today or the price shoots up tomorrow? Can only answer certain questions after you pay their fee? Wants your credit card information to “hold” a scholarship for you? Your ears should be ringing by now.

Remember, if you receive help from a consultant, he or she must sign the Free Application for Federal Student Aid (FAFSA). If the seminar sales rep refuses to do so, it is another alarm bell. And never let a company consultant suggest that you adjust your income on the FAFSA in order to receive more aid. It’s unethical (a crime even). And it can backfire, big time.

2. Scholarships for profit. Scholarships are designed for many purposes—recruit talented athletes, assist low income applicants, encourage study in an academic discipline, promote campus diversity, attract the best students—but profit should never be one of them. Scammers that award modest scholarships of $1,000 (or no scholarship at all) can collect many times over that amount in fees by attracting thousands of applicants. You may only be out the 15 bucks or so, but multiple that by 1,000 scholarship hopefuls just like you and you just made for a nice payday for the scholarship scam artist. Being denied such a scholarship does not make you undeserving—but just one more scammed applicant.

3. The advance-fee loan. A low-interest loan with an upfront fee? Don’t think so, and neither should you. Legitimate lenders deduct fees from at the time disbursement checks are issue; they do not charge fees before paying out the loan to a borrower. Be wary of any lender that asks for money upfront—that is a loan that will likely never materialize.

4. Your Financial Aid Office. Huh? Your college Financial Aid Office is a credible and free resource for education funding. But beware; the Education Department recently banned the practice of lenders offering financial incentives to universities that recommend their service as a preferred lender (the university often receiving a “cut” for the loan). The move was prompted by investigations showing that some university officials accepted gifts, payments or stock on favorable terms in exchange for such practices. In other instances, marketing representatives for lenders staffed phones at student aid offices. In an $85 billion student loan industry, you have to ask yourself if your university steered you to the lender with the best rate available, or simply the one lining their pockets. Ouch.

5. The guaranteed matching service. If Match.com can’t guarantee you Prince Charming and firmer abs, scholarship matching services cannot guarantee you money in the bank. Matching services that promise guaranteed matching sources for a processing fee of $49.95 (and much higher) will at best provide you with information available for free on the web. Take note that these services often inflate their database when an individual sponsor offers hundreds of scholarships.

The Better Business Bureau (BBB) reports that many of the sources provided by scholarship matching services are inaccurate and “few, if any at all, receive the actual funds”. The BBB adds that information provided is often out of date, providing sources for deadlines that have long passed. And never mind that money-back guarantee—it comes with more hoops to jump through than any dog-and-pony show you could ever imagine.

6. Linked products. Don’t let any sales person ever convince you that a financial product, such as student life insurance, or an annuity, must be purchased to qualify for federal student financial aid. It just isn’t so. And it is a sure fire scam.

7. The telemarketer. Telemarketing was once the biggest bugaboos of scholarship fraud when the FTC first addressed scholarship scams in the 90s. Attention more recently has shifted to bogus financial aid and scholarship seminars, and deceptive practices among consultants. That does not mean that telemarketing scams still do not surface. The U.S. Department of Education warned consumers recently about telemarketing scammers posing as U.S. Department of Education (ED) officers offering grants to students for a $249 processing fee (by requesting a bank or credit card number). Contact the DOE’s Office of Inspector General at 1-800-MIS-USED begin_of_the_skype_highlighting            1-800-MIS-USED      end_of_the_skype_highlighting (1-800-647-8733 begin_of_the_skype_highlighting            1-800-647-8733      end_of_the_skype_highlighting) or oig.hotline@ed.gov to learn more.

8. Guaranteed financial aid consultants. What can you expect for your fee from a financial aid consultant? Help completing the FAFSA, estimating your expected family contribution (EFC), and advising you or child on types of aid. Information and assistance that is readily available and free from a financial aid office at any university, your local library, on the web, or from a high school guidance counselor. So what is free, free, free information worth to you? Plenty, if you pay fees to a financial aid consultant to get it.

Some may want the handholding of a consultant regardless. Then be aware of deceptive claims that should send you looking for help from other sources. A financial aid consultant may guarantee a minimum $2,500 in aid or promise to refund your money. That’s nice, but misleading. Yes, you will no doubt receive that $2,500 student loan, but then so will every applicant who completes the FAFSA (free and on the web at www.fafsa.ed.gov). A federal entitlement available simply by completing the FAFSA should not be misrepresented or misconstrued as aid a consulting company can uniquely guarantee you as an enticement.

Likewise, if a consulting service guarantees you will receive every last penny to ship your child off to school (or your money back), you should not be fooled. You guessed it, another federal entitlement that is a byproduct of completing the FAFSA. That and a decent credit rating will earn you a PLUS loan for 100 percent of the total cost of attendance for you or your child. It is just good sense to steer clear of any company that entices clientele with benefits that are freely available to all students completing the FAFSA (whether they pay pricey consulting fees or not) as a federal entitlement.

Remember, if a consulting agency is completing a FAFSA (or any other form) on your behalf, review, sign it, and mail it yourself. You should maintain copies of the completed FAFSA and expect a refund if it is incorrect. And always agree to a flat fee for financial aid consulting services, never a percentage of aid received. Qualifications to consider when screening potential financial aid consultants include whether the consultant has experience at a financial aid office and is a Certified Public Accountant. Never be hesitant to ask for references.

9. The sweepstakes scholarship. Lucky you! You have just been selected as a finalist to win a scholarship in a sweepstakes that you never entered. (And you thought you never won anything.) The only obstacle standing between you and collecting your winnings is paying the redemption fee. Be wary of contests, websites and scholarships that collect personal data, payout a single dollar-amount (play the lottery today?) and repay the kindness with a barrage of advertisements. Which brings us to our next popular scam tactic.

10. The redemption fee. Common catchphrases by the scammer are disbursement fee, redemption fee, or processing fee. Notice the common denominator here? Legitimate scholarships do not ask a student to pay for an award. Be wary of any money awarded to you out of the blue that comes with strings, especially those with strings attached to your pocketbook.