sgusers9的部落格

打工仔勞碌半生，迷你倉庫都是希望為退休作好理財準備。所以，訪問匯豐銀行前副總經理劉智傑時，記者自然直接問及他的理財心得。以為這名前打工皇帝會推介哪隻股票、基金，為退休金增值？Sorry，對大半生跟數字打交道的他而言，現階段最值得投資的只有健康，他自信滿滿地說：「�錢唔使用來醫病的話，就慳好多啦！我雖然快70歲，但有30歲的心境、40歲的體魄。」看來，先得把自己的健康錢箱儲得滿滿，才可好好享受人生下半場。文：梁翠薇圖：黃志東、emily2k＠iStockphoto、資料圖片切實投資匯豐銀行前副總經理劉智傑認為，退休人士最大的投資，不是要留意哪隻股票基金最賺錢，而是切切實實投資在自己的健康上。快70歲卻有40歲體魄68歲的劉智傑，退休前高薪厚職，56歲離開匯豐後自組公司繼續搵錢，經濟無憂。不過，並非人人都可以五六十歲便計劃退休，他直言：「除非是上一代的公務員，退休後有一筆退休金外，還每月有長糧，否則退休後完全沒有收入，又沒有積蓄，那就一定要繼續工作，沒有退休的條件。即使已經供甩層樓，但若只有100萬元，現時定期存款利率只有三四厘，（利息）低到飲杯咖啡、食個早餐都唔夠。」沒收入「唔輸得」投資要「安全」曾經在銀行界叱�風雲，經歷過大市起起落落，劉智傑提醒各位退休人士，由於不再有收入，所以「唔輸得」，要以「安全」為財務管理的首要策略。以下是劉智傑提出要注意的五點：1.樓價高回報低過往香港人較喜歡投資房屋，買樓後可靠收租過活，但現時樓價高企，回報率低，這類投資未必最理想。2.分散投資若打算用退休金投資基金或股票，一定要有多餘錢才可，而且切勿一筆過放在同一基金或股票，否則若眼光欠佳，便隨時輸清光。3.自行分析多聽專業人士的意見，再自行分析，如參考某基金過去幾年的回報率等歷史資料。不宜找別人替自己投資，因某些人可能過去在大機構工作，有很多內部支持，有資料讓他去做決定；但離開大機構後，沒有龐大backup，分析不如以前的全面，很容易出事。4.「便宜」莫貪現時很多基金最多只有3至5厘回報率，若突然有隻聲稱有15厘，千萬不要聽、不要掂。「邊有咁大隻蛤�隨街跳？」5.3年計劃計劃不用太長遠，以3年為限，因為中間有很多變數。如果有人告訴你3年後大巿環境如何、會有什麼事發生，那是神，不是人。「打工」開源減應酬節流他認為唯一能為退休金增值的，就是開源，故他離開匯豐後就和朋友成立公司，為中小企業當顧問和董事，近幾年亦開始為幾間公司擔任非執行董事，「有人工�，有人邀請，我自己識做又做到便幫下手，不辛苦，一年開幾次會而已」。除了開源，當然還要節流。劉智傑建議女士可減少購物，「買新衫沒有機會穿，與其放入衣儲存，不如keep住錢放在自己袋�」；男士則拒絕無謂的應酬、取消過多的會籍。他笑說：「會費很貴呀！剛收到信，馬會又加價。至於無謂的應酬，我叫這些做擾攘，以前為工作不能推卻，現在我不想去就會說很忙。明知有些人沒好帶挈，又說請我飲酒、食鮑魚，我30年前已經食過啦！」他現在最享受的節目，就是看書和弄孫為樂，生活簡單，所費無幾。養生保健「毋須醫病慳許多」保持健康也能節流，他認為人到中、老年，最大的開支就是醫療費用，所以要減低患病的機率：「退休最有可能使你一大筆錢就是醫病，如果�錢毋須用來醫病，就慳許多了！即使依賴政府提供醫療，但只要有病，生活質素已有很大影響。」他又認為很多人忽略了健康的重要：「買保險只保障你出事的時候。其實養生保健，比買保險有用，預防勝於治療嘛！」對於養生保健，劉智傑也自有一套理論：?飲食有節制白天吃多了不用太擔心，只要食量正常便可以；睡前一定不可多吃。?12時前入睡不要晚上12時後才入睡，因為五臟有運作時間，它們需要休息時，你不讓它們休息，就會傷肝傷腎。?多喝湯水涼茶多喝中醫推介的湯水、涼茶，對心肝脾肺腎都有益處。最後，他更提出一個問題：「為什麼武林高手總要在高山上修煉？」吸收天地靈氣？還是山上空氣較好？非也，非也。他答道：「《黃帝內經》有提及『久視傷血』。現在的人埋頭玩iPhone、iPad，其實長時間望熒幕會將身體抽乾。閒時應該多望天、望海。」視野廣闊，心境也會特別平靜。醉心佛學多年的他，很多事已看得通透，建議大家不宜大悲大喜，學會「放下」，不要執著，便可享受愉快退休生活。劉智傑小檔案1944年出生，畢業於伊利沙伯中學?1965年加入匯豐銀行，由低做起，先後擔任工商業務部及分區管理行政職務?1986年擔任匯豐香港區總管理處高級經理?1990年起出任零售業務副經理，後擢升為副總經理及零售業務主管，為當時首名華人擔任此高職?2000年12月退休?2001年起成立好盈集團，並出任多間公司非執行董事叱�銀行界劉智傑非常長情，在匯豐工作了35個年頭，離任前任職副總經理，是當時首名華人擔任如此高職，成為一時佳話電台重溫分享退休理財心得想了解劉智傑的退休理財心得，可登入港台網站，重溫《繽紛旅程》的節目內容。節目時間：逢周一晚上7:00至8:00內容：梁陳智明與何重恩，跟各界退休名人分享退休後的精彩生活頻道：香港電台第五台，港台網站（radio.rthk.hk）同步播出及提供節目重溫伸延閱讀及早計劃老年生活《退休理財的六堂課》簡介：詳述退休安排的基本觀念，建議大家及早計劃退休理財，以應付退休後的老年生活。書中亦提及台灣的退休制度和安排作者：邱顯比出版社：遠見天下文化新蒲崗迷你倉

In other mar- kets, like the UK, food e- commerce is about con- venience.迷你倉庫Here, there's going to be a higher qual- ity and safety premium.Chen Yougang Partner at consultancy McKinsey Chinese consumers are responding to a powerful new marketing tactic that plays to a widespread fear of food contamination -- the prom- ise of safe groceries sold online.Pledging produce direct from the farm, vendors have found food is becoming one of the fastest-growing segments of Internet retailing as they cash in on scares from cadmium-tainted rice to recycled cooking oil.The trend is adding momentum to a Chi- nese online retail boom driven by a rapidly expanding middle class, with companies such as COFCO Ltd and Shunfeng Express betting a decent slice of a 1.3 billion popu- lation will pay for the peace of mind they say their services offer."I think people are willing to pay a higher premium than in the West. In other mar- kets, like the UK, food e-commerce is about convenience. Here, there's going to be a higher quality and safety premium," said Chen Yougang, a partner at consultancy McKinsey.But convincing some skeptical Chinese consumers on food quality will remain a battle. Shanghai-based Zhang Lei expressed doubt on the credentials of some products being touted as organic."Everyone knows that in China organic is not the real thing," said a mother.Nonetheless, total online sales of fresh produce in China could rocket to 40 billion yuan (US$6.5 billion) in five years from about 11.5 billion yuan this year, said Zhou Wenquan, a senior analyst at Beijing Orient Agribusiness Consulting.Research firm Euromonitor has more modest expectations, but still sees growth comfortably beating major overseas mar- kets. It looks at volumes rather than values of online purchases of 'fresh food, with the Chinese market expected to grow by around 8 percent by 2017 from 664 million tons this year, compared to US growth of about 5 percent from 77 million tons.So far, most food sold on China's largest online shopping sites such as Yihaodian, majority owned by Wal-Mart, and Jingdong Mall has been packaged items or fruit with a relatively long shelf-life. But a wave of new businesses are focusing on fresh and premium produce, using the Internet to target higher-income consumers than su- permarkets, which typically serve a broader customer base, analysts say."The vegetables are really fresh," said Bei- jing resident Lei Na, who shops on websites such as Womai.com, owned by China's top food processor and trader COFCO."Supermarket food doesn't look that fresh, especially if you only get there in the evening." Shunfeng Express, China's largest deliv- ery compan儲存, last year launched Shunfeng First Choice offering a range of food to around 500,000 consumers. About 70 per- cent are imported products such as wine and milk powder, but it also sells local seafood, meat and vegetables."We go directly to the farms to pick the produce, and then using our own logis- tics, deliver straight to the consumer. So from the tree to the consumer's dining table, we'll remove all the sectors in be- tween," said Yang Jun, director of sales and marketing.Delivering on promises?Persuading customers they can meet promises on food safety is crucial for on- line retailers."If I'm busy I use websites. But if I have time, I prefer to drive to the supermarket and choose vegetables myself," said Zhang in Shanghai.But vendors say that cutting out middle- men increases freshness and makes food more traceable, while packaging barcodes that can be read by smartphones help con- sumers verify the origin of items.And companies go to some lengths to describe their products online. Customers looking at free-range chickens on the Ben- lai Shenghuo website, a 2012 start-up whose name roughly translates as "original life," get details on the breed they are selecting and its diet, along with photos of the birds wandering on farms.Online. customer reviews and ratings are also key in convincing potential buyers of quality, said Chen Liang, a senior research expert at Alibaba, owner of China's biggest online marketplace Taobao.With its 10 million users per minute, Tao- bao has ridden the e-commerce boom in China, with its customers moving from non- essential items such as books and electronics to clothes and recently food. Its sales of meat, seafood, fruit and vegetables grew 42 percent last year to nearly 1.3 billion yuan."Before, people thought the Internet wasn't suitable for selling clothes. But now it's the most suitable channel. I think food will follow this trend," Chen said.Another major challenge facing e-com- merce food firms is the cost of developing nationwide cold chain logistics, with McKin- sey's Chen suggesting players work together to connect suppliers with a network of cold storage facilities.But with food scandals hitting Chinese shoppers thick and fast-products from the world's largest dairv exporter Fonterra have just been recalled from Chinese shelves -- firms are confident they can overcome hurdles in the market."During the bird flu outbreak, our chicken sales exploded," said Steve Liang, founder of Shanghai-based online retailer Fields, refer- ring to a jump in sales after a new strain of the virus discovered in February that killed more than 40 people on the Chinese main- land and Taiwan.(Reuters)新蒲崗迷你倉

Source: Standard-Examiner, Ogden, UtahAug.self storage 12--SALT LAKE CITY -- In response to an emergency request for assistance from the Division of Forestry, Fire and State Lands, Gov. Gary Herbert has authorized deployment of Utah National Guard resources as part of the air assault to combat the State and Millville fires in northern Utah.The State Fire is near the town of Portage in Box Elder County, close to the Utah-Idaho border, and has burned more than 11.000 acres. The Millville Fire is in Cache County, just south of Logan.Due to new fires in other parts of the state, air resources are scarce and the assistance of National Guard Blackhawk helicopters is warranted to tac迷你倉le flames in a steep canyon west of Portage and in Millville, according to State Forestry officials. According to current reports, six ground crews are on scene at the State Fire and five more are en route. The erratic fire keeps jumping fire lines and making significant runs due to high winds.The National Guard has initiated mobilization efforts, in coordination with the Division of Emergency Management and Utah Department of Public Safety. Two Blackhawk helicopters are expected to deploy any minute.Copyright: ___ (c)2013 the Standard-Examiner (Ogden, Utah) Visit the Standard-Examiner (Ogden, Utah) at .standard.net Distributed by MCT Information Services文件倉

Emblaze Ltd("Emblaze" or "the Company")INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013Herzeliya, Israel, 13 August 2013: Emblaze Ltd.迷你倉 today announces itsunaudited financial results for the six month period ended 30 June 2013 (the"Reported Period"). All references to $ are to US Dollars.Financial Highlights:- Cash position with cash and short term investments of $143 million;- Company has purchased 923,898 of its own shares in an amount of $687,000;- Revenue for the period ending 30 June 2013 totaled $1.1 million (2012: $0.9 million).Naftali Shani, Chairman of Emblaze, commented: "The Company remainsin strong cash position. Going forward we will continue to focus onprofitability and growth and we look forward to reporting on progress in thenear future.A copy of the Company's interim results for the six months ended 30June 2013 will shortly be available for inspection at the National StorageMechanism, which is located at .hemscott.com/nsm.doThe report is also available on the Company's website, .emblaze.comInformation in this announcement is based upon unaudited managementaccounts. In addition, certain statements made are forward looking statements.Such statements are based on current expectations and are subject to a numberof risks and uncertainties that could cause actual events or results to differmaterially from any expected future events or results referred to in theseforward looking statements.Enquiries:Piers Coombs/ Kit StephensonCanaccord Genuity Ltd. +44 20 7523 8000Emblaze is traded on the London Stock Exchange since 1996. .emblaze.comEmblaze holds EMOZE Ltd., an acknowledged world leader, providing transparent, synchronizedmobile push messaging and push content solutions for handset manufactures, mobile operatorsand enterprises. EMOZE supports all major email providers, instant messaging services andsocial networks. EMOZE push messaging solution is based on EMOZE patented technology andprovides real push experience combined with an efficient mechanism, minimizing both datatraffic and battery consumption to all mobile devices (feature-phones and smart-phones).EMOZE architecture is based on reliable, redundant, scalable server-technology that offersa low TCO and quick-to-market deployment. .emoze.comReviewEMOZE Ltd.Emoze Ltd., a 95 per cent. subsidiary of Emblaze, is a provider ofmobile push messaging and push content solutions for handset manufactures,mobile operators and enterprises. EMOZE is constantly evaluating how to adjustand better position its activity and offering in view of market trends and theincreasing share of Smartphones in the market.Intellectual PropertyIn July 2010, Emblaze filed a complaint against Apple Inc. forinfringement of the Company's U.S. Patent No. 6,389,473 through Apple's HTTPLive Streaming protocol used in Apple products such as iPhones and iPads[1].In October 2012, the Company filed a complaint for patentinfringement against Microsoft Corporation ("Microsoft"). The complaintasserts that Microsoft's IIS Smooth Streaming system infringes Emblaze's U.S.patent No. 6,389,473 for media streaming technology[2].Legal proceedings in these two cases are ongoing.Share repurchase programOn 19 March 2013 the Company resumed a share repurchase programme,which was previously approved by the Company's board of directors up to amaximum consideration of US$2 million.The repurchase program was undertaken in accordance with IsraeliCompanies Law, the FSA Listing Rules (the "Listing Rules") and the CommissionRegulation (EC) No 2273/2003 (the "EC Buy-back Regulations"). The program wasimplemented by way of market purchases of the Company's own shares fortransfer into Treasury. In accordance with the Listing Rules, the maximumprice which may be paid by the Company was not more than the higher of (i) anamount equal to 105% of the average market closing price (as derived from theLondon Stock Exchange Daily Official List) for the five dealing daysimmediately preceding such purchase; and (ii) the amount stipulated by Article5(1) of the EC Buy-back Regulations, exclusive of expenses.The Company now holds 30,587,902 of its shares in Treasury,including shares which have been purchased up until the end of the interimperiod but registered after June 30, 2013. Following the share repurchase, thenumber of shares in issue (excluding shares held in Treasury) is now109,990,252. The total issued share capital of the Company as at June 30, 2013is 140,578,154.Trading since the end of June 2013 has shown a similar trend to the preceding six months.Risks and UncertaintiesThe Board's primary focus areas when reviewing key risks anduncertainties considers strategic, operational and financial risks andidentifies actions to mitigate those risks. Pursuant to the requirements ofthe Disclosure and Transparency Rules the Company provides the followinginformation on its principal risks and uncertainties, in addition to thosedetailed in the Company's 2012 Annual Report and Accounts, which areincorporated hereto as an integral part of this review:- The continuing challenges in macro-economic environment andturbulence in the overall financial markets economy as well as the drive forour technology solutions and products directly or indirectly by consumerdemand and preferences - all of which may have an impact on the Company'sbusiness;---------------------------------[1] Apple, iPhone and iPod Touch iPad and Snow Leopard are proprietarynames of Apple Inc.[2] Microsoft, IIS Smooth Streaming and Windows Azure Media Servicesare proprietary names of Microsoft Corporation.- Investment efficiency: the Company's growth is dependent oncreating a portfolio of quality options and investing in the best options.Ineffective strategy, investment selection and/or subsequent execution couldlead to loss of opportunity, loss of value and higher capital expenditure;- People and capability: the Company relies on recruiting andretaining high-quality employees to execute its strategic plans and to operateits business. In addition, management attention continues to be required inthe ongoing management of the intellectual property claims filed by theCompany against third parties, as well as responding to matters related to theclaims brought against the Company, and some of its directors and officers, inthe context of a former director's bankruptcy proceedings and personalfinancial affairs (see Note 4 for further information). Key managementpersonnel will need to continue to devote attention to these matters, whichmay negatively impact on their capability to timely and effectively addressother operational matters unrelated to the litigations;- Shareholders support: the lack of shareholders' support couldpossibly result in impairment of the board's ability to execute its plannedmandate.The directors monitor the key risks and uncertainties and the boardwill take appropriate actions to mitigate these risks and their potentialoutcomes. These actions include close review and monitoring of the economicenvironment to ensure the business can respond appropriately to changes intrading conditions, careful management of costs across all areas of thebusiness with increased expenditure only in those areas that the board decidesare appropriate to drive growth and deliver long term strategic benefits, aswell as maintaining focus on establishing the Company's position as a leadingprovider of innovative technology and advanced, high quality solutions.Related party transactionsTransactions between the Company and its subsidiaries, which arerelated parties, have been eliminated on consolidation.Directors' responsibilitiesResponsibility statement of the directors in respect of the half-yearlyfinancial report:We confirm that to the best of our knowledge:- the unaudited financial results for the six month period ended 30June 2013 have been prepared in accordance with IFRS. These results follow theguidelines of IAS 34 Interim Financial Reporting as adopted by the EU, whichdefines the minimum content of an interim financial report as includingcondensed financial statements and selected explanatory notes. The interimfinancial report is intended to provide an update on the latest complete setof annual financial statements. Accordingly, it focuses on new activities,events and circumstances, and does not duplicate information previouslyreported, except for completeness.- the interim management report includes a fair review of theinformation required by:(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being anindication of important events that have occurred during the first six monthsof the financial period and their impact on the condensed set of financialstatements; and a description of the principal risks and uncertainties for theremaining six months of the period; and(b) DTR 4.2.8R of the Disclosure and Transparency Rules, beingrelated party transactions that have taken place in the first six months ofthe current financial period and that have materially affected the financialposition or performance of the entity during that period; and any changes inthe related party transactions described in the last annual report that coulddo so.By order of the Board,Naftali ShaniChairmanEMBLAZE LTD. AND ITS SUBSIDIARIESCONSOLIDATED BALANCE SHEETSU.S. dollars in thousandsJune 30, December 31, 2013 2012 Unaudited AuditedASSETSCURRENT ASSETS:Cash and cash equivalents $ 6,337 $ 9,333Short-term deposits 112,100 122,000Financial assets at fair value throughprofit or loss 24,362 13,360Available for sale financial assets 205 215Restricted deposits 199 195Accrued interest receivable 699 966Prepaid expenses and other receivables 911 1,001Total current assets 144,813 147,070NON-CURRENT ASSETS:Equipment, net 62 67Total assets $ 144,875 $ 147,137EMBLAZE LTD. AND ITS SUBSIDIARIESCONSOLIDATED BALANCE SHEETSU.S. dollars in thousandsJune 30, December 31, 2013 2012 Unaudited AuditedLIABILITIES AND EQUITYCURRENT LIABILITIES:Trade payables $ 289 $ 268Deferred revenues and accrued expenses 3,463 4,341Total current liabilities 3,752 4,609NON-CURRENT LIABILITIES:Employee benefit liabilities, net 24 34EQUITY:Share capital 416 416Share premium 469,931 469,911Treasury shares (76,962) (76,275)Other capital reserve 122 132Accumulated deficit (252,035) (251,346)Equity attributable to Company's equity holders 141,472 142,838Non- controlling interest (373) (344)Total equity 141,099 142,494Total liabilities and equity $ 144,875 $ 147,137EMBLAZE LTD. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOMEU.S. dollars in thousands, except share and per share dataSix months ended Year ended June 30 December 31 2013 2012 2012 Unaudited AuditedRevenues $ 1,065 $ 893 $ 2,149Cost of sales 272 224 525Gross profit 793 669 1,624Operating expenses:Research and development 761 820 1,751Selling and marketing 134 376 800General and administrative 1,549 1,375 2,620Total operating expenses 2,444 2,571 5,171Operating loss (1,651) (1,902) (3,547)Financial income 883 1,244 2,460Financial expense (110) (26) (58)Other income - 2,002 2,061Net income (loss) from continuing operations (878) 1,318 916Net income (loss) from discontinuedoperations, net 160 (19) (30)Net income (loss) $ (718) $ 1,299 $ 886Other comprehensive income (loss):Gain (loss) from available-for-salefinancial assets $ (10) $ (6) $ 34Actuarial loss from defined benefit plans - - (32)Total other comprehensive income (loss) $ (10) $ (6) $ 2Total comprehensive income (loss) $ (728) $ 1,293 $ 888Net income (loss) attributable to:Equity holders of the Company $ (689) $ 1,197 $ 968Non controlling interests (29) 102 (82)$ (718) $ 1,299 $ 886Total comprehensive income (loss)attributable to:Equity holders of the Company $ (699) $ 1,191 $ 970Non controlling interests (29) 102 (82)Net income (loss) $ (728) $ 1,293 $ 888Basic and diluted net earnings (loss) pershare attributable to Company's equityholders (note 5)Earnings from continuing operations $(0.01) $ 0.01 $ 0.01Earnings from discontinued operations - - -Net earnings (loss) per share $(0.01) $ 0.01 $ 0.01EMBLAZE LTD. AND ITS SUBSIDIARIESSTATEMENTS OF CHANGES IN EQUITYU.S. dollars in thousandsNon- Share Share Treasury Available-for- Accumulated controlling Total capital premium shares sale reserve deficit Total interest equityBalance as of January 1,2012 $ 416 $ 469,864 $ (75,555) $ 98 $ (252,282) $ 142,541 $ (266) $ 142,275Net income - - - - 968 968 (82) 886Other comprehensiveincome (loss) - - - 34 (32) 2 - 2Total comprehensiveincome (loss) - - - 34 936 970 (82) 888Cost of share basedpayment - 47 - - - 47 4 51Purchase of treasurystock - - (720) - - (720) - (720)Balance as of December31, 2012 416 469,911 (76,275) 132 (251,346) 142,838 (344) 142,494Net loss - - - - (689) (689) (29) (718)Other comprehensive loss - - - (10) 文件倉 - (10) - (10)Total comprehensive loss - - - (10) (689) (699) (29) (728)Cost of share basedpayment - 20 - - - 20 - 20Purchase of treasurystock - - (687) - - (687) - (687)Balance as of June 30,2013 (unaudited) $ 416 $ 469,931 $ (76,962) $ 122 $ (252,035) $ 141,472 $ (373) $ 141,099EMBLAZE LTD. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousandsSix months ended Year ended June 30, December 31, 2013 2012 2012 Unaudited AuditedCash flows from operating activities:Consolidated net income ( loss) $ (718) $ 1,299 $ 886Less - gain (loss) from discontinuedoperations 160 (19) (30)Income (loss) from continuing operations (878) 1,318 916Adjustments to reconcile income fromcontinuing operations to net cashprovided by (used in) operatingactivities :Depreciation 16 15 30Cost of share-based payment 20 22 51Change in financial assets at fair valuethrough profit or loss 328 - (70)Decrease (increase) in accrued interestfrom assets at fair value through profitor loss, short term deposits andrevaluation of restricted deposits, net 263 (294) (614)Interest received-adjustment (1,411) (854) (1,426) (784) (1,111) (2,029)Changes in asset and liability items:Decrease (increase) in receivables andprepaid expenses 109 (150) 35Decrease in trade payables, deferredrevenues, accrued expenses and otherliabilities, net (580) (867) (3,103)Interest received 1,411 854 1,426Net cash provided by (used in) operatingactivities from continuing operations (722) 44 (2,755)Net cash provided by (used in) operatingactivities from discontinued operations (146) 5 5Net cash provided by (used in) operatingactivities $ (868) $ 49 $ (2,750)EMBLAZE LTD. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousandsSix months ended Year ended June 30, December 31, 2013 2012 2012 UnauditedCash flows from investing activities:Purchase of property and equipment, net $ (11) $ (17) $ (38)Investment in short-term bank deposits - (105,792) (122,000)Maturing of short-term bank deposits 9,900 - -Purchase of financial assets at fairvalue through profit or loss (12,712) - (15,133)Proceeds from sale of financial assets atfair value through profit or loss andavailable for sale financial assets 1,382 10 1,713Net cash used in investing activities (1,441) (105,799) (135,458)Cash flows from financing activities:Repurchase of own shares, net (687) (215) (720)Net cash used in financing activities (687) (215) (720)Net decrease in cash and cash equivalents (2,996) (105,965) (138,928)Cash and cash equivalents at thebeginning of the period 9,333 148,261 148,261Cash and cash equivalents at the end of $ 6,337 $ 42,296 $ 9,333the period.NOTE 1:- GENERALEmblaze Ltd. ("Emblaze" or "the Company") is an Israelicorporation. The Company's shares are traded on the London Stock Exchange("LSE") under the symbol BLZ.EMOZE Ltd. ("EMOZE"), a provider of Push email and PersonalInformation Management ("PIM") synchronization to mobile users, is a 95% ownedsubsidiary of Emblaze.ELSE Ltd. ("ELSE"), a 99% owned subsidiary of Emblaze, was engagedin the design of advanced mobile devices.NOTE 2:- BASIS OF PREPERATIONa. Statement of compliance :The Company changed its financial reporting principles from generally acceptedaccounting principles in the United States ("U.S. GAAP") to InternationalFinancial Reporting Standards ("IFRS"). The Company consolidated financialstatements for the year ended 31 December, 2012 were the Company's initialannual financial statements prepared in conformity with IFRS.This consolidated interim financial statements of 30 June, 2013 and for thesix month periods then ended ("interim consolidated financial statements")have been prepared in accordance with IAS 34 - "Interim Financial Reporting".The interim consolidated financial statements should be read in conjunctionwith the annual consolidated financial statements for the year ended 31December, 2012, which have been prepared in accordance with IFRS as mentionedabove.See Note 6 regarding the impact of the transition from reporting in accordancewith U.S. GAAP to reporting in accordance with IFRS on the consolidatedstatement of comprehensive income for the six months ended 30 June, 2012.b. Judgments and estimates :In preparing these interim consolidated financial statements, Management makejudgments, estimates and assumptions that affect the application of accountingpolicies and the reported amounts of assets and liabilities, income andexpense. Actual results may differ from these estimates.The significant judgments made by Management in applying the Company'saccounting policies and key sources of estimation uncertainty were the same asthose that applied to the consolidated financial statements as at and for theyear ended 31December, 2012.NOTE 2:- BASIS OF PREPERATION (Cont.)c. Significant accounting policies :Except as described below, the accounting policies applied in these interimconsolidated financial statements are the same as those applied in theCompany's consolidated financial statements as at and for the year ended 31December, 2012. The following changes in accounting policies did not have amaterial effect on the financial statements.Changes in accounting policies:- IAS 19 Employee benefits (2011)- IFRS 10 Consolidated Financial Statements (2011)- IFRS 11 Joint Arrangements.- IFRS 13 Fair Value Measurement.- Presentation of items of Other Comprehensive Income (Amendments to IAS 1)NOTE 3:- SUPPLEMENTARY INFORMATIONDuring the period between January 1, 2013 and June 30, 2013 theCompany has purchased 923,898 of its own shares through the market in anamount of $687, net of related expenses. The Company now holds 30,587,902 ofits shares in Treasury, including shares which have been purchased up untilthe interim period but registered after June 30, 2013. Following the sharerepurchase, the number of shares in issue (excluding shares held in Treasury)is now 109,990,252. The total issued share capital of the Company as at June30, 2013 is 140,578,154.NOTE 4:- LEGAL PROCEEDINGS1. Emblaze, and some of its directors and officers, were nameddefendants in a few proceedings in the context of Bankruptcy proceedingsbrought personally against Mr. Eli Reifman, a former director of the Company.As part of his fiduciary and regulatory obligations, Mr. Reifman was requiredto timely report to the Company of changes in his shareholding position. Mr.Reifman's reports were duly reflected in the Company's annual and immediatereports, respectively. Several of Mr. Reifman's creditors have filed claimsagainst numerous parties, as well as against the Company and some of itsdirectors and officers, asserting reliance on information provided by theCompany with respect to Mr. Reifman's holdings in the Company. Some of theclaims were directed at the Company, and some also named part of its directorsand officers as defendants, as detailed here below:a. In November 2010, a claim was filed against the Company and itssubsidiary, ELSE Ltd., in the Tel Aviv Labor Tribunal, claiming fortermination indemnities in respect to an employment cessation of a formeremployee. The amount of the claim is NIS 2,700,000 (approximately $ 746 as ofJune 30, 2013). The claim against the Company was withdrawn in December 2011.In May 2013, the claim against ELSE Ltd. was dismissed by settlement betweenthe parties according to which ELSE Ltd's agreed to make an ex-gratia releaseof pension funds already accrued to the benefit of the former employee in anamount of approx. NIS 179,000 (approximately $ 49 as of June 30, 2013).NOTE 4:- LEGAL PROCEEDINGS (Cont.)b. In April 2012, two of Mr. Reifman's creditors filed a claimagainst the attorneys that represented them in their transaction with Mr.Reifman, alleging malpractice, negligence and failure by their attorneys toproperly secure their loans to Mr. Reifman. As part of this claim, the twocreditors have also named Emblaze, and some of its directors and officers, aswell as the Company's external legal advisor and auditors, as defendants for"caution reasons". The claim is for a sum of NIS 73,340,642 (approximately $20,271 as of June 30, 2013). The claim was referred by the court to mediationbetween the various parties.c. In June 2012, several other creditors of Mr. Reifman filed aclaim against Emblaze, some of its directors and officers as well as againstits external legal advisor and auditors. The claim is for a sum of NIS86,549,093 (approximately $ 23,921 as of June 30, 2013). In June 2013 theDistrict Court has accepted in-part the request for dismissal filed by theCompany and some of its directors and officers. The District Court dismissedthe claim with respect to two of the claimants, thus reducing the total sum ofthe claim to NIS 81,755,986 (approximately $ 22,597 as of June 30, 2013). TheCompany still waits decision of the Supreme Court on its appeal against thepermission granted on December 26, 2011 by the Bankruptcy Court in Israel tothe trustee to Mr. Reifman's bankruptcy to represent the majority of the Mr.Reifman's creditors in this claim.d. In November 2012, two creditors of Mr. Reifman have filed aclaim for NIS 30,000,000 against the attorneys involved in their transactionswith Mr. Reifman. The said attorneys submitted a third-party notificationagainst numerous parties that were involved in the transaction, as well asagainst Emblaze and some of its directors and officers, asserting that theyare to be indemnified in the event that the claim will be ruled against them.The third party notification is for a sum of NIS 7,600,000 (approximately $2,100 as of June 30, 2013). On December 25, 2012, the said attorneys alsofiled an application to join the Company as one of the defendants in the claimfiled against them.While the cases described above in sections 1(b), (c) and (d) arestill in preliminary stages, the Company's legal advisors are of the opinionthat the chances of success of these claims are remote.e. At the request of the Administrator for Mr. Reifman's bankruptcy(who was later appointed as the trustee to Mr. Reifman's bankruptcy), the Tel-Aviv District court issued an ex-parte temporary injunction on September 6,2010, ordering the Company to withhold 27.75% of any dividend the Company maydecide to distribute, to be held in trust by the General Administrator andOfficial Receivers Department of Israel's Ministry of Justice. The Courtclarified that any such amount belongs to all Company's shareholders.Following an appeal filed by the Company, the Supreme Court cancelled theinjunction on November 29, 2010, and limited the Company's responsibility onlyto notification obligation in case a decision on dividend distribution ismade.2. The Company and/or its subsidiaries may be involved in variouslegal disputes within the ordinary course of business. The Company'smanagement is of the opinion that at this point the potential exposure of suchdisputes is immaterial.NOTE 5:- EARNINGS PER SHARESix months ended Year ended June 30 December 31 2013 2012 2012 Unaudited AuditedNumber of shares used for calculation ofearnings per share - Basic 111,325,572 111,710,807 111,498,570Adjustments for share options 34,548 5,516 11,180Number of shares used for calculation ofearnings per share - Diluted 111,360,120 111,716,323 111,509,750Continuing operations:Net income (loss) from continuingoperations $ (941) $ 1,267 $ 916Basic and diluted earnings per share toCompany's shareholders $ (0.01) $ 0.01 $ 0.01Discontinued operations:Net income (loss) from discontinuedoperations $ 160 $ (19) $ (30)Basic and diluted earnings per share toCompany's shareholders $ - $ - $ -Total earnings (loss) per share $ (0.01) $ 0.01 $ 0.01NOTE 6:- RECONCILIATIONS OF THE CONSOLIDATED FINANCIAL STATEMENTSUNDER US GAAP TO CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRSa. Company reconciliation of total comprehensive income for the sixmonths ended June 30, 2012:Effect of transition to IFRS and IFRS as at other June 30, US GAAP adjustments 2012Revenues $ 893 $ - $ 893 Cost of sales 224 - 224Gross profit 669 - 669Operating expenses: Research and development 820 - 820 Selling and marketing 376 - 376 General and administrative (2) 1,411 (35) 1,376Total operating expenses 2,607 (35) 2,572Operating loss 1,938 (35) 1,903Financial income (1) 1,234 11 1,245 Financial expense 26 - 26 Other income 2,002 - 2,002Profit for the year from continuing operations 1,272 45 1,318 Profit from discontinued operations, net (19) - (19)Profit for the year to Company's shareholders $ 1,253 $ 45 $ 1,299Other comprehensive income : Loss from available-for-sale financial assets $ - $ (6) $ (6) Actuarial loss from defined benefit plans - - -Total comprehensive income for the year to Company's shareholders $ 1,253 $ 39 $ 1,293b. Notes to reconciliations:1. Accordingly to reclassification of financial assets presentedas short-term investments under US GAAP to available-for-sale financial assetsunder IFRS in accordance with IAS 39, gains and losses from fair valueadjustments are recognized to other comprehensive income.2. Adjustment of post-employment benefits from undiscounted methodunder US GAAP to an actuarial calculation (projected unit credit method) underIFRS. Under IFRS actuarial gains and losses are included in othercomprehensive income in the period in which they arise.XLON存倉

為籌編明（103）年度政府總預算，迷你倉出租經建會、交通部、財政部三大部會將被迫賣股票，除已知處分國發基金手中台積電持股外，其他持有上市櫃股票也評估中，初估須處分包括中華電、兆豐金、第一金、合庫等標的，釋股總額超過800億元。 這是馬政府近5年首度編釋股預算籌措財源。 政府知情人士說，此次處分國發基金持股，嚴格說不能稱為「釋股」，因多數不會直接處分，而會依證交法22條之2洽特定人出售，擬洽政府四大基金承接，且採分散標的釋出，以免對股市產生動盪衝擊。 103年度總預算籌編困難，一度缺口高達3,000億元，上週副院長毛治國密集與各部會協調，希望釋股以彌補歲入缺口800億以上。歲入方面，央行再度蟬聯盈餘繳庫第一名，挹注1,800億元財源；第二名是國發基儲存倉，明年盈餘繳庫超過350億元。 國發基金持有台積電6.38％股權，這次釋出不及0.7％，依股價計可挹注國庫180億元；此外，該基金持有世界先進等12∼13檔上市櫃股票也列入釋股標的規劃中。 另外，交通部持有中華電信也被相中，目前公股持有35％，計畫洽特定人釋出1∼2％，至少為國庫貢獻繳庫1、200億元，但不影響公股在中華電董監席次的布局。 公股行庫部分，為兼顧金融政策，公股主導權地位等考量，選擇股價及獲利表現均不錯的兆豐、一銀、合庫等公股行庫為釋出標的，但釋股比率都不大。 馬政府曾在97年度編列中華電釋股7％作追加預算財源，但遭藍綠立委聯手擋關，98年編台菸酒釋股30％被凍結，在立院附帶決議反對下，近年皆未再編釋股預算。（相關新聞見A2）迷你倉沙田

☉本報記者 王誠誠 王慧娟對於收益分毫必爭的債券投資，迷你倉庫每一個較大級別的波段，都是債基管理人彎道超車的絕佳時機。今年上半年的債市，就為基金管理人提供了這樣的土壤。回顧近期業績，金鷹公司固定收益團隊可謂打了一場漂亮仗，在過去一年裡，金鷹基金管理的固定收益類基金淨值增長達8.06%，在可比的58家基金公司中排名第2。針對該公司操作思路以及對債市頻發“黑天鵝”事件，記者專訪了該公司投資總監邱新紅。資產配置+優選券種助力業績領跑“從債券行情來看，2013年上半年信用債表現相對較好，能夠把握個券風險並杠杆適當的債基都能取得較高收益。此外，一季度權益類市場較大級別的反彈，也給可以並且參與此類配置的管理人帶來絕佳機會。”回顧上半年的債券市場，金鷹基金投資固定收益總監邱新紅表示。憑借自身豐富的海內外投資經驗，邱新紅帶領的金鷹固定收益團隊過去一年中成績斐然。海通證券數據統計顯示，2012年7月1日至2013年6月28日期間，金鷹基金管理的固定收益類基金淨值增長達8.06%，在可比的58家基金公司中排名第2。此外，邱新紅自己管理的數只基金也表現優異。截至6月28日，金鷹保本近兩年以11.78%的淨值增長高居同類榜首，而今年上半年該基金也以5.46%的收益排名同類第1；同樣由其管理的金鷹持久回報最近一年以8.06%的收益位居110只同類基金第4。觀察上述基金操作，與邱新紅市場判斷相得益彰。據透露，金鷹旗下一些債基表現較好一定程度上是由於抓住了1-5月債券市場比較好的行情。另外，大類資產的合理配置也對金鷹旗下債基的良好表現具有一定的貢獻，以金鷹保本為例，在一季度時適當加大了權益類資產的配置比例，並及時進行了盈利兌現，大類資產的配置能力也對金鷹保本基金上半年良好的表現具有一定的貢獻。債市整體信用風險可控受6月末開始的“錢荒”衝擊，債市陡轉直下，調整壓力重重。此外，伴隨債券市場罕見的信用降級頻發事件，上半年牛氣沖天的信用債漲勢也“戛然而止”。上述因素疊加，儲存得債市近期調整氛圍濃重。“信用債評級下調，我們認為是一種正常狀況，畢竟中國債券市場上未出現實質性的違約現象，但是對於一個逐步發展的債券市場而言，債券出現實質性的違約是遲早應該出現的一個狀況，尤其是在現在信用債發債主體越來越多的條件下。”邱新紅表示，對部分行業的債券持謹慎態度，但是，目前債市整體信用風險仍然是可控的，經濟不大幅下滑的情況下應該不會出現整體的信用風險。而針對資金成本能夠回落到上半年水平，邱新紅認為，短期資金成本是受多種因素影，尤其央行公開市場操作。而央行公開市場的操作要考慮多種因素，如經濟狀況和通貨膨脹狀況，存在一定的不確定性，因此短期資金成本中樞是不是上行還是不確定。“但是從近期央行公開市場操作的逆回購的量來看，下半年資金面難以再出現今年1季度的相對寬鬆狀況，同時6月份資金面如此緊張的狀況也是難以出現，貨幣市場利率應該保持在一個較為穩定的水平。”綜合上述判斷，邱新紅認為，債市調整應該說還處於進行中，還未到尾聲。他坦承，首先由於資金成本仍處於相對高位，較高的資金成本使得投資者有降杠杆的壓力；另外，審計署對地方政府性債務仍在審計中，在審查結果出來之前在一定程度上制約城投類企業債的表現。把握四季度債市入場良機不過從中長期看，由於債市基本面尚未發生變化，上述事件性機會恰恰給市場帶來入場良機。針對後市債基表現以及下半年資產配置，邱新紅認為，由於經濟基本面短期反彈可能下不大，通脹水平尚處在較低水平，隨著央行連續逆回購維持資金成本，下半年債券仍可配置。“下半年我們仍然是相對看好債市的，畢竟短期經濟還沒看到明顯的反彈的信號，通脹仍然不高，資金成本雖然較高但是近期仍相對穩定，另外，經過6、7月份的調整，目前債券收益率處於一個相對較高的水平，投資者可以根據自己的風險承受能力選擇適合自己的債基。”針對具體買入時點，邱新紅表示，看到資金面比較寬鬆或者經濟下滑較明顯時應該是個不錯的買點，當然投資者也可以根據債券收益率調整狀況逐步的買入債基。新蒲崗迷你倉

□中國銀河證券策略團隊7月主要經濟數據基本好于預期，儲存向市場傳遞企穩的積極信號，同時預計央行將繼續在公開市場進行逆回購投放流動性，大盤有望繼續企穩回升。另一方面，成長股在反彈9個月後基本進入分化的時間窗口。回顧7月份，成長股的絕對優勢導致了“成長投資理念”的大一統，但調整腳步也開始漸行漸近。成長股需要休整夯實，但在分化和夯實之後，市場將繼續探索成長的方向。宏觀環境偏暖經濟數據向市場傳達積極的信號，短期大盤有望繼續企穩回升。7月經濟數據公佈，物價方面，CPI同比增長2.7%，低於市場預期，暫時處在一個相對溫和的位置；PPI同比下降2.3%，降幅繼續收窄，企業盈利有望回升。增長方面，工業增加值同比增長9.7%，比上月上升0.8個百分點，超出市場預期，表明工業經濟經營活動有所好轉。固定資產投資增速繼續穩定在20.1%，社會消費品零售總額增速為13.2%。同時，7月進出口均出現明顯回升，表明內外需均在企穩。聯繫之前公佈的7月PMI數據，我們認為三季度經濟狀況好于此前市場預期，短期大盤有支撐，有望繼續上漲。8月流動性環境好于7月。上周央行在公開市場繼續進行逆回購，周二進行120億元7天逆回購，中標利率為4%，比此前一周下降0.4%；周四進行150億元14天逆回購，中標利率為4.1%，同樣比此前一周下降0.4%。逆回購的“縮量降價”發行表明央行有意引導銀行間資金價格下行，但利率中樞依然高於今年5月份之前的水平。另外，央行在二季度貨幣政策報告中披露，7月對兩期到期的三年央票進行續做，“鎖長放短”的操作方式表明央行對於流動性的判斷仍不明確，希望加強對短期流動性的管理，使其保持中性偏緊平衡。但周四公佈的7月進出口數據，顯示當月外貿實現順差178億美元，大超市場預期。我們認為，7月外匯占款的投放規模可能會比6月高一些。整體看，8月流動性環境好于7月份。成長股進入分化期根據我們的研究，成長股是有自身運行節奏的，即反彈9個月進入分化的時間窗口。歷次底部反彈的規律大致是：第一個月並無風格上的規律新蒲崗迷你倉此後六個月小盤股跑贏大盤50%以上；到第九個月的時候，成長股的超額收益不再擴大，成長股內部也出現明顯分化。從時間節奏上來看，創業板的反彈已經延續了8個月，已經進入第9個月，基本進入調整分化的窗口。回顧7月份，成長股的絕對優勢導致了“成長投資理念”的大一統，這也佐證成長股的調整腳步漸行漸近。但是，第一輪分化調整往往並不是泡沫破滅，而是一次去偽存真。當前創業板距離所謂的泡沫崩潰還比較遠，調整時間不會太長。從過去的經驗看，僅需要3個月左右的時間來消化。此時，應該梳理成長股的思路，為下一輪布局。對美國成長股的梳理髮現，成長股主要集中在三大領域：科技、醫藥和消費。在成長股的調整分化之際，我們應循著這三個思路，結合商業模式判斷，在調整分化中進一步優選，做好長期布局。總的來說，科技看景氣和普及率，醫藥講故事和創新能力，消費靠品牌和商業模式。減持壓力有所增加解禁潮的到來將加劇成長股調整風險。未來一個月，全市場解禁市值超過1800億元，主板、中小板、創業板分別在1000億元、300億元、500億元左右。其中，創業板未來一個月解禁市值占其板塊總市值的比重近4%。以平均值來看，未來一個月全市場平均每天有60億元解禁，創業板每天則達到16.5億元。分行業觀察，在絕對金額上，傳媒、機械、軍工、交運、電子、電力設備、食品飲料、醫藥解禁金額均在80億元以上；在解禁市值占總市值比重上，軍工、傳媒、紡織服裝、均超過2%，壓力較大。解禁潮的到來可能伴隨的是產業資本的大量減持，尤其是創業板與中小板，這將加劇成長股的震蕩風險。在具體品種方面，改革無牛市，轉型靠成長。改革就是對傳統產業的整頓，傳統產業應在理順整頓邏輯的基礎上，買入能夠穿越周期的行業寡頭和適應轉型的持續創新者。當然，更多的精力應探索轉型的方向，趨勢比估值更重要。結合中國轉型的特點，在成長股的分化後，我們持續推薦八大板塊：服務消費（含傳媒）、大�品牌、軍工、環保、工業機器人和3D打印、消費電子—可穿戴設備、嬰幼兒產業（含醫藥）、老年產業（含醫藥）。mini storage

Everyone is for increasing transparency, even central bankers.文件倉 Just this month, European Central Bank chief Mario Draghi reaffirmed his commitment to “forward guidance”, a new policy he has introduced to the bank. He promptly informed markets that he intended to keep interest rates low for “an extended period”. He was followed by the new Bank of England governor Mark Carney, who has vowed to do the same until British jobless rate falls below 7 per cent.Both were acting in response to their American counterpart Ben Bernanke, who might have been a tad too transparent last month when he talked about tapering – or phasing out the Fed’s massive bond buying to keep rates low. He was so precise as to give a timetable: subject to improving economic conditions, it may start at the end of this year and end by the middle of next. That spooked markets around the world and caused the only major correction so far this year.Data about the US economic recovery and the latest quarterly company earnings have been lacklustre. Yet most developed markets have recovered. By their twisted logic, so-so economic improvement in the US is good news because it is seen as a reason for the Fed not to hurry into tapering存倉Bernanke’s predecessor Alan Greenspan had a reputation of speaking like an oracle. Not Bernanke. The Fed chairman prefers more direct communication. By being transparent, central bankers usually mean inflation targeting. Like the Bank of Japan, Draghi has said he targets 2 per cent inflation. He also plans in future to follow the example of the US Fed to release the minutes of policy meetings.But transparency can cut both ways. During the financial meltdown, the Fed’s priority was to reinforce market confidence and trust in the system. It did so effectively by making moral hazard its official policy. Savers were punished; speculators borrowing cheap money had a field day.The Fed has been transparent about tapering. But that’s just one part of the equation. Eventually, it will have to unwind assets from its massive bond buying programmes. The disposal of such assets must be done with no transparency in their timing so as not to reward some and punish others.There is a limit to clarity as to what the world’s major central bankers can say. After all, Draghi didn’t say exactly how “extended” this period of low interests would last. There is a necessary, even justified, vagueness in transparency.自存倉

電影《華爾街》入面�名句「貪婪是好」，儲存倉令人容易將金錢世界同貪得無厭掛�，之不過，佛語有云「若見諸相非相，即見如來」，學星爺�《國產凌凌漆》話齋：「風筒只係佢表面�掩飾，佢其實係個鬚刨」，所以即使�市場打滾�金融界人士，亦可以跟佛理互融。由經濟盛衰睇因果聽聞，兩位醉心佛道�賓架──匯豐亞太區業務策略及經濟顧問梁兆基，同�生（011）執行董事馮孝忠，下月1號（星期日），會首次攜手，�一個名為「從心富起來」�心靈講座上，開壇講佛法。講座由新城電台聯同佛教雜誌《迷你倉沙田暖人間》主辦，內容環繞身心靈健康，假會展舉行，兩位資深市場中人，屆時會抒發銀行家眼中�佛、人生起跌感悟生命，同經濟盛衰睇因果報應等題目，聽落相當吸引。梁兆基謙稱，自己只係以一個非佛教徒�佛學愛好者身份，分享心靈富足�體會，同埋對財來財去�省悟，佢特別提醒華華，佢師傅兼港大佛學研究中心總監釋衍空法師�講論先至係重點。以在家居士身份修行�馮孝忠亦云，任何職業都一樣，冇分貴賤雅俗，只要符合佛理原則，皆可見佛境。李華華LiWaWa@AppleDaily.com 迷你倉價錢

沉寂了3年，自存倉本地中小型銀行的音樂椅遊戲再度啟動。市場傳聞創興銀行(1111)被越秀集團相中，併購指日可待，復牌後股價飆升。點指兵兵，本地中小銀行買少見少，大新(2356)和永亨(302)最有機會在下一輪遊戲中跑出。香港商報記者張威紅 創興賣盤傳了好多年 3年前，工銀亞洲被母公司工行(1398)私有化，曾觸發本地中小銀行賣盤憧憬。當時本報寫過一篇《港資行待嫁創興永亨好事或近》，漫漫3年過後，終於傳來好消息，股價累計升幅接近五成。看好創興的理由是：本港老牌家族銀行中，該行的股權最為集中，當年廖氏家族持有創興48.6%股權，可大大降低併購的難度和成本。目前廖氏家族股權已經增至50.2%。 另外，當年創興的估值在四大家族銀行中最低，在作價方面「有得傾」；加上網絡範圍廣，全港分行達51間，是中小型銀行中最多。對未曾涉足本港銀行業務的準買家而言，此規模相當吸引，可以節省不少擴張時間。其四是有不俗的業績支撐。 過去10年10 樁併購 上周三，傳出越秀集團將作價65.9億至87.8億收購創興，市帳率介乎1.5倍至2倍。消息一出，旋即成市場焦點，一眾本地中小銀行股價跟�狂歡，當日大新銀行飆升14%。創興系則嚴陣以待，開市前宣告停牌，當晚再發出公告證實，有獨立人士向主要股東廖氏家族洽購創興銀行，但尚未達協議。 糧草未動兵先行，雖未達成要約，創興翌日復牌後大升超過17%，市場已看好這樁久違的「婚宴」。翻開歷史，過去10餘年，約有10家本地中小銀行被收購，買家來自中資、台資和星資，賣家包括友聯銀行、第一太平銀迷你倉新蒲崗、道亨銀行、華人銀行、港基國際銀行、華比富通、亞洲商業銀行、美銀亞洲及永隆銀行(詳見表)。 倘創興成功「出閣」，將是繼08年招商銀行(3968)購永隆銀行後，又一宗中資併購港銀案例。當年招行幾乎以歷史高價收購永隆，作價高達363億元，市帳率3.07倍，遠高於創興最多2倍的估值。可見，港銀賣盤非想像中那麼容易，當中間隔了整整5年。 本地中小行買少見少 本地中小銀行買少見少，再看餘下幾間銀行，數大新最符合市場胃口。首先，大新銀行分行網絡適中、股權集中度也高，截至去年底，大新金融(440)持有74.59%股權；另外，市帳率只有0.79倍，股東回報率(ROE)7.93%；加上近年發展進取，在信用卡和保險業務方面積極拓展。從其股價反應來看，已被市場認定是下一個併購大熱。 估值分歧為主要障礙 然而，有分析指，受估值影響，短期內難見到有港銀達成併購交易。美銀美林發表研究報告指，買賣雙方最難解決的是估值分歧，賣家期望能以較高的溢價出售，而買家盡量壓低價格。 該行續指，向來港銀的潛在買家為內銀，及區內的其他銀行，前者主要目的為擴大本港零售銀行業務，後者則為拓展其他地區業務。然而，透過併購港銀來建立業務版圖，將會越來越困難，由於本港零售銀行回報下降，中小型港銀的市佔率，近年又被本地及國際大型銀行搶走。 根據過往經驗，收購港銀的均有銀行業務，若越秀集團成功買盤，將成為首家進入港銀版圖的綜合性企業。資深投資銀行家溫天納指出，主要的中資銀行在港的布局幾乎已完成，未來再有收購將會集中在一些欲分散業務的綜合企業。迷你倉出租

張涵隨著國際遊資從新興市場進一步撤離，迷你倉新蒲崗新興市場貨幣貶值已不可阻擋。彭博資訊追蹤的20種交易最活絡的發展中國家貨幣，過去三個月兌美元平均貶值5.3% 摩根士丹利最近更是給五個跌幅最大的新興市場貨幣取了個諢名——將南非蘭特、印度盧比、巴西雷亞爾、印尼盾和土耳其里拉稱作“脆弱五兄弟”。盡管中國最新公佈的強勁貿易數據提振了商品貨幣，南非蘭特曾在最近一周兌美元上漲近1.4%，但仍無法挽救整個新興市場貨幣的頹勢。印度盧比貶至破紀錄的61.805盧比兌1美元；巴西雷亞爾也觸及2.3162兌1美元的四年新低。且期權交易價顯示，印尼盾、里拉、雷亞爾都將繼續走貶。毫無疑問，投資者擔心美聯儲將可能在下個月退出貨幣刺激政策，從而導致資金逃離新興市場，這是新興市場貨幣承壓的直接原因，但其迅速下滑卻與國內經濟結構直接相關。印度、土耳其和南非的巨額經常賬戶赤字，令其本幣匯率、股價和債券價格都遭受了重創，使得這些市場更容易受到美聯儲退出貨幣刺激政策的影響，並導致資金成本增加。摩根士丹利表示，“脆弱五兄弟”愈來愈難吸引外國資本來填補貿易逆差。以貶值幅度較大的印度為例，在截至今年3月底的一個財年中，印度的經常賬戶赤字占GDP的比例為4.6%，達到880億美元，較上一財年增加了100億美元。印度同時還面臨著巨大的結構性挑戰，並且該國政客一直未能解決預算赤字問題，急需迷你倉出租經濟改革也無進展。布朗兄弟哈里曼銀行(BBH)新興市場貨幣策略師Ilan Solot表示：“印度集合了所有新興市場存在的漏洞。”他表示，阻止盧比匯率繼續下跌的理想方式是通過印度官方解決該國的預算赤字問題。事實上，赤字問題可能反映了一個更深層次的原因，那就是與發達市場相比，新興市場經濟活力的銳減。最新數據顯示，新興市場商業活動4年多以來首次收縮，7月匯豐新興市場服務業和製造業指數（EMI）跌至49.4，這是EMI自2009年4月以來首次低於50榮枯線，而前一個月該指數為50.6。這些國家製造業活動下降而服務業陷入停滯。而與此同時，7月美國PMI完成了5個月以來最高升幅，英國服務業PMI數據實現了2007年以來的最大躍升。美國7月製造業擴張速度創2011年6月來最快，發展中國家製造業卻陷于萎縮，為2009年來最差。中國經濟減速，拉低原物料價格，打擊從巴西鐵礦砂到馬來西亞棕櫚油等商品的出口需求。MSCI新興市場指數顯示，約有54%的成分企業第2季財報低於預期，而發達國家MSCI世界指數中僅有35%季報低於預期。MSCI新興市場指數8月7日收跌0.9%至937.86點，創7月10日來最低，使今年來跌幅擴大至11%；MSCI世界指數同期大漲14%。富國顧問公司策略師克里斯多福說：“市場等待美聯儲收回刺激措施，這對投資新興市場將變得更不利。”儲存倉

Shanghai’s Disneyland will be a major beneficiary of the HK$314b Agbank loan to help the city make the most of its impending free-trade zone statusThe Agricultural Bank of China has just sprinkled a lot of magic over Shanghai in the form of a huge loan, and the beneficiaries will include Mickey and Minnie and friends.mini storageAgbank, one of the Big Four state lenders, has signed an agreement with the city government for a 250 billion yuan (HK$314 billion) loan – equivalent to 12.5 per cent of Shanghai’s GDP last year.The loan will help fund the government-controlled joint venture that is building China’s second Disneyland and pay for improvements needed to implement the city’s much-heralded free-trade zone.Senior government officials insist the loan does not mean Beijing will launch a nationwide economic stimulus package – as it did in 2008 – to ensure the world’s second-biggest economy grows 7.5 per cent this year, the target agreed by leaders, including President Xi Jinping and Premier Li Keqiang earlier this year.But the sources said Beijing did not rule out so-called “unofficial economic stimulus” to help key cities and provinces like Shanghai boost local economic growth.Other banks may quickly copy Agbank’s huge loan plan for Shanghai and support other areas such as Guangdong province, where the export industry has been badly hit, the sources say.Shanghai Mayor Yang Xiong and Agbank chairman Jiang Chaoliang signed the loan deal in Shanghai last Tuesday.In late 2008, Beijing announced a landmark 4 trillion yuan economic stimulus package to help keep the economy growing amid the meltdown in the West. It also announced a 10 trillion yuan loan expansion.But the stimulus package has been roundly criticised by scholars and even senior officials. Leading economist Wu Jinglian described it as “ridiculous”, as most of the money went to state-owned enterprises and big national infrastructure projects rather than helping private small and medium-sized companies, which often struggle to secure funding.Although SMEs make up more than 60 per cent of the mainland’s GDP and are a major source of jobs, the state-owned behemoths poured much of the extra money into real estate, creating asset bubbles and stoking public discontent about rising property prices.Five years on, the economy is weakening across the board, with even the previously robust retail and services sectors enduring shrinking revenue growth.According to an internal government memo, Agbank said it wanted to take a leading role in a new round of economic reforms in Shanghai and help upgrade the city’s infrastructure.Agbank would support “the construction of key international tourism and resort projects in Shanghai, in particular the Disneyland project” and it would self storagelso “play an active role in the construction of the Shanghai free-trade zone”, the memo says.Shanghai is facing economic challenges at home and abroad. Last year, its GDP growth was 7.5 per cent, behind the national rate of 7.8 per cent.On July 3, Beijing announced it would build the mainland’s first Hong Kong-style free-trade zone in Shanghai, which Premier Li described as a snapshot of an “upgraded Chinese economy”.Shanghai announced in 2009 that it would host the mainland’s first Disneyland theme park after years of speculation. It will be built in several phases, eventually being bigger than Hong Kong Disneyland.The Hong Kong theme park, majority owned by the city government, has struggled since it opened more than seven years ago and lost money until last year, though a series of recent expansions has led to hope of a turnaround.Like the Hong Kong park, the Shanghai development will be managed by a joint venture between the local government, which will own the project, and Disney. As well as funding construction, the loan is expected to help fund public transport and infrastructure improvements.The Shanghai park is due to open in 2015, setting the stage for an intriguing battle between Hong Kong and Shanghai on the tourist front that may parallel their tussle for the status of China’s leading financial sector.Beijing has declared its ambition to make Shanghai one of the world’s top three financial centres by 2020, putting it on a par with New York and London.Last Monday, the South China Morning Post reported that Beijing had delayed the announcement of rules for Shanghai’s free-trade zone as lawyers worked to close potential legal loopholes.But a source said Premier Li was still keen to launch the zone “as soon as possible”, so he personally supported loan arrangements like the one by Agbank to help the city get it started.The Shanghai free-trade zone is expected to be a testing ground for major policy reforms, including the liberalisation of interest rates and foreign exchange rates.The key man behind the loan deal is Agbank chairman Jiang Chaoliang, who has close ties with top leaders in Shanghai from his days as chairman of the Bank of Communications, the Shanghai-based lender partly owned by HSBC.It is considered rare for one bank to offer such massive loans to one party, even a local government. More commonly, banks form syndicates so they can bear the risks together.Meanwhile, the Shanghai government is lobbying Agbank to set up a so-called “second head office” in Shanghai as part of the city’s ambition to be a global financial centre. So far, Agbank has set up about 10 key departments in Shanghai, including its national data centre, credit centre and the head office of its private banking business.迷你倉