Fisher Capital Management Seoul Korea: Market Overview 1st Quarter 2010

Fisher Capital Management Seoul Korea: Market Overview 1st Quarter 2010 - India is in a sweet spot. The central government budget which set the tone for reducing fiscal deficit and an unexpected increase in the policy rate to rein in inflation has convinced the markets and economists that India is on its way to having a robust economic growth. Industrial output also continued to grow at a fast pace in January as companies produced more cars and cement. In the fiscal year 2011 that ends in March 2011, GDP growth of 8.5% is achievable. Long-term predictions for the southwest monsoons are expected to be normal, giving a boost to agricultural production and domestic demand.

Fisher Capital Management Seoul Korea- Inflation in India has been surging, driven by a low base and high food prices as the weakest monsoon rains in 37 years last year hurt farm output. Inflation running at 8.5% may have peaked and it is expected to ease by April as the winter-sown crop comes to market. The year-on-year inflation rate for food articles was 16.22% in the week ending March 13, far above the comfortable zone for the central bank and the government. In order to manage the inflationary expectations, the central bank increased overnight lending and borrowing rates by 0.25 percentages point each, making it one of the first major central banks to raise rates. The central bank further announced that it would continue to roll back its loose monetary policy to manage prices, as the country can’t have sustained strong growth with high inflation. We expect a 0.25-percentage-point rate hike in mid-April and another increase of one percentage point through March 2011.

Fisher Capital Management Seoul Korea: Market Overview 1st Quarter 2010 - The rebound in industrial activity also saw a surge in India’s exports for the third month running in January. Exports in January rose 11.5% from a year earlier to $14.34 billion, after having increased 9.3% to $14.61 billion in December. Imports increased 35.5% in January to $24.70 billion while oil imports rose by 56% to $7.05 billion. Non-oil imports, a barometer of investment activity, grew 28.8% to $17.65 billion.

On the back of robust economic numbers and policy pronouncements, the rating agency Standard & Poor’s raised its rating outlook to stable, expecting the fiscal situation to recover and growth to remain strong in the coming years. The government’s commitment to follow the recommendations of the 13th Finance

Commission, as well as its move to reduce fertilizer subsidies and raise domestic fuel prices were taken as positive indicators. The country’s external position continues to be in a comfortable zone.

Fisher Capital Management Seoul Korea: Market Overview 1st Quarter 2010 - It is unlikely that India will benefit from the Google-China spat as the Indian government will not provide the kind of benefits China extends to the manufacturing sector in China. But some relocation is likely to emerge. For example, American companies GoDaddy and Dell have threatened to pull out of China and relocate themselves in India.

GOLD Business Advertising Associate Unilux State-of-the-art Production: The Boiler Room

Unilux is the country’s first 5 pass forced draft bent tube boiler with absolutely no room for inaccuracy. With more than thirty many years of producing and functional expertise in almost every business requiring boilers, Unilux holds solely as being the most excellent, remarkably designed, best high quality boiler in it’s course. While the product speaks volumes, our success is our people; many with over 25 years at Unilux, we take substantial pride in every unit we manufacture. From immediate response to inquiries, performance data, drawings, product description and assistance with proper selection, everyone at Unilux has one important goal in mind…customer satisfaction. Unilux QA/QC boasts a stringent, internal program that emphasizes employee responsibility to safety, product and quality performance.

Richard Fisher from the Boiler Room: Unilux Innovative Development - Building for all Unilux boilers starts with the vessel. All vessel material is controlled, ASME compliant material. Generous upper and lower drums are joined with large, external downcomer(s) allowing for maximum internal circulation. Tubes are a minimum 1.5” diameter, SA 178 Grade “A” material. Tube sizes up to 2.5” diameter are used for larger boilers. The Unilux housing is the most rigid available. Individual steel panels are manufactured with 11 gauge steel and reinforced by bending and welded stiffeners throughout. Refractory design is exclusive to Unilux. We utilize a three tier pour of different tolerance refractory for ultimate performance. All Unilux refractory is warranted for 5 years as standard. Finished insulated jacket panels are scratch resistant, polyester impregnated powder coat. Thermal losses from housing and jacket are 0.5 percent. The completed enclosure allows for up to +5” water column gas side pressure. All Unilux boilers are available with fuel burning equipment and control systems as desired.

Safety is extremely important at Unilux. Every Unilux boiler continues to be engineered to become the most secure, most effective merchandise obtainable in its class.

At Unilux Boiler Corp., we engineer and manufacture bent water tube boilers of only the finest quality, built by experienced craftsmen and backed by a service history that is second to none. When others decline custom engineered projects, Unilux embraces the challenge with experienced, thought provoking ideas and the ability to assist engineers, contractors and end users with the most efficient, long lasting solutions to effectively meet their needs.

Rockland equipment for crawler tractors

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam.

FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

Rockland equipment for crawler tractors is specifically designed for special applications. This enables you to get more work done and add more value to the bottom line every day. Rockland Manufacturing Company offers more equipment for crawler tractors than any other attachment manufacturer. There are special dozer blades to increase machine efficiency for such diverse applications as pushing coal, land reclamation, dozing woodchips, and landfill dozing. In addition, special size Angle Blades and Semi U-blades are also available when OEM blades are not the right size for your application.

A Rockland wheel tractor attachment is the Rockland Scoop Dozer. The scoop dozer is ideal for continuous dozing applications such as coal and woodchips. Both Rockland Coal Scoops and Rockland Woodchip Scoops have increased dozer productivity on job sites around the world.
Rockland land clearing equipment for dozers is famous for both productivity and years of trouble free operation. Whether it would be land clearing blades or land clearing rakes, Rockland land clearing equipment gets the job done and has proven itself on every continent. If you are clearing land with a Rockland Dozer Blade, a Rockland land clearing rake, Rockland Shear Blade, or a Rockland V-Blade, we will turn your crawler tractor into a true land clearing machine.

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam.

FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

In the early 60's, Rockland designed and built the world's largest dozer blade. This was a joint venture between Gulf Oil Company, Fiatallis, and Rockland. This sixty foot monster was designed for a reclamation project and was pushed by two powerful HD41 Fiatallis crawler tractors! Click here to see a photo of it leaving our factory.
For over sixty years, we have designed and manufactured construction equipment for dozers, loaders, excavators, and motor graders. Every Rockland product is designed for a specific application and is guaranteed to improve machine productivity.
During those sixty years, Rockland made several unique contributions to the construction equipment industry. We helped prove that wheel loaders could handle shot rock by designing and manufacturing the first spade nose rock bucket ever put in a quarry.
The unique Rockland RF-3 Rake was proven and patented in the late 50's. This was the first land clearing rake to have both reversible and adjustable teeth. We then amazed the construction equipment industry by offering the first lifetime guarantee. We guaranteed the RF-3 for life against any failure from defective design, materials, or workmanship and that even included bent teeth! Click here for a picture of one of our first rakes!
Soon after introducing the RF-3, we introduced lifetime warranties for both HDS and HDV rock buckets with the same powerful lifetime coverage against defective design, material, or workmanship.
In the early 60's, we designed and built the world's largest dozer blade. This was a joint venture between Gulf Oil Company, Fiatallis, and Rockland. This sixty foot monster was designed for a reclamation project and was pushed by two powerful HD41 Fiatallis crawler tractors. Click here to see a picture of it leaving the factory.
We were the very first allied equipment manufacturer to provide a toll free 800 number for our customers. Today, it's accepted practice.
In an industry plagued by broken promises and late deliveries, Rockland was the first, and is still, the only construction equipment manufacturer that puts cash on the line and guarantees ship dates!
During the past decade, Rockland set the standard for excavator thumb design. We were the first to offer narrow thumbs for common sense 3-point pickup. We were the first to offer thumbs ready to install - all that is needed is to weld the mounting plate to the bottom of the stick. We were the first to offer lubricated and sealed pivot points. Then, we were the first to offer a hydraulic thumb with a cylinder rod guard. These were followed by the patented Rockland Thumb Lock that eliminates down drift.
As thumbs for backhoes became more popular, we introduced the Smart Thumb - the world's only rigid strut thumb with hydraulic clamping action that is easily removed or installed in less than a minute.
We also proved to the world that stump splitters don't need to be expensive - we proved that you can split stumps without an expensive auxiliary cylinder, and that all it takes is to use the tremendous force of the curl cylinder to split wood.
This all adds up to the fact that we are a can-do company that has been "doing" for over sixty years. We built our business with an old fashioned commitment to quality and customer service. These comments sum it up:
"We have over forty years experience with Rockland. Their pricing is fair. We've always been amazed at their consistency and dependability. Their after sales support and warranty policies are excellent." - Alabama Dealer
"We insist on Rockland log grapples. We've been using them for over twenty-five years. We tried a few others and found out real quick that low price is really a caution light. We know that Rockland grapples work and if something goes wrong, we can depend on Rockland to give us the support we deserve." - Tennessee Logger
"We've sold Rockland rock buckets for the past several years. We've never had a weld fail or a bucket problem because of poor fit or misalignment. Rockland buckets prove themselves, our customers are well satisfied." - Pennsylvania Dealer
"If a Rockland product doesn't fit, there is something wrong with the machine! - South Carolina Distributor

New Options in Guided Boring, Fisher Capital Equipment Management Update

The Akkerman team, continually committed to increasing the

versatility of our products, recently launched several new

components for our GBM line of equipment.

Fisher Capital Equipment leasing news update from different  suppliers. Fisher Capital Equipment Management leasing gives you fresh events and updates on Construction Machineries, Suppliers Directory and Others to keep away from scam from Unsolicited, "Pre-Qualified credit line" mass mailings

The Powered Reaming Head (PRH) upsizing kit for its Guided

Boring Machine (GBM) system was released. This GBM accessory

allows owners to bore multiple pipe diameters with just one

set of 11” OD (279 mm) thrust casings and augers. The base

14” (356 mm) OD PRH unit features 16” (406 mm) and 20” (508

mm) OD increaser kits and corresponding pipe adapter rings to

accommodate up to 20” (508 mm) OD pipe. All PRH components

rest on a customized rack for ease of transport and orderliness

on the job site. The PRH front and rear sections can be launched

separately to accommodate minimal diameter shafts. The PRH

kit performs well with all Akkerman power packs and jacking

frames.

The P150Q Power Pack provides hydraulic power to the GBM

jacking frame and Powered Cutter Head for smooth and efficient

operation. The P150Q houses a 154 HP (115 kw) diesel engine.

Its three load-sensing variable displacement axial piston pumps

independently operate the jacking, rotation and PCH. It also

features a 100 gal (378 L) fuel tank and 50 gal (189 L) hydraulic

oil reservoir.

The Jetting and Lubrication pump underwent a design

reconfiguration for enhanced compactness. It features

independent hydrostatic flow connections, bulkhead

connections for pressure and return lines and an easily

serviceable open/close valve on the tank outlet. Customers may choose the 3,000 rpm, 30 HP (7 kW)

diesel engine or 1,750 rpm, 30 HP (7 kW) electric motor. Each 325 gal (1,230 L) tank is positioned sideby-

side on a pallet-like base. The 2,500 psi (17,237 kPa) high-pressure jetting pump assists the GBM

system’s excavation process by lubricating cutter bits and spoils. An in-line suction filter protects the

pump from contaminants in the water. The 150 maximum psi (1,034 kPa) lubrication pump flows at 4

gpm (15 L/min) and features an agitator which mixes the lubrication quickly and keeps it consistent

throughout production.

For more information on these and other GBM products, please contact our friendly sales staff or an

international representative.

Akkerman Inc. is positioned for sales in new markets with recently established representation

in the Middle East, India, Russia and Singapore. Agreements with Trenchers Land Digging

& Filling LLC, based in the United Arab Emirates, Asia Contech Ltd. of India, Intertorg Russia and

ICE Far East in Singapore pioneer exciting prospects for Akkerman Inc. worldwide.

Trenchers Land Digging & Filling LLC of Dubai recently facilitated the sale of a complete Guided

Boring Machine (GBM) system for a Kuwait contractor. This sale denotes the first GBM system

sold in the Middle East as well as the most powerful pilot tube microtunneling configuration

available. The 4812A jacking frame with 200 tons of thrust, 275T power pack, Powered Cutter

Head and Jetting and Lubrication pump will install DN 300-1,000 mm pipes for drives up to

150 m long.

Asia Contech Ltd. of New Delhi, providing sales and service of Akkerman equipment in India,

also represents trenchless companies American Augers, ASTEC and Trencor. ICE Far East

of Singapore, a south east Asia office for International Construction Equipment (ICE) will

represent Akkerman in this region. Intertorg of Moscow, a US based company with expertise

in the Russian trenchless market, has been a longtime dealer for Ditch Witch and previously

represented Lovat, Soltau and MTS equipment.

Akkerman welcomes these organizations into its community of sales representatives. Tunnel

Engineering Services in the United Kingdom, Ditch Witch of Australia, Virtual Engineering of

Columbia and the Alinea Group of Mexico have been agents of Akkerman for many years.

Additional representatives have been appointed in Egypt, Turkey, Bulgaria, Poland, Brazil, Italy

and Pakistan. For a full listing of equipment representatives, please review the “Contact Us”

page on the Akkerman website.

U.S. Equities: Fisher Capital Management Reports

As mentioned previously, stocks finished a volatile month in October with a volatile final week of trading, as investors began to question whether the market¹s impressive rally had surpassed the economy¹s ability to generate growth in output and profits.

To be sure, throughout the market’s impressive rebound, the technical picture for stocks gathered steam, as excess liquidity helped drive the market higher.

Fisher Capital Management, US Equities Reports: As one technical achievement passed another, we began to postulate that the market’s technicals appeared significantly better than its fundamentals.

Some of these concerns may be coming to fruition over the near term, as a few technical strengths appear to have softened in recent weeks. Indeed, as the S&P 500 Index approached the 1,100 level during the middle of October, the market ran into strong resistance, falling by approximately 5% from that high by month-end.

Fisher Capital Management, US Equities Reports: This may prove to be an important development because at 1,100, the S&P 500 was within about 20 points of achieving a 50% retracement, whereby the market could have recouped 50% of the loss from the October 2007 high of 1565 to the March 2009 low of 666. Given all the cash parked in money markets and shortterm Treasury bills, another surge or two above 1,100 is certainly possible. Yet 1,121 is a number that should be on the radar for all investors, because if it is achieved, very little technical resistance exists on the path to 1200.

In addition to the strong resistance, stocks failed to hold a key support level on the last day of October. The market’s 50-day moving average (DMA) was 1,052 heading into Halloween weekend, but investors were spooked by poor readings on personal spending and consumer confidence, resulting in a close (1,036) below the important 50- DMA level. An important test will be in the first several trading days of November to see whether or not the market can sustain its rally above this key support level.

Fisher Capital Management, US Equities Reports: This weakness was exacerbated by a surge in the market’s “fear gauge” toward the end of October. The Chicago Board Options Exchange Volatility Index, or VIX, which measures the cost of using options as insurance against declines in the S&P 500 Index, surged in the final few days of trading last month.

While the VIX had been at a 14-month low in the middle of October, the 25% jump at the end of the month suggests investor skittishness about market direction over the next several weeks, particularly as the catalyst of earnings season draws to a close.

Fisher Capital Management, US Equities Reports: Fortunately, the fundamental picture has brightened. Better than expected economic data suggests the possibilities for an improvement in corporate performance. Interest rates and inflation remain low, providing a healthy backdrop for corporations that have been very aggressive cutting costs from their expense structures.

Indeed, recent earnings news has been somewhat positive, with 70% of the companies in the S&P 500 Index having reported an average decline in earnings per share (EPS) of 12% for the
third quarter, exceeding expectations.

Fisher Capital Management, US Equities Reports: Given our projections for a “less spectacular” economic recovery in 2010, though, we continue to believe that consensus estimates for corporate profit growth of up to 35% next year are too high. Consequently, our operating EPS projections remain more than 12% below consensus expectations ($75.00) for 2010.

Businesses can’t cut costs forever, and at some point we believe revenue growth is a necessity to help justify valuations for a market that is already trading at a price/earnings (P/E) ratio of 16 to 17 times our $65.00 estimate for next year. Until we begin to see an improvement in the longer-term trends for housing, employment, credit, sales, and profits, we suspect the market will be unwilling to pay anything more than historically average P/E multiples (16 to 17 times) for a dollar of earnings. Therefore, we continue to believe the market, as defined by the S&P 500 Index, will likely be fairly valued within the current range of 1,050 to 1,100 over the next six months.

Fisher Capital Management, Korea 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 Management, Korea 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.

Triad Boiler Room Systems Launched New Commercial Boilers

Fisher Capital on Boiler Room Equipment, Inc: Triad Boiler Systems manufactures uniquely rugged small-footprint hot water boilers, steam boilers, and radiant heating systems. All our boilers use 12 gauge firetubes in compact vessels that fit through very small doorways! Inputs range up to 2,000,000 BTU's. Create a highly efficient system with millions of BTU's by sequencing a string of these modular vessels.
TRIAD's commercial boilers and industrial grade Hot Water Heating, Domestic Hot Water, and Steam boilers are used in a wide variety of applications. Our commercial boilers are used at schools, universities, apartments, hospitals, office buildings, retirement communities, and churches. Industrial uses have included bakeries, smelting operations, food processing, quenching systems, and various heating applications for manufacturing. Triads’ modular boilers and radiant heating systems can be natural gas fired, oil fired, or dual fuel fired. For simplicity of operation and maintenance, all controls on our boilers are well known, off-the-shelf products. There area no proprietary parts on these boilers! This simplicity of operation is part of our philosophy, and an important reason why our customers return to us again and again.

TRIAD has been manufacturing high-quality boilers since 1926, and developed the modular boiler concept with primary/secondary piping, receiving a patent for it in 1967. We put this experience, knowledge, and expertise into every boiler.

We believe in quality - it is the overriding characteristic driving our company. This is why we manufacture extremely rugged, well-designed hot water and steam boilers that can provide decades of dependable service. We welcome your inquiries.

Benefits of Modularity
TRIAD's elegantly simple design maintains consistent water volume where heat is required.

• Boilers are activated sequentially, drawing water from the main loop into the next hot water boiler until the heating need is meet.
• firing boilers remaining isolated, so no heated water circulates through cold boilers.
• During most of the year the unfired boilers provide additional backup.
• Outdoor temperatures and loop water temperatures are constantly monitored.

Fisher Capital on Boiler Room Equipment, Inc: The efficiency of this design is most apparent during warmer months, when a conventional hydronic heating or steam boiler could still be operating at full capacity.

Primary-Secondary Piping
TRIAD integrates modularity with a single pipe primary-secondary system. TRIAD was the first company to employ a Primary-Secondary concept. It operates with two loops, (i) the primary loop, or building main loop, and (ii) smaller secondary loops off of each hot water boiler, which supply heated water to the primary loop.

Upon a call for heat, the boiler pump begins pushing the return water into the boiler and out through the secondary loop, supplying this hot water up into the primary loop (the main header), where it mixes with the cooler return water from the main loop of the building.

• Supply and return water are blended, avoiding the need for expensive and unreliable mixing valves commonly used in two pipe systems.
• The secondary loop isolates each hot water boiler, resulting in a very efficient system that minimizes thermal shock.

Control Panel
TRIAD Boilers can be sequenced by the use of our control panel that provides many attractive features:

• Temperature set-back when less heat is required, such as nights and weekends.
• Adjustments for latent heat, to take advantage of hot boiler water that retains heat after the burner shuts down.
• Outdoor reset based on atmospheric temperatures.
• Monitoring of return water temperatures to maintain accurate heating output.

It is also very easy to sequence our boilers using the panel of any other major manufacturer.

Packaged Product
Fisher Capital on Boiler Room Equipment, Inc: All TRIAD hot water boilers and steam boilers are fully assembled, packaged products, which offer several advantages over boilers that must be assembled at the jobsite

• Onsite labor costs are minimized.
• Quality control is higher at the factory than at the jobsite
• The ease of installation of a packaged boiler allows for quicker start up.

Benefits of Steel Boilers

Easy to Clean
To maintain boiler efficiency, heating surfaces must be kept clean and free of combustion by-products. All TRIAD heating surfaces, especially the firetubes, are easy to access. It is impossible to clean all the heating surfaces of a cast iron boiler, and what can be reached is difficult to clean.

TRIAD also makes it easy to maintain clean water surfaces. The cleaning of the interior of a cast iron boiler is a major undertaking, and even then only the vertical surfaces can be cleaned. The inability to clean the horizontal surfaces can have a significant impact on operating efficiency.

Easy to Repair
Because of their steel construction, TRIAD hot water and steam boilers can be repaired in the field with minimal disruption. A leak can be permanently welded or the tubes re-rolled with little difficulty. It is impossible to permanently weld a cracked cast iron boiler section or a leaking copper fin-tube boiler. The firetubes are easily accessed through the top and through the firedoor.

Fast Water Circulation
Poor circulation of water within the typical cast iron boiler is very common due to their design limits, while TRIAD's steel hot water boilers provide for faster circulation.

Fisher Capital Management: Market Performance

Market Performance: Fisher Capital Management - Stocks closed lower in October for the first time in seven months, as investors questioned whether the huge rally off the March lows had exceeded the economy’s ability to generate growth in output and profits.

Indeed, equities capped off a volatile month (the Dow Jones

Industrial Average (DJIA) experienced triple-digit moves in ten

trading sessions!) with a volatile week, as the S&P 500 Index

experienced its worst five-day span since early July.

For the month, the DJIA eked out a fractional gain, while all the

other major equity market indices suffered losses. Small cap

stocks, which had been among the performance leaders of the

seven-month rally, experienced the worst hit, with the Russell

2000® Index falling by almost 7%. In another sign that the

market may be growing skeptical of the “higher risk, higher

reward” strategy, the NASDAQ Composite Index, dominated by

technology holdings, declined 3.6% for the month.

Market Performance: Fisher Capital Management - Yet perhaps emblematic of the struggles experienced in the

markets recently, growth stocks outperformed value in October,

contradicting the idea that the pursuit of “risk” had become out

of favor over the past several weeks. Moreover, the weakness in

U.S. markets failed to extend beyond our borders last month, as

developed markets (MSCI EAFE) experienced just a fractional

loss, while the emerging markets (MSCI EM) managed to rise

by up to 1%, adding to their impressive year-to-date (YTD)

returns.

From a sector perspective, two of the three leading performers

off the March lows (financials and materials) declined by the

largest amounts in October, as investors appeared to lock in

gains of approximately 150% for the financials sector and 75%

for the materials sector. Despite the weakness in the technologyladen

NASDAQ Composite last month, the higher-quality and

larger-cap tech names comprising the S&P 500 Index’s

information technology sector simply dropped fractionally. Rising

oil prices pushed the energy sector higher by 3%, and the

“defensive trade” was still evident within the consumer staples

sector, which held on for a 1% gain.

Market Performance: Fisher Capital Management - In other asset classes, fixed-income was mixed last month. The

yield on the 10-year Treasury note backed up by seven basis

points, as traders likely moved funds elsewhere as the Federal

Reserve concluded its $300 billion Treasury purchase program.

The dollar continued to weaken, hovering near 14-month lows,

which helped drive up the prices for oil, gold, and most

commodities.

Fisher Capital Management, Korea 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 Management, Korea 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.