(CNN) – Intel earnings are kicking off what some analysts call tech earnings season. Many look to Intel as an indicator of the health of the broader tech sector.
The company beat expectations coming in with $3 billion in Q-3 profit, or 52 cents a share. That’s compared with 1.9 billion or 33 cents a share in the same quarter last year.
“It was an all-time record in terms of revenue – our first quarter ever above $11 billion,” Intel CFO Stacy Smith told me.
Intel’s stock rose in after-hours trading. The company says PC demand is staying strong despite declines in U.S. consumer demand.
Some analysts say Intel has been left out in the iPad craze, focusing on cheap PCs known as netbooks rather than tablet style technology and smartphones.
Can Intel create excitement about its stock without a foothold in the tablet market? How important is China’s market?
(CNN) – Brazilian Finance Minister Guido Mantega said the words that launched a thousand headlines last month, uttering the phrase that now defines the latest phase in the post-financial crisis world:
“We’re in the midst of an international currency war.”
He had said out loud what was murmured across economies worldwide, as Japan jumped to intervene against its rising currency and the chorus of complaints against the value of China’s yuan grew to a roar. Other economies, such as Taiwan, South Korea and Thailand, also have taken moves to influence the value of their currencies.
Speaking to CNN’s Maggie Lake, Mantega said he is hoping an international accord could mitigate the growing currency exchange rate rancor.
“I don’t think the United States the Europeans have their hands tied, I think they can do something more with fiscal policy,” Mantega said, to avert protectionism – of which the current currency interventions are a symptom. “Beggar thy neighbor is not a good policy.”
Mantega hopes that the Group of 20 summit in Seoul in November can map out “the beginning of an accord” on global currencies, much like the 1985 Plaza Accord – when the U.S., Japan, France, the U.K. and West Germany agreed to jointly intervene in the global currency markets to push the U.S. dollar down against the Deutsch Mark and Japanese yen.
This may be a bitter pill to swallow for Beijing. Some point to the Plaza Accord – which doubled the value of the yen in 30 months – as a needle that eventually pricked Japan’s economic bubble. It also raises a question raised by Prof. Chak Wong on World Business Today: Would a currency agreement alleviate global trade imbalances?
Lexington, Kentucky (CNN) – I recently went back to my equestrian roots and covered the World Equestrian Games, held in Kentucky, the first time ever outside of Europe.
Now that the 16-day event has wrapped up, there is a lot of tallying going on, and questioning whether the economic impact will be significant or not. The CEO of the games, Jamie Link, tells me that though ticket sales were sluggish at first, organizers are pleased with the end result.
A previous economic impact study suggested there would be about $167 million in benefit to the Lexington Kentucky area, though that will be difficult to quantify. Though challenging to mount these games on the heels of a brutal recession, Link says, “This will put Kentucky on the international map.”
Now, if you’re not a horse lover, let me put it this way: Kentucky’s horse park is like Disneyland, or some sort of equine nirvana for those who love the sport. So to have a competition that’s on par with the Olympics for equestrians at the Kentucky Horse Park—well—you get the picture. All manner of horse lover was there, from the extremely well-heeled so typical of this elite sport, to families, to horse lovers of modest means.
Pat Parelli, who is known around the world for what he calls a “natural” approach to equine training, spent the entire 16 days there to promote his business. He demonstrated his way of treating problem horses with voice commands and body language that builds rapport between horse and rider. He now has training centers in the United States, the U.K., and in Australia. I’d been in Kentucky as a teenager to train for competitions, but had not been on a horse in more than twelve years. Pat Parelli put me on board Aspen and taught me a thing or two that’s new in this amazing sport. Check out the video!
The cross-country course was awe-inspiring. It was a beautiful sequence of almost 40 jumps over rough terrain, including a miniature version of the Kentucky log house where U.S. President Abraham Lincoln was born. And yes, the horses had to jump that one, fence number 20, which caused a lot of problems for the 3-Day Eventers who faced the cross-country course on the second day of competition. There is an ongoing debate about the safety of cross-country courses, as elite riders and course designers push themselves ever farther to challenge the athletes and wow the crowds.
After winning the team gold and the individual silver medals in the three-day event, British rider William Fox-Pitt walked part of the course with me, showing me some of the toughest spots. He also weighed in-on the debate about whether the courses are just too dangerous.
If you missed our extensive coverage of the World Equestrian Games on World Business today, check out the video links, and come ride with us!
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