Oct 29, 2007 19:34 UTC
The Boeing Company board of directors has just approved a new repurchase plan for up to $7 billion of common stock, above and beyond the $8 billion invested in this area since resuming repurchases during 2004. This includes the $3 billion buy back that the board approved in August 2006, which is nearing completion.
Boeing Chairman, President, and Chief Executive Jim McNerney said that “We are executing a balanced cash deployment strategy that’s serving Boeing and its shareholders well.” The next wave of share repurchases will be made on the open market or in privately negotiated transactions.
Share buybacks seem to be popular in the industry, and it can be useful for our readers to understand them better. Investopedia has a very solid, very readable explanation of share buybacks and the accompanying shareholder positives and negatives. Once you’ve read that, the McKinsey Quaerterly’s September 2005 article “The Value of Share Buybacks” is an excellent next step for the larger corporate perspective. The money paragraph?
“Companies shouldn’t confuse the value created by returning cash to shareholders with the value created by actual operational improvements. After all, the market doesn’t.”
Oct 29, 2007 15:26 UTC
South of the Sahara desert, there are few successful states in Africa – and even fewer with anything resembling a modern military. Even so, the African Union wants 5 regional rapid deployment forces ready for use in 2010. Whether this can be achieved is questionable; Africa is legendary for its difficulties and fragmentation, and NATO’s recent decision to scale back its own Rapid Reaction Force promises graphically illustrates the need to back up words with budgets, action, and political cohesion. If any success is possible in southern Africa, however, it’s likely that South Africa will be the 6,000-10,000 man force’s anchor state. Whether responding to wars, or to disaster relief scenarios like Mozambique’s floods in 2000, these forces would face two critical challenges. One is interoperable communications. The other is logistics.
Given Africa’s poor infrastructure, seabasing options begin to look very attractive. Which may help to explain the FNS Tonnerre’s recent visit to South Africa – and the South African military’s interest in a “strategic support ship” that can land vehicles and support them with helicopters. In other words, an LHD, with a large helicopter deck, roll-off vehicle decks, accommodations for troops, fresh water production, a built-in hospital, et. al. In Africa, it will also want to have a shallow draught that allows it access to Africa’s “unimproved” harbors.
According to Defense News, South African defense analyst Helmoed-RÃ¶mer Heitman sees 3 major contenders if the project goes forward. The first is France’s DCNS and its 21,300t Mistral Class LHD, which visited South Africa recently and performed vehicle loading and helicopter landing tests with South African equipment, before undertaking a stormy sail around the Cape. The second is Spain’s Navantia, which is building a 27,500t BPE (LHD/CV-E) ship for the Spanish government, and recently beat DCNS after submitting a very similar design for Australia’s 2 Canberra Class LHDs. The third is Germany’s ThyssenKrupp Marine Systems (TKMS) and its Multi-Role Helicopter Dock Ship; TKMS co-built South Africa’s Meko Class frigates and enjoys good relations with the South African military.
Oct 29, 2007 14:28 UTC
The political situation in Israel around missile defense has always been more cohesive and certain than other countries. Japan is another such case, thanks to an emerging consensus after North Korea’s unstable leadership fired a ballistic missile directly over Japan. In Israel’s case, they are confronted by a regime in Iran that has openly threatened to wipe out the Jewish state several times, while preaching the moral value of suicide-murder and building ballistic missiles and nuclear weapons of their own.
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