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On the one hand, you'll likely never find anything so aptly named in finance. It is indeed a beige book. But its real title is the Summary of Commentary on Current Economic Conditions by Federal Reserve District. About two weeks before the Federal Open Market Committee meets to decide on interest rates, Fed governors get a compilation of how individual Federal Reserve banks view their economic health. (Actually, a different Fed bank is responsible each time to put it together, so they pass the workload around like roommates deciding who'll do the dishes.)
Obviously, it's important stuff. Since it's rather timely, many stock traders and economists use it to gauge whether the Fed has the same view of economic conditions as the market seems to.
But it's not scientific -- even the Fed admits that it's "anecdotal." And the Beige Book is the result of dozens of interviews with economists, bank branch managers, market experts and business leaders. As a result, a survey of pessimists in a district can paint a decidedly glass-half-empty picture. What's more, the Beige Book surveys all 12 Fed districts, and economic conditions in Cleveland can be much different than, say, Richmond, Va.
As a result, the Beige Book is rarely a market-mover, unless it contradicts a bunch of other data. So, check out the summary, but you can find better reports to read before nodding off.
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Friday, June 20, 2008
China Unicom Announces Filing of Form 20-F with SEC
Comtex
HONG KONG, June 20, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ ----China Unicom Limited (HKSE: 0762; NYSE: CHU) (''China Unicom'' or ''the Company'') today announced that the Company has filed with the United States Securities and Exchange Commission (the ''SEC'') its Annual Report on Form 20-F for the year ended December 31, 2007 (the ''2007 20-F"). The 2007 20-F is available at the SEC's website at http://www.sec.gov and the Company's website at http://www.chinaunicom.com.hk/en/investor/annual/2007.html .
Hard copies of the Company's complete audited financial statements may be obtained upon request, free of charge, by contacting:
Mr. Sydney Zhang and Ms. Frances Leung, Investor Relations Department Tel: 852-2126 2018 Fax: 852-2126 2016 Email: IR@chinaunicom.com.hk Address: 75/F, The Center, 99 Queen's Road Central, Hong Kong.
China Unicom is an integrated telecommunications operator, offering a comprehensive range of telecommunications services, including cellular (both GSM and CDMA), international and domestic long distance, data and Internet services in the People's Republic of China.
For press enquiries, please contact: Ms. Sophia Tso at China Unicom Limited Tel: +852-2121-3212 Fax: +852-2121-3232 Email: sophiatso@chinaunicom.com.hk
SOURCE China Unicom Limited
http://www.sec.gov
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Monday, 06-16-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-10-2008 for CHU @ $17.78. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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