UPDATE 1-Patsystems H1 profit up, upbeat on outlook

(Reuters) – British software firm Patsystems Plc (PTS.L) posted a 37 percent rise in first-half adjusted pretax profit, helped by sales growth in Europe and Asia, and said it was confident of achieving its targets for 2010.

The AIM-listed company, which provides software for electronic trading and exchange systems, also raised its interim dividend by 38 percent to 0.2 pence.

“Our continued growth in emerging markets, a strong sales pipeline and this year’s deployment of our new global ASP (application provider service), XConnect, will support sustained growth in 2011 and beyond,” Chairman Richard Last said in a statement.

For the six months ended June 30, pretax profit before items rose to 1 million pounds from 752,000 pounds last year. Revenue grew 6 percent to 10 million pounds.

Patsystems shares closed at 24.25 pence on Monday on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott)

E! co-founder launches celebrity website

LOS ANGELES (Hollywood Reporter) – The co-founder of E! is launching a celebrity-focused online network complete with several programs in the hope of establishing a new brand in the entertainment programing space.

Alan Mruvka created E! (then called Movietime) 23 years ago with Larry Namer. Last week, he returned to his roots with the launch of the Look, a new site at thelooktv.com, which aims to blend fashion and celebrity programing with an e-commerce sales site.

“When I was pitching E!, I used to say that TV is like a newspaper; there’s headlines and sports, but there was no (entertainment) section,” Mruvka said. “Now TV is like a magazine stand, with golf and food and everything else — it’s narrowcasting. Well, the thickest magazines are fashion magazines; that’s where the money is. The Look is as if you were to take InStyle magazine and make a network out of it.”

Mruvka has been working on the Look for three years and is launching with about $10 million in self-raised investment capital. The Look isn’t aiming for linear cable network distribution — at least not yet.

“I don’t believe it’s still about launching a network and getting it on TV any way you can,” he said. “The convergence of the Internet and TV is closer than ever, and I want to be on the edge of that.”

Mruvka describes the Look as best resembling a hybrid of E! and its spinoff channel, the Style Network. “Our goal is to be the place to go to see what your favorite star is wearing and then buy it right then and there,” Mruvka said.

Malaysia’s Bandar Raya buys Limitless’ stake in co

July 10 (Reuters) – Malaysian property developer Bandar Raya Developments (BRDS.KL) said its subsidiary has bought 60 percent of a building company from a unit of state-owned conglomerate Dubai World [DBWLD.UL].

Bandar Raya’s subsidiary Ardent Heights has entered into a deal to buy Limitless Holdings Pte Ltd’s entire stake in Haute Property Sdn Bhd for a nominal sum of 1 ringgit ($0.313), the Malaysian firm told the stock exchange.

Ardent will pay Limitless 75 million ringgit which Limitless had advanced to Haute towards partial payment by Haute for the development rights of a building project in Malaysia’s southern Johor state.

Ardent will also pay Limitless one million ringgit to settle about 10 million ringgit advanced by Limitless to Haute to meet Haute’s operating and development expenses for the project, Bandar Raya said.

Malaysian builder UEM Land (ULHB.KL) owns the remaining 40 percent in Haute.

Dubai sent global markets into turmoil at the end of last year when Dubai World asked creditors for a standstill on debt mainly linked to its two property firms Limitless World and Nakheel, builder of the Gulf state’s eye-catching palm-shaped islands.

Dubai had said on July 3 a committee overseeing Dubai World, which is in a deal with core lenders to restructure $23.5 billion in debt, had handed responsibility of property unit Limitless to Nakheel [NAKHD.UL]. [ID:nLDE662018] ($1=3.198 Malaysian Ringgit) (Reporting by Liau Y-Sing)

Greek CDS hits new high at 1,131 bps – CMA

June 25 (Reuters) – The cost of protecting Greek government debt against default rose to a record high on Friday, according to monitor CMA DataVision.

Five-year credit default swaps (CDS) on Greek government debt climbed to 1,131 basis points from 1,127 bps at the New York close on Thursday.

This means it now costs 1.131 million euros to insure an exposure of 10 million euros of Greek government bonds, up from 1.127 million euros.

Analysts said this was partly driven by the fact that Greek bonds will drop out of some major bond indexes at month-end after getting a second junk rating from Moody’s earlier this month.

The market was reflecting this in CDS prices rather than bond spreads, which are being held in by European Central Bank buying, analysts said. (Reporting by Ian Chua)

UPDATE 1-Northern Petroleum to raise 10 mln via share placement

(Reuters) – Northern Petroleum (NOP.L) on Friday said it planned to raise 10 million pounds ($14.92 million) through a share placing, as the oil and gas explorer sought to raise additional funds to develop assets in Netherlands and Italy.

The European Union-focused explorer also plans to sell off its non-core UK assets and said it hired UK-based marketing company Envoi Ltd to handle the sale. Northern Petroleum said it planned to sell a total of 11.8 million shares at 85 pence apiece. The price represents a discount of 8.6 percent to Thursday’s mid-market closing price of 93 pence.

In the Netherlands, the company has proven and probable (2P) reserves of 42.7 million barrels of oil equivalent (boe), with four gas fields in production, and two gas fields and two oil fields in development.

In Italy, the company has 53.2 million boe of net probable oil reserves from 32 Italian licences, while in the UK it has 2P reserves worth 7.0 million boe.

At June 23, the company had about 13.4 million euros ($16.52 million) of net cash.

Shares of AIM-listed Northern Petroleum closed at 93 pence on Thursday on the London Stock Exchange. ($1=.8112 Euro) ($1=.6701 Pound) (Reporting by Anirban Sen in Bangalore)

Argentina bookies’ favorite to win World Cup

(Reuters) – Argentina have become the bookies’ favorite to win the first World Cup on African soil, after two clear wins in their opening matches while their closest competitors have failed to impress.

Sports

Bookmaker William Hill said England’s lackluster goalless draw with Algeria on Friday was one of the most profitable matches involving the national team ever as fans lost money on bets for them to win in Cape Town.

“The game against Algeria was probably the biggest winning match involving England for us ever — we made an absolute fortune,” said William Hill spokesman Graham Sharpe.

“On that match I estimate that the British bookmaking industry made 10 million pounds ($14.8 million),” he added.

Sharpe said the overall turnover may be affected if England, who meet Slovenia on Wednesday in their last group match, do not qualify for the second round.

“What will happen is that overall turnover will go down,” he said. “British punters will lost interest in the World Cup if England go out.”

But he said internet sales from 188 countries would continue.

Both bookmakers Ladbrokes and William Hill had Spain as favorites to win ahead of the tournament but their surprise 1-0 loss against Switzerland in their tournament opener prompted a fall from grace.

The bookmakers now have Diego Maradona’s team as favorites after wins against Nigeria and South Korea have virtually guaranteed their place in the second stage.

“On the weight of their performance and that they are now going to qualify, it’s pretty logical that they are now favorites,” said Sharpe.

William Hill:

Argentina 9/2

Spain 5/1

Brazil 5/1

Holland 13/2

Germany 8/1

Ladbrokes:

Argentina 7/2

Brazil 4/1

Spain 5/1

Germany 7/1

Holland 7/1

(Reporting by Opheera McDoom, Editing by Nigel Hunt)

Italian CDS marks record high of 250 bps – Markit

June 1 (Reuters) – The cost of protecting Italian government debt against default hit a record high on Tuesday, according to CDS monitor Markit, as investors fretted over sovereign rating risks.

The cost of potecting France debt against default also rose.

Five-year credit default swaps (CDS) on Italian government debt climbed to 250 basis points from 200.6 bps in Europe on Monday, figures from Markit showed.

It means the cost rises to 250,000 euros to protect 10 million euros worth of Italian government bonds.

French CDS rose by 7 bps to 76 bps, closing in on the UK’s 84 bps.

Peripheral issuers Greece, Portugal, Spain and Ireland also saw CDS prices rise.

“Credit and equity markets capitulating as risk aversion regains the ascendancy,” said Markit. (Reporting by George Matlock)

Tata Power to increase coal imports from Bumi Resources

Indonesia, June 1 (Reuters) – India’s Tata Power Co Ltd (TTPW.BO), the country’s largest private-sector utility, said on Tuesday it will increase its coal imports from Indonesia’s Bumi Resources (BUMI.JK) to as much as 10 million tonnes by 2013. (Reporting by Janeman Latul, Fitri Wulandari and Fayen Wong; Editing by Sara Webb)

Energy

INTERVIEW-Microsoft to grow in tablet PCs; sees corporate demand

TAIPEI, June 1 (Reuters) – Microsoft (MSFT.O) expects to grow its share of the tablet PC market as it did in netbooks as users look for software that fits the existing ecosystem, a senior executive said on Tuesday, even as rivals such as Apple (AAPL.O) begin making inroads into the sector. Most netbook PCs initially ran on the lower-cost, open-source Linux system when they were first introduced by Taiwan’s Asustek (2357.TW) in 2007, but Microsoft eventually went on to dominate the sector with more than 90 percent of all netbooks now running on Windows.

“Having watched this movie play before, there’s some consistency in the themes,” corporate vice-president for original equipment manufacturing Steve Guggenheimer told Reuters in an interview.

“You get a lot of noise, you get a lot of energy around the alternatives, but then when people start selling these machines, and it can’t quite do what the consumers want, your printer doesn’t work, retailers get returns, then that’s when it’s hard.”

Research firm Gartner says it expects some 10 million tablet PCs to be sold this year as consumers begin embracing such devices, which include Apple’s iPad, Dell’s (DELL.O) upcoming Streak and Asustek’s Eee Pad, which it launched this week.

Microsoft also said it is now seeing signs of a pick-up in corporate demand, with 45 percent of the chief information technology officers it spoke to ready or preparing to deploy its latest Windows 7 system.

“We’re starting to see that commercial refresh,” Guggenheimer said. “There’s really good energy on the commercial side, but it hasn’t caught up with the level of the consumer yet.”

Top PC brands that are heavily dependent on corporate demand such as Lenovo (0992.HK) and Dell (DELL.O) have said they are seeing signs of growing corporate demand, as companies still running on the decade-old Windows XP system upgrade their software.

Guggenheimer was also sceptical of Google’s (GOOG.O) chances with smartphones, as its Android system did not have a common platform that could cut across different handset brands and manufacturers.

“When you write an app for Windows, it can immediately reach hundreds of millions of users,” he said. “The challenge for Android is that (software developers) will need to have multiple versions for each individual phone.”

Android is Google’s open-source operating system for smartphones. Makers such as HTC (2498.TW) and Samsung Electronics 0059309.KS can modify the software to meet their own needs. The Android system took fourth place from Microsoft in the smartphone operating system market during the first quarter of this year, research firm Gartner said in May, putting the company in a good position as handsets look set to surpass PCs for web browsing. [nLDE64I05D]

(Editing by Jonathan Standing)

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French CDS rises on market jitters over ratings

June 1 (Reuters) – The cost of protecting government debt against default in France as well as other peripheral euro zone countries rose on Tuesday as investors remained anxious about sovereign ratings.

Five-year credit default swaps (CDS) on French government debt rose to 74.6 basis points from 68.6 bps at the New York close on Friday, according to CDS monitor CMA DataVision. New York markets were closed on Monday.

It means the cost rises to 74,600 euros to protect 10 million euros-worth of French government bonds.

The French CDS was nearing a record high 80.6 bps set on May 6.

France’s Budget Minister Francois Baroin said on Sunday that keeping the country’s triple-A rating was “a stretch”. [ID:nLDE64T0B8]

Peripheral sovereign CDS also rose, including those of Spain and Greece. Late on Friday, Fitch Ratings downgraded Spain to double-A plus. (Reporting by George Matlock)

Contaminated run-off from fire reaching wetlands

Contaminated water from a fire at a frozen food factory at Wingfield has been flowing into wetlands in northern Adelaide.

The fire at Rand Refrigerated Logistics is estimated to have left a damage bill of up to $10 million.

The company has moved to offices nearby and says frozen food supplies to supermarkets will not be disrupted despite the loss of stock.

Clive Jenkins from the Environment Protection Authority says water used to fight the blaze is now contaminated as it flows into the Barker wetlands.

“The quality of the water was mainly organic chemicals in nature, dairy products and plastic containers,” he said.

“The wetland is well and truly capable of assimilating those so there’s very little risk.”

The Metropolitan Fire Service says the blaze smouldered all weekend but is finally out.

Simon Cowell thinks top Britain”s Got Talent acts are “drying out”

London, May 18 (ANI): X Factor star Simon Cowell has been telling his friends he fears the number of good acts on ‘Britain’ Got Talent’ are “drying out”.

Cowell, 50, was overheard confessing to friends that he felt that “the pond had been fished dry”, reports the Mirror.

The success of Susan Boyle last year and several dance acts attracted 19.2million viewers for the final and enabled ITV to make millions in ad deals.

But on Saturday the show got its lowest ratings of the new run with an average of only 9.5 million tuning in, almost three million lower than on the start of the series.

“With well over 10 million people watching every episode this year, Britain”s Got Talent is by far the most popular programme on a Saturday night,” said an ITV spokesman. (ANI)

Tyra Banks not a hit with future neighbours

New York, May 18 (ANI): Tyra Banks might be a hit among her viewers, but the same might not hold true for her future neighbours at Riverhouse in Battery Park City.

The model-cum-TV host bought four apartments there for 10 million dollars last year.

And Banks has undertaken extensive renovations as she combines them into a single home.

This has driven other building residents mad, so much that they called police to complain about the noise, reports the New York Post.

However, the only neighbour who stayed out of the mayhem was Leonardo DiCaprio. (ANI)

Man U still in hunt for Karim Benzema

London, May 11 (ANI): Manchester United has still not given up hope of getting French striker Karim Benzema.

United boss Alex Ferguson lost out in his first attempt to sign the 22-year-old last summer, when he was outbid by Real Madrid.

Benzema made a 31 million pounds switch from Lyon. But he has been a flop for the Spanish giants, who are now ready to sell for around 25 million pounds.

The French striker has started only in 14 La Liga games this season and scored just eight league goals, The Sun reports.

United’s owners, the Glazers, are desperate to make a big-name signing to silence some of the opposition to their reign.

Nemanja Vidic could be used as a 10 million pounds makeweight in a Benzema deal. (ANI)

Training provided to census-takers in Kashmir Valley

Srinagar, May 7 (ANI): As part of the preparations for the Population Census 2011, preliminary training sessions are being organized in the Kashmir Valley.

Around 3,200 employees of the state government from Srinagar and Ganderbal districts and Handwara Tehsil (block), attended the training sessions in various centers across the state.

“The training for the census started on May 5. There will be a refresher course on May 12. At the moment, the enumerators, supervisors and other staff involved number up to 3,000 in district Srinagar. We have provided training to supervisors and enumerators at 22 training centers,” said Mukhtar Aziz, Census Officer.

Along with the census-training, trainees were also briefed to motivate locals to participate in the census.

“Training will help in increasing efficiency of our work. We were taught the procedure to fill in forms and other formalities, so that when we go to the field we fill in the right information,” said Haneef, a trainee.

The 2011 census will start on May 15 in the state.

Around 33,000 employees of the state government would carry the two-phased census process.

As per the census of 2001, the population of Jammu and Kashmir was somewhat above of 10 million.

During the last census in 2001 the separatists had called for the boycott of the census but this time round, all political groups are supporting it, and are asking people to participate in it. (ANI)

Mancini ready to dump Manchester City stars in quest for Torres

London, Apr 28(ANI): Manchester City manager Roberto Mancini is ready to dump 50 million pound worth of talent out of his team during this summer’s transfer window.

According to reports, Mancini wants to sell Emmanuel Adebayor, Shaun Wright-Phillips, Wayne Bridge and Stephen Ireland.

The Italian wants to reshape his squad and the expected 50 million pound from the sale would be a good start to table a bid for Liverpool striker Fernando Torres, The Sun reports.

He regards the changes to be crucial for the development of the team for the 2010-11 Premier League season.

Adebayor, who cost 25 million pound from Arsenal last year, has hit only 13 goals in 28 games.

Wright-Phillips returned to City in August 2008 for 8.5 million pounds from Chelsea.

Meanwhile, Bridge, who cost 10 million pound from Chelsea in January 2009, has had a disastrous season hit by injury and personal problems involving his ex-fiancee Vanessa Perroncel and former Chelsea pal John Terry. (ANI)

J Lo’s ex-hubby says court fight has left him bankrupt

New York, April 26 (ANI): Actress Jennifer Lopez’s ex-husband, Ojani Noa, is filing for bankruptcy, claiming that the legal battle over the couple’s private home videos has left him broke and depressed.

Lopez, 40, filed a 10 million dollar suit against Noa, 35, in November and obtained court orders to prevent him from using the home videos, including footage from their honeymoon, for a movie he was producing on his life.

“The lawsuit put me through so much pain and frustration,” the New York Post quoted him as saying.

“I’m losing everything,” he stated.

Noa hoped that, by declaring bankruptcy, he could sell the tapes, along with his car and personal belongings, at a public auction, but Lopez’s lawyer, John Lavely, said the tapes can’t be sold.

“Both the preliminary injunction and the permanent injunction are still in full force and effect. Offering for sale or selling the videotape would constitute a wilful violation,” he said.

In 2007, Noa was ordered to pay Lopez 545,000 dollars when he tried to publish a tell-all book, claiming it violated a confidentiality agreement the couple had previously reached.

Noa said the litigation with Lopez has crippled his modelling and acting career.

“I can’t go to work because anytime I go to a casting, people are afraid to hire me because of the judgment on my head. [They are] skeptical [because] of what I’m going through,” he added. (ANI)

Russian company selling cruise missile in a shipping box

London, Apr.26 (ANI): A Russian company’s decision to market a cruise missile that can be launched from a shipping container, has led defence experts to warn of a new danger of ballistic weapons proliferation.

It is feared that the covert Club-K missile attack system could prove “game-changing” in fighting wars with small countries, which would gain a remote capacity to mount multiple missiles on boats, trucks or railways.

According to The Telegraph, Iran and Venezuela have already shown an interest in the Club-K Container Missile System.

Defence experts say the system is designed to be concealed as a standard 40 foot shipping container that cannot be identified until it is activated.

Priced at an estimated 10-million-pounds, each container is fitted with four cruise anti-ship or land attack missiles. The system represents an affordable “strategic level weapon”.

Club-K is being marketed at the Defence Services Asia exhibition in Malaysia this week.

Novator, the manufacturer, is an advanced missile specialist that would not have marketed the system without Moscow”s approval. It has released an emotive marketing film complete with dramatic background music. (ANI)

World’s top footballers to test skills in a TV contest

London, Apr 26 (ANI): Some of the world’s top footballers are to star in a ground breaking contest to be held on July 17 at London’s O2 Arena, testing skills such as control, strike power and goal scoring.

Liverpool ace Steven Gerrard and Arsenal’s Cesc Fabregas will join rivals in the TV challenge to be staged in front of 20,000 fans just after the World Cup, The Sun reports.

Manchester United striker Wayne Rooney and former teammate Cristiano Ronaldo are also in the frame to compete along with Valencia’s David Villa and Didier Drogba of Chelsea.

Organisers of the 10 million pounds event hope it will become an annual show to tour the world. A “major name” from football is said to be in talks to be host.

“This is like nothing you’ve ever seen. The world’s best players come together for a pure skills test,” said a source for the ITV1 show.

“As it’s happening after the World Cup, they may well use some of its great shots and crosses to influence the challenges,” the source added. (ANI)

ICC increases 2011 World Cup prize money to 4 mln dollars

Lahore, Apr.21 (ANI): The 2011 cricket World Cup winning team would be taking home a prize money of four million dollars, with the International Cricket Council (ICC) deciding to double the total allocation for the coveted tournament to 10 million dollars.

The decision was taken during the ICC’s executive board meeting, which was held in Dubai on Monday, The News reports.

During the 2007 World Cup, winners Australia pocketed 2.24 million dollars, and the runners-up Sri Lanka received one million dollars.

In 2003, when India played Australia in the final, the winning Aussie team took home two million dollars in prize money, and the team India was awarded 800,000 dollars. (ANI)