Ryanair Q1 profit falls on ash, keeps FY forecast

July 20 (Reuters) – Irish airline Ryanair (RYA.I) posted a 24 percent drop in first-quarter profit due to disruptions caused by a volcanic ash cloud and maintained its forecast for full-year earnings growth.

Europe’s biggest low-cost carrier said on Tuesday its net profit for the three months to the end of June came in at 93.7 million euros ($122 million) after accounting for the 50 million euro cost of almost 10,000 flights cancelled in April and May.

Adjusted net profit rose 1 percent to 138.5 million euros and Ryanair maintained its forecast for full-year net profit to rise by between 10 to 15 percent to between 350 million and 375 million euros — a forecast which it last month said excluded the 50 million euro ash cloud charge. (Reporting by Andras Gergely; Editing by Mike Nesbit) ($1=.7706 euros)

Singapore fund assets up 40 pct to $877 bln in 2009

July 9 (Reuters) – Total assets managed by fund managers in Singapore rose 40 percent to S$1.21 trillion ($877 billion) last year, above the pre-crisis peak of S$1.17 trillion in 2007, the central bank said on Friday.

Asia Pacific continued to be the main target for investments by Singapore-based managers, accounting for 61 percent of assets under management in 2009, Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee said at an investment forum.

About 51 percent of the funds were invested in stocks, while bonds accounted for 16 percent, the central bank said. (Reporting by Kevin Lim; Editing by Jan Dahinten)

UPDATE 1-Russia’s TGK-1 says 2009 profit rises sevenfold

ST PETERSBURG, Russia, June 10 (Reuters) – Russian power firm TGK-1 (TGKA.MM) said 2009 net profit rose sevenfold to 8.4 billion roubles ($266.2 million) as the firm part-cancelled an impairment charge amid strong market conditions.

The company, which supplies power to St Petersburg and Russia’s north-west, said in a Thursday statement it had gained more than 5.4 billion roubles from the accounting move, which related to two thermal power plants and a heating grid.

“Management considered recent favourable changes in operation of the Russian electricity market and resolved to partially reverse the impairment provision,” TGK-1 said.

Russia’s large cluster of power companies have been reporting sharply improved results in recent days on the back of recent liberalisation of the electricity market.

TGK-1, part owned by Gazprom (GAZP.MM) and Finland’s Fortum (TGKJ.MM) (FUM1V.HE), posted the 8.4 billion rouble net profit figure after recording a 1.2 billion rouble profit in 2008.

Full-year revenue rose to 41.35 billion roubles from 33.6 billion roubles, while operating profit increased more than ten times to 10.4 billion roubles. (Reporting by Denis Pinchuk, Writing by John Bowker/ Nastassia Astrasheuskaya; editing by Maria Kiselyova, Mike Nesbit) ($1=31.56 roubles)

Infosys BPO unit sees FY11 revenue up 15-20 pct

June 10 (Reuters) – The back-office outsourcing arm of Infosys Technologies (INFY.BO), India’s No. 2 software exporter, expects revenue to rise 15-20 percent in this fiscal year to March 2011, a top company official said on Thursday.

Technology

The company sees net profit margins at 20-22 percent in 2010/11, D. Swaminathan, chief executive of Infosys BPO told reporters.

Infosys BPO, which was set up as a separate unit of Infosys in 2002 and employs about 16,400 people, posted an 11 percent rise in revenue in the last fiscal year on net margins of 22 percent.

The unit offers finance and accounting, human resource and legal services outsourcing. (Reporting by Bharghavi Nagaraju; Editing by Unnikrishnan Nair)

Cos lure students with freebies

New Delhi, May 28 — If you are among the thousands trying to grab a seat at the Delhi University this year, your journey to the form centres from the metro stations could be smooth. Wondering how? Sample this, the moment you de-board at the Vishwavidyalaya station a voice greets you, “Ma’am our AC cab is waiting to take you to your form centre.

” With temperatures hovering around 45 degrees Celsius, it is definitely a relief to the students. And that’s how Grewal Academy of Accounting Professionals (GAAP), an educational institute is trying to catch the attention of the students.

Puzzled? Well that’s a new marketing gimmick that the companies are trying to advertise themselves. From giving free card rides to 100 per cent job assurance, it’s an advertising haven for various companies who are every attempt to lure students who went to collect the Delhi University admission forms on day one.

“Not all students get through to the university, so we are asking them to register with us. Once the admission process is over we call them to know if they are still interested in our offer,” said Anita Sharma (name changed) who is registering students for Kingfisher Airlines.

The airline is offering a nine-month training course for ground staff, retail and hospitality at Rs 1.45 lakh.

Wildcats swoop on Tovey

The Perth Wildcats have signed former Sydney and Townsville forward Cameron Tovey for the next two NBL seasons.

Tovey, who started his career at the Cats, joins Shawn Redhage, Kevin Lisch, Jesse Wagstaff, Brad Robbins, Damian Martin, Drew Williamson, Stephen Weigh and Matt Knight as players confirmed for next season.

Perth now needs only to sign an under-24 development player to complete its roster.

Tovey had reportedly quit the NBL earlier this month for a career in accounting but the talented forward said that was never the case.

He will work part-time while juggling his basketball duties.

Chinese student murderer guilty

A 22-year-old man has pleaded guilty to the murder of a Chinese university student in Hobart last year.

Stavros Papadopoulos from the Hobart suburb of New Town appeared in the Supreme Court in Hobart today, charged with one count of murder.

He has pleaded guilty to murdering 26-year-old accounting student Zhang Yu in June last year.

Police found Ms Yu’s body submerged in water in the Mount Field National Park in southern Tasmania.

Papadopoulos will reappear in court on Wednesday.

Another man has pleaded not guilty to the same offence.

The trial of Daniel Joseph Williams will begin in the Supreme Court in April.

CEO report indicates solid industry recovery

A poll of Australian chief executives shows growth in the country’s manufacturing, construction and services sectors is expected to be reasonably solid, but uneven in 2010.

The result is contained in the latest CEO survey, Industry in Recovery Mode in 2010, conducted by the Australian Industry Group and Deloitte.

An improvement was expected across all three industries, with particular strength in the services and manufacturing sectors.

The survey also found improving consumer confidence in incomes growth and employment prospects, as well as rising household wealth and exposure to strong growth in China, would drive growth this year.

But the fading effects of the Federal Government’s stimulus and the impact of higher interest rates were likely to hit the construction sector particularly hard.

On average, manufacturers were anticipating a 5.6 per cent increase in the nominal value of sales in 2010 to about $415 billion.

Sales in the services sector were set to rise 6.6 per cent and construction sales were forecast to grow by 2.5 per cent.

Employment in the manufacturing industry was expected to rise 2.9 per cent, service sector employment was due to increase by 2.3 per cent, and the construction sector was set for employment growth of just 0.5 per cent.

Those employers surveyed said the possible re-emergence of skills shortages was a real worry, as the economy returns to growth.

The chief executive of the Australian Industry Group, Heather Ridout says the economy looks set to consolidate this year, but the rebound won’t be as strong as those that occurred after previous downturns.

“Despite the stronger sales and employment expectations, investment trends across these sectors remain soft and conservative,” she said.

“The challenges for policy and for business will be to strengthen the recovery while addressing the ongoing requirement to build on the foundations of longer-term growth.”

The manufacturing partner for Deloitte, Damon Cantwell says 2010 would provide businesses with a range of opportunities to make up ground.

“While 2009 was characterised as a year founded on survival, 2010 offers real opportunities for growth,” he said.

‘Smart Club’ Liverpool won’t be like ‘spendthrift’ Man City

London, Sep.16 (ANI): Liverpool co-owner Tom Hicks has said the Reds will continue to operate as a “smart club” and will never be tempted into an “unsustainable” spending spree as carried out by Manchester City.

Hicks told The Times: “You have to look ‘cash flow’ rather than accounting – and we intend to operate Liverpool where it has a very strong positive cash flow, so we have the resources to be as competitive as possible on the pitch.”

“We had strong, positive cash flows last year. Our debt levels are at a very comfortable level, and we are going to continue bringing it down.Our goal is to have less debt than any of the top clubs, and that’s a commitment we have made and will continue to make,” The Independent quoted him, as saying.

Hicks also said that City’s huge outlay on signings is not sustainable.

“They won’t continue to invest like that, because it doesn’t make good economic sense. They will make the improvements they need to make and then run it more like a business. The smart clubs operate for the long term, and you have to look at who have had success for many years,” he said. (ANI)

Satyam pulls out of Oz university development project

Melbourne, Sep 11 (ANI): Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria.

The company’s president of corporate affairs, Sujit Baksi, informed the state government of its intention in a letter to IT minister John Lenders.

According to the Geelong Advertiser, Baksi wrote: “The need to concentrate on an extensive internal restructuring program of our business precludes Mahindra Satyam from embarking on expansion projects of this kind.

“While Mahindra Satyam is disappointed that it cannot proceed with the centre, it reaffirms its commitment to future expansion in Victoria when circumstances allow.”

A Satyam Australia spokeswoman confirmed that the project had been cancelled, The Australian reports.

According to the report, Baksi committed to Mahindra Satyam paying back the undisclosed cash grant to the Brumby Government, which the company was given to lure it to Geelong.

In July the new owner of Satyam, Tech Mahindra, said it was committed to the project and was investigating its viability.

The future of the Geelong project, occupying 10ha at Deakin University, came into question after Satyam founder and chairman B. Ramalinga Raju admitted to a one billion dollars accounting scandal in January. (ANI)

Post-traumatic stress disorder linked to suicidal tendency among war veterans

Washington, August 26 (ANI): Working with Iraq and Afghanistan war veterans, a team of researchers have found that post-traumatic stress disorder (PTSD) is associated with an increased risk for thoughts of suicide.

Writing about their study in the Journal of Traumatic Stress, the researchers have revealed that veterans who screened positive for PTSD were four times more likely to report suicide-related thoughts relative to veterans without the mental disorder.

They say that their study establishes PTSD as a risk factor for thoughts of suicide in Iraq and Afghanistan war veterans.

According to them, that held true even after accounting for other psychiatric disorder diagnoses, such as substance abuse and depression.

The team said that the veterans who screened positive for PTSD and two or more comorbid mental disorders were significantly more likely to experience thoughts of suicide relative to those with PTSD alone.

As many as 46 percent of veterans in the study experienced suicidal thoughts or behaviours in the month prior to seeking care, and of those veterans, three percent reported an actual attempt within four months prior to seeking the care.

The researchers said that suicide-related thoughts and behaviours discovered in a returning veteran, who has been diagnosed with PTSD, especially in the presence of other mental disorders, might suggest an increased risk for suicide. (ANI)

Saying ‘I’m sorry’ favourably influences jurors’ decisions

Washington, Aug 25 (ANI): In a new study, researchers at George Mason University and Oklahoma State University showed that apologizing for negative outcomes could lead to more favourable verdicts for auditors in court.

Assistant accounting professors Rick Warne of Mason and Robert Cornell of OSU found that remedial tactics such as apologizing or first-person justification can result in lower frequencies of negligence verdicts in cases against auditors when compared to a control group receiving no remedial tactic.

Apologies allow the accused wrongdoer to express sorrow or regret about a situation without admitting guilt.

Alternatively, a first-person justification allows the accused to indicate the appropriateness of decisions given the information available when decisions were made.

“We found that apologies reduce the jurors’ need to assign blame to the auditor for any negative outcomes to the client. It also appears that a first-person justification influences the jurors impression that the auditor’s actions were reasonable and in accordance with professional standards,” Warne said.

The researchers administered several versions of a mock trial involving a lawsuit against an auditor whose actions had negative consequences on a client.

In the scenario utilized by the researchers, the auditor performed an appropriate audit, yet the audited company eventually went into bankruptcy.

The researchers examined whether a defendant making an apology, offering a justification, utilizing both techniques or remaining silent led to the most favorable verdicts.

Research in psychology, management and medicine concludes that remedial tactics are effective when expressed directly to injured parties.

However, the new research expands upon prior findings by examining the effects remedial tactics have on jurors who are indirectly involved and cannot directly forgive the accused.

“We know victims often respond favourably to an apology, but our findings suggest that even unharmed jurors react in a similar manner. Offering an apology though is not synonymous with admitting guilt,” Cornell said.

The study will be available in a forthcoming issue of Contemporary Accounting Research, published by the Canadian Academic Accounting Association. (ANI)

Tech Mahindra to complete Satyam’s 75-mn dollars Australian project

Melbourne, July 1 (ANI): Tech Mahindra, the new owner of troubled Indian IT services firm Satyam, has for the first time confirmed its continued commitment to a 75 million dollars software development project in Geelong, Australia.

There were grave concerns that the project would be axed after Satyam Computer Services founder and chairman, B. Ramalinga Raju, admitted to a one billion dollar accounting fraud in January.

Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete and the company is determined to complete the project.

However, he warned that certain aspects of the initial agreement, including funding, could change.

“We’re committed to the project … we’ve got due diligence in place,” said Nayyar, who is currently visiting Australia.

“The goal is to complete the project but we need to investigate how much investment is needed,” The Australian quoted him, as saying.

The Geelong project was announced more than a year ago with Satyam as its main financial backer in partnership with the Victorian state government, the City of Greater Geelong and Deakin.

The software hub promises to create 2000 jobs, a much-needed boost for the region in the wake of industry retrenchments. (ANI)

Hustler kingpin Larry Flynt rushed to hospital

Washington, Jun 22 (ANI): American publisher Larry Flynt was rushed to a Los Angeles hospital’s Emergency Room on June 20, though the cause of his ailment is unknown.

A source has revealed that the 66-year-old was driven to the hospital in his own car, and not in an ambulance.

Flynt’s current condition is still a mystery, reports RadarOnline.com.

The Hustler magazine owner and founder, who is paralysed from the waist down, was said to have been moaning in pain before being driven to the medical centre.

He is the head of Larry Flynt Publications, which is reported to average 300 million dollars per year in revenue, with the pornographic men’s magazine accounting for most of the earnings.

The Hustler brand includes the magazine, novelty shops, and even a Gentleman’s Club. (ANI)

Fears about Pak nukes falling into extremists hands ‘unfounded’: General Majid

Islamabad, May 27 (ANI): Pakistan Joint Chiefs of Staff Committee Chairman General Tariq Majid has said that the country’s nuclear weapons are in safe custody and the world wide concerns about it being falling into the Taliban’s hands are ‘unfounded’.

General Majid assured a US delegation here that Pakistan’s nukes were absolutely safe and that there is an immaculate multilayered security arrangement guarding the country’s nuclear assets.

“Based on the pillars of responsibility and restraint, Pakistan has developed and operationalised an immaculate nuclear weapons’ security regime which is multilayered, has stringent access controls, material control and accounting procedures,” The Dawn quoted General Majid, as saying.

He asserted that the Pakistan Army is committed to root out extremism from the country, and its sacrifices are much more than any other country involved in the war against terrorism.

“We as a nation have sacrificed more than any other coalition partner in this war,” General Majid said.

Fears about extremists, particularly the Taliban and Al-Qaeda, establishing their control over Pakistan’s nuclear weapons has heightened in the recent past, but Islamabad has consistently rejected the concerns terming it as ‘malicious propaganda’ being carried out against it by the some countries. (ANI)

Beauty and brains ‘guarantee good job with fat salary’

Washington, May 15 (ANI): If you think intelligence is the key to career progression, then here’s a new flash: good looks with dash of smartness can help people score the job and earn the money they have always dreamed of.

That’s the conclusion of a new research which claims that attractiveness, along with confidence, may help job seekers stand out to employers.

“Little is known about why there are income disparities between the good-looking and the not-so-good-looking,” said the study’s lead author, Timothy Judge, PhD, of the University of Florida.

“We’ve found that, even accounting for intelligence, a person’s feeling of self-worth is enhanced by how attractive they are and this, in turn, results in higher pay,” she added.

To reach the conclusion, research team analyzed data from the Harvard Study of Health and Life Quality, a national, longitudinal study. The findings appear in the May issue of the Journal of Applied Psychology, which is published by the American Psychological Association.

The study looked at 191 men and women between the ages of 25 and 75 who were interviewed three times six months apart starting in 1995. They answered questions about their household income, education and financial stresses and evaluated how happy or disappointed they were with their achievements up to that point.

They completed several intelligence and cognitive tests and had their pictures taken. Several different people on the research team rated each person’s attractiveness relative to their age and gender. The raters were men and women of varying ages. The authors then calculated an average attractiveness score for each participant based on those ratings.

The researchers found that physical attractiveness had a significant impact on how much people got paid, how educated they were, and how they evaluated themselves. Basically, people who were rated good-looking made more money, were better educated and were more confident. But the effects of a person’s intelligence on income were stronger than those of a person’s attractiveness.

“We can be somewhat heartened by the fact that the effects of general intelligence on income were stronger than those of facial attractiveness,” said Judge.

“It turns out that the brainy are not necessarily at a disadvantage to the beautiful, and if one possesses intelligence and good looks, then all the better,” she added.

The research did show that good-looking people tend to think more highly of their worth and capabilities which, in turn, led to more money and less financial stress. But, the study’s authors note, these findings also should be a warning to employers who may subconsciously favor the more attractive.

“It is still worthwhile for employers to make an effort to reduce the effects of bias toward attractive people in the workplace,” said Judge. (ANI)

Facebook tops 10 most popular online brands poll in the UK

London, May 13 (ANI): A survey on the most popular online brands in the UK has revealed that Facebook tops that chart, accounting for 13 per cent of all UK internet time last month.

As per Nielsen Online, which tracked the top 10 most popular online brands, this equated to the UK users spending one in every eight minutes on the site.

The amount of UK time spent on Facebook increased by 3.8 billion minutes in April 2009 if compared with April 2008, when UK users spent 2.4 billion minutes on Facebook.

Second on the list came Windows Live, the new name for Hotmail, which includes Microsoft’s email and instant messaging tools, with users spending 4.5 billion minutes on the site, accounting for a 9.2 percent share of the total time spent on the internet by UK users in April.

Google came in third, with users spending 2.6 billion minutes on the search site, occupying 5.3 percent share of total Internet time.

The top 10 web brands accounted for 45 percent of the total UK Internet time. Consequently the other 7,625 brands tracked by Nielsen Online, have to fight for the remaining 55 per cent of time Britons spend online.

“The Internet is a complex and varied ecosystem and I think most people would be surprised by just how much time is accounted for by a relatively few brands who, in turn, are increasing their share of the pie,” the Telegraph quoted a Nielsen Online spokesperson as saying.

In April 2009, the average Briton spent 22 hours 20 minutes online or using internet-related applications.

This represents a 34 percent increase on a year ago when the figure was 16 hours 36 minutes.

The top 10 most used web brands in the UK during April 2009, according to total minutes spent on the site:

1. Facebook – 6.2 billion minutes

2. Windows Live – 4.5 billion minutes

3. Google – 2.6 billion minutes

4. eBay – 2.0 billion minutes

5. Yahoo! – 1.7 billion minutes

6. AOL – 1.5 billion minutes

7. BBC – 1.1 billion minutes

8. YouTube – 898 million minutes

9. Microsoft – 733 million minutes

10. Apple – 719 million minutes (ANI)

Readers worldwide willing to pay for online news content

Melbourne, May 11 (ANI): Readers worldwide do not mind paying for online news content, according to a survey.

Conducted by accounting giant PricewaterhouseCoopers, the survey has revealed that readers are willing to pay almost as much for some high-quality online newspapers as they do for print versions, particularly in specialist news areas.

According to The Australian, the study of 4900 respondents in the US and Europe has found that sport and business are the areas in which consumers are most ready to pay for content.

The surveyors claim that consumers would not mind paying 97 per cent of the purchase price of a traditional newspaper for online business content, provided there are no free online products of equal quality on the market.

As regards online sport content, consumers would be willing to fork out 77 per cent of the purchase price of a traditional paper if there were no free Internet equivalents.

The findings might boost up plans by a number of the world’s major newspaper publishers to find more ways to make money from online content.

News Corporation Chairman Rupert Murdoch said at the company’s third-quarter results briefing last week that they would charge for some mastheads’ online content “within the next 12 months”. (ANI)

Bioplastics giant shortlists Thailand for first Asian plant

Bangkok – US-based Natureworks LLC, the world’s largest producer of bioplastics, has shortlisted four countries – Thailand, China, Malaysia and Singapore – for a 100-million-dollar plant in Asia, news reports said Saturday.

Marc Verbruggen, president of the Minneapolis-based company, was in Bangkok recently to assess Thailand’s potential as a base for its Asia plant which is expected to start operations in 2014.

“It is too early for us to tell where to establish the new plant, because the decision will depend on how soon the global economy can recover, but Thailand is very interesting since it is one of the few countries in the world that grow plenty of sugar cane and tapioca, which will help us secure the feedstock,” Verbruggen told The Nation newspaper.

Natureworks’ US plant has an annual production capacity of 140,000 tons of bioplastics, accounting for 90 per cent of the current global supply.

Bioplastics, made from renewable biomass sources such as vegetable oil or starch, compete with petroleum-based plastics, which are now benefiting from low oil prices.

Verbruggen said the long-term outlook for bioplastics was positive because more consumers are interested in ecological products, and prices would be competitive again if oil prices rise above 80 dollars a barrel, compared with 50 dollars at present.

He acknowledged that Thailand’s political situation, marred by more than a year of street protests, was a factor in deciding where to site the plant.

“But we observe the situation not only in Thailand but also other countries like China,” Verbruggen said. (dpa)

Juvenile stalkers ‘more aggressive’ than adults

London, May 1 (ANI): Stalking by kids and teenagers tends to be considerably more aggressive as compared to their adult counterparts, a new study has revealed.

According to lead author Rosemary Purcell, University of Melbourne, juvenile stalkers seldom followed their victims out of infatuation as is often believed.

The team observed that stalking amongst minors instead stemmed from bullying as an extension or a reaction to a supposed injustice including sexual rejection.

The study found that an important minority of the juvenile stalkers were female, 36 per cent, which was much higher than among adult stalkers.

And the main reasons for juvenile stalking were accorded to bullying, retaliation and rejection, with sexual motivation accounting to only 5 per cent and infatuation for 2 per cent.

“Juvenile stalking is characterised by direct, intense, overtly threatening and all too often violent forms of pursuit,” the BBC quoted the authors as saying.

“The seriousness that is afforded to adult forms of stalking should similarly apply to this behaviour among juveniles, given the even greater risks of disruption to the victim’s life and risks of being attacked,” they added.

Emma-Jane Cross, chief executive of Beatbullying, explained: “The research further proves that juvenile stalking is a very dangerous form of bullying and one that is likely to escalate to youth-on-youth violence.

“Early intervention and on the ground bullying prevention work in schools and local communities needs to be part of the solution, with young people at the heart of implementing change.”

The report was published in the British Journal of Psychiatry. (ANI)