Flint Telecom Group Announces Second Fiscal Quarter Results

April 3, 2010 By Leave a Comment

OVERLAND PARK, KS, Apr 02 (MARKET WIRE) —
Flint Telecom Group, Inc. (OTCBB: FLTT) announces the filing of its SEC
Form 10Q for the second quarter ending December 31, 2009.

The key highlights of the quarter are:

Revenues decreased from the previous fiscal quarter due to management’s
focus on margin and bottom line performance. Although the year on year
revenue increased significantly, the Company reported $10.9 million of
revenue for the 3 months ending December 31, 2009 as compared to $14.5
million for the three months ending September 30, 2009, a 25% decrease.
This reduction in revenue from the previous quarter reflects a greater
focus on gross margins and tighter credit management for the period. The
Company continues to focus on adding new customers and new partners to
drive revenues in the core higher margin businesses that management is
focused on building after the operational restructuring.

Gross margins increased 29% — The gross margin percentage increased from
the previous quarter to 6.3% in the three months ending December 31, 2009
as compared to 4.9% for the three months ending September 30, 2009, and
gross margins were up from a negative 32% for the same period last year.
For the six months ended December 31, 2009, gross margins increased by
over $2.643 million (210%) year on year, moving from negative to
positive. These improvements reflect the successful implementation of
management’s previously stated key objectives for the period.

EBITDA loss narrows — EBITDA losses narrowed to $584,896 for the quarter
ending December 31, 2009, down from $1.202 million for the previous
quarter ending September 30, 2009. Year on year EBITDA improved by over
$4.2 million for the 3 months ending December 31, 2009 as compared to
December 31, 2008. EBITDA improved by $3.8 million for the six months
ending December 31, 2009 as compared to the six months ending December
31, 2008.

Reduction in cash required for operations — Cash required for
operations, before debt servicing and capital spending, reduced to
$220,713 from $839,699 the previous quarter on the back of improved
margins and lower operating costs.

Restructuring and cost cutting completed — the reduction in costs from
the operational restructuring completed in the quarter ending March 31,
2010 is not reflected in the financial statements ending December 31,
2009. However, the Company has taken an $8.1 million impairment of
goodwill and other costs for discontinued operations in the quarter ended
December 31, 2009 relating to this restructuring. Before this impairment
charge, net losses reduced to $1.9 million for the quarter ending
December 31, 2009 as compared to net losses of $3.1 million the previous
quarter and $6.0 million for quarter ending December 31, 2008.

Vincent Browne, Flint Chairman and CEO, commented, “Clearly we are very
pleased that our operational results continue to improve and reflect our
successful strategy and our move to positive trading performance.
However, even though we have made expected progress at the operational
level, we now have to resolve our debt position. Unfortunately we are
currently in default with our unsecured note holders as expected funding
initiatives did not materialize last year due to the economic challenges.
We continue to work with these groups and are hopeful that we can reach
positive outcomes with most if not all of our debt holders shortly to
cure the defaults, restructure the balance sheet and allow the stock to
better reflect the underlying value in our business.”

“Management remains focused on growing our higher margin businesses,
keeping a tight rein on costs, and building the consolidated operations
to a positive EBITDA which we are tracking to as shown in our recent
results. We will also put greater efforts in communicating our strategy,
achievements and vision to our existing shareholders, note holders and
prospective new investors as we move forward,” Mr. Browne concluded.

About Flint Telecom Group, Inc.
Flint Telecom Group Inc. (“FLTT”) is a
U.S. holding company headquartered in Overland Park, Kansas. Through its
subsidiaries, the Company provides an extensive portfolio of next
generation IP communication solutions that include hosted digital phone,
voice and data termination, wireless, advanced broadband and prepaid
calling card products. The Company was founded by telecom and technology
entrepreneurs with a proven track record in building global technology
companies. Flint Telecom has grown both organically and through corporate
M&A and is traded on the OTC Bulletin Board (OTCBB) under the symbol
FLTT.OB. Additional information may be found at www.FlintTel.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are made
pursuant to the Safe-Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as “expects,” “intends,”
“believes,” and similar expressions reflecting something other than
historical fact are intended to identify forward-looking statements, but
are not the exclusive means of identifying such statements. These
forward-looking statements involve a number of risks and uncertainties,
including, but not limited to, risks and uncertainties associated with
economic conditions in the telecommunications industry, the timely
development and market acceptance of products and technologies, the
ability to secure additional sources of finance, the ability to reduce
operating expenses, the ability of the Company to control operating costs
and maintain satisfactory relationships with existing and potential debt
holders and vendors, and other factors described in the Company’s filings
with the Securities and Exchange Commission. The actual results that the
Company achieves may differ materially from any forward-looking statement
due to such risks and uncertainties. The Company undertakes no obligation
to revise or update any forward-looking statements in order to reflect
events or circumstances that may arise after the date of this release.

Investor Relations Contact:
Steve Keaveney
Email Contact
404.254.6980

Copyright 2010, Market Wire, All rights reserved.

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Q+A: Is Thailand’s political crisis hurting its economy?

April 3, 2010 By Leave a Comment

(Reuters) – Thailand’s export-driven economy is likely to weather the political storm this year, with growth forecast to approach 5 percent as global demand recovers, but its five-year political crisis remains a threat to stability.

World

In the latest phase, protesters supporting ousted premier Thaksin Shinawatra have rallied in Bangkok for almost three weeks, pushing their demand for new elections.

This raises questions about risks to the $264 billion economy, Southeast Asia’s second-largest, if the protest movement drags on, or the government falls, or violence breaks out.

IS THE POLITICAL TURBULENCE HURTING TOURISM?

The Tourism Authority of Thailand expects 15.5 million tourist arrivals this year, up from 14.1 million last year. The “Land of Smiles” already welcomed 3.21 million foreign visitors in the first two months.

The agency aims for a 10 percent rise in revenue to 580 billion baht ($18 billion) this year for the industry, which brings in about 6 percent of gross domestic product and directly employs 1.8 million people.

Some operators complain that the latest protests have scared off thousands of tourists from China, Hong Kong and South Korea. The Federation of Thai Tourism Associations says the industry has already lost more than 10 billion baht ($309 million) and more damage is expected as the long Songkran holiday approaches in mid-April.

But others say business is doing just fine as big-spending visitors from other countries are shrugging off the problem. AllTheBestTravel says Japanese clients, who are usually sensitive to political developments, are still coming, viewing the protests as no problem unless they lead to the closure of airports.

Tourism in Thailand — home to some of Asia’s finest beaches and resorts — has proved fairly resilient to previous unrest.

The number of arrivals fell only 3 percent in 2009, when the “red shirt” protests sparked the country’s worst street violence in 17 years in Bangkok and Pattaya last April. That followed an airport blockade in late 2008 that stranded more than 200,000 tourists and disrupted trade. Arrivals rose 0.8 percent in 2008.

Thailand has seen 24 coups and attempted coups since the end of absolute monarchy in 1932, and scores of other political crises, but foreigners are rarely affected.

IS THE POLITICAL CRISIS HURTING INVESTMENT?

Despite the ongoing protests, portfolio investors are still putting money into Thailand, driving the stock market to a 22-month peak and the baht to 20-month highs. Foreigners have bought a net $1.6 billion of Thai shares since February 22.

One attraction is that Thai stocks look cheap. Listed firms trade at just 11.9 times estimated 2010 earnings, making Bangkok the second cheapest market in Asia after Pakistan. Its dividend yields are also among the highest.

The rise in the baht may be reinforced by a central bank rate increase in coming months and that would add to the attraction of Thai assets.

Risks to stability remain over the medium to long term as the crisis is likely to continue on and remain a drag on confidence.

Supporters of ex-premier Thaksin, ousted in a 2006 coup, are unlikely to force an immediate election through protests. But his allies are likely to win polls that must be called by 2011, and royalist elites and the military could seek to overturn that result, possibly with another coup.

That would deter long-term foreign direct investment.

The Board of Investment says investors have not relocates but their investment pledges this year could fall 15 percent to 300 billion baht. Japanese firms, the country’s biggest investors, have expressed concern and might look elsewhere if the crisis continues.

ARE THE PROTETS HURTING BUSINESSES IN BANGKOK?

Businesses are largely operating as usual and many around the protest site are thriving, especially convenience stores, hotels, restaurants and stalls selling food and drink.

CP All, Thailand’s largest convenience store operator, expects profit growth of 15-20 percent this year.

Just a short ride from the protest site, Khao San Road, a magnet for low-budget tourists, seems unaffected, with plenty of Westerners in the bars and Internet cafes.

But some businesses around the site such as petrol stations, beauty salons and non-food shops are suffering, especially those that have opted to close their doors at the weekend.

Thais are worried about the political situation, reflected in a drop in consumer confidence in February after three months of rises. Yet they have not stopped spending. Domestic auto sales increased in February for the sixth straight month, up 57.7 percent from a year before.

WHAT’S THE EFFECT ON GDP FORECASTS?

On March 29 the Finance Ministry raised its economic growth forecast to 4.5 percent from 3.5 percent due to better exports and consumption. But it warned the political turmoil could cut growth by as much as 1.8 points if it continued until the fourth quarter and led to a dissolution of parliament.

The University of the Thai Chamber of Commerce predicts the problem could cost the economy as much as 100 billion baht, GDP growth by 0.5 point to 3.0-3.5 percent this year, if the turmoil drags on for three months.

The central bank forecasts economic growth of as much as 5.3 percent this year, the highest since 2004, when the economy expanded 6.3 percent. It said last week it might raise its forecast if the political situation did not turn violent. It is due to release new forecasts on April 29.

Private economists predict growth of 4-5 percent this year, saying the protests, which have been largely peaceful, should not cause serious damage to the economy. Action Economics sees growth of 5.5 percent due to the rebound in global demand. The economy shank 2.3 percent in 2009, due mainly to the global crisis.

($1=32.34 Baht)

(Additional reporting by Boontiwa Wichakul and Papitchaya Boonngok; Editing by Alan Raybould and Jason Szep)

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BRIEF-Siam Commercial Bank aims 2010 loan growth of 7-10 pct

April 3, 2010 By Leave a Comment

BANGKOK, April 2 (Reuters) – Siam Commercial Bank PCL SCB.BK:

Financials

* Aims to achieve 2010 loan growth of 7-10 percent due to economic recovery, President Kannikar Chalitaporn told reporters

* Aims to tap large clients, expand car loans and small and medium sized businesses

* Thai economy is expected to grow 3.5-4.5 pct this year

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ROUNDUP: US Treasury places new restrictions on financial rescue plan

January 27, 2009 By Leave a Comment

ROUNDUP: US Treasury places new restrictions on financial rescue planWashington – The US Treasury Department on Tuesday unveiled new rules that will govern its efforts to stabilize the crumbling US financial sector, including clamping down on lobbyists’ influence and prioritizing bank lending to the wider economy.

The announcement offered some fresh indications of how President Barack Obama’s administration will manage the 700-billion-dollar financial rescue package approved by Congress in October.

About half of the funds have already been invested in banks by former president George W Bush’s administration, which was criticized for injecting cash into struggling banks without ensuring financial institutions would restart lending.

Obama has indicated that more plans to address the financial collapse will be unveiled in the coming weeks. He is also asking Congress to pass a separate
825-billion-dollar economic stimulus package to help pull the US out of recession.

The Federal Reserve, which has slashed interest rates to near-zero and injected more than 1 trillion dollars into banks through a series of unprecedented loan programmes, was meeting Tuesday and Wednesday to consider its own moves.

Loans for everything from homes to cars and small businesses have been restricted by banks that are desperately holding onto cash reserves after suffering hundreds of billions of dollars in losses from the downturn of the US housing market.

Among the measures announced by the Treasury Department Tuesday was a commitment to monitor the lending patterns of financial firms, promises of greater transparency and limits on the influence of lobbyists over where the funds are allocated.

“American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system. Today’s actions reaffirm our commitment towards that goal,” said Treasury Secretary Timothy Geithner, who was sworn into his new position on Monday.

Also Tuesday, William Dudley, a long-time US Federal Reserve official, was named to succeed Geithner as the chair of the central bank’s New York branch.

Dudley, 56, will head the Federal Reserve Bank of New York, which implements the Fed’s monetary policy on Wall Street and is one of 12 regional branches of the US central bank.

Geithner led the New York Fed from 2003 until taking over at Treasury on Monday.

Dudley’s appointment by the branch’s board of directors marks continuity for the post at a crucial time for the US financial system. He formerly led the New York Fed’s Markets Group and helped develop some of the novel tools the central bank has used in a bid to stabilize the financial sector since September.

Dudley has also served as investment firm Goldman Sachs & Co’s chief economist. (dpa)

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Campaign in virtual world launched by Tata Teleservices

January 20, 2009 By Leave a Comment

Campaign in virtual world launched by Tata Teleservices An announcement was today made by Tata Indicom that they have entered in a partnership with Indusgeeks Solutions Private Ltd, according to which it will extend its ongoing “Suno Dil Ki Awaaz” campaign into the virtual world.

An interactive ‘virtual competition’ involving Virtual World and Talent Hunt would be launched by Tata Indicom with the aim to compliment the initiative.

Tata Indicom, under this partnership will develop its own virtual island in the digital space where visitors can also enjoy the soft properties on the virtual island like games, songs and other interactive program other than participating in the contest and getting to know detailed information about the firm’s products and offerings.

Tata Teleservices Limited’s Chief Marketing Officer Lloyd Mathias reported, “With the exciting Second Life initiative, we continue with our tradition of launching many industry-firsts. The digital world is evolving at a fantastic pace-cutting across geographical and cultural barriers-and we firmly believe that the Virtual World has a huge outreach potential for businesses.”

The virtual world will also see the presence of the present brand ambassadors of the company, each in their own avatar. Furthermore, any one from any part of the world can participate in the campaign.

Siddharth Banerjee, CEO, Indusgeeks Solutions Pvt. Ltd said, “We are thrilled to partner with Tata Teleservices and create a benchmark initiative.” He added, “Tata Teleservices has demonstrated true thought leadership in the domain of digital marketing by using this interactive, immersive 3D medium to convey their brand story.”

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Kiwi strip club boss sues over billboard ad ban!

January 7, 2009 By Leave a Comment

Wellington, Jan 6 (ANI): Owner of a strip club in New Zealand has challenged a council ban on his club’s raunchy billboard.

Craig Trevenna, boss of New Plymouth”s Crave Club, was forced to remove the billboard featuring Lisa Lewis because of a bylaw that forbids commercial sex premises from advertising anywhere but on their own premises.

Trevenna disputes the council classification and plans to fight to have it changed to an entertainment venue.

“We are not a brothel, I don”t believe in them and I won”t stand for them, we are an entertainment venue and offer a safe and fun environment,” the NZPA quoted him as saying.

However, the NPDC claims that going by the definitions in the bylaw, the club was classed as a commercial sex premises.

“Therefore the club is subject to the restrictions on signage,” said customer services general manager Cathy Thurston.

But, she claimed that the bylaw did not apply to other businesses.

Trevenna is furious that while other businesses could use explicit images in advertising, on the other hand their industry is being discriminated against.

“It”s a hypocritical situation that we are in. I feel we are being stripped of our right to advertise. We want equal rights to market our business the same as everyone else,” he said.

Trevenna said that there should be a level playing field for all business advertising, and they should be judged on the content of the ad and not the product.

“All businesses should have the ability to advertise, provided it is done tastefully,” he said. (ANI)

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New government in Zimbabwe expected by late February

January 5, 2009 By Leave a Comment

New government in Zimbabwe expected by late February Zimbabwe’s ruling Zanu-PF party has announced that a new government will be set up by the end of February, the state- controlled Herald Online reported on Monday.

The announcement was made by a senior Zanu-PF official, Nicholas Goche, during a meeting with South African facilitator Sydney Mufamade on Saturday.

He said Zimbabwe’s leader Robert Mugabe would press ahead with the formation of a new government with the full consent of the South African Development Community, according to the Herald.

The meeting was the latest in a series of negotiations, overseen by former South African president Thabo Mbeki, aimed at forming a government of national unity in crisis-torn Zimbabwe.

But Zimbabwean opposition leader Morgan Tsvangirai has previously insisted he would only accept the position of prime minister in a new government once all disagreements with Zanu-PF had been settled.

Meanwhile, the Zimbabwean government has extended its price controls on basic goods and services until June 30, 2009, the Herald reported Monday.

The newspaper stated that the price of school feeds will be monitored, as well as items including bread, maize-meal, cooking oil, salt and sugar.

The move is reportedly aimed to prevent profiteering by businesses.

In neighbouring South Africa, some forty seven new cases of cholera have been registered. The outbreak, thought to originate in Zimbabwe, has led to a total of 1,400 cases, according to South Africa’s health department. (dpa)

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Why Indians are influential– Part II

January 5, 2009 By Leave a Comment

By Dr. Shabir Choudhry

India has the third-largest army in the world, nearly 1.5 million strong. Indian Railways is the largest employer in the world, with a staff of 1.6 million people under single management. India is the second-largest cement-producing country in the world, producing more than 110m tonnes. India is the largest democracy in the world, with nearly 400m voting in the last national elections.

India is among the few countries who have built a supercomputer indigenously. India is ranked the sixth country in the world in terms of satellite launches. There are over 70,000 bank branches in India – among the highest in the world.

Indian immigrants have founded more engineering and technology companies in the US in the past decade (1995-2005) than immigrants from the UK, China, Taiwan and Japan combined. Almost 26% of all immigrant-founded companies in the last ten years were founded by Indian immigrants. Immigrants from the UK, China, and Taiwan contributed to 7.1 percent, 6.9 percent and 5.8 percent of all immigrant-founded businesses, respectively.

Based on analysis of the World Intellectual Property Organization, patent databases, the largest group of immigrant non-citizen inventors were Chinese (Mainland and Taiwan-born). Indians were second, followed by the Canadians and British.

This list is not complete, as all the data cannot be included in one article. Most of the above data deals with the Indians in the USA, but Indians also live in the Arab world, Britain and other European countries where they are making substantial contribution to the economies of those countries. The main reason for that is Indians are educated, and they have made a reputation of being honest and hard working people. Many countries prefer to have labour from India rather than Pakistan or Azad Kashmir; and one doesn””t have to be a rocket scientist to know reasons for this.

There are more Indians in Britain than Pakistanis and Kashmiris put together. Whereas we have more people in prisons and in low level jobs; Indians have more people in ””white collar”” jobs and places of power. We spend more time and money in arranging functions, welcome parties and receptions for police inspectors, ””patwaris”” and local politicians from AJK and Pakistan than on education of our children and making political space for ourselves in Britain.

I have written this knowing that it will open a flood gate of criticism against me because in our society we are taught to dislike and hate Hindus and Jews; and I have dared to highlight contributions of both communities. I hope my message is understood in its true perspective that we need to channel our energies in making ourselves more competitive rather than cursing others for our mistakes and miseries. (ANI)

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UK cops plan crackdown on shops accused of glamorising hookahs

January 4, 2009 By Leave a Comment

London, January 4 (ANI): Brit police have drawn plans to find a way to deal with law-abiding retailers who showcase drug-related products such as hookahs, after suspecting them of glamorising the banned substances.

According to the Association of Chief Police Officers (Acpo), the businesses, while following the law, tend to advertise “legal alternatives” to cannabis on their windows.

The “head shops” further offered to sell merchandise bearing images of cannabis leaves or marijuana cigarettes, depicting “drug use in a positive light,” reports the Telegraph.

The Acpo were working on new guidelines on how to tackle these “community concerns”, including the possibility of asking owners, working entirely under the law, to put such products off display totally.

Tim Hollis, Acpo drugs spokesman and chief constable of Humberside, said: “There are concerns that head shops make drugs seem legal. It is not illegal for these shops to exist and there are things local authorities and the police can do.

“It is not as simple as making them illegal, but we will be producing good practice guidelines to give ideas on how to solve the problems, because the shops are causing concern for communities.” (ANI)

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2009 may be worst for tourism Down Under

December 30, 2008 By Leave a Comment

Melbourne, Dec 30 (ANI): The number of tourists to Australia will decline in 2009 to the lowest level since 1989, a report has said.

As the global financial crisis bites, Australia could be short on overseas visitors for at least the next two years, impacting severely on destinations that rely solely on international guests.

The report said that the number of visitors is predicted to fall from 5.56 million to 5.33 million, with next year shaping as the industry”s worst since 1989.

The Tourism Forecasting Committee predicts international numbers will recover by 2010, but other experts warn the pain may continue well into 2010.

“Unless we see a huge pick-up in the global economy to the later half of 2009 into 2010, then that year could be looking just as bleak,” Age.com.au quoted the executive director of the Tourism and Transport Forum, Olivia Wirth, as telling ABC Radio.

“It”s too early to call at this stage,” she said.

Wirth said that with destinations such as Cairns and Uluru predominantly visited by international guests, some people might lose their jobs and businesses might close.

Other setbacks for Australia”s tourism industry include shark attacks and shark sightings.

And with recession taking a toll on Australia’s tourism industry, the country is to be promoted through a series of advertisements created by the filmmaker Baz Luhrmann. (ANI)

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