Global Mobility Set to Enter Challenging Times

LONDON, UNITED KINGDOM, Jun 15 (MARKET WIRE) —
As the “Baby Boomer” generation reaches retirement age, skilled
workers are leaving the workforce at greater rates than ever before.
This, combined with the economic need for skills, is providing a stimulus
to immigration. Governments, however, also have to keep one eye on the
political consequences of loosening immigration controls, as was seen in
the recent United Kingdom election.

At various stages in recent years, the United Kingdom, the United States,
and even Germany have experienced their own brain drains. These have been
characterised by skilled workers leaving for foreign shores in search of
higher salaries and a better quality of life. Some countries have gone
out of their way to attract these highly-skilled workers. Australia
immigration for skilled workers has continued to run at high levels.
Canada is also working to attract skilled workers, and Canada immigration
is an attractive option for those who have the necessary skills. This is
a particular problem for those countries losing their skilled workers. In
the United Kingdom, for example, every junior doctor who emigrates has
cost over GBP 250,000 to train.

While countries almost have to beg skilled people to stay or seek to
attract skilled workers from abroad, governments also have to balance
this against the political reality of having large numbers of unemployed
indigenous workers who do not have in-demand skills, with the consequent
risk of civil unrest. Canada immigration has changed the character of
cities like Vancouver dramatically, and Australia immigration from the
Pacific Rim countries continues to change the ethnic makeup of the
country. As globalisation continues, and the centre of gravity of
economic power moves away from the West, workers are going to have to
face the reality that they might need to be mobile not just within their
own country, but to other countries as well.

Companies such as Global Visas are well placed to help in this process,
and Liam Clifford of the world-leading visa company says, “This is
the area I would like Global Visas to inhabit – asking large businesses
and our clients how global economic forces are affecting the migration
trends of people. As Norman Tebbit said in the last great recession, ‘Get
on your bike’. I think this still applies but needs to be updated to ‘Get
on your plane.’”

About Global Visas

Global Visas are a world leading authority on immigration and visas for
private individuals and corporate clients, providing the most
comprehensive and up-to-date visa and immigration advice available. Their
offices around the world provide immigration and visa solutions for those
travelling to America, South Africa, Australia, the UK and many other
countries. Global Visas was founded in 1996 by a former immigration
officer.

Contacts:
UK Global Visas
44 (0)207 190 3903

Copyright 2010, Market Wire, All rights reserved.

Mirant to take over RRI to create GenOn Energy

(Reuters) – Mirant Corp (MIR.N) agreed to take over rival RRI Energy (RRI.N), creating one of the largest U.S. independent power producers and cutting costs as they deal with weak electricity prices that have challenged the entire industry.

Deals

The companies said on Sunday they will combine to create GenOn Energy, a new company with value of around $3 billion. After the all-stock, tax-free transaction, Mirant shareholders will own about 54 percent of GenOn’s equity, while RRI’s shareholders will own about 46 percent.

Independent power producers like Mirant and RRI, who sell electricity at competitive rates, have been hit hard in recent years as weak demand for electricity and low natural gas prices have taken their toll on power prices.

Still, the chief executives of the two companies said the catalyst behind the deal was the $150 million in annual cost savings they expect to pull in.

“There is no question our industry has been going through some challenging times,” RRI CEO Mark Jacobs said in an interview.

“But just as the value proposition (driving the deal) is here in difficult times, it’ll be here in good times as well.”

The companies expect to pull in the cost savings from reductions in corporate overhead in areas like accounting, IT and human resources. They believe the $150 million in yearly savings will fully kick in from January 2012.

Mirant shareholders will receive 2.835 RRI shares — worth about $11.20 as of Friday’s close — for each Mirant share they own.

While that represents a 4 percent premium over Mirant’s Friday closing price of $10.73, the companies said the value is in line with the average price of the stock over the previous 10 trading days.

RRI shares closed at $3.95 on the New York Stock Exchange on Friday.

LARGER SCALE, STRONGER FINANCES

GenOn will have around 24,700 megawatts of power generating capacity, making it slightly smaller than rival IPP Calpine (CPN.N) and slightly larger than NRG Energy Inc. (NRG.N) It will have a mixture of coal, natural gas and oil-fired plants in California, the Midwest and the East Coast

The companies said that GenOn will also have ample liquidity — the combined cash balance of the companies at the end of last year was $2.9 billion.

Though larger and stronger, the company will still face headwinds in the near-term.

The economic downturn forced down demand for electricity, meaning U.S. utilities did not need to buy as much power on the open market. Recent signs of economic recovery have not resulted in a commensurate recovery in power markets.

Current Mirant Chief Executive Edward Muller will be chairman and CEO of the combined company until 2013, when the company said he plans to retire. RRI’s Jacobs will be the president and COO of GenOn and will succeed Muller as CEO in 2013, the companies said.

The GenOn board will have five members of the current Mirant board and five from the RRI board. It will be headquartered in Houston, where RRI is based, instead of Mirant’s home base of Atlanta.

RRI was previously known as Reliant Energy — the company changed its name to RRI in May 2009, after selling its Texas retail power business to NRG.

The Texas sale was part of a wider evaluation of the company’s strategic alternatives, but Reliance did not at that time find a deal for the whole company.

(Additional reporting by Yinka Adegoke; editing by Gunna Dickson)

UPDATE 3-Mirant to take over RRI to create GenOn Energy

NEW YORK, April 11 (Reuters) – Mirant Corp (MIR.N) agreed to take over rival RRI Energy (RRI.N), creating one of the largest U.S. independent power producers and cutting costs as they deal with weak electricity prices that have challenged the entire industry.

The companies said on Sunday they will combine to create GenOn Energy, a new company with value of around $3 billion. After the all-stock, tax-free transaction, Mirant shareholders will own about 54 percent of GenOn’s equity, while RRI’s shareholders will own about 46 percent.

Independent power producers like Mirant and RRI, who sell electricity at competitive rates, have been hit hard in recent years as weak demand for electricity and low natural gas prices have taken their toll on power prices.

Still, the chief executives of the two companies said the catalyst behind the deal was the $150 million in annual cost savings they expect to pull in.

“There is no question our industry has been going through some challenging times,” RRI CEO Mark Jacobs said in an interview.

“But just as the value proposition (driving the deal) is here in difficult times, it’ll be here in good times as well.”

The companies expect to pull in the cost savings from reductions in corporate overhead in areas like accounting, IT and human resources. They believe the $150 million in yearly savings will fully kick in from January 2012.

Mirant shareholders will receive 2.835 RRI shares — worth about $11.20 as of Friday’s close — for each Mirant share they own.

While that represents a 4 percent premium over Mirant’s Friday closing price of $10.73, the companies said the value is in line with the average price of the stock over the previous 10 trading days.

RRI shares closed at $3.95 on the New York Stock Exchange on Friday.

LARGER SCALE, STRONGER FINANCES

GenOn will have around 24,700 megawatts of power generating capacity, making it slightly smaller than rival IPP Calpine (CPN.N) and slightly larger than NRG Energy Inc. (NRG.N) It will have a mixture of coal, natural gas and oil-fired plants in California, the Midwest and the East Coast

The companies said that GenOn will also have ample liquidity — the combined cash balance of the companies at the end of last year was $2.9 billion.

Though larger and stronger, the company will still face headwinds in the near-term.

The economic downturn forced down demand for electricity, meaning U.S. utilities did not need to buy as much power on the open market. Recent signs of economic recovery have not resulted in a commensurate recovery in power markets.

Current Mirant Chief Executive Edward Muller will be chairman and CEO of the combined company until 2013, when the company said he plans to retire. RRI’s Jacobs will be the president and COO of GenOn and will succeed Muller as CEO in 2013, the companies said.

The GenOn board will have five members of the current Mirant board and five from the RRI board. It will be headquartered in Houston, where RRI is based, instead of Mirant’s home base of Atlanta.

RRI was previously known as Reliant Energy — the company changed its name to RRI in May 2009, after selling its Texas retail power business to NRG.

The Texas sale was part of a wider evaluation of the company’s strategic alternatives, but Reliance did not at that time find a deal for the whole company. (Additional reporting by Yinka Adegoke; editing by Gunna Dickson)

751 Taliban killed; Britain, France back Pakistan’s war on terror

Islamabad/New York, May 12 (IANS) At least 751 Taliban have been in the security forces’ operations in Pakistan’s restive northwest, the military said, as Britain and France Tuesday fully backed Islamabad in its efforts to root out extremism.

Chief military spokesperson Maj. Gen. Athar Abbas told reporters in Islamabad that 751 militants had so far been killed in Operation Raah-e-Haq that began April 26, while 29 security personnel had lost their lives and 77 were injured.

At separate meetings in New York with Pakistani President Asif Ali Zardari, the foreign ministers of Britain and France ‘threw their full weight behind Pakistan’s drive to root out extremism’, APP reported.

French Foreign Minister Bernard Kouchner especially lauded the leadership and courage demonstrated by Zardari during these challenging times, a statement issued by the Pakistani mission to the UN said.

During their meeting, Zardari hoped the international community would continue to show its understanding and support for the government and people of Pakistan in meeting the challenge posed by the scourge of terrorism.

On his part, British Foreign Secretary David Miliband reiterated Prime Minister Gordon Brown’s backing for Pakistan’s policies and hoped the government would succeed in overcoming the challenges it faced.

Abbas’s briefing in Islamabad came on the day when heliborne troops landed in the heartland of the Swat Taliban for what seemed to be the final push against the militants.

According to Abbas, the security forces had accomplished ‘significant achievements’ in their operations in Swat and two other districts of the North West Frontier Province.

Images and videos of the dead militants will be released Wednesday, Abbas, who heads the Inter-Services Public Relations (ISPR), added.

The statement acquires significance in the light of questions being raised by Pakistani citizens on the manner in which the operations were being conducted.

‘Today’, The News said in an editorial, ‘there is guarded support from the common man, but questions are beginning to be asked – where are all these dead Taliban for one?’

‘Why is artillery being used to attack the Taliban rather than infantry who can then hold the position they have just taken? What is the physical state of the centre of towns like Mingora and why can’t we have a couple of ‘embedded’ correspondents who can write a pooled dispatch for the English and Urdu press every day?’ the editorial wondered.

‘We know surprisingly little – in fact beyond official daily briefings almost nothing – about the war with the Taliban,’ it said.

TV channels show stock footage of Cobra helicopters and armour being moved on flatbed trucks ‘and the very-capable army spokesperson gives a daily update in measured tones that tell us next to nothing of substance – and is not backed up by any battlefield reports or even still-pictures of our army in action’, the editorial pointed out.

Earlier Tuesday, another army officer was quoted as saying: ‘Heliborne troops have landed in Peochar.’

Peochar is the headquarters of Swat Taliban commander Maulana Fazlullah, the son-in-law of radical cleric Sufi Mohammad who had brokered a widely panned-peace deal with the North West Frontier Province (NWFP) government.

Under the deal, Sharia laws were to be imposed in Swat and six other districts of the NWFP, which are collectively known as the Malakand division, in return for the Taliban laying down their arms.

The accord came into force in mid-April but the Taliban reneged on it and instead moved south from Swat to occupy Buner district that is just 100 km from Islamabad.

The Pakistani Army went into action initially in Lower Dir to the west of Swat and which is Sufi Mohammad’s home district and then in Buner and Swat.

Bombardier joins Boeing in cutting 3,000 jobs

Toronto, April 3 (IANS) Canadian plane maker Bombardier, which is the third largest aircraft company in the world, Thursday joined giant Boeing in axing 3,000 jobs worldwide citing sagging demand for its business jets.

Boeing has already announced to lay off 10,000 staff as the global downturn takes toll on the aviation sector.

Surprisingly, job cuts at the Montreal-based Bombardier came the day the company reported higher profits and revenue for the fiscal year 2009. But ‘there is no doubt that we are going through challenging times and our business environment is changing fast,’ said Bombardier CEO Pierre Beaudoin in a statement.

‘However, we believe we are well positioned to face this difficult economic environment with a strong balance sheet, high level of liquidity as well as a large and diversified backlog, both by product and geographies,’ he added.

Thursday’s job cuts, which account for 10 percent of the company’s total workforce, are in addition to 1,360 jobs it eliminated in February after fall in demand for its Learjet and Challenger aircraft, the Bombardier statement said.

Apart from eliminating hundreds of positions in Canada, the latest job cuts will also affect the company’s facilities in the US, Mexico and Northern Ireland, the statement said.

With companies avoiding buying of corporate jets amid the global downturn, Bombardier said it expected to sell 25 percent less business aircraft in the current fiscal year.

In its annual fiscal report Thursday, Bombardier posted a net income of $1 billion for the fiscal year 2009 ending January 31 – up from $317 million during the previous year.

The company earned a total revenue of $19.7 billion in 2009, compared to $17.5 billion in fiscal year 2008.

However, despite its strong financial showing, the company said its sales were slipping, forcing it to scale back its operations and axe jobs.

SYSTIME strengthens executive leadership team

Mumbai, Mar 10 (ANI/Business Wire India): SYSTIME, a CMS Group Company and the largest Oracle JD Edwards Practices globally, has recently announced the appointment of Indu as Chief Operating Officer (COO).

In this position of COO Indu will be responsible for the following functions: Global Delivery and Resource Management, Global HR and Recruitment, Global IT, Global Quality, Training and Workplace Management Group (Administration).

Indu brings to SYSTIME 21 years of senior management experience with Fujitsu ICIM and Wipro, handling varied roles in multiple regions around the world, including India, Europe and the United States.

Among other things, she was instrumental in establishing and growing new development centers, managing integration synergies in a M and A situation and managing business growth by delivering value while managing cross-cultural teams. More recently, she was center head for one of the DC’s and also was a part of Wipro’s Corporate Team managing company-wide transformation initiatives.

Vishal Grover, President and CEO, SYSTIME welcomed Indu to the management team.

“In past few years SYSTIME has gone from strength to strength and has had phenomenal growth in revenues, profits and clients. We are sure that Indu who brings with her vast experience in our industry, knowledge of the market and proven leadership qualities will take our business to the next level,” said Grover.

“SYSTIME has been recognized for delivering high value to their customers and has a team of exceptionally talented and motivated employees. I believe that SYSTIME is uniquely positioned for growth through their bouquet of services around JD Edwards and I am excited to be a part of this growth. Though these are economically challenging times, it will be our endeavor to drive value for our customers.” said Indu Khattar, COO, SYSTIME.

Indu is a graduate in computer engineering from Jadavpur University and has done her PGDBM from IIMC. (ANI)

Banking group Swedbank to withhold dividend

Banking group Swedbank to withhold dividend

Banking group Swedbank to withhold dividend

Stockholm – Swedish banking group Swedbank Monday said it was to withhold its planned dividend for 2008, citing “a continued deterioration of macroeconomic conditions” in several markets including the neighbouring Baltics.

A month ago, the bank’s board had proposed a dividend of 2.9 billion kronor (315 million dollars) for the financial year 2008. The dividend was to be halved to 4.50 kronor per share.

“This proposal would further strengthen our capital base by 2.9 billion kronor and increase the financial strength in challenging times,” board chairman Carl Eric Stalberg said.

The move was backed by shareholders with over 45 per cent of the votes and capital in the bank.

In connection with its full-year 2008 report released last month, the bank made a write-down in Ukraine totalling 1.4 billion kronor.

Swedbank’s loan losses doubled in the fourth-quarter to 1.6 billion kronor.

Last year, Swedbank was the first main banking group to join a voluntary guarantee programme set up by the Swedish government. The group also raised 1.51 billion dollars by issuing new shares.

Swedbank was last year in the sights of analysts over its presence in the Baltic region where economic growth has slowed sharply.

The group has 9 million private customers and 600,000 corporate customers and branches in Sweden, the Baltic countries and Ukraine. (dpa)

India will emerge least affected from global economic meltdown: PM

New Delhi, Feb 26 (ANI): Prime Minister Manmohan Singh, on Thursday assured that India would not suffer extensively from the ravages of the global economic meltdown.

In a statement, read out by External Affairs Minister Pranab Mukherjee in the Lok Sabha, Singh, who is recuperating from a cardiac bypass surgery, said,” Today we are addressing the global downturn with the same resolve and imagination. Let me assure this House, that India would emerge the least affected among the countries of the world from the current economic crisis.”

“It also witnessed some very challenging times when the global rise in oil prices led to a spiral of price rise in commodities, resulting in higher inflation which we brought under control through prudent economic policies,” he added.

He further said that the Congress has steered the country’s foreign policy in the manner that has succeeded in ending its nuclear isolation and creating unprecedented global opportunities for it. (ANI)

Orissa asks for a Rs. 1,500 crore grant to tackle economic meltdown

Bhubaneshwar, Feb 18 (ANI): Orissa’s Finance Minister Prafulla Ghadei said on Wednesday that the State Government has approached the Centre for grant of Rs.1,500 Crore to counter the economic slowdown.

Ghadei said the demand had been forwarded to Planning Commission Deputy Chairman Montek Singh Ahluwalia.

“The world is going through a massive economic meltdown and the Indian economy and economies of states are faced with challenging times,” Ghadei said in a memorandum to Ahluwalia.

The memorandum claims that Orissa implemented the revised pay scales and pension for state employees on the basis of Pay Commission recommendations. This, she said, has benefited about 400,000 government employees and around 249,000 pensioners.

The assistance, however, also “put tremendous pressure on the state’s finances.”

Ghadei further said that the Orissa Government has increased the state’s annual plan outlay from Rs 25 billion (Rs 2,500 crore) in 2004-05 to Rs 95 billion (Rs 9,500 crore) in 2008-09. (ANI)

Brainpower helped birds survive extinction peril

London, Jan 20 (ANI): Birds survived the catastrophe that wiped off dinosaurs from the face of earth because of their well-developed brains, claims a new study of fossils.

Dinosaurs and early birds such as Archaeopterix, were killed because of a mass extinction, which is believed to be caused by a meteor 65 million years ago.

However, modern-style birds, which had bigger brains, survived extinction from the big calamity.

“Life must have been challenging,” Times Online quoted Stig Marsh, of the Natural History Museum, as saying.

He added: The flexible behaviour of the large-brained individuals would have allowed them to think their way around the problem.”(ANI)