Chinatrust: Still interested in AIG Taiwan unit talks

July 23, 2010 By Leave a Comment

July 22 (Reuters) – Chinatrust Financial (2891.TW), Taiwan’s top credit card issuer, would be happy to talk to AIG (AIG.N) about its Taiwan life insurance unit if the U.S. firm is unable to seal an existing deal to sell the unit.

“We are still interested in Nan Shan. If AIG is willing to talk to us before the bid deadline, we would be happy to take them up,” Chinatrust President Daniel Wu told reporters on Thursday.

Chinatrust had originally bid for Nan Shan last year, when AIG put the unit up for sale as it retrenched following its bailout.

It lost out to a consortium of diversified battery maker China Strategic (0235.HK) and Hong Kong investment fund Primus, but they have been unable to seal the $2.2 billion deal because of political concerns in Taiwan. The deadline for the deal is Oct 12. (Reporting by Rachel Lee; Editing by Jonathan Standing)

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Taiwan’s Chinatrust: still seeks AIG unit stake

July 7, 2010 By Leave a Comment

(Reuters) – Chinatrust Financial (2891.TW), Taiwan’s top credit card issuer, sees insurance as a major growth driver and would still seek a stake in AIG’s (AIG.N) Taiwan Nan Shan Life unit should a separate bid for the unit succeed.

Chinatrust had agreed to buy 30 percent of Nan Shan after the completion of diversified battery maker China Strategic (0235.HK) and investment fund Primus’ joint $2.2 billion bid for Nan Shan, but the agreement expired in June and the bid itself has stalled.

China Strategic and Primus have extended the bid until October, but did not renew the agreement with Chinatrust, saying they would try and close the deal first. Chinatrust is awaiting the outcome, it said on Tuesday.

“If the approval goes through, we would buy the stake from China Strategic,” said Hsu Miao-chiu, chief financial officer of Chinatrust.

If the deal were to fall through and AIG put Nan Shan up for sale again, Chinatrust would bid for it, Hsu said. Chinatrust would also look to buy another insurer if neither of the Nan Shan options played out, she added.

The buyers have been unable to close the deal amid concerns in Taiwan over their political connections with mainland China and their lack of expertise in the insurance business.

They have made several concessions to try and push the deal forward, and China Strategic CEO Raymond Or told Reuters last week that they were not giving up.

Chinatrust had originally bid for Nan Shan last year but lost out to the consortium.

At around 0450 GMT, Chinatrust stocks were down 0.5 percent in Taipei trading, lagging the main index’s 1.1 percent gain.

(Reporting by Faith Hung; Editing by Jonathan Standing)

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Taiwan’s Chinatrust: still seeks AIG unit stake

July 7, 2010 By Leave a Comment

July 6 (Reuters) – Chinatrust Financial (2891.TW), Taiwan’s top credit card issuer, sees insurance as a major growth driver and would still seek a stake in AIG’s (AIG.N) Taiwan Nan Shan Life unit should a separate bid for the unit succeed.

Chinatrust had agreed to buy 30 percent of Nan Shan after the completion of diversified battery maker China Strategic (0235.HK) and investment fund Primus’ joint $2.2 billion bid for Nan Shan, but the agreement expired in June and the bid itself has stalled.

China Strategic and Primus have extended the bid until October, but did not renew the agreement with Chinatrust, saying they would try and close the deal first. Chinatrust is awaiting the outcome, it said on Tuesday.

“If the approval goes through, we would buy the stake from China Strategic,” said Hsu Miao-chiu, chief financial officer of Chinatrust.

If the deal were to fall through and AIG put Nan Shan up for sale again, Chinatrust would bid for it, Hsu said. Chinatrust would also look to buy another insurer if neither of the Nan Shan options played out, she added.

The buyers have been unable to close the deal amid concerns in Taiwan over their political connections with mainland China and their lack of expertise in the insurance business.

They have made several concessions to try and push the deal forward, and China Strategic CEO Raymond Or told Reuters last week that they were not giving up.

Chinatrust had originally bid for Nan Shan last year but lost out to the consortium.

At around 0450 GMT, Chinatrust stocks were down 0.5 percent in Taipei trading, lagging the main index’s 1.1 percent gain.

(Reporting by Faith Hung; Editing by Jonathan Standing)

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Fortis hires Macquaire, Religare Cap for funds-sources

June 16, 2010 By Leave a Comment

June 15 (Reuters) – India’s Fortis Healthcare (FOHE.BO) has hired Macquarie (MQG.AX) and Religare Capital to raise funds for a possible battle with Malaysia’s sovereign wealth fund for Singapore’s Parkway Holdings (PARM.SI), two sources with knowledge of the matter said.

Healthcare

Fortis is also in talks to hire RBS (RBS.L) to help raise funds, the sources said, who declined to be identified as the matter is not yet public.

The Economic Times had reported on Tuesday a consortium of banks were willing to fund up to $1 billion, citing its television channel ET NOW. [ID:nSGE65E047]

Fortis, Macquaire, RBS and Religare declined to comment. (Reporting by Sanjeev Choudhary and Saeed Azhar; Editing by Ranjit Gangadharan)

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MTN Nigeria signs $2.2 bln loan deals for expansion

June 11, 2010 By Leave a Comment

June 10 (Reuters) – The Nigerian arm of Africa’s biggest mobile phone operator MTN (MTNJ.J) said on Thursday it had signed loan agreements worth $2.15 billion with 15 Nigerian and two foreign banks to fund expansion.

Telecommuncations Services

MTN Nigeria said the consortium of 15 Nigerian banks would provide it with a 250 billion naira ($1.7 bln) five-year syndicated loan, while $450 million in foreign funding would come from Germany’s KfW Ipex and the Industrial and Commercial Bank of China (ICBC) (1398.HK). (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Chijioke Ohuocha; Writing by Nick Tattersall)

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Manohar hits out at Modi

June 6, 2010 By Leave a Comment

Mumbai, June 5 — Board of Control for Cricket in India (BCCI) president Shashank Manohar hit out at suspended Indian Premier League (IPL) boss Lalit Modi on Saturday, saying he was trying to ‘malign the image’ of the Board and interim IPL chairman Chirayu Amin by alleging that Amin was part of the failed bid for the Pune IPL team. Manohar alleged that Modi himself had asked the bidders to get Amin to be part of the consortium.

After reports emerged on Friday of NCP chief Sharad Pawarar’s possible links with the IPL, Modi had defended Pawar and claimed that Amin was part of the consortium led by City Corporation’s Aniruddha Deshpande, who bid for the team. Deshpande is Pawar’s close aide.

Manohar said, “The truth is that it was Mr Modi himself who sent a message to the Pune franchisees through Mr Ajay Shirke, President, MCA (Maharashtra Cricket Association), asking them to contact Mr Amin and ask him to be a part of the consortium.” Modi, who has already charged Manohar and BCCI secretary N Srinivasan with bias in the ongoing inquiry into his running of the IPL, had further alleged on Friday that Manohar had neither informed him nor the IPL Governing Council about Amin’s letter seeking permission to be part of the consortium.

Making Amin’s March 17 letter public, Manohar said Amin had informed the BCCI that he would make an investment of up to 10 per cent if he joined the consortium. Amin had also stated that if City Corp won the bid, he would seek formal sanction from the Board to invest, Manohar pointed out.

“First and foremost, Mr Amin’s letter was not for asking permission to bid

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Chirayu Amin part of unsuccessful bid for Pune franchise: Modi

June 4, 2010 By Leave a Comment

New Delhi, June 4 (ANI): IPL bidding row got murkier with suspended IPL Commissioner Lalit Modi today claiming that Chirayu Amin was part of the consortium that made an unsuccessful bid for the Pune franchise.

Amin is the Twenty20 league’s interim chairman after Modi was suspended over charges of mismanagement of funds.

Modi said Managing Director of City Corporation Aniruddha Deshpande made the bid in March for a new consortium, which included Amin.

“There were three members in the consortium that was part of the bid. They were Aniruddha, Akruti and Chirayu Amin. It’s a fact of life and I cannot change or distort facts. They were the bidders, one can”t change that,” said Modi.

Earlier in the day, former BCCI President and Agriculture Minister Sharad Pawar dismissed reports of his family’s involvement in the bid for Indian Premier League (IPL) franchisees.

He rubbished a newspaper report linking his family to the IPL bid.

Talking to reporters here, Pawar said: “Neither I nor my family is involved with any IPL team or with the bidding process.”

“Whatever has been reported in the newspaper today was reported two months back also. At that time also I explained my position, which remains the same now. Neither me nor my family has direct or indirect involvement in any IPL team or in the bidding process,” he added.

Commenting on the report that his family holds shares in the Pune-based construction company City Corporation that made an unsuccessful bid for a franchise in March, Pawar claimed that the MD of the company, Anirudhha Deshpande, had made the bid in his individual capacity.

He also reiterated that the IPL is clean and that there is nothing murky about the ownership patterns and financial transactions in the league. (ANI)

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Egypt’s SODIC to set up north Egypt retail project

June 1, 2010 By Leave a Comment

May 31 (Reuters) – A consortium in which Egyptian developer SODIC (OCDI.CA) holds the biggest stake of 35 percent won a bid to lease land for a retail development in northern Egypt, SODIC said on Monday.

Financials

Total investments for the project in the city of Mansoura are expected to reach 210 million Egyptian pounds ($37 million), SODIC Chief Business Development Officer Ahmed Demerdash Badrawi said.

“(This project) supports our strategy of diversifying into different segments of real estate, into diversifying our portfolio outside of Cairo, into secondary cities,” Badrawi said.

Shares in the group, which sells mostly high-end commercial and residential property on the outskirts of the Egyptian capital, were down 2.8 percent by 0855 GMT. The main index .EGX30 dipped 1.3 percent. (Writing by Shaimaa Fayed; Editing by Michael Shields)

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BCCI grants Lalit Modi five days reprieve to file answers

May 10, 2010 By Leave a Comment

New Delhi, May 10 (ANI): The Board of Control for Cricket in India (BCCI) on Monday granted suspended IPL Chairman Lalit Modi five more days to respond to a showcause notice served to him on April 26.

Modi was given a showcause notice by the BCCI on charges of financial irregularity.
There are five main charges against Modi, ranging from receiving kickbacks for allotting TV broadcast rights to indiscipline and leveling baseless charges against the BCCI.

He is also facing charges of rigging the bidding of two new IPL teams, which were eventually won by Sahara and the Kochi IPL consortium and also for being a ghost owner in three IPL teams. .

Modi has claimed that he has submitted most of the relevant IPL documents.

They include all franchisee agreements, global media rights agreements, the global media rights packages, bid documents, media rights licensee agreements, eligibility letters of all bidders with details and all sponsorship agreements entered into by IPL.

The board, however, has denied receiving all documents. The BCCI”s chief administration officer Ratnakar Shetty said there are still a few documents that have not been handed over by Modi. (ANI)

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Glazers snub 1.5 billion pound bid for Manchester United

May 7, 2010 By Leave a Comment

London, May 7 (ANI): The US-based Glazer family has reportedly rejected a 1.5 billion bid for Manchester United.

The group of wealthy United fans were understood to be planning a 1.2 billion pound offer for the club this summer.

But news of the Glazers” reluctance to accept a higher offer, believed to be from a Middle East consortium last year, is a massive stumbling block, The Sun reports.

United supporters have shown their discontent for the Glazer regime with their ”green and gold” protests at Old Trafford this season.

Fans are unhappy with the lack on investment in the team, especially after Cristiano Ronaldo”s world record 80-million-pound sale to Real Madrid last year.

Supporters are also worried by the club”s spiralling debts which stand at over 700-million-pounds. (ANI)

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World’s most powerful supercomputer to be unveiled in 2011

April 28, 2010 By Leave a Comment

Washington, April 28 (ANI): Scientists are developing the world’s most powerful supercomputer, Blue Waters.

The Blue Waters project, created especially for open scientific research, is expected to go live in 2011.

It will be the first system of its kind to sustain one petaflop performance – one quadrillion calculations per second – on a range of science and engineering applications.

The project is being developed as a joint effort of the University of Illinois at Urbana-Champaign, its National Center for Supercomputing Applications, IBM, and the Great Lakes Consortium for Petascale Computation, which includes Iowa State.

Blue Waters is supported by the National Science Foundation and the University of Illinois. (ANI)

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Japanese companies warn viewers over health risks of 3-D films

April 26, 2010 By Leave a Comment

London, April 26 (ANI): A group of Japanese home electronic companies have warned viewers about the health risks of 3-D films, saying it could lead to dizziness, nausea and tired eyes.

The consortium includes renowned companies such as Toshiba, Sharp and Hitachi.

“We do not think this will be a big problem for the majority of viewers but we must warn people that it is possible,” the Telegraph quoted Koichi Imai, a spokesman for the consortium, as saying.

He added: “We are making the handbook available to cinemas and stores where 3-D products are being sold and the simplest thing is for anyone who feels at all unwell to stop viewing the images.”

However, Imai said they didn”t know how many people could be affected as the 3-D industry was just beginning to grow.

3-D works by displaying a slightly different image to each eye via a filter system, operated by special glasses, alternately shuttering each eye”s line of sight and giving the impression of depth to the screen.

The 3-D Consortium advises viewers to sit well back from the screen – about three times the height of the screen.

It is also recommends that anyone unable to perceive the 3-D effect should stop watching. (ANI)

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Videocon Chairman ignores query on IPL bid

April 21, 2010 By Leave a Comment

New Delhi, April 21 (ANI): Videocon Chairman Venugopal Dhoot on Wednesday avoided questions asking for missing documents related to his company’s Indian Premier League bid here.

Replying to one such query, after attending a seminar on Energy Options for Telecom Sector, Dhoot said: “I don””t know. I woke up and came to attend this seminar. I have not read today””s newspaper… I don””t know even if it is two days old story, I was out of country for last two days, so I am not aware of them.”

A media report had suggested that Dhoot was in possession of the document and is ready to provide it to authorities, if asked.

But Dhoot refused to comment on that as well.

Meanwhile, during another raid in Mumbai city, income tax (IT) sleuths digging into IPL papers have failed to locate two vital documents — the bid papers of the Videocon and Adani Groups, whose failure to win teams for Pune and Ahmedabad is said to be at the root of the IPL Commissioner Lalit Modi – former Union Minister of State for External Affairs Minister Shashi Tharoor row.

Sleuths of IT department have said the absence of the documents could leave a crucial hole in the probe.

The missing files could settle one way or the other the widespread perception that the first round of bidding on March 7 in Mumbai for the two new IPL teams was tweaked to favour Dhoot and Adani.

These documents are also an important ””missing link”” in the controversy surrounding the IPL that has so far cost the Central Government its minister.

Ahead of his resignation, Tharoor had said that many “powerful people” were upset at the Kochi team””s unexpected victory in the IPL auction.

Modi””s tweets questioning the ownership of the Kochi consortium was under pressure from these “powerful people” who wanted the team to go elsewhere, Tharoor had suggested.

The recovery of the original bid documents should settle the controversy about those who were behind these losing bids. (ANI)

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NSW Govt announces successful e-ticket tender

April 13, 2010 By Leave a Comment

The NSW Government has announced the successful tender of the $1.2 billion electronic ticketing system for public transport.

The Pearl Consortium set to deliver the new system include the partners responsible for London’s public transport ticketing.

The Government says new electronic ticketing will begin in late 2012 and will include Wollongong and the Illawarra.

The new system will allow commuters to pay for their travel via online accounts.

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Funding snub for cancer care centre

April 8, 2010 By Leave a Comment

Central western New South Wales has been unsuccessful in its bid to for a cancer care centre of excellence.

The Federal Government has told the consortium, which is behind the proposal, that it has missed out on $40 million to develop and enhance cancer care services in the western region.

The Commonwealth has announced a regional cancer centre will be established at Tamworth.

Local surgeon Bill Mackie, who helped prepare the submission, says there are still alternative funding sources available.

“It doesn’t mean that there’s no further funding coming to our area. I think what it does mean though that we need to build on the services we have, as we’ve always done in the past, without necessarily having to rely on government support,” he said.

Dr Mackie says it is disappointing the submission, which was vying for a share of $560 million, involved setting up cancer care services in Orange, Bathurst and Dubbo, was rejected.

“It’s a disappointment rather than a blow. We will still have very good services,” he said.

“I think we had the opportunity to develop something which was really exceptional. We haven’t closed the door on that opportunity, we still have a relationship with the centres in Sydney but we need to be looking at ways we can facilitate that without having to rely on government funding.”

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‘Under 1 roof’ program to help homeless

April 1, 2010 By Leave a Comment

A group of not-for-profit agencies have joined forces in a bid to reduce the number of homeless people living on Brisbane’s streets.

Ten organisations have formed the “Under 1 Roof” consortium to offer targeted short and longer term services to homeless people.

It is estimated up to 5,000 people across Brisbane are homeless.

Mission Australia Queensland director Tony Stevenson said coordinating assistance including supplying meals, education and mental health services will provide a better outcome for clients.

“We can do a much better job, we can join together to really understand what each person’s needs are,” he said.

“It will mean that wherever people go to any of the services then we’ll have a much better package of support available to them.”

Under the program a homeless person will be able to go to any one of the ten agencies and then be referred to another member of the group for extra support services.

A dedicated team of case workers will come together to oversee that person’s transition to permanent housing.

“Under 1 Roof” project worker Fiona Caniglia said the group cannot solve the issue of homelessness on its own, but it hopes to contribute to both State and Federal Government targets to reduce Brisbane’s homeless population.

“People can walk through any of those doors and trigger a response,” she said.

139 Club

One of the organisations joining the consortium is the 139 Club in New Farm which provides drop-in services.

Manager Rod Kelly supports the joint approach because it means agencies will be able to provide a more tailored response to each client’s needs than in the past.

“The way it used to work is someone would present to one agency and then just get a hit and miss like referral to another agency that they assume or think might be able to help,” he said.

The Club does not have a drug and alcohol worker to work with homeless people, but Mr Kelly said the new system will allow case workers to directly refer someone to another consortium member, the Queensland Injectors’ Health Network, to get support.

“We’ll be able to sit down as a big team of all agencies with different expertise to work out a plan to really move this person from the street to having their own roof,” he said.

Mr Kelly said the group is set to start a trial of the model with up to five high-needs homeless people using the current resources of the group’s members.

David Valpiani, 48, was once homeless but he is now studying two hours each week to prepare for life as a university student.

Mr Valpiani said the support he received from both Mission Australia and the 139 Club gave him a push in the right direction.

After helping to create a communal garden at the 139 Club he said he became interested in learning.

“It just gives you incentive to get off your backside and go and do it,” he said.

He is one person who is reaping the benefits of a united approach to tackle homelessness.

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Oakajee port a step closer

March 31, 2010 By Leave a Comment

The proponents of a multi-billion dollar deep-water port in the Mid West have reached what they say is a crucial milestone in the project’s development.

18 months ago, the Japanese-backed consortium Oakajee Port and Rail was selected as the preferred developer of project, north of Geraldton.

Today, OPR delivered its draft bankable feasibility study to the State Government.

The consortium’s Chief Executive, John Langoulant, says the documents include detailed engineering and design studies.

“Look, this was a threshold date. We entered into an obligation with the State Government to give them the feasibility study on this project by the end of March, we’ve done that.”

The Premier Colin Barnett says the Government will now examine the documents to ensure the project meets its objectives and delivers value for money.

Mr Barnett says it is a significant milestone in the overall development of the project.

“The Commonwealth and the State have together committed $678 million to the building of the port itself so look I think today is a watershed moment.

“From this point on everyone will now concentrate on the fine detail and bringing the project hopefully into construction during next year. I don’t expect to see any showstopper from here on in.”

Construction is due to commence sometime next year.

Oakajee Port and Rail is in the process of locking in agreements with three potential foundation customers – Sinosteel, Gindalbie and Crosslands Resources.

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Man United fans asked to donate 25 pounds each to help Red Knights buy club

March 27, 2010 By Leave a Comment

London, Mar 27(ANI): Manchester United fans have been reportedly asked by a supporters’ trust to donate 25 pounds or more each to help fund a takeover bid by the Red Knights.

According to reports, an email has been sent to supporters requesting their views on the current ownership and asking if they would be prepared to make a cash donation.

The Manchester United Supporters Trust had earlier said that it backs the Red Knights’ campaign.

The Red Knights, a consortium of financial figures including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O”Neill, have already said that they will give supporters a greater say in the running of the club if the takeover were ever successful.

However, members of the consortium have also confirmed that they did not intend to make a bid for Manchester United before the end of the season.

“In the next few weeks we will continue to work on our proposal. We do not expect this to be finalised before the end of the current football season,” Sky News quoted a new statement from the Red Knights, as saying.

“This will have the advantage of minimizing external distractions as the team enters the decisive period of the season,” he added.

United is currently owned by American businessman Malcolm Glazer and his family, who have repeatedly insisted that the club is not for sale. They have received public backing from the club’s manager Sir Alex Ferguson. (ANI)

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No uranium through Oakajee: Premier

March 26, 2010 By Leave a Comment

The Premier Colin Barnett has ruled out using the proposed Oakajee deepwater port north of Geraldton to ship uranium products.

The head of the consortium developing the multi-billion dollar project, John Langoulant, has been reported as saying uranium is something that could possibly be shipped through the port.

The State Government has repeatedly refused to rule out the Mid West port as a potential location for the shipment of yellow cake.

But Mr Barnett says while yellow cake may eventually be shipped through a WA port, Oakajee is not suitable.

“The volumes are too small and uranium is transported internationally in special design, special designated shipping,” he said.

“The sorts of tonnages of uranium produced here would be very small.”

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Fears QR sale may hamper inland rail plans

March 20, 2010 By Leave a Comment

Infrastructure company ATEC says the proposed sale of Queensland Rail (QR) could disrupt plans to build an inland railway.

ATEC and QR are part of a consortium that is finalising plans to build the railway linking the Surat Basin to the Port of Gladstone in the state’s central region.

ATEC chairman Everald Compton says speculation about the sale is disrupting plans to build the railway.

“We’ve spent years getting this far with the track – we can’t let it stop,” he said.

“My hope is that the new owners of QR will approach it positively and we can move forward.

“I can’t see any reason why we can’t go ahead, provided there’s cooperation between the three partners and it continues.”

Mr Compton says the new owners of QR’s coal freight arm may decide not to go ahead with the project.

“What we want to make sure of is that whoever winds up owning QR has got the same commitment to complete the line, will make the same investment to do that, will make the time and staff [available] to do that,” he said.

“We’ll still build it, we’ll find another partner and build it, but it’s a bit of an issue.”

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