Several Spanish savings banks fail stress test-El Pais

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Several of Spain’s 18 savings banks, including some of those which have been involved in recent mergers, have failed to pass tests to see how strong they would be if economic circumstances were more adverse, newspaper El Pais reported on Friday citing financial sources.

The Bank of Spain is due to publish the results of so-called stress tests later on Friday, and similar tests will be published across Europe. [ID:nLDE66L0DJ]

The tests had been expected to show that some of the unlisted savings banks would need a capital injection under certain scenarios.

The newspaper said a small group of savings banks would need more capital if economic conditions were to worsen severely and there were a sovereign debt crisis in several countries. Amongst these, some have already received funds from the Spanish State’s Fund for Orderly Bank Restructuring (FROB), it said, without providing further details. (Reporting by Robert Hetz; Writing by Elisabeth O’Leary) elizabeth.oleary@reuters.com; +34 91 585 8295; Reuters Messaging: elizabeth.oleary.reuters.com@reuters.net

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

JGB 10-yr yield hits 7-yr low after Bernanke, auction

July 23, 2010 By Leave a Comment

TOKYO, July 22 (Reuters) – Japanese government bonds rallied on Friday, with the benchmark 10-year yield hitting its lowest in seven years, after testimony by Fed Chairman Ben Bernanke suggested low interest rates would remain in place for a long time.

Bonds were given a further boost after a sale of 20-year debt attracted strong demand.

The 10-year yield JP10YTN=JBTC dropped 3 basis points to 1.055 percent after brushing 1.045 percent, its lowest since August 2003.

September 10-year futures 2JGBv1 climbed 0.17 point to 141.87 after hitting 142.08, their highest in seven years.

“Bernanke’s testimony represented a new chapter for the bond market, as it suggested the Fed is bracing for tougher economic conditions than it anticipated,” said a fund manager at a domestic investment firm.

“Any resulting easing by the Fed would come at a time when central banks in Europe and Japan are strengthening their easing rhetoric. This will add to flattening pressure on the yield curve, possibly taking the (JGB) 10-year yield below 1 percent.”

Bernanke, delivering the Fed’s semiannual report to Congress on monetary policy on Wednesday, said the economy faced “unusually uncertain” prospects and the Fed was ready to take further steps to bolster growth if needed, but also that policy makers believed the economy was still on a path to recovery. [ID:nWALLIE6DU]

The Fed chairman’s testimony helped boost demand for the 1.1 trillion yen ($12.6 billion) of 20-year JGBs sold on Thursday, market players said.

The usual rules of engagement were reversed on Thursday as dealers bought superlong bonds ahead of the auction — instead of selling to hedge their positions as they usually do — to stock their inventories in anticipation of strong post-auction demand.

The auction’s bid-to-cover ratio, a gauge of demand, fell to 4.46 from a record high 4.60 at the previous offering in June, although this was still much higher than 3.31, the average from the past 12 sales. [ID:nMOFGV5002] TENDER01

The robust auction outcome reflected the wider variety of investors getting involved in superlong maturities, said Keiko Onogi, a senior JGB strategist at Daiwa Securities Capital Markets.

“The relatively low coupon didn’t appear to dampen demand from buyers getting involved in the superlongs for trading purposes. These investors represent a change in demographics, joining the traditional buy-and-hold investors of superlongs.”

The 1.8 percent coupon on the new 20-years was the lowest in six years.

Superlongs have long been the domain of buy-and-hold investors like life insurers, but recent data has pointed to a growing presence of investors like regional banks, “shinkin” co-op banks and agricultural institutions.

Bond investors such as domestic banks have been putting more money to work in superlongs recently to boost returns as yields at the shorter end have fallen to multi-year lows.

Superlongs also present investors with opportunities for potential capital gains due to increased volatility, traders said.

On a monthly basis, Japan’s benchmark 10-year yield has been declining since April, tugged lower by factors including Europe’s sovereign debt crisis, prospects of a global economic slowdown and hopes for fiscal austerity at home.

While the influence of the debt crisis and fiscal austerity hopes have receded, prospects of an economic slowdown have been kept alive following a string of downbeat indicators from the United States.

Market focus has recently shifted to the Federal Reserve and whether it will maintain a low rate policy longer than expected.

The 20-year yield JP20YTN=JBTC declined 4 basis points to 1.765 percent and the 30-year yield JP30YTN=JBTC also dropped 4 basis points, to 1.830 percent.

The five-year/20-year yield spread tightened by 3 basis points to 143.5 basis points. It has tightened by about 14 basis points over the past month. (Editing by Joseph Radford)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

New Citi Survey Finds 62% of Americans Believe the Economy Has Yet to Hit Bottom

July 23, 2010 By Leave a Comment

A Quarter of Americans Struggling with Debt, including Highest-Income Earners

More than Half of Americans Not Taking Summer Vacations, Citing the Economy
NEW YORK–(Business Wire)–
A new nationwide survey issued today by Citi, and conducted by Hart Research
Associates, shows that nearly two-thirds of Americans (62 percent) believe the
economy has yet to hit bottom. This represents a 3 point decline from March,
when 59 percent said we have a long way to go, and a return to the level
measured in September (63 percent). According to the survey, just one-third (33
percent) believe the economy has hit bottom, even though Commerce Department
data indicates the U.S. economy resumed growing in 2009`s third quarter.

In addition, the data reveals that, as we pass the halfway point of 2010,
Americans` expectations for when the economy will stabilize for their households
have slipped quite far into the future, with 62 percent believing it will be at
least two or three years, if not longer, and more than one quarter (28 percent)
believing it will be four or more years until the economy stabilizes for their
household.

At the same time, however, Americans` views on current economic conditions, as
well as their outlook on their own personal financial situations, are improving
or holding steady.

According to the data:

* Twenty-four percent say the local economy where they live is good or
excellent, up from 19 percent in March.
* The percentage of Americans who say their personal financial situation is
better now than a year ago has improved slightly since March (17 percent versus
15 percent). Fifty-two percent said their personal financial situations are
about the same as they were a year ago.
* Although down slightly from March, 64 percent of Americans remain very or
somewhat optimistic that their financial situation will improve in the next
twelve months, compared to 32 percent who are somewhat or very pessimistic.

Americans` views on local employment opportunities, however, remained weak, with
85 percent reporting opportunities as only fair (36 percent) or poor (49
percent). In a measure of potential consumer demand, 62 percent of Americans
believe that, in the current environment, it is only a fair (30 percent) or poor
(32 percent) time to make a major household purchase, up from 61 percent (27
percent and 34 percent, respectively) in March.

“Clearly, the mood of Americans has been heavily influenced by the unemployment
numbers here at home and the news of economic woes in Europe,” said Jonathan
Clements, Director of Financial Education at Citi Personal Wealth Management.
“And yet, if you dig deeper, consumers are actually feeling a bit better about
their own finances and the local economic outlook. The big question is, could
the gloomy news become a self-fulfilling prophesy, prompting consumers to
restrain their spending, thus hurting the economic recovery?”

A Quarter of Americans Struggle with Debt, Highest-Earning Americans Impacted As
Well

Americans of all ages and income levels are struggling with debt. The survey
found that, while no one category of debt presents a major problem to more than
about a tenth of U.S. families, as many as 25 percent responded that there is at
least one category of debt that is a major challenge or is becoming
unmanageable.

* Of those surveyed, health expenses are a major or unmanageable problem for 11
percent followed by credit card debt (9 percent). Including other categories of
debt such as mortgage debt (6 percent), student loans (5 percent), consumer
loans (2 percent), and child support (1 percent), a full quarter of the public
reports a major or unmanageable problem with at least one category of debt.
* People in their 30s (32 percent) report having at least one area of debt that
is a major or unmanageable issue, higher than any other age group. This compares
with Americans under age 30 (28 percent), in their 40s (30 percent), and in
their 50s (27 percent) who responded similarly.
* Interestingly, among the top-income bracket (Americans earning more than
$150,000 annually), 21 percent report having at least one area of debt that is a
major or unmanageable issue. This compares to 15 percent of Americans earning
$75,000-$150,000; 22 percent earning $50,000-$75,000 and 33 percent earning less
than $50,000 annually.

“It is startling to see more than a fifth of high-income earners express
concerns about their debt,” noted Clements. “This may speak to their
overconfidence during the boom years, as they took on first and second mortgages
to buy real estate and pay other expenses.”

Summer of the `Stay-cation`

Reflecting current economic worries, three in five Americans responded they will
either not vacation at all or will stay home during their time off this summer.

* A full 51 percent of Americans say they will not take any vacation at all this
summer.
* Sixty percent of Americans will either not vacation at all or else will stay
at home as their vacation.

Clements added, “Given the sluggish economic recovery, it is no surprise that
Americans remain conservative with their spending, saving and summer vacation
plans. Americans` fiscal discipline is admirable. Still, lower consumer spending
may slow the economic recovery.”

Majority of Americans Believe They Are Living the American Dream, Especially
Older Americans

Despite the current economic challenges, Americans remain remarkably optimistic.
The survey found that 53 percent of Americans believe they are living the
American dream and nearly three in four (73 percent) say they are either living
the dream now or expect to live the dream in the future. Older Americans lead
the way in responding they are currently living the dream, while young Americans
remain hopeful.

* Sixty-five percent of Americans over age 70 believe they are currently living
the American dream.
* Comparatively, more than half of Americans in their 60s (56 percent), 50s (55
percent), and 40s (51 percent) also say they are currently living the American
dream.
* Forty-seven percent of Americans under age 30 say they are currently living
the American dream, while just 43 percent of Americans in their 30s say they
are.
* A full 83 percent of 18-to 29-year-olds believe they are or will live the
American dream in the future, while people in their thirties remain hopeful, but
less so (75 percent).

By 56 percent to 24 percent, a majority of Americans believe that the American
dream is more defined by family, faith and freedom than it is defined by
material goods or financial elements such as housing, income or lifestyle.

Citi conducted this nationwide survey as part of its ongoing effort to better
understand changes in the needs of the consumers and communities the company
serves.

Survey Methodology

Hart Research Associates conducted the telephone survey of 2,005 adults
nationally from June 22-29, 2010. The Random Digit Dialed (RDD) survey has an
overall statistical margin of sampling error of plus or minus 2.2 percentage
points. The survey also included a panel of respondents who use only a mobile
telephone.

About Citi

Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
Citicorp and Citi Holdings, Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, and wealth management. Additional information may be found
at www.citigroup.com or www.citi.com.

Media:
Citi
Liz Fogarty, 212-559-0486

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

SGS: SGS HALF YEAR RESULTS 2010

July 16, 2010 By Leave a Comment

SGS / SGS HALF YEAR RESULTS 2010 processed and transmitted by Hugin AS. The issuer is
solely responsible for the content of this announcement.

The SGS Group delivered first semester revenues of CHF 2.4 billion, an increase in
constant currency of 1.7% (1.0% reported basis) achieved primarily in the second quarter
on the back of gradually improving economic conditions. Adjusted operating income
reached CHF 388 million (up 3.0% on a constant currency basis) with an adjusted EBITDA
margin of 21.2% (from 20.9%) and an adjusted operating income margin of 16.5% (2009:
16.3%). Net profit for the period was CHF 270 million. During the semester, capital
investment spend reached CHF 114 million (17.5% higher than the prior year) and the
Group completed four acquisitions for a total cash consideration of CHF 29 million. SGS
maintains its full year forecast of a solid year 2010 with both revenues and earnings
above 2009 levels.

ABOUT SGS

The SGS Group is the global leader and innovator in inspection, verification, testing
and certification services. Founded in 1878, SGS is recognized as the global benchmark
in quality and integrity. With 59,000 employees, SGS operates a network of over 1,000
offices and laboratories around the world.

For further information, please contact

Jean-Luc de Buman
Corporate Communications and Investor Relations
SGS SA
1 place des Alpes
CH – 1211 Geneva 1
SGS.investor.relations@sgs.com mailto:SGS.investor.relations@sgs.com
Tel: (+41-22) 739 91 11
Fax: (+41-22) 739 98 61
Web: www.sgs.com http://www.sgs.com/home.htm

HUG#1431782

SGS HALF YEAR RESULTS 2010 http://hugin.info/100354/R/1431782/378044.pdf

— End of Message —

SGS
1 place des Alpes
P.O. Box 2152 Geneva 1 Switzerland

ISIN: CH0002497458;

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Afghanistan sees Pakistan border trade deal in weeks

July 11, 2010 By Leave a Comment

(Reuters) – Afghanistan expects to sign a trade agreement with Pakistan this month in a move which could boost stability, but only if its neighbor drops opposition to forward-traffic with India, business leaders said on Saturday.

A long deadlock over Afghan demands for transit of exports to India via Pakistan through the sensitive Wagah land route was close to ending, clearing the way for Afghanistan-Pakistan Transit Trade Agreement (APTTA) within weeks, Afghanistan Chamber of Commerce director Abdul Qadir Bahman told Reuters.

“It is not yet certain, but we have very strong hopes differences have been overcome,” Bahman said.

Landlocked Afghanistan is dependent upon transit countries for its foreign trade, with Pakistan having the nearest seaport. More exports would help President Hamid Karzai counter a Taliban insurgency by improving economic conditions.

Almost 50 per cent of Afghanistan’s trade is with its five neighbors Pakistan, Iran, Tajikistan, Turkmenistan and Uzbekistan. Trade between Afghanistan and Pakistan is worth more than $1 billion.

But trade is very one-sided, the World Bank says, consisting for the most part by imports from Pakistan, as compared to very little formal Afghan exports.

Bahman said both sides would hold an eighth round of talks before an international conference in Kabul later this month in which donor countries and Karzai’s government will try to chart a path forward for the conflict-torn country.

“The main point is access to the sea for exports to India,” he said, promising a deal would also help combat the current thriving blackmarket trade between the two countries.

“If we sign this agreement, it will decrease that because we will have found a way for everyone to carry out business without any problems,” Bahman said.

Afghanistan, due to its strategic geographic position, hopes to become a regional transit hub for trade with Central Asia as well as South Asia, the Middle East and China, if the security situation in the country can be stabilized.

U.S. and NATO forces are currently preparing a major offensive against the Taliban in its southern strongholds, although the danger of the eastern border was underscored on Saturday when 11 Pakistanis were killed by insurgents as they entered Afghanistan.

Transit to Afghanistan through Pakistan is currently governed by the 1965 Afghan Transit Trade Agreement which specifies ports, routes, transport and customs transit procedures.

Both Afghanistan and Pakistan have agreed on the need for a new agreement to give Afghanistan sea access and provide Pakistan with direct routes to Central Asia.

But Pakistan says Afghanistan is refusing to agree to customs duty on Afghan cargo in Karachi and other measures to combat illegal smuggling such as compulsory licensing, bank credit guarantees and quarantine restrictions.

(Editing by David Fox)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Afghanistan sees Pakistan border trade deal in weeks

July 11, 2010 By Leave a Comment

KABUL, July 10 (Reuters) – Afghanistan expects to sign a trade agreement with Pakistan this month in a move which could boost stability, but only if its neighbour drops opposition to forward-traffic with India, business leaders said on Saturday.

A long deadlock over Afghan demands for transit of exports to India via Pakistan through the sensitive Wagah land route was close to ending, clearing the way for Afghanistan-Pakistan Transit Trade Agreement (APTTA) within weeks, Afghanistan Chamber of Commerce director Abdul Qadir Bahman told Reuters.

“It is not yet certain, but we have very strong hopes differences have been overcome,” Bahman said.

Landlocked Afghanistan is dependent upon transit countries for its foreign trade, with Pakistan having the nearest seaport. More exports would help President Hamid Karzai counter a Taliban insurgency by improving economic conditions. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For more on Afghanistan click [ID:nAFPAK]

or see link.reuters.com/syx62d

Afghan blog: blogs.reuters.com/afghanistan/ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Almost 50 per cent of Afghanistan’s trade is with its five neighbours Pakistan, Iran, Tajikistan, Turkmenistan and Uzbekistan. Trade between Afghanistan and Pakistan is worth more than $1 billion.

But trade is very one-sided, the World Bank says, consisting for the most part by imports from Pakistan, as compared to very little formal Afghan exports.

Bahman said both sides would hold an eighth round of talks before an international conference in Kabul later this month in which donor countries and Karzai’s government will try to chart a path forward for the conflict-torn country.

“The main point is access to the sea for exports to India,” he said, promising a deal would also help combat the current thriving blackmarket trade between the two countries.

“If we sign this agreement, it will decrease that because we will have found a way for everyone to carry out business without any problems,” Bahman said.

Afghanistan, due to its strategic geographic position, hopes to become a regional transit hub for trade with Central Asia as well as South Asia, the Middle East and China, if the security situation in the country can be stabilised.

U.S. and NATO forces are currently preparing a major offensive against the Taliban in its southern strongholds, although the danger of the eastern border was underscored on Saturday when 11 Pakistanis were killed by insurgents as they entered Afghanistan. [ID:nSGE669GBL]

Transit to Afghanistan through Pakistan is currently governed by the 1965 Afghan Transit Trade Agreement which specifies ports, routes, transport and customs transit procedures.

Both Afghanistan and Pakistan have agreed on the need for a new agreement to give Afghanistan sea access and provide Pakistan with direct routes to Central Asia.

But Pakistan says Afghanistan is refusing to agree to customs duty on Afghan cargo in Karachi and other measures to combat illegal smuggling such as compulsory licencing, bank credit guarantees and quarantine restrictions. (Editing by David Fox) (For more Reuters coverage of Afghanistan and Pakistan, see: here)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UAE’s RAK Airways to relaunch by end of 2010

July 2, 2010 By Leave a Comment

July 1 (Reuters) – RAK Airways, a United Arab Emirates based national carrier, would relaunch services before the end of 2010 after halting commercial operations over a year ago, local media said on Thursday.

Tough economic conditions in the wake of the global recession made the airline suspend scheduled services in May 2009, the English daily Khaleej Times reported.

“We are now ready to make a strategic re-entry into the market”, Shaikh Omar bin Saqr Al Qassimi, chairman of RAK Airways, said in a statement to Khaleej Times.

Financial difficulties after the downturn were “now sufficiently abated,” said the chairman of the carrier, which began operating in 2007 but had limited itself to charter services last year. (Reporting by Erika Solomon; Editing by Thomas Atkins)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Bunzl sales edge higher, eyes more acquisitions

June 23, 2010 By Leave a Comment

LONDON, June 22 (Reuters) – British distribution group Bunzl (BNZL.L) said acquisitions and growing revenues in North America had boosted trading in the first half of the year and that cost cuts and favourable exchange rates also made it more profitable.

Having announced five acquisitions so far this year with combined revenues of 85 million pounds ($132 million), the supplier of products ranging from carrier bags to builders’ hard hats, said takeovers remained key to its strategy.

“The company expects that the current environment will lead to more transactions being finalised during the remainder of the year,” the company said in a trading statement on Tuesday.

Bunzl said it had enjoyed revenue growth in North America during the first six months of the year, largely due to growing business with existing customers, and that acquisitions had ensured growth in continental Europe.

In the UK and Ireland sales were lower than a year earlier due to “persisting difficult economic conditions” but profits rose thanks to an improved operating margin.

“Overall trading is in line with full year expectations with group revenue growth of 2 percent,” the company said.

Shares in Bunzl were down 2.1 percent at 730.5 pence by 0706 GMT, underperforming its FTSE 100 peers.

($1=.6465 Pound)

(Reporting by Paul Hoskins; editing by Matthew Scuffham)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Factbox: Jundollah, Iran’s Sunni Muslim rebels

June 21, 2010 By Leave a Comment

(Reuters) – Iran said Sunday it had executed Abdolmalek Rigi, leader of a Sunni Muslim rebel group which the Shi’ite-dominated country says was behind Iran’s deadliest bomb attack.

World

Rigi, arrested in February, was convicted by a Revolutionary court of various charges, including armed robbery, kidnapping, drug smuggling, assassination attempts and murder.

Here are some key details about Jundollah:

LINKS:

* Iran, which is predominantly Shi’ite, has linked Jundollah (God’s Soldiers) to the Sunni Islamist al Qaeda network. It also accuses the United States, Britain and Pakistan of backing Jundollah in order to create instability in the country. The three countries deny the charge.

* Jundollah says it is fighting for the rights of Iran’s minority Sunnis. Iran reject allegations by rights groups that it discriminates against ethnic and religious minorities.

ALLIANCES:

* Rigi said in a 2007 interview that his group was fighting for the rights of the Baluch people facing what he called “genocide” in Iran, but denied it promoted any separatist or radical sectarian agenda.

* Jundollah has evolved through shifting alliances with various parties, including the Taliban and Pakistan’s ISI intelligence service, who saw the group as a tool against Iran, according to Lahore-based Pakistani analyst Ahmed Rashid.

ORIGINS:

* Jundollah, which also calls itself the Iranian People’s Resistance Movement, was founded in 2002 and launched its armed campaign in 2005.

* Since early 2005 the group has sought to expand operations in Iran’s southeastern province of Sistan-Baluchestan. It has carried out kidnappings and, more recently, suicide attacks.

* The group probably numbers fewer than 100 militants armed with explosives and small arms in Sistan-Baluchestan which borders both Pakistan and Afghanistan.

* Leader Rigi had vowed to fight the Shi’ite government in Iran unless economic conditions improve in the province.

* Rigi was arrested in February 2010. Intelligence Minister Heydar Moslehi said Rigi had been in a U.S. military base 24 hours before his arrest, state-run Press TV reported.

* ATTACKS:

* In June 2005, Jundollah kidnapped Revolutionary Guard officer Shahab Mansuri and sent a video of him to al-Arabiya. He was killed on July 13 and Iran blamed Jundollah.

* On December 14, 2005, an assassination attempt was carried out against President Mahmoud Ahmadinejad while on a visit to Sistan- Baluchestan. This attack also was blamed on Jundollah.

* In 2007, Jundollah claimed responsibility for several attacks. On February 14, 11 members of Iran’s elite Revolutionary Guards were killed in an attack on a bus in the city of Zahedan.

* In December 2008 there was a suicide attack in Saravan on a security forces headquarters. This was the first such suicide attack in Iran and was carried out by Abdul-Ghafoor Rigi, a brother of the group’s leader.

* On May 28, 2009, a suicide bomber killed 25 people and wounded more than 120 in an attack on a mosque in Zahedan, the capital of Sistan-Baluchestan. Jundollah claimed responsibility for the attack.

* An October 18, 2009 bombing by the group killed 40 people. Fifteen Revolutionary Guards members were among those killed, including the deputy head of ground forces. Jundollah said it was behind the deadliest attack in Iran since the 1980s.

EXECUTIONS:

* On May 30 three men were hanged in public for involvement in the Zahedan bombing. Two more were hanged on June 2. Iran executed 15 more men accused of membership of Jundollah in July.

* On November 3, Iran executed Jundollah member Abdolhamid Rigi.

* The leader’s brother, also called Abdolhamid, was hanged in May.

Sources: Reuters/Janes World Insurgency and Terrorism

(Writing by David Cutler, London Editorial Reference Unit; Editing by Michael Roddy)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

FACTBOX-Jundollah, Iran’s Sunni Muslim rebels

June 21, 2010 By Leave a Comment

(Reuters) – Iran said on Sunday it had executed Abdolmalek Rigi, leader of a Sunni Muslim rebel group which the Shi’ite-dominated country says was behind Iran’s deadliest bomb attack.

Rigi, arrested in February, was convicted by a Revolutionary court of various charges, including armed robbery, kidnapping, drug smuggling, assassination attempts and murder.

Here are some key details about Jundollah:

LINKS:

* Iran, which is predominantly Shi’ite, has linked Jundollah (God’s Soldiers) to the Sunni Islamist al Qaeda network. It also accuses the United States, Britain and Pakistan of backing Jundollah in order to create instability in the country. The three countries deny the charge.

* Jundollah says it is fighting for the rights of Iran’s minority Sunnis. Iran reject allegations by rights groups that it discriminates against ethnic and religious minorities.

ALLIANCES:

* Rigi said in a 2007 interview that his group was fighting for the rights of the Baluch people facing what he called “genocide” in Iran, but denied it promoted any separatist or radical sectarian agenda.

* Jundollah has evolved through shifting alliances with various parties, including the Taliban and Pakistan’s ISI intelligence service, who saw the group as a tool against Iran, according to Lahore-based Pakistani analyst Ahmed Rashid.

ORIGINS:

* Jundollah, which also calls itself the Iranian People’s Resistance Movement, was founded in 2002 and launched its armed campaign in 2005.

* Since early 2005 the group has sought to expand operations in Iran’s southeastern province of Sistan-Baluchestan. It has carried out kidnappings and, more recently, suicide attacks.

* The group probably numbers fewer than 100 militants armed with explosives and small arms in Sistan-Baluchestan which borders both Pakistan and Afghanistan.

* Leader Rigi had vowed to fight the Shi’ite government in Iran unless economic conditions improve in the province.

* Rigi was arrested in February 2010. Intelligence Minister Heydar Moslehi said Rigi had been in a U.S. military base 24 hours before his arrest, state-run Press TV reported.

* ATTACKS:

* In June 2005, Jundollah kidnapped Revolutionary Guard officer Shahab Mansuri and sent a video of him to al-Arabiya. He was killed on July 13 and Iran blamed Jundollah.

* On Dec. 14, 2005, an assassination attempt was carried out against President Mahmoud Ahmadinejad while on a visit to Sistan- Baluchestan. This attack also was blamed on Jundollah.

* In 2007, Jundollah claimed responsibility for several attacks. On Feb. 14, 11 members of Iran’s elite Revolutionary Guards were killed in an attack on a bus in the city of Zahedan.

* In Dec. 2008 there was a suicide attack in Saravan on a security forces headquarters. This was the first such suicide attack in Iran and was carried out by Abdul-Ghafoor Rigi, a brother of the group’s leader.

* On May 28, 2009, a suicide bomber killed 25 people and wounded more than 120 in an attack on a mosque in Zahedan, the capital of Sistan-Baluchestan. Jundollah claimed responsibility for the attack.

* An Oct. 18, 2009 bombing by the group killed 40 people. Fifteen Revolutionary Guards members were among those killed, including the deputy head of ground forces. Jundollah said it was behind the deadliest attack in Iran since the 1980s.

EXECUTIONS:

* On May 30 three men were hanged in public for involvement in the Zahedan bombing. Two more were hanged on June 2. Iran executed 15 more men accused of membership of Jundollah in July.

* On Nov. 3, Iran executed Jundollah member Abdolhamid Rigi.

* The leader’s brother, also called Abdolhamid, was hanged in May.

(For a main story on Rigi’s execution click on [ID:nHAF017863])

Sources: Reuters/Janes World Insurgency and Terrorism

(Writing by David Cutler, London Editorial Reference Unit; Editing by Michael Roddy)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Research and Markets: Global SaaS-Based Customer Relationship Management Market 2009-2013

June 12, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/2df54f/global_saasbased) has
announced the addition of the “Global SaaS-based CRM Market 2009-2013″ report to
their offering.

SaaS (Software-as-a-Service)-based Customer Relationship Management (CRM) is an
on-demand deployment of CRM software, where the user can access the software
through license or lease as a Web-based service. It provides an alternative to
implementation or maintaining CRM software.

The SaaS-based CRM is increasingly becoming popular as resources are maintained
by a service provider. Further, SaaS-based CRM provides flexible, low-cost
business model to enable its customers focus more on their core business.
Moreover, the businesses can easily meet the fluctuating demands through this
model. Additionally, the SaaS-based CRM service provider gives customers
network-based access to a single copy of CRM application, which is created
specifically for SaaS distribution. Thus, it eliminates the need for time
consuming patches and updates in the software.

The tough economic conditions have resulted in the growth of the SaaS-based
marketing model. This is because it provides the companies with cost-effective
option of accessing a software-as-a-service instead of implementing the entire
package software. Thus, the companies are adopting new technologies such as
SaaS-based CRM that can substantially reduce the cost.

Presently, the credit crunch and small & medium businesses are opting for
SaaS-based CRM as a cost effective alternative by making installment based
payments. Moreover, most of the IT companies are channelizing their product
portfolio and introducing new service offerings (like social networking services
through the SaaS-based CRM). Further, the increasing use of Web-based computing
and popularity of Web-based applications have fueled the growth of SaaS-based
CRM. Furthermore, the companies are exploring new mediums to enhance the
customer experience through the adoption of SaaS-based CRM.

This report highlights scope of the SaaS-based CRM market, along with trends,
drivers, growth inhibitors and a few major vendors in the market.

Key Topics Covered:

1. Introduction

2. Market Size and Forecast

3. Geographic Segmentation

3.1. Market Size in Americas

3.2. Market Size in EMEA

3.3. Market Size in APAC

4. Market Trends in SaaS-based CRM

5. Market Drivers in SaaS-based CRM

6. Market Challenges in SaaS-based CRM

7. Vendors

For more information visit

http://www.researchandmarkets.com/research/2df54f/global_saasbased

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Research and Markets: Raising Capital Expenditure Up To 50 Percent Is Part of the Agenda of Many Interviewed Companies in the Report China Sourcing: Health & Personal Care 2010

June 12, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and
Markets(http://www.researchandmarkets.com/research/469ba5/china_sourcing_rep)
has announced the addition of the “China Sourcing Report: Health & Personal Care
2010″ report to their offering.

Suppliers of health and personal care in China are setting sights on overall
business growth throughout the rest of 2010. With economic conditions pointing
to recovery, makers are looking forward to higher export sales as well as
carrying out aggressive production upgrades.

In fact, raising capital expenditure up to 50 percent is part of the agenda of
many interviewed companies in this report. In most cases, the additional budget
is spent on automating manufacturing steps to boost output as orders rise again.

Further, prices are likely to remain stable, contrary to the trend in previous
months when suppliers were either imposing cuts to stay competitive or mark-ups
to recoup margin losses. This is also partly because of stabilizing material
costs.

This report covers five major product lines of China’s health and personal care
industry, namely massagers, health monitors, hair-removing and styling
appliances, and toothbrushes.

What you’ll get

* In-depth profiles of 30 major suppliers with a comprehensive look at their
manufacturing and export capability, verified contact details, and more this
information is not available anywhere else
* 132 full-color images that depict popular health and personal care export
models, complete with product descriptions, prices, minimum order requirements
and delivery times
* Verified supplier contact details of an additional 14 exporters, including
names, e-mails, telephone numbers and websites
* Supplier information in tabular format to help you compare companies at a
glance
* Results of the custom-designed supplier survey, which forecasts industry
trends for the next 12 months
* An extensive overview of the industry discussing the main challenges facing
suppliers
* An in-depth examination of the supplier base highlighting key characteristics
of different types of companies
* Details of the primary production centers
* An update of the latest trends in design, R&D, materials and components
* A review of the key factors that influence the price and quality of low-end,
midrange and high-end products
* Comprehensive pricing tables featuring export price ranges

Who should read this report

* CEOs, Directors, Presidents, Business Owners
* Export/ Import Managers, Sourcing Representatives, Sourcing Engineers, Supply
Chain Directors, Procurement Managers, Agents
* Sales Executives & Managers, Marketing Executives & Managers, International
Buyers
* Business Consultants, Investment Managers
* Anyone who needs to understand the China supply market

The following are some of the trends we see in China’s health and personal care
industry:

* Designs with multiple functions and improved user comfort will be the R&D
highlights of personal grooming appliance makers. Accuracy and response speed,
meanwhile, top the product development efforts of health monitor specialists.
* While many companies are going back to traditional export markets such as the
US and Europe, some continue to explore opportunities in South America and
Africa to shore up overseas revenue.
* Regardless of operation size, more China manufacturers are utilizing imported
and automated machines to increase capacity while lessening reliance on manual
labor. Examples of these are surface-mount equipment from South Korea and CNC
bristle implant machines purchased in Germany.
* Small and midsize enterprises offering low-end and midrange designs continue
to dominate China’s health and personal care supplier base. In the massage
chairs and health monitors segments, such makers comprise 90 percent of the
total number of companies.
* The majority of industry players are still OEM- and ODM-driven. An increasing
number of manufacturers, however, are venturing into the OBM line, including
tier 1 specialists of electric toothbrushes and massage chairs.

This updated report covers five major product lines of China’s health and
personal care industry, namely massagers, health monitors, hair removing and
styling appliances, and toothbrushes.

For each category, the latest design trends, functions and features are
provided. The report also highlights key factors that differentiate the export
price and performance of low-end, midrange and high-end releases. The industry
demographics and export hubs per product segment are likewise discussed here.

Projections for the next six to 12 months on overseas sales, capacity expansion
plans and R&D focus are detailed in the Supplier Survey.

The Industry Overview section underscores the overall export sales and growth
projections now that the global economy is entering the post-recession phase. It
also provides information on the strengths of Guangdong, Fujian and Zhejiang
provinces, the key sourcing centers. Reflecting the industry structure, 97
percent of makers interviewed for this report are located in these provinces.

The majority of these companies are manufacturers with direct export rights.

Further, more than 90 percent of the featured suppliers are mainland China
owned, and the others are Taiwan- or foreign-invested. The majority has been
offering health and personal care products for more than 10 years.

For more information visit

http://www.researchandmarkets.com/research/469ba5/china_sourcing_rep.

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Japan service sector sentiment falls in May

June 9, 2010 By Leave a Comment

June 8 (Reuters) – Japan’s service sector sentiment index fell to 47.7 in May, a Cabinet Office survey showed on Tuesday, the first fall in six months.

The survey of workers such as taxi drivers, hotel workers and restaurant staff — called “economy watchers” for their proximity to consumer and retail trends — showed their confidence about current economic conditions fell from 49.8 in April.

The Cabinet Office started compiling the data in comparative form in August 2001.

The outlook index, indicating the level of confidence in future conditions, fell to 48.7 from 49.9 in April. (Reporting by Hideyuki Sano)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , ,

”Biodiversity benefits of organic farming are small”

May 6, 2010 By Leave a Comment

Washington, May 6 (ANI): A new research from the University of Leeds has suggested that organic farms may be seen as wildlife friendly, but the benefits to birds, bees and butterflies don”t compensate for the lower yields produced.

While comparing organic and conventional farming to date, the researchers found that the benefits to wildlife and increases in biodiversity from organic farming are much lower than previously thought – averaging just over 12 percent more than conventional farming.

The organic farms in the study produced less than half of the yield of their conventional counterparts, so the research raises serious questions about how we can use agricultural land to maximise food production and still protect our wildlife.

“Over the next forty years, we”re going to have to double food production worldwide to keep pace with population increases. Our results show that to produce the same amount of food in the UK using organic rather than conventional means, we”d need to use twice the amount of land for agriculture,” says Professor Tim Benton, who led the project.

“As the biodiversity benefits of organic farming are small, then the lower yield may be a luxury we can”t afford, particularly in the more productive areas of the UK,” he added.

Benton and colleagues looked at two areas in Central South West England and the North Midlands, taking into account over 30 variables covering climate, topography, socio-economic conditions, land use and soil type.

Thirty-two organic and non-organic farms were paired together, some in ”hotspot” regions with many organic farms and others in ”coldspots” with very few, to help identify any cumulative impacts over a wider area. Comparisons were made also between individual fields, with 192 fields sampled in all.

The research looked at birds, insects (including butterflies, bees and hoverflies), earthworms and plants.

Comparing farm by farm, the researchers found a 55 per cent drop in yield compared to a 12.4 per cent increase in biodiversity.

However, comparisons between larger areas found that ”hotspots” with a greater density of organic farming showed a 9.1 per cent increase in biodiversity across the board.

The study has been published online in Ecology Letters. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Food inflation to decline in coming months: Mukherjee

April 29, 2010 By Leave a Comment

New Delhi, Apr 29 (ANI): Finance Minister Pranab Mukherjee has said that despite the country being worried about high inflation, there are indications of a cooling off in high food prices that have been driving it.

“What is the most worrisome feature of the economy is the inflation, which agitates the entire house and the people outside the house. I share the concern of honourable members,” said Mukherjee, while speaking in the Lok Sabha on Wednesday.

Mukherjee mentioned that the inflation would ease in the next few months on indications of a good monsoon.

“Indications of softening of the food inflation are clearly visible. There has been a significant decline from the peak food inflation of over 20 percent recorded in December 2009 to 17.7 percent in March 2010,” said Mukherjee.

“The inflation in essential commodities also declined from the peak 23.8 percent in January 2010 to 19.8 percent in March 2010, it is expected that the decline would continue in the recent (sic) months uninterruptedly,” he added.

Mukherjee further said the recent moves by the country”s central bank – the Reserve Bank of India (RBI) to tighten monetary policy should anchor inflationary expectations, adding that the buoyed by predictions of normal monsoon and better economic conditions, the economy is expected to reach 9 percent mark by 2011-2012.

“Going by these indications and considerations that agriculture has a set back in 2009-2010. Indian economy is expected to go around 8.5 percent during 2010-2011 and to reach 9 percent mark in 2011-2012,” said Mukherjee.

Annual wholesale price inflation in March touched a 17-month high of 9.90 percent, prompting the RBI to raise rates in April, its second such move in as many months. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Research and Markets: Booming Biotech Market in India

April 16, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/5de54d/booming_biotech_ma) has
announced the addition of the “Booming Biotech Market in India” report to their
offering.

Thanks to a large pool of scientific talent, world-class information technology
industry, and vibrant pharmaceutical sector, the Indian biotech industry has
stupendously grown over the past few years. During FY 2005-FY 2009, the industry
witnessed an impressive CAGR of around 26.5% and generated total revenue of INR
121.4 Billion (US$ 2.4 Billion) in FY 2009. Moreover, the industry has been able
to survive successfully amid the global financial turmoil. Government
initiatives, like set up of more biotech parks and encouragement to
public-private-partnerships, provided cushion to the biotech industry against
tough economic conditions of recession.

According to this new research report Booming Biotech Market in India, the
year-on-year growth of the biotech market is expected to accelerate in near
future on the back of high demand for vaccines, CROs, biopesticides,
biofertilizers, biodiesel and biotherapeutics in India as well as at the global
level. In this regard, the publisher has done an extensive research and analysis
of the biotech market together with its segments.

The research has found that the biopharma segment constitutes a major part of
the total biotech market. It has experienced consistent rise in revenue and the
trend is likely to continue in future as well. Talking about future outlook of
the overall biotech market, it will remain buoyant despite the recent economic
downturn. The baseline for optimistic future projection of the market is pouring
of investments to promote research and support entrepreneurship in the emerging
segments. Besides, cutting edge research in globally emerging segments (such as
contract bio-manufacturing services, clinical development services, etc) and
developing in-house capability to manufacture innovative biopharma products will
also pave the way for the Indian biotech market over the forecast period (FY
2011- FY 2013).

This report provides comprehensive information, rational analysis and reliable
statistics of the biotech market in India. The report has thoroughly examined
current market trends, industrial developments and competitive landscape to
enable clients understand the market structure and its progress in coming years.
Due consideration has been given to the possible aftereffects of recession on
the industry while making the report.

Key Topics Covered:

1. Analyst View
2. What Makes India Biotech Capable?
3. Indian Biotechnology Industry
4. Biotech Funding
5. Indian Bioclusters
6. Government Initiatives
7. Emerging Sectors
8. Regulatory Environment: Impact & RNCOS Recommendations
9. Key Players Analysis

Companies Mentioned:

* Serum Institute of India
* Novo Nordisk
* Novozymes South Asia
* Biocon
* Panacea Biotech

For more information visit

http://www.researchandmarkets.com/research/5de54d/booming_biotech_ma.

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Japan service sector sentiment 47.4 in March

April 9, 2010 By Leave a Comment

TOKYO, April 8 (Reuters) – Japan’s service sector sentiment index rose to 47.4 in March, the highest in three years and improving for a fourth straight month, a Cabinet Office survey showed on Thursday.

The survey of workers such as taxi drivers, hotel workers and restaurant staff — called “economy watchers” for their proximity to consumer and retail trends — showed their confidence about current economic conditions rose from 42.1 in February.

The Cabinet Office started compiling the data in comparative form in August 2001.

The outlook index, indicating the level of confidence in future conditions, rose to 47.0 from 44.8 in February. (Reporting by Hideyuki Sano)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

New Citi Survey Shows That, Despite Signs of Recovery, Americans Remain in “Economic Winter” With Four in Five Rating the Economy Fair or Poor

April 9, 2010 By Leave a Comment

New Citi Survey Shows That, Despite Signs of Recovery, Americans Remain in “Economic Winter” With Four in Five Rating the Economy Fair or Poor
Thu Apr 8, 2010 12:00am EDT

Americans cite learning to value family, friends and quality of life as top
lesson learned from economic downturn

“Economic Spring” still expected to hit over the next twelve months
NEW YORK–(Business Wire)–
A new nationwide survey issued today by Citi, and conducted by Hart Research
Associates, showed that American consumers across the board continue to take a
surprisingly sober view of the nation`s economy and their local economy.
Furthermore, they see their own financial situation as little or no better than
it was a year ago, despite the strong stock-market rebound, stabilizing
real-estate prices and improving economic data.

According to the data, 80 percent of Americans rated the economy as fair (44
percent) or poor (36 percent), while 52 percent said their financial conditions
are about the same as they were a year ago. By more than two to one, Americans
say they are worse off financially (33 percent) rather than better off
financially (15 percent) than they were a year ago.

Just 36 percent of Americans believe the economy has hit bottom, and 59 percent
continue to believe the country`s economic conditions still have a way to go
before hitting bottom. While these numbers are slightly more positive than they
were last September – when 33 percent believed we had hit bottom vs. 63 percent
who felt we still had a long way to go – the data reveals that the public still
believes the end of the downturn is some distance off.

Jonathan Clements, Director of Financial Education, Citi Personal Wealth
Management, said, “These survey results are a bit of a reality check on the
economic recovery. They show most Americans for now are still feeling hunkered
down financially. Spring may be here, but consumers are still feeling an
economic winter. These results speak to the powerful and enduring impact of the
financial crisis on the American psyche.”

Consumer Spending Expectations Remain Conservative in the Near Term

People across all income levels and ethnic groups in the survey said they plan
to remain conservative about their spending in the near term. In a key measure
of potential consumer demand, three in five Americans continue to believe that
the current environment is a fair (27 percent) or poor (34 percent) time to make
a major household purchase, which is virtually unchanged from six months ago.

“A year after economic indicators look brighter, Americans are still profoundly
shaken by the economic downturn,” noted Clements. “As long as these views
prevail, it will likely slow the recovery.”

Over the next six months, a 55 percent majority said that they will focus
primarily on reducing their level of debt. And if people were to receive any
extra money over the next six months, 70 percent said they would do something
conservative with it, while only 28 percent said they would spend or invest any
extra income. Specifically:

* 38 percent said they would save extra money
* 32 percent said they would use extra money to pay overdue bills
* 18 percent said they would invest extra money
* 10 percent said they would spend any extra money

While consumers remain cautious about spending, they have learned important
lessons from the economic downturn, suggesting we may see a return to more
traditional values:

* 33 percent said they increasingly value family, friends and quality of life
over material goods, making it the top response among both women (38 percent)
and men (28 percent).
* Other lessons learned include avoiding going deeper into debt (31 percent) and
living within a smaller budget (31 percent).

“Economic Spring” Still Expected to Hit Over the Next Twelve Months

Despite the lack of overall improvement in their current economic situation, the
majority of Americans do remain cautiously optimistic that circumstances will
improve over the next 12 months. Nearly three in five (58 percent) Americans
believe that the business conditions in their area will improve. The
expectations are restrained though, as the vast majority of those (53 percent)
expect that the economy will get only somewhat better rather than much better (5
percent). An even higher proportion of Americans (66 percent) are hopeful that
their own situation will improve over the same period of time.

Clements added, “People`s conservative stances are likely a reflection of the
current unemployment picture, which has not seen the same kind of rebound as the
stock market. Our `Economic Spring` is expected to come, just several more
months down the road.”

Citi conducted this nationwide survey as part of its ongoing effort to better
understand changes in the needs of the consumers and communities the company
serves.

Survey Methodology

Hart Research Associates conducted the telephone survey of 2,002 adults
nationally from March 15-25, 2010. The Random Digit Dialed (RDD) survey has an
overall statistical margin of sampling error of plus or minus 2.5 percentage
points. The survey also included a panel of respondents who use only a mobile
telephone.

About Citi

Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
Citicorp and Citi Holdings, Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, and wealth management. Additional information may be found
at www.citigroup.com or www.citi.com.

Citi
Samuel Wang, 212-559-0499
Liz Fogarty, 212-559-0486

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

US economy still facing challenges: Bernanke

April 8, 2010 By Leave a Comment

The head of the US federal reserve says home foreclosures and unemployment continue to be the biggest economic challenges facing the country.

Ben Bernanke made the comments at a business lunch in Dallas, where he said the US economy seems to be recovering but is far from being out of the woods.

The federal reserve chairman pointed to unemployment, which is 9.7 per cent, as one of the toughest problems for the government to address and he only sees that easing gradually.

Mr Bernanke also doubts there is any evidence of a sustained recovery in the housing market.

Despite that he says his best guess is that economic conditions will continue to improve but the US will have to make tough choices to reduce the budget deficit.

Filed Under: International News Tagged With: , , , , , , , , , , , , ,

Pay rise for public servants

April 1, 2010 By Leave a Comment

The Salaries and Allowances Tribunal is tomorrow expected to lift the wage freeze imposed on WA’s senior public servants.

In August last year the tribunal froze the wages of the executives because of the tough economic climate.

At the time it said it would remove the cap as soon as economic conditions permitted.

The tribunal is expected to award the executives a four per cent increase tomorrow, a rise of almost $14,000 for bureaucrats at the top of the scale, taking their salaries to $355,000.

Filed Under: International News Tagged With: , , , , , , , ,
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