Canadian dollar benefits from equities, shrugs off CPI

July 24, 2010 By Leave a Comment

(Reuters) – The Canadian dollar inched up against its U.S. counterpart on Friday, as positive North American equity futures offset the negative impact of soft domestic inflation data, while market participants eagerly awaited the results of European bank stress tests.

Moderating energy prices helped to slow Canada’s annual inflation rate in June from May, suggesting that the Bank of Canada has breathing room to take a gradual approach to future interest rate hikes.

Initially after the data, the Canadian dollar fell to a session low of C$1.0440 versus greenback, or 95.79 U.S. cents, but quickly rebounded as a new batch of solid U.S. corporate results pointed to a continuing rally in equity markets.

“The Canadian dollar is probably more sensitive, I think, to the activity numbers rather than the inflation numbers,” said Adam Cole, global head of FX strategy at RBC Capital Markets.

The Canadian dollar has moved sharply in recent sessions on employment and growth data.

“Canada did dip initially but it’s come back a bit and I think that’s just basically on the fact that number one, it was probably a little bit preconditioned that we were going to see slightly weaker CPI,” said Steve Butler, director of foreign exchange trading at Scotia Capital.

“Number two, we’ve seen the stock futures point in the right direction on the positive side and that’s generally been good for the Canadian dollar.”

At 8:35 a.m., the Canadian currency was at C$1.0384 to the U.S. dollar, or 96.30 U.S. cents, up from Thursday’s finish at C$1.0393 to the U.S. dollar, or 96.22 U.S. cents.

Butler noted that a key technical level to watch was the 100-day moving average which is 1.03.

“We tested it four times last week, couldn’t ever get a close below it, so I think if we can go down to that C$1.0280 to C$1.03 area that will be really important for the downside,” he said

“Anywhere back up toward that C$1.0560 to C$1.0580 area is going to be certainly the topside and before we get there I think we should probably find a little bit of resistance up toward C$1.05.”

The Canadian dollar was dragging prior to the inflation data, as positive economic data in Europe boosted buying of euros and sterling against the currency.

News that Britain’s economy grew almost twice as fast as expected in the second quarter and German business sentiment leaped by a record margin in July cheered investors ahead of the European bank stress test results due at noon EDT.

A slip in oil prices also weighed on the commodity-linked currency.

Canadian bond prices extended their declined after the soft inflation report, tracking U.S. Treasuries lower after the solid U.S. corporate earning results whetted investor appetite for riskier assets.

The two-year bond lost 5 Canadian cents to yield 1.573 percent, while the 10-year bond shed 30 Canadian cents to yield 3.249 percent.

(Additional reporting by John McCrank)

(Editing by Theodore d’Afflisio)

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Big Business, Big Responsibilities Provides Insider View on Business’ Role in Tackling Sustainability Challenges

July 21, 2010 By Leave a Comment

SAN FRANCISCO, July 20 /PRNewswire/ — Big Business, Big Responsibilities (Palgrave Macmillan 2010)—a new book coauthored by Dunstan Allison Hope of BSR, Andy Wales of SABMiller, and Matthew Gorman of BAA Ltd—challenges popular perceptions about the role of global business in solving the world’s greatest problems, arguing that companies can take the lead in solving poverty, addressing climate change, and protecting human rights.

“Businesses have a culture that encourages change, innovation, and rapid decision-making, and those are the exact same characteristics that are needed to tackle sustainability challenges,” said Hope, Managing Director at BSR.

With more than 30 years of combined experience leading change toward sustainability in industries as diverse as consumer goods, technology, and transportation, the authors share the inside track on why some of the world’s best-known brands are addressing global challenges as a core part of their business strategy.

“Addressing big challenges such as water scarcity and climate change must be done as part of their core strategy,” said Wales, Global Head of Sustainable Development, SABMiller. “Business success ultimately depends on healthy, thriving communities and the protection of the scarce environmental resources we all share.”

However, the authors maintain that there is more work to be done to advance the sustainability agenda. The book outlines their five main conclusions:

* Shared risks mean shared responsibilities. Big business must understand the real risks posed by challenges such as climate change and water scarcity. Only by sharing the responsibility of addressing these issues will business succeed in the long term.
* Shared risks are best addressed through collaboration. By working with others in their industries and value chains, and in governments and civil society, business will help solve these shared challenges sooner.
* Public trust is more important than ever. Public disclosure of sustainability performance should be as regular and comparable as financial disclosure.
* New regulations and fiscal incentives are required to support business activities for sustainability. Leading companies should play a constructive role in shaping new legislation that will promote real, systemic change on issues such as climate change.
* Successful companies will view sustainability as an opportunity for innovation, not as a risk to be mitigated. Global sustainability challenges can be used to drive the next generation of innovation and develop the successful products of tomorrow.
*
* “The big responsibilities of business are clear: Business must protect the environmental systems they depend on, build consumer trust, and create new, sustainable markets to ensure long-term success,” said Gorman, Director of Corporate Responsibility and Environment at BAA Ltd.
*

Visit www.bigresponsibilities.org for more information about the book, complete author bios, and the latest author blogs.

Endorsements for Big Business, Big Responsibilities

“[The authors] have written a book that captures beautifully the realistic idealism that is at the heart of the modern sustainability movement. Their book is a great guide to the ways that companies are making a difference in the world while also enhancing their competitiveness.”

—Aron Cramer, President and CEO, BSR

“Optimistic, yet grounded in the day-to-day realities of running a business, the authors offer a leadership agenda for the 21st century corporation and for the consumers, regulators, activists, executives, and, above all, employees, who are helping drive this agenda forward.”

—Jane Nelson, Director, Corporate Responsibility Initiative, Harvard Kennedy School

“This unusual book highlights and humanizes the challenges facing those who wish to effect social progress from within a system rather than outside of it. It provides a useful and timely map through the distrust and conflict that can too easily arise where capitalism and activism meet.”

—Jonathan Zittrain, Professor, Harvard Law School, and author, The Future of the Internet—And How to Stop It

“This is a book that many of us have been waiting for! Written by three ‘insiders,’ it describes how social pressures are influencing corporate behavior. It will change, for the better, both the tone and substance of debates over corporate social responsibility.”

—Ethan B. Kapstein, Chair in Political Economy, INSEAD Business School

“A new generation of leaders give the inside story on how to become a sustainability-responsible leader. Indispensable.”

—Sara Parkin, Founder Director, Forum for the Future

About BSR

A leader in corporate responsibility since 1992, BSR works with its global network of more than 250 member companies to develop sustainable business strategies and solutions through consulting, research, and cross-sector collaboration. With offices in Asia, Europe, and North America, BSR uses its expertise in the environment, human rights, economic development, and governance and accountability to guide global companies toward creating a just and sustainable world. Visit www.bsr.org for more information.

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Jefferies Expands Global Equities Sales and Trading

July 20, 2010 By Leave a Comment

Five New Hires Join in International Equity Sales
NEW YORK & BOSTON & SAN FRANCISCO & LONDON–(Business Wire)–
In a further expansion of the firm`s Global Equities Sales & Trading Business,
Jefferies announced today the addition of five professionals to the firm`s
international equity sales and research sales effort. Scott Ackerman joins as an
International Equity Sales Trader and Richard Harb, Martyn Bergh, Jerry Bellman
and Paul LoGiudice join as European Equity Research Salesmen. Mr. Ackerman is
based in New York, Messrs. Harb and LoGiudice are based in Boston, and Messrs.
Bellman and Bergh are based in San Francisco.

“The continued expansion of our international equity sales and research sales
teams underscores the global nature and coverage of Jefferies’ equities business
today, and emphasizes the importance of being integrated on a global basis to
better serve our clients,” commented Jason Griffith, Global Head of Equities at
Jefferies. “We have significantly expanded during the past two years and now
have more than 650 professionals globally focused on cash equities, equity
research, electronic trading, equity derivatives, prime brokerage, securities
finance and equity capital markets.”

“We are delighted that these talented and experienced professionals have joined
Jefferies. These hires are part of our ongoing commitment to providing clients
with world class, high quality equity sales and trading capabilities on a global
basis. The experience and longstanding client relationships of Scott, Richard,
Martyn, Jerry and Paul will bring immediate value to Jefferies,” added Andrew
Shortland, Head of International Equities.

In addition to these hires in the US, Jefferies has added a number of new equity
professionals in London over the last few months. Jerry Dellis joined as an
Equity Research Analyst covering the Telecoms industry from JPMorgan, Abid
Hussain joined as an Equity Research Analyst covering the Insurance industry
from Prudential and Mike Betts joined as an Equity Research Analyst covering
Global Building Materials. Additionally, in Equity Research Sales, David Craven
has joined as a Managing Director and Alan Carvell has joined as a Senior Vice
President, both from ICAP Equities.

Summary of New Hires:

Scott Ackerman joins Jefferies as an International Equity Sales Trader from
Deutsche Bank, where he spent eight years as a Director in International Sales
and Trading. He is based in New York.

Martyn Bergh joins Jefferies as a European Equity Research Salesperson from
Deutsche Bank, where he spent eight years and was most recently a Vice President
for Institutional Equity Sales. He is based in San Francisco.

Jerry Bellman joins Jefferies as a European Equity Research Salesperson from
Bellman Walter Capital, where he spent two years and was most recently an Equity
Analyst. He is based in San Francisco.

Richard Harb joins Jefferies as a European Equity Research Salesperson from UBS,
where he spent three years and was a Director for European Equity Sales. He is
based in Boston.

Paul LoGiudice joins Jefferies as a European Equity Research Salesperson from
UBS, where he spent four years in European Equity Sales. He is based in Boston.

Jefferies, a global securities and investment banking firm, has served companies
and their investors for more than 48 years. Jefferies & Company, Inc. is the
principal US operating subsidiary of Jefferies Group, Inc. (NYSE: JEF:
www.jefferies.com), and Jefferies International Limited is the principal UK
operating subsidiary. Jefferies International Limited, a UK-incorporated
company, is authorised and regulated by the UK Financial Services Authority.

Jefferies
Tom Tarrant, +1 203 708 5989
ttarrant@jefferies.com
or
Desiree Maghoo, 44 20 7029 8085
dmaghoo@jefferies.com
or
CJP Communications
Josh Passman, +1 212 279 3115 x203
jpassman@cjpcom.com

Copyright Business Wire 2010

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

Jefferies Enhances Global Equity Research Management Team

July 20, 2010 By Leave a Comment

Richard Taylor Joins as Head of International Equity Research and Robert Fagin
as Co-Director of US Equity Research
NEW YORK & LONDON–(Business Wire)–
Jefferies announced today the hiring of Richard Taylor as Head of International
Equity Research in London and Robert Fagin as Co-Director of US Equity Research
in New York. Mr. Taylor will lead Jefferies` equity securities research effort
in Europe and Mr. Fagin will partner with Susan Gilbertson, Co-Director of US
Equity Research, in leading the firm`s US equity research.

“We are very pleased to welcome Richard and Robert to Jefferies,” commented
Steven R. Black, Global Head of Equity Research at Jefferies. “Their significant
experience and outstanding reputations make them key additions to our
established equity research effort. These additions demonstrate Jefferies`
commitment to providing our institutional clients with high-quality, independent
equity research on a global basis.”

Jason Griffith, Global Head of Equities at Jefferies, said, “These appointments
enhance the leadership of our equity research offering and are further
confirmation of our commitment to delivering high-quality equity research
globally. Steve, Susan, Robert and Richard, together with our team of 64 senior
equity research analysts worldwide covering nearly 1,000 companies, will
continue to enable Jefferies to provide our institutional clients with valuable
insight and perspective.”

Jefferies` research analysts consistently rank among the top industry
professionals, capturing 31 analyst awards year-to-date in 2010, including
honors from The Wall Street Journal “Best on the Street” Analyst Survey,
Institutional Investor, Forbes.com / Zacks Investment Research and Financial
Times / StarMine. Jefferies and its affiliates have more than 180 equity and
leveraged finance research professionals globally covering over 1,300 companies
in the areas of aerospace & defense, clean technology, consumer, energy,
financial services, gaming & leisure, healthcare, industrials, maritime, media &
entertainment, real estate, technology, telecommunications and utilities.

Mr. Taylor brings to Jefferies more than 25 years of industry experience,
including the most recent 13 years at Citigroup, where he was most recently
Managing Director and Head of European Equity Research. Previously, Mr. Taylor
was a Deputy Managing Director at Natwest Markets and Head of European Equity
Research. He received a BA from the University of Oxford in Philosophy, Politics
& Economics.

Mr. Fagin was most recently Associate Director of Equity Research at Banc of
America Securities, where he worked for five years. Prior to that, he was a
Managing Director and Senior Research Analyst covering the Telecommunications
sector at Bear Stearns, and a Director and Senior Analyst at CIBC Oppenheimer
covering the Software sector.

Jefferies, a global securities and investment banking firm, has served companies
and their investors for more than 48 years. Jefferies & Company, Inc. is the
principal US operating subsidiary of Jefferies Group, Inc. (NYSE: JEF:
www.jefferies.com), and Jefferies International Limited is the principal UK
operating subsidiary. Jefferies International Limited, a UK-incorporated
company, is authorised and regulated by the UK Financial Services Authority.

Jefferies
Tom Tarrant, +1 203 708 5989
ttarrant@jefferies.com
or
Desiree Maghoo, 44 20 7029 8085
dmaghoo@jefferies.com
or
CJP Communications
Josh Passman, +1 212 279 3115, x203
jpassman@cjpcom.com

Copyright Business Wire 2010

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

Doubletree by Hilton Arrives on Popular Italian Island of Sardinia

July 15, 2010 By Leave a Comment

First Hilton Worldwide Hotel in Sardinia Ideally Located for Adventurous,
Mediterranean Getaways on the Emerald Coast
OLBIA, Italy–(Business Wire)–
Hilton Worldwide has announced the arrival of its first hotel in Sardinia — the
Doubletree by Hilton, Olbia-Sardinia. The opening marks the company`s debut on
the popular Italian island and is a reflection of the continued growth of the
Hilton Worldwide portfolio of brands across Italy. Situated on Sardinia`s
northern coast in the Gallura region, the Doubletree by Hilton Olbia-Sardinia is
set in a prime location just a few hundred metres from Olbia city centre, close
to the city`s historic port and only five kilometres from the Olbia-Costa
Smeralda airport with direct airline connections to several major European
cities. The hotel ideally is located to explore the popular beaches and islands
of the scenic Emerald Coast.

“The Doubletree by Hilton Olbia-Sardina has opened its doors in one of the
Mediterranean region`s most desirable islands and we hope that our guests enjoy
the contemporary, relaxed and refreshing approach to hospitality that is truly
unique to the Doubletree by Hilton brand,” said Rob Palleschi, global head for
Doubletree Hotels. “With more than 10 Doubletree by Hilton hotels and resorts
now open throughout Europe, this opening in Olbia reaffirms our plans to
introduce new Doubletree by Hilton locations in some of the most sought after
leisure and business destinations around the world.”

The new-build hotel is operated by PROMA srl, under a franchise agreement with a
subsidiary of Hilton Worldwide. The Doubletree by Hilton, Olbia-Sardinia also
represents the third Doubletree by Hilton to open in Italy – an upscale,
full-service hotel collection which includes a centre city hotel in Milan, a
coastal golf resort in Acaya-Lecce and more than 230 hotels and resorts around
the world.

“We look forward to welcoming the world`s travellers to experience warm and
welcoming Sardinian hospitality at our luxurious new Doubletree by Hilton,
Olbia-Sardinia. Our goal is to offer the highest standards in accommodations,
amenities and service; something that Doubletree by Hilton already is well known
for in locations all over the world,” commented Raffaella Pellegrini and Fabio
De Pascale of PROMA srl.

Picturesque harbour and countryside views grace the hotel`s 124 spacious
guestrooms and suites, along with a wide range of modern in-room facilities and
amenities that include wireless high-speed Internet access; 32-inch, flat-screen
LCD TVs; the Sweet Dreams by Doubletree sleep experience with a specially
designed mattress and a plush pillow and linen package; MP3-compatible stereo
clock radios; gourmet coffee service; and upscale bath and body products. All
guests, whether travelling on leisure or business, will be welcomed to the hotel
with the brand`s signature, fresh-baked Doubletree chocolate chip cookie upon
arrival.

For meetings and corporate events, the Doubletree by Hilton, Olbia-Sardinia
provides four flexible meeting rooms that can be expanded for groups of up to
150 reception style. Additional indoor and outdoor event space and a business
centre make the hotel ideal for meetings, seminars, social receptions and
weddings. As an added incentive, the Doubletree by Hilton, Olbia-Sardinia can
arrange preferred tee times for the Robert Trent Jones-designed Pevero Golf
Club, home of the Costa Smeralda Golf Academy.

The Doubletree by Hilton, Olbia-Sardinia proudly presents a selection of
outstanding dining options. The Tilibbas Restaurant offers acclaimed regional
and Italian specialties complemented by an extensive wine list and an outdoor
terrace, weather permitting. Occupying a commanding location in the lobby of the
hotel, the relaxed and stylish Flamingos Bar features a 25-metre high vault,
with ambient light streaming through the large windows. Room service also is
available for guests upon request.

For guests who want to keep their workout program on track while travelling, a
state-of-the-art fitness facility equipped with the latest in cardio and weight
training equipment by Precor® Fitness is available. An outdoor, heated swimming
pool, whirlpool and sundecks also provide refreshing ways to relax at the
Doubletree by Hilton, Olbia-Sardinia. A wellness centre with massage and spa
treatments using Karin Herzog products also is available for an afternoon of
pampering and relaxation.

Members of the Hilton HHonors® guest rewards program can Double Dip® and earn
both airline miles and hotel points for every qualifying stay at the Doubletree
by Hilton, Olbia-Sardinia. Hilton HHonors is the only guest rewards program that
allows members to earn Points & Miles® for the same stay and redeem hotel points
for free nights with No Blackout Dates. With No Blackout Dates, members can
redeem their Hilton HHonors points, as long as a standard room is available*.

The Doubletree by Hilton, Olbia-Sardinia is close to the highly popular Luxury
Fashion Mall Outlet and free shuttles can be arranged for hotel guests to the
sandy shores of Pittulongu Beach. The hotel address is via Isarco 5/7, Loc.
Tilibbas, Olbia, Italy 07026. For more information or to book visit
www.olbia.doubletreebyhilton.comor call + 39 0789 5561.

About Doubletree by Hilton Hotels

With a growing collection of contemporary, upscale accommodations in more than
230 gateway cities, metropolitan areas and vacation destinations worldwide,
Doubletree by Hilton hotels and resorts are distinctively designed properties
that provide true comfort to today`s business and leisure travelers. From the
millions of delighted hotel guests who are welcomed with the brand`s legendary,
warm chocolate chip cookies at check-in to the advantages of the award-winning
Hilton HHonors guest reward programme, each Doubletree guest receives a
satisfying stay wherever their travels take them. For more information on
Doubletree by Hilton, please visit www.doubletree.com.

About Hilton Worldwide

Hilton Worldwide is the leading global hospitality company, spanning the lodging
sector from luxurious full-service hotels and resorts to extended-stay suites
and mid-priced hotels. For 91 years, Hilton Worldwide has been offering business
and leisure travelers the finest in accommodations, service, amenities and
value. The company was recently voted `Best International Hotel Chain` at the
prestigious BIT Awards, held in Milan. The company is dedicated to continuing
its tradition of providing exceptional guest experiences across its global
brands. Its brands are comprised of more than 3,600 hotels and 592,000 rooms in
81 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels &
Resorts, Hilton, Doubletree, Embassy Suites Hotels, Hilton Garden Inn, Hampton
Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand
Vacations. The company also manages the world-class guest reward program Hilton
HHonors. For more information about the company, please visit
www.hiltonworldwide.com.

* – Hilton HHonors membership, earning of Points & Miles, and redemption of
points are subject to HHonors Terms and conditions.

Hilton Worldwide
Thomas Wingham
Director – Public Relations, Doubletree Hotels
+1-703-883-5315 (USA)
thomas.wingham@hilton.com
or
Jules Kerby
Director of Corporate Communications – Europe, Hilton Worldwide
+44 (0) 7966 893697 (UK)
jules.kerby@hilton.com
or
Dan Corfield
Manager of Corporate Communications – Europe, Hilton Worldwide
+ 44(0) 7974 229462 (UK)
dan.corfield@hilton.com

Copyright Business Wire 2010

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

AEGON Appoints Global Head of Human Resources

July 7, 2010 By Leave a Comment

THE HAGUE, The Netherlands, July 6, 2010 /PRNewswire-FirstCall/ — AEGON has appointed Carla Mahieu as its global head of human resources, reporting to CEO Alex Wynaendts. The appointment, effective September 1, 2010, is part of the strategic objective to more fully leverage AEGON’s considerable resources across its businesses.

Ms. Mahieu, a Dutch national, brings more than 25 years’ experience to the new position, having held senior management positions in human resources at Royal Dutch Shell and Royal Philips Electronics as well as the recruitment firm Spencer Stuart. Ms. Mahieu’s appointment will support AEGON’s efforts to attract, develop and retain the best talent in the international life insurance, pension and investment industry.

“We are delighted to have attracted someone of Carla’s caliber to AEGON,” said CEO Alex Wynaendts. “This is an extremely important position. Ours is a service business, and as such, AEGON’s reputation depends on the quality of our people and their ability to develop and deliver the services our customers require and expect. AEGON has tremendous resources across its many markets. Carla will play an integral role in ensuring that we are fully leveraging the expertise and talent of our people and putting those resources to work for our customers, business partners, and for the benefit of our entire organization.”

As part of its long-term strategy, AEGON has taken a more integrated approach to managing its worldwide operations in recent years, and the appointment of Ms. Mahieu will now extend that approach to talent and human resource management. She will work closely with local and regional HR officers to ensure a more coordinated approach to identifying persons and capabilities that may prove beneficial to AEGON’s operations internationally. In addition, she will implement a more consistent approach to measuring employee satisfaction across the AEGON Group.

Ms. Mahieu has a degree in economics from the University of Amsterdam and is currently an independent advisor in the area of human resources and change management.

About AEGON

As an international life insurance, pension and investment company based in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 28,000 people and have some 40 million customers across the globe.

First quarter Full year
Key figures – EUR 2010 2009

Underlying earnings
before tax 488 million 1.2 billion
New life sales 538 million 2.1 billion
Gross deposits (excl.
run-off) 7.8 billion 28 billion
Revenue generating
investments
(end of period) 388 billion 363 billion

Forward-looking statements

The statements contained in this press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

– Changes in general economic conditions, particularly in the United
States, the Netherlands and the United Kingdom;
– Changes in the performance of financial markets, including emerging
markets, such as with regard to:
– The frequency and severity of defaults by issuers in our fixed income
investment portfolios; and
– The effects of corporate bankruptcies and/or accounting restatements
on the financial markets and the resulting decline in the value of
equity and debt securities we hold;
– The frequency and severity of insured loss events;
– Changes affecting mortality, morbidity and other factors that may
impact the profitability of our insurance products;
– Changes affecting interest rate levels and continuing low or rapidly
changing interest rate levels;
– Changes affecting currency exchange rates, in particular the EUR/USD
and EUR/GBP exchange rates;
– Increasing levels of competition in the United States, the Netherlands,
the United Kingdom and emerging markets;
– Changes in laws and regulations, particularly those affecting our
operations, the products we sell, and the attractiveness of certain
products to our consumers;
– Regulatory changes relating to the insurance industry in the
jurisdictions in which we operate;
– Acts of God, acts of terrorism, acts of war and pandemics;
– Effects of deliberations of the European Commission regarding the aid
we received from the Dutch State in December 2008;
– Changes in the policies of central banks and/or governments;
– Lowering of one or more of our debt ratings issued by recognized rating
organizations and the adverse impact such action may have on our
ability to raise capital and on our liquidity and financial condition;
– Lowering of one or more of insurer financial strength ratings of our
insurance subsidiaries and the adverse impact such action may have on
the premium writings, policy retention, profitability of its insurance
subsidiaries and liquidity;
– The effect of the European Union’s Solvency II requirements and other
regulations in other jurisdictions affecting the capital we are
required to maintain;
– Litigation or regulatory action that could require us to pay
significant damages or change the way we do business;
– Customer responsiveness to both new products and distribution channels;
– Competitive, legal, regulatory, or tax changes that affect the
distribution cost of or demand for our products;
– The impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including our ability to integrate
acquisitions and to obtain the anticipated results and synergies from
acquisitions;
– Our failure to achieve anticipated levels of earnings or operational
efficiencies as well as other cost saving initiatives; and
– The impact our adoption of the International Financial Reporting
Standards may have on our reported financial results and financial
condition.

Further details of potential risks and uncertainties affecting the company are described in the company’s filings with Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact information

Media relations: Greg Tucker
+31(0)70-344-8956
gcc-ir@aegon.com

Investor relations: Gerbrand Nijman
+31(0)70-344-8305
877-548-9668 – toll free USA only
ir@aegon.com

http://www.aegon.com

SOURCE AEGON N.V.

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

GLOBAL MARKETS-Stocks down for 4th day; dollar subdued

July 6, 2010 By Leave a Comment

LONDON, July 5 (Reuters) – World equities fell for the fourth day running on Monday and the dollar traded close to two-month lows on growing concerns of slowdowns in the United States and China — the two main pillars of global growth.

Trading was expected to be light on Monday because of the U.S. Independence Day holiday.

The U.S. labour market, which shrank for the first time this year in June, slower Chinese manufacturing activity and euro zone austerity measures fuelled concerns over prospects for the global economy.

“Double-dip (recession) fears are the pervading influence on market psychology at present even as European sovereign (debt) concerns appear to be easing,” said Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole CIB in Hong Kong. World stocks measured by MSCI All-Country World Index .MIWD00000PUS drifted 0.1 percent lower after three consecutive sessions of declines. The index has lost 16 percent since mid-April, and is down 11 percent for the year.

The index carried a one-year forward price-to-earnings ratio of 11.9, a level last seen in April 2009 and well below its 10-year average of 15.42, according to Thomson Reuters DataStream.

Europe’s FTSEurofirst 300 .FTEU3 slipped 0.2 percent, with the continent’s banks .SX7P falling 0.6 percent.

French Economy Minister Christine Lagarde said on Saturday that stress test results to be published on July 23 will show that “banks in Europe are solid and healthy.”

In Asia, Tokyo’s Nikkei average .N225 put on 0.7 percent, while the Shanghai Composite Index .SSEC dropped 0.8 percent. DOLLAR NEAR TWO-MONTH LOW

The dollar .DXY added 0.1 percent against a basket of major currencies, recovering slightly from a near two-month low as traders held back from chasing the greenback lower given the U.S. market holiday.

The euro paused after last week’s boost from unwinding of short and leveraged positions. It slipped 0.2 percent to $1.2534 EUR= and dipped 0.2 percent to 110.07 yen EURJPY=R.

The single European currency has lost 12.4 percent against the U.S. currency so far this year, though attention now appears to have turned to concerns of a slowdown in the United States and away from the euro zone’s banking and government debt woes.

“The dollar is responding to weak signs in the U.S. economy,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.

BNP Paribas said investors can cheaply hedge a cross-asset portfolio against the risk of a double dip in global growth with currencies as the foreign exchange market has deep liquidity and cheap implied volatility.

In a note, it recommended investors short a basket of 2/3 Australian dollar AUF=D4 and 1/3 New Zealand dollar NZD= and long a mix of Swiss franc CHF= and yen JPY=.

Global growth worries also sent German Bund futures FGBLc1 41 ticks higher to 129.72 from Friday’s settlement close, and yields on benchmark 10-year Bunds EU10YT=RR fell 4 basis points to 2.547 percent.

(Additional reporting by Kevin Plumberg in Hong Kong, Charlotte Cooper in Tokyo, and Tamawa Desai and George Matlock in London; editing by John Stonestreet)

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

Europe drags global takeovers to six-year slump

June 26, 2010 By Leave a Comment

(Reuters) – Global merger and acquisition activity in 2010 is off to its worst start in six years, and with economic uncertainty and a sovereign debt crisis in Europe, the second half could be just as disappointing.

Deals

As of June 22, global M&A this year was worth just under $976 billion, according to Thomson Reuters data, less than half the value of the first half of 2007, M&A’s peak year, and only moderately higher than the first half of 2004, when M&A was recovering from the dot-com implosion.

While the economic crisis has depressed activity around the world, Europe’s performance was bleakest, with added fears about sovereign debt and a longer recession dragging the region to its worst start in a decade and overshadowing tentative signs of recovery in the United States and Asia-Pacific.

“Weighing on the markets have been issues like the European sovereign debt crisis. The BP catastrophe has (also) impacted world markets and will continue to represent an overhang,” said Jeffrey Kaplan, global head of M&A at Bank of America Merrill Lynch..

Volatility and uncertainty have meant that Europe hasn’t been particularly conducive to M&A, said Guiseppe Monarchi, head of M&A for Europe, the Middle East and Africa at Credit Suisse.

“It’s difficult from where we stand today to predict anything more than that we keep going sideways in M&A for the rest of the year,” he said.

First-half European M&A slumped 23 percent year-on-year to $227 billion.

The failure of British insurer Prudential’s $35 billion bid for American International Group Inc’s Asian insurance unit particularly depressed the region’s total.

The deal, an audacious transaction reminiscent of a bull market, was scuttled when shareholders balked at the price Prudential’s relatively new management was preparing to pay.

The picture was not quite so dismal in the United States, where first-half M&A fell just 5 percent to $339 billion and accounted for six of the year’s top 10 deals.

“Comparative statistics for the first half are distorted because of the significant government-related M&A last year. If you pro forma the data, the statistics are more compelling,” said Lee LeBrun, co-head of Americas M&A at UBS.

“However, most of the transactions which have been put on hold have not been shelved entirely and could very well return,” he said.

M&A in Asia-Pacific was down 1.1 percent to just under $186 billion, with the United States and Britain dominating large cross-border business as the most acquisitive nations.

EMERGING BRIGHT SPOTS

Companies that have spent the last two years conserving cash will be in the best position to lead a recovery in M&A, although how soon that will happen remains unclear.

“There are two trends ahead. Our clients are thinking, can we go outside our core markets to find higher growth, or can we find bargains — undervalued assets in mature markets,” said Hernan Cristerna, head of M&A for Europe, the Middle East and Africa at JPMorgan Chase & Co, which tops the advisory ranking for Europe this year.

Spain’s Telefonica, hit by stagnating sales at home, is offering a hefty premium to buy out its partner Portugal Telecom and take full control of Vivo, their lucrative joint venture in Brazil.

French giant Vivendi approached Kuwait’s Zain to buy Zain’s African telecom business but was eventually outbid by India’s Bharti. Consolidation in the emerging markets has added another layer of competition for western companies seeking strategic assets.

U.S. food conglomerate Kraft raised expectations about opportunistic bids with its purchase of Cadbury, especially acquisitions of European companies by U.S. peers, helped by the strength of the dollar against the euro and sterling.

News Corp’s $12 billion proposal to take full control of British satellite broadcaster BSKyB is a sign that more opportunistic pursuits may be in the pipeline.

“The market is certainly better than last year, with more $1 billion-plus deals, and we expect M&A will continue to accelerate,” said JPMorgan’s Cristerna.

(Reporting by Victoria Howley; additional reporting by Quentin Webb, Paritosh Bansal and Jessica Hall; Editing by John Wallace and Steve Orlofsky)

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

Factbox: Top dealmakers quotes on 2010 first-half M&A

June 26, 2010 By Leave a Comment

(Reuters) – Global mergers and acquisitions volumes in the first half of 2010 fell to their lowest level since 2004, hurt by continuing weakness from the economic crisis, European debt worries and market volatility.

Deals

Global M&A so far this year was worth just under $976 billion, according to Thomson Reuters data, down slightly from a year earlier, but far below the first half of 2007, M&A’s peak year.

The following are quotes from top dealmakers on the weak first half, strength in emerging markets and expectations going forward.

LEE LEBRUN, CO-HEAD OF AMERICAS M&A AT SWISS BANK UBS(UBSN.VX)

“Overall, for the year, I expect a flat M&A market. Positives for the market are large cash balances. Cash represents 11 percent of total assets. Combined with low nominal interest rates, there has never been lower opportunity cost of cash.”

“Corporations spent the past two years cutting costs and improving balance sheets. Looking forward, the focus will be on top-line growth and deployment of substantial cash balances, which should provide a tailwind for M&A.”

“CEO confidence is a very real issue — we saw a little bit of life in the first quarter, but the sovereign issue in Europe made some people nervous and pull back.”

JEFFREY KAPLAN, GLOBAL HEAD OF MERGERS AND ACQUISITIONS AT BANK OF AMERICA MERRILL LYNCH (BAC.N)

“M&A markets are fragile. There was a slight loss of momentum in the second quarter. Coming off year-end (2009) into Q1, momentum was good. There was strong strategic activity and active P/E bidding, much of which slowed down in the second quarter. EMEA has seen the biggest slowdown.”

“Overall, we see it as flattish for the year — hoping for moderately better. But the first half was flat and momentum lacking. Our hope would be that stabilizing credit and equity markets will create activity in Q3 and Q4. The longer it takes to achieve stability, the more likely the deal environment will be postponed.”

JOHN FINLEY, CO-HEAD OF THE M&A GROUP AND HEAD OF GLOBAL M&A AT SIMPSON THACHER & BARTLETT

“What we’re seeing is that Asia and South America are an increasingly significant portion of our M&A practice. As the markets get bigger in those areas, inevitably there’s going to be more M&A volume. This trend has been strengthened by the difficult markets that North America and Europe are experiencing. Places like Brazil and China have not been affected by the financial crisis in the same way as the U.S. or Europe.”

GARY POSTERNACK, HEAD OF M&A FOR THE AMERICAS AT BARCLAYS CAPITAL (BARC.L)

“Over the first six months of this year, activity is essentially flat to last year. However, last year’s volumes were inflated by a number of large government financial interventions.”

“If you back out that unusual activity, we are currently on a run-rate of about 10 percent higher than last year, and we are expecting a similar improvement on a run-rate basis for the remainder of the year.”

HERNAN CRISTERNA, HEAD OF M&A FOR EMEA, JPMORGAN (JPM.N)

“There are two trends ahead. Our clients are thinking, can we go outside our core markets to find higher growth, or can we find bargains — undervalued assets in mature markets.”

“The amount available to finance private equity deals continues to increase. Depending on the characteristics of the company and the sector in which it operates, debt financing of 3 to 5 billion euros for a below-investment-grade deal can be raised.”

STEVE KROUSKOS, AMERICAS MARKETS LEADER FOR ERNST & YOUNG’S TRANSACTION ADVISORY SERVICES

“I’m cautiously optimistic. Throughout June we’ve seen activity pick up, and I think we’ll continue to see it pick up.”

“For the year, I’d say M&A will be up — moderately up. I think that, obviously, anything that could rock the economy could change that forecast, but overall I think M&A will be up” compared with 2009.

“Overall, M&A activity is picking up. The pipeline is building. It can take six to 12 or 18 months to get a deal done.”

BOB KENNEDY, PARTNER WITH LAW FIRM JONES DAY IN NEW YORK

“In the U.S., there is momentum and a lot of traction. It’s not off the charts — it’s a slow creeping up of activity … the European debt crisis has impacted most of the world, but it hasn’t impacted the U.S. yet much.”

(Compiled by Michael Erman; reporting by Paritosh Bansal in New York, Jessica Hall in Philadelphia, Victoria Howley and Quentin Webb in London)

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

DEALS-Europe drags global takeovers to six-year slump

June 26, 2010 By Leave a Comment

LONDON, June 25 (Reuters) – Global merger and acquisition activity in 2010 is off to its worst start in six years, and with economic uncertainty and a sovereign debt crisis in Europe, the second half could be just as disappointing.

As of June 22, global M&A this year was worth just under $976 billion, according to Thomson Reuters data, less than half the value of the first half of 2007, M&A’s peak year, and only moderately higher than the first half of 2004, when M&A was recovering from the dot-com implosion.

While the economic crisis has depressed activity around the world, Europe’s performance was bleakest, with added fears about sovereign debt and a longer recession dragging the region to its worst start in a decade and overshadowing tentative signs of recovery in the United States and Asia-Pacific.

“Weighing on the markets have been issues like the European sovereign debt crisis. The BP catastrophe has (also) impacted world markets and will continue to represent an overhang,” said Jeffrey Kaplan, global head of M&A at Bank of America Merrill Lynch. (BAC.N) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Take a Look [ID:nN24244594]

Graphic showing regional M&A activity: link.reuters.com/buv45j

Reuters Insider: link.reuters.com/ged93m

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Volatility and uncertainty have meant that Europe hasn’t been particularly conducive to M&A, said Guiseppe Monarchi, head of M&A for Europe, the Middle East and Africa at Credit Suisse.

“It’s difficult from where we stand today to predict anything more than that we keep going sideways in M&A for the rest of the year,” he said.

First-half European M&A slumped 23 percent year-on-year to $227 billion.

The failure of British insurer Prudential’s $35 billion bid for American International Group Inc’s (AIG.N) Asian insurance unit particularly depressed the region’s total.

The deal, an audacious transaction reminiscent of a bull market, was scuttled when shareholders balked at the price Prudential’s (PRU.L) relatively new management was preparing to pay.

The picture was not quite so dismal in the United States, where first-half M&A fell just 5 percent to $339 billion and accounted for six of the year’s top 10 deals.

“Comparative statistics for the first half are distorted because of the significant government-related M&A last year. If you pro forma the data, the statistics are more compelling,” said Lee LeBrun, co-head of Americas M&A at UBS.

The value of deals worldwide in 2009, for example, was inflated by the UK government’s investments in Lloyd’s Banking Group and Royal Bank of Scotland.

In an ominous sign for the second half, deals slowed in mid-May through June as companies were reluctant to pull the trigger in the face of macro-economic uncertainty, said Gary Posternack, head of M&A for the Americas at Barclays Capital (BARC.L).

“However, most of the transactions which have been put on hold have not been shelved entirely and could very well return,” he said.

M&A in Asia-Pacific was down 1.1 percent to just under $186 billion, with the United States and Britain dominating large cross-border business as the most acquisitive nations.

EMERGING BRIGHT SPOTS

Companies that have spent the last two years conserving cash will be in the best position to lead a recovery in M&A, although how soon that will happen remains unclear.

“There are two trends ahead. Our clients are thinking, can we go outside our core markets to find higher growth, or can we find bargains — undervalued assets in mature markets,” said Hernan Cristerna, head of M&A for Europe, the Middle East and Africa at JPMorgan Chase & Co (JPM.N), which tops the advisory ranking for Europe this year.

Deals in the telecoms, media and technology sectors have exemplified the former trend.

Spain’s Telefonica (TEF.MC), hit by stagnating sales at home, is offering a hefty premium to buy out its partner Portugal Telecom (PTC.LS) and take full control of Vivo (VIVO4.SA), their lucrative joint venture in Brazil.

French giant Vivendi (VIV.PA) approached Kuwait’s Zain (ZAIN.KW) to buy Zain’s African telecom business but was eventually outbid by India’s Bharti (BRTI.BO). Consolidation in the emerging markets has added another layer of competition for western companies seeking strategic assets.

U.S. food conglomerate Kraft (KFT.N) raised expectations about opportunistic bids with its purchase of Cadbury, especially acquisitions of European companies by U.S. peers, helped by the strength of the dollar against the euro and sterling.

News Corp’s (NWSA.O) $12 billion proposal to take full control of British satellite broadcaster BSKyB (BSY.L) is a sign that more opportunistic pursuits may be in the pipeline.

“The market is certainly better than last year, with more $1 billion-plus deals, and we expect M&A will continue to accelerate,” said JPMorgan’s Cristerna. (Reporting by Victoria Howley; additional reporting by Quentin Webb, Paritosh Bansal and Jessica Hall; Editing by John Wallace and Steve Orlofsky)

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

Hyatt Continues Global Expansion of Andaz Brand Hotels in Prime Urban and Resort Locations

June 8, 2010 By Leave a Comment

11 Andaz Properties Now Open or Under Development Worldwide
CHICAGO–(Business Wire)–
Hyatt Hotels Corporation (NYSE: H) announced today the signing of management
agreements for three new Andaz properties. The hotels will be located in Sanya
Sunny Bay, China; Delhi, India; and Providenciales, Turks and Caicos. These
planned properties, situated in prime urban and resort locations, will be the
latest additions to the expanding Andaz brand, which only three years after its
debut, includes 11 properties open or under development in six countries.

Personal and uncomplicated, Andaz is a new hotel experience that blends fresh,
engaging hospitality with stylish, vibrant settings, created with simplicity and
locality in mind. These new properties will join Andaz Liverpool Street, London
(2007), Andaz West Hollywood (2009), Andaz Wall Street (2010) and Andaz San
Diego (2010). Andaz 5th Avenue is scheduled to open in New York in summer 2010.
Previously announced planned openings include Andaz Austin, Texas; Andaz
Amsterdam; and Andaz Papagayo, Costa Rica.

“The Andaz brand is quickly taking hold in the lifestyle hospitality category
and is a key component of Hyatt`s strategy of increasing our presence in key
markets around the world where we see growth potential,” said Steve Haggerty,
global head of real estate and development, Hyatt Hotels Corporation. “The
momentum behind Andaz is a testament to the brand`s global appeal, and Hyatt`s
well-established reputation as a preferred management company.”

The 183-room Andaz Sanya Sunny Bay, which will be located in a large scale
mixed-use resort community on the southern oceanside of China`s Hainan Island,
will be complemented by the 196-room Park Hyatt Sanya Sunny Bay and branded
villas. With a mountain on one side and a white sand beach facing the South Sea
on the other, Andaz Sanya Sunny Bay will offer five restaurants, as well as a
2,500-square-foot ballroom and three meeting rooms. The hotel will share a
variety of amenities with Park Hyatt Sanya Sunny Bay, including a Spa Village
featuring an outdoor swimming pool, beach club, fitness center, extensive spa
facilities and treatment rooms, as well as a restaurant, tea house, and bakery.
The hotel will be developed by Sunny Bay Development Company.

Slated to open in 2013, Andaz Delhi, a 323-room hotel with an additional 118
Andaz-branded apartments, will be located in India`s second-largest metropolis
which is also a leading economic center. The hotel, which will be developed by
Juniper Hotels Private Limited, will be part of the burgeoning Hospitality
District, near Indira Gandhi International Airport and close to Delhi`s emerging
Central Business District and the commercial hubs of Gurgoan and South Delhi.
The hotel will feature a variety of amenities including a lounge, theme bar, two
restaurants, spa, and fitness center. Additionally, the property will offer a
7,000-square-foot ballroom and seven meeting rooms. The project, the first Andaz
property planned in India, comes two months after Hyatt announced plans to
expand its presence in Delhi, Goa, Kolkata and Mumbai, as well as expand into 15
new Indian markets over the next five years.

The 170-key Andaz Turks and Caicos, scheduled to open in 2014 on the central
island of Providenciales in Turks and Caicos, will include approximately 76
Andaz-branded condominium residences and three villas which owners can choose to
place into an Andaz-managed rental program. Situated on a 21-acre property along
a 2,700-foot crescent-shaped oceanfront parcel, the hotel will feature a variety
of amenities including several restaurants, an outdoor pool, spa and fitness
center. Additionally, the property will offer several options for events and
meetings, including five Andaz Studios, two trellised courtyards, an event
gallery, and a studio display kitchen. The hotel, which will be developed by the
Cloisters Group, will be located approximately 15 minutes by car from
Providenciales International Airport.

About Andaz

Global in scale while local in perspective, Andaz delivers an innovative
hospitality experience and attentive, uncomplicated service designed to
accommodate guests` personal preferences. Hotels in this unique collection
reflect the spirit of their locale, and are dedicated to creating natural and
vibrant living spaces where travelers can indulge in their own personal sense of
comfort and style. For more information and reservations, visit www.andaz.com.

About Park Hyatt

Intimate and residential in style, Park Hyatt hotels promise elegant and
gracious service on a personal scale, and are further distinguished by prime
locations and exceptional interior design. Hyatt Hotels & Resorts and its
subsidiaries operate 24 Park Hyatt brand hotels. Current locations include:
Baku, Beaver Creek, Beijing, Buenos Aires, Canberra, Chicago, Dubai, Goa,
Hamburg, Istanbul, Jeddah, Melbourne, Mendoza, Milan, Moscow, Paris, Saigon,
Seoul, Shanghai, Sydney, Tokyo, Toronto, Washington, DC and Zurich.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global
hospitality company with a proud heritage of making guests feel more than
welcome. Thousands of members of the Hyatt family in 45 countries strive to make
a difference in the lives of the guests they encounter every day by providing
authentic hospitality. The company`s subsidiaries manage, franchise, own and
develop hotels and resorts under the Hyatt, Park Hyatt, Andaz, Grand Hyatt,
Hyatt Regency, Hyatt Place and Hyatt Summerfield Suites brand names and have
locations under development on five continents. Hyatt Vacation Ownership, Inc.,
a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership
properties under the Hyatt Vacation Club brand. As of March 31, 2010, the
company`s worldwide portfolio consisted of 434 properties. For more information,
please visit www.hyatt.com.

About Sunny Bay Development Company

Sunny Bay Development Company is a development subsidiary of DTW Group, a
leading Chinese logistic company. The DTW Group was founded in 1992,
headquartered in Beijing and currently operates 33 integrated logistics
distribution centers, 23 international freight forwarding stations, 7 bonded
warehouses, 114 network hubs. Through this network DTW Group is present in all
major cities and economic regions in China where it provides outstanding
services for domestic transportation, international freight forwarding,
warehousing and contract logistics services. DTW Group was the former JV partner
of Fedex in China.

About Juniper Hotels Private Limited

Juniper Hotels Private Limited (JHPL) is a hotel investment company co-owned by
Two Seas Holdings Limited, and Saraf Holdings Limited. JHPL owns Grand Hyatt
Mumbai and Hyatt Regency Ahmedabad in Western India, scheduled to open in 2013.
Saraf Holdings, a developer of Hyatt hotels in India through its affiliates also
own hotels under the Hyatt Regency brand in Kolkata (Eastern India), which
opened in 2002; Chennai in Southern India, scheduled to open in 2010; and
Kathmandu, a luxury five-star resort in Kathmandu, Nepal, which opened in 2000.

About Cloisters Group

The Cloisters group of companies, which is led by Antonio Dallamano, was
established specifically to develop Andaz Turks and Caicos. The partners, who
are all long term residents of the Turks and Caicos Islands, have extensive
international business experience in development projects.

Forward Looking Statements

Statements in this press release, which are not historical facts, are
“forward-looking” statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements include statements about our
plans, strategies, financial performance, prospects or future events and involve
known and unknown risks that are difficult to predict. As a result, our actual
results, performance or achievements may differ materially from those expressed
or implied by these forward-looking statements.In some cases, you can identify
forward-looking statements by the use of words such as “may,” “could,” “expect,”
“intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar expressions.
Such forward-looking statements are necessarily based upon estimates and
assumptions that, while considered reasonable by us and our management, are
inherently uncertain.Factors that may cause actual results to differ materially
from current expectations include, among others, the depth and duration of the
current economic downturn; levels of spending in the business, travel and
leisure industries as well as consumer confidence; declines in occupancy and
average daily rate; hostilities, including future terrorist attacks, or fear of
hostilities that affect travel; travel-related accidents; changes in the tastes
and preferences of our customers; relationships with associates and labor unions
and changes in labor law; the financial condition of, and our relationships
with, third-party property owners, franchisees and hospitality venture partners;
risk associated with potential acquisitions and dispositions and the
introduction of new brand concepts; changes in the competitive environment in
our industry and the markets where we operate; outcomes of legal proceedings;
changes in federal, state, local or foreign tax law; fluctuations in currency
exchange rates; general volatility of the capital markets and our ability to
access the capital markets. A more complete description of these risks and
uncertainties can be found in our filings with the Securities and Exchange
Commission. We caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We undertake no
obligation to update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in assumptions or
changes in other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more forward-looking
statements, no inference should be drawn that we will make additional updates
with respect to those or other forward-looking statements.

Farley Kern
Hyatt Hotels & Resorts
+1 312 780 5506
farley.kern@hyatt.com

Copyright Business Wire 2010

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

Most ex-BP fuel oil traders go to China Brightoil: sources

June 3, 2010 By Leave a Comment

(Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

U.S. | Green Business | Hot Stocks | Gulf Oil Spill

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil.

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month.

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimize value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market.

(Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

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

Most ex-BP fuel oil traders go to China Brightoil: sources

June 3, 2010 By Leave a Comment

(Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

U.S. | Green Business | Asian Markets | Gulf Oil Spill

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil.

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month.

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimize value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market.

(Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

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

Most ex-BP fuel oil traders go to China Brightoil -sources

June 3, 2010 By Leave a Comment

June 2 (Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil (2910.HK).

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month. [ID:nSGE64P0MF] [ID:nSGE64U0E3]

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimise value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market. (Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

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

Three BP fuel oil traders in U.S. quit

June 1, 2010 By Leave a Comment

(Reuters) – Resignations from BP Plc’s (BP.L) fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

These take the total number of departures from the unit to 14 worldwide, after Reuters reported that five fuel oil traders in Singapore and four support staff quit last Wednesday, following the resignation of global fuel oil head Quek Chin Thean a week before that.

When contacted, a BP spokeswoman in Singapore declined to comment. The reason for the resignations was not immediately clear.

The fuel oil traders in the United States and London resigned over the past three to four weeks, the sources said.

“Most of BP’s fuel oil team, including the global head and the heads of the three trading centers, have left in the past month,” a U.S.-based source said.

BP has been a major player over the past 15 years in the fuel oil market. In Asia, it regularly trades 500,000-600,000 tonnes of physical cargoes monthly.

The departures in the U.S. of fuel oil leader, Tim Gawne, another physical trader and the third who traded derivatives, left the team with one derivatives trader, the sources said.

Its European fuel oil team head, Chris Paine, left about a month ago, but the six other traders remain on the desk. Paine, who has been its London-based team leader for about two years, was BP’s youngest book leader when he was appointed to the position at the age of 28, sources said.

The void left by the departures of key traders globally, including Asia team leader Edmund Lau, has removed important support for the fundamentally weak Asian fuel oil market, where BP had been engaged in a bull trading play for the past two months for the May and June contracts, traders said.

In the immediate aftermath of the resignations of its Asia fuel oil team, BP’s marine fuels division in Singapore has not offered spot ex-wharf bunkers on Wednesday and Thursday. But it has since resumed offers of bunkers on Monday, traders said.

The fuel oil market remained weak by midday Monday, with traders attributing this to the recovery of crude oil prices after a recent slide and a lack of confidence in the residual fuel market, which has been saddled with heavy supplies for five months up till July.

Reflecting the weakness, fuel oil’s June crack spread to Dubai crude was valued at a discount of $6.68 a barrel by midday, down 24 cents from a day ago and the lowest since May 6.

The weakness in its timespreads extended further down the 12-month forward curve, with June/July to January/February at a contango of $3.00 a tonne or weaker for a third session.

Before the resignations, BP bought large volumes of 180-centistoke (cst) grade fuel oil for the June contract for a two-week period, amid sliding global crude oil benchmarks.

The major picked up at least 30,000-40,000 tonnes daily, in what traders say is a bull-trading play on the product’s crack spreads to Dubai crude, and bought as much as 100,000-150,000 tonnes on some days, Reuters data show.

BP has combined storage capacity of about 600,000 cubic meters in the Universal and Tankstore oil terminals in Singapore and for the past three years has been the top supplier of marine fuels in the city state, the world’s top bunker port by volume, with 400,000-500,000 tonnes a month.

(Editing by Ramthan Hussain)

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Three BP fuel oil traders in U.S., 1 in London quit

June 1, 2010 By Leave a Comment

May 31 (Reuters) – Resignations from BP Plc’s (BP.L) fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

Stocks

These take the total number of departures from the unit to 14 worldwide, after Reuters reported that five fuel oil traders in Singapore and four support staff quit last Wednesday, following the resignation of global fuel oil head Quek Chin Thean a week before that. [ID:nSGE64P0MF]

When contacted, a BP spokeswoman in Singapore declined to comment. The reason for the resignations was not immediately clear.

The fuel oil traders in the United States and London resigned over the past three to four weeks, the sources said.

“Most of BP’s fuel oil team, including the global head and the heads of the three trading centres, have left in the past month,” a U.S.-based source said. (Editing by Ramthan Hussain)

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Govts urged to focus on climate funds risk, returns

May 27, 2010 By Leave a Comment

Governments should focus more on generating returns and reducing risk for investors to attract the $100 billion in aid needed by developing countries to cope with climate change, a panel of experts said on Wednesday.

Rich countries are being urged to adhere to key elements of a climate accord signed in Copenhagen last year, including a promise of $10 billion a year in quick-start aid from 2010-12 for poor countries, rising to $100 billion a year from 2020.

“$100 billion sounds like a lot of money … (but) raising large amounts of money in the private sector is actually very easy,” said Martin Lawless, head of environmental financial products at Deutsche Bank.

“Too much attention is focussed on who will provide the money. Instead it should be on the other side, how to increase returns and reduce risks. Once that is established, the finance will follow.”

The United Nations urged rich nations on Tuesday to keep their pledge to give $30 billion to poor nations by 2012, saying it was “not an impossible call” despite budget cuts in Europe.

But with worries over sovereign debt also growing, the private sector may be asked to help fill more of the funding gap.

“When you have the right proposition, the financing will come,” said Mohsen Khalil, global head of the International Financial Corporation’s new Climate Business Solutions Group.

“We’re at a transition phase where the public and private sectors have to align their interests because heavy subsidies will be required initially until costs come down and we can have a large-scale sustainable business.”

The panel agreed that the role of carbon markets in directing funds to financing clean energy and climate change adaptation in developing countries was shrinking.

Another panel of analysts said earlier on Wednesday that market mechanisms will survive beyond 2012, but their exact shape remains unclear as international climate talks now bypass their role in favour of the wider policy picture.

“Carbon credits were good for a time, but is it the only instrument (to engage the private sector)? I don’t think so,” said Khalil.

“Against the background of recent economic turmoil, investors are particularly risk averse, so the private sector needs TLC: transparency, longevity and consistency,” Lawless said.

He cited a unilateral carbon price floor set by China in 2007 and growing uncertainty over the $144 billion global carbon market’s future post-2012, when the first five-year leg of the Kyoto Protocol expires, as deterrents to investors.

Key ministers and climate negotiators from China to Norway have said governments are unlikely to agree a successor to Kyoto at UN talks in Cancun, Mexico later this year.

“It will never be possible to motivate substantial private sector finance if the market faces the same uncertainties every 5-10 years. Incentive mechanisms need to be assumed to be permanent,” he added.

(Editing by Amanda Cooper)

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News agencies boycott Cannes briefing over access

April 16, 2010 By Leave a Comment

LONDON, April 14 (Reuters) – News agencies Agence France-Press, Associated Press, Getty Images and Reuters said on Wednesday they would boycott a press conference announcing the lineup at this year’s Cannes film festival due to a dispute over video access.

The briefing, to be held in Paris on Thursday, is the most important ahead of the May 12-23 event, the world’s largest film festival.

“Reuters will not cover the Cannes press conference tomorrow because of the unfair restrictions being placed on coverage,” said Christoph Pleitgen, Global Head of News Agency for Thomson Reuters. “We invite the rights holders and organizers to clearly spell out the suggested terms and look forward to a constructive discussion.

“We are hopeful that we will be able to provide complete and comprehensive coverage of this important event to our customers and their audiences around the world.”

The agencies said in an advisory to clients earlier this month that festival organisers may place “severe restrictions” on video coverage from the red carpet and news conferences.

“Clients should be aware of and plan for the fact that if an agreement cannot be reached, the video news agencies will be unable to deliver the full range of coverage and may be forced to suspend their presence at the festival altogether,” they said in the April 6 note.

The new limitations are linked to a contract between the Cannes film festival and French broadcaster Canal Plus and pay-TV service Orange.

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BAY STREET-Big miners go shopping for production assets

April 12, 2010 By Leave a Comment

TORONTO, April 11 (Reuters) – The “for sale” signs are out in force and potential buyers are thinking they should get in on the action now while the good properties are still around.

But rather than seeking million-dollar homes, these shoppers are on the hunt for billions in buried copper and gold, as scarce resources combine with recovering markets to kick off a flurry of mining takeovers.

Spurred by strong economic signals, rising metal prices and rebounding stock markets, established miners have come out in force to snap up assets needed to ensure their future production.

Recent announced deals such as Quadra Mining’s (QUA.TO) C$1.6 billion ($1.6 billion) acquisition of FNX Mining (FNX.TO) and gold miner Agnico-Eagle’s (AEM.TO) C$570 million purchase of Comaplex Minerals’ (CMF.TO) Meliadine project in northern Canada are seen as the leading edge of a new wave of mergers.

While there has been a trickle of deals in the wake of the 2008 resource price meltdown, potential buyers appear to have gained enough confidence from recent market signals to take on a bit of risk through acquisitions.

“I think the comeback of the capital markets really has helped a lot,” said Egizio Bianchini, global head of mining at BMO Capital Markets.

“Assuming the market stays the way it does right now, I anticipate there being a lot more deals.”

GETTING IN EARLY

For investors eager to wring some value out of recently stagnant mining stocks — Toronto-listed miners are currently trading at December 2009 levels — getting in on a resource play ahead of an acquisition can pay big dividends.

Exeter Resource (XRC.TO) shareholders have enjoyed an 18 percent rise in the gold explorer’s stock since Reuters quoted a company official on Tuesday saying it had signed confidentiality agreements — which can sometimes signal a deal in the works — with gold majors Barrick (ABX.TO), Newmont (NEM.N) and Kinross (K.TO).

Exeter owns the massive Caspiche project in Chile, with resources of 24.3 million ounces of gold, 6.4 billion pounds of copper and 60.3 million ounces of silver.

Another high flyer is Brett Resources (BBR.V), which owns the Hammond Reef gold project in Ontario. Its stock has risen 50 percent since Osisko Mining (OSK.TO) announced a C$372 million deal for the junior miner in late March.

Analysts say possible targets include junior players Copper Mountain (CUM.TO), Nevada Copper (NCU.TO), East Asia Minerals (EAS.V), and Osisko — seen as a possible prey for Goldcorp, which already owns a 10 percent stake.

M&A PUSHING STOCKS HIGHER

The M&A activity appears to already be having a positive impact on shares of smaller resource companies, which have generally been the targets.

The S&P/TSX Venture composite index .SPCDNX, which tracks small-cap Canadian companies and is made up predominantly by mineral explorers, has risen 6 percent since the beginning of April, outperforming a 4.4 percent rise in the Toronto Stock Exchange’s materials index .GSPTTMT, which comprises larger producers.

“I think there’s some added speculative appeal to the juniors right now,” said Canaccord Adams analyst Wendell Zerb.

He said recent deals have appeared to be at “fair value” levels, suggesting the sector is not undervalued. The good buys, he said, are smaller players that hold deposits with defined resources.

For large players, such as Barrick and Kinross, the acquisitions have become a necessary part of the process of replacing metal pulled out of the ground, particularly as attractive new deposits have been harder to sniff out through traditional exploration methods.

With gold prices holding close to record levels, base metals having more than doubled from last year’s lows, and rising stock prices allowing miners to use their shares as currency, would-be buyers are hardly lacking for purchasing power.

Potential buyers for base metal assets have increasingly emerged from China, which is eager to lock in supplies of copper, zinc and other metals to feed its economic expansion.

Jinchuan Group’s recent C$150 million offer for nickel miner Crowflight Minerals (CML.TO) is the latest of several deals, many of which have been led by state-owned miners.

There’s a lot of money around looking for a home, and some of these exploration vehicles with successes are great candidates,” said John Ing, president of investment dealer Maison Placements.

($1=$1.00 Canadian) (Reporting by Cameron French; editing by Rob Wilson)

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Singapore to launch iron ore swap contracts

April 19, 2009 By Leave a Comment

Singapore – The Singapore Exchange announced on Friday that it will launch the world’s first clearing of over-the-counter (OTC) iron ore swap contracts on April 27.

The SGX said it has also signed an agreement with the Steel Index (STI) to provide its reference price for the settlement of the iron ore swap contracts to be cleared via SGX AsiaClear.

A 500-metric-ton iron ore swap contract would be cash-settled based on the average of TSI iron ore reference prices in the expiring month.

The contract would further enhance the iron ore derivatives trading and risk management activities in Asia, said TSI managing director Steven Rendall.

“The launch of the SGX iron ore swap clearing will increase market participation and facilitate the growth of an active iron ore swap market,” added Raymond Key, global head of metals trading of Deutsche Bank.(dpa)

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