India moves bill to let insurers sell ULIPs without SEBI nod

July 28, 2010 By Leave a Comment

July 27 (Reuters) – India on Tuesday introduced a bill in parliament to allow insurers to sell unit-linked insurance plans (ULIPs), without seeking the capital markets regulator’s approval.

The Securities and Exchange Board of India (SEBI) and the insurance regulator had locked horns on who should regulate ULIPs, mutual fund instruments with an added life cover, given the products combined insurance and investments.

The bill will seek to formalise an earlier presidential decree which permitted such sales. (Reporting by Manoj Kumar; editing by Malini Menon)

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No new recession, let tax cuts die: Geithner

July 26, 2010 By Leave a Comment

(Reuters) – The economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.

In appearances on several Sunday talk shows, Geithner said only 2 to 3 percent of Americans — those making $250,000 or more a year — will be affected when tax cuts enacted under former President George W. Bush end on schedule this year.

Republicans want to extend the tax cuts and Democrats are divided but Geithner said reductions for top earners should end.

“We think that’s the responsible thing to do because we need to make sure we can show the world that (we’re) willing as a country now to start to make some progress bringing down our long-term deficits,” he said on ABC’s “This Week” program.

Geithner played down fears that a slow-paced recovery might slide into a double-dip recession. He told NBC’s “Meet the Press” he did not expect that to happen, although recovery from the deep recession that followed the 2008-2009 financial crisis will be prolonged.

STRENGTHENING, BUT SLOWLY

“I think the most likely thing is you’ll see an economy that gradually strengthens over the next year or two, you’ll see job growth start to come back, investments expanding … but we’ve got a long way to go still,” Geithner said.

The Obama administration has said it wants to keep tax cuts in place for Americans earning less than $250,000 a year. Some Republicans say letting any of the tax cuts expire is effectively a tax hike that may hurt recovery.

Geithner disagreed, saying it was more important to aim tax cuts at lower-earning Americans and businesses.

“Just letting those tax cuts that only go to 2 percent to 3 percent of Americans, the highest-earning Americans in the country, expire I do not believe it will have a negative effect on growth,” he said on ABC.

Geithner said the Obama administration wants Congress to agree on measures to help small businesses, traditionally the main job-creating engine. He said there were signs “critical” private sector hiring was strengthening.

“We want to see it happen at a faster pace but I think most people understand that … this was a deep crisis,” he said. “It’s going to take time to repair that damage, take time to grow out of this.”

He said the overhaul of U.S. financial rules signed into law last week by President Barack Obama should bolster confidence in the economy by giving consumers new protections and the government more powers to restrain bank risk-taking.

Geithner said no reforms can ward off all future crises but can mitigate the harm. If the reforms that are now law, including powers to wind down troubled financial firms, had been in place before the crisis, the damage to jobs and fortunes would have been less, he said.

On NBC, Geithner said there is work ahead to repair the housing finance system that contributed to the crisis and led to putting mortgage finance giants Fannie Mae and Freddie Mac into government conservatorship.

HOUSING REFORM STILL AN ISSUE

“We have to bring to Fannie and Freddie, to the GSEs (government-sponsored enterprises) and to the broader housing finance market a better set of policies to make sure we can deliver affordable financing … without leaving the economy vulnerable to this kind of crisis,” he said.

Geithner said some type of government guarantee to make sure people have the ability to borrow to finance a house even may be necessary but said Fannie and Freddie will not be preserved in their current forms.

“We’re going to have to bring fundamental change to that market but I think there’s going to be a good case for taking a look at preserving or putting in place a carefully designed guarantee so homeowners have the ability borrow … even in a very difficult recession,” he said.

Geithner said it was encouraging China recently ended a peg between its yuan currency and the dollar, which should help correct a trade relationship that enables China to rack up huge surpluses while the United States and others record soaring trade deficits.

“What matters to us and to all of China’s trading partners is that they let that currency appreciate,” he said. “What matters to us is how fast and how far they let it go.”

(Editing by John O’Callaghan)

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

UPDATE 2-Geithner: No new U.S. recession, let tax cuts die

July 26, 2010 By Leave a Comment

WASHINGTON, July 25 (Reuters) – The U.S. economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.

In appearances on several Sunday talk shows, Geithner said only 2 to 3 percent of Americans — those making $250,000 or more a year — will be affected when tax cuts enacted under former President George W. Bush end on schedule this year.

Republicans want to extend the tax cuts and Democrats are divided but Geithner said reductions for top earners should end.

“We think that’s the responsible thing to do because we need to make sure we can show the world that (we’re) willing as a country now to start to make some progress bringing down our long-term deficits,” he said on ABC’s “This Week” program.

Geithner played down fears that a slow-paced recovery might slide into a double-dip recession. He told NBC’s “Meet the Press” he did not expect that to happen, although recovery from the deep recession that followed the 2008-2009 financial crisis will be prolonged.

STRENGTHENING, BUT SLOWLY

“I think the most likely thing is you’ll see an economy that gradually strengthens over the next year or two, you’ll see job growth start to come back, investments expanding … but we’ve got a long way to go still,” Geithner said.

The Obama administration has said it wants to keep tax cuts in place for Americans earning less than $250,000 a year. Some Republicans say letting any of the tax cuts expire is effectively a tax hike that may hurt recovery.

Geithner disagreed, saying it was more important to aim tax cuts at lower-earning Americans and businesses.

“Just letting those tax cuts that only go to 2 percent to 3 percent of Americans, the highest-earning Americans in the country, expire I do not believe it will have a negative effect on growth,” he said on ABC.

Geithner said the Obama administration wants Congress to agree on measures to help small businesses, traditionally the main job-creating engine. He said there were signs “critical” private sector hiring was strengthening.

“We want to see it happen at a faster pace but I think most people understand that … this was a deep crisis,” he said. “It’s going to take time to repair that damage, take time to grow out of this.”

He said the overhaul of U.S. financial rules signed into law last week by President Barack Obama should bolster confidence in the economy by giving consumers new protections and the government more powers to restrain bank risk-taking.

Geithner said no reforms can ward off all future crises but can mitigate the harm. If the reforms that are now law, including powers to wind down troubled financial firms, had been in place before the crisis, the damage to jobs and fortunes would have been less, he said.

On NBC, Geithner said there is work ahead to repair the housing finance system that contributed to the crisis and led to putting mortgage finance giants Fannie Mae and Freddie Mac into government conservatorship.

HOUSING REFORM STILL AN ISSUE

“We have to bring to Fannie and Freddie, to the GSEs (government-sponsored enterprises) and to the broader housing finance market a better set of policies to make sure we can deliver affordable financing … without leaving the economy vulnerable to this kind of crisis,” he said.

Geithner said some type of government guarantee to make sure people have the ability to borrow to finance a house even may be necessary but said Fannie and Freddie will not be preserved in their current forms.

“We’re going to have to bring fundamental change to that market but I think there’s going to be a good case for taking a look at preserving or putting in place a carefully designed guarantee so homeowners have the ability borrow … even in a very difficult recession,” he said.

Geithner said it was encouraging China recently ended a peg between its yuan currency and the dollar, which should help correct a trade relationship that enables China to rack up huge surpluses while the United States and others record soaring trade deficits.

“What matters to us and to all of China’s trading partners is that they let that currency appreciate,” he said. “What matters to us is how fast and how far they let it go.” (Editing by John O’Callaghan)

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

US’s Geithner says double-dip recession unlikely

July 26, 2010 By Leave a Comment

July 25 (Reuters) – U.S. Treasury Secretary Timothy Geithner said on Sunday the economy was recovering from a severe recession and he did not expect it to slip back into a downturn.

“The economy is starting to heal again,” he said in an interview on NBC’s “Meet the Press” program, adding in response to a question that he did not foresee a “double dip” recession.

“I think the most likely thing is you’ll see an economy that gradually strengthens over the next year or two, you’ll see job growth start to come back, investments expanding … but we’ve got a long way to go still,” Geithner said.

(Reporting by Glenn Somerville; Editing by Eric Beech)

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Ericsson Q2 core profit below forecast

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Ericsson, the world’s number one mobile network gear maker, posted second-quarter core operating profit below expectations on Friday and said operators in some markets remained cautious in making investments. Operating profit, excluding joint ventures and restructuring costs, was 5.3 billion Swedish crowns ($715 million) against a forecast of 5.8 billion in a Reuters poll of analysts and 6.1 billion in the year-ago period. [ID:nLDE66E10B]

Sales were down 8 percent year-on-year at 48 billion crowns versus a forecast of 50.5 billion.

On Thursday, rival Nokia Siemens Networks [NSN.UL] reported sales down 5 percent in the quarter. [ID:nSAT008682]

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

Research and Markets: Outlook of Future LNG Markets – Analysis and Forecasts of Upcoming 20 Potential LNG Markets

July 23, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/69db00/outlook_of_future) has
announced the addition of the “Outlook of Future LNG Markets- Analysis and
Forecasts of Upcoming 20 Potential LNG Markets” report to their offering.

Outlook of Future LNG Markets – Analysis and Forecasts of Upcoming 20 Potential
LNG Markets

Global LNG markets have evolved strongly over the last decade. With declining
construction and operational costs, the spread of LNG markets is rising rapidly.
Robust natural gas demand coupled with supply diversity advantages are resulting
in an increased number of countries participating in world LNG trade. Between
2010 and 2015, 21 new countries are expected to start LNG trading, providing a
strong scope for companies existing or planning to enter LNG market.

Entry of these markets is expected to result in diversification of global LNG
market and growth in trade volumes. However, the price bases will not alter in
the near future. On one hand, the industry provides a larger scope of
investments for new entrants and existing players but on the other hand, it can
reduce the domination of the existing majors.

To evaluate the pros and cons of entering these markets and making contracts
with companies in these countries, LNGReports has come up with the brand new
report Outlook of Future LNG Markets- Analysis and Forecasts of Upcoming 20
Potential LNG Markets. The report evaluates each of these markets through new
innovative tools like benchmarking and positioning map. Further, through
information on planned investments and market structures, the report gives you a
complete insight into 21 evolving LNG markets

Scope

* The report analyses 16 regasification (Bahamas, Bangladesh, Croatia, Germany,
Indonesia, Ireland, Jamaica, Netherlands, Pakistan, Philippines, Poland,
Singapore, Sweden, Thailand, United Arab Emirates, Uruguay) and 6 Liquefaction
countries (Angola, Canada, Iran, Papua New Guinea, Peru, Venezuela), which are
expected to start LNG operations between 2010 and 2015
* Yearly forecasts of capacities, trains, capital investment and trade movements
are provided for each country for the next five years
* Key factors driving growth of LNG with primary challenges facing these
countries are analyzed
* Details information on 20 planned LNG import and 12 LNG export terminals
including operator, ownership, construction cost and period, capacity, location
and expected commencement date
* Evolving markets in each region are benchmarked against different parameters
including supply, demand and economic indexes
* Expected market share of companies in 2015 in these evolving markets are
provided by region

Key Topics Covered:

1 Table of contents

2 Executive Summary

3 Outlook of Future LNG markets in Asia Pacific

4 Outlook of Future LNG markets in Europe

5 Outlook of Future LNG markets in Middle East Africa

6 Outlook of Future LNG markets in Americas

7 Appendix

For more information visit

http://www.researchandmarkets.com/research/69db00/outlook_of_future

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: , , , , , , , , , , , , , , , , , , ,

During the first quarter 2010/11, Alstom`s Sales Showed Resilience, Whilst Orders Were Impacted by a Lack of Large Projects

July 21, 2010 By Leave a Comment

During the first quarter of 2010/11 (from 1 April to 30 June 2010), orders
booked by Alstom (Paris:ALO) amounted to €3.1 billion. Sales, at €4.7 billion,
were slightly down as compared to the same period of last year1.

Power received orders of €2.0 billion during the first quarter. The lack of
large projects was partly offset by the resilience of small and medium-sized
contracts, particularly in service and retrofit. Transport registered €1.1
billion of new orders, including a major commercial success in Russia.

During the first quarter 2010/11, sales grew by 9% in Transport, whilst they
started to decline in Power, down 6% versus the first quarter 2009/10, as a
consequence of the order evolution over the last fiscal year in this Sector.

The total backlog remained stable at €42 billion on 30 June 2010, benefiting
from a €1.3 billion currency effect. It represented 27 months of sales.

Key figures

Actual figures 2009/10 2010/11 Variation Q1/Q1
(in € million) Q1 Q2 Q3 Q4 Q1 Act. Org.
Orders received 4,768 2,366 4,223 3,562 3,069 -36% -38%
Sales 4,806 4,877 4,691 5,276 4,743 -1% -5%

“This first quarter confirms the resilience of small and medium-sized contracts
in Power but, despite the busy tendering activity, the Group still faces
challenges to register large orders as customers continue to delay their
investments in new power plants. In Transport, the market remains sound,
offering a number of opportunities. Sales have grown in Transport, whilst, as
expected, they have started declining in Power, after the strong decrease in the
order intake of the last fiscal year “, said Patrick Kron, Chairman & Chief
Executive Officer of Alstom.

Sector Review2

Power

Order intake at €2.0 billion for the first quarter of the fiscal year 2010/11
showed a decrease of 35% versus the first quarter of last year. This evolution
reflects the challenging commercial environment for new equipment.

Thermal Systems & Products received small and medium-sized orders only in the
first quarter of the fiscal year 2010/11. The Thermal Services Business
registered a large number of projects for both retrofit and service, as well as
operation and maintenance contracts in Spain. In Renewables, the main orders
booked in the first quarter were for hydro contracts in the Americas, as well as
for wind turbines in Brazil.

Sales in Power, at €3.2 billion, decreased by 6% (-10% on an organic basis3) in
comparison with the same period of last year, due to the expected slowdown of
the turnover in Thermal Systems & Products.

Transport

Orders, at €1.1 billion in the first quarter of the fiscal year 2010/11,
remained sustained despite being down 37% as compared with the first quarter
2009/10, which included several large contracts in Europe and South America.

The main orders booked in the first quarter 2010/11 included locomotives in
Russia, as well as contracts in Sweden for suburban trains and maintenance.

In the first quarter of the fiscal year 2010/11, sales, at €1.6 billion, were up
by 9% (+7% on an organic basis3) compared to the same period of the last fiscal
year.

Key events of the first quarter 2010/11

On 20 May 2010, Alstom entered the solar market by investing $55 million in
BrightSource Energy Inc. This US privately-owned company specialises in
designing, building and operating tower-based solar thermal power plants.

On 2 June 2010, Alstom acquired Amstar, a coating services company in the United
States, which had sales of approximately $11 million in 2009 and employed 50
people. This acquisition strengthened Alstom`s service offerings with advanced
technologies that improve power plant component life.

On 7 June 2010, Alstom and Schneider Electric completed the transaction with
Areva for the acquisition of Areva T&D, its transmission and distribution
businesses, after obtaining the approvals of the relevant competition
authorities and the French Commission des Participations et des Transferts
(CPT). With this acquisition, Alstom created a third Sector, named Alstom Grid,
constituting the high voltage energy transmission business of the Group.
Alstom`s expertise in power generation combined with the capabilities acquired
in grid management positions the Group in the key market of Smart Grid.

On 19 June 2010, Alstom, Transmashholding and Kazakh Railways (KTZ) signed an
agreement for the creation of a joint company to manufacture electric
locomotives in Kazakhstan.

On 24 June 2010, Alstom inaugurated a new production facility in Chattanooga,
Tennessee, (USA) for steam and gas turbines, large turbo-generators and related
equipment for the North American fossil fuel and nuclear power generation
market. It will also retrofit existing steam turbines with leading edge
technology.

Financial situation

During the first quarter 2010/11, Alstom turned into a net debt position, due to
the financing of Areva Transmission for €2.3 billion, the payment of the
dividend for €364 million as well as the impact on the free cash flow of the low
book-to-bill ratio.

Outlook

The Group confirms that the operating margin for the two fiscal years 2010/11
and 2011/12 should be between 7% and 8%, based upon proper contract execution
and gradual recovery of demand.

***

Note 1: Orders and sales for Alstom Grid were not yet available on 30 June 2010
for release. The new Sector will be fully consolidated on 30 September 2010 in
the half year results and will account for four months.

Note 2: The reported figures by Sector are presented in appendix 1. A geographic
breakdown of reported orders and sales is provided in appendix 2. As for all
figures mentioned in this release, these are unaudited.

Note 3: i.e. excluding any currency & scope impacts. For this quarter, these are
mostly positive currency effects.

This press release contains forward-looking statements which are based on
current plans and forecasts of Alstom`s management. Such forward-looking
statements are relevant to the current scope of activity and are by their nature
subject to a number of important risk and uncertainty factors (such as those
described in the documents filed by Alstom with the French AMF) that could cause
actual results to differ from the plans, objectives and expectations expressed
in such forward-looking statements. These such forward-looking statements speak
only as of the date on which they are made, and Alstom undertakes no obligation
to update or revise any of them, whether as a result of new information, future
events or otherwise.

APPENDIX 1 – SECTOR BREAKDOWN BY QUARTER

2009/10 2010/11
Orders received Var. Actual Var. Organic
(in € million) Q1 Q2 Q3 Q4 FY Q1 Q1/Q1 Q1/Q1
Power 3,000 1,731 2,652 2,052 9,435 1,950 -35% -38%
Thermal Systems & Products* 1,414 435 1,837 604 4,290 405 -71% -72%
Thermal Services* 1,203 970 573 1,272 4,018 1,203 0% -5%
Renewables* 383 326 242 176 1,127 342 -11% -15%
Transport 1,768 635 1,571 1,510 5,484 1,119 -37% -39%
Alstom 4,768 2,366 4,223 3,562 14,919 3,069 -36% -38%

2009/10 2010/11
Sales Var. Actual Var. Organic
(in € million) Q1 Q2 Q3 Q4 FY Q1 Q1/Q1 Q1/Q1
Power 3,368 3,527 3,217 3,789 13,901 3,170 -6% -10%
Thermal Systems & Products* 1,766 2,010 1,803 2,167 7,746 1,574 -11% -14%
Thermal Services* 1,184 1,039 973 1,157 4,353 1,187 0% -5%
Renewables* 418 478 441 465 1,802 409 -2% -8%
Transport 1,438 1,350 1,474 1,487 5,749 1,573 +9% +7%
Alstom 4,806 4,877 4,691 5,276 19,650 4,743 -1% -5%

(*) Figures given for comparison and analysis purposes only

APPENDIX 2 – GEOGRAPHIC BREAKDOWN

Orders received by destination 2009/10 % 2010/11 %
(in € million) Q1 Contrib. Q1 Contrib.
Europe 3,232 68% 1,688 55%
North America 579 12% 485 16%
South & Central America 308 6% 308 10%
Africa / Middle East 83 2% 191 6%
Asia / Pacific 566 12% 397 13%
TOTAL 4,768 100% 3,069 100%

Sales by destination 2009/10 % 2010/11 %
(in € million) Q1 Contrib. Q1 Contrib.
Europe 2,457 51% 2,328 49%
North America 775 16% 645 14%
South & Central America 229 5% 308 6%
Africa / Middle East 824 17% 809 17%
Asia / Pacific 521 11% 653 14%
TOTAL 4,806 100% 4,743 100%

Press Contact
Philippe Kasse, Stéphane Farhi (Corporate)
Tel: +33 1 41 49 29 82 / 33 08
philippe.kasse@chq.alstom.com
stephane.farhi@chq.alstom.com
or
Investor Relations
Emmanuelle Châtelain
Tel: + 33 1 41 49 37 38
emmanuelle.chatelain@chq.alstom.com
Website
www.alstom.com

Copyright Business Wire 2010

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

Great Recession Doesn’t Slow the Greening of GE

July 21, 2010 By Leave a Comment

Ecomagination continues to pay big dividends for General Electric, according to its just-released sustainability report.

After investing $1.5 billion in ecomagination products since 2005 — and growing the portfolio from 17 products to 90 — GE has earned $18 billion in revenue on ecomagination products. The success of ecomagination has led the company to greatly increase its investment in the coming years, putting an additional $8.5 billion in R&D investments in ecomagination by 2015.

With its sixth annual report, entitled “Renewing Responsibilities,” GE set a goal of growing ecomagination revenues twice as fast as the company itself grows.

Of course, in the wake of the Great Recession, the company isn’t necessarily growing that fast — revenues in 2009 declined by 14 percent — but ecomagination revenues were up 6 percent in 2009.

Despite the economic hit GE has taken, the companies overarching environmental initiatives are having an even larger impact on its footprint: Its overall intensities in water use, energy use and greenhouse gas emissions are down more than 30 percent each, with emissions intensity down 39 percent and overall emissions down 22 percent.

GE continues to set ambitious environmental goals on its intensities — the amount of resources used per million dollars of revenue — including a goal of 50 percent reductions in energy intensity from its 2004 baseline, a 25 percent reduction in emissions over a 2004 baseline, and a 30 percent reduction in water intensity over a 2006 baseline.

The full report is available online and in downloadable format from GE.com/Citizenship.

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UPDATE 1-UAE watchdog asks for higher Aabar buyback price

July 19, 2010 By Leave a Comment

July 18 (Reuters) – Abu Dhabi state fund Aabar Investments (AABAR.AD) should raise the buyback price it pays minority shareholders to 1.95 dirhams per share from 1.45 previously, the United Arab Emirates’ bourse watchdog said on Sunday.

The move follows complaints from shareholders that the initial price was too low. Aabar shares jumped 9.7 percent to 1.59 dirhams in early trading on the Abu Dhabi bourse. On July 12, a committee including Emirates Securities & Commodities Authority (ESCA) and the ministry of the economy met with Aabar to come up with a proposal for its buyback plan.

It asked Aabar to raise the offer price and to change the period in which it is open to July 20-Aug. 5 from July 12-Aug. 1, the watchdog’s statement said. (Reporting by Andres Callus, Editing by Dinesh Nair)

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

UPDATE 1-Charlemagne AuM fall in first half

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Emerging markets equity specialist Charlemagne Capital (CHAR.L) said on Friday it had posted a sharp fall in assets under management in the first half of the year due to negative markets and outflows.

The boutique said in a statement that assets under management stood at $2.8 billion at the end of June, a 16 percent increase compared with the same period last year but a 9.5 percent decline since the beginning of the year.

The result is in line with a forecast issued by Singer Capital Markets.

In March Charlemagne said it had seen a recovery in client money flows at the beginning of the year. [ID:nLDE62A069] but since March emerging markets indices fell by around 8 percent.

The group said it had experienced “modest net outflows” in the first half but added that their OCCO hedge fund range was “attracting strong and continuing inflows”, while the group had recommenced fund raising for property specialist investments.

Broker Singer said outflows would not be “substantial”. Net management fees were up 24 percent on same period last year and 1 percent on the previous six months at $10.4 million compared to $8.4 million last year.

Charlemagne said it will pay ordinary and a special interim dividend for the first half of the year, adding further details would be given when the interim financial results are published in September. (Reporting by Cecilia Valente, Editing by Raji Menon)

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

Singapore fund assets up 40 pct to $877 bln in 2009

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Total assets managed by fund managers in Singapore rose 40 percent to S$1.21 trillion ($877 billion) last year, above the pre-crisis peak of S$1.17 trillion in 2007, the central bank said on Friday.

Asia Pacific continued to be the main target for investments by Singapore-based managers, accounting for 61 percent of assets under management in 2009, Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee said at an investment forum.

About 51 percent of the funds were invested in stocks, while bonds accounted for 16 percent, the central bank said. (Reporting by Kevin Lim; Editing by Jan Dahinten)

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

Providence buys Australia’s Study Group for $570 mln

July 2, 2010 By Leave a Comment

July 1 (Reuters) – U.S. private equity firm Providence Equity Partners has acquired university programme provider Study Group from Australia’s CHAMP Private Equity for $570 million, the company said in a statement on Thursday.

Providence would buy the shares in Study Group owned by CHAMP and Petersen Investments, Study Group said in a statement.

Study Group International helps prepare students for university study in the United Kingdom, Australia and the United States, where it owns the Centre for English Studies chain of language schools.

(Reporting by Michael Smith, Editing by Narayanan Somasundaram)

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Australia’s Santos: welcomes PM pledge on mine tax

June 25, 2010 By Leave a Comment

June 24 (Reuters) – Australia’s Santos Ltd (STO.AX), which plans to build a coal-seam gas export plant in Queensland state, welcomed on Thursday new Prime Minister Julia Gillard’s commitment to negotiate openly on the proposed mine tax.

Energy

“Santos has participated in the government’s consultation process since the new tax was announced, but remains concerned over its potential impact on both existing operations and new investments,” it said in an e-mailed statement. (Reporting by Fayen Wong; Editing by Ed Davies)

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Saudi spends $1.6 billion to house displaced near Yemen

June 21, 2010 By Leave a Comment

(Reuters) – Saudi Arabia has allocated 6 billion riyals ($1.6 billion) to build 6,000 houses for citizens who were displaced from areas bordering Yemen after a two-month conflict with Yemeni Shi’ite rebels.

World

The official SPA news agency said the money would also fund the construction of basic educational and health infrastructure at five sites in the southern Jazan province.

Citizens who have been living in areas bordering Yemen would be housed in these new developments, SPA added.

The Saudi army started in November a campaign against what it said were intrusions into its territory by Yemeni Shi’ite rebels who were accusing Riyadh of letting Yemeni troops use its territory to attack them.

At least 113 Saudi soldiers were killed in the fighting which ended with a truce in January.

Western diplomats have been expecting Riyadh to provide adequate housing for thousands of citizens who live in the relatively poor southern region along the porous border with Yemen, some of whom rely on smuggling for their subsistence.

Before the conflict with the Yemeni rebels, Saudi Arabia started laying out basic infrastructure for the so-called Jazan Economic City in the hope of attracting $30 billion in investments to create an industrial hub that would create much-needed jobs for the population there.

(Reporting by Souhail Karam)

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Saudi spends $1.6 bln to house displaced near Yemen

June 21, 2010 By Leave a Comment

June 20 (Reuters) – Saudi Arabia has allocated 6 billion riyals ($1.6 billion) to build 6,000 houses for citizens who were displaced from areas bordering Yemen after a two-month conflict with Yemeni Shi’ite rebels.

The official SPA news agency said the money would also fund the construction of basic educational and health infrastructure at five sites in the southern Jazan province.

Citizens who have been living in areas bordering Yemen would be housed in these new developments, SPA added.

The Saudi army started in November a campaign against what it said were intrusions into its territory by Yemeni Shi’ite rebels who were accusing Riyadh of letting Yemeni troops use its territory to attack them.

At least 113 Saudi soldiers were killed in the fighting which ended with a truce in January.

Western diplomats have been expecting Riyadh to provide adequate housing for thousands of citizens who live in the relatively poor southern region along the porous border with Yemen, some of whom rely on smuggling for their subsistence.

Before the conflict with the Yemeni rebels, Saudi Arabia started laying out basic infrastructure for the so-called Jazan Economic City in the hope of attracting $30 billion in investments to create an industrial hub that would create much-needed jobs for the population there. (Reporting by Souhail Karam)

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East Capital Explorer AB: East Capital Explorer sees investment in East Capital Russian Property Fund repaid as fund closes

June 16, 2010 By Leave a Comment

East Capital has decided to close the East Capital Russian Property Fund that was
started in July 2008. To date, no investments had been made in the fund.

“As the crisis hit, our highly qualified team made a diligent decision to stay out and
wait until the price fall would stabilize. In this post crisis environment, despite
intensive efforts, it proved impossible to realize our initial investment strategy
within a reasonable timeframe. Acting in the best interest of our investors we have
decided to close the fund and return the money to our investors. This decision, does not
affect our strong belief in the rapidly developing Russian consumer market” says
Kestutis Sasnauskas, CEO of East Capital Private Equity and partner of East Capital.

“We still consider real estate an attractive sector for investments and together with
East Capital we will pursue alternative ways to get exposure to the sector. Our goal of
being fully invested during 2010 remains in place.” says Gert Tiivas, CEO of East
Capital Explorer AB.

Following the closure of the fund, the capital in the fund will be returned to the
investors, including East Capital Explorer AB, and the investors’ remaining commitments
will be released.

East Capital Explorer committed EUR 40m to the fund in May 2008. By the end of May 2010,
EUR 0.6m had been used to cover costs in the fund. Additional cost will arise before
final closure. The total costs are estimated to be EUR 1.0m. East Capital Explorer will
not pay any management fees to East Capital. Hereafter, East Capital Explorer will have
EUR 67m in cash available for further investments.

Contact information:

Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30

Financial reporting calendar – East Capital Explorer:

*

Monthly Net Asset Value report on the fifth working day after the end of each month

*

Interim Report 1 January – 30 June 2010, 20 August 2010

*

Interim Report 1 January – 31 September 2010, 11 November 2010

About East Capital Explorer | East Capital Explorer AB is a Swedish company, created
with the specific aim of bringing unique investment opportunities in Eastern Europe to a
broader investor base. The company invests mainly in East Capital’s private equity and
semi-public equity funds that provide exposure to companies not otherwise accessible via
the local stock exchanges in Eastern Europe. East Capital Explorer targets fast growing
sectors such as the power utilities, financial, retail and consumer goods and real
estate sectors. East Capital Explorer has appointed East Capital to manage its
investment activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ
OMX Stockholm, Mid Cap.

This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.

HUG#1423821

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Kenya’s Centum group annual pretax profit rises 149 pct

June 9, 2010 By Leave a Comment

June 8 (Reuters) – Kenya’s Centum Investment (ICDC.NR) said on Tuesday its group’s pretax profit grew to 1.18 billion shillings for the year to end March from 476 million last year.

Financials

It said its gross return rose to 3.54 billion shillings, after losing 2.27 billion shillings in 2009.

Most of Centum’s investments are in in blue chip stocks listed on the Nairobi Stock Exchange. (Reporting by Helen Nyambura-Mwaura; Editing by David Lewis)

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Japan retail fund inflows drop 55 pct in May -Lipper

June 2, 2010 By Leave a Comment

TOKYO, June 1 (Reuters) – Japanese retail investors scaled back their interest in new investments trust funds in May, with inflows dropping 55 percent from a month earlier on worries about Europe’s debt crisis.

Newly launched investment trusts or “toushin” attracted 203.9 billion yen ($2.2 billion), the smallest amount since August, and 41 percent lower than a year earlier, data by Thomson Reuters fund research company Lipper showed.

Inflows had risen to 452.7 billion yen in April, which was the highest level since September 2006.

An auto stocks fund from Nomura Asset Management, Japan’s top asset manager, was quite popular, attracting 91.5 billion yen but the rest saw only modest demand.

It was the sixth straight month for a toushin structured by Nomura Asset to draw the biggest inflows.

Global shares prices and the euro have been battered by debt woes in Greece and other European countries. Japan’s broader Topix index dropped almost 11 percent in May.

Japanese individuals hold about $15 trillion in personal assets and although retail investors became more cautious last month, they are keen to diversify their assets and seek higher returns by shifting out of low yielding accounts. ($1=91.05 yen) (Reporting by Chikafumi Hodo; Editing by Edwina Gibbs)

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Egypt’s SODIC to set up north Egypt retail project

June 1, 2010 By Leave a Comment

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

Financials

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

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

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

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Govt may offer firms alternate coal blocks – paper

May 24, 2010 By Leave a Comment

The government plans to offer alternate coal blocks to companies where earlier allocations failed to get environmental clearance, the Economic Times reported on Monday.

“We will review the existing coal block allotment policy to devise new criteria for allotting alternate coal blocks to companies that have committed large investments on the back of government allocations,” the newspaper quoted an unnamed coal ministry official as saying.

The government has been allocating coal blocks to private and state-run companies since 2003 in a bid to boost coal output, but majority of the 208 blocks given since then have not received mandatory clearances and have not started production.

(Writing by Ruchira Singh)

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