Commercial Building Retrofits Could Save $41B a Year, Study Says

July 30, 2010 By Leave a Comment

Owners of commercial buildings in the U.S. could save more than $41 billion a year in energy costs, if all currently existing commercial space were placed in a decade-long energy efficiency retrofit program requiring an annual investment of about $22.5 billion, according to a new report by Pike Research.

The report by the cleantech market intelligence firm acknowledges that while the figures are impressive, they reflect the market potential for energy efficiency retrofits — rather than the actual market, which under current conditions is a fraction of the potential.

“The building retrofit industry faces a number of key challenges,” Pike Managing Director Clint Wheelock said in a statement accompanying the release of the report. “The current financial crisis has had a significant dampening effect on property owners’ investments in their properties. Financing for such projects is scarce, and the limited investment in building efficiency is not keeping pace with the growing national demand for energy.”

Private commercial buildings present the largest untapped opportunity for energy efficiency retrofits and account for nearly all existing commercial space, the research firm noted. In contrast, federal non-industrial buildings comprise less than 3 percent of existing commercial space, but major retrofits in federal facilities and other institutional buildings are far more likely to receive funding than projects outside the sector.

The Pike study, “Energy Efficiency Retrofits for Commercial and Public Buildings,” examines market drivers, barriers and scenarios that could contribute to the market reaching its potential — and those that would impede it if left unaddressed.

The report said:

“If the goal of the energy retrofit industry is to spend a little money on efficiency, while total national demand for energy continues to grow, then present policy is functioning well. However, if the goal is to reduce the total demand for energy in buildings over time, by the 50 percent or more needed to address international competitiveness, global warming, and energy independence, then present energy policy needs a substantial retrofit.

If code policy, design tools, financial incentives, and regulations focus on energy efficiency at the following intervention points [as identified by nonprofit research organization Architecture 2030], the incremental cost of efficiency will be very small:

* ‘Building design – schematic design, material and building systems selection
* Existing building purchases
* Leasing/tenant improvements
* Building renovation cycles
* Rebuilding (after a natural disaster)’

Programs that do not recognize these intervention points or take advantage of them face unnecessary obstacles, costs, and potential failure. A national carbon trading system could have a major effect on the retrofit market. If national carbon-emissions legislation addressed energy use in commercial buildings with a combination of high energy prices and reinvested incentives, then the market for energy efficiency retrofits (and for educating the workers in this market) would explode with activity.”

The executive summary of report is available for free download from Pike Research. The full report is available for a fee.

Image of 300 West Sixth Street, named one of BOMA’s Outstanding Buildings for 2010, courtesy of the Thomas Property Group.

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

Singapore c.bank to introduce s-term bills from Q2 2011

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Singapore’s central bank said on Thursday it will issue short-term bills next year, a fourth instrument for money markets, to help banks manage their liquidity.

Currently the central bank uses three instruments — foreign exchange swaps, money market borrowings and repos.

“MAS Bills will be our fourth instrument. These bills are negotiable, so banks needing liquidity can tell them or pledge them as collateral in interbank repo markets as well as the MAS Standing Facility,” said Heng Swee Keat, the managing director of the Monetary Authority of Singapore.

“This will facilitate banks in managing their liquidity.”

He said the bills would be for up to three months and the authority was initially planning an issue of up to S$20 billion. (Reporting by Nopporn Wong-Anan)

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

DNO International ASA: DNO International reports a working interest production of 23,478 bopd in June 2010

July 28, 2010 By Leave a Comment

DNO’s working interest production increased from 11,431 bopd in May to 23,477 bopd in
June. On a quarterly basis, the working interest production increased from 12,442 bopd
in the first quarter to 15,748 in the second quarter.

The strong increase in June was related to short term sales arrangements for crude oil
deliveries to the local market in the Kurdistan Region of Iraq (Kurdistan).

“The Company expects to maintain the June level of crude oil deliveries in Kurdistan
also for July, but the August production is likely to be lower due to Ramadan. As the
current production volumes in Kurdistan are based on short term delivery arrangements,
the local sales in Kurdistan may continue to show significant fluctuations going
forward”, says Helge Eide, Managing Director of DNO International ASA.

Complete production report is attached.

Oslo, 27 July 2010

DNO International ASA

Corporate Communications

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

HUG#1434117

DNO International ASA – Production Report for June 2010

http://hugin.info/36/R/1434117/379789.pdf

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

UPDATE 1-Abu Dhabi’s Waha Q2 profit plunges, share rally stalls

July 26, 2010 By Leave a Comment

DUBAI, July 25 (Reuters) – Abu Dhabi-listed Waha Capital WAHA.AD, whose shares had surged ahead of a $1.5 billion bond issue, reported a 90-percent decline in second-quarter profit on Sunday as earnings in invested firms slumped.

Waha, which is involved in real estate and leasing for the oil and aviation sectors including deals for military planes for the UAE Armed Forces, reported a profit of 5.99 million dirhams ($1.63 million), down from 54.5 million a year earlier.

Profits from equity accounted investees, a reference to where Waha holds a significant stake in others, fell by more than half to 20.67 million dirhams.

The stock was down 3 percent at 0852 GMT, having been up as much as 6 percent in early trade.

It had gained more than 19 percent in the previous three sessions since early price guidance indicated a 10-year benchmark bond for unit Waha Aerospace would be priced at 225 basis points over 5-year U.S. Treasuries, with the issue expected to raise about $1.5 billion. [ID:nLDE66J0PJ]

The Abu Dhabi governement holds a 15 percent stake in Waha, according to Reuters data, and has unconditionally backed the bond.

“The headline (profit) number is quite weak, but the stock has rallied on the back of its bond issue, which is significant fundraising for the company,” said Ali Khan, managing director and head of brokerage at Arqaam Capital.

“To get a 10-year bond away at this price is not bad.”

The firm’s revenues for the three months ending June 30 were 76.7 million dirhams, down 20 percent.

(Editing by Jason Neely)

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

Pew Report Finds Credit Cards More Transparent, Yet Problems Remain

July 23, 2010 By Leave a Comment

WASHINGTON, July 22 /PRNewswire-USNewswire/ — Most of the practices deemed “unfair” or “deceptive” by the Federal Reserve have disappeared from new credit card offers since federal passage of the Credit CARD Act last year, according to a new report by the Pew Health Group’s Safe Credit Cards Project. Yet new trends have emerged that could cost cardholders significantly.

The report finds that issuers have eliminated practices such as “hair trigger” penalty rate increases (disproportionate charges for minor account violations), unfair payment allocation, and raising interest rates on existing balances. However, Pew’s research also highlights a sharp rise in cash advance fees, continued widespread use of other penalty interest rates and an emerging trend of credit card companies failing to disclose penalty interest rates in their online terms and conditions.

“While it’s been less than a year since passage of the Credit CARD Act, the new law appears to be working for millions of Americans who have credit cards,” said Shelley A. Hearne, managing director of the Pew Health Group. “The elimination of most of the ‘unfair’ or ‘deceptive’ practices of the credit industry since we last surveyed the marketplace marks a major milestone in the move to make credit cards safer, transparent and more fair for consumers. Most of the news is good, but we are seeing the rise of new harmful behavior.”

The study, Two Steps Forward: After the Credit CARD Act, Cards Are Safer and More Transparent—But Challenges Remain, is the latest in a series of reports from the Pew Safe Credit Cards Project that has examined all consumer credit cards offered online by the nation’s 12 largest banks and 12 largest credit unions. Together these institutions control more than 90 percent of the nation’s outstanding credit card debt. For this latest report, which measures how the industry has changed since the passage of the Credit CARD Act, Pew gathered data in March 2010 on nearly 450 cards. Full details, including previous research, can be found at www.pewtrusts.org/creditcards.

Key findings show:

* Many of the most troublesome practices of the credit card industry have been eliminated. A credit card issuer can no longer unilaterally decide to raise interest rates on existing balances. Likewise, practices including “hair trigger” penalty rate increases, unfair payment allocation, and overlimit fees without prior consent are a thing of the past. Earlier Pew research found that before the implementation of the law, 100 percent of the credit cards surveyed included at least one of these practices.
* Beyond the requirements of the new law, there are new practices that benefit consumers. Less than 25 percent of all cards examined had an overlimit fee, which is down from more than 80 percent of cards in July 2009. Additionally, mandatory arbitration clauses, which can limit a consumer’s right to settle disputes in court, are now found in 10 percent of cards compared to 68 percent in July 2009.
* Predictions that legislation would spawn the growth of new fees have yet to materialize. There was minimal change in the number of cards that include an annual fee (down 1 percentage point from July 2009 to March 2010). During that period, the median size of these fees increased from $50 to $59 for banks and from $15 to $25 for credit unions.
* Some disclosures stopped including the size of penalty interest rates even as issuers reserved the right to impose them. At least 94 percent of bank cards and 46 percent of credit union cards came with interest rates that could go up as a penalty for late payments or other violations. But nearly half these warnings failed to inform the consumer of the actual penalty interest rate or how high it could climb.

“Although we applaud changes by the card industry to create a fairer and more transparent marketplace, our research shows that some challenges remain,” said Nick Bourke, director of Pew’s Safe Credit Cards Project and report co-author. “For the first time, we have seen credit card disclosures warning consumers that interest rates could go up as a penalty for certain actions, but not stating how high those rates could go. Federal regulators should pay attention to this problematic new trend. When issuers withhold vital pricing information, it leaves cardholders in the dark and puts their financial security at risk, which is why federal regulations have long required issuers to disclose their rates and fees up front.”

Two Steps Forward includes a number of policy recommendations to address new challenges, including:

* Federal bank regulators should enforce existing regulations that require companies to disclose full and reliable credit card penalty rate information.
* The Federal Reserve should prohibit issuers from charging penalty interest rates that are higher than initially disclosed when the consumer opened the card account.

The report also shows that surcharge fees for cash advances rose sharply between July 2009 and March 2010. Bank cash advance and balance transfer fees increased on average by one-third during this period, from 3 percent of each transaction to 4 percent. Credit union cash advance fees went up by one quarter, from 2 percent to 2.5 percent.

Other pricing data is also included in the report, showing recent increases in a variety of credit card interest rates and fees.

About the Pew Health Group

The Pew Health Group is the health and consumer-product safety arm of The Pew Charitable Trusts, a nonprofit organization that applies a rigorous, analytical approach to improve public policy, inform the public and stimulate civic life. www.pewtrusts.org/creditcards

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

IMF aims to boost lending resources by $250 billion: report

July 20, 2010 By Leave a Comment

(Reuters) – The International Monetary Fund (IMF) wants to boost its lending resources to $1 trillion from $750 billion in order to prevent future financial crises, the Financial Times said on Monday.

The paper, without citing sources, said the IMF wants to agree financing deals in advance that will be specially tailored to individual countries, rather than respond to crises with conditional loan packages.

“Even when not in a time of crisis, a big fund, likely to intervene massively, is something that can help prevent crises,” IMF Managing Director Dominique Strauss-Kahn told the FT.

“Just because the financing role decreases, doesn’t mean we don’t need to have huge firepower… a $1,000 billion fund is a correct forecast,” he said.

The FT said South Korea, which currently chairs the Group of 20 leading economies, is hoping to convince the G20 countries to back the plan at the next summit in Seoul in November.

(Reporting by Karolina Tagaris; Editing by Michael Urquhart)

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

Retail banks making less from customers

July 20, 2010 By Leave a Comment

(Reuters) – Retail banks are making less profit on average from customers since the financial crisis as price-sensitive consumers shop around and become more demanding, according to a report released on Monday.

The study by consultancy Accenture found that nearly half of top global retail banks had seen the average profit from customers fall between 5 and 15 percent. A further 11 percent said they had seen bigger declines.

Of the 46 executives interviewed for the study, more than half said customer loyalty had decreased. Most expected the lack of customer loyalty to continue in the long term.

“Consumers (are) more skeptical of their bank brands, more price conscious, and more willing to move away from institutions that provide poor service,” said co-author Noel Gordon, global managing director of Accenture’s banking industry practice.

“For the banks, traditional profit-recovery strategies — rate and fee increases, conventional cross-selling and organic growth — will not readily fix the problem,” he said.

(Reporting by Kenneth Grierson, editing by Will Waterman)

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

Retail banks making less from customers -study

July 20, 2010 By Leave a Comment

July 19 (Reuters) – Retail banks are making less profit on average from customers since the financial crisis as price-sensitive consumers shop around and become more demanding, according to a report released on Monday.

The study by consultancy Accenture found that nearly half of top global retail banks had seen the average profit from customers fall between 5 and 15 percent. A further 11 percent said they had seen bigger declines.

Of the 46 executives interviewed for the study, more than half said customer loyalty had decreased. Most expected the lack of customer loyalty to continue in the long term.

“Consumers (are) more sceptical of their bank brands, more price conscious, and more willing to move away from institutions that provide poor service,” said co-author Noel Gordon, global managing director of Accenture’s banking industry practice.

“For the banks, traditional profit-recovery strategies — rate and fee increases, conventional cross-selling and organic growth — will not readily fix the problem,” he said. (Reporting by Kenneth Grierson, editing by Will Waterman)

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

Infosys Technologies (Nasdaq: INFY) Announces Results for the Quarter Ended June 30, 2010

July 14, 2010 By Leave a Comment

BANGALORE, India, July 13 /PRNewswire-FirstCall/ –

Highlights

Consolidated results for the quarter ended June 30, 2010

Revenues were $ 1,358 million for the quarter ended June 30, 2010; QoQ growth was 4.8%; YoY growth was 21.0%

* Net income after tax* was $ 326 million for the quarter ended June 30, 2010; QoQ decline was 6.6%; YoY growth was 4.2%
* Earnings per American Depositary Share (ADS)** was 0.57 for the quarter ended June 30, 2010; QoQ decline was 6.6%; YoY growth of 3.6%
* 38 clients were added during the quarter by Infosys and its subsidiaries
* Gross addition of 8,859 employees (net addition of 1,026) for the quarter by Infosys and its subsidiaries
* 1,14,822 employees as on June 30, 2010 for Infosys and its subsidiaries

* Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in Q4 FY10, QoQ decline was 3.6%

** Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in Q4 FY10, QoQ decline was 3.4%

“While the global economic environment remains uncertain, we continue to see greater demand for services from our clients,” said S. Gopalakrishnan, CEO and Managing Director. “The challenge for the industry is to enhance the investment to grow the business, given the uncertainty in the environment.”

Business outlook

The company’s outlook (consolidated) for the quarter ending September 30, 2010 and for the fiscal year ending March 31, 2011, under International Financial Reporting Standards (IFRS), is as follows:

Outlook under IFRS#

Quarter ending September 30, 2010

* Consolidated revenues are expected to be in the range of $ 1,413 million to $ 1,427 million; YoY growth of 22.4% to 23.7%
* Consolidated earnings per American Depositary Share are expected to be in the range of $ 0.59 to $ 0.60; YoY growth of 5.4% to 7.1%

Fiscal year ending March 31, 2011##

* Consolidated revenues are expected to be in the range of $ 5.72 billion to $ 5.81 billion; YoY growth of 19.0% to 21.0%
* Consolidated earnings per American Depositary Share are expected to be in the range of $ 2.42 to $ 2.52; YoY growth of 5.2% to 9.6%

# Exchange rates considered for major global currencies: AUD / USD – 0.86; GBP / USD – 1.50; Euro / USD – 1.23

## Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in fiscal 2010, the EPS growth is expected to be in the range of 6.1% to 10.5%

Expansion of services and significant projects

With insight and experience of three decades, and improved and enhanced portfolio of services and products, we offer greater value to our clients and stakeholders.

Transformation

We continue to drive transformation for our existing clients; a number of new clients have solicited our help to make their businesses more dynamic and profitable.

A leading aero structures manufacturer engaged our aerospace engineering team to design and develop components for their commercial airplane program. For a global consumer electronics leader, we are re-engineering their global service exchange platform to help meet their growing service needs. A major transformation project we won this quarter was from a large manufacturer of computer systems and provider of related services, in which we are providing business, functional and consulting expertise. A provider of secure electronic payments and credit/debit card processing services engaged us to improve their reporting, monitoring, business intelligence and service. It is also consulting us to analyze and recommend process improvements. A leading global chemical company engaged us to define sales requirements and implement a sales force automation package for their North American sales force. A producer of specialist aluminium products sought our services for globally harmonizing business processes and implementing next generation enterprise resource planning software. For a global specialty retailer, we conceptualized and launched a platform that provides a comprehensive view of their competitors’ pricing and assortment. We helped a large UK-based retailer revamp its promotions and improve its marketing effectiveness. A European retailer of office automation services consulted us to harmonize their processes and consolidate applications across Europe. A major transformational project won this quarter was from a leading European pipeline engineering company for whom we have implemented an enterprise resource planning system across 32 countries.

Operations

Leading global companies continue to engage us to manage their operations and ensure larger returns to scale for them.

Our expertise in manufacturing and operations helped us win a deal with a global telecom company. We will run the client’s quality and business compliance operations, helping it to offer competitive new products in emerging markets. A European telecom major chose us to design, develop, deploy and maintain an agent desktop application. Among the clients who opted for our product lifecycle management services are a leading oilfield service company and an agri-business major. For a global internet services company, we will develop and maintain a new content management product. A global financial services company selected us to develop a platform for merchants worldwide to deliver card members offers through multiple channels. An investment management company partnered us to implement a new commission system for its wholesale brokers to develop scale and reduce time to market. We managed the North American customer relationship management applications for a manufacturer of automobiles and motorcycles. Another automobile manufacturer selected us as a key partner for development projects in their strategic order management and distribution portfolio. We are implementing a centralized loyalty management system with real time access for a leading retail company. We were instrumental in implementing a single multi-channel order management platform for a reputed British retailer. Our retail solutions team was selected as the single strategic vendor for application services for a North American apparel retailer. We also developed a web property for the B2C online sales for another specialty retailer.

Innovation

We have won major strategic projects this quarter on our strength and ability to innovate products and processes.

A European telecom giant chose us to develop their next generation set top box platform to offer consumers high-definition content and a host of other services. For a large global retailer, we are creating rich mobile applications, with an aim to enhance the shopping experience for their customers. An aircraft manufacturer chose us as their partner to design a new aircraft development program.

“The volatile currency environment is a concern for the industry,” said V. Balakrishnan, Chief Financial Officer. “Our flexible financial and operating model enables us to prioritize our investments and focus on high quality growth even in this tough environment.”

About Infosys Technologies Ltd.

Infosys (Nasdaq: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 114,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2010 and on Form 6-K for the quarters ended June 30, 2009, September 30, 2009 and December 31,2009. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

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

UPDATE 1-IMF chief sees risks from surge in capital flows

July 13, 2010 By Leave a Comment

DAEJEON, South Korea, July 12 (Reuters) – Asia has emerged as a global economic powerhouse but is faced with policy challenges from rising capital inflows and needs to watch out for possible shocks from Europe, the IMF’s chief said on Monday.

Managing Director Dominique Strauss-Kahn admitted to mistakes the International Monetary Fund made in helping several Asian countries overcome the 1997-1998 financial crisis but said its efforts eventually paid off by making the region more sound.

Strauss-Kahn also said during a conference, co-hosted by the IMF and the South Korean government, that it was working on ways to enhance or redesign its existing lending facilities and that details would be available by November.

“We may have made mistakes. Who doesn’t?,” he said during the conference in the central South Korean city of Daejeon. “We have learned how big the danger of volatile capital flows is and how big those capital flows may be.”

At the same conference, South Korean Finance Minister Yoon Jeung-hyun urged the IMF to take steps to help prevent another financial crisis, repeating the country’s call for a strengthened network of financial safety nets.

“I belive the IMF has an important contribution to make, by proposing and enacting concrete and realistic measures to strengthen financial safety nets around the globe,” Yoon said.

Yoon said efforts from developing countries were not sufficient to withstand external shocks on increases in volume and high volatility of capital flows.

Strauss-Kahn also acknowledged the argument that the IMF’s prescriptions offered in return for rescuing Asia’s emerging economies of South Korea, Thailand and Indonesia during the 1990s crisis could have been better structured.

“We have learned also that we need to focus conditionality on the real problems, not having a long list of conditions that may have little to do with the problems at stake,” he said at the conference on Asia’s growing role in the global economy.

He warned of remaining downward risks mainly involving the fiscal crisis in Europe.

“Obviously Europe is today with low growth and some risks of crisis on the fiscal side, which means that policymakers need to remain attuned to negative shocks including capital inflows,” he said.

He repeated his previous view that the U.S. dollar will remain the world’s major reserve currency for a long time, saying it will take a long time before alternatives such as the IMF’s special drawing rights (SDRs) emerge as a reserve money. (Additional reporting by Cheon Jong-woo; Editing by Muralikumar Anantharaman)

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

Avanza Bank: Interim Report January – June 2010

July 10, 2010 By Leave a Comment

STOCKHOLM–(Business Wire)–
Avanza Bank (STO:AZA):

· Operating income increased by 31 per cent (-10 %) to SEK 316 million (SEK 242
m)

· The profit after tax increased by 35 per cent (6 %) to SEK 142 million (SEK
105 m)

· Earnings per share incresaed by 35 per cent (4 %) to SEK 5.13 (3.81)

· Net inflow totalled to SEK 7,060 million (SEK 4,500 m), corresponding to 12
per cent (13 %) of savings capital at the beginning of the year

· The number of accounts increased by 16 per cent (11 %) to 322,700 (279,000 as
of 31st December 2009), and the total savings capital increased by 13 per cent
(36 %) to SEK 69,000 million (SEK 61,300 m as of 31st December 2009)

Second quarter

· Operating income increased by 21 per cent (2 %) to SEK 161 million (SEK 133 m)

· The profit after tax increased by 11 per cent (36 %) to SEK 68 million (SEK 61
m)

· Earnings per share increased by 12 per cent (32 %) to SEK 2.47 per share (SEK
2.21)

Comments from the Managing Director: “The net inflow to Avanza Bank totalled in
excess of SEK 7,000 million during the first half of the year, corresponding to
an increase of 57 per cent in comparison with the equivalent period last year.
The net inflow increased by 6 per cent during the second quarter to SEK 2,640
million. A total of 43,700 new accounts were also gained during the first half
of the year, setting another new record. Earnings per share increased by 35 per
cent during the first half of the year and by 12 per cent during the second
quarter”, says Nicklas Storåkers, Managing Director of Avanza Bank.

“The stock market has now levelled off in the wake of the steep rises from the
very low levels seen in early 2009, and the savings market is expected to
demonstrate a calmer growth rate in the months to come. Avanza Bank`s share of
the Swedish market`s net inflow market was, however, many times greater than our
share of the existing savings capital market during the first quarter and we
calculate that this performance was replicated during the second quarter, which
means that we are rapidly taking market shares from other players. We will be
implementing a number of major product launches during the third and fourth
quarters and expect them to substantially boost Avanza Bank`s competitiveness.
Higher interest rates being considered to improve net interest income on
deposits. As a result, and even if the growth rate in savings market becomes
somewhat calmer in the months ahead, we anyway calculate that the preconditions
for achieving our long-term growth goal of 15-20 per cent per annum are
excellent.”

This information was brought to you by Cision http://www.cisionwire.com

Avanza Bank
Nicklas Storåkers, Managing Director
tel: +46 (0)70 861 80 01
or
Birgitta Hagenfeldt, CFO
tel: +46 (0)73 661 80 04

Copyright Business Wire 2010

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

Australia govt, miners making progress on tax -Atlas

July 2, 2010 By Leave a Comment

July 1 (Reuters) – Australia’s government and miners are making significant progress in negotiation over a controversial mining tax, Atlas Iron managing Director Dave Flanagan, who is not directly involved in the talks, said.

“I have been talking to people who are involved in the majors … and it does appear there has been significant progress,” Flanagan, told Reuters on Thursday. (Reporting by Jim Regan; Editing by Balazs Koranyi)

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

Tata Steel says Corus chief to step down from Oct 1

June 29, 2010 By Leave a Comment

June 27 (Reuters) – The head of Tata Steel’s (TISC.BO) European unit Corus is to step down later this year, the company said on Sunday.

Basic Materials

It said Kirby Adams, managing director and chief executive of Corus, Europe’s second largest steel producer, will step down from Oct 1, 2010 and will be replaced by Karl-Ulrich Kohler, currently chief operating officer at the subsidiary and a former head of Germany’s ThyssenKrupp Steel (TKAG.DE).

Adams “has decided to step down from his executive roles and return to Australia, having successfully initiated a restructuring of the company and restored profitability,” the world’s eighth biggest steelmaker said in a statement.

Adams will remain available to Tata Steel in an advisory capacity, it added.

Tata Steel’s European operations account for two thirds its global capacity of about 30 million tonnes, while the booming Indian operations contribute a quarter. Tata Steel also has units in Thailand and Singapore. (Reporting by Aniruddha Basu; Editing by Greg Mahlich)

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

Delphi Genetics Announces an Investment of More Than €3 Million in the Charleroi Aeropole Business Park

June 26, 2010 By Leave a Comment

An investment in a building dedicated to its own research and production
SHANGHAI–(Business Wire)–
On Walloon Biotech Day organised at the Shanghai World Fair, in the Belgian
Pavilion, Delphi Genetics announced its decision today to invest €3.5 million in
a building that will be entirely dedicated to its activity. This 1500m² building
will house the company`s Research & Development Department, its service
activities and the manufacturing of its products. Since July 2006, Delphi
Genetics has been renting an area of 450 square metres in Igretec`s bridging
building in the Charleroi Aeropole Business Park near the Institute of Biology
and Molecular Medicine (IBM) of the Université Libre de Bruxelles (ULB). The new
building, the inauguration of which is envisaged for 2012, will be located in
the ULB`s Biopark, which already contains several Biotech companies.

Dr Cédric Szpirer, Managing Director of Delphi Genetics and one of its founders,
explained: “Delphi Genetics` business is growing: we have more and more contacts
with major companies in the biopharmacy andbiotechnology fields. These contacts
lead to new licensing agreements or partnerships and result in increased
activity in terms of services and production alike. We also have several
research projects underway. We therefore need more space to achieve our
objectives. The new building will enable us to accommodate up to 45 people and
an extension will be possible should it prove to be necessary.”

In June 2009, Delphi Genetics announced a licensing agreement with
Sanofi-Pasteur, Sanofi-Aventis`s human vaccines division. This agreement enables
Sanofi-Pasteur to implement the StabyExpress technology in its production of
recombinant vaccines and therefore to be able to produce them efficiently
without using antibiotic markers.

About Delphi Genetics SA

Founded at the end of 2001, Delphi Genetics develops more effective products and
technologies for genetic engineering and for protein expression in bacteria by
using its unique expertise in the field of plasmid stabilisation systems. Delphi
Genetics` patented Staby technology increases the recombinant protein production
output without the use of antibiotics, which is the traditional approach. For
further information, please visit our website: http://www.delphigenetics.com.

Photos/Multimedia Gallery Available:

http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6336170〈=en

Delphi Genetics SA
delphigenetics@delphigenetics.com
Tel: +32 71 25 10 00

Copyright Business Wire 2010

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

LaSalle hires Nomura real estate banker as Asia CIO

June 25, 2010 By Leave a Comment

June 24 (Reuters) – U.S. real estate firm LaSalle Investment Management said it HAS hired Mark Gabbay as chief investment officer for Asia Pacific.

Stocks | Financials

Before joining LaSalle, Gabbay was in Asia for more than 12 years, most recently at Nomura Holdings (8604.T). Before that he worked for Lehman Brothers as managing director and co-head of real estate for Asia Pacific.

LaSalle, a unit of property services firm Jones Lang LaSalle (JLL.N), has $38.3 billion in assets under management. (Reporting by Maggie Lu Yueyang; Editing by Chris Lewis)

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

DNO International ASA: DNO reports a working interest production of 11,431 bopd and a net entitlement production of 6,891 bopd for May 2010

June 23, 2010 By Leave a Comment

“Production in May was somewhat lower than in April, mainly due to lower local sales in
Kurdistan. The variations in these sales are due to local demand factors. Based on the
current deliveries we expect local sales in Kurdistan to increase for the month of
June”, says Managing Director Helge Eide.

DNO’s net entitlement production in May was 6,891 bopd.

See attached report for more information.

Oslo, 22 June 2010

DNO International ASA
Corporate Communications

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

HUG#1425766

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

Rajawali to list plantations via Eatertainment-sources

June 21, 2010 By Leave a Comment

June 20 (Reuters) – Indonesian investment firm Rajawali Group plans to backdoor list its $1 billion plantation assets through its majority-owned firm Eatertainment (SMMT.JK) this year, sources told Reuters.

Cyclical Consumer Goods

“Rajawali plans to put its plantation assets into a new company it recently acquired, Eatertainment,” said a source with direct knowledge of the deal on Sunday.

Rajawali Group’s managing director told Reuters in an interview earlier this month that it planned in the next year to list its plantation assets, including palm oil plantations in Indonesia. (Reporting by Janeman Latul; Editing by Neil Chatterjee and Jon Loades-Carter)

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

Heineken eyeing Belgian brewer De Koninck -paper

June 18, 2010 By Leave a Comment

June 17 (Reuters) – Dutch brewer Heineken (HEIN.AS) is eyeing Belgian beer maker De Konick, newspaper De Standaard reported on Thursday.

Non-Cyclical Consumer Goods

The Antwerp-based brewer, which once produced 140,000 hectolitres a year but brews just half that today, is struggling to cope with a falling beer market in Western Europe, the paper said.

“We are looking for strategic partners,” the paper cited De Koninck managing director Bernard Van de Bogaert as saying.

He denied the brewer has been put up for sale, but had “asked colleagues to help” to enable it to increase production.

Van den Bogaert said the group has been in talks with both Heineken and Belgian specialty beer maker Duvel (DUVE.BR), De Standaard said.

Heineken was not available to comment. (Writing by Antonia van de Velde; Editing by Dan Lalor)

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

Low-rated U.S. firms may struggle to refinance debt: S&P

June 17, 2010 By Leave a Comment

(Reuters) – Low-rated U.S. companies may struggle to refinance more than $1.7 trillion in debt that comes due between 2011 and 2014 as growing economic concerns make banks and investors more reticent to lend, Standard & Poor’s said on Wednesday.

The amount of risky bonds and loans that mature each year will steadily climb to a peak of $550 billion in 2014, S&P said in a report.

“We believe that many borrowers at the low end of the ratings scale will encounter serious hurdles to their refinancing needs in 2013 and 2014,” said S&P Managing Director John Bilardello.

Lower-rated companies took advantage of good credit markets last year and at the beginning of this year to refinance debt, S&P said.

However, “in our view, very low market demand for collateralized debt, combined with U.S. banks’ own refinancing needs, makes it apparent why the credit markets have once again tightened after a significant bounce back in the early part of 2010,” the rating agency said.

Refinancing risk in coming years will be most prevalent for companies hit hardest by the recent recession, including consumer-dependent firms, S&P said.

This includes restaurants and retailers, who have $8.9 billion in debt due in 2011, another $12 billion 2010 and almost $17 billion maturing in 2013. Media, entertainment and leisure companies have $17.7 billion in debt due next year, another $36.5 billion due in 2012 and $50.6 billion maturing in 2013, S&P said.

(Reporting by Karen Brettell; Editing by Dan Grebler)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,
« Older Posts