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

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)

Ryanair Q1 profit falls on ash, keeps FY forecast

July 20 (Reuters) – Irish airline Ryanair (RYA.I) posted a 24 percent drop in first-quarter profit due to disruptions caused by a volcanic ash cloud and maintained its forecast for full-year earnings growth.

Europe’s biggest low-cost carrier said on Tuesday its net profit for the three months to the end of June came in at 93.7 million euros ($122 million) after accounting for the 50 million euro cost of almost 10,000 flights cancelled in April and May.

Adjusted net profit rose 1 percent to 138.5 million euros and Ryanair maintained its forecast for full-year net profit to rise by between 10 to 15 percent to between 350 million and 375 million euros — a forecast which it last month said excluded the 50 million euro ash cloud charge. (Reporting by Andras Gergely; Editing by Mike Nesbit) ($1=.7706 euros)

Thai govt lifts emergency in more provinces

July 20 (Reuters) – Thailand’s government said on Tuesday it was lifting a state of emergency in three provinces but it would remain in force in others including Bangkok, after being imposed in April to help authorities cope with political unrest.

The government had lifted the emergency in five provinces on July 6 when the initial period came to an end, but extended it for another three months in other areas covering a quarter of the country because it said anti-government elements still posed a threat.

The state of emergency bans political gatherings of more than five people and gives the government powers to censor the media. It also gives broad powers to the security forces, including the right to detain suspects without charge. (Reporting by Pracha Harirasapitak; Editing by Alan Raybould)

UPDATE 1-Saudi Savola’s Q2 net profit down 2.3 pct

RIYADH, July 18 (Reuters) – Saudi-based Savola Group (2050.SE) posted a 2.3 percent drop in second-quarter net profit as capital gains decreased and said it expects its third-quarter net profit to rise by less than 1 percent.

The private conglomerate — active in edible oil, sugar, retail and real estate — made 207.7 million saudi riyals in the three months to end-June down from 212.5 million riyals a year earlier, it said in a statement to the Saudi stock exchange on Sunday.

It was Savola’s lowest quarterly net profit since the first quarter of 2009.

Savola said third-quarter net profit is forecast to reach 280 million riyals up from 277.8 million riyals it reported for the same period in 2009.

With a near 30-percent stake, Savola is also the biggest shareholder in Almarai Co 2280.SE, the Middle East’s biggest dairy firm by market value. [ID:nLDE669012] (Reporting by Souhail Karam; Editing by Dinesh Nair)

UAE’s Abu Dhabi Islamic Bank Q2 profit jumps

(Reuters) – UAE lender Abu Dhabi Islamic Bank ADIB.AD reported a 56 percent increase in second quarter profit as it recorded lower credit provisions, beating analysts’ forecasts.

The bank, the second largest Islamic lender in the UAE, made a profit of 301.6 million UAE dirhams ($82.1 million) in the three months to June 30, up from 193.1 million dirhams in the same period last year, it said in a statement on Sunday.

Analysts at EFG-Hermes had estimated second quarter profit of 251 million dirhams.

ADIB also said total credit provisions in the second quarter fell to 134.6 million dirhams from 171.4 million a year ago and that total provisions stood at 1.93 billion dirhams as at the end of the quarter.

Shares in ADIB had closed before the announcement was made, ending down 0.4 percent on the day at 2.45 dirhams.

Abu Dhabi Islamic Bank reported a 9.3 percent jump in first quarter profit, but said it may need to take further credit impairments in 2010.

(Reporting by Stanley Carvalho, Writing by Andrew Callus; Editing by Dinesh Nair)

Formosa to restart No.1 naphtha unit in 2-3 mths

July 15 (Reuters) – Taiwan’s Formosa Petrochemical Corp will restart its 700,000 tonne-per-year (tpy) No. 1 naphtha cracker within two to three months, its spokesman said on Thursday.

But the company is still uncertain when it will shut down its No. 2 cracker for maintenance. This unit was initially scheduled for maintenance on Aug. 20, but the outage at the the No. 1 cracker has disrupted the plan for now.

“The No. 1 cracker will resume operations around end September or October, but we cannot assume that the No.2 cracker will shut for maintenance following that,” he said.

Crackers have to be shut for mandatory inspection every few years, and the 1.03 million-tpy No. 2 cracker was supposed to be taken down for a 30-40 day maintenance.

“We are hoping that we don’t have to shut two crackers at the same time as the impact would be significant,” he added. (Reporting by Seng Li Peng; Editing by Ramthan Hussain)

“Good Luck Charlie” gets renewed

LOS ANGELES (Hollywood Reporter) – Disney Channel freshman sitcom “Good Luck Charlie” is getting a second season — and an original movie.

Since premiering three months ago, “Charlie” has become the top-rated series on TV among kids 6-11 and tweens 9-14. The comedy, about three teens (Bridgit Mendler, Jason Dolley, Bradley Steven Perry) caring for their new baby sister, averages 4.1 million viewers each week.

The second season will likely debut next year, and in the meantime the network is developing an original movie that will feature the show’s cast.

Safco Q2 net surges on higher prices, land sale

July 10 (Reuters) – Saudi Arabian Fertilizers Co 2020.SE (SAFCO) posted a better-than-expected 89 percent rise in its second-quarter net profit on improved prices for its products and non-recurring proceeds from land sale.

Safco, which produces urea and ammonia, made a net profit of 907 million riyals ($241.9 million) in the three months to end-June compared to 480 million riyals a year-earlier, the firm said in a bourse statement.

This was above the average forecast of 785.7 million riyals in a Reuters survey [ID:nLDE6660XI]

Safco, in which Saudi Basic Industries Corp 2010.SE holds a 42 percent stake, said in April it stood to gain 263.4 million riyals from the sale of two land parcels. [ID:nLDE63C1H9]

(Reporting by Souhail Karam; Editing by Jeremy Laurence)

Dollar slides to 3-month low vs Swiss franc

July 6 (Reuters) – The dollar fell to its weakest in nearly three months against the Swiss franc on Tuesday as the U.S. currency came under broad selling pressure in early European trade.

The dollar CHF= fell to 1.0563 francs according to Reuters data, down 0.7 percent on the day, to hit its lowest since mid-April.

Market participants said selling via system trades was helping to push the U.S. currency lower versus the Swiss franc.

The dollar’s broad losses came as the Australian dollar rallied to session high on short covering after the Reserve Bank of Australia said the global economy is continuing to expand, albeit unevenly.

(Reporting by Naomi Tajitsu)

BP relief well drilling ahead of schedule-paper

June 27 (Reuters) – BP (BP.L) could plug the leaking well in the Gulf of Mexico in mid-July, two weeks earlier than its current guidance of early August, British newspaper The Sunday Times said.

The drilling of relief wells which the company hopes will enable it to finally plug the oil gushing out from the seabed a mile below the surface of the Gulf is progressing faster than expected, sources with knowledge of the operation were reported as telling the newspaper.

A spokesperson for BP declined to comment on the report and referred to a statement issued by the company on Friday which said the two relief wells were still estimated to take approximately three months to complete. [ID:nLDE65O140]

BP began drilling the wells on May 2 and May 16 suggesting the spill could be brought under control at the beginning of August. (Reporting by Sarah Young; Editing by Greg Mahlich)

Interxion: Notification of Q1 2010 Results Date and Conference Call

AMSTERDAM–(Business Wire)–
Interxion, a leading European provider of carrier-neutral colocation data centre
services, will announce its unaudited results for the three months ended 31
March 2010 on Tuesday 29 June 2010.

There will be a call for bondholders to discuss the results at 10.00 am
BST/11.00 am CET on Wednesday 30 June.

For details of the call please contact Alexandra Penman at FD,
Alexandra.Penman@fd.com or call +44 20 7269 7139.

-ends-

Financial Dynamics
Haya Herbert-Burns/Alexandra Penman
SB: +44 (0) 207 831 3113
Email: Interxion@fd.com

Copyright Business Wire 2010

BA strikes pension deal to keep merger on track

(Reuters) – British Airways said it had agreed a recovery plan for its 3.7 billion pound pension deficit, potentially removing a final obstacle to its planned merger with Spain’s Iberia.

BA said it had reached a deal with the trustees of its Airways Pension Scheme, which last December had a deficit of 1 billion pounds and its New Airways Pension Scheme, which had a 2.7 billion pound black hole.

The airline said on Tuesday the proposals would avoid closing the schemes and maintain BA’s annual contributions at the current level of 330 million pounds, plus agreed annual increases in line with inflation expectations averaging 3 percent.

BA will, however, make additional deficit contributions if its year-end cash balance exceeds 1.8 billion pounds and the two schemes will also be provided with 250 million pounds of additional security over the company’s assets which would become payable in the event of British Airways’ insolvency.

Iberia has the right to pull out of its planned merger with BA if doesn’t deem the pension recovery plan to be satisfactory.

“Iberia has three months to reach a decision on the pension recovery plan,” BA said in a statement.

(Reporting by Matt Scuffham; Editing by Paul Hoskins)

SeaMicro Puts Netbook Processors to Work in Super-Green Web Server Computing

In tech time, three months is forever. At the end of March the end of March, we reported that researchers in Germany had developed an efficient supercomputer using discount parts intended for netbooks. And this week, previously stealth tech startup SeaMicro released a new high-performance server that puts that research to work.

SeaMicro’s SM10000 x86-server uses 512 Intel Atom processors — more commonly found in netbooks and other light-weight computing applications — to achieve massive computing power with a small energy footprint.

The server is optimized for performing internet-focused tasks, and CEO Andrew Feldman realized started work over three years ago on servers that would perform more efficiently for delivering thousands of small requests simultaneous rather than dealing with one big job at a time.

By shifting to smaller, more efficient processors in larger scale, SeaMicro says customers will save huge will lead to huge savings for customers: As the chart below shows, the lower the CPU utilization of the server, the more a company will save year over year, as unused processors are powered down to save energy.

Tripura has a bumper pineapple crop

Nandan Nagar (Tripura), June 11 (ANI): Tripura has abundant crop of pineapples following two consecutive years of low production.

Both the pineapple lovers and vendors are a delighted lot, as the fruit markets are flooded with pineapples this season.

The growers are also pleased with their crop despite the small size of the fruit due to insufficient rainfall.

“This time the production of pineapple is good, but it would have been better if it rained two-three months back as that would have made the size of the fruit a little bigger. But still it is a good harvest,” said Mohammed Rahim, a fruit vendor.

“Since the production is more and the price is also good, we are making good profit. Moreover, we are also making profit as the government has helped us in staggering and now we can sell our products in the off-season,” said Babul Dey, Pineapple orchard owner.

The yield this year is around 1, 17,531 Metric tonnes as compared to 1, 10,487 531 Metric tonnes last year. (ANI)

How to get over a break-up

Melbourne, June 11 (ANI): With hotels offering packages that can help one beat the blues of a break-up, a psychologist has offered some tips on how one can get over the pain without spending a penny.

John Aiken, psychologist and author of Accidentally Single, has given ten tips on how one can get over a break-up, reports News.com.au.

The first tip is to avoid all contact with one’s ex-boyfriend or girlfriend.

The second is to begin a healthy lifestyle, by keeping fit, dieting and getting a good sleep.

The third step is to understand what went wrong in the relationship, and to analyse problems of both sides.

The fourth would be to identify what one would like in their next partner.

The fifth is to be aware of any problem patterns, such as communication, style, intimacy, or work hours, one had in the relationship and to change them.

The sixth point is to move on positively and not keep bring up the past.

The seventh tip is to avoid contact with social networks and places that one used to hang out with one’s partner.

The eighth suggestion is to spend more time with friends and family.

The ninth is to pursue independent interests previously put on hold like yoga, travel, and cooking.

And tenth, one needs to get some counselling if break-up problems/issues carry on for more than three months. (ANI)

UPDATE 1-Premier Farnell Q1 pretax profit higher

LONDON, June 10 (Reuters) – British electronics components distributor Premier Farnell (PFL.L) said quarterly profits rose 71 percent year-on-year as sales grew strongly and the company benefited from being well prepared for the economic recovery.

The company, which sells items ranging from batteries to microchips, on Thursday posted underlying pretax profit in the three months ended April of 22 million pounds ($31.8 million) compared to 13 million in the same period last year.

Premier Farnell said the focus on its electronic design engineering sector helped to drive growth, while sales in China, India and Eastern Europe were up by 113 percent, 74 percent and 75.6 percent respectively.

“The very positive momentum in sales growth that we have seen in the first quarter has accelerated in all of our distribution businesses in May, with group sales growing 30 percent year on year,” said Chief Executive Harriet Green.

Shares in the company closed at 219.6 pence on Wednesday, valuing the company at 792.3 million pounds. (Reporting by Sarah Young, Editing by Mark Potter)

BA not neglecting strike peace talks: CEO Walsh

(Reuters) – British Airways Chief Executive Willie Walsh said Monday he was “absolutely determined” in its dispute with cabin crew and dismissed union suggestions that he had neglected the crisis to travel abroad.

“What we are doing is absolutely right. We are looking to secure the long-term viability of BA,” Walsh told Reuters on the sidelines of the annual meeting of global airlines group IATA in Berlin.

“I am here on business … We have people available to meet and are ready to talk.”

British Airways cabin crew started their latest five-day strike Saturday in a long-running dispute which has so far cost the airline more than 120 million pounds ($173 million).

The strikes stem from BA’s decision last November to cut cabin crew pay and alter staffing levels on its flights.

Shares in BA, which have fallen 11 percent in the last three months, were 1.4 percent down at 197.9 pence by 1045 GMT, valuing the company at around 2.3 billion pounds.

Walsh and Unite, which represents BA’s cabin staff, blame each other for a breakdown in communication.

Derek Simpson, joint general secretary of Unite, said on his Twitter page that Walsh’s absence meant no meetings were possible, with Walsh out of the country until Tuesday.

“I have made it clear that I am available anytime day or night to meet with BA and Willie Walsh to attempt to resolve this dispute,” Simpson said in a statement.

Meanwhile, one of Unite’s joint leaders, Tony Woodley, was criticized in the British press Monday for flying off on holiday to Cyprus late last week as union members continue to strike.

The issue of travel allowances for cabin crew has become a serious sticking point in the conflict, which comes at a difficult time for BA.

“We have made it absolutely clear that if BA re-instates our members’ travel concessions we would suspend the strike action,” said Simpson.

A BA spokesman said conciliation service ACAS was trying to arrange discussions between the two parties but that no peace talks were planned.

Talks over the past six months have failed to yield a resolution, with the walkouts having caused BA to ground flights on 19 occasions so far.

The latest strike took place less than a week before the start of the soccer World Cup in South Africa and followed a five-day stoppage which ended Thursday. There was a four-day walkout last week and seven days of stoppages in March.

A BA spokesman said conciliation service ACAS was trying to arrange discussions between the two parties but that no peace talks were planned.

(Additional reporting by Kylie Maclellan; Editing by James Regan and Jon Loades-Carter)

($1=.6929 Pound)

UPDATE 1-Union to ballot on first BT strike for two decades

LONDON, June 4 (Reuters) – Staff at British telecoms provider BT (BT.L) are to be balloted on industrial action after the company declined to improve on a 2 percent pay rise offer, the Communication Workers Union (CWU) said on Friday.

The CWU said last week it would hold the ballot if BT did not come back with a better offer by Friday. The strike would be the first faced by the company in more than 20 years.

“We’re obviously very disappointed that BT has not improved its pay offer … we now have no option than to put the wheels in motion to ballot all appropriate members in BT for strike action,” said CWU deputy general secretary Andy Kerr.

“Our members are angry about the blatant double standards when it comes to pay for those at the top compared to the rest of staff at the company.”

A timetable for the ballot will be announced next week.

Kerr earlier told BBC radio he had no doubt the more than 50,000 BT workers his union represents would vote in favour of industrial action in a ballot, but did not say what form the action might take.

BT said it was hopeful of reaching an agreement in the next few weeks before any action began. A spokesman reiterated that the company’s offer was fair, and more generous than pay awards the union had accepted at other companies.

Kerr said the union remained open to talks, but stressed that only a revised pay offer would bring the dispute to an end.

Britain’s economy is expected to grow by 1.3 percent this year, according to the latest projections from the Organisation for Economic Co-operation and Development. [ID:nLAG006295]

But average weekly earnings including bonuses rose 4 percent in the three months to March, the biggest rise since the second quarter of 2008. The jobless rate held steady at 8 percent. [ID:nLDE64B12S]

BT workers voted overwhelmingly for a strike ballot on the same day they learned that Chief Executive Ian Livingston would receive a bonus of 1.2 million pounds ($1.8 million) after hitting targets for financial performance and customer service.

The head of Britain’s biggest union told Reuters on Thursday he believed tougher anti-union laws were certain under Britain’s new government and would trigger confrontation with workers already angered by proposed spending cuts. [ID:nLDE6512AP]

British Airways (BAY.L) cabin crew have staged a series of strikes in a long-running and bitter dispute over the airline’s cost-cutting drive and staffing levels. [ID:nLDE6501IU] ($1=.6831 Pound) (Reporting by Georgina Prodhan, Avril Ormsby and Kylie MacLellan; editing by Karen Foster and Jon Loades-Carter)

Hynix to buy $437 mln China unit stake from Numonyx

May 31 (Reuters) – Hynix Semiconductor Inc (000660.KS), the world’s No. 2 maker of memory chips, said on Monday it would acquire shares of its Chinese unit from partner Numonyx for 522 billion won ($437 million).

Stocks | Mergers & Acquisitions | Global Markets | Technology

The deal is to buy out Numonyx’s entire stake in a Chinese production plant, majority owned by Hynix, following Micron Technology Inc’s (MU.O) acquisition of Numonyx. The transaction is expected to take about three months to close, pending the Chinese government’s approval, Hynix said in a filing with the Korea Exchange. ($1=1194.5 Won) (Reporting by Rhee So-eui)