Monday, September 22, 2008
Tuesday, September 16, 2008
Bloomberg.com: Opinion
Bloomberg.com: Opinion: "Sept. 15 (Bloomberg) -- The only sure thing in the financial markets is that there is no sure thing.
It had long been conventional market wisdom that the bonds of Fannie Mae and Freddie Mac were the next best thing to U.S. Treasury securities.
The bonds were virtually guaranteed by the companies' clout as government-sponsored enterprises -- so wouldn't their profits rise forever? Banks, foreign investors and money managers everywhere thought so, buying Fannie and Freddie common and preferred shares almost as eagerly as they did their fixed- income securities.
Those stock investors can now only look at their monitors and weep. While Fannie and Freddie bonds are safe after the government takeover of the two mortgage companies the weekend before last, their common shares trade for pennies -- like those of bankrupts. Their preferred shares have been clobbered too.
Fannie Mae closed Friday at 74 cents a share. That was down from $68.60 last October and $7.04 before the federal takeover.
Freddie Mac had sunk to 46 cents a share by Friday's close from $65.88 in October and $5.10 on Sept. 5.
More tears. Fannie Mae 8.25 percent preferred stock dropped to $2.65 from $13.70 in the week after the takeover. Freddie Mac 5.57 percent preferred fell to $1.50 from $9.15 during the week. Both stocks have a par value of $25."
It had long been conventional market wisdom that the bonds of Fannie Mae and Freddie Mac were the next best thing to U.S. Treasury securities.
The bonds were virtually guaranteed by the companies' clout as government-sponsored enterprises -- so wouldn't their profits rise forever? Banks, foreign investors and money managers everywhere thought so, buying Fannie and Freddie common and preferred shares almost as eagerly as they did their fixed- income securities.
Those stock investors can now only look at their monitors and weep. While Fannie and Freddie bonds are safe after the government takeover of the two mortgage companies the weekend before last, their common shares trade for pennies -- like those of bankrupts. Their preferred shares have been clobbered too.
Fannie Mae closed Friday at 74 cents a share. That was down from $68.60 last October and $7.04 before the federal takeover.
Freddie Mac had sunk to 46 cents a share by Friday's close from $65.88 in October and $5.10 on Sept. 5.
More tears. Fannie Mae 8.25 percent preferred stock dropped to $2.65 from $13.70 in the week after the takeover. Freddie Mac 5.57 percent preferred fell to $1.50 from $9.15 during the week. Both stocks have a par value of $25."
Barclays Wins By Losing Lehman - Forbes.com
Barclays Wins By Losing Lehman - Forbes.com: "LONDON - All-American boy Bob Diamond, head of the Barclays Capital investment bank arm, is regarded by his peers as the good-at-everything man who is used to getting what he wants.
So perhaps it came as a surprise when last weekend Diamond, who is keen to see the bank's merger and acquisitions business expand internationally, saw the U.S. government refuse to act as a guarantor to Lehman's debt after Barclays approached the liquidated bank about a bid.
But according to analysts consulted by Forbes.com, the Springfield, Mass-born banker, who graduated first in his class from the University of Connecticut business school, made the right decision by pulling out of any bailout plan, which caused Lehman Brother Holdings to file for Chapter 11 to 'protect its assets and maximize value.'
'It was an entirely sensible decision,' Alexander Potter, an analyst with Collins Stewart in London, told Forbes.com. 'Barclays needs to deal with its balance sheet first, instead of going around increasing risk. It's disappointing that it engaged in conversations in the first place,' Potter said.
In a note to investors, Potter said, 'Barclays confirmed [Monday] morning it had considered and then decided against bidding for Lehman Brothers. While we take the decision not to proceed as a positive, having considered a deal does highlight management's apparent unwillingness to delever the balance sheet.'
A deal would help it escape the fate of Lehman, which sought bankruptcy protection after Barclays (nyse: BCS - news - people ) walked away from buying it. (See 'Lehman Goes To The Wall.') But according to TradeTheNews, Lehman says Barclays is still interested in its broker-dealer unit."
So perhaps it came as a surprise when last weekend Diamond, who is keen to see the bank's merger and acquisitions business expand internationally, saw the U.S. government refuse to act as a guarantor to Lehman's debt after Barclays approached the liquidated bank about a bid.
But according to analysts consulted by Forbes.com, the Springfield, Mass-born banker, who graduated first in his class from the University of Connecticut business school, made the right decision by pulling out of any bailout plan, which caused Lehman Brother Holdings to file for Chapter 11 to 'protect its assets and maximize value.'
'It was an entirely sensible decision,' Alexander Potter, an analyst with Collins Stewart in London, told Forbes.com. 'Barclays needs to deal with its balance sheet first, instead of going around increasing risk. It's disappointing that it engaged in conversations in the first place,' Potter said.
In a note to investors, Potter said, 'Barclays confirmed [Monday] morning it had considered and then decided against bidding for Lehman Brothers. While we take the decision not to proceed as a positive, having considered a deal does highlight management's apparent unwillingness to delever the balance sheet.'
A deal would help it escape the fate of Lehman, which sought bankruptcy protection after Barclays (nyse: BCS - news - people ) walked away from buying it. (See 'Lehman Goes To The Wall.') But according to TradeTheNews, Lehman says Barclays is still interested in its broker-dealer unit."
The Universal Appeal Of BofA - Forbes.com
The Universal Appeal Of BofA - Forbes.com: "When Wall Street goes on clearance, someone gets a bargain.
As Lehman Brothers (nyse: LEH - news - people ) hurtled toward liquidation Sunday, Bank of America (nyse: BAC - news - people ) swiftly hammered out a deal to acquire its more attractive rival Merrill Lynch (nyse: MER - news - people ) for $29 a share.
The $50 billion deal will give Bank of America the largest brokerage operation in the country, and leaves the remaining major independent brokerages, Goldman Sachs (nyse: GS - news - people ) and Morgan Stanley (nyse: MS - news - people ), looking increasingly thin compared to “universal banks” such as Bank of America and JPMorgan, with their substantial deposit-taking retail banking operations.
As possible rescuers pulled back from Lehman over the weekend--including Bank of America--Merrill Lynch was under incredible pressure to find its own buyer or face a similar fate. Last week, Merrill’s stock plunged 36.6% because many believed that the investment bank, saddled with mortgage losses, would confront liquidity problems of Lehman-esque proportions."
As Lehman Brothers (nyse: LEH - news - people ) hurtled toward liquidation Sunday, Bank of America (nyse: BAC - news - people ) swiftly hammered out a deal to acquire its more attractive rival Merrill Lynch (nyse: MER - news - people ) for $29 a share.
The $50 billion deal will give Bank of America the largest brokerage operation in the country, and leaves the remaining major independent brokerages, Goldman Sachs (nyse: GS - news - people ) and Morgan Stanley (nyse: MS - news - people ), looking increasingly thin compared to “universal banks” such as Bank of America and JPMorgan, with their substantial deposit-taking retail banking operations.
As possible rescuers pulled back from Lehman over the weekend--including Bank of America--Merrill Lynch was under incredible pressure to find its own buyer or face a similar fate. Last week, Merrill’s stock plunged 36.6% because many believed that the investment bank, saddled with mortgage losses, would confront liquidity problems of Lehman-esque proportions."
Regulators Clear Way For AIG Restructuring - Forbes.com
Regulators Clear Way For AIG Restructuring - Forbes.com: "New York state officials cleared the way for American International Group to borrow from itself as the struggling insurer tries to raise billions of capital.
Insurance regulators and representatives of New York's governor's office huddled with AIG (nyse: AIG - news - people ) over the weekend to pour over a reorganization and a plan to raise $40 billion or more in capital. The saga at AIG, coming on the same weekend as the collapse of Lehman Brothers (nyse: LEH - news - people ) and the sale of Merrill Lynch (nyse: MER - news - people ) to Bank of America (nyse: BAC - news - people ), is raising alarms that another major financial institution is about to fall.
So important is AIG's survival that New York's Gov. David Patterson appeared in a press conference Monday afternoon to announce he had cleared AIG to borrow up to $20 billion from its operating subsidiaries to cover day-to-day needs at the holding company.
The approval comes at the request of the company. AIG, with 33,000 employees, was said to have sought an emergency loan from the Federal Reserve, though it is not a bank or a primary dealer. It was also said to be in talks with Berkshire Hathaway's (nyse: BRK - news - people ) Warren Buffett.
AIG lost $18 billion over the last few quarters and raised $20 billion of capital, but it has not been enough to stop the bleeding from its exposure to mortgage securities and derivatives.
Making a bridge loan to itself buys a limited amount of time to scrounge up more capital."
Insurance regulators and representatives of New York's governor's office huddled with AIG (nyse: AIG - news - people ) over the weekend to pour over a reorganization and a plan to raise $40 billion or more in capital. The saga at AIG, coming on the same weekend as the collapse of Lehman Brothers (nyse: LEH - news - people ) and the sale of Merrill Lynch (nyse: MER - news - people ) to Bank of America (nyse: BAC - news - people ), is raising alarms that another major financial institution is about to fall.
So important is AIG's survival that New York's Gov. David Patterson appeared in a press conference Monday afternoon to announce he had cleared AIG to borrow up to $20 billion from its operating subsidiaries to cover day-to-day needs at the holding company.
The approval comes at the request of the company. AIG, with 33,000 employees, was said to have sought an emergency loan from the Federal Reserve, though it is not a bank or a primary dealer. It was also said to be in talks with Berkshire Hathaway's (nyse: BRK - news - people ) Warren Buffett.
AIG lost $18 billion over the last few quarters and raised $20 billion of capital, but it has not been enough to stop the bleeding from its exposure to mortgage securities and derivatives.
Making a bridge loan to itself buys a limited amount of time to scrounge up more capital."
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:: "BofA also joined nine other powerful world banks Sunday, committing to make $70 billion in lending available in advance of an expected bankruptcy filing by Lehman Bros. & Co.
BofA and the other banks said each of them has committed to $7 billion for the loan pool and that any of them could borrow as much as one-third of the total. Other banks may join and the loan pool could grow, the banks said.
In addition to BofA, other banks in the group are Barclays PLC (NYSE:BCS), Citigroup Inc. (NYSE:C), Credit Suisse Group (NYSE:CS), Deutsche Bank AG (NYSE:DB), Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Merrill Lynch & Co. (NYSE:MER), Morgan Stanley (NYSE:MS) and UBS AG (NYSE:UBS)."
BofA and the other banks said each of them has committed to $7 billion for the loan pool and that any of them could borrow as much as one-third of the total. Other banks may join and the loan pool could grow, the banks said.
In addition to BofA, other banks in the group are Barclays PLC (NYSE:BCS), Citigroup Inc. (NYSE:C), Credit Suisse Group (NYSE:CS), Deutsche Bank AG (NYSE:DB), Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Merrill Lynch & Co. (NYSE:MER), Morgan Stanley (NYSE:MS) and UBS AG (NYSE:UBS)."
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:: "Bank of America Corp. has agreed to acquire Merrill Lynch & Co. Inc. in a $50 billion deal that creates a global financial-services company.
'Acquiring one of the premier wealth-management, capital-markets and advisory companies is a great opportunity for our shareholders,' BofA Chairman and Chief Executive Ken Lewis said in a statement Monday morning. 'Together, our companies are more valuable because of the synergies in our businesses.'
Under terms of the transaction, BofA would exchange 0.8595 shares of its common stock for each Merrill Lynch common share.
The price is 1.8 times stated tangible book value.
'Merrill Lynch is a great global franchise, and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms,' said John Thain, chairman and CEO of Merrill Lynch (NYSE:MER), in a statement."
'Acquiring one of the premier wealth-management, capital-markets and advisory companies is a great opportunity for our shareholders,' BofA Chairman and Chief Executive Ken Lewis said in a statement Monday morning. 'Together, our companies are more valuable because of the synergies in our businesses.'
Under terms of the transaction, BofA would exchange 0.8595 shares of its common stock for each Merrill Lynch common share.
The price is 1.8 times stated tangible book value.
'Merrill Lynch is a great global franchise, and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms,' said John Thain, chairman and CEO of Merrill Lynch (NYSE:MER), in a statement."
Bloomberg.com: Asia
Bloomberg.com: Asia: "Temasek May Reap $1.5 Billion Gain From Merrill Lynch Takeover
By Chen Shiyin
Sept. 15 (Bloomberg) -- Temasek Holdings Pte., the biggest shareholder of Merrill Lynch & Co., may reap gains of $1.5 billion from the sale of the third-biggest U.S. securities firm to Bank of America Corp.
The biggest U.S. consumer bank said today it agreed to buy Merrill for $50 billion in stock, or $29 a share. The Singapore sovereign wealth fund paid $5.9 billion since December for about 14 percent of Merrill at an average price of $23.11 a share, based on Bloomberg calculations from exchange filings.
Bank of America's purchase price is 70 percent more than Merrill's closing price of $17.05 in New York trading on Sept. 12. The shares fell 68 percent this year, after the company reported writedowns and credit losses of more than $52 billion, the second-most among the world's largest banks and securities firms, according to data compiled by Bloomberg."
By Chen Shiyin
Sept. 15 (Bloomberg) -- Temasek Holdings Pte., the biggest shareholder of Merrill Lynch & Co., may reap gains of $1.5 billion from the sale of the third-biggest U.S. securities firm to Bank of America Corp.
The biggest U.S. consumer bank said today it agreed to buy Merrill for $50 billion in stock, or $29 a share. The Singapore sovereign wealth fund paid $5.9 billion since December for about 14 percent of Merrill at an average price of $23.11 a share, based on Bloomberg calculations from exchange filings.
Bank of America's purchase price is 70 percent more than Merrill's closing price of $17.05 in New York trading on Sept. 12. The shares fell 68 percent this year, after the company reported writedowns and credit losses of more than $52 billion, the second-most among the world's largest banks and securities firms, according to data compiled by Bloomberg."
Lehman and AIG woes pummel Wall Street | Markets | Hot Stocks | Reuters
Lehman and AIG woes pummel Wall Street Markets Hot Stocks Reuters: "By Kristina Cooke
NEW YORK (Reuters) - Stocks slid on Monday on cascading fears about the stability of the U.S. financial system after investment bank Lehman Brothers filed for bankruptcy and concerns grew about insurer AIG.
Financial services companies' shares led a broad and steep decline in major indexes as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. Lehman Brothers Holdings Inc shares dropped 95 percent to 19 cents in composite trading.
Shares of American International Group, once the world's largest insurer by market value, plunged 51 percent to $5.92. The company made an unprecedented request to the Federal Reserve for $40 billion in short-term financing. Savings and loan Washington Mutual fell 17.6 percent to $2.25.
'The turmoil continues,' said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco.
'And it seems to be people underestimated the impact of AIG and what the fallout of that could be.'
The Dow Jones industrial average fell 271.37 points, or 2.38 percent, to 11,150.62, while the Standard & Poor's 500 Index slid 30.04 points, or 2.40 percent, to 1,221.66. The Nasdaq Composite Index was down 42.48 points, or 1.88 percent, at 2,218.79.
Lehman, weighed down by losses spawned by the U.S. mortgage crisis, sought bankruptcy protection on Monday following a scramble over the weekend in which it failed to find a buyer.
Merrill Lynch, meanwhile, agreed to be bought by Bank of America Corp, the No. 2 U.S. bank. Merrill's stock jumped 13.6 percent to $19.37 but Bank of America shares dropped 18 percent to $27.65."
NEW YORK (Reuters) - Stocks slid on Monday on cascading fears about the stability of the U.S. financial system after investment bank Lehman Brothers filed for bankruptcy and concerns grew about insurer AIG.
Financial services companies' shares led a broad and steep decline in major indexes as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. Lehman Brothers Holdings Inc shares dropped 95 percent to 19 cents in composite trading.
Shares of American International Group, once the world's largest insurer by market value, plunged 51 percent to $5.92. The company made an unprecedented request to the Federal Reserve for $40 billion in short-term financing. Savings and loan Washington Mutual fell 17.6 percent to $2.25.
'The turmoil continues,' said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco.
'And it seems to be people underestimated the impact of AIG and what the fallout of that could be.'
The Dow Jones industrial average fell 271.37 points, or 2.38 percent, to 11,150.62, while the Standard & Poor's 500 Index slid 30.04 points, or 2.40 percent, to 1,221.66. The Nasdaq Composite Index was down 42.48 points, or 1.88 percent, at 2,218.79.
Lehman, weighed down by losses spawned by the U.S. mortgage crisis, sought bankruptcy protection on Monday following a scramble over the weekend in which it failed to find a buyer.
Merrill Lynch, meanwhile, agreed to be bought by Bank of America Corp, the No. 2 U.S. bank. Merrill's stock jumped 13.6 percent to $19.37 but Bank of America shares dropped 18 percent to $27.65."
RLPC-Lenders assess Lehman fallout on Europe leveraged loans | Markets | Markets News | Reuters
RLPC-Lenders assess Lehman fallout on Europe leveraged loans Markets Markets News Reuters: "By Tessa Walsh
LONDON, Sept 15 (Reuters) - Bankers are grappling with the implications of Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) demise for European leveraged lending as they scrambled to contain their exposure to the failed U.S. bank.
The fallout from Lehman, which filed for bankruptcy protection earlier on Monday, will affect primary leveraged loans, any new underwriting commitments and the trading of existing loans in the secondary cash market and synthetic leveraged loan credit default swap (LCDS) market, senior banking sources said on Monday."
LONDON, Sept 15 (Reuters) - Bankers are grappling with the implications of Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) demise for European leveraged lending as they scrambled to contain their exposure to the failed U.S. bank.
The fallout from Lehman, which filed for bankruptcy protection earlier on Monday, will affect primary leveraged loans, any new underwriting commitments and the trading of existing loans in the secondary cash market and synthetic leveraged loan credit default swap (LCDS) market, senior banking sources said on Monday."
A top Lehman exec’s lament - Postcards
A top Lehman exec’s lament - Postcards: "A top Lehman exec’s lament
“It didn’t have to go this way,” a devastated Barbara Byrne, a vice chairman at Lehman Brothers (LEH), told me this morning. Like a lot of senior folks at the now-bankrupt firm, she spent most of the weekend at the office, hoping, praying, and consoling the rank and file. “Talking to a single mother of two, a secretary, in tears is the hardest thing,” she said."
“It didn’t have to go this way,” a devastated Barbara Byrne, a vice chairman at Lehman Brothers (LEH), told me this morning. Like a lot of senior folks at the now-bankrupt firm, she spent most of the weekend at the office, hoping, praying, and consoling the rank and file. “Talking to a single mother of two, a secretary, in tears is the hardest thing,” she said."
Saturday, July 19, 2008
F2020 Fuel Saver featured on TV Patrol World
F2020 Fuel Saver featured on TV Patrol World: "F2020 Fuel Saver is a fuel additive that comes from 80% palm oil plus 20% creative and original formula that helps to improve the fuel in the combustion area.
It was invented by a Filipino, Bernie Pacheco. His invention allegedly helps your engine run smoothly thus reducing its high operating temperature, wear & tear, fuel consumption, reduces maintenance cost, and pollutant emissions, which could save you 10% up to 35% on your fuel consumption. According to the product’s website, www.f2020intl.com, it is safe to use with catalytic converters, oxygen sensors, oxygenated gas and ethanol blended gasoline. Unlike, ethanol, which normally decreases engine power the F2020 fuel Saver supposedly increases engine power and performance, improve drivability and further assist in emission reduction in fuels with ethanol."
It was invented by a Filipino, Bernie Pacheco. His invention allegedly helps your engine run smoothly thus reducing its high operating temperature, wear & tear, fuel consumption, reduces maintenance cost, and pollutant emissions, which could save you 10% up to 35% on your fuel consumption. According to the product’s website, www.f2020intl.com, it is safe to use with catalytic converters, oxygen sensors, oxygenated gas and ethanol blended gasoline. Unlike, ethanol, which normally decreases engine power the F2020 fuel Saver supposedly increases engine power and performance, improve drivability and further assist in emission reduction in fuels with ethanol."
Wednesday, July 09, 2008
Fed plans new rules to protect future homebuyers - Yahoo! News
Fed plans new rules to protect future homebuyers - Yahoo! News: "WASHINGTON - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs."
Saturday, May 31, 2008
Building Green: A Complete How-To ... - Google Book Search
Building Green: A Complete How-To ... - Google Book Search: "Building Green: A Complete How-To Guide to Alternative Building Methods ... By Clarke Snell, Tim Callahan"
Greenroof.co.uk - NatureMat™
Greenroof.co.uk - NatureMat™: "Developed exclusively by BHC, Nature Mat® consists of a geotextile base layer (which can be synthetic or biodegradable), a specially formulated substrate layer and a plant layer of selected species including Sedums. Once prepared, the system is grown on in the field to create a vegetation 'blanket' or 'mat' that has a minimum of 90% mature plant cover. This product can then be cut to size, rolled, placed on pallets and transported to site."
Thursday, May 29, 2008
Sunday, May 18, 2008
Ruined rice fields spell more despair for Myanmar - INQUIRER.net, Philippine News for Filipinos
Ruined rice fields spell more despair for Myanmar - INQUIRER.net, Philippine News for Filipinos:
Agence France-Presse
First Posted 15:22:00 05/18/2008
KYUAKTAN, Myanmar--Manian should be planting his next rice crop now, but more than two weeks after Myanmar's devastating cyclone he is still too busy trying to get basic food and shelter for his family.
His dilemma is a common one across a vast swathe of the agricultural south that was hit in the disaster, which destroyed rice paddies, drowned buffaloes used for ploughing and ruined stocks of grain and seed."
Agence France-Presse
First Posted 15:22:00 05/18/2008
KYUAKTAN, Myanmar--Manian should be planting his next rice crop now, but more than two weeks after Myanmar's devastating cyclone he is still too busy trying to get basic food and shelter for his family.
His dilemma is a common one across a vast swathe of the agricultural south that was hit in the disaster, which destroyed rice paddies, drowned buffaloes used for ploughing and ruined stocks of grain and seed."
Saturday, May 17, 2008
Crude Oil Price Forecast
Crude Oil Price Forecast: "That the Chinese used oil from natural seeps as fuel to boil salt brine into salt. Initially bamboo was pounded vertically into oil containing seeps and removed by suction. With time this led to drilling for oil, as they needed to penetrate deeper and deeper into oil containing underground seeps. In 347 AD oil wells were drilled in China up to 800 feet deep using bits attached to bamboo poles. Connecting lengths of bamboo to carry oil to their salt brine work sites; they were the first to invent an elementary oil pipeline."
Thursday, May 08, 2008
Tuesday, May 06, 2008
BBC NEWS | Science/Nature | Green movement forgets its politics
BBC NEWS | Science/Nature | Green movement forgets its politics: "Organisations campaigning on climate change need to learn the lessons of the anti-slavery and anti-apartheid movements, says Ann Pettifor. By focusing on individuals rather than governments, initiatives such as the recent Energy Saving Day are bound to fail in their bid to reduce emissions, she argues."
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "May 6 (Bloomberg) -- UBS AG, battered by $17.3 billion of first-quarter losses at its investment-banking unit, plans to cut 5,500 jobs and said clients withdrew a net $12.2 billion from its asset- and wealth-management divisions."
Wired News - AP News
Wired News - AP News: "SAN FRANCISCO (AP) -- Yahoo shares fell 14 percent Monday as hopes for the once-dominant Internet icon dimmed following Microsoft's withdrawal of a $47.5 billion takeover bid.
The sell-off wiped out nearly half the gain in Yahoo Inc.'s stock price since Microsoft Corp. made its initial offer on Jan. 31 in an effort to challenge online advertising and search leader Google Inc. The downturn left Yahoo's market value about $13 billion below Microsoft's last offer.
Last-ditch talks between Yahoo and Microsoft were fruitless, leading Microsoft to walk away from a deal Saturday."
The sell-off wiped out nearly half the gain in Yahoo Inc.'s stock price since Microsoft Corp. made its initial offer on Jan. 31 in an effort to challenge online advertising and search leader Google Inc. The downturn left Yahoo's market value about $13 billion below Microsoft's last offer.
Last-ditch talks between Yahoo and Microsoft were fruitless, leading Microsoft to walk away from a deal Saturday."
Monday, May 05, 2008
UBS - Board of Directors
UBS - Board of Directors: "Peter Kurer was elected to the Board of Directors at the AGM in April 2008 and thereafter appointed as Chairman. Peter Kurer became a member of the Group Executive Board in 2002. He has been the Group General Counsel since 2001, when he joined UBS. He is a member of the Corporate Responsibility Committee. Between 1991 and 2001 he was a partner at the Homburger law firm in Zurich. Between 1980 and 1990 he was with Baker & McKenzie in Zurich, first as associate, later as partner, having been a law clerk at the District Court of Zurich. Mr. Kurer graduated as a doctor iuris from the University of Zurich and was admitted as attorney-at-law in Zurich. He holds an LL.M. from the University of Chicago and was born on 28 June 1949. He is a Swiss citizen."
UBS shareholders vote Peter Kurer as Ospel successor - swissinfo
UBS shareholders vote Peter Kurer as Ospel successor - swissinfo: "UBS shareholders have backed legal expert Peter Kurer to steer the troubled Swiss banking giant out of its present crisis by electing him the new chairman.
Kurer will replace Marcel Ospel, who took his leave at the bank's annual general meeting on Wednesday. UBS has lost more than SFr37 billion ($37 billion) in the subprime mortgage crash.
Shareholders also voted in favour of a proposal to raise SFr15 billion of capital via a rights issue.
Kurer was elected to the bank's board of directors on Wednesday and will be confirmed as chairman in the new future"
Kurer will replace Marcel Ospel, who took his leave at the bank's annual general meeting on Wednesday. UBS has lost more than SFr37 billion ($37 billion) in the subprime mortgage crash.
Shareholders also voted in favour of a proposal to raise SFr15 billion of capital via a rights issue.
Kurer was elected to the bank's board of directors on Wednesday and will be confirmed as chairman in the new future"
UBS boss quits amid $19bn write-down | Business | guardian.co.uk
UBS boss quits amid $19bn write-down | Business | guardian.co.uk: "UBS, already one of the biggest victims of the US sub-prime crisis, has been forced to write off another $19bn (£9.6bn) from the value of its mortgage assets, forcing its under-fire chairman to step down.
The Swiss bank said today it was seeking fresh capital through a rights issue, after admitting that its losses from so-called 'toxic debts' -- securities underpinned by US home loans whose value has plunged in recent months - had doubled. Chairman Marcel Ospel, who had previously fought off calls for his resignation, will step down at its AGM later this month.
The latest write-down was caused by another drop in the value of the company's holdings in securities backed by US mortgages, and doubles its overall sub-prime losses. It pushed the company into a loss of SFr12bn (£6bn) for the first quarter of 2008."
The Swiss bank said today it was seeking fresh capital through a rights issue, after admitting that its losses from so-called 'toxic debts' -- securities underpinned by US home loans whose value has plunged in recent months - had doubled. Chairman Marcel Ospel, who had previously fought off calls for his resignation, will step down at its AGM later this month.
The latest write-down was caused by another drop in the value of the company's holdings in securities backed by US mortgages, and doubles its overall sub-prime losses. It pushed the company into a loss of SFr12bn (£6bn) for the first quarter of 2008."
Feed Article | Business |
Feed Article | Business |: "By Andrew Hay and Natsuko Waki
MADRID, May 5 (Reuters) - ADB President Haruhiko Kuroda called on Monday for determined action to secure food supplies for Asia's poorest people as a battle brewed among the Bank's backers over how to fund a growing crop of projects.
'The global fight against poverty will be won or lost in our region,' Kuroda said in a keynote speech to delegates at the Asian Development Bank's Annual meeting.
'Soaring food prices are hitting the poor very hard. This price surge has a stark human dimension and has greatly affected over a billion people in Asia and the Pacific alone,' he said.
Asia is home to two thirds of the world's poor and risks rising social tension as a doubling of wheat and rice prices in the last year has slammed people who spend more than half their income on food.
Citing grain stocks at their lowest levels in decades, turmoil in global financial markets and an uncertain outlook for the world economy, Kuroda made a plea for 'money and ideas' to boost development and rescue millions of people from poverty.
'The absence of such measures could seriously undermine the global fight against poverty and erode the gains of the past decades,' Kuroda said.
But the call for action is accompanied by a need to rapidly accelerate the ADB's investment programme, particularly its core portfolio of infrastructure project lending, funded by loans linked to market interest rates."
MADRID, May 5 (Reuters) - ADB President Haruhiko Kuroda called on Monday for determined action to secure food supplies for Asia's poorest people as a battle brewed among the Bank's backers over how to fund a growing crop of projects.
'The global fight against poverty will be won or lost in our region,' Kuroda said in a keynote speech to delegates at the Asian Development Bank's Annual meeting.
'Soaring food prices are hitting the poor very hard. This price surge has a stark human dimension and has greatly affected over a billion people in Asia and the Pacific alone,' he said.
Asia is home to two thirds of the world's poor and risks rising social tension as a doubling of wheat and rice prices in the last year has slammed people who spend more than half their income on food.
Citing grain stocks at their lowest levels in decades, turmoil in global financial markets and an uncertain outlook for the world economy, Kuroda made a plea for 'money and ideas' to boost development and rescue millions of people from poverty.
'The absence of such measures could seriously undermine the global fight against poverty and erode the gains of the past decades,' Kuroda said.
But the call for action is accompanied by a need to rapidly accelerate the ADB's investment programme, particularly its core portfolio of infrastructure project lending, funded by loans linked to market interest rates."
AFP: ADB chief warns a billion Asians at risk from soaring food prices
AFP: ADB chief warns a billion Asians at risk from soaring food prices: "MADRID (AFP) — The head of the Asian Development Bank called on Monday for an 'immediate response' to soaring food prices which he said threatened more than a billion Asians with a risk of malnutrition.
ADB President Haruhiko Kuroda also warned that the food problem could cut into decades of economic gains in the Asia-Pacific region.
And he announced a special fund to combat climate change and its effects, which he termed a 'fundamental threat' to the region.
'These are troubling times for the world economy. On the heels of turmoil in the financial markets and economic slowdown in the US and elsewhere, soaring food prices are hitting the poor very hard,' he said in an inaugural speech to the ADB's board of governors meeting in Madrid."
ADB President Haruhiko Kuroda also warned that the food problem could cut into decades of economic gains in the Asia-Pacific region.
And he announced a special fund to combat climate change and its effects, which he termed a 'fundamental threat' to the region.
'These are troubling times for the world economy. On the heels of turmoil in the financial markets and economic slowdown in the US and elsewhere, soaring food prices are hitting the poor very hard,' he said in an inaugural speech to the ADB's board of governors meeting in Madrid."
BBC NEWS | Europe | LSD inventor Albert Hofmann dies
BBC NEWS | Europe | LSD inventor Albert Hofmann dies: "Albert Hofmann, the Swiss chemist who discovered the hallucinogenic drug LSD, has died of a heart attack at his home in Basel at the age of 102.
Mr Hofmann first produced LSD in 1938 while researching the medicinal uses of a crop fungus.
He accidentally ingested some of the drug and said later: 'Everything I saw was distorted as in a warped mirror.'
He argued for decades that LSD could help treat mental illness, but in the 1960s it became a popular street drug.
'Turn on, tune in, drop out'"
Mr Hofmann first produced LSD in 1938 while researching the medicinal uses of a crop fungus.
He accidentally ingested some of the drug and said later: 'Everything I saw was distorted as in a warped mirror.'
He argued for decades that LSD could help treat mental illness, but in the 1960s it became a popular street drug.
'Turn on, tune in, drop out'"
BBC NEWS | UK | UK Politics | Brown's biofuels caution welcomed
BBC NEWS | UK | UK Politics | Brown's biofuels caution welcomed: "Gordon Brown has pledged to examine the impact of biofuels on world food prices, at a meeting with aid agencies, scientists, supermarkets and farmers.
The prime minister said Britain had to be 'selective' in supporting biofuels and change its approach if necessary.
Oxfam's Phil Bloomer welcomed the news, saying biofuels pushed up food prices and led to 'land grabs' from the poor."
The prime minister said Britain had to be 'selective' in supporting biofuels and change its approach if necessary.
Oxfam's Phil Bloomer welcomed the news, saying biofuels pushed up food prices and led to 'land grabs' from the poor."
BBC NEWS | Business | World Bank tackles food emergency
BBC NEWS | Business | World Bank tackles food emergency: "The World Bank has announced emergency measures to tackle rising food prices around the world.
World Bank head Robert Zoellick warned that 100 million people in poor countries could be pushed deeper into poverty by spiralling prices.
The crisis has sparked recent food riots in several countries including Haiti and Egypt."
World Bank head Robert Zoellick warned that 100 million people in poor countries could be pushed deeper into poverty by spiralling prices.
The crisis has sparked recent food riots in several countries including Haiti and Egypt."
BBC NEWS | Africa | UN food body 'should be scrapped'
BBC NEWS | Africa | UN food body 'should be scrapped': "An African leader has dismissed the UN's food agency as a 'waste of money' and called for it to be scrapped.
President Abdoulaye Wade of Senegal spoke out days after the UN announced an emergency plan to bring soaring world food prices under control.
Mr Wade said the Food and Agriculture Organisation (FAO) was itself largely to blame for the price rises."
President Abdoulaye Wade of Senegal spoke out days after the UN announced an emergency plan to bring soaring world food prices under control.
Mr Wade said the Food and Agriculture Organisation (FAO) was itself largely to blame for the price rises."
Sunday, May 04, 2008
Sunday, April 20, 2008
Europabio
Europabio: "EuropaBio's mission is to promote an innovative and dynamic biotechnology-based industry in Europe. EuropaBio, (the European Association for Bioindustries), has 81 corporate and 5 associate members operating worldwide, 6 Bioregions and 25 national biotechnology associations representing some 1800 small and medium sized enterprises."
UEPA
UEPA: "Created in 1959, UEPA1 is the Brussels-based organisation representing almost all EU producers of agricultural ethyl alcohol used for industrial, beverage or fuel purposes. Synthetic alcohol is represented in a separate association.
UEPA gathers national associations and companies originating from all producing countries in EU-15. Amongst the ten new Member States, Hungary and the Slovak Republic have already joined the association and contacts are being developed with others. Today UEPA represents 14 producing countries.
UEPA’s role is to address the issues of the Industry by establishing a constructive dialogue with decision-makers, at both EU and national level, and actively co-operate towards the definition of appropriate solutions. UEPA keeps its Members abreast of new developments taking place in the EU which affect their business.
UEPA is represented in a number of consultative committees of the European Commission and acts as the spokesman of the agricultural alcohol industry in these different fora."
UEPA gathers national associations and companies originating from all producing countries in EU-15. Amongst the ten new Member States, Hungary and the Slovak Republic have already joined the association and contacts are being developed with others. Today UEPA represents 14 producing countries.
UEPA’s role is to address the issues of the Industry by establishing a constructive dialogue with decision-makers, at both EU and national level, and actively co-operate towards the definition of appropriate solutions. UEPA keeps its Members abreast of new developments taking place in the EU which affect their business.
UEPA is represented in a number of consultative committees of the European Commission and acts as the spokesman of the agricultural alcohol industry in these different fora."
M.M.Warburg & CO | Mezzanine & Off-Balance
M.M.Warburg & CO | Mezzanine & Off-Balance: "Sophisticated concepts for optimum structuring
Our Corporate Finance division offers you innovative and approved solutions for mezzanine financing. On request, the mezzanine capital can be designed in an equity-like way. A design as IFRS-compliant equity is also possible. Profit-sharing rights, hybrid bonds, convertible bonds, silent partnerships and subordinated debt are also basic components of our concepts. We draw up integrated planning models for you, derive optimum capital structures, structure the overall financing and raise mezzanine and debt capital.
If an acquisition should be executed and kept out of the investor’s balance sheet (off-balance financing), we develop innovative concepts while taking into account the requirements of national and international statutory accounting regulations and tax-related aspects. It is particularly in these cases that we can also acquire investments of our own and address other private equity investors from within our own circle.
Effective utilisation of mezzanine financing requires experience and confidence in dealing with the complex structures of equity, debt and mezzanine capital. In the last few years we have structured numerous financing deals with a value of € 25 million to € 350 million and furnished them with the necessary capital.
CONTACT PERSON
Dr. Jens Kruse
Ferdinandstraße 75 · 20095 Hamburg
Tel. +49(0)40 32 82 - 22 25
Fax +49(0)40 36 18 - 11 09
jkruse@mmwarburg.com"
Our Corporate Finance division offers you innovative and approved solutions for mezzanine financing. On request, the mezzanine capital can be designed in an equity-like way. A design as IFRS-compliant equity is also possible. Profit-sharing rights, hybrid bonds, convertible bonds, silent partnerships and subordinated debt are also basic components of our concepts. We draw up integrated planning models for you, derive optimum capital structures, structure the overall financing and raise mezzanine and debt capital.
If an acquisition should be executed and kept out of the investor’s balance sheet (off-balance financing), we develop innovative concepts while taking into account the requirements of national and international statutory accounting regulations and tax-related aspects. It is particularly in these cases that we can also acquire investments of our own and address other private equity investors from within our own circle.
Effective utilisation of mezzanine financing requires experience and confidence in dealing with the complex structures of equity, debt and mezzanine capital. In the last few years we have structured numerous financing deals with a value of € 25 million to € 350 million and furnished them with the necessary capital.
CONTACT PERSON
Dr. Jens Kruse
Ferdinandstraße 75 · 20095 Hamburg
Tel. +49(0)40 32 82 - 22 25
Fax +49(0)40 36 18 - 11 09
jkruse@mmwarburg.com"
M.M.Warburg & CO | Investments
M.M.Warburg & CO | Investments: "Rewarding prospects for profit-orientated entrepreneursWe offer you entrepreneurial investments in whose shaping M.M.Warburg & CO has been involved or which come from carefully selected partners. The returns on these investments are often independent of events on the stock markets and therefore are suitable for rounding out your investment strategy – no matter whether this refers to investments in real-estate, ships or companies.
As our private client, you are a member of a select group of investors whom we proactively inform of suitable investment opportunities. In addition, we offer our clients the opportunity of participating in exclusive, private placements.
REAL-ESTATE INVESTMENTS
Investing in real estate is an important component of a balanced portfolio and in addition to an income optimisation…
moreSHIP INVESTMENTS
Ship investments offer good returns with an attractive risk-reward ratio. Since they are stable assets…
more
COMPANY INVESTMENTS
This well established investment form contributes in many ways to the optimisation of your asset growth. With private equity, you invest in the source. With high return prospects…
more
PRIVATE PLACEMENTS
Private placements are characterised by a small number of investors, high minimum investments and therefore minimal initiation costs. Most of all, they…
more"
As our private client, you are a member of a select group of investors whom we proactively inform of suitable investment opportunities. In addition, we offer our clients the opportunity of participating in exclusive, private placements.
REAL-ESTATE INVESTMENTS
Investing in real estate is an important component of a balanced portfolio and in addition to an income optimisation…
moreSHIP INVESTMENTS
Ship investments offer good returns with an attractive risk-reward ratio. Since they are stable assets…
more
COMPANY INVESTMENTS
This well established investment form contributes in many ways to the optimisation of your asset growth. With private equity, you invest in the source. With high return prospects…
more
PRIVATE PLACEMENTS
Private placements are characterised by a small number of investors, high minimum investments and therefore minimal initiation costs. Most of all, they…
more"
M.M.Warburg & CO | Private placements
M.M.Warburg & CO | Private placements: "Small circle with great impact
Private placements are primarily designed for alternative investments that are largely unaffected by events on the stock markets. They primarily include real estate, ships and private equity investments.
A group of approximately 10 to 20 investors participate with high minimum investments to the value of six-digit sums. Mostly, these investors make decisions directly and autonomously about their investments without influence by any supervisory committees. This distinguishes individual private placements fundamentally from large retail funds with several hundred stockholders.
The considerable administrative savings, plus the fact that there is virtually no need for advertising campaigns, mean costs are much lower and the payouts much higher.
Through our intensive and diverse activities in the areas that are relevant to private placements, and thanks to our good relationships with mid-market companies, we can continually offer you selected private placement investments.
CONTACT PERSON
Erich Waller
Ferdinandstraße 75 · 20095 Hamburg
Phone +49(0)40 32 82 - 21 05
Fax +49(0)40 36 18 - 10 07
privatebanking@mmwarburg.com"
Private placements are primarily designed for alternative investments that are largely unaffected by events on the stock markets. They primarily include real estate, ships and private equity investments.
A group of approximately 10 to 20 investors participate with high minimum investments to the value of six-digit sums. Mostly, these investors make decisions directly and autonomously about their investments without influence by any supervisory committees. This distinguishes individual private placements fundamentally from large retail funds with several hundred stockholders.
The considerable administrative savings, plus the fact that there is virtually no need for advertising campaigns, mean costs are much lower and the payouts much higher.
Through our intensive and diverse activities in the areas that are relevant to private placements, and thanks to our good relationships with mid-market companies, we can continually offer you selected private placement investments.
CONTACT PERSON
Erich Waller
Ferdinandstraße 75 · 20095 Hamburg
Phone +49(0)40 32 82 - 21 05
Fax +49(0)40 36 18 - 10 07
privatebanking@mmwarburg.com"
Oil (Petroleum) and Gasoline - News - Times Topics - The New York Times
Oil (Petroleum) and Gasoline - News - Times Topics - The New York Times: "In 1999, the price of oil hovered around $16 a barrel. In the fall of 2007 it began to approach the $100 a barrel mark. The reasons for the surge ranged from the relentless growth of the economies of China and India to widespread instability in oil-producing regions, including Iraq and Nigeria's delta region. The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs."
Saturday, April 19, 2008
Deutsche Bank - Trust & Securities Services
Deutsche Bank - Trust & Securities Services: "Deutsche Bank`s Trust & Securities Services is one of the world’s largest and most experienced providers of administrative services for capital market instruments and other types of financing.
It also provides custody, clearing and related services in 28 securities markets worldwide."
It also provides custody, clearing and related services in 28 securities markets worldwide."
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos: "MANILA, Philippines -- Our beaches are a lure, but these students from the Massachusetts Institute of Technology’s Sloan School of Management were enticed to come for an entirely different reason -- the lowly backyard malunggay.
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos: "MANILA, Philippines -- Our beaches are a lure, but these students from the Massachusetts Institute of Technology’s Sloan School of Management were enticed to come for an entirely different reason -- the lowly backyard malunggay.
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Friday, April 18, 2008
Tuesday, April 15, 2008
Jonathan_Beckerlegge
Jonathan_Beckerlegge: "UBS Think Tank in Wolfsberg
Trends in the Bio-Fuels Industries
Jonathan M. Beckerlegge, CFO, Bio Diesel Fuel Inc., York, U.K.
Thursday, 24 April 2008, 9.30 a.m. to 12.30 p.m., followed by a Buffet Lunch
Printversion
The Bio-Fuels industry is new, but it is already highly controversial. Some people argue that it is the way forward in a world that needs more and more energy, while others argue that bio-fuels compete with food products for humans, so bio-fuels are inherently immoral.
What is the history of the bio-fuels movement? What are latest developments in the field? Are there different sorts of bio-fuels and how are they positioned against one another? What are the factors that are going to influence the industry over the next 3 to 5 years?"
Trends in the Bio-Fuels Industries
Jonathan M. Beckerlegge, CFO, Bio Diesel Fuel Inc., York, U.K.
Thursday, 24 April 2008, 9.30 a.m. to 12.30 p.m., followed by a Buffet Lunch
Printversion
The Bio-Fuels industry is new, but it is already highly controversial. Some people argue that it is the way forward in a world that needs more and more energy, while others argue that bio-fuels compete with food products for humans, so bio-fuels are inherently immoral.
What is the history of the bio-fuels movement? What are latest developments in the field? Are there different sorts of bio-fuels and how are they positioned against one another? What are the factors that are going to influence the industry over the next 3 to 5 years?"
Sun.Star Bacolod - Hybrid rice savings pegged at US$50M
Sun.Star Bacolod - Hybrid rice savings pegged at US$50M: "THE Philippines stands to save US$50 million if hybridization technology is adapted without resistance and strong political commitment to public investment in irrigation system is done to ensure increased national productivity of rice by 25 percent.
In a study presented by Philippine Rice Research Institute (PhilRice) Negros station manager Edgar Libertario, he said this is despite problems on increasing 'young devouring' population by 2.6 as 60 percent of these are adolescents even as the Philippines is only presently producing two percent or even lower because of land conversion to non-rice ventures."
In a study presented by Philippine Rice Research Institute (PhilRice) Negros station manager Edgar Libertario, he said this is despite problems on increasing 'young devouring' population by 2.6 as 60 percent of these are adolescents even as the Philippines is only presently producing two percent or even lower because of land conversion to non-rice ventures."
Monday, April 14, 2008
Housing bubble is spreading overseas - UPI.com
Housing bubble is spreading overseas - UPI.com: "WASHINGTON, April 14 (UPI) -- Britain, Spain, India and Ireland are feeling the effects of falling real estate prices as the U.S. housing bubble spreads around the world, analysts said.
The International Monetary fund estimates homes in Spain, where prices tripled in the past 10 years, are overvalued by 15 percent, The New York Times reported. In parts of India, houses have declined 20 percent in the past year.
In Ireland, a home bought for $575,000 by university administrator Emma Linnane in May of 2006 would sell for about $475,000 in the spring of 2008, the report said."
The International Monetary fund estimates homes in Spain, where prices tripled in the past 10 years, are overvalued by 15 percent, The New York Times reported. In parts of India, houses have declined 20 percent in the past year.
In Ireland, a home bought for $575,000 by university administrator Emma Linnane in May of 2006 would sell for about $475,000 in the spring of 2008, the report said."
Friday, April 11, 2008
Gulfnews: Citi unveils $11.2m scheme to promote microfinance
Gulfnews: Citi unveils $11.2m scheme to promote microfinance: "Dubai: The Citi Foundation yesterday said it has launched a three-year $11.2 million international grant programme to advance the integration of microfinance into the mainstream economies of developing countries. Dubai: The Citi Foundation yesterday said it has launched a three-year $11.2 million international grant programme to advance the integration of microfinance into the mainstream economies of developing countries."
Monday, April 07, 2008
What has happened in 2005
What has happened in 2005: "What has happened in 2005
On November 24 through 26, Our President, Mario Emmanuel Salvdor and Vice President Gensei Ito participated in the 6th World Summit of Nobel Peace Laureates organized jointly by Gorbachev Foundation and City of Rome, in Rome, Italy. The theme of the conference was “Africa Emergency”.
The following is the speech that our President gave at the final session of the conference on 26th of November:"
On November 24 through 26, Our President, Mario Emmanuel Salvdor and Vice President Gensei Ito participated in the 6th World Summit of Nobel Peace Laureates organized jointly by Gorbachev Foundation and City of Rome, in Rome, Italy. The theme of the conference was “Africa Emergency”.
The following is the speech that our President gave at the final session of the conference on 26th of November:"
Daily Times - Leading News Resource of Pakistan - US to affect Philippines bourse
Daily Times - Leading News Resource of Pakistan - US to affect Philippines bourse: "US to affect Philippines bourse
MANILA: Philippine share prices will likely be determined by developments in the US economy in the coming days, dealers said Friday.
“We’re keeping track of what happens in the US market,” said Rommel Macapagal of Westlink Global Equities. If results are favourable, the Philippine composite index could “hurdle the 3,000-point level,” he said.
“The market depends a lot on jobs data coming out of the US,” said Prince Yeung of AB Capital Securities. If the job decline is less than expected, the index “will rally above the 3,000 level,” he said. However BPI Securities, in an advisory to clients, said “the pressure on share prices may persist as we head into a longer holiday weekend.”
“Investors may opt to stay somewhat liquid given the still uncertain and volatile US equity market,” it added.
There will be no trading on Monday which is a national holiday. For the week to April 4, the composite index rose 27.02 points or by 0.9 percent to 2,983.04 points.
Average daily turnover fell to 1.41 billion shares but average daily value rose to 3.2 billion pesos ($76.4 million) from 2.19 billion shares and 2.015 billion pesos in the previous week. afp"
MANILA: Philippine share prices will likely be determined by developments in the US economy in the coming days, dealers said Friday.
“We’re keeping track of what happens in the US market,” said Rommel Macapagal of Westlink Global Equities. If results are favourable, the Philippine composite index could “hurdle the 3,000-point level,” he said.
“The market depends a lot on jobs data coming out of the US,” said Prince Yeung of AB Capital Securities. If the job decline is less than expected, the index “will rally above the 3,000 level,” he said. However BPI Securities, in an advisory to clients, said “the pressure on share prices may persist as we head into a longer holiday weekend.”
“Investors may opt to stay somewhat liquid given the still uncertain and volatile US equity market,” it added.
There will be no trading on Monday which is a national holiday. For the week to April 4, the composite index rose 27.02 points or by 0.9 percent to 2,983.04 points.
Average daily turnover fell to 1.41 billion shares but average daily value rose to 3.2 billion pesos ($76.4 million) from 2.19 billion shares and 2.015 billion pesos in the previous week. afp"
Sunday, April 06, 2008
World rice crisis should help local growers - Chico Enterprise Record
World rice crisis should help local growers - Chico Enterprise Record: "By ROGER H. AYLWORTH - Staff Writer
Article Launched: 04/06/2008 12:04:38 AM PDT
Click photo to enlargeDick Carriere and his crew harvest some of his 1,300 acres of rice near Aguas Frias and Grainland...«1234»A growing global crisis with the potential to become a catastrophe may ironically have positive effects in this area.
For nearly half of the planet's population, survival hangs on having enough rice to eat daily. But the availability of this essential grain is sagging while the price skyrockets.
Government decisions, climate, and supply-and-demand pressures are behind the exploding prices.
Worldwide, there is going to be a 3.2 million metric ton shortage of rice this year, according to Lorenzo Pope, chief executive officer of Rice Researchers in Ord Bend."
Article Launched: 04/06/2008 12:04:38 AM PDT
Click photo to enlargeDick Carriere and his crew harvest some of his 1,300 acres of rice near Aguas Frias and Grainland...«1234»A growing global crisis with the potential to become a catastrophe may ironically have positive effects in this area.
For nearly half of the planet's population, survival hangs on having enough rice to eat daily. But the availability of this essential grain is sagging while the price skyrockets.
Government decisions, climate, and supply-and-demand pressures are behind the exploding prices.
Worldwide, there is going to be a 3.2 million metric ton shortage of rice this year, according to Lorenzo Pope, chief executive officer of Rice Researchers in Ord Bend."
AFP: Thai PM warns against rice hoarding
AFP: Thai PM warns against rice hoarding: "BANGKOK (AFP) — Thai Prime Minister Samak Sundaravej on Sunday urged the public not to hoard rice, promising for the second time in three days there would be enough for everyone in the kingdom.
With soaring global rice prices setting off fears of shortages and even unrest in some nations, the people of Thailand -- the world's number one rice exporter -- will not have to go without, he said.
The rising prices have sparked panic buying, as people stock up in hopes of beating future price hikes. Meanwhile exporters have accused mills and middlemen of hoarding in hopes of more price increases in the near future."
With soaring global rice prices setting off fears of shortages and even unrest in some nations, the people of Thailand -- the world's number one rice exporter -- will not have to go without, he said.
The rising prices have sparked panic buying, as people stock up in hopes of beating future price hikes. Meanwhile exporters have accused mills and middlemen of hoarding in hopes of more price increases in the near future."
Cost of rice "stable" in China_English_Xinhua
Cost of rice "stable" in China_English_Xinhua: "China only imports a small amount of rice for the high-end market, according to Li Chenggui, an agricultural expert with the Chinese Academy of Social Sciences. 'But the amount of rice China imports from Thailand is very small, so the higher price won't affect the overall situation,' Li said.
Rice from Thailand and Vietnam, the world's major exporters of the product, has seen a sharp price increase, causing turmoil on the global market.
Rice shortages have been reported in many countries and consumers have begun stockpiling the product.
The cost of a ton of medium-grade rice from Thailand has more than doubled since the beginning of the year. A Thai government official recently said prices could rise higher still, according to a Wall Street Journal report.
But consumers and the business community in China remain calm. One trader in Panjin, a key rice-producing area in Liaoning province, said the price has actually dipped slightly this year."
Rice from Thailand and Vietnam, the world's major exporters of the product, has seen a sharp price increase, causing turmoil on the global market.
Rice shortages have been reported in many countries and consumers have begun stockpiling the product.
The cost of a ton of medium-grade rice from Thailand has more than doubled since the beginning of the year. A Thai government official recently said prices could rise higher still, according to a Wall Street Journal report.
But consumers and the business community in China remain calm. One trader in Panjin, a key rice-producing area in Liaoning province, said the price has actually dipped slightly this year."
Cost of rice "stable" in China_English_Xinhua
Cost of rice "stable" in China: "BEIJING, April 5 -- The cost of rice remains stable, despite the staple food's worldwide price hike, government sources said.
The grain's price is stable in China, the National Development and Reform Commission said on its website. Meanwhile, the Ministry of Commerce said the rice retail price has seen a 'continual decline' in the past week.
Rice is a staple food for Chinese, but its price isn't influenced by the world market as the nation mainly relies on domestic supply rather than imports to meet demand, traders and agricultural experts said."
The grain's price is stable in China, the National Development and Reform Commission said on its website. Meanwhile, the Ministry of Commerce said the rice retail price has seen a 'continual decline' in the past week.
Rice is a staple food for Chinese, but its price isn't influenced by the world market as the nation mainly relies on domestic supply rather than imports to meet demand, traders and agricultural experts said."
Asian countries looking for ways amid soaring rice prices_English_Xinhua
Asian countries looking for ways amid soaring rice prices_English_Xinhua: "Asian countries looking for ways amid soaring rice prices
www.chinaview.cn 2008-04-06 09:48:07 Print
By Lin Rong
HONG KONG, April 6 (Xinhua) -- Philippine President Gloria Macapagal-Arroyo convened a food summit with top officials and farm experts on Friday, looking for ways to prevent the emerging rice crisis from severely affecting the world's biggest importer of rice.
This came as the latest effort by the Philippine government to ensure food supplies and control soaring rice prices, which is also seen a major task in other Asian countries, where rice is consumed daily by every household.
CRISIS BEYOND PHILIPPINES
Part of a surge in global food price, international rice prices have increased by about 20 percent in the past three months and at least doubled since 2004, said a recent statement by the UN Food and Agriculture Organization. There are concerns prices could rise further in coming months."
www.chinaview.cn 2008-04-06 09:48:07 Print
By Lin Rong
HONG KONG, April 6 (Xinhua) -- Philippine President Gloria Macapagal-Arroyo convened a food summit with top officials and farm experts on Friday, looking for ways to prevent the emerging rice crisis from severely affecting the world's biggest importer of rice.
This came as the latest effort by the Philippine government to ensure food supplies and control soaring rice prices, which is also seen a major task in other Asian countries, where rice is consumed daily by every household.
CRISIS BEYOND PHILIPPINES
Part of a surge in global food price, international rice prices have increased by about 20 percent in the past three months and at least doubled since 2004, said a recent statement by the UN Food and Agriculture Organization. There are concerns prices could rise further in coming months."
Saturday, April 05, 2008
biofuels international
biofuels international: "Philippines bioethanol capacity to expand
12th March, 2008
The Philippine government signed a $30 million (€19.6 million) project agreement to expand the capacity of the country's first bioethanol plant from 145,000 litres a day to 200,000 litres.
The pact calls for increased cooperation in developing biofuel feedstock.
'The department is prioritising the development of fuel ethanol and bioenergy industries to supply the needs of the domestic market as well as fulfill the goals of the Biofuels Act of 2006,' Agriculture Secretary Arthur Yap says.
US-based private equity fund manager FE Clean Energy and UK-headquartered bioenergy developer and investor Bronzeaok are building the country's first ethanol and bioenergy plant, San Carlos Bioenergy, in San Carlos, Negros Occidental, with the backing of the National Biofuel Feedstock Development Programme and Philippine Agricultural Development and Commercial Corp.
Using sugarcane as a feedstock, the plant will produce ethanol for blending with petroleum and electrical power for the national grid. The San Carlos plant is expected to be fully operational by November, in time to contribute to meeting the January 2009 bioethanol-petroleum blending requirements of the Biofuels Act."
12th March, 2008
The Philippine government signed a $30 million (€19.6 million) project agreement to expand the capacity of the country's first bioethanol plant from 145,000 litres a day to 200,000 litres.
The pact calls for increased cooperation in developing biofuel feedstock.
'The department is prioritising the development of fuel ethanol and bioenergy industries to supply the needs of the domestic market as well as fulfill the goals of the Biofuels Act of 2006,' Agriculture Secretary Arthur Yap says.
US-based private equity fund manager FE Clean Energy and UK-headquartered bioenergy developer and investor Bronzeaok are building the country's first ethanol and bioenergy plant, San Carlos Bioenergy, in San Carlos, Negros Occidental, with the backing of the National Biofuel Feedstock Development Programme and Philippine Agricultural Development and Commercial Corp.
Using sugarcane as a feedstock, the plant will produce ethanol for blending with petroleum and electrical power for the national grid. The San Carlos plant is expected to be fully operational by November, in time to contribute to meeting the January 2009 bioethanol-petroleum blending requirements of the Biofuels Act."
biofuels international
biofuels international: "Russia to build 30 bioethanol plants
20th March, 2008
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successfulThe Russian government will back the construction of 30 new ethanol plants to produce biofuels, Prime Minister Viktor Zubkov has announced.
A government programme to develop biofuel production will begin this year. Apart from the construction of new ethanol plants, the programme will also upgrade existing facilities.
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successful. Some of the plants are likely to produce ethanol from timber waste, such as sawdust, Alexei Ablayev, director of the National Biofuel Association, says. The Russian plants could also make ethanol from such crops as wheat.
Researchers are close to developing a technology to make fuel out of timber waste that will be as efficient as the current conversion of crops into fuel.
Approximately 30 Russian plants which made ethanol from non-crop raw materials became bankrupt with the collapse of the Soviet Union due to the plants' technology making the fuel too expensive.
Plans to divert some of the country's crop harvests to make fuel should not send bread prices soaring because there is room to grow larger harvests, Ablayev says. In October Agriculture Minister Alexei Gordeyev stated that Russia has 20 million hectares of unused arable lands.
If ethanol production does take off in Russia, it will target the export market to begin with, Ablayev says. The government charges an excise duty of at least 26 rubles (€0.71) to sell 1 litre of ethanol."
20th March, 2008
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successfulThe Russian government will back the construction of 30 new ethanol plants to produce biofuels, Prime Minister Viktor Zubkov has announced.
A government programme to develop biofuel production will begin this year. Apart from the construction of new ethanol plants, the programme will also upgrade existing facilities.
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successful. Some of the plants are likely to produce ethanol from timber waste, such as sawdust, Alexei Ablayev, director of the National Biofuel Association, says. The Russian plants could also make ethanol from such crops as wheat.
Researchers are close to developing a technology to make fuel out of timber waste that will be as efficient as the current conversion of crops into fuel.
Approximately 30 Russian plants which made ethanol from non-crop raw materials became bankrupt with the collapse of the Soviet Union due to the plants' technology making the fuel too expensive.
Plans to divert some of the country's crop harvests to make fuel should not send bread prices soaring because there is room to grow larger harvests, Ablayev says. In October Agriculture Minister Alexei Gordeyev stated that Russia has 20 million hectares of unused arable lands.
If ethanol production does take off in Russia, it will target the export market to begin with, Ablayev says. The government charges an excise duty of at least 26 rubles (€0.71) to sell 1 litre of ethanol."
biofuels international
biofuels international: "New yeast brews better bioethanol
27th March, 2008
Gekkeikan General Research Institute has developed a new production technology for bioethanol.
The institute produces ethanol from inedible plant materials such as chaff and paddy straw by using sake yeast genetically modified with koji mould (aspergilli) genes.
The new method pre-treats plants for fermentation with high-temperature and pressure water, not with chemical agents.
The research was conducted as a part of the Innovative Technology Development Research Project, which was established by Japan Science and Technology Agency (JST), with the help of researchers from Kobe University, Kyoto University and Tohoku University.
Plant cellulose, a raw material for bioethanol, has a chemically-stable and robust structure. The strength of the structure is weakened by the subcritical water treatment method to be ready for fermentation.
In a subcritical region, water is at a high temperature and pressure (150-370°C) and acidic. But when the temperature and pressure decline, it quickly becomes neutral. Plant cellulose can be pretreated with a devise simpler than the one used for supercritical water (above 374°C and 22.1MPa).
From the perspectives of environmental load and safety, the new method is superior to the existing pretreatment method that uses chemical agents such as sulfuric acid.
Koji mould's genes that produce cellulolytic enzymes were incorporated in sake yeast so that the enzymes are densely arranged on the surfaces of the yeast cells.
In normal sake brewing, alcohol is produced by two processes: Koji mould dissolves rice starch into sugar, and yeast ferments the sugar. The new yeast has the functions of koji mould and can produce ethanol by itself from cellulose pretreated with subcritical water."
27th March, 2008
Gekkeikan General Research Institute has developed a new production technology for bioethanol.
The institute produces ethanol from inedible plant materials such as chaff and paddy straw by using sake yeast genetically modified with koji mould (aspergilli) genes.
The new method pre-treats plants for fermentation with high-temperature and pressure water, not with chemical agents.
The research was conducted as a part of the Innovative Technology Development Research Project, which was established by Japan Science and Technology Agency (JST), with the help of researchers from Kobe University, Kyoto University and Tohoku University.
Plant cellulose, a raw material for bioethanol, has a chemically-stable and robust structure. The strength of the structure is weakened by the subcritical water treatment method to be ready for fermentation.
In a subcritical region, water is at a high temperature and pressure (150-370°C) and acidic. But when the temperature and pressure decline, it quickly becomes neutral. Plant cellulose can be pretreated with a devise simpler than the one used for supercritical water (above 374°C and 22.1MPa).
From the perspectives of environmental load and safety, the new method is superior to the existing pretreatment method that uses chemical agents such as sulfuric acid.
Koji mould's genes that produce cellulolytic enzymes were incorporated in sake yeast so that the enzymes are densely arranged on the surfaces of the yeast cells.
In normal sake brewing, alcohol is produced by two processes: Koji mould dissolves rice starch into sugar, and yeast ferments the sugar. The new yeast has the functions of koji mould and can produce ethanol by itself from cellulose pretreated with subcritical water."
biofuels international
biofuels international: "Brazilian state to build 10 ethanol and sugar plants
4th April, 2008
The southern Brazilian state of Paraná will construct 10 ethanol and sugar plants due for operation in 2010.
The state is the country's second largest ethanol producer and the fourth largest sugar producer. Planted area for sugarcane is set to increase by 16.5% in the 2007/2008 crop.
In 2007, two new units entered into operation. Another unit should be inaugurated this year, and by 2010 nine others are expected to join the 23 active plants.
According to the Association of Alcohol and Sugar Producers of the State of Paraná (Alcopar), in the 2005/2006 crop the state ranked as the second largest Brazilian ethanol producer. Production totalled 1.042 million m3, against 9.951 million in the state of São Paulo.
The Secretariat of Agriculture estimates that the 2007/2008 sugarcane crop might reach 55.2 million tonnes, which would represent an increase of 16.5% over the previous crop. Planted area should rise from 536,071 hectares to 622,506 hectares.
Last year, the state of Paraná exported 1.465 million tonnes of sugar, generating revenues of $384.4 million (€245 million) for the state."
4th April, 2008
The southern Brazilian state of Paraná will construct 10 ethanol and sugar plants due for operation in 2010.
The state is the country's second largest ethanol producer and the fourth largest sugar producer. Planted area for sugarcane is set to increase by 16.5% in the 2007/2008 crop.
In 2007, two new units entered into operation. Another unit should be inaugurated this year, and by 2010 nine others are expected to join the 23 active plants.
According to the Association of Alcohol and Sugar Producers of the State of Paraná (Alcopar), in the 2005/2006 crop the state ranked as the second largest Brazilian ethanol producer. Production totalled 1.042 million m3, against 9.951 million in the state of São Paulo.
The Secretariat of Agriculture estimates that the 2007/2008 sugarcane crop might reach 55.2 million tonnes, which would represent an increase of 16.5% over the previous crop. Planted area should rise from 536,071 hectares to 622,506 hectares.
Last year, the state of Paraná exported 1.465 million tonnes of sugar, generating revenues of $384.4 million (€245 million) for the state."
Bloomberg.com: News
Bloomberg.com: News: "Russia May Sign 3-Sub Deal With Venezuela By May, Interfax Says
By Patrick Henry
April 4 (Bloomberg) -- Russia may sign a contract to sell Venezuela three Varshavyanka-class diesel-powered submarines in the next two months, Interfax reported today, citing an unidentified Russian defense-industry official.
Negotiations on the contract are ``practically complete,'' and the signing of the contract will ``probably'' be timed to coincide with Venezuelan President Hugo Chavez's visit to Moscow next month, the Russian news service said, citing the official.
To contact the reporter on this story: Patrick Henry in Moscow at phenry8@bloomberg.net
Last Updated: April 4, 2008 05:47 EDT"
By Patrick Henry
April 4 (Bloomberg) -- Russia may sign a contract to sell Venezuela three Varshavyanka-class diesel-powered submarines in the next two months, Interfax reported today, citing an unidentified Russian defense-industry official.
Negotiations on the contract are ``practically complete,'' and the signing of the contract will ``probably'' be timed to coincide with Venezuelan President Hugo Chavez's visit to Moscow next month, the Russian news service said, citing the official.
To contact the reporter on this story: Patrick Henry in Moscow at phenry8@bloomberg.net
Last Updated: April 4, 2008 05:47 EDT"
Bloomberg.com: News
Bloomberg.com: News: "Russian Stocks: Gazprom, Rosneft, Wimm-Bill-Dann Shares
By William Mauldin
March 28 (Bloomberg) -- Russia's Micex Index rose for a second day, gaining 0.8 percent to 1,631.31 at 12:56 p.m. in Moscow as 19 stocks advanced and 11 retreated. The dollar- denominated RTS Index increased 0.9 percent to 2,047.34.
The following were among the most active stocks in the Russian market today. Symbols are in parentheses.
OAO Gazprom (GAZP RX) climbed 1.4 percent to 301.20 on the Micex Stock Exchange, its highest level in two weeks. Deutsche Bank AG boosted its price estimate for shares of the world's biggest natural-gas producer 6.7 percent to $20.80 (489 rubles), saying Gazprom may benefit from higher global gas prices.
OAO Rosneft (ROSN RX) rose 2.4 percent to 210.98 rubles, the best performer in the Micex Index today. Deutsche Bank raised its price estimate for shares of Russia's biggest oil producer 4.6 percent to $18.30 (430 rubles), citing Brent crude prices that may average $95.50 a barrel this year and $102.50 next year."
By William Mauldin
March 28 (Bloomberg) -- Russia's Micex Index rose for a second day, gaining 0.8 percent to 1,631.31 at 12:56 p.m. in Moscow as 19 stocks advanced and 11 retreated. The dollar- denominated RTS Index increased 0.9 percent to 2,047.34.
The following were among the most active stocks in the Russian market today. Symbols are in parentheses.
OAO Gazprom (GAZP RX) climbed 1.4 percent to 301.20 on the Micex Stock Exchange, its highest level in two weeks. Deutsche Bank AG boosted its price estimate for shares of the world's biggest natural-gas producer 6.7 percent to $20.80 (489 rubles), saying Gazprom may benefit from higher global gas prices.
OAO Rosneft (ROSN RX) rose 2.4 percent to 210.98 rubles, the best performer in the Micex Index today. Deutsche Bank raised its price estimate for shares of Russia's biggest oil producer 4.6 percent to $18.30 (430 rubles), citing Brent crude prices that may average $95.50 a barrel this year and $102.50 next year."
Bloomberg.com: News
Bloomberg.com: News: "Russian Oil Output May Fall for First Time in Decade in 2008
By Greg Walters
March 27 (Bloomberg) -- Russian oil output may fall this year for the first time in a decade as the world's second-biggest supplier struggles with rising costs and harder-to-reach fields, Natural Resources Minister Yuri Trutnev said.
``Two years ago, we said the growth rate was falling, and we said this was bad for Russia, remember?'' Trutnev said in televised remarks after a government meeting in Moscow today. ``Now we're saying the production rate is falling this year. This is not a bogeyman, unfortunately, this is real,'' Trutnev said, without giving a specific forecast.
A decline would end a 10-year, 58 percent surge in production, which fell to 6.2 million barrels a day in 1998, when prices dipped below $10 a barrel and Russia defaulted on about $40 billion of domestic debt and devalued the ruble."
By Greg Walters
March 27 (Bloomberg) -- Russian oil output may fall this year for the first time in a decade as the world's second-biggest supplier struggles with rising costs and harder-to-reach fields, Natural Resources Minister Yuri Trutnev said.
``Two years ago, we said the growth rate was falling, and we said this was bad for Russia, remember?'' Trutnev said in televised remarks after a government meeting in Moscow today. ``Now we're saying the production rate is falling this year. This is not a bogeyman, unfortunately, this is real,'' Trutnev said, without giving a specific forecast.
A decline would end a 10-year, 58 percent surge in production, which fell to 6.2 million barrels a day in 1998, when prices dipped below $10 a barrel and Russia defaulted on about $40 billion of domestic debt and devalued the ruble."
Bloomberg.com: News
Bloomberg.com: News: "Russia May Cut Oil Tax by $4.2 Billion a Year in 2009 (Update3)
By Greg Walters and Alex Nicholson
March 25 (Bloomberg) -- Russia, the world's biggest oil exporter after Saudi Arabia, may cut its crude extraction tax by 100 billion rubles ($4.2 billion) a year to help companies boost output, Finance Minister Alexei Kudrin said.
``I suspect this is just a start,'' Ronald Smith, chief strategist with Moscow-based Alfa Bank, said by phone today. ``Four billion dollars probably isn't enough to make a big difference, but this is a very good beginning.''"
By Greg Walters and Alex Nicholson
March 25 (Bloomberg) -- Russia, the world's biggest oil exporter after Saudi Arabia, may cut its crude extraction tax by 100 billion rubles ($4.2 billion) a year to help companies boost output, Finance Minister Alexei Kudrin said.
``I suspect this is just a start,'' Ronald Smith, chief strategist with Moscow-based Alfa Bank, said by phone today. ``Four billion dollars probably isn't enough to make a big difference, but this is a very good beginning.''"
Bloomberg.com: News
Bloomberg.com: News: "Lukoil Plans `Big Acquisitions' This Year; Cuts Output Target
By Torrey Clark
April 4 (Bloomberg) -- OAO Lukoil, Russia's largest independent crude producer, plans ``big acquisitions'' this year after cutting the output target for its existing oil fields, Chief Executive Officer Vagit Alekperov said.
Oil output, not including possible acquisitions, will increase 1.8 percent to 2 percent this year, Alekperov said in St. Petersburg, according to an e-mailed statement. In January, he said combined crude and natural gas production may rise 5 percent to 7 percent in 2008.
``The company is preparing for big acquisitions,'' Alekperov said. Lukoil is still looking to buy refineries in southern and northern Europe, Alekperov said. He declined to comment on whether the company would by ERG SpA's refinery in Sicily."
By Torrey Clark
April 4 (Bloomberg) -- OAO Lukoil, Russia's largest independent crude producer, plans ``big acquisitions'' this year after cutting the output target for its existing oil fields, Chief Executive Officer Vagit Alekperov said.
Oil output, not including possible acquisitions, will increase 1.8 percent to 2 percent this year, Alekperov said in St. Petersburg, according to an e-mailed statement. In January, he said combined crude and natural gas production may rise 5 percent to 7 percent in 2008.
``The company is preparing for big acquisitions,'' Alekperov said. Lukoil is still looking to buy refineries in southern and northern Europe, Alekperov said. He declined to comment on whether the company would by ERG SpA's refinery in Sicily."
BLOOMBERG: Search Results: OIL
Search Results: OIL: "Crude Oil Rises as US Refinery Shutdowns Reduce Fuel Supplies ... Crude Oil Rises as US Refinery Shutdowns Reduce Fuel Supplies April 4 (Bloomberg) --
Crude oil rose in New York as lower refinery production and unplanned ...
- 2008-04-04
Mideast Crudes Fall a Third Day as Refiners Shut for Repairs April ... Mideast Crudes Fall a Third Day as Refiners Shut for Repairs April 4 (Bloomberg) --
Oman crude oil, a Middle East benchmark for Asia, and Abu Dhabi's Murban ...
- 2008-04-04
Oil Rises as Dollar Falls, Bolstering the Appeal of Commodities ... Oil Rises as Dollar Falls, Bolstering the Appeal of Commodities April 4 (Bloomberg) --
Crude oil rose more than $1 a barrel as the dollar fell against the euro ...
- 2008-04-04
Oil Market Is Well-Supplied, Nigeria's Oil Minister Says April 3 ... Oil Market Is Well-Supplied, Nigeria's Oil Minister Says April 3 (Bloomberg) --
The oil market is well-supplied, Nigerian Oil Minister Odein Ajumogobia said at ...
- 2008-04-04"
Crude oil rose in New York as lower refinery production and unplanned ...
- 2008-04-04
Mideast Crudes Fall a Third Day as Refiners Shut for Repairs April ... Mideast Crudes Fall a Third Day as Refiners Shut for Repairs April 4 (Bloomberg) --
Oman crude oil, a Middle East benchmark for Asia, and Abu Dhabi's Murban ...
- 2008-04-04
Oil Rises as Dollar Falls, Bolstering the Appeal of Commodities ... Oil Rises as Dollar Falls, Bolstering the Appeal of Commodities April 4 (Bloomberg) --
Crude oil rose more than $1 a barrel as the dollar fell against the euro ...
- 2008-04-04
Oil Market Is Well-Supplied, Nigeria's Oil Minister Says April 3 ... Oil Market Is Well-Supplied, Nigeria's Oil Minister Says April 3 (Bloomberg) --
The oil market is well-supplied, Nigerian Oil Minister Odein Ajumogobia said at ...
- 2008-04-04"
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "UBS Former President Arnold Proposes Overhaul of Bank (Update7)
By Elena Logutenkova and Warren Giles
April 4 (Bloomberg) -- Former UBS AG President Luqman Arnold called for a breakup of the biggest Swiss bank after about $38 billion of writedowns on debt securities erased more than half its market value in the past year.
Arnold, whose Olivant Advisers Ltd. holds 0.7 percent of Zurich-based UBS, made his proposals in a letter to board member Sergio Marchionne that was released today. UBS reported a 12 billion-Swiss franc ($11.9 billion) first-quarter loss on April 1 and said Chairman Marcel Ospel will leave."
By Elena Logutenkova and Warren Giles
April 4 (Bloomberg) -- Former UBS AG President Luqman Arnold called for a breakup of the biggest Swiss bank after about $38 billion of writedowns on debt securities erased more than half its market value in the past year.
Arnold, whose Olivant Advisers Ltd. holds 0.7 percent of Zurich-based UBS, made his proposals in a letter to board member Sergio Marchionne that was released today. UBS reported a 12 billion-Swiss franc ($11.9 billion) first-quarter loss on April 1 and said Chairman Marcel Ospel will leave."
"Syngenta AG, the world's biggest maker of agricultural chemicals, rose as much as 7.4 percent in Zurich trading after saying first-quarter sales gained 20 percent and increasing its full-year profit forecast on rising demand for rice, corn and other food crops.
Rice climbed to a record in Chicago trading and corn came close to its highest price on speculation that a 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests.
– Bloomberg"
Rice climbed to a record in Chicago trading and corn came close to its highest price on speculation that a 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests.
– Bloomberg"
Gil Evans-Out of the Cool: His Life and Music
Gil Evans-Out of the Cool: His Life and Music: "Gil Evans-Out of the Cool
Stephanie Stein Crease
A Cappella Books
ISBN: 1-55652-425-0
A new, welcome book on the life of the great arranger and musical ideologist Gil Evans provides a portrayal of a multi-faceted man, both professionally and personally.
While magazine articles and items found in the writings about other musicians have given us thumbnail snippets of the life of this quiet, non-self-promoter, Gil Evans: Out of the Cool, His Life and Music (A Cappella Books, 384 pages) by Stephanie Stein Crease, brings together — and then some. It provides insight from Gil's associates, wives and Gil himself, bundling the days of this important American musical figure into an interesting and well-researched package."
Stephanie Stein Crease
A Cappella Books
ISBN: 1-55652-425-0
A new, welcome book on the life of the great arranger and musical ideologist Gil Evans provides a portrayal of a multi-faceted man, both professionally and personally.
While magazine articles and items found in the writings about other musicians have given us thumbnail snippets of the life of this quiet, non-self-promoter, Gil Evans: Out of the Cool, His Life and Music (A Cappella Books, 384 pages) by Stephanie Stein Crease, brings together — and then some. It provides insight from Gil's associates, wives and Gil himself, bundling the days of this important American musical figure into an interesting and well-researched package."
Chick Corea's Spirit of Creativity
Chick Corea's Spirit of Creativity: "“It's harder and harder” to create art, reflected Chick Corea not long before the war in Iraq began. “As hard as it is for you and every other person to even travel on any airlines, that's one reflection of how hard it is to get artistic creations happening in the world today. But it's not impossible.”"
Live at the Royal Festival Hall
Live at the Royal Festival Hall: "Four long years had passed since McLaughlin's last record when JMT released Live at the Royal Festival Hall in 1990. The brilliant percussionist Trilok Gurtu, of Oregon fame, joined him—along with superb bassist Kai Eckhardt—to form an exciting band which was to exist in one form or another (with revolving bassists) for five more years."
DailyWealth: Warren Buffett’s Favorite Energy Hedge Fund
DailyWealth: Warren Buffett’s Favorite Energy Hedge Fund: "Warren Buffett’s Favorite Energy Hedge Fund
by Matt Badiali
August 25, 2006
The names of the investors stopped me in my tracks.
Warren Buffett owns 17.9 million shares. David Dreman owns 11 million shares. And Bill Nygren owns 2.5 million shares.
You may not know Nygren… but his Oakmark Select Fund has returned 18% since its inception in 1996. The fund was ranked 30th in a recent Barron's/Value Line Top 100 Mutual Fund Survey. He's easily among the top 20 value investors in the world"
by Matt Badiali
August 25, 2006
The names of the investors stopped me in my tracks.
Warren Buffett owns 17.9 million shares. David Dreman owns 11 million shares. And Bill Nygren owns 2.5 million shares.
You may not know Nygren… but his Oakmark Select Fund has returned 18% since its inception in 1996. The fund was ranked 30th in a recent Barron's/Value Line Top 100 Mutual Fund Survey. He's easily among the top 20 value investors in the world"
Porter Stansberry's Investment Research - Can AMERICA'S 'NEW CURRENCY' Save Your Retirement?
Porter Stansberry's Investment Research - Can AMERICA'S 'NEW CURRENCY' Save Your Retirement?: "Can AMERICA'S
'NEW CURRENCY' Save
Your Retirement?
It has nothing to do with silver, gold, or commodities... yet this little-known investment could return 425% or more in the next 12 months, no
matter what happens to the U.S. economy. Can AMERICA'S
'NEW CURRENCY' Save
Your Retirement?
It has nothing to do with silver, gold, or commodities... yet this little-known investment could return 425% or more in the next 12 months, no
matter what happens to the U.S. economy."
'NEW CURRENCY' Save
Your Retirement?
It has nothing to do with silver, gold, or commodities... yet this little-known investment could return 425% or more in the next 12 months, no
matter what happens to the U.S. economy. Can AMERICA'S
'NEW CURRENCY' Save
Your Retirement?
It has nothing to do with silver, gold, or commodities... yet this little-known investment could return 425% or more in the next 12 months, no
matter what happens to the U.S. economy."
"JPMorgan and the U.S. Treasury just saved us from the real risk of Depression...
It was the Panic of '07. The economy was weakening. Stocks were falling. Banks had lent too much and were now seriously tightening up. It all came to a head when a major bank was about to fail. Something had to be done.
The U.S. Treasury understood the risk of a downward spiral. So after a secret meeting, it took the surprising step of providing a whopping $30 million to JPMorgan and other bankers. The goal was huge... it was to save the U.S. financial system. In hindsight, it worked..."
It was the Panic of '07. The economy was weakening. Stocks were falling. Banks had lent too much and were now seriously tightening up. It all came to a head when a major bank was about to fail. Something had to be done.
The U.S. Treasury understood the risk of a downward spiral. So after a secret meeting, it took the surprising step of providing a whopping $30 million to JPMorgan and other bankers. The goal was huge... it was to save the U.S. financial system. In hindsight, it worked..."
Major UBS shareholder says move to break the bank up 'does not make sense'
Major UBS shareholder says move to break the bank up 'does not make sense': "LONDON, Apr. 4, 2008 (Thomson Financial delivered by Newstex) -- A significant UBS (NYSE:UBS) AG shareholder on Friday dismissed suggestions by its former CEO that the bank should be broken up.
The investor, who requested anonymity, told Thomson Investment Management News: 'This is just not the right time for UBS - they have other priorities that need to be sorted out. Such an idea may have made sense 12 months ago, but today it does not make sense. In short, it's not going to happen.'
Luqman Arnold, the former chief executive of UBS, has called on the bank to be split into separate wealth management and investment bank businesses in the long term. In the short-term, he believes the bank should overhaul its corporate governance and raise additional capital by disposing off its asset management arm and its Brazilian and Australian businesses."
The investor, who requested anonymity, told Thomson Investment Management News: 'This is just not the right time for UBS - they have other priorities that need to be sorted out. Such an idea may have made sense 12 months ago, but today it does not make sense. In short, it's not going to happen.'
Luqman Arnold, the former chief executive of UBS, has called on the bank to be split into separate wealth management and investment bank businesses in the long term. In the short-term, he believes the bank should overhaul its corporate governance and raise additional capital by disposing off its asset management arm and its Brazilian and Australian businesses."
Testimony Offers Details of Bear Stearns Deal - New York Times
Testimony Offers Details of Bear Stearns Deal - New York Times: "WASHINGTON — Three weeks after the market crisis that forced the rescue of Bear Stearns, federal officials and senior Wall Street executives offered their first public account on Thursday of the harrowing four days of negotiations that led to a deal to sell the investment bank to JPMorgan Chase."
Friday, April 04, 2008
Economics Blog : The $30 Billion Loan: The Parties Weigh In
Economics Blog : The $30 Billion Loan: The Parties Weigh In: "The $30 Billion Loan: The Parties Weigh In
The Federal Reserve Bank of New York, and the chief executives of J.P. Morgan and Bear Stearns, offered their take today on the $30 billion loan agreement to support the sale of Bear Stearns. J.P. Morgan will take the first $1 billion in losses, leaving the government on the hook for up to $29 billion.
Timothy Geithner, president of the Federal Reserve Bank of New York, which negotiated the loan:
This guarantee was especially important to stave off the feared systemic effects that would be triggered by the panic of a Bear bankruptcy filing and of the failure to honor its obligations. And by agreeing to lend against a portfolio of securities, we reduced the risk that those assets would be liquidated quickly, exacerbating already fragile conditions in markets. …"
The Federal Reserve Bank of New York, and the chief executives of J.P. Morgan and Bear Stearns, offered their take today on the $30 billion loan agreement to support the sale of Bear Stearns. J.P. Morgan will take the first $1 billion in losses, leaving the government on the hook for up to $29 billion.
Timothy Geithner, president of the Federal Reserve Bank of New York, which negotiated the loan:
This guarantee was especially important to stave off the feared systemic effects that would be triggered by the panic of a Bear bankruptcy filing and of the failure to honor its obligations. And by agreeing to lend against a portfolio of securities, we reduced the risk that those assets would be liquidated quickly, exacerbating already fragile conditions in markets. …"
Bankersalmanac.com - Top 50 Banks in the World
Bankersalmanac.com - Top 50 Banks in the World: "Top 50 Banks in the World
All banks in the Bankersalmanac.com World 's Top 50 Banks have been ranked by total assets in US$*.
For a full listing of the top 3,000 banks in the world click on the World Ranking within an individual bank entry (e.g. click on UBS AG below, then click on World Rank which appears in the Status section of the Institution Report).
Current
Rank Previous
Rank BANK Assets
US$m + or -
(local curr)Capital
US$m Balance
Sheet
1 (1) UBS AG , Zürich , Switzerland*1,963,227+16.43%172.8531.12.06
2(2) Barclays PLC , London , UK*1,951,041+7.84%3,198.2831.12.06
3(-) BNP Paribas SA , Paris , France*1,899,186+14.49%20,555.1231.12.06
4(3) The Royal Bank of Scotland Group plc , Edinburgh , UK*1,705,680+12.18%1,595.2231.12.06
5(4) Crédit Agricole SA , Paris , France*1,663,101+18.83%22,423.5231.12.06
6(5) Deutsche Bank AG , Frankfurt am Main , Germany*1,485,008+13.51%1,770.8331.12.06
7(7) The Bank of Tokyo-Mitsubishi UFJ Ltd , Tokyo , Japan*1,362,598+74.66%8,449.6431.03.06
8(8) ABN AMRO Holding NV , Amsterdam , Netherlands*1,301,508+12.06%1,430.6431.12.06
9(9) Société Générale , Paris La Défense , France*1,261,657+14.57%760.8131.12.0"
All banks in the Bankersalmanac.com World 's Top 50 Banks have been ranked by total assets in US$*.
For a full listing of the top 3,000 banks in the world click on the World Ranking within an individual bank entry (e.g. click on UBS AG below, then click on World Rank which appears in the Status section of the Institution Report).
Current
Rank Previous
Rank BANK Assets
US$m + or -
(local curr)Capital
US$m Balance
Sheet
1 (1) UBS AG , Zürich , Switzerland*1,963,227+16.43%172.8531.12.06
2(2) Barclays PLC , London , UK*1,951,041+7.84%3,198.2831.12.06
3(-) BNP Paribas SA , Paris , France*1,899,186+14.49%20,555.1231.12.06
4(3) The Royal Bank of Scotland Group plc , Edinburgh , UK*1,705,680+12.18%1,595.2231.12.06
5(4) Crédit Agricole SA , Paris , France*1,663,101+18.83%22,423.5231.12.06
6(5) Deutsche Bank AG , Frankfurt am Main , Germany*1,485,008+13.51%1,770.8331.12.06
7(7) The Bank of Tokyo-Mitsubishi UFJ Ltd , Tokyo , Japan*1,362,598+74.66%8,449.6431.03.06
8(8) ABN AMRO Holding NV , Amsterdam , Netherlands*1,301,508+12.06%1,430.6431.12.06
9(9) Société Générale , Paris La Défense , France*1,261,657+14.57%760.8131.12.0"
10 top-performing Fortune 500 stocks - Jan. 4, 2008
10 top-performing Fortune 500 stocks - Jan. 4, 2008: "NEW YORK (CNNMoney.com) -- In a choppy year for big stocks, when the Dow Jones industrial average was up 6 percent and the index's best-performing stock - Honeywell - returned 38 percent, the top-performing Fortune 500 stock did much better - returning more than 300 percent to investors.
On the other hand, the worst-performing Fortune 500 stock returned negative 98 percent vs. the negative 45 percent returned by Citigroup, the Dow's poorest performer.
Here are the Fortune 500 stocks that had the best - and worst - returns to investors last year:"
On the other hand, the worst-performing Fortune 500 stock returned negative 98 percent vs. the negative 45 percent returned by Citigroup, the Dow's poorest performer.
Here are the Fortune 500 stocks that had the best - and worst - returns to investors last year:"
RBS positive on rewards of ABN acquisition
RBS positive on rewards of ABN acquisition: "Royal Bank of Scotland (RBS) has confirmed that it will not be facing unexpected exposure to sub-prime related losses as a result of its joint acquisition of Dutch bank, ABN Amro, last year.
RBS chief executive, Sir Fred Goodwin, said: “We are happy we bought what we thought we bought”.
He has also indicated that, following the merger, significant cost savings are being achieved, such as a 20% reduction in ABN’s stationery bill and savings in shared computer software.
Originally RBS predicted annual cost savings of €1.32 billion and revenue benefits of €395 million, by the third year following the acquisition. The estimates have now been revised to €1.59 billion and €688 million respectively.
RBS and its partners, Banco Santander and Fortis, paid €71 billion for ABN and are awaiting approval from the Dutch authorities before they restructure the bank’s assets."
RBS chief executive, Sir Fred Goodwin, said: “We are happy we bought what we thought we bought”.
He has also indicated that, following the merger, significant cost savings are being achieved, such as a 20% reduction in ABN’s stationery bill and savings in shared computer software.
Originally RBS predicted annual cost savings of €1.32 billion and revenue benefits of €395 million, by the third year following the acquisition. The estimates have now been revised to €1.59 billion and €688 million respectively.
RBS and its partners, Banco Santander and Fortis, paid €71 billion for ABN and are awaiting approval from the Dutch authorities before they restructure the bank’s assets."
Merrill Lynch and Citigroup steeled for further writedowns
Merrill Lynch and Citigroup steeled for further writedowns: "Wall Street investment banks, Merrill Lynch and Citigroup, both expect to see their first-quarter profits decline as a result of losses on mortgage-related assets.
Citigroup expects to write down $12 billion in the first three months of 2008, which will be in addition to the $18 billion written down in the fourth-quarter of 2007.
Merrill Lynch is expected to write down $2 billion in the first-quarter, following on from the $16 billion already written-off by the bank since the start of the sub-prime mortgage crisis.
The predictions would bring the total loss to the global banking industry from sub-prime related assets to around $210 billion and both banks may need to raise further capital to boost their balance sheets."
Citigroup expects to write down $12 billion in the first three months of 2008, which will be in addition to the $18 billion written down in the fourth-quarter of 2007.
Merrill Lynch is expected to write down $2 billion in the first-quarter, following on from the $16 billion already written-off by the bank since the start of the sub-prime mortgage crisis.
The predictions would bring the total loss to the global banking industry from sub-prime related assets to around $210 billion and both banks may need to raise further capital to boost their balance sheets."
Bernanke faces scrutiny on Capitol Hill - Apr. 2, 2008
Bernanke faces scrutiny on Capitol Hill - Apr. 2, 2008: "WASHINGTON (AP) -- Faced with mounting home foreclosures and job losses, Federal Reserve Chairman Ben Bernanke is under immense political and public pressure to provide relief and help turn around a faltering economy.
Bernanke was to visit Capitol Hill on Wednesday to give members of Congress' Joint Economic Committee an update on the country's economic situation. The Fed chief was expected to assure lawmakers that the central bank was prepared to keep on lowering a key interest rate and take any other actions that may be necessary to keep problems from spreading even more."
Bernanke was to visit Capitol Hill on Wednesday to give members of Congress' Joint Economic Committee an update on the country's economic situation. The Fed chief was expected to assure lawmakers that the central bank was prepared to keep on lowering a key interest rate and take any other actions that may be necessary to keep problems from spreading even more."
End of Ospel era at UBS leaves open questions - swissinfo
End of Ospel era at UBS leaves open questions - swissinfo: "Switzerland's largest bank, UBS, is seeking SFr15 billion ($15.1 billion) in new capital after making a net loss of about SFr12 billion in the first quarter of 2008. It follows a writedown of SFr40 billion, and possible further losses.
UBS endured a tough 2007, starting with the collapse of its hedge fund Dillon Read Capital management. In October, the bank said it would cut 1,500 jobs in its investment banking arm, including that of its head Huw Jenkins."
UBS endured a tough 2007, starting with the collapse of its hedge fund Dillon Read Capital management. In October, the bank said it would cut 1,500 jobs in its investment banking arm, including that of its head Huw Jenkins."
End of Ospel era at UBS leaves open questions - swissinfo
End of Ospel era at UBS leaves open questions - swissinfo: "The press has welcomed the resignation of UBS chairman Marcel Ospel, saying the move was overdue. But doubts remain over the future of Switzerland's largest bank.
Editorialists warn that the bank, which was hard hit by the mortgage crisis in the United States, has some way to go to win back the trust of clients across the world."
Editorialists warn that the bank, which was hard hit by the mortgage crisis in the United States, has some way to go to win back the trust of clients across the world."
Tuesday, April 01, 2008
Fed up with the Fed - Mar. 31, 2008
Fed up with the Fed - Mar. 31, 2008: "Fed up with the Fed
Some wonder why Paulson wants to expand the powers of an agency that sat idly by as the housing bubble took shape.
By Colin Barr, senior writer"
Some wonder why Paulson wants to expand the powers of an agency that sat idly by as the housing bubble took shape.
By Colin Barr, senior writer"
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