Siam Commercial Bank, the bank with the largest market capitalization in Thailand, resolved at its Board Meeting no. 6/2559 to name Associate Professor Dr. Kulpatra Sirodom to serve as an Independent Director and member of the Audit Committee pursuant to Mr. Tiraphot Vajrabhaya's resignation.
Dr. Kulpatra presently serves as an Associate Professor in the Department of Finance, Faculty of Commerce and Accountancy, Thammasat University. With her outstanding background and recognition in finance, she serves as a member of the Risk Management Sub-committee for State Enterprises and the Performance Agreement Sub-committee for State Enterprises on Energy Sector of the Ministry of Finance. She also serves in key positions in many organizations and as a Board member for a number of leading private organizations, including Director of the Managerial Accounting Sub-committee of the Federation of Accounting Professions; Advisor to the Founding Committee of Exchange Traded Fund (ETF) of the Stock Exchange of Thailand; and Independent Director and Chairperson of the Audit Committee of Thai President Foods PCL.
With her distinctive roles and wide recognition in academic circles, Dr. Kulpatra Sirodom has also served in key positions in several government offices as well, including a founding member of the BBA International Program of Thammasat University; Advisor to the Risk Management Committee, Government Housing Bank; and Advisor of the Investment Banking Department, Thanachart Securities Co., Ltd., and more.
Dr. Kulpatra Sirodom earned a Ph. D. (Finance) from the University of Pittsburgh, Pittsburgh, PA, USA, an M.B.A. (Finance) from West Virginia University, Morgantown, WV, USA and a B.B.A. (First Class Honors) (Finance) from Thammasat University, Thailand under the King Bhumiphol's Scholarship Award. With her additional training courses, such as the Director of the Certification Program (DCP) of the Thai Institute of Directors (IOD), the Bank strongly believes that she will bring new perspectives to contribute to the Bank's operations.
Tuesday, June 23, 2009
World Bank Provides More Support to Improve Health Care in Sri Lanka
The World Bank today approved a US$24 million IDA credit providing further support to the Government of Sri Lanka’s health service delivery program, with particular emphasis on the special health needs in the north and east arising out of the recent conflict.
With the end of the military conflict, Sri Lanka is now facing the challenges of resettlement and reconstruction within the context of reconciliation. An immediate challenge is to provide basic health services to the conflict-affected populations in the Northern and Eastern Provinces, including around 280,000 internally displaced persons (IDPs) currently residing in temporary camps.
“Half the project’s amount, namely US$12 million, will go to the Northern and Eastern Provinces to help them meet their special health needs arising from the conflict. This reflects the Bank's commitment to addressing consequences of the conflict whenever we can,” said Naoko Ishii, World Bank Country Director for Sri Lanka. “An upcoming health needs assessment for the north and east will determine the specific activities the project will finance, but it could include mobile clinics at IDP camps, rehabilitation of disabled, treatment of traumatized persons, and other immediate priorities.”
The US$24 million is additional financing to Health Sector Development Project (HSDP), currently financed by an IDA grant of US$60 million which was approved by the Bank on June 15, 2004.
The project will continue to support decentralization of health service delivery, including strengthening of district and provincial capacity for planning and implementation of health programs. It will also support efforts to improve service delivery and renovate health facilities, provide training for health workers, and provision of medical supplies and equipment.
“The project has been helping the Provincial and District level authorities in taking greater responsibility for the primary and secondary level health care,” said Sundararajan Srinivasa Gopalan, World Bank team leader for the project. “This results in programs that are more responsive to the needs of the local communities."
The project will also help the Central Ministry of Healthcare and Nutrition become more effective in its use of evidence base and information systems for policy, planning, monitoring and management.
The credit from the International Development Association (IDA), the World Bank’s concessionary lending arm, has 20 years to maturity with a 10-year grace period.
With the end of the military conflict, Sri Lanka is now facing the challenges of resettlement and reconstruction within the context of reconciliation. An immediate challenge is to provide basic health services to the conflict-affected populations in the Northern and Eastern Provinces, including around 280,000 internally displaced persons (IDPs) currently residing in temporary camps.
“Half the project’s amount, namely US$12 million, will go to the Northern and Eastern Provinces to help them meet their special health needs arising from the conflict. This reflects the Bank's commitment to addressing consequences of the conflict whenever we can,” said Naoko Ishii, World Bank Country Director for Sri Lanka. “An upcoming health needs assessment for the north and east will determine the specific activities the project will finance, but it could include mobile clinics at IDP camps, rehabilitation of disabled, treatment of traumatized persons, and other immediate priorities.”
The US$24 million is additional financing to Health Sector Development Project (HSDP), currently financed by an IDA grant of US$60 million which was approved by the Bank on June 15, 2004.
The project will continue to support decentralization of health service delivery, including strengthening of district and provincial capacity for planning and implementation of health programs. It will also support efforts to improve service delivery and renovate health facilities, provide training for health workers, and provision of medical supplies and equipment.
“The project has been helping the Provincial and District level authorities in taking greater responsibility for the primary and secondary level health care,” said Sundararajan Srinivasa Gopalan, World Bank team leader for the project. “This results in programs that are more responsive to the needs of the local communities."
The project will also help the Central Ministry of Healthcare and Nutrition become more effective in its use of evidence base and information systems for policy, planning, monitoring and management.
The credit from the International Development Association (IDA), the World Bank’s concessionary lending arm, has 20 years to maturity with a 10-year grace period.
Republic of Congo: World Bank Approves Additional financing of US$5 Million Grant to Build Capacity for the HIV/AIDS and Health Project (PLVSS II)
The World Bank’s Board of Directors today approved additional financing in the amount of US$5 million for the extension of the HIV/AIDS and Health Project (PLVSS II) for the Republic of Congo. The initial grant of US$19 million (SDR 12.8 million) allocated to the HIV/AIDS and Health Project (PLVSS) was approved on April 20, 2004 and is expected to close on June 30, 2009. With this new financing, the project’s closing date will be extended by three years.
The development objectives of the original project were to (i) contain the spread of AIDS and sexually transmitted infections (STIs); (ii) mitigate the health and socioeconomic impact of AIDS and STIs on persons infected with or affected by HIV/AIDS and STIs; and (iii) build strong and sustainable national capacity to respond to the AIDS epidemic.
The development objectives of the revised project remain unchanged, which entail contributing to the recipient’s efforts in order to (i) contain the spread of AIDS and STIs; (ii) mitigate the health and socioeconomic impact of AIDS and STIs on persons infected with or affected by HIV/AIDS and STIs; and (iii) build strong and sustainable national capacity to respond to the AIDS epidemic.
The Project has four components that remain unchanged:
- Public sector response: the response from the Ministry of Health and other ministries;
- Civil society response: community initiatives and support for a small number of private sector initiatives;
- Investments in orphans and other vulnerable children; and
- Management and coordination, capacity building, and monitoring and evaluation, including support with data collection at the national level.
Implementation of the project with the initial grant always received a satisfactory rating, and good progress with respect to several indicators was observed.
This additional financing will assist the State to:
(i) Refocus the project on priority areas for action in order to address discoveries regarding factors associated with the epidemic;
(ii) Upgrade the activities targeting high-risk and vulnerable groups (OVC, sex workers, widows, young people, indigenous peoples, sexual minorities, armed forces, and prisoners);
(iii) Build sustainability capacity and draw lessons from the experience; and
(iv) Scale up the level of additional financing by the Government and the donors, and apply the World Bank’s knowledge and experience.
Specifically, this IDA financing will meet the following needs:
- Refocus the project on priority areas for action;
- Increase the number of activities targeting high-risk and vulnerable groups; and
- Build national sustainability capacity and retain the lessons drawn from the experience.
It bears noting that this additional financing will cover the same previously selected six départements in the country, namely Pointe-Noire, Kouilou, Niari, Lékoumou, Brazzaville, and Sangha, in which 80 percent of the Congolese population lives.
The development objectives of the original project were to (i) contain the spread of AIDS and sexually transmitted infections (STIs); (ii) mitigate the health and socioeconomic impact of AIDS and STIs on persons infected with or affected by HIV/AIDS and STIs; and (iii) build strong and sustainable national capacity to respond to the AIDS epidemic.
The development objectives of the revised project remain unchanged, which entail contributing to the recipient’s efforts in order to (i) contain the spread of AIDS and STIs; (ii) mitigate the health and socioeconomic impact of AIDS and STIs on persons infected with or affected by HIV/AIDS and STIs; and (iii) build strong and sustainable national capacity to respond to the AIDS epidemic.
The Project has four components that remain unchanged:
- Public sector response: the response from the Ministry of Health and other ministries;
- Civil society response: community initiatives and support for a small number of private sector initiatives;
- Investments in orphans and other vulnerable children; and
- Management and coordination, capacity building, and monitoring and evaluation, including support with data collection at the national level.
Implementation of the project with the initial grant always received a satisfactory rating, and good progress with respect to several indicators was observed.
This additional financing will assist the State to:
(i) Refocus the project on priority areas for action in order to address discoveries regarding factors associated with the epidemic;
(ii) Upgrade the activities targeting high-risk and vulnerable groups (OVC, sex workers, widows, young people, indigenous peoples, sexual minorities, armed forces, and prisoners);
(iii) Build sustainability capacity and draw lessons from the experience; and
(iv) Scale up the level of additional financing by the Government and the donors, and apply the World Bank’s knowledge and experience.
Specifically, this IDA financing will meet the following needs:
- Refocus the project on priority areas for action;
- Increase the number of activities targeting high-risk and vulnerable groups; and
- Build national sustainability capacity and retain the lessons drawn from the experience.
It bears noting that this additional financing will cover the same previously selected six départements in the country, namely Pointe-Noire, Kouilou, Niari, Lékoumou, Brazzaville, and Sangha, in which 80 percent of the Congolese population lives.
U.S. markets flat Tuesday
U.S. markets were mixed Tuesday, following a sharp sell off in the previous session that pushed the Dow Jones industrial average down 2.35 percent.
By early afternoon, the Dow Jones industrial average lost 15.72 points, or 0.19 percent, to 8,323.29. The Standard & Poor's (NYSE:MHP) 500 rose 0.13 percent, 1.17 points, to 894.21. The Nasdaq composite index lost 0.94 points, 0.05 percent, to 1,765.25.
The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 3.666 percent.
The euro rose to $1.4088, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.15 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
By early afternoon, the Dow Jones industrial average lost 15.72 points, or 0.19 percent, to 8,323.29. The Standard & Poor's (NYSE:MHP) 500 rose 0.13 percent, 1.17 points, to 894.21. The Nasdaq composite index lost 0.94 points, 0.05 percent, to 1,765.25.
The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 3.666 percent.
The euro rose to $1.4088, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.15 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
U.S. home sales rose in May
Existing home sales rose for the second consecutive month for the first time since September 2005, the National Association of Realtors said Tuesday.
Sales of single-family homes, town homes, condominiums and co-ops rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in the month of May, the association said.
From a year ago, sales were down 3.6 percent. Prices were also down substantially with the median price for all types of homes down 16.8 percent to $173,000 compared to a year ago.
Along with low prices, 'historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,' NAR Chief Economist Lawrence Yun said in a statement.
'First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory,' Yun said.
Existing home sales rose sharpest in the Midwest, up 9 percent in the month with a median price of $145,800. In the South, sales were unchanged with the median price at $157,400. In the West, sales fell 0.9 percent with a median price of $197,700. Homes sales in the Northeast, where the median price was $243,600 in May, climbed 3.9 percent.
Sales of single-family homes, town homes, condominiums and co-ops rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in the month of May, the association said.
From a year ago, sales were down 3.6 percent. Prices were also down substantially with the median price for all types of homes down 16.8 percent to $173,000 compared to a year ago.
Along with low prices, 'historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,' NAR Chief Economist Lawrence Yun said in a statement.
'First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory,' Yun said.
Existing home sales rose sharpest in the Midwest, up 9 percent in the month with a median price of $145,800. In the South, sales were unchanged with the median price at $157,400. In the West, sales fell 0.9 percent with a median price of $197,700. Homes sales in the Northeast, where the median price was $243,600 in May, climbed 3.9 percent.
U.S. markets flat Tuesday
U.S. markets were mixed Tuesday, following a sharp sell off in the previous session that pushed the Dow Jones industrial average down 2.35 percent.
At the close, the Dow Jones industrial average lost 16.10 points or 0.19 percent to 8,322.91. The Standard & Poor's (NYSE:MHP) 500 rose 0.23 percent, 2.06 points, to 895.10. The Nasdaq composite index lost 1.27 points, 0.07 percent, to 1,764.92.
On the New York Stock Exchange, 1,418 stocks advanced and 1,577 declined on a volume of 5.8 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 12/32 to yield 3.64 percent.
The euro rose to $1.4075, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.23 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
At the close, the Dow Jones industrial average lost 16.10 points or 0.19 percent to 8,322.91. The Standard & Poor's (NYSE:MHP) 500 rose 0.23 percent, 2.06 points, to 895.10. The Nasdaq composite index lost 1.27 points, 0.07 percent, to 1,764.92.
On the New York Stock Exchange, 1,418 stocks advanced and 1,577 declined on a volume of 5.8 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 12/32 to yield 3.64 percent.
The euro rose to $1.4075, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.23 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
Grain futures mostly higher Tuesday
Grains futures closed mostly higher on the Chicago Board of Trade Tuesday, rebounding from a sharp sell off in the previous session.
Corn was up 3 1/2 to up 3 3/4, soybeans were up 23 1/2 to up 27 1/2, wheat was off 1 to up 3/4 and oats were up 4 1/2.
Corn futures closed slightly higher as the dollar lost ground against the euro and the yen. Wheat closed mixed after Statistics Canada said wheat planted was down 0.3 percent from a year ago. Soybean futures rose sharply with Statistics Canada reporting a 2.1 percent drop in acreage planted compared to a year ago.
The prices:
Corn: Jul 3.89, up 3 3/4; Sep 3.97 1/4, up 3 3/4; Dec 4.09, up 3 1/2; Sep 4.20 1/2, up 3 1/2.
Soybeans:Jul 11.79, up 27 1/2; Aug 11.14, up 24; Sep 10.48, up 25; Nov 10.04 1/2, up 23 1/2.
Wheat: Jul 5.46 3/4, up 3/4; Sep 5.75 3/4, up 3/4; Dec 6.00 1/2, off 1; Mar 6.17 1/2, off 1.
Oats:Jul 2.08, up 4 1/2; Sep 2.17 1/2, up 4 1/2; Dec 2.31, up 4 1/2; Mar 2.44, up 4 1/2.
Corn was up 3 1/2 to up 3 3/4, soybeans were up 23 1/2 to up 27 1/2, wheat was off 1 to up 3/4 and oats were up 4 1/2.
Corn futures closed slightly higher as the dollar lost ground against the euro and the yen. Wheat closed mixed after Statistics Canada said wheat planted was down 0.3 percent from a year ago. Soybean futures rose sharply with Statistics Canada reporting a 2.1 percent drop in acreage planted compared to a year ago.
The prices:
Corn: Jul 3.89, up 3 3/4; Sep 3.97 1/4, up 3 3/4; Dec 4.09, up 3 1/2; Sep 4.20 1/2, up 3 1/2.
Soybeans:Jul 11.79, up 27 1/2; Aug 11.14, up 24; Sep 10.48, up 25; Nov 10.04 1/2, up 23 1/2.
Wheat: Jul 5.46 3/4, up 3/4; Sep 5.75 3/4, up 3/4; Dec 6.00 1/2, off 1; Mar 6.17 1/2, off 1.
Oats:Jul 2.08, up 4 1/2; Sep 2.17 1/2, up 4 1/2; Dec 2.31, up 4 1/2; Mar 2.44, up 4 1/2.
Crude oil prices climb sharply
Crude oil prices climbed above $69 per barrel on the New York Mercantile Exchange Tuesday after tumbling overnight on waning confidence in the economy.
Crude oil prices gained $2.52 to $69.27 per barrel. Heating oil prices gained 0.0444 cents to $1.7725 per gallon. Reformulated blendstock gasoline rose 0.0519 cents to $1.9024 per gallon. Natural gas prices fell 0.031 cents to $3.89 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.683 Tuesday, down from Mondays $2.69 a gallon, AAA said.
Crude oil prices gained $2.52 to $69.27 per barrel. Heating oil prices gained 0.0444 cents to $1.7725 per gallon. Reformulated blendstock gasoline rose 0.0519 cents to $1.9024 per gallon. Natural gas prices fell 0.031 cents to $3.89 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.683 Tuesday, down from Mondays $2.69 a gallon, AAA said.
UPI NewsTrack Business
U.S. markets were mixed Tuesday, following a sharp sell off in the previous session that pushed the Dow Jones industrial average down 2.35 percent.
At the close, the Dow Jones industrial average lost 16.10 points or 0.19 percent to 8,322.91. The Standard & Poor's (NYSE:MHP) 500 rose 0.23 percent, 2.06 points, to 895.10. The Nasdaq composite index lost 1.27 points, 0.07 percent, to 1,764.92.
On the New York Stock Exchange, 1,418 stocks advanced and 1,577 declined on a volume of 5.8 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 12/32 to yield 3.64 percent.
The euro rose to $1.4075, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.23 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
Objections say GM to move jobs overseas
NEW YORK, June 23 (UPI) -- Objections filed in U.S. Bankruptcy Court in New York said General Motor's Corp.'s plan to close a Michigan transmission plant would shift jobs overseas.
The objections filed by Michigan counties Wayne and Washtenaw and the City of Ypsilanti say GM's plans to close the Willow Run facility would move U.S. jobs to Mexico and France, the Detroit Free Press reported Tuesday.
GM has said it needed to consolidate six-speed transmission production due to reduced demand. Last week, however, local officials negotiated tax breaks with the company, hoping to provide a financial incentive to keep Willow Run open.
'Since they made their determination, we hope we've made it more economical for them to operate at Willow Run than any other locations,' Wayne County Executive Robert Ficano said.
In a separate objection, Wayne County joined with Oakland County and the City of Detroit to recoup about $2.2 million in back taxes and outstanding water and sewer bills owed by GM, the newspaper said.
Madoff's lawyer asks for 12-year sentence
NEW YORK, June 23 (UPI) -- A lawyer for New York investor Bernard Madoff has requested a sentence of 12 years, for 11 fraud-related counts that lost investors an estimated $65 billion.
To date, 1,341 Madoff victims have been discovered with a collective loss of $13 billion, CNN reported Tuesday.
Madoff, who pleaded guilty in March, 'is currently 71 years old and has a life expectancy of 13 years,' wrote attorney Ira Sorkin in a letter requesting federal Judge Denny Chin consider a 12-year term.
The letter refers to Madoff's turning himself in to authorities and his 'non-violent' nature.'
'We seek neither mercy nor sympathy,' Sorkin wrote, acknowledging 'terrible losses have been suffered as a result of Mr. Madoff's conduct.'
The judge has other letters to consider.
'For what Mr. Madoff has done to us and to thousands of others like us, he deserves to spend the rest of his life in prison, just as we will spend the rest of our lives in financial ruin,' a letter from Leonard Forrest of Port St. Lucie, Fla., said.
Madoff's sentencing is scheduled for June 29. At that appearance, 'Madoff will speak to the shame he has felt and to the pain he has caused,' Sorkin's letter said.
Automakers given $8B in DOE loans
WASHINGTON, June 23 (UPI) -- The U.S. Department of Energy said Tuesday it had awarded three automakers $8 billion in loans to develop fuel-efficient vehicles.
Loans of $5.9 billion to Ford Motor Co. (NYSE:F PRS) (NYSE:F PRA) (NYSE:F) , $1.6 billion to Nissan North America Inc. (NASDAQ:NSANY) , and $465 million to Telsa Motors will 'create thousands of green jobs while helping reduce the nation's dangerous dependence on foreign oil,' the department said in a statement.
The loan awarded to Ford is specifically designed to help the company 'transform factories across Illinois, Kentucky, Michigan, Missouri and Ohio to produce 13 more fuel efficient models.'
Nissan's loan is meant to help the company produce electric vehicles in Smyrna, Tenn. The loan given Telsa is designated for production of 'electric drive trains and electric vehicles in California.'
U.S. President Barack Obama called the loans 'an historic opportunity.'
'These loans … will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we've set, while helping us to regain our competitive edge in the world market,' Obama said in the statement.
The DOE estimated the grants, provided through the Advanced Technology Vehicles Manufacturing Loan Program, would reduce U.S. gasoline consumption by 140 billion gallons a year.
At the close, the Dow Jones industrial average lost 16.10 points or 0.19 percent to 8,322.91. The Standard & Poor's (NYSE:MHP) 500 rose 0.23 percent, 2.06 points, to 895.10. The Nasdaq composite index lost 1.27 points, 0.07 percent, to 1,764.92.
On the New York Stock Exchange, 1,418 stocks advanced and 1,577 declined on a volume of 5.8 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 12/32 to yield 3.64 percent.
The euro rose to $1.4075, compared to Monday's $1.3866. Against the Japanese yen, the dollar fell to 95.23 yen, compared to Monday's 95.92 yen.
In Tokyo, the Nikkei average lost 276.66 points to 9,549.61, down 2.82 percent.
In London, the FTSE index lost 4.03 points, 0.1 percent, to 4,230.02.
Objections say GM to move jobs overseas
NEW YORK, June 23 (UPI) -- Objections filed in U.S. Bankruptcy Court in New York said General Motor's Corp.'s plan to close a Michigan transmission plant would shift jobs overseas.
The objections filed by Michigan counties Wayne and Washtenaw and the City of Ypsilanti say GM's plans to close the Willow Run facility would move U.S. jobs to Mexico and France, the Detroit Free Press reported Tuesday.
GM has said it needed to consolidate six-speed transmission production due to reduced demand. Last week, however, local officials negotiated tax breaks with the company, hoping to provide a financial incentive to keep Willow Run open.
'Since they made their determination, we hope we've made it more economical for them to operate at Willow Run than any other locations,' Wayne County Executive Robert Ficano said.
In a separate objection, Wayne County joined with Oakland County and the City of Detroit to recoup about $2.2 million in back taxes and outstanding water and sewer bills owed by GM, the newspaper said.
Madoff's lawyer asks for 12-year sentence
NEW YORK, June 23 (UPI) -- A lawyer for New York investor Bernard Madoff has requested a sentence of 12 years, for 11 fraud-related counts that lost investors an estimated $65 billion.
To date, 1,341 Madoff victims have been discovered with a collective loss of $13 billion, CNN reported Tuesday.
Madoff, who pleaded guilty in March, 'is currently 71 years old and has a life expectancy of 13 years,' wrote attorney Ira Sorkin in a letter requesting federal Judge Denny Chin consider a 12-year term.
The letter refers to Madoff's turning himself in to authorities and his 'non-violent' nature.'
'We seek neither mercy nor sympathy,' Sorkin wrote, acknowledging 'terrible losses have been suffered as a result of Mr. Madoff's conduct.'
The judge has other letters to consider.
'For what Mr. Madoff has done to us and to thousands of others like us, he deserves to spend the rest of his life in prison, just as we will spend the rest of our lives in financial ruin,' a letter from Leonard Forrest of Port St. Lucie, Fla., said.
Madoff's sentencing is scheduled for June 29. At that appearance, 'Madoff will speak to the shame he has felt and to the pain he has caused,' Sorkin's letter said.
Automakers given $8B in DOE loans
WASHINGTON, June 23 (UPI) -- The U.S. Department of Energy said Tuesday it had awarded three automakers $8 billion in loans to develop fuel-efficient vehicles.
Loans of $5.9 billion to Ford Motor Co. (NYSE:F PRS) (NYSE:F PRA) (NYSE:F) , $1.6 billion to Nissan North America Inc. (NASDAQ:NSANY) , and $465 million to Telsa Motors will 'create thousands of green jobs while helping reduce the nation's dangerous dependence on foreign oil,' the department said in a statement.
The loan awarded to Ford is specifically designed to help the company 'transform factories across Illinois, Kentucky, Michigan, Missouri and Ohio to produce 13 more fuel efficient models.'
Nissan's loan is meant to help the company produce electric vehicles in Smyrna, Tenn. The loan given Telsa is designated for production of 'electric drive trains and electric vehicles in California.'
U.S. President Barack Obama called the loans 'an historic opportunity.'
'These loans … will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we've set, while helping us to regain our competitive edge in the world market,' Obama said in the statement.
The DOE estimated the grants, provided through the Advanced Technology Vehicles Manufacturing Loan Program, would reduce U.S. gasoline consumption by 140 billion gallons a year.
Wednesday, June 3, 2009
A Regional Initiative to Fight Marine Pollution in the Mediterranean
Coastal and marine ecosystems play a complex and vital role in supporting economic prosperity and social welfare in developing countries. They sustain the livelihoods of millions of poor households; provide multiple ecosystem services that are essential for life, yield vast amounts of food, and play a critical role in driving weather and climate.
Today, marine resources are threatened by oil pollution, land-based sources of pollution, habitat degradation, overexploitation of some fishery stocks, and climate change.
The seminar will gather representatives of about 12 countries from both north and southern shores of the Mediterranean, and participants will be invited to look at issues that are common to the various countries, specifically with regard to coastal zone and marine pollution in the Mediterranean within the framework of the Barcelona Convention of 1995 and the 2002 Protocol.
The seminar constitutes the first official meeting of the Mediterranean Network of Prosecutors. It is also held in the context of the up-coming “Sustainable MED” Program, expected to be shortly launched by the World Bank’s Middle East and North Africa Region.
The objective is to create a network of investigators and prosecutors to, initially, fight voluntary marine pollution in the Mediterranean.
The network is intended for prosecution services of Mediterranean countries which have expressed an interest in fighting marine pollution.
The objectives of the network are:
To promote the exchange of information and experience;
T o identify best practices and facilitate the adjustment of national legal and regulatory frameworks;
And to promote awareness of the various actors engaged in the fight against marine pollution and to identify their training and capacity needs.
It is expected that, over time, the network will contribute in promoting greater operational cooperation in investigation and prosecution. Practical initiatives will be considered, such as case studies, harmonization in drafting techniques for prosecution forms, the organization of joint training sessions, joint analysis of national legislation, and the establishment of joint information and alert systems.
This idea was inspired by the earlier experience of the network of investigators and prosecutors for the North Sea, established with the support of the European Union and based on the magistrates network’s approach to facilitate law enforcement.
Today, marine resources are threatened by oil pollution, land-based sources of pollution, habitat degradation, overexploitation of some fishery stocks, and climate change.
The seminar will gather representatives of about 12 countries from both north and southern shores of the Mediterranean, and participants will be invited to look at issues that are common to the various countries, specifically with regard to coastal zone and marine pollution in the Mediterranean within the framework of the Barcelona Convention of 1995 and the 2002 Protocol.
The seminar constitutes the first official meeting of the Mediterranean Network of Prosecutors. It is also held in the context of the up-coming “Sustainable MED” Program, expected to be shortly launched by the World Bank’s Middle East and North Africa Region.
The objective is to create a network of investigators and prosecutors to, initially, fight voluntary marine pollution in the Mediterranean.
The network is intended for prosecution services of Mediterranean countries which have expressed an interest in fighting marine pollution.
The objectives of the network are:
To promote the exchange of information and experience;
T o identify best practices and facilitate the adjustment of national legal and regulatory frameworks;
And to promote awareness of the various actors engaged in the fight against marine pollution and to identify their training and capacity needs.
It is expected that, over time, the network will contribute in promoting greater operational cooperation in investigation and prosecution. Practical initiatives will be considered, such as case studies, harmonization in drafting techniques for prosecution forms, the organization of joint training sessions, joint analysis of national legislation, and the establishment of joint information and alert systems.
This idea was inspired by the earlier experience of the network of investigators and prosecutors for the North Sea, established with the support of the European Union and based on the magistrates network’s approach to facilitate law enforcement.
A visit to the Dnipro Hydroelectric Station – Past, Present and Future Champion of Sustainable Development in Ukraine
In April 2009, a World Bank team led by the Country Director, Martin Raiser and the Lead Energy Specialist, Dejan Ostojic, visited the Dnipro Hydroelectric Station (or Dnipro HES). Dnipro HES, situated on the Dnipro river in Zaporizhia, is the largest hydroelectric power station in Ukraine. It is also one of main objects included in a large Hyrdropower Rehabilitation Program, partially financed by a World Bank loan, and at the core of Ukraine’s strategy for greater energy security and environmentally sustainable energy production. The program is implemented by Ukrhydroenergo (UHE), a state-owned enterprise celebrating its 15th birthday this year. Enough reasons for a senior Bank team to travel to Zaporizhia and inspect the progress made at first hand.
You cannot miss Dnipro HES as you drive into the city of Zaporizhia. The dam, which holds back the might Dnipro river to generate hydroelectric power, stretches 800 meters across the Dnipro right in the center of the city, and is currently 61 meters high. Over its long history, Dnipro HES was hailed as one of the biggest achievements of Soviet industrialization programs. It was planned to provide electricity for several aluminum production plants and a high quality steel production plant that were also to be constructed in the area .The construction of this heavyweight began in 1927 and the plant started to produce electricity in October 1932. Generating some 650 MW, the station became the largest Soviet power plant at the time and one of the largest in the world.
“I had heard about the history of the Dnipro HES”, says Martin Raiser, “now it was time to look at this impressive engineering achievement myself. The Dnipro HES was a huge and ambitious undertaking when it was started over 80 years ago. But it is equally a project of the future, supporting secure and clean energy supply for Ukraine for generations to come.”
During World War II, the strategically important dam and plant was dynamited. The dam suffered extensive damage and the powerhouse hall was nearly destroyed. Both were rebuilt and power generation was restarted in 1950. In 1969-80, the second powerhouse was built with a planned production capacity of 836 MW. The construction of Dnipro HES was the basis for the establishment of large industrial complexes (aluminum, steel, chemicals) in this part of Ukraine and the development of Zaporozhia, Kryvy Rih and Dnipropetrovsk. The city of Zaporozhia was built at the same time as the hydropower plant. Zaporozhie was very much an 'engineering city' during Soviet times. The construction of the Dnipro HES was the first step in developing the 1000km long hydropower cascade on the Dnipro river which now comprises six major dams and represents one of the largest hydropower systems in the world. Today, Ukraine obtains around X percent of its total power supply from hydropower, which is particularly valuable as it helps reduce carbon emissions and can be used as a source of peak power supply, thereby stabilizing the entire power distribution system.
But the dam wasn’t only designed to generate power. When it was first constructed it raised the level of the Dnipro in Zaporizhia by 37 meters, flooding the rapids upstream and making the Dnipro navigable to commercial ships, when before only the daring Cosacks had been able to successfully negotiate the fast currents and rapids around Zaporizhia (indeed there is an island just across from the dam that was the seat of the Cosack Sich – the “capital” of the Cosack lands). Furthermore, the dam ensured protection from floods and stable supply of water for millions of people living along the Dnipro river. Today, more than 30 million people use the Dnipro river water. For Ukraine, the Dnipro river is often considered as its life line, where more than 50 large cities, over 10,000 industrial enterprises, over 2,000 rural, more than 1,000 public utilities, and over 50,000 irrigation systems are provided with Dnipro water. The reservoirs of the Dnipro cascade system are multi purpose built and the water resources are used for: (i) supply of urban, rural and industrial water, (ii) hydroelectric generation, (iii) irrigation, (iv) fisheries, (v) navigation (water transportation), and (vi) recreation.
“The Dnipro Hydropower Cascade serves multiple economic and social needs with practically zero emissions of CO2.” says Dejan Ostojic, “In a multi-year cooperation program with Ukrhydroenergo that started more than 10 years ago and is expected to last through 2017, our objective is to ensure this unique resource is properly maintained and upgraded to ensure it delivers up to its full potential.”
The main objective of the World Bank Hydropower Rehabilitation Project is to improve efficiency of hydropower generation, enhance dam safety, and improve environmental performance through substitution of equivalent production from coal-fired plants. The project will help increase the installed capacity of the Dnipro Hydropower Cascade by about 400 MW and its production by about 500 GWh which is equivalent to building a major new hydropower plant. The project also pioneered the concept of Carbon Financing in Ukraine as it was the first Joint Implementation Project under the Kyoto Protocol in the country.
But plans do not stop here. The reservoirs and banks of this large cascade are also potential sites for the development of several hundreds of MW of wind power generation which would further increase and diversify the renewable energy potential of the Dnipro cascade. By using pumped storage technology, such as the existing Kiev pumped storage plant, the non-dispatchable wind power generation can be converted to highly valuable hydroelectricity suitable for the most demanding operating regimes of the national power grid. Such potential of the Dnipro Hydropower Cascade ensures that it will continue to be at the forefront of sustainable development in Ukraine and the whole region.
You cannot miss Dnipro HES as you drive into the city of Zaporizhia. The dam, which holds back the might Dnipro river to generate hydroelectric power, stretches 800 meters across the Dnipro right in the center of the city, and is currently 61 meters high. Over its long history, Dnipro HES was hailed as one of the biggest achievements of Soviet industrialization programs. It was planned to provide electricity for several aluminum production plants and a high quality steel production plant that were also to be constructed in the area .The construction of this heavyweight began in 1927 and the plant started to produce electricity in October 1932. Generating some 650 MW, the station became the largest Soviet power plant at the time and one of the largest in the world.
“I had heard about the history of the Dnipro HES”, says Martin Raiser, “now it was time to look at this impressive engineering achievement myself. The Dnipro HES was a huge and ambitious undertaking when it was started over 80 years ago. But it is equally a project of the future, supporting secure and clean energy supply for Ukraine for generations to come.”
During World War II, the strategically important dam and plant was dynamited. The dam suffered extensive damage and the powerhouse hall was nearly destroyed. Both were rebuilt and power generation was restarted in 1950. In 1969-80, the second powerhouse was built with a planned production capacity of 836 MW. The construction of Dnipro HES was the basis for the establishment of large industrial complexes (aluminum, steel, chemicals) in this part of Ukraine and the development of Zaporozhia, Kryvy Rih and Dnipropetrovsk. The city of Zaporozhia was built at the same time as the hydropower plant. Zaporozhie was very much an 'engineering city' during Soviet times. The construction of the Dnipro HES was the first step in developing the 1000km long hydropower cascade on the Dnipro river which now comprises six major dams and represents one of the largest hydropower systems in the world. Today, Ukraine obtains around X percent of its total power supply from hydropower, which is particularly valuable as it helps reduce carbon emissions and can be used as a source of peak power supply, thereby stabilizing the entire power distribution system.
But the dam wasn’t only designed to generate power. When it was first constructed it raised the level of the Dnipro in Zaporizhia by 37 meters, flooding the rapids upstream and making the Dnipro navigable to commercial ships, when before only the daring Cosacks had been able to successfully negotiate the fast currents and rapids around Zaporizhia (indeed there is an island just across from the dam that was the seat of the Cosack Sich – the “capital” of the Cosack lands). Furthermore, the dam ensured protection from floods and stable supply of water for millions of people living along the Dnipro river. Today, more than 30 million people use the Dnipro river water. For Ukraine, the Dnipro river is often considered as its life line, where more than 50 large cities, over 10,000 industrial enterprises, over 2,000 rural, more than 1,000 public utilities, and over 50,000 irrigation systems are provided with Dnipro water. The reservoirs of the Dnipro cascade system are multi purpose built and the water resources are used for: (i) supply of urban, rural and industrial water, (ii) hydroelectric generation, (iii) irrigation, (iv) fisheries, (v) navigation (water transportation), and (vi) recreation.
“The Dnipro Hydropower Cascade serves multiple economic and social needs with practically zero emissions of CO2.” says Dejan Ostojic, “In a multi-year cooperation program with Ukrhydroenergo that started more than 10 years ago and is expected to last through 2017, our objective is to ensure this unique resource is properly maintained and upgraded to ensure it delivers up to its full potential.”
The main objective of the World Bank Hydropower Rehabilitation Project is to improve efficiency of hydropower generation, enhance dam safety, and improve environmental performance through substitution of equivalent production from coal-fired plants. The project will help increase the installed capacity of the Dnipro Hydropower Cascade by about 400 MW and its production by about 500 GWh which is equivalent to building a major new hydropower plant. The project also pioneered the concept of Carbon Financing in Ukraine as it was the first Joint Implementation Project under the Kyoto Protocol in the country.
But plans do not stop here. The reservoirs and banks of this large cascade are also potential sites for the development of several hundreds of MW of wind power generation which would further increase and diversify the renewable energy potential of the Dnipro cascade. By using pumped storage technology, such as the existing Kiev pumped storage plant, the non-dispatchable wind power generation can be converted to highly valuable hydroelectricity suitable for the most demanding operating regimes of the national power grid. Such potential of the Dnipro Hydropower Cascade ensures that it will continue to be at the forefront of sustainable development in Ukraine and the whole region.
Mortgage activity declined in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 16.2 percent, an industry group said.
The Market Composite Index, which measures mortgage loan application volume, fell from 786 to 658.7 in the week ending May 29, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also fell, dropping 24.1 percent to 2,953.6, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages increased from 4.81 percent to 5.25 percent with points falling from 1.28 to 1.02, the organization said.
Rates for the average 15-year, fixed-rate mortgage increased from 4.44 percent to 4.8 percent. Points in 15-year, fixed-rate mortgages fell from 1.16 to 1.1.
The average interest rate for one-year adjustable rate mortgages rose from 6.55 percent with an average 0.12 points to 6.61 percent with 0.15 points, the report said.
The Market Composite Index, which measures mortgage loan application volume, fell from 786 to 658.7 in the week ending May 29, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also fell, dropping 24.1 percent to 2,953.6, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages increased from 4.81 percent to 5.25 percent with points falling from 1.28 to 1.02, the organization said.
Rates for the average 15-year, fixed-rate mortgage increased from 4.44 percent to 4.8 percent. Points in 15-year, fixed-rate mortgages fell from 1.16 to 1.1.
The average interest rate for one-year adjustable rate mortgages rose from 6.55 percent with an average 0.12 points to 6.61 percent with 0.15 points, the report said.
Mortgage modifications decline
Mortgage modifications among struggling U.S. homeowners dropped sharply in May compared to April, a university study said.
Even as the Obama administration touts its commitment to help homeowners, a study conducted by Alan White at Valparaiso University Law School said the number of loan modifications declined 11 percent April to May.
One gap in the system is homeowners who pay their bills, The New York Times reported Wednesday.
Bank of America spokesman Rick Simon said the bank was concentrating on modifications for homeowners 'who are already in severe threat of foreclosure.'
'We're still putting the systems in place to handle people who are current on their loans,' Simon said.
Recently laid off, Eileen Ulery of Mesa, Ariz., called her mortgage lender, Countrywide. The bank offered two refinancing plans, but no modifications to ease her current financial stress.
One option included an $18,000 payment, slightly lower monthly bills and a higher interest rate.
'I just laughed. It was a really good deal for them,' she said.
'Who this bailout is helping,' Ulery told the Times, 'I don't think the government gets it.'
'These are the same people you couldn't trust before,' she said.
Even as the Obama administration touts its commitment to help homeowners, a study conducted by Alan White at Valparaiso University Law School said the number of loan modifications declined 11 percent April to May.
One gap in the system is homeowners who pay their bills, The New York Times reported Wednesday.
Bank of America spokesman Rick Simon said the bank was concentrating on modifications for homeowners 'who are already in severe threat of foreclosure.'
'We're still putting the systems in place to handle people who are current on their loans,' Simon said.
Recently laid off, Eileen Ulery of Mesa, Ariz., called her mortgage lender, Countrywide. The bank offered two refinancing plans, but no modifications to ease her current financial stress.
One option included an $18,000 payment, slightly lower monthly bills and a higher interest rate.
'I just laughed. It was a really good deal for them,' she said.
'Who this bailout is helping,' Ulery told the Times, 'I don't think the government gets it.'
'These are the same people you couldn't trust before,' she said.
U.S. markets slide Wednesday
U.S. markets turned lower Wednesday after Automatic Data Processing said 532,000 private sector jobs were lost from April to May.
ADP also revised its March to April job loss estimate to 545,000, after previously estimating 491,000 jobs were lost a month ago. Factory orders rose 0.7 percent in April, the Census Bureau reported. But, non-manufacturing business activity declined in May, the Institute for Supply Management said.
By close, the Dow Jones industrial average dropped 65.59 points, or 0.75 percent, to 8,675.28. The Standard & Poor's (NYSE:MHP) 500 fell 1.37 percent, 12.98 points, to 931.76. The Nasdaq composite index lost 10.88 points, 0.59 percent, to 1,825.92.
On the New York Stock Exchange, 830 stocks advanced and 2,178 declined on a volume of 6.2 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.
The euro rose to $1.4159, compared to Tuesday's $1.4155. Against the Japanese yen, the dollar held even, trading at 95.98 yen.
In Tokyo, the Nikkei average rose 0.38 percent, 37.36 points, to 9,741.67. In London, the FTSE 100 index shed 93.60 points, 2.09 percent, to 4,383.42.
ADP also revised its March to April job loss estimate to 545,000, after previously estimating 491,000 jobs were lost a month ago. Factory orders rose 0.7 percent in April, the Census Bureau reported. But, non-manufacturing business activity declined in May, the Institute for Supply Management said.
By close, the Dow Jones industrial average dropped 65.59 points, or 0.75 percent, to 8,675.28. The Standard & Poor's (NYSE:MHP) 500 fell 1.37 percent, 12.98 points, to 931.76. The Nasdaq composite index lost 10.88 points, 0.59 percent, to 1,825.92.
On the New York Stock Exchange, 830 stocks advanced and 2,178 declined on a volume of 6.2 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.
The euro rose to $1.4159, compared to Tuesday's $1.4155. Against the Japanese yen, the dollar held even, trading at 95.98 yen.
In Tokyo, the Nikkei average rose 0.38 percent, 37.36 points, to 9,741.67. In London, the FTSE 100 index shed 93.60 points, 2.09 percent, to 4,383.42.
UPI NewsTrack Business
U.S. markets slide Wednesday
NEW YORK, June 3 (UPI) -- U.S. markets turned lower Wednesday after Automatic Data Processing said 532,000 private sector jobs were lost from April to May.
ADP also revised its March to April job loss estimate to 545,000, after previously estimating 491,000 jobs were lost a month ago. Factory orders rose 0.7 percent in April, the Census Bureau reported. But, non-manufacturing business activity declined in May, the Institute for Supply Management said.
By close, the Dow Jones industrial average dropped 65.59 points, or 0.75 percent, to 8,675.28. The Standard & Poor's (NYSE:MHP) 500 fell 1.37 percent, 12.98 points, to 931.76. The Nasdaq composite index lost 10.88 points, 0.59 percent, to 1,825.92.
On the New York Stock Exchange, 830 stocks advanced and 2,178 declined on a volume of 6.2 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.
The euro rose to $1.4159, compared to Tuesday's $1.4155. Against the Japanese yen, the dollar held even, trading at 95.98 yen.
In Tokyo, the Nikkei average rose 0.38 percent, 37.36 points, to 9,741.67. In London, the FTSE 100 index shed 93.60 points, 2.09 percent, to 4,383.42.
Bernanke warns of tough choices
WASHINGTON, June 3 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke told the House Budget Committee Wednesday to expect difficult choices to control spending.
'In the end, the fundamental decision that the Congress, the Administration, and the American people must confront is how large a share of the nation's economic resources to devote to federal government programs, including entitlement programs,' Bernanke said in a prepared statement.
'Crucially, whatever size of government is chosen, tax rates must ultimately be set at a level sufficient enough to achieve an appropriate balance of spending and revenues in the long run,' he said.
With recently accelerated spending to prop up banks and automakers and combat unemployment, the federal deficit will reach $1.8 trillion in this fiscal year before declining to $1.3 trillion in 2010 and $900 billion in 2011, Bernanke said.
'As a consequence of this elevated level of borrowing,' Bernanke said, the federal debt would likely grow from 40 percent of the nation's gross domestic product to 70 percent.
'These developments would leave the debt-to-GDP ratio at its highest level since the early 1950s, the years following the massive debt buildup during World War II,' he said.
Auto execs likely to have pensions cut
DETROIT, June 3 (UPI) -- Bankruptcies at U.S. automakers Chrysler and General Motors Corp. (OOTC:GMGMQ) will likely cost former executives at least part of their pension plans, the companies said.
Chrysler has already demanded former executives, including the iconic Lee Iacocca, return or buy their company cars by May 31, The Detroit News reported Wednesday.
The gesture is one step towards retrieving what could be big money. GM's former Chief Executive Officer Rick Wagoner is still, technically on the payroll, receiving $1 for his work in 2009. But, Wagoner's $22 million pension plan is also at stake, the News said.
Robert Lutz the vice chairman of GM who has worked at Chrysler and Ford confirmed that his Chrysler pension had been reduced, but he would not give details, the newspaper said.
Chrysler cut pension payments to about 1,200 retirees when it filed for bankruptcy April 30. The fate of those pension plans will be decided in court.
GM said, 'the amount of non-qualified pension for some executive retirees may be affected,' but kept the decision out of its court proceedings.
The company will decide on pensions after GM emerges from bankruptcy, GM spokeswoman Julie Gibson said.
Ruling tips in Starbucks' favor
LOS ANGELES, June 3 (UPI) -- A California appeals court saved Starbucks Corp. (NASDAQ:SBUX) $100 million, ruling supervisors can keep their share of gratuities taken from counter top tip jars.
San Diego County Superior Court Judge Patricia Cowett issued the previous ruling on a complaint filed in 2004 on behalf of more than 100,000 Starbucks servers, the Los Angeles Times reported Wednesday.
Cowett ruled Starbucks should not have allowed supervisors to take a share of tips and ordered the company to compensate baristas with $86 million in lost income and $20 million in lost interest.
But the appeals court said supervisors at the nation's premier coffee chain 'essentially perform the same job as baristas.'
'The applicable statutes do not prohibit Starbucks from permitting shift supervisors to share in the proceeds placed in collective tip boxes,' the appeals court said.
David Lowe, a lawyer for the servers said the case would continue. 'We will be looking to the California Supreme Court to fix this error,' he said.
On average, shift supervisors make $3 more an hour than servers, supervisor Tameko Aubry told the Times.
Starbucks argued that shift supervisors take customer orders and pour coffee and should be entitled to a share of a store's collective tips.
NEW YORK, June 3 (UPI) -- U.S. markets turned lower Wednesday after Automatic Data Processing said 532,000 private sector jobs were lost from April to May.
ADP also revised its March to April job loss estimate to 545,000, after previously estimating 491,000 jobs were lost a month ago. Factory orders rose 0.7 percent in April, the Census Bureau reported. But, non-manufacturing business activity declined in May, the Institute for Supply Management said.
By close, the Dow Jones industrial average dropped 65.59 points, or 0.75 percent, to 8,675.28. The Standard & Poor's (NYSE:MHP) 500 fell 1.37 percent, 12.98 points, to 931.76. The Nasdaq composite index lost 10.88 points, 0.59 percent, to 1,825.92.
On the New York Stock Exchange, 830 stocks advanced and 2,178 declined on a volume of 6.2 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.
The euro rose to $1.4159, compared to Tuesday's $1.4155. Against the Japanese yen, the dollar held even, trading at 95.98 yen.
In Tokyo, the Nikkei average rose 0.38 percent, 37.36 points, to 9,741.67. In London, the FTSE 100 index shed 93.60 points, 2.09 percent, to 4,383.42.
Bernanke warns of tough choices
WASHINGTON, June 3 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke told the House Budget Committee Wednesday to expect difficult choices to control spending.
'In the end, the fundamental decision that the Congress, the Administration, and the American people must confront is how large a share of the nation's economic resources to devote to federal government programs, including entitlement programs,' Bernanke said in a prepared statement.
'Crucially, whatever size of government is chosen, tax rates must ultimately be set at a level sufficient enough to achieve an appropriate balance of spending and revenues in the long run,' he said.
With recently accelerated spending to prop up banks and automakers and combat unemployment, the federal deficit will reach $1.8 trillion in this fiscal year before declining to $1.3 trillion in 2010 and $900 billion in 2011, Bernanke said.
'As a consequence of this elevated level of borrowing,' Bernanke said, the federal debt would likely grow from 40 percent of the nation's gross domestic product to 70 percent.
'These developments would leave the debt-to-GDP ratio at its highest level since the early 1950s, the years following the massive debt buildup during World War II,' he said.
Auto execs likely to have pensions cut
DETROIT, June 3 (UPI) -- Bankruptcies at U.S. automakers Chrysler and General Motors Corp. (OOTC:GMGMQ) will likely cost former executives at least part of their pension plans, the companies said.
Chrysler has already demanded former executives, including the iconic Lee Iacocca, return or buy their company cars by May 31, The Detroit News reported Wednesday.
The gesture is one step towards retrieving what could be big money. GM's former Chief Executive Officer Rick Wagoner is still, technically on the payroll, receiving $1 for his work in 2009. But, Wagoner's $22 million pension plan is also at stake, the News said.
Robert Lutz the vice chairman of GM who has worked at Chrysler and Ford confirmed that his Chrysler pension had been reduced, but he would not give details, the newspaper said.
Chrysler cut pension payments to about 1,200 retirees when it filed for bankruptcy April 30. The fate of those pension plans will be decided in court.
GM said, 'the amount of non-qualified pension for some executive retirees may be affected,' but kept the decision out of its court proceedings.
The company will decide on pensions after GM emerges from bankruptcy, GM spokeswoman Julie Gibson said.
Ruling tips in Starbucks' favor
LOS ANGELES, June 3 (UPI) -- A California appeals court saved Starbucks Corp. (NASDAQ:SBUX) $100 million, ruling supervisors can keep their share of gratuities taken from counter top tip jars.
San Diego County Superior Court Judge Patricia Cowett issued the previous ruling on a complaint filed in 2004 on behalf of more than 100,000 Starbucks servers, the Los Angeles Times reported Wednesday.
Cowett ruled Starbucks should not have allowed supervisors to take a share of tips and ordered the company to compensate baristas with $86 million in lost income and $20 million in lost interest.
But the appeals court said supervisors at the nation's premier coffee chain 'essentially perform the same job as baristas.'
'The applicable statutes do not prohibit Starbucks from permitting shift supervisors to share in the proceeds placed in collective tip boxes,' the appeals court said.
David Lowe, a lawyer for the servers said the case would continue. 'We will be looking to the California Supreme Court to fix this error,' he said.
On average, shift supervisors make $3 more an hour than servers, supervisor Tameko Aubry told the Times.
Starbucks argued that shift supervisors take customer orders and pour coffee and should be entitled to a share of a store's collective tips.
Grains futures fall sharply Wednesday
Grain futures closed sharply lower Wednesday as a rally ended on Wall Street and crude oil prices fell.
Corn was off 17 to off 17 3/4, soybeans were off 27 to off 36, wheat was off 49 1/4 to off 52 and oats were off 4 1/2 to off 5 1/4.
Corn futures fell as plentiful spring rain now appears to have benefited the crop in spite of a slow planting season. Wheat dropped sharply in spite of new measures taken against Russian wheat suppliers who furnished Egypt with below-standard product. Soybean futures fell as traders said a recent buying spree come to an end.
The prices:
Corn: Jul 4.32 1/2, off 17; Sep 4.42 1/2, off 17 1/4; Dec 4.55, off 17 3/4; Mar 4.65 3/4, off 17 1/4.
Soybeans: Jul 11.82, off 27; Aug 11.37, off 32 1/2; Sep 10.79, off 36; Nov 10.47, off 35 1/2.
Wheat: Jul 6.17 1/2, off 52; Sep 6.45, off 51 1/2; Dec 6.69, off 50 1/2; Mar 6.85 1/4, off 49 1/4.
Oats: Jul 2.55 1/4, off 5 1/4; Sep 2.64 1/2, off 5 1/4; Dec 2.76 1/2, off 4 1/2; Mar 2.88 1/2, off 5.
Corn was off 17 to off 17 3/4, soybeans were off 27 to off 36, wheat was off 49 1/4 to off 52 and oats were off 4 1/2 to off 5 1/4.
Corn futures fell as plentiful spring rain now appears to have benefited the crop in spite of a slow planting season. Wheat dropped sharply in spite of new measures taken against Russian wheat suppliers who furnished Egypt with below-standard product. Soybean futures fell as traders said a recent buying spree come to an end.
The prices:
Corn: Jul 4.32 1/2, off 17; Sep 4.42 1/2, off 17 1/4; Dec 4.55, off 17 3/4; Mar 4.65 3/4, off 17 1/4.
Soybeans: Jul 11.82, off 27; Aug 11.37, off 32 1/2; Sep 10.79, off 36; Nov 10.47, off 35 1/2.
Wheat: Jul 6.17 1/2, off 52; Sep 6.45, off 51 1/2; Dec 6.69, off 50 1/2; Mar 6.85 1/4, off 49 1/4.
Oats: Jul 2.55 1/4, off 5 1/4; Sep 2.64 1/2, off 5 1/4; Dec 2.76 1/2, off 4 1/2; Mar 2.88 1/2, off 5.
Crude oil prices fall sharply
Crude oil prices fell on the New York Mercantile Exchange Wednesday after a rally in stock markets came to a halt.
The Dow Jones industrial average lost 65.59 points Wednesday, off 0.75 percent. Asian markets held to slim gains, but European markets fell.
Crude oil prices dropped $2.66 cents to $66.10 per barrel. Heating oil prices lost 0.0655 cents to $1.74 per gallon. Reformulated blendstock gasoline lost 0.039 cents to $1.8975 per gallon. Natural gas prices fell 0.368 cents to $3.772 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.548 Wednesday, up from Tuesday's $2.525 a gallon, AAA said.
The Dow Jones industrial average lost 65.59 points Wednesday, off 0.75 percent. Asian markets held to slim gains, but European markets fell.
Crude oil prices dropped $2.66 cents to $66.10 per barrel. Heating oil prices lost 0.0655 cents to $1.74 per gallon. Reformulated blendstock gasoline lost 0.039 cents to $1.8975 per gallon. Natural gas prices fell 0.368 cents to $3.772 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.548 Wednesday, up from Tuesday's $2.525 a gallon, AAA said.
Monday, May 25, 2009
Key to Success for Thai SMEs Revealed: KHT Central Supply, ASEAN's Number One Leader in Laundry Equipment
Siam Commercial Bank PCL (SCB), following its policy of business partnership with Thai SMEs, recently hosted a press visit to SCB client KHT Central Supply Group (KHT), ASEAN's Number One Leader in Laundry Equipment. KHT is a leading manufacturer and distributor of industrial laundry equipment under the “Image” brand. Growing despite the economic crisis, the group revealed strategies for succeeding amid global competition and weathering the current economic crisis, and techniques for tapping into new markets. KHT also shared tips for success for Thai SMEs, including adaptation to changes and being alert to all risk factors.
SCB Executive Vice President Dr. Vivat Kittiphongkosol said, “The Electronics and appliance industry is ranked among Thailand's top in exports. There are potential businesses in this sector, particularly laundry equipment. Thai manufacturers are quite few, due to tough competition with rivals – mostly big global brands. KHT Central Supply Group is a manufacturer and distributor of laundry equipment for industrial use such as hospitals and hotels. The group's sales are at the top in ASEAN, the second in Asia, and 14th worldwide. KHT is a Thai SME success story amid the current economic turmoil.”
Accurate Technologies Co., Ltd. is a KHT company. Its Managing Director Visan Mahachavaroj said, “KHT is a provider of full-ranged industrial laundry equipment. We have been in the industry for over 30 years. The group is a manufacturer of laundry equipment, and 75% of our products are for export. We are also a distributor of chemical laundry supplies, and a provider of laundry service to businesses, with an average daily volume of 30 tons.”
“KHT is a family business. In the beginning, we were a distributor of detergents to hospitals. Seeing a market opportunity for laundry equipment in Thailand, we then imported the equipment from the USA, and SCB has supported us since 1992. We have taken business development seriously, starting with laundry equipment assembly. We developed product designs, technology, and effectiveness to meet industrial standards. Then we tackled building our own “Image”brand. At first, it was a lot of trouble, as our brand was relatively unknown and the market was dominated by major global brands. To create strength for the “Image”brand, we developed products to meet universal customer needs, and KHT now has the widest product range in the world. We can offer competitive price to battle foreign brands. As a result, we can rapidly tap into more and more domestic and overseas markets. At present, we are number one in Thailand, with the largest market share--40% market share in the hotel sector and 90% in the hospital sector. For overseas markets, our products are exported worldwide to 50 countries in Asia, Europe, the USA, Australia, and the Middle East.
A strength that makes KHT superior to foreign rivals is product differentiation. Our products are highly effective, particularly our washers. Image washers are designed for long operation, up to 24 hours, and have a spinning capacity of over 300G, which improves cleaning effectiveness. This responds to the needs of our foreign clients. We have to compete with rivals. Although there are a few brands in the market, they all are global brands. Service is also our priority, so we have customer service centers to thoroughly serve clients in every industrial sector. With teams of expert customer service staff and technicians, we are always ready to provide our clients with advice and product maintenance.
As for KHT's business plan for the next 5 years, the group aims at being among the world's top 5 players. For our continuous growth, we will tap into more overseas markets. The success of KHT is a result of our choice to be different from other SMEs. We have entered into an industry with unique markets. Despite major competitors, we can effectively compete with them with high-quality products. We hope our success can inspire Thai SMEs to weather crises with strength. We are also proud to be a vital driver behind Thailand's electronic and appliance industry.”
SCB is determined to be a business partner for Thai SMEs in the same way as its partnership with KHT for over 16 years. The Bank is ready to support Thai SME success in global competition, to inspire or serve as a model for other entrepreneurs to apply to their businesses and adapt to changes. Thai SMEs then can further their businesses and drive the economy forward to sustainable growth.
SCB Executive Vice President Dr. Vivat Kittiphongkosol said, “The Electronics and appliance industry is ranked among Thailand's top in exports. There are potential businesses in this sector, particularly laundry equipment. Thai manufacturers are quite few, due to tough competition with rivals – mostly big global brands. KHT Central Supply Group is a manufacturer and distributor of laundry equipment for industrial use such as hospitals and hotels. The group's sales are at the top in ASEAN, the second in Asia, and 14th worldwide. KHT is a Thai SME success story amid the current economic turmoil.”
Accurate Technologies Co., Ltd. is a KHT company. Its Managing Director Visan Mahachavaroj said, “KHT is a provider of full-ranged industrial laundry equipment. We have been in the industry for over 30 years. The group is a manufacturer of laundry equipment, and 75% of our products are for export. We are also a distributor of chemical laundry supplies, and a provider of laundry service to businesses, with an average daily volume of 30 tons.”
“KHT is a family business. In the beginning, we were a distributor of detergents to hospitals. Seeing a market opportunity for laundry equipment in Thailand, we then imported the equipment from the USA, and SCB has supported us since 1992. We have taken business development seriously, starting with laundry equipment assembly. We developed product designs, technology, and effectiveness to meet industrial standards. Then we tackled building our own “Image”brand. At first, it was a lot of trouble, as our brand was relatively unknown and the market was dominated by major global brands. To create strength for the “Image”brand, we developed products to meet universal customer needs, and KHT now has the widest product range in the world. We can offer competitive price to battle foreign brands. As a result, we can rapidly tap into more and more domestic and overseas markets. At present, we are number one in Thailand, with the largest market share--40% market share in the hotel sector and 90% in the hospital sector. For overseas markets, our products are exported worldwide to 50 countries in Asia, Europe, the USA, Australia, and the Middle East.
A strength that makes KHT superior to foreign rivals is product differentiation. Our products are highly effective, particularly our washers. Image washers are designed for long operation, up to 24 hours, and have a spinning capacity of over 300G, which improves cleaning effectiveness. This responds to the needs of our foreign clients. We have to compete with rivals. Although there are a few brands in the market, they all are global brands. Service is also our priority, so we have customer service centers to thoroughly serve clients in every industrial sector. With teams of expert customer service staff and technicians, we are always ready to provide our clients with advice and product maintenance.
As for KHT's business plan for the next 5 years, the group aims at being among the world's top 5 players. For our continuous growth, we will tap into more overseas markets. The success of KHT is a result of our choice to be different from other SMEs. We have entered into an industry with unique markets. Despite major competitors, we can effectively compete with them with high-quality products. We hope our success can inspire Thai SMEs to weather crises with strength. We are also proud to be a vital driver behind Thailand's electronic and appliance industry.”
SCB is determined to be a business partner for Thai SMEs in the same way as its partnership with KHT for over 16 years. The Bank is ready to support Thai SME success in global competition, to inspire or serve as a model for other entrepreneurs to apply to their businesses and adapt to changes. Thai SMEs then can further their businesses and drive the economy forward to sustainable growth.
UPI NewsTrack Business
Two U.S. banks seized, making 36 failures
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
UPI NewsTrack Business
Two U.S. banks seized, making 36 failures
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
Slovenia's 2009 GDP to drop 2.7 pct.
Slovenia's gross domestic product will drop 2.7 percent for all of 2009, while in 2010 the economy will recover and rise 1.4 percent, economists said.
The GDP decline was mainly caused by a drop in exports due to a financial crisis in the euro-zone and stricter borrowing conditions which hurt Slovenia's open economy, seriously hit by the global economic crisis, the Slovenian news agency STA (OOTC:SRPIF) said Monday, quoting a report by the International Monetary Fund.
In 2009, Slovenia's trade, production and investments declined drastically, while unemployment and the public debt went up.
The country's unemployment is likely to reach 6.2 percent this year, compared with 4.4 percent in 2008, and in 2010 is expected to drop to 6.1 percent.
IMF experts forecast Slovenian annual inflation in 2009 will be 0.5 percent, a considerable improvement when compared with 5.7 percent in 2008. In 2010, the inflation would be 1.5 percent.
The GDP decline was mainly caused by a drop in exports due to a financial crisis in the euro-zone and stricter borrowing conditions which hurt Slovenia's open economy, seriously hit by the global economic crisis, the Slovenian news agency STA (OOTC:SRPIF) said Monday, quoting a report by the International Monetary Fund.
In 2009, Slovenia's trade, production and investments declined drastically, while unemployment and the public debt went up.
The country's unemployment is likely to reach 6.2 percent this year, compared with 4.4 percent in 2008, and in 2010 is expected to drop to 6.1 percent.
IMF experts forecast Slovenian annual inflation in 2009 will be 0.5 percent, a considerable improvement when compared with 5.7 percent in 2008. In 2010, the inflation would be 1.5 percent.
Telemarketing company allegedly hid name
Telemarketers for a Florida company accused of violating consumer laws by using 'robocalls' were urged to never mention its name, a former employee says.
Transcontinental Warranty Inc. of Fort Lauderdale, Fla., had been slapped with a restraining order by a U.S. District Judge in Chicago after a Federal Trade Commission investigation determined it had used such illegal 'robocalls' and made misrepresentations in selling its car warranty products. A former employee told Monday's Los Angeles Times that telemarketers were instructed never to reveal the company's name to angry consumers.
'I understood it to be an acceptable practice at Transcontinental to say whatever was necessary to get the consumer to divulge his or her credit card number,' said Mark Israel, who worked the evening shift with about 30 other operators. 'Telemarketers were only disciplined for disclosing Transcontinental's name.'
The FTC alleges the company made illegal random automated 'cold calls' while pretending to know something specific about the consumers' car warranties when they responded.
'It was never, nor does it remain now our position that we have knowingly violated the best practices of telemarketing,' Transcontinental Chairman Chistopher Cowart told the Times in a prepared statement.
Transcontinental Warranty Inc. of Fort Lauderdale, Fla., had been slapped with a restraining order by a U.S. District Judge in Chicago after a Federal Trade Commission investigation determined it had used such illegal 'robocalls' and made misrepresentations in selling its car warranty products. A former employee told Monday's Los Angeles Times that telemarketers were instructed never to reveal the company's name to angry consumers.
'I understood it to be an acceptable practice at Transcontinental to say whatever was necessary to get the consumer to divulge his or her credit card number,' said Mark Israel, who worked the evening shift with about 30 other operators. 'Telemarketers were only disciplined for disclosing Transcontinental's name.'
The FTC alleges the company made illegal random automated 'cold calls' while pretending to know something specific about the consumers' car warranties when they responded.
'It was never, nor does it remain now our position that we have knowingly violated the best practices of telemarketing,' Transcontinental Chairman Chistopher Cowart told the Times in a prepared statement.
Hungary's 2009 GDP to drop 6.7 pct.
The Hungarian National Bank forecasts the country's gross domestic product will decline 6.7 percent for all 2009, revised figures showed Monday.
The central bank's earlier report estimated the GDP would drop 3.5 percent this year, the Hungarian news agency MTI reported.
The bank's projection see the annual inflation rate of 4.5 percent in 2009, instead of an earlier estimate of 4.2 percent.
In 2010, Hungary's economy is to drop 0.9 percent and its annual inflation will amount to 4.3 percent.
The central bank's earlier report estimated the GDP would drop 3.5 percent this year, the Hungarian news agency MTI reported.
The bank's projection see the annual inflation rate of 4.5 percent in 2009, instead of an earlier estimate of 4.2 percent.
In 2010, Hungary's economy is to drop 0.9 percent and its annual inflation will amount to 4.3 percent.
Many Swedes back adopting euro
A plurality of Swedes is in favor of ditching the kronor and adopting the euro as the nation's currency, a poll indicates.
The survey by the polling firm Novus on behalf of the Liberal Party was published in the Dagens Nyheter newspaper Monday. It indicated that 47 percent of Swedes backed a move to the euro with 44 percent against it, the Swedish news agency TT reported.
The poll showed male voters more strongly in favor of the euro with 50 percent in favor and 42 percent against, while the corresponding figures among women voters were 44-46 percent. The numbers presented a big change from the results of a 2003 referendum on adopting the euro, in which 56 percent voted to reject the idea while 42 percent were in favor, TT said.
Many members of two Swedish parties that favor adopting the euro, the Christian Democrats and the Social Democrats, do not agree with their party leaders and continue to voice strong opposition to the currency in the new poll, the news agency said.
Novus said it interviewed 1,000 Swedes between May 5-12 for the poll.
The survey by the polling firm Novus on behalf of the Liberal Party was published in the Dagens Nyheter newspaper Monday. It indicated that 47 percent of Swedes backed a move to the euro with 44 percent against it, the Swedish news agency TT reported.
The poll showed male voters more strongly in favor of the euro with 50 percent in favor and 42 percent against, while the corresponding figures among women voters were 44-46 percent. The numbers presented a big change from the results of a 2003 referendum on adopting the euro, in which 56 percent voted to reject the idea while 42 percent were in favor, TT said.
Many members of two Swedish parties that favor adopting the euro, the Christian Democrats and the Social Democrats, do not agree with their party leaders and continue to voice strong opposition to the currency in the new poll, the news agency said.
Novus said it interviewed 1,000 Swedes between May 5-12 for the poll.
New twists on credit scams
U.S. fraud investigators say they're finding new schemes to improve bad credit histories so lenders will approve mortgages or lines of credit.
In one case, a Sacramento man obtained unused Social Security numbers and had employees at a furniture company create fake credit histories for real people with lousy credit ratings, The Kansas City (Mo.) Star reported Monday.
Prosecutors in Kansas City allege some listings on the Web site Craig's list recently offered to 'rent' a credit history dating to 1999 on a Chase Visa card with a low balance and a $55,000 limit.
Similar scams discovered in other states threaten to further undermine the already shaky credit industry and the nation's economy, Assistant U.S. Attorney Linda Marshall said.
'As we've seen in recent years, what hits the lenders hits all of us,' Marshall said.
It's estimated that 19 of the largest U.S. banks could absorb $82 billion in credit card losses by the end of 2010, the Star reported.
In one case, a Sacramento man obtained unused Social Security numbers and had employees at a furniture company create fake credit histories for real people with lousy credit ratings, The Kansas City (Mo.) Star reported Monday.
Prosecutors in Kansas City allege some listings on the Web site Craig's list recently offered to 'rent' a credit history dating to 1999 on a Chase Visa card with a low balance and a $55,000 limit.
Similar scams discovered in other states threaten to further undermine the already shaky credit industry and the nation's economy, Assistant U.S. Attorney Linda Marshall said.
'As we've seen in recent years, what hits the lenders hits all of us,' Marshall said.
It's estimated that 19 of the largest U.S. banks could absorb $82 billion in credit card losses by the end of 2010, the Star reported.
Wednesday, May 20, 2009
SCB Family Plus Credit Card and MasterCard Worldwide return favor to clients
Siam Commercial Bank Executive Vice President Rungruang Sukkirdkijpiboon (right) and Mongkol Kritsaranon, MasterCard Worldwide Associate Vice President, Member Relations, hand prizes to winning clients participating in the “Super Shopper” campaign. The campaign was launched to seek SCB Family Plus Credit Card members who spent the most through the card at Central Department Store, The Mall, and The Emporium during March 25-31, 2009. The prizes include a Singapore package tour for 3 days and 2 nights, and a visit to the Audi Fashion Festival 2009.
SCB underwrites PTTEP debentures
SCB President Kannikar Chalitaporn, together with executives of other 13 leading banks, inks a debenture underwriting agreement with PTT President and Chief Executive Officer Mr. Prasert Bunsumpun. SCB is an underwriter of PTT Exploration and Production PLC (PTTEP) debentures worth Baht 40 billion. The issue is currently Thailand's top-rated debenture, rated AAA. The subscription is scheduled for May 25-28, 2009.
Dr. Kurokawa promotes “Multilayered Brain Circulation”: The Role of STI Partnerships in Capacity Building
Dr. Kiyoshi Kurokawa, Former Science Adviser to the Japanese Cabinet and leading Japanese advocate on science and technology innovation, led discussions at the World Bank with experts from government, academia and the private sector, on Science, Technology and Innovation (STI) capacity building for sustainable development and the potential role of the World Bank Group in brokering these strategic partnerships. STI partnerships have been established in order to reduce poverty, achieve the Millennium Development Goals, generate wealth, create better paying jobs, and foster sustainable development.
Innovative proposals for STI partnership programs include: A visiting professor program, referred to as a “Professor Corps” where accomplished professors spend a significant amount of time in a developing country, focusing on building capacity for the indigenous scientific community; and a Venture Capitalist in Residence program or “Venture Corps” where business innovators and entrepreneurs create an interface between the scientific and financing communities for the innovation of new products and services based on local scientific achievements.
“There are many existing networks and partnerships for higher education and training in the developing world which might be used as platforms for providing sustainable STI partnerships”, said Elizabeth King, Human Development’s Director for Education at the Bank. “This is an exciting potential new area for the Bank Group.”
These initiatives all revolve around a common theme: promoting knowledge and capacity flows from development partners – in both the North and South - who have an abundance of technical expertise and capacity building prowess to bring to developing country clients who need to augment their STI capacity. The overarching question is how to design and implement these partnerships so that developing countries build and sustain the STI capacity they need to address their high priority development needs.
Christian Delvoie, Director of the Knowledge Strategy Group, who is leading efforts to develop the Bank’s new knowledge agenda as a strategic priority, stressed the important role insightful knowledge has in decision-making and highlighted four STI-relevant components of the World Bank Group’s Knowledge Strategy:
* Leverage WBG’s global excellence across regions and sectors to provide innovative knowledge products and solutions for member countries;
* Strengthening WBG partnerships with external networks with strategic emphasis on South-South cooperation and dialogue;
* Unleash local entrepreneurship, synergies and knowledge networks to develop new strategic development partnerships; and
* Position the Bank as a world class knowledge platform for policy discussions
As part of its core work program, the STI Global Expert Team (GET), one of the Bank Group’s ten new GETs, is planning to organize a Global Forum on STI Capacity Building Partnerships for Sustainable Development to be held at the Bank in mid-December. The Forum will provide an excellent opportunity for Japan, the United States, other countries and partners to showcase new approaches and leading edge initiatives, to help other donors establish their own partnership initiatives, and to share cross-cutting ideas among participants.
Participating in the April 30 discussion were many key S&T for development stakeholders including Dr. Nina Fedoroff, S&T Adviser to the U.S. Secretary of State, and Peter McPherson, past USAID Administrator and current President of the Association of Public and Land Grant Universities. This group of 20 international experts posed and attempted to answer some key questions associated with STI partnership programs including:
* Can there be systematic efforts to exploit the potential synergy between individual partnership proposals and is there a role for the Bank in adding a sustainability factor to these initiatives?
* How can governance issues be addressed in the partnership programs that are currently under way or under discussion?
* How does the availability of new technology (especially communications technology and new media) facilitate new forms of partnerships, especially for collaborative research and distance education?
* How to provide basic needs for the potential influx of STI capacity (i.e. housing, ICT, visa support and other critical infrastructure) which are needed to sustain an intellectual network in a developing country setting?
* What is the role of the private sector in building the innovative capacity in developing countries?
Dr. Kurokawa discusses STI partnerships
at expert roundtable: Shown: Peter
McPherson, APLU President and previous
USAID Administrator, Dr. Kurokawa and
Dr. Nina Fedoroff, S&T Adviser to the U.S.
Secretary of State
“Huge advances in S&T policy as it relates to development have been made over the past decade”, said Kurokawa when talking with leading experts from the science policy and development communities about his experience in bringing the subject into the limelight in 2008 at the 4th Tokyo International Conference on African Development (TICAD4) and the Hokkaido Toyako G8 Summit. “With the recent focus on S&T as a driver for sustainable economic development, we need to encourage “multilayered brain circulation” which requires a scaling up of rapid global information sharing and many layers of collaboration within knowledge networks and between stakeholders. There is a need to engage with senior policy makers on complex multi-sector development challenges where solutions require the rapid deployment of the best global expertise.”
Japan is one of the leaders in developing STI partnership initiatives and has had a global influence on the use of STI for capacity building. Japan’s Science and Technology Research Partnership for Sustainable Development initiative is the manifestation of Japan’s commitment to African development through STI projects. The objective of this program is to acquire new knowledge using innovative delivery systems leading to addressing global issues across policy, scientific and business networks such as clean energy and environment, natural disaster prevention, infectious disease control and food security.
Innovative proposals for STI partnership programs include: A visiting professor program, referred to as a “Professor Corps” where accomplished professors spend a significant amount of time in a developing country, focusing on building capacity for the indigenous scientific community; and a Venture Capitalist in Residence program or “Venture Corps” where business innovators and entrepreneurs create an interface between the scientific and financing communities for the innovation of new products and services based on local scientific achievements.
“There are many existing networks and partnerships for higher education and training in the developing world which might be used as platforms for providing sustainable STI partnerships”, said Elizabeth King, Human Development’s Director for Education at the Bank. “This is an exciting potential new area for the Bank Group.”
These initiatives all revolve around a common theme: promoting knowledge and capacity flows from development partners – in both the North and South - who have an abundance of technical expertise and capacity building prowess to bring to developing country clients who need to augment their STI capacity. The overarching question is how to design and implement these partnerships so that developing countries build and sustain the STI capacity they need to address their high priority development needs.
Christian Delvoie, Director of the Knowledge Strategy Group, who is leading efforts to develop the Bank’s new knowledge agenda as a strategic priority, stressed the important role insightful knowledge has in decision-making and highlighted four STI-relevant components of the World Bank Group’s Knowledge Strategy:
* Leverage WBG’s global excellence across regions and sectors to provide innovative knowledge products and solutions for member countries;
* Strengthening WBG partnerships with external networks with strategic emphasis on South-South cooperation and dialogue;
* Unleash local entrepreneurship, synergies and knowledge networks to develop new strategic development partnerships; and
* Position the Bank as a world class knowledge platform for policy discussions
As part of its core work program, the STI Global Expert Team (GET), one of the Bank Group’s ten new GETs, is planning to organize a Global Forum on STI Capacity Building Partnerships for Sustainable Development to be held at the Bank in mid-December. The Forum will provide an excellent opportunity for Japan, the United States, other countries and partners to showcase new approaches and leading edge initiatives, to help other donors establish their own partnership initiatives, and to share cross-cutting ideas among participants.
Participating in the April 30 discussion were many key S&T for development stakeholders including Dr. Nina Fedoroff, S&T Adviser to the U.S. Secretary of State, and Peter McPherson, past USAID Administrator and current President of the Association of Public and Land Grant Universities. This group of 20 international experts posed and attempted to answer some key questions associated with STI partnership programs including:
* Can there be systematic efforts to exploit the potential synergy between individual partnership proposals and is there a role for the Bank in adding a sustainability factor to these initiatives?
* How can governance issues be addressed in the partnership programs that are currently under way or under discussion?
* How does the availability of new technology (especially communications technology and new media) facilitate new forms of partnerships, especially for collaborative research and distance education?
* How to provide basic needs for the potential influx of STI capacity (i.e. housing, ICT, visa support and other critical infrastructure) which are needed to sustain an intellectual network in a developing country setting?
* What is the role of the private sector in building the innovative capacity in developing countries?
Dr. Kurokawa discusses STI partnerships
at expert roundtable: Shown: Peter
McPherson, APLU President and previous
USAID Administrator, Dr. Kurokawa and
Dr. Nina Fedoroff, S&T Adviser to the U.S.
Secretary of State
“Huge advances in S&T policy as it relates to development have been made over the past decade”, said Kurokawa when talking with leading experts from the science policy and development communities about his experience in bringing the subject into the limelight in 2008 at the 4th Tokyo International Conference on African Development (TICAD4) and the Hokkaido Toyako G8 Summit. “With the recent focus on S&T as a driver for sustainable economic development, we need to encourage “multilayered brain circulation” which requires a scaling up of rapid global information sharing and many layers of collaboration within knowledge networks and between stakeholders. There is a need to engage with senior policy makers on complex multi-sector development challenges where solutions require the rapid deployment of the best global expertise.”
Japan is one of the leaders in developing STI partnership initiatives and has had a global influence on the use of STI for capacity building. Japan’s Science and Technology Research Partnership for Sustainable Development initiative is the manifestation of Japan’s commitment to African development through STI projects. The objective of this program is to acquire new knowledge using innovative delivery systems leading to addressing global issues across policy, scientific and business networks such as clean energy and environment, natural disaster prevention, infectious disease control and food security.
U.S. markets hold onto gains Wednesday
U.S. markets hold onto gains Wednesday
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets settled appreciably by midday Wednesday, but equities remained in positive territory.
After a quick 80-point bounce, the Dow Jones industrial average eased back to a 20.15 point gain, 0.24 percent, to 8,495.00 in early afternoon trading. The Standard & Poor's (NYSE:MHP) 500 rose 0.43 percent, 3.91 points, to 912.04. The Nasdaq composite index added 6.21 points, 0.36 percent, to 1,740.75.
The benchmark 10-year U.S. Treasury bond rose 3/32 to yield 3.234 percent.
The euro rose to $1.3784, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 95.04 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets settled appreciably by midday Wednesday, but equities remained in positive territory.
After a quick 80-point bounce, the Dow Jones industrial average eased back to a 20.15 point gain, 0.24 percent, to 8,495.00 in early afternoon trading. The Standard & Poor's (NYSE:MHP) 500 rose 0.43 percent, 3.91 points, to 912.04. The Nasdaq composite index added 6.21 points, 0.36 percent, to 1,740.75.
The benchmark 10-year U.S. Treasury bond rose 3/32 to yield 3.234 percent.
The euro rose to $1.3784, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 95.04 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
U.S. markets edge lower Wednesday
U.S. markets edge lower Wednesday
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
EU-Russian summit to tackle economy first
EU-Russian summit to tackle economy first
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
EU-Russian summit to tackle economy first
EU-Russian summit to tackle economy first
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
Crude oil prices rise Wednesday
Crude oil prices rise Wednesday
May 20, 2009 (United Press International) -- Crude oil prices pushed above $61 per barrel on the New York Mercantile Exchange Wednesday, riding along with a wave of rising stock prices.
Although demand is predicted to fall in 2009, gains in stock markets have given oil prices a boost recently.
Crude oil gained $1.58 cents to $61.68 per barrel. Heating oil prices rose 0.0474 cents to $1.5359 per gallon. Reformulated blendstock gasoline fell 0.0163 cents to $1.8062 per gallon. Natural gas prices gained 0.052 cents to $3.99 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.334 Wednesday, up from Tuesday's $2.314 a gallon, AAA said.
May 20, 2009 (United Press International) -- Crude oil prices pushed above $61 per barrel on the New York Mercantile Exchange Wednesday, riding along with a wave of rising stock prices.
Although demand is predicted to fall in 2009, gains in stock markets have given oil prices a boost recently.
Crude oil gained $1.58 cents to $61.68 per barrel. Heating oil prices rose 0.0474 cents to $1.5359 per gallon. Reformulated blendstock gasoline fell 0.0163 cents to $1.8062 per gallon. Natural gas prices gained 0.052 cents to $3.99 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.334 Wednesday, up from Tuesday's $2.314 a gallon, AAA said.
UPI NewsTrack Business
UPI NewsTrack Business
May 20, 2009 (United Press International) -- U.S. markets edge lower Wednesday
NEW YORK, May 20 (UPI) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
Treasury to loan GMAC (NYSE:GM) $7.5 billion
WASHINGTON, May 20 (UPI) -- The U.S. Treasury is planning to announce a $7.5 billion loan for GMAC LLC, sources close to the deal making said Wednesday.
The Treasury's recently concluded bank stress tests concluded with the government's mandate that GMAC find $11.5 billion in additional capital to weather a potential downturn in the economy.
In December, the government loaned GMAC $5 billion with a purchase of preferred stock.
Those shares, if turned into voting stock, would give the government 35 percent of the company. Depending on how the deal is structured, the new loan could put the government in control of GMAC, the lending arm for General Motors Corp., The Detroit News reported Wednesday.
GMAC is waiting for additional government support to begin assuming the role of primary lender for Chrysler Financial, the News said.
GMAC spokeswoman Gina Proia said Tuesday the company was still discussing how much support it required from the government.
The company plans to file a financial plan with the Chicago Federal Reserve Bank by June 8, the News said.
Death benefits survive shareholder vote
FORT WORTH, Texas, May 20 (UPI) -- A narrowly-decided shareholder vote in Texas allowed three top XTO Energy (NYSE:XTO) executives to keep huge death benefits that kick in, so to speak, if they kick off.
A proposition for the company to submit its executive death benefits policy to a shareholder vote was defeated with the proposition receiving 49 percent approval, the Fort Worth, Texas, Star-Telegram reported Wednesday.
Company Chairman Bob Simpson's death in 2008 would have set the company back $140 million, including a $110 million cash bonus and $4.35 million in unearned salary benefits in what the newspaper termed a 'golden coffin' arrangement.
The benefits available to Simpson if he was, so to speak, unavailable included a car allowance worth $158,000.
Chief Executive Officer Keith Hutton and XTO President Vaughn Vennerberg also have huge 'golden coffin' clauses in their contracts, which, irony notwithstanding, the company said would help retain top executives.
With the close vote, Simpson said he would 'relook' at the issue, the newspaper said.
Britain rules: Pringles are potato chips
LONDON, May 20 (UPI) -- An appeals court in Britain said Wednesday that Procter and Gamble's (NYSE:PG) snack treat Pringles were, technically, potato chips and subject to sales tax.
The ruling has a potential to require the company to pay $155 million in back taxes and $31 million per year, but a Procter and Gamble spokesperson said prior arrangements with Her Majesty's Revenue and Customs meant there were no back taxes due, The Daily Telegraph reported.
Foods are rarely subject to sales tax in Britain, but potato chips happen to be singled out as an exception.
The court heard arguments on whether or not Pringles, made 42 percent from potato and 33 percent from fat and flour, contained enough 'potatoness,' to be considered a potato chip, or crisp.
The court decided there was 'more than enough potato content for it to be a reasonable view that it is made from potato,' the Telegraph said.
May 20, 2009 (United Press International) -- U.S. markets edge lower Wednesday
NEW YORK, May 20 (UPI) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
Treasury to loan GMAC (NYSE:GM) $7.5 billion
WASHINGTON, May 20 (UPI) -- The U.S. Treasury is planning to announce a $7.5 billion loan for GMAC LLC, sources close to the deal making said Wednesday.
The Treasury's recently concluded bank stress tests concluded with the government's mandate that GMAC find $11.5 billion in additional capital to weather a potential downturn in the economy.
In December, the government loaned GMAC $5 billion with a purchase of preferred stock.
Those shares, if turned into voting stock, would give the government 35 percent of the company. Depending on how the deal is structured, the new loan could put the government in control of GMAC, the lending arm for General Motors Corp., The Detroit News reported Wednesday.
GMAC is waiting for additional government support to begin assuming the role of primary lender for Chrysler Financial, the News said.
GMAC spokeswoman Gina Proia said Tuesday the company was still discussing how much support it required from the government.
The company plans to file a financial plan with the Chicago Federal Reserve Bank by June 8, the News said.
Death benefits survive shareholder vote
FORT WORTH, Texas, May 20 (UPI) -- A narrowly-decided shareholder vote in Texas allowed three top XTO Energy (NYSE:XTO) executives to keep huge death benefits that kick in, so to speak, if they kick off.
A proposition for the company to submit its executive death benefits policy to a shareholder vote was defeated with the proposition receiving 49 percent approval, the Fort Worth, Texas, Star-Telegram reported Wednesday.
Company Chairman Bob Simpson's death in 2008 would have set the company back $140 million, including a $110 million cash bonus and $4.35 million in unearned salary benefits in what the newspaper termed a 'golden coffin' arrangement.
The benefits available to Simpson if he was, so to speak, unavailable included a car allowance worth $158,000.
Chief Executive Officer Keith Hutton and XTO President Vaughn Vennerberg also have huge 'golden coffin' clauses in their contracts, which, irony notwithstanding, the company said would help retain top executives.
With the close vote, Simpson said he would 'relook' at the issue, the newspaper said.
Britain rules: Pringles are potato chips
LONDON, May 20 (UPI) -- An appeals court in Britain said Wednesday that Procter and Gamble's (NYSE:PG) snack treat Pringles were, technically, potato chips and subject to sales tax.
The ruling has a potential to require the company to pay $155 million in back taxes and $31 million per year, but a Procter and Gamble spokesperson said prior arrangements with Her Majesty's Revenue and Customs meant there were no back taxes due, The Daily Telegraph reported.
Foods are rarely subject to sales tax in Britain, but potato chips happen to be singled out as an exception.
The court heard arguments on whether or not Pringles, made 42 percent from potato and 33 percent from fat and flour, contained enough 'potatoness,' to be considered a potato chip, or crisp.
The court decided there was 'more than enough potato content for it to be a reasonable view that it is made from potato,' the Telegraph said.
China to send purchasing mission to EU
China to send purchasing mission to EU
May 20, 2009 (United Press International) -- China says it will send another purchasing mission to Europe, a sign of its growing reliance on the European Union for trade.
Premier Wen Jiabao, who led his country at the 11th China-EU summit in Prague Wednesday, announced the mission's trip as a follow-up to a similar delegation that went to Europe in February and produced $15 billion in deals, China Daily reported.
'I announce that China will send another purchasing delegation to Europe soon to increase imports from Europe,' Wen told reporters in Prague after the summit.
The summit received extensive coverage in the official Chinese media. The meeting came at a time when the Communist giant, with its economic clout, seeks to play a more dominant role in world finance and develop EU for growth of its exports even as the U.S. dollar faces increasing challenges to its role as the leading world currency.
The summit was originally scheduled to be held in France in December but was put off after French President Nicolas Sarkozy met with Tibetan spiritual leader Dalai Lama over objections from Beijing.
Wen said China is ready to work with the EU 'to further promote mutual investments, enhance cooperation in small- and medium-sized enterprises, trade facilitation, science and technology, transportation and post, in an attempt to fight all forms of trade and investment protectionism.' He urged EU to loosen restrictions on export of hi-tech products.
The EU is now China's largest trading partner with bilateral trade topping $400 billion last year.
May 20, 2009 (United Press International) -- China says it will send another purchasing mission to Europe, a sign of its growing reliance on the European Union for trade.
Premier Wen Jiabao, who led his country at the 11th China-EU summit in Prague Wednesday, announced the mission's trip as a follow-up to a similar delegation that went to Europe in February and produced $15 billion in deals, China Daily reported.
'I announce that China will send another purchasing delegation to Europe soon to increase imports from Europe,' Wen told reporters in Prague after the summit.
The summit received extensive coverage in the official Chinese media. The meeting came at a time when the Communist giant, with its economic clout, seeks to play a more dominant role in world finance and develop EU for growth of its exports even as the U.S. dollar faces increasing challenges to its role as the leading world currency.
The summit was originally scheduled to be held in France in December but was put off after French President Nicolas Sarkozy met with Tibetan spiritual leader Dalai Lama over objections from Beijing.
Wen said China is ready to work with the EU 'to further promote mutual investments, enhance cooperation in small- and medium-sized enterprises, trade facilitation, science and technology, transportation and post, in an attempt to fight all forms of trade and investment protectionism.' He urged EU to loosen restrictions on export of hi-tech products.
The EU is now China's largest trading partner with bilateral trade topping $400 billion last year.
Sunday, May 17, 2009
Chinese exporters say they face hard times upi
Chinese exporters, losing demand for their products in the current global crisis, are turning to the domestic markets, but some say the transition isn't easy.
At a recent trade fair in Guangzhou in southern China, organized to help exporters explore the domestic market, one trader complained about difficulties in selling her products, Xinhua reported.
'We sell them at factory-gate prices, but buyers still bargain. That makes me mad,' she said.
In Guangdong, which accounted for more than 25 percent of China's foreign trade last year, the Xinhua report said the global crisis has affected tens of thousands of exporters.
The region exported $98.5 billion worth of good in the first four months of this year, which was down 17.8 percent from the same period of last year, the report said. The report added that across the country, exports fell 20.5 percent in the same period.
Xinhua said the Chinese government, aware of the problem, has been devising policies to help the exporters reduce their reliance on foreign markets. However, the exporters say gaining a foothold in the domestic market is not easy because of tough competition and in some cases, price wars. Some of their products, they say, also are not suitable for the local markets.
At a recent trade fair in Guangzhou in southern China, organized to help exporters explore the domestic market, one trader complained about difficulties in selling her products, Xinhua reported.
'We sell them at factory-gate prices, but buyers still bargain. That makes me mad,' she said.
In Guangdong, which accounted for more than 25 percent of China's foreign trade last year, the Xinhua report said the global crisis has affected tens of thousands of exporters.
The region exported $98.5 billion worth of good in the first four months of this year, which was down 17.8 percent from the same period of last year, the report said. The report added that across the country, exports fell 20.5 percent in the same period.
Xinhua said the Chinese government, aware of the problem, has been devising policies to help the exporters reduce their reliance on foreign markets. However, the exporters say gaining a foothold in the domestic market is not easy because of tough competition and in some cases, price wars. Some of their products, they say, also are not suitable for the local markets.
Ohio mothballs new license plates upi
License plates co-designed by Ohio first lady Frances Strickland have been mothballed because drivers would be forced to pay $2.50 for them, officials say.
The 'Beautiful Ohio' license plates featuring a bucolic, sun-kissed tableau were supposed to become the standard plate this year, but state officials nixed the idea and put 1 million of them in storage rather than force drivers to fork over cash for them during a recession, The Columbus Dispatch reported Sunday.
Their pastel-hued, agriculture-themed design was partly conceived by the wife of Ohio Gov. Ted Strickland, the newspaper said.
'In the grand scheme of things, it doesn't sound like a lot of money, but it would be an additional cost we'd be passing along to the consumer,' said Tom Hunter, spokesman for the Ohio Department of Public Safety.
The 'Beautiful Ohio' license plates featuring a bucolic, sun-kissed tableau were supposed to become the standard plate this year, but state officials nixed the idea and put 1 million of them in storage rather than force drivers to fork over cash for them during a recession, The Columbus Dispatch reported Sunday.
Their pastel-hued, agriculture-themed design was partly conceived by the wife of Ohio Gov. Ted Strickland, the newspaper said.
'In the grand scheme of things, it doesn't sound like a lot of money, but it would be an additional cost we'd be passing along to the consumer,' said Tom Hunter, spokesman for the Ohio Department of Public Safety.
African Queen Completes $1.278 Million Private Placement
African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $441,810. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD $1,278,060.
Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the 'Units') at CAD $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the 'Warrants'). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009.
The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, 'We are very gratified by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed, reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value.'
About African Queen
The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES LTD.
'Limor Rubin'
Limor Rubin
Chief Financial Officer & Director
For more information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone: Dusseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: African Queen Mines Ltd.
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the 'Units') at CAD $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the 'Warrants'). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009.
The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, 'We are very gratified by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed, reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value.'
About African Queen
The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES LTD.
'Limor Rubin'
Limor Rubin
Chief Financial Officer & Director
For more information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone: Dusseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: African Queen Mines Ltd.
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
Czech GDP seen down 3.4 pct. in Q1
May 15, 2009 (United Press International) -- Czech authorities estimate the gross domestic product in the first three months of 2009 will show a 3.4 percent decline.
It would be the biggest economic quarterly drop year-on-year in the country's modern history, Prague Radio said.
Amid the global economic crisis that also hit the Czech Republic, Prague economists originally expected the GDP would shrink 2 percent in the first quarter.
Officials at the Czech Finance Ministry forecast the economic output would drop 2.3 percent for all of 2009, while in 2010 the GDP would slightly improve and rise 0.8 percent.
The country's unemployment rose from 7.7 percent in March to 7.9 percent in April, and is likely to rise to 10 percent by the year's end, the radio network said.
It would be the biggest economic quarterly drop year-on-year in the country's modern history, Prague Radio said.
Amid the global economic crisis that also hit the Czech Republic, Prague economists originally expected the GDP would shrink 2 percent in the first quarter.
Officials at the Czech Finance Ministry forecast the economic output would drop 2.3 percent for all of 2009, while in 2010 the GDP would slightly improve and rise 0.8 percent.
The country's unemployment rose from 7.7 percent in March to 7.9 percent in April, and is likely to rise to 10 percent by the year's end, the radio network said.
Relatively speaking, Sacramento recovering
Relatively speaking, Sacramento recovering
Sacramento, an early victim of the housing market collapse, is showing signs that the market's bottom is within sight, a housing analyst said.
'History suggests this is how things might look six months before prices bottom out,' MDA DataQuick analyst Andrew LePage said, The New York Times reported Tuesday.
With 28,898 foreclosures in Sacramento County since 2005, the market is crawling back to life on the backs of empty houses. Two-thirds of the 2,092 home sales in March in the county involved properties banks had taken over, the newspaper said.
The county's unemployment rate at 11.3 percent will test the area's recovery. Defaults notices also hit a record 2,919 in March, in part due to bank moratoriums on defaults coming to an end.
Buying a home in Sacramento County now appears to be cheaper than renting and there is a three-month inventory of homes on the market, compared to a national average of 10 months.
Michael Lyon, chief executive officer of Lyon Real Estate called signs of recovery 'fool's gold.'
With the crash chopping home prices in half from their peak in 2005, rising prices might, in fact, be too much to ask.
'A period of price stagnation would boost a lot of spirits,' LePage said.
Sacramento, an early victim of the housing market collapse, is showing signs that the market's bottom is within sight, a housing analyst said.
'History suggests this is how things might look six months before prices bottom out,' MDA DataQuick analyst Andrew LePage said, The New York Times reported Tuesday.
With 28,898 foreclosures in Sacramento County since 2005, the market is crawling back to life on the backs of empty houses. Two-thirds of the 2,092 home sales in March in the county involved properties banks had taken over, the newspaper said.
The county's unemployment rate at 11.3 percent will test the area's recovery. Defaults notices also hit a record 2,919 in March, in part due to bank moratoriums on defaults coming to an end.
Buying a home in Sacramento County now appears to be cheaper than renting and there is a three-month inventory of homes on the market, compared to a national average of 10 months.
Michael Lyon, chief executive officer of Lyon Real Estate called signs of recovery 'fool's gold.'
With the crash chopping home prices in half from their peak in 2005, rising prices might, in fact, be too much to ask.
'A period of price stagnation would boost a lot of spirits,' LePage said.
Pending home sales rose in March
Pending home sales rose in March
Pending U.S. home sales rose 3.2 percent in March as buyers found improved market conditions, the National Association of Realtors in Washington said Monday.
The Pending Home Sales Index, based on contracts signed in the month, rose from 82 to 84.5, NAR said.
'This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions,' NAR Chief Economist Lawrence Yun said in a statement.
However, 'we need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,' Yun said.
In March, the pending sales index increased the most in the South, rising 8.5 percent. In the West, the index rose 3.9 percent. It fell in the Northeast and Midwest, however, dipping 5.7 percent and 1 percent, respectively.
Affordability has increased, NAR President Charles McMillan said.
'Compared to a year ago, the typical family can pay much less in mortgage costs for the same home or buy a better home without necessarily increasing their monthly payment,' he said.
In March, the median sales price for a single-family home was $174,900, the report said.
Pending U.S. home sales rose 3.2 percent in March as buyers found improved market conditions, the National Association of Realtors in Washington said Monday.
The Pending Home Sales Index, based on contracts signed in the month, rose from 82 to 84.5, NAR said.
'This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions,' NAR Chief Economist Lawrence Yun said in a statement.
However, 'we need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,' Yun said.
In March, the pending sales index increased the most in the South, rising 8.5 percent. In the West, the index rose 3.9 percent. It fell in the Northeast and Midwest, however, dipping 5.7 percent and 1 percent, respectively.
Affordability has increased, NAR President Charles McMillan said.
'Compared to a year ago, the typical family can pay much less in mortgage costs for the same home or buy a better home without necessarily increasing their monthly payment,' he said.
In March, the median sales price for a single-family home was $174,900, the report said.
Thursday, May 14, 2009
Galyani Vadhana Institute of Music and SCB host Princess Galyani Vadhana Memorial Orchestra Concert
The Galyani Vadhana Institute of Music of Silpakorn University and Siam Commercial Bank PCL (SCB) recently hosted a “Princess Galyani Vadhana Memorial Orchestra Concert” to commemorate the late princess' royal patronage of classical music in Thailand. The concert was held on Her Royal Highness's birthday anniversary, May 6, 2009. Minister of Culture Mr. Teera Slukpetch presided over the concert, and was welcomed by H.E. Admiral ML Usni Pramoj, Prof. Emeritus Khunying Khaisri Sri-Aroon, and SCB Executive Director Khunying Jada Wattanasiritham.
The concert, conducted by H.E. Admiral ML Usni Pramoj, featured his 'Threnody', Mozart 'Concerto for Clarinet in A major', K622, and Schubert 'Symphony No.5 in Bb major', D485.
The concert, conducted by H.E. Admiral ML Usni Pramoj, featured his 'Threnody', Mozart 'Concerto for Clarinet in A major', K622, and Schubert 'Symphony No.5 in Bb major', D485.
World Bank Grant will Help Tajikistan Introduce an Efficient and Transparent System of Public Financial Management
The World Bank Board of Executive Directors today approved a US$ 5 million grant for Tajikistan’s Public Financial Management Modernization Project, to be funded by the International Development Association, the Bank’s fund for the world’s poorest countries. The total amount of the project is around USD 13 million, and it will be co-funded by the Government of Tajikistan (USD 1.3 mln), a grant from the Government of Japan (USD 0.97 mln), and the Multi-donor Trust Fund financed by the UK Department of Foreign International Development (DFID) and the European Commission (USD 5.8 mln).
Tajikistan needs an effective public financial management system that can help more efficiently allocate public finances and ensure their transparent and effective use to address development challenges, such as poverty alleviation and maintaining growth and macroeconomic stability. The global economic crisis reduces the amount of finances available through taxes, remittances and credits, posing additional constraints to growth and development. Therefore, better use of public resources through a modernized public financial management system makes a critical contribution for sustainable growth and social development.
The Public Financial Management Modernization Project will be implemented as a two-phase Adaptable Program Operation, supporting Tajikistan’s Public Financial Management Strategy, approved on March 20, 2009. The Program’s long-term objective is to improve effectiveness and transparency of public financial management in Tajikistan.
The Tajikistan Public Financial Management Strategy for 2009-2018 (PFM Strategy) lays out a comprehensive agenda for modernization of public financial management in Tajikistan. The immediate priority for Tajikistan is to reinforce stability, credibility, comprehensiveness and transparency of the budget. It is expected to be achieved by improving the quality of macroeconomic and fiscal forecasting, aligning borrowing with a debt management strategy, better managing fiscal risks, introducing integrated Budget Classification and Chart of Accounts, and improving adherence to the public procurement law.
The objective of the newly approved Project is to help establish basic processes for efficient and transparent management of public expenditures. The first phase of the Project, to be implemented during 2009- 2014, will support institutional reforms, legislative and organizational changes. It will finance a substantial capacity building program, redesigning core business processes, and operational and technological improvements in public financial management. The Project will be implemented by the Ministry of Finance of the Republic of Tajikistan.
The second phase of the Program is expected to support the implementation of the Financial Management Information System (FMIS), which will automate budget management process, enhance the reliability of the budget execution process, and improve financial reporting. This Project will be implemented in coordination with other on-going improvements in budget management, supported by the European Commission, the International Monetary Fund, and other donors. To improve coordination of various activities, the President of the Republic of Tajikistan has established a Public Financial Management Council, led by the Minister of Finance, which will be responsible for implementing the Government Public Financial Management Strategy.
“The Bank team is highly appreciative of the efforts that the Minister of Finance and its core team are investing in building effective system of public financial management. The Ministry has developed a vision of reforms, consolidated a dedicated team to implement the Project and has established good contacts with other countries implementing public financial reforms,” said Ms. Svetlana Proskurovska, the World Bank’s Project Task Team Leader. “The Ministry of Finance is committed to this project and this is a good basis for overcoming implementation challenges. After the Project is complete, public administration will be operating more professionally and efficiently in Tajikistan.”
The World Bank’s mission in Tajikistan is to promote economic growth, reduce poverty, and encourage a better quality of life. The World Bank plays a role as the catalyst of change and an institution bringing global experience to developing countries. The country became a member of the World Bank on June 4, 1993 and so far the Bank’s financial assistance to Tajikistan amounts to nearly US$478 million, in the form of grants and concessional credits.
The current portfolio of the World Bank in the country consists of 15 active projects. To date, the Bank has supported projects and carried out non-lending activities aimed at agriculture and rural development, health, education, social security, energy, water resources, infrastructure rehabilitation, and disaster management, among other things. World Bank assistance, in the form of soft loans, has helped the country rebuild the infrastructure destroyed during the civil war and has supported economic reforms.
Tajikistan needs an effective public financial management system that can help more efficiently allocate public finances and ensure their transparent and effective use to address development challenges, such as poverty alleviation and maintaining growth and macroeconomic stability. The global economic crisis reduces the amount of finances available through taxes, remittances and credits, posing additional constraints to growth and development. Therefore, better use of public resources through a modernized public financial management system makes a critical contribution for sustainable growth and social development.
The Public Financial Management Modernization Project will be implemented as a two-phase Adaptable Program Operation, supporting Tajikistan’s Public Financial Management Strategy, approved on March 20, 2009. The Program’s long-term objective is to improve effectiveness and transparency of public financial management in Tajikistan.
The Tajikistan Public Financial Management Strategy for 2009-2018 (PFM Strategy) lays out a comprehensive agenda for modernization of public financial management in Tajikistan. The immediate priority for Tajikistan is to reinforce stability, credibility, comprehensiveness and transparency of the budget. It is expected to be achieved by improving the quality of macroeconomic and fiscal forecasting, aligning borrowing with a debt management strategy, better managing fiscal risks, introducing integrated Budget Classification and Chart of Accounts, and improving adherence to the public procurement law.
The objective of the newly approved Project is to help establish basic processes for efficient and transparent management of public expenditures. The first phase of the Project, to be implemented during 2009- 2014, will support institutional reforms, legislative and organizational changes. It will finance a substantial capacity building program, redesigning core business processes, and operational and technological improvements in public financial management. The Project will be implemented by the Ministry of Finance of the Republic of Tajikistan.
The second phase of the Program is expected to support the implementation of the Financial Management Information System (FMIS), which will automate budget management process, enhance the reliability of the budget execution process, and improve financial reporting. This Project will be implemented in coordination with other on-going improvements in budget management, supported by the European Commission, the International Monetary Fund, and other donors. To improve coordination of various activities, the President of the Republic of Tajikistan has established a Public Financial Management Council, led by the Minister of Finance, which will be responsible for implementing the Government Public Financial Management Strategy.
“The Bank team is highly appreciative of the efforts that the Minister of Finance and its core team are investing in building effective system of public financial management. The Ministry has developed a vision of reforms, consolidated a dedicated team to implement the Project and has established good contacts with other countries implementing public financial reforms,” said Ms. Svetlana Proskurovska, the World Bank’s Project Task Team Leader. “The Ministry of Finance is committed to this project and this is a good basis for overcoming implementation challenges. After the Project is complete, public administration will be operating more professionally and efficiently in Tajikistan.”
The World Bank’s mission in Tajikistan is to promote economic growth, reduce poverty, and encourage a better quality of life. The World Bank plays a role as the catalyst of change and an institution bringing global experience to developing countries. The country became a member of the World Bank on June 4, 1993 and so far the Bank’s financial assistance to Tajikistan amounts to nearly US$478 million, in the form of grants and concessional credits.
The current portfolio of the World Bank in the country consists of 15 active projects. To date, the Bank has supported projects and carried out non-lending activities aimed at agriculture and rural development, health, education, social security, energy, water resources, infrastructure rehabilitation, and disaster management, among other things. World Bank assistance, in the form of soft loans, has helped the country rebuild the infrastructure destroyed during the civil war and has supported economic reforms.
World Bank Approves US $10 Million in Additional Financing for Moldova’s Rural Investment and Services Project II
The World Bank Board of Directors today approved an additional credit to the Republic of Moldova in the amount of US $10 million for the Rural Investment and Services Project (RISP) II. The additional financing will complement the total RISP II allocation of US $21 million and will be used for scaling-up ongoing project activities.
RISP II objectives are:
* To continue to foster post-privatization growth in the agricultural and rural sectors, by improving access of farmers and rural entrepreneurs to knowledge, know-how and finance; and
* To build capacity of the private and public institutions to ensure the sustainability of the activities.
“RISP Program has been a real catalyst for start-up businesses and young entrepreneurs across Moldova. I am confident that the additional US $10 million will provide the extra support needed to foster entrepreneurship in rural areas of the country,” underlined Melanie Marlett, World Bank Country Manager for Moldova.
“In 2009 I will increase my production capacity and I am expecting a profit of US $13,000,” says Victor Velisca, a carpenter from Varatic village. Mr. Velisca benefited from a US $28,000 preferential credit through RISP, which enabled him to purchase modern equipment for production of industrial wooden boxes. ACSA, the RISP-supported national extension agency, helped the start-up entrepreneur design his own business plan and define his business priorities.
As a result of the RISP Program (RISP I and II) over 1,700 new businesses have been created, which generated 7,000 new jobs, mainly in rural areas. Annually, over 350,000 Moldovan farmers benefit from the services of the national agricultural extension agency - ACSA - established with support from RISP.
The RISP II Project was launched in June 2006 and is the Second Phase of a two-phase Rural Investment and Services Program, co-financed with a US $6 million grant from the Swedish International Development Agency (SIDA).
RISP II objectives are:
* To continue to foster post-privatization growth in the agricultural and rural sectors, by improving access of farmers and rural entrepreneurs to knowledge, know-how and finance; and
* To build capacity of the private and public institutions to ensure the sustainability of the activities.
“RISP Program has been a real catalyst for start-up businesses and young entrepreneurs across Moldova. I am confident that the additional US $10 million will provide the extra support needed to foster entrepreneurship in rural areas of the country,” underlined Melanie Marlett, World Bank Country Manager for Moldova.
“In 2009 I will increase my production capacity and I am expecting a profit of US $13,000,” says Victor Velisca, a carpenter from Varatic village. Mr. Velisca benefited from a US $28,000 preferential credit through RISP, which enabled him to purchase modern equipment for production of industrial wooden boxes. ACSA, the RISP-supported national extension agency, helped the start-up entrepreneur design his own business plan and define his business priorities.
As a result of the RISP Program (RISP I and II) over 1,700 new businesses have been created, which generated 7,000 new jobs, mainly in rural areas. Annually, over 350,000 Moldovan farmers benefit from the services of the national agricultural extension agency - ACSA - established with support from RISP.
The RISP II Project was launched in June 2006 and is the Second Phase of a two-phase Rural Investment and Services Program, co-financed with a US $6 million grant from the Swedish International Development Agency (SIDA).
World Bank Supports Better Education and Job Creation in Bulgaria
The World Bank’s Board of Executive Directors today approved a US$200 million loan to Bulgaria to support the country’s reforms in the social sectors to modernize the education system, improve the financing of health services and create more and better jobs, while enhancing social protection in the economic crisis. The loan is the third and last of a series of Social Sector Institutional Reform Development Policy Loans (SIR DPL) for the Republic of Bulgaria. The support to Bulgaria through the SIR DPL series is part of the framework of the Country Partnership Strategy (CPS) that went to the Board in June 2006 and has included substantial World Bank technical assistance in education, health and social protection policy.
“Bulgaria aims to speed up its convergence in living standards with its European neighbors over the medium-term, despite the current economic downturn, and increased productivity lies at the heart of this agenda,” said Orsalia Kalantzopoulos, World Bank Director for Central European and Baltic Countries. “The measures adopted by the Government and supported by the SIR DPL series are expected to contribute to laying the ground for enhanced productivity through increased skills of the labor force, a better investment climate, and more efficient health, education, and social assistance systems,” said Ms. Kalantzopoulos.
Specifically, the SIR DPL3 supports much-needed reforms to raise the quality of education through the further roll-out of a system of school-based management, delegated budgets and enhanced external student assessment such as the new Matura. In line with Bulgaria’s new national employment strategy, it also includes reforms to reduce the regulatory burden on companies in order to create more new jobs and a new policy of opening opportunities for second chance education and training for early school leavers to improve their chances on the labor market. Lastly, the program supports measures to raise the efficiency and control of public spending on health and education.
At the same time, the SIR DPL 3 takes account of Bulgaria’s current economic downturn and the considerable uncertainty triggered by the turmoil in the global financial markets. According to Florian Fichtl, the World Bank’s country manager in Sofia, “social sector reforms supported through this loan with a medium-term outlook have been complemented by measures to cushion the immediate social impact of the economic crisis.” These include adjustments to unemployment benefits as well as active labor market programs for unemployed workers or those at risk of being laid off.
The objectives of the Government’s overall medium-term reform strategy promoted by the SIR DPL-supported program are to be achieved through the implementation of policies and actions in a number of areas.
The program creates opportunities and incentives for individuals to join the labor market and to move to more productive jobs. It will also make it easier for companies to start new businesses and hire workers by improving the institutional and regulatory framework.
In the area of education, the program has introduced changes to the finance and governance system for primary and secondary education to improve the quality of education and enhance the efficiency of resource use. In addition it will help education authorities to better assess the quality of education and use information critically to improve the education system.
The program also promotes improvements in health care by making the system financially sustainable and laying the groundwork for improving its quality. Further, it has prepared a plan for restructuring the health facilities network, while using insurance administrative systems to improve the efficiency of health expenditures, and making purchasing and reimbursement policies for pharmaceuticals more rational.
Finally, SIR DPL 3 promotes systematic monitoring and evaluation of social sector policies.
The loan approved has a maturity of 17 years, including a five-year grace period.
“Bulgaria aims to speed up its convergence in living standards with its European neighbors over the medium-term, despite the current economic downturn, and increased productivity lies at the heart of this agenda,” said Orsalia Kalantzopoulos, World Bank Director for Central European and Baltic Countries. “The measures adopted by the Government and supported by the SIR DPL series are expected to contribute to laying the ground for enhanced productivity through increased skills of the labor force, a better investment climate, and more efficient health, education, and social assistance systems,” said Ms. Kalantzopoulos.
Specifically, the SIR DPL3 supports much-needed reforms to raise the quality of education through the further roll-out of a system of school-based management, delegated budgets and enhanced external student assessment such as the new Matura. In line with Bulgaria’s new national employment strategy, it also includes reforms to reduce the regulatory burden on companies in order to create more new jobs and a new policy of opening opportunities for second chance education and training for early school leavers to improve their chances on the labor market. Lastly, the program supports measures to raise the efficiency and control of public spending on health and education.
At the same time, the SIR DPL 3 takes account of Bulgaria’s current economic downturn and the considerable uncertainty triggered by the turmoil in the global financial markets. According to Florian Fichtl, the World Bank’s country manager in Sofia, “social sector reforms supported through this loan with a medium-term outlook have been complemented by measures to cushion the immediate social impact of the economic crisis.” These include adjustments to unemployment benefits as well as active labor market programs for unemployed workers or those at risk of being laid off.
The objectives of the Government’s overall medium-term reform strategy promoted by the SIR DPL-supported program are to be achieved through the implementation of policies and actions in a number of areas.
The program creates opportunities and incentives for individuals to join the labor market and to move to more productive jobs. It will also make it easier for companies to start new businesses and hire workers by improving the institutional and regulatory framework.
In the area of education, the program has introduced changes to the finance and governance system for primary and secondary education to improve the quality of education and enhance the efficiency of resource use. In addition it will help education authorities to better assess the quality of education and use information critically to improve the education system.
The program also promotes improvements in health care by making the system financially sustainable and laying the groundwork for improving its quality. Further, it has prepared a plan for restructuring the health facilities network, while using insurance administrative systems to improve the efficiency of health expenditures, and making purchasing and reimbursement policies for pharmaceuticals more rational.
Finally, SIR DPL 3 promotes systematic monitoring and evaluation of social sector policies.
The loan approved has a maturity of 17 years, including a five-year grace period.
Tajikistan: Public Financial Management Modernization Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Grant: US$5 million equivalent
Project Description: The objectives of the Public Financial Management Modernization Adaptable Program Loan for Tajikistan are twofold: (i) to establish basic processes for efficient and transparent management of public expenditures and (ii) to develop adequate institutional capacity to support the implementation and sustained functioning of an automated financial management information system.
IDA Grant: US$5 million equivalent
Project Description: The objectives of the Public Financial Management Modernization Adaptable Program Loan for Tajikistan are twofold: (i) to establish basic processes for efficient and transparent management of public expenditures and (ii) to develop adequate institutional capacity to support the implementation and sustained functioning of an automated financial management information system.
Palestinian Authority: Southern West Bank Solid Waste Management Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Grant: US$12 million equivalent
Project Description: The Southern West Bank Solid Waste Management Project will improve solid waste disposal services for the communities and businesses of Palestinian municipalities and joint services councils in the Bethlehem and Hebron governorates through the provision of an efficient, socially acceptable, and environmentally friendly mechanism. Strengthening the joint services council administrative and technical capabilities will result in the cost-effective management of waste disposal services.
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IDA Grant: US$12 million equivalent
Project Description: The Southern West Bank Solid Waste Management Project will improve solid waste disposal services for the communities and businesses of Palestinian municipalities and joint services councils in the Bethlehem and Hebron governorates through the provision of an efficient, socially acceptable, and environmentally friendly mechanism. Strengthening the joint services council administrative and technical capabilities will result in the cost-effective management of waste disposal services.
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Moldova: Rural Investment and Services Project II
The World Bank’s Board of Executive Directors today approved the following project:
IDA Credit: US$10 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
Project Description: The objective of the Second Rural Investment and Services Project in Moldova is to continue to foster post-privatization growth in the agricultural and rural sectors. This will be accomplished by improving access granted to farmers and rural businesses to the knowledge and finance they need. The additional financing will increase the amount of funding for investments made available to rural beneficiaries through the existing RISP II credit line mechanism.
IDA Credit: US$10 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
Project Description: The objective of the Second Rural Investment and Services Project in Moldova is to continue to foster post-privatization growth in the agricultural and rural sectors. This will be accomplished by improving access granted to farmers and rural businesses to the knowledge and finance they need. The additional financing will increase the amount of funding for investments made available to rural beneficiaries through the existing RISP II credit line mechanism.
Ethiopia: Protection of Basic Services Program – Phase II Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Credit US$230.22 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
IDA Grant: US $309.78 million equivalent
Project Description: The development objective of the Protection of Basic Services Program Phase II Project is to expand access and improve the quality of basic services in education, health, agriculture, rural road upkeep, and water supply and sanitation in Ethiopia. This shall be done while continuing to deepen transparency and local accountability in service delivery.
IDA Credit US$230.22 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
IDA Grant: US $309.78 million equivalent
Project Description: The development objective of the Protection of Basic Services Program Phase II Project is to expand access and improve the quality of basic services in education, health, agriculture, rural road upkeep, and water supply and sanitation in Ethiopia. This shall be done while continuing to deepen transparency and local accountability in service delivery.
Bulgaria: Third Social Sector Institutional Reform – Development Policy Loan
The World Bank’s Board of Executive Directors today approved the following project:
IBRD Loan: US$200 million
TERMS: Variable-Spread Loan; Maturity = 19 years; Grace = 7 years
Project Description: The Development Policy Loan for Third Social Sector Institutional Reform in Bulgaria will support the Government of Bulgaria in meeting some of the challenges associated with the convergence in living standards with the rest of the European Union. The Development Policy Loan series supports the adoption and implementation of policies to increase employment and lays the foundation for long-term growth by providing incentives for job creation. The loan also aims to improve the quality of education for the citizens of Bulgaria, and promotes fiscal sustainability through efficiency gains in the social sectors.
IBRD Loan: US$200 million
TERMS: Variable-Spread Loan; Maturity = 19 years; Grace = 7 years
Project Description: The Development Policy Loan for Third Social Sector Institutional Reform in Bulgaria will support the Government of Bulgaria in meeting some of the challenges associated with the convergence in living standards with the rest of the European Union. The Development Policy Loan series supports the adoption and implementation of policies to increase employment and lays the foundation for long-term growth by providing incentives for job creation. The loan also aims to improve the quality of education for the citizens of Bulgaria, and promotes fiscal sustainability through efficiency gains in the social sectors.
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