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U.S. Federal Reserve Beige Book: Philadelphia District (Text)

http://www.bloomberg.com/news/2013-03-06/u-s-federal-reserve-beige-book-philadelphia-district-text-.html

The following is the text of the Federal Reserve Board’s Third District-- Philadelphia. Aggregate business activity in the Third District has maintained the modest pace of growth that was evident during the previous Beige Book period. In particular, general services and commercial real estate leasing continued to expand at modest rates. Activity in staffing services, transportation services, and residential construction appear to have accelerated somewhat to a modest rate of growth. Sales of new and used autos maintained a moderate rate of growth - joined by general retail sales that grew a bit faster than last period and by residential real estate sales that grew a bit slower. The manufacturing sector reversed course again, citing slight declines in overall demand. Lending volumes at Third District banks continued to grow slightly, and credit quality continued to improve. Ski resorts are enjoying a good season overall, while Atlantic City casino revenues continue to decline. General price levels, as well as wages and home prices , were reported to have increased slightly overall - similar to the last Beige Book period. The overall outlook for modest growth remains the same as those views expressed in the last Beige Book. Ongoing uncertainty over fiscal issues has postponed many business decisions. Contacts reported a fundamental optimism in the economy and described new signs of emerging growth; however, the ongoing uncertainty over fiscal issues has been blamed for continued weak consumer confidence and reluctance of businesses to make needed investments in plant, equipment, and labor. Manufacturing. Since the last Beige Book, Third District manufacturers have reported that orders and shipments dipped slightly. Some of the current weakness was attributed to greater volatility in production swings associated with overall slow growth, a high level of uncertainty, and a reluctance to build inventories. As one contact said, “Who can plan?” Makers of food products, lumber and wood products, industrial machinery, electronic equipment, and instruments have reported gains since the last Beige Book. Lower activity was reported by the makers of primary metals and fabricated metal products. Contacts have attributed some growth to rising demand from sectors related to autos, housing, Marcellus shale, and other energy production. Third District manufacturers expressed slightly more optimism that business conditions will improve over the next six months and their optimism emerged more broadly across all sectors since the last Beige Book. Firms have also further raised their overall expectations of future hiring and their plans for capital spending since the last Beige Book. Retail. Third District retailers reported a faster pace of sales in January than during the recent holiday period and cited continued gains in February for moderate growth overall. The stronger sales were evident throughout the region and across a variety of malls and outlet centers,regardless of the level of the stores’ quality. Contacts cited a return of cold weather and heavy promotions as prompting double-digit apparel sales of winter wear. Three other factors cited as contributing to the stronger growth were that sales may have borrowed from the soft ending to the holiday season, gift cards were more prevalent, and the comparison period one year ago had weak sales. Reports on leasing activity noted that retail tenants are more confident and taking longer lease terms, leading to net positive absorption, greater occupancy rates, and more landlord pricing power. Auto dealers started the year as they finished last year - with a moderate pace of sales, continuing a run of steady growth that began a full year earlier. Sales in New Jersey are still stronger, a likely remnant of Hurricane Sandy ’s impact. While the outlook among dealers remained positive, dealers continued to maintain lean inventories and lean staffing levels. They report that more hiring will occur if the recovery is sustained after more of the fiscal uncertainties are resolved. Finance. Overall, loan volumes have continued to grow at a slight pace across Third District financial firms since the previous Beige Book. Most loan categories have grown little or not at all, with somewhat more activity generated for small business lending and home mortgages, especially refinancings. Consumer lending is relatively flat. In areas with Marcellus shale gas, several banks have described customers paying down loans with royalty money and avoiding further debt by paying cash. Beyond the gas fields, energy projects are attracting substantial investment interest and loan opportunities for larger banks. The majority of banks indicates little change in credit standards and slow, steady gains in quality; however, a small, but growing number expressed concern about competitors’ standards. Financial institutions are generally optimistic about future growth, although most expect mergers and acquisitions to reduce the number of small community banks over the next few years. Real Estate and Construction. Homebuilders reported contract activity at or near plan for January with a pickup in traffic for February. Year-over-year growth rates were strong off of low levels and builders attributed part of their growth to capturing greater market share. Prospects have greater confidence and are more prepared to buy, including entry-level purchasers that had been increasingly opting to rent since mid-summer. Residential brokers reported moderate year-over-year sales growth in January for a second consecutive year; mild weather helped this year, although January 2012 was also noted for its extremely warm temperatures and lack of snow. As with new home construction , existing home sales are growing from a low base. Builders and brokers are optimistic for sustained growth through 2013. According to one broker, “Better times are coming.” Nonresidential real estate contacts reported continued modest growth in overall leasing activity and continued slight growth in construction. Contacts report that construction and repair work have grown, prospect activity has gained momentum and resolve, and money has been flowing more freely for investments. Current activity and prospects are emerging from recently quiet sectors, including some land development projects and retail, in particular, large warehouse facilities for national retailers. Activity is heating up in energy-related projects, with some repair work resulting from Hurricane Sandy. Contacts were decidedly more upbeat about future prospects, stating that the trends “feel sustainable.” Services. Third District service-sector firms have maintained a modest pace of growth since the last Beige Book, according to contacts in various sectors. Tourist activity has shifted to the Poconos’ ski resorts, which are enjoying generous snowfalls and accommodating temperatures that already promise an extended season. However, contacts blame Hurricane Sandy for creating yet another economic casualty - the Poconos’ peak ski week. Many school districts in New Jersey and New York canceled their winter break during the week of Presidents’ Day to make up school days lost to the superstorm - causing many families to skip their traditional family ski vacation in the Poconos. Atlantic City casino revenues continued to struggle through January, prompting a recently-opened casino to file for bankruptcy protection while it continues to operate. In other sectors, work orders for temporary help have grown busier and busier since the start of the year at an area staffing firm; a logistics firm reported strong overall growth. A large consumer-oriented firm cited a good start to the current year. Firms with defense-related work and entities dependent on federal money for operations, including higher education, expressed a wait-and-see attitude to the most recent fiscal uncertainty. Overall, service-sector firms expressed confidence in their expectations for growth in the near future. Prices and Wages. Overall, price levels continued to increase slightly, similar to the previous Beige Book. Cost factors among manufacturing firms moderated a little, while the prices they received fell slightly. Tight auto inventories maintain a price environment that slightly favors auto dealers over their customers. Homebuilders continued to note higher prices for lumber, drywall, and other manufactured inputs. Some slight wage pressure is appearing for contractors, which may be related to increasing construction activity, but may also be due to repair crews being drawn to the Jersey Shore by short-term, higher wage contracts. Real estate contacts continued to report that low-end house prices are firm or rising slightly, while high-end home prices are still falling in most markets. Contacts from most sectors continued to report that wages rose only a little, if at all. Health insurance costs are mixed, ranging from very high increases to no change. SOURCE: Federal Reserve Board

Obama Names McDonough as Deputy Security Adviser After Donilon's Promotion

http://www.bloomberg.com/news/2010-10-22/obama-names-mcdonough-as-deputy-security-adviser-after-donilon-s-promotion.html

President Barack Obama named Denis McDonough to be deputy national security adviser, replacing Tom Donilon , who was promoted to national security adviser earlier this month, the administration announced. McDonough, a longtime Obama foreign policy aide, has served as chief of staff on the White House National Security Council and was named an adviser for strategic communications when Obama became president in January 2009. McDonough, 40, “possesses a remarkable intellect, irrepressible work ethic and a sense of collegiality that has earned him the respect of his colleagues,” Obama said in a statement. It marks the fifth time the president has reached into his inner circle to fill a vacancy, after selecting Jacob Lew as budget director, Austan Goolsbee for chief economist, Peter Rouse as chief of staff and Donilon as top security adviser. Donilon today officially replaced retired General James Jones , whose departure was announced Oct. 8. McDonough, a native of Stillwater, Minnesota, north of Minneapolis-St. Paul, has played a role in most foreign policy decisions at the White House, including Obama’s decision to add 30,000 troops to Afghanistan and the monthly Situation Room meetings assessing its progress. He advises the president on foreign policy, helps craft positions and speeches and shapes messages for domestic and overseas consumption. Senior Adviser McDonough was Obama’s senior foreign policy adviser during the 2008 presidential campaign and during the transition. He was a top foreign policy adviser to former Senate Democratic Leader Tom Daschle of South Dakota and to Obama when he was a senator from Illinois. McDonough also was a senior fellow at the Washington-based Center for American Progress, which describes itself as a progressive research and advocacy group. McDonough graduated from St. John’s University in Collegeville, Minnesota, and earned his master’s degree from Georgetown University. To contact the reporter on this story: Roger Runningen in Washington at rrunningen@bloomberg.net To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

Baht Steady Near Two-Week High After Funds Buy More Thai Assets

http://www.bloomberg.com/news/2012-07-04/baht-steady-near-two-week-high-after-funds-buy-more-thai-assets.html

Thailand ’s baht was steady near a two-week high after global funds boosted holdings of the nation’s assets amid speculation central banks in developed countries may ease monetary policy. Government bonds held steady. International investors bought $109 million more local equities than they sold in the first two days of this week, exchange data show after the finance ministry raised its 2012 growth forecast to 5.7 percent on June 28 from its March prediction of about 5.5 percent. The MSCI Asia-Pacific Index of shares rose for a sixth day ahead of an expected European Central Bank rate cut tomorrow and as the International Monetary Fund said further monetary-policy easing by the Federal Reserve may be needed. “There is growing speculation about additional monetary easing in the U.S. and Europe, which supported market sentiment ,” said Tohru Nishihama, an economist at Dai-ichi Life Research Institute Inc. in Tokyo. “That makes it easier for investors to take risks, helping to boost emerging-market currencies.” The baht was unchanged from yesterday at 31.48 per dollar as of 3:07 p.m. in Bangkok and touched 31.38, the strongest level since June 20, according to data compiled by Bloomberg. One-month implied volatility, a measure of exchange-rate swings used to price options, was steady at 4.52 percent. Thailand’s consumer confidence rose in June as easing oil prices and improving economic indicators support the nation’s outlook. An index (MXAP) measuring sentiment rose to 68.5 from 67.1 in May, the University of the Thai Chamber of Commerce said today. The gauge is based on a survey of 2,232 respondents. Global funds pumped a net $355 million into government debt yesterday, the biggest net purchase since June 19, according to data from the Thai Bond Market Association. The yield on the 3.25 percent bonds due June 2017 was little changed at 3.35 percent, according to data compiled by Bloomberg. To contact the reporter on this story: Yumi Teso in Bangkok at yteso1@bloomberg.net To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net .

North Korea’s Kim Jong Il Arrives in Beijing, May Meet Hu, Yonhap Reports

http://www.bloomberg.com/news/2011-05-25/north-korea-s-kim-jong-il-arrives-in-beijing-may-meet-hu-yonhap-reports.html

North Korean leader Kim Jong Il arrived in Beijing today on the sixth day of a trip to China , indicating a possible meeting with Chinese leaders including President Hu Jintao , Yonhap News reported. A train carrying Kim arrived at a station in the Chinese capital at 9:00 a.m. local time, Yonhap said. Kim’s entourage is likely to be heading to the Diaoyutai State Guest House, it said. About a dozen police vehicles including an armored Ford Motor Co. (F) van and a bus were deployed around the compound’s east gate, where Kim’s motorcade was seen entering with a similar police presence during a visit in May 2010. The walled complex of villas, lakes and willow trees in western Beijing often plays host to visiting world leaders and company executives. China invited Kim to help him learn about the country’s economic restructuring and use that knowledge to revive his own nation’s economy, Premier Wen Jiabao told South Korean President Lee Myung Bak on May 22. Kim’s third trip to his ally and benefactor in the past year comes as North Korea’s economy is beset by tighter United Nations sanctions following its second nuclear test in May 2009. China shares a common goal with North Korea to maintain ties and “has always provided help,” Foreign Ministry spokeswoman Jiang Yu told reporters yesterday in Beijing. Kim, 69, is visiting China as U.S. diplomat Robert King arrived in North Korea yesterday to assess the country’s food needs. King, special envoy for North Korean human rights, will be in Pyongyang until May 28. Handouts North Korea has relied on outside handouts to feed its 24 million people since the mid-1990s, when an estimated 2 million people died from famine. The UN World Food Program launched an emergency aid effort last month for an estimated 3.5 million North Koreans. North Korea’s plea for international donations of food seems to be “politically motivated” as current food shortages are not much worse than in previous years, South Korean Unification Minister Hyun In Taek said on April 25 in Seoul. Kim has pledged to put “rice with meat soup” on every table and build a “strong and prosperous nation” by 2012, the centennial of the birth of his late father and the country’s founder, Kim Il Sung. To contact the reporters on this story: Bomi Lim in Seoul at blim30@bloomberg.net ; Michael Forsythe in Beijing at mforsythe@bloomberg.net ; Yidi Zhao in Beijing at yzhao7@bloomberg.net To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net

What Parents Don’t Know About Bowdoin

http://www.bloomberg.com/news/2013-04-03/when-is-a-liberal-arts-college-too-liberal-.html

Alumni like to rant, especially conservative alumni. The disgruntled fellows (it’s usually a fellow) seize any chance for a complaint session alleging whatever errors the school is committing are somehow greater than errors it made in the 1980s, or even the raucous 1960s. A few years ago, an alumnus of Williams College in Massachusetts , Thomas Klingenstein , took the opportunity of a golf game with the president of Bowdoin, a Maine college similar to Williams, to suggest that diversity received too much emphasis at Williams and that Western civilization received too little. “Common American identity,” where race and class matter less, is lost. Klingenstein suggested the same might be true at Bowdoin. Bowdoin’s president, Barry Mills, slapped back in a 2010 convocation speech with a half-anonymous reference to a Williams man who wrecked the college president’s golf swing with harsh charges against Bowdoin. Mills said the Williams alum had alleged that Bowdoin “brings all the wrong students to campus for the wrong reasons.” Mills also dropped in a few remarks about “loyal supporters,” which probably had a chilling effect because the words suggested that any Bowdoin alum who might side with the Williams man might be disloyal. It seemed Mills had won. University presidents usually do. This is partly because conservatives’ charges are usually steamed, unspecific and anecdotal. They lack evidence. Alumni Loyalty The campuses themselves hardly look unhappy. There are no barricades outside the president’s office on the Brunswick campus. This month, some alums are thanking the stars that their children won admission to the highly selective school. Although many alumni suspect their college’s curriculum is too progressive for their tastes, they won’t easily risk appearing disloyal. Rather than fulminate, however, Klingenstein funded a study by the National Association of Scholars to see whether his perception of Bowdoin was warranted. He picked Bowdoin, not Williams, to examine, perhaps out of pique. Yet once the work got going, he says, “curiosity replaced anger.” The 360-page study, released this week, suggests that the quiescent Maine college is fundamentally different, more radical, than it was 25, and certainly 40, years ago. The researchers, Peter Wood and Michael Toscano, commenced by defining their goal: to describe the penetration of what they call “identity emphasis” -- a philosophy that looks at the world in terms of race, sex, ethnicity or other groupings. The National Association of Scholars also looked at green education, because environmental classes are often explicitly anti- capitalist. Although the report reviews Bowdoin’s history, its real starting point is the 1960s, when the college was both turning away from its religious roots and preparing to admit women. Bowdoin still required four semester courses in each of three areas -- humanities, math and science -- and in social studies. One could say 1960s students had a common education. Soon, however, this changed. In 1970, in the name of liberating students from “forced exposure” to certain academic areas, the college dropped requirements unrelated to a major. Like many other colleges, Bowdoin introduced official identity studies through what was then called Afro-American studies. In the 1980s, women’s studies was added as a minor. Gay and lesbian studies came along at some point, as well. All these shifts affected campus life. To many, they seemed a warranted expansion at a stodgy institution. And the undergrad who sought traditional general classes such as “Survey of English Literature” could find them. Bowdoin could claim it offered the best of old and new worlds. This Bowdoin of the 1980s and early 1990s is the Bowdoin that most parents tell themselves still exists. Endless Evolution Yet, as Wood and Toscano show, Bowdoin itself didn’t freeze in the 1980s. It shifted further, with the identity classes proliferating to the present day. Where once there was only one true identity program, Afro-American studies, now there are five: Africana studies, Asian studies, gender and women’s studies, gay and lesbian studies, and Latin American studies. One in five courses offered to undergraduates in fall 2011 was either about a distinct identity or “green,” relating to the environment. Surveys, including coursework on Western civilization, faded: Today, 4.4 percent of Bowdoin’s classes are surveys versus 14.2 percent in 1964. Courses with traditional names also increasingly emphasize identity. In 2006, Bowdoin introduced a new requirement, a first-year seminar , “designed to help introduce students to what it means to undertake serious intellectual work at the college level.” In 2012, about 10 of the 35 first-year seminars emphasize the difference in identity groups and affiliate with identity-studies programs: “Africana Studies 12: Affirmative Action and United States Society,” “Anthropology 13: Beyond Pocahontas, Native American Stereotypes,” “Gay and Lesbian Studies 17: The Sexual Life of Colonialism.” Students are getting a common education of a sort -- in political correctness

UDN COM November Sales Rise 2.33% (Table) : 3505 TT

http://www.bloomberg.com/news/2011-12-09/udn-com-november-sales-rise-2-33-table-3505-tt.html

UDN COM (3505) said unconsolidated sales in November rose 2.33% to NT$19,944,000 from NT$19,490,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 11/2011 11/2010 Sales 19,944 19,490 YOY% 2.33% -----------------Year-to-date----------------- Sales 200,186 198,374 YOY% 0.91% =================================================================

California Deficit May Widen by $1 Billion or More, Brown Says

http://www.bloomberg.com/news/2012-04-18/california-deficit-may-widen-by-1-billion-or-more-brown-says.html

California’s $9.2 billion budget deficit may widen by $1 billion or more because lawmakers resisted early spending cuts and lawsuits blocked other reductions, Governor Jerry Brown said. Democrats who control the Legislature have balked at about $1 billion of reductions to social services and higher education that Brown proposed in January. He had wanted some of the spending cuts made by last month. Lawmakers have said they want to wait until revenue estimates are revised in May. California, the most-indebted state, has fought deficits every year since 2007 as tax collections suffered from the longest recession since the 1930s. Brown has proposed more than $4 billion in cuts and wants voters to boost sales and income taxes that he said would raise about $7 billion a year. He’ll revise his budget estimates next month, once April tax collections are counted. “It could be as much as a $1 billion, or more,” Brown told reporters who asked about the deficit following a speech to the California Medical Association yesterday in Sacramento. “It will be bigger than it was before because we’ve been stopped in the courts, by the federal government and by delays.” “I laid out a proposal and it wasn’t accepted at the time, so now the challenge will grow,” the 74-year-old Democrat said. “Whether it’s one billion or a couple of billion, we will let you know in a couple of weeks.” Built Into Budget Brown built revenue from the tax increases into his spending plan for fiscal 2013 and inserted a provision that triggers $4.8 billion in cuts to schools if voters reject the higher levies. If the deficit does grow, lawmakers could agree to increase the cuts triggered midway through the year or approve additional reductions that would take effect July 1. Taxes in the past nine months have lagged behind the governor’s plan by about $1 billion. April is when about 15 percent of all state income tax revenue is collected. This month through yesterday, the state has collected $1.95 billion ; Brown’s budget calls for $9 billion. The prospect that the state’s fiscal health is weakening hasn’t diminished the appetite for the state’s bonds. When California sold $1.35 billion of debt April 12, Treasurer Bill Lockyer was able to price bonds maturing in 10 years at 73 basis points higher than a Bloomberg Fair Value index of top-rated municipal debt. The spread , or difference compared with AAA securities, hasn’t been that small since December 2008, according to data compiled by Bloomberg. Third-Best Performer California state and local bonds maturing in 10 years are the third-best performer this year, including price gains and interest, among 27 states tracked in a Standard & Poor’s index. Brown reached a deal with California’s second-largest teachers union in March to merge his tax increase proposal with a version they offered, to eliminate competition on the ballot. The agreement would ask voters to raise the sales tax , already the highest in the U.S., to 7.5 percent from 7.25 percent, and boost rates on income starting at $250,000. Those making $1 million or more, now taxed at 10.3 percent, would pay 13.3 percent, the most of any state. To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

BBC Journalists Stage 48-Hour Strike Over Pension Plans, Telegraph Says

http://www.bloomberg.com/news/2010-11-05/bbc-journalists-stage-48-hour-strike-over-pension-plans-telegraph-says.html

British Broadcasting Corp. journalists, including radio and television news presenters, started a 48-hour strike over pensions today, forcing the state- funded broadcaster to curtail programs and run pre-recorded shows, the Daily Telegraph reported, citing union leaders. Much of the organization’s 24-hour news channel, Radio 5 Live, was devoted to prerecorded., and the BBC News 24 television channel ran old feature material and interviews, the newspaper said. BBC news staff are protesting against plans to curtail final salary pensions in an effort to bridge a fund shortfall of as much as 2 billion pounds ($3.25 billion), according to the Telegraph. Click here for web link To contact the editor responsible for this story: Chris Peterson at cpeterson@bloomberg.net

Fewer U.S. Homes Were `Under Water' in Third Quarter as Foreclosures Rose

http://www.bloomberg.com/news/2010-12-13/fewer-u-s-homes-were-under-water-in-third-quarter-as-foreclosures-rose.html

The number of U.S. homes worth less than the debt owed on them dropped in the third quarter, largely because of mounting foreclosures rather than a rise in property values, according to CoreLogic Inc. About 10.8 million homes, or 22.5 percent of those with mortgages, were “underwater” as of Sept. 30, the Santa Ana, California-based real estate information company said in a report today. That was down from 11 million, or 23 percent, at the end of June, the third straight quarterly decline. Falling property values and unemployment near 10 percent have spurred a surge in foreclosures. The number of homes offered in foreclosure auctions averaged 110,000 a month in the third quarter compared with about 98,000 in the same period a year earlier, said Mark Fleming , CoreLogic’s chief economist. “There are two ways to reduce negative equity,” Fleming said in a telephone interview today. “Price appreciation or disposition, which means people getting taken out of their homes. At the moment, there’s more disposition.” A further decline in prices threatens to increase the number of homeowners with negative equity, Fleming said. U.S. home values will probably drop $1.7 trillion this year after rising foreclosures and the expiration of buyer tax credits that boosted demand early in the year, Zillow Inc. said Dec. 9. More than $1 trillion of the drop came in the second half, according to Zillow, a Seattle-based real estate data company. 2012 Bottom The asset value of real estate held by U.S. households fell by $649 billion in the third quarter to $16.6 trillion, the Federal Reserve said Dec. 9. Home prices may drop as much as 11 percent more through the first quarter of 2012 before finding a bottom, according to a Morgan Stanley report last week. “House prices are going to fall more next spring and that will bring more negative equity,” Fleming said. Negative equity discourages homeowners from maintaining their property or their payments, “because their financial interest (the equity) has disappeared and has only a small prospect of returning soon,” CoreLogic said. About 2.4 million borrowers had less than 5 percent equity in their home from June through September, bringing the total amount of mortgaged homes underwater or near negative equity to 27.5 percent. Banks seized a record of 288,345 homes in the third quarter, up 7 percent from the previous three months and 22 percent from a year earlier, RealtyTrac Inc., an Irvine, California-based real estate data service, said in October. Nevada Leads In Nevada, 67 percent of homes with mortgages were underwater in the third quarter, more than any state, CoreLogic said. It also has the highest rate of foreclosure filings, with one in 79 households receiving a notice of default or foreclosure in October, according to RealtyTrac. Arizona had the second-highest percentage of underwater homes, at 49 percent, followed by Florida at 46 percent, Michigan at 38 percent and California at 32 percent, CoreLogic data show. States with the lowest rate of underwater homes included Oklahoma at 6 percent, New York at 7 percent, Pennsylvania and North Dakota at 7.4 percent and Montana at 7.7 percent. The total value of negative equity in the period was $744 billion, compared with $800 billion at the end of 2009. The report is based on data from 48 million properties with mortgages, comparing public records of outstanding debt on first- and second-liens with CoreLogic’s proprietary valuation models for residential properties. To contact the reporter on this story: John Gittelsohn in New York at johngitt@bloomberg.net. To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net .

Cenveo Said to Set Rate on $65 Million Loan to Refinance Debt

http://www.bloomberg.com/news/2012-05-31/cenveo-said-to-set-rate-on-65-million-loan-to-refinance-debt.html

Cenveo Inc. (CVO) , the world’s largest envelope manufacturer, set the interest rate it will pay on a $65 million add-on term loan B to refinance debt, according to a person with knowledge of the transaction. The debt will pay interest at 512.5 basis points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private. Libor, the rate banks say they can borrow in dollars from each other, will have a 1.5 percent floor. Cenveo is proposing to sell the loan at 99 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors. Lenders are being offered six months of soft-call protection of 101 cents from the date of the repricing, said the person, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first six months. Investors who agree to the transaction are being offered a 37.5 basis-point fee, the person said. A basis point is 0.01 percentage point. Bank of America Corp. is arranging the transaction for the Stamford , Connecticut-based company and investors must let the bank know by June 5 if they will participate in the deal, according to the person. The company’s existing term loan pays interest at 4.75 percentage points more than Libor, with a 1.5 percent floor and was sold to investors at 99 cents on the dollar, according to data compiled by Bloomberg. Robert Burton Jr., president of Cenveo, didn’t immediately respond to an e-mail seeking comment. To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Merkel Says Euro Crisis Recovery Is Worth Austerity Pain

http://www.bloomberg.com/news/2012-12-17/merkel-says-euro-crisis-recovery-worth-pain-brought-by-austerity.html

Chancellor Angela Merkel said the promise of lifting the euro area out of its debt crisis is worth the pain that’s being caused by German-inspired austerity. Merkel cited progress in crisis management over the last 2 1/2 years and lauded European leaders for establishing fiscal rules and the foundation for a so-called banking union. Speaking to members of the foreign press today in Berlin, she added that “we’re not at the end of the road.” “We still have a distance to go,” Merkel said. “Still, I’m convinced that our path has been the right one, even if it’s meant a huge challenge for many people in Europe -- the biggest and most difficult of those being youth unemployment.” The German leader, asked whether she had dissuaded the Spanish government from seeking bailout assistance or if she’d pressed Italy’s Mario Monti to hold on to his premiership, said governments and leaders must make their own decisions. “If somebody asks me for counsel in a friendly way and we discuss things, I don’t give recommendations, nor do I say what one shouldn’t do -- rather I give my assessment,” Merkel said. “A decision on who or what requests assistance or not is always a completely autonomous decision of each government.” Rajoy Praised Merkel lauded Spanish Prime Minister Mariano Rajoy for his efforts to control the country’s budget and shore up its banks and said efforts undertaken by European leaders had eased Spain ’s burden, including on borrowing costs. “I want Spain to have great success and I think especially since we’ve started the process of bank recapitalization, if you look at the interest rates , I think we’ve had success as far as Spain’s concerned,” Merkel said. In a speech in Berlin later today, Merkel termed the EU a “unique project of civilization” that’s worth every effort to maintain. “The EU is currently going through its biggest test” since its founding treaty of 1957, Merkel said. To contact the reporters on this story: Patrick Donahue in Berlin at pdonahue1@bloomberg.net ; Brian Parkin in Berlin at bparkin@bloomberg.net To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Japan May Overhaul Property Trust Regulations, Land Deputy Minister Says

http://www.bloomberg.com/news/2010-09-07/japan-may-overhaul-property-trust-regulations-land-vice-minister-says.html

Japan will consider relaxing tax requirements as part of changes to rules for real estate investment trusts after the market shrank by more than half in the past three years, a land minister said. The government may revise the regulation to allow the trusts, known as J-REITs, to retain more than 10 percent of their earnings to finance operations, said Sumio Mabuchi , vice minister of the Ministry of Land, Infrastructure, Transport and Tourism. Currently, J-REITs must pay out more than 90 percent of their profit to investors as dividends to receive tax breaks. “The REIT market has shrunk too much,” Mabuchi said in an interview in Tokyo. “We must consider ways for REITs to retain some of their earnings without losing tax breaks, because currently they are forced to keep seeking financing as they tend to pay out nearly all their earnings.” The changes being considered are the second effort by the government in a year to revive the J-REIT market after Japan’s 37-member TSE REIT Index lost 65 percent from its peak in May 2007 as the global credit crisis made it harder to refinance loans and raise capital to buy properties. Japan opened the REIT market in September 2001, playing catch-up in developing the securities pioneered by the U.S. in the 1960s. The draft of the bill may be ready for debate in the next year’s parliament session, which usually starts in January, Mabuchi said. He declined to elaborate further, saying that it will depend on discussions within a committee that was formed to promote real-estate investments. Stable Dividend The REIT benchmark was little changed, down 0.01 percent at the 3 p.m. local close in Tokyo, trimming an earlier loss of as much as 0.7 percent. Under the current regulation, J-REITs typically pay out almost 100 percent of their earnings to investors, partly because they want to make sure they achieve the above 90 percent requisite after audit to receive tax breaks, said Hirotaka Uruma , the chief financial officer at Daiwa House Morimoto Asset Management Co. in Tokyo. “There is not much buffer under the current rules,” said Uruma. “A revision to lower that requirement would help REITs’ operations and stabilize dividend payouts.” The government may also consider granting J-REITs the ability to issue convertible bonds to help them boost finances, Mabuchi said. The trusts can currently only raise funds by selling new shares, bonds and properties, and taking out loans. “We probably need to look at the issue from its root,” said Mabuchi. “That may mean reviewing the actual set up of the Japan REIT market from the very beginning.” J-REITs represent about 20 percent of Japan’s 45 trillion yen ($535 billion) securitized real estate market, government data show. The market was created as a financial tool that pools assets into tradable securities, making investments easier and creating liquidity in the property market. The bankruptcy of New City Residence Investment Corp., a residential REIT, in October 2008, prompted the government to introduce a fund that would invest as much as 500 billion yen to help J-REITs refinance their debt last year. The TSE REIT Index had a record market value of about 6.79 trillion yen in May 2007, compared with about 3 trillion yen today. To contact the reporters on this story: Kathleen Chu in Tokyo at Kchu2@bloomberg.net ; Katsuyo Kuwako in Tokyo at kkuwako@bloomberg.net Enlarge image Japan May Overhaul Property Trust Regulations Tomohiro Ohsumi/Bloomberg Residential buildings in Tokyo. Japan will consider relaxing tax requirements as part of changes to rules for real estate investment trusts after the market shrank by more than half in the past three years, Mabuchi said. Residential buildings in Tokyo. Japan will consider relaxing tax requirements as part of changes to rules for real estate investment trusts after the market shrank by more than half in the past three years, Mabuchi said. Photographer: Tomohiro Ohsumi/Bloomberg //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

Monte Paschi Wins Backing From EU’s Almunia for Aid Plan

http://www.bloomberg.com/news/2013-09-07/monte-paschi-wins-backing-of-eu-s-almunia-for-italian-aid-plan.html

Banca Monte dei Paschi di Siena SpA , engulfed by investigations into alleged misconduct of former managers, won the top European antitrust regulator’s support for a 4.1 billion-euro ($5.4 billion) bailout after agreeing to raise more than twice the capital previously planned. European Union Competition Commissioner Joaquin Almunia told reporters yesterday the bailout plan should receive final approval within two months. The plan stipulates Monte Paschi raise 2.5 billion euros in capital next year, Italy’s Treasury said in an e-mailed statement today. The previous plan was for a 1 billion-euro capital increase. Final approval from the EU will enable Chief Executive Officer Fabrizio Viola to dispose of assets and branches in an effort to return the lender to profit amid Italy’s longest recession in 20 years. Monte Paschi, the world’s oldest bank, is seeking to raise funds from investors to repay state aid after it abolished a cap on voting rights in July. “All these things, very important things that were difficult and were discussed before the summer have been solved,” Almunia said. “We need to draft the decision.” Debt to Equity If the bank fails to raise the targeted amount, Monte Paschi debt owned by the Italian government will be converted into equity. So-called Monti bonds are those bought by former Prime Minister Mario Monti ’s government in a bailout. Italian regulators must now write a formal plan based on the agreement announced yesterday and submit it to the EU. The plan will include cost cutting measures and changes to the business model, said Almunia. Monte Paschi’s holdings of Italian debt are a concern for EU regulators, he said. “We noted that the size of this public debt portfolio was quite high,” Almunia said. “In our view, this should be gradually reduced to an adequate level during the implementation of the restructuring plan.” The plan must be approved by the bank’s board of directors, Italy’s Treasury and central bank, the Treasury said today. Almunia, who met yesterday with Italian Prime Minister Enrico Letta and Finance Minister Fabrizio Saccomanni, said his office reached “a political agreement” with Italy that must be formally ratified. The EU resisted Italy’s original bailout plan and insisted in recent months on changes. EU regulators indicated they sought tougher measures on cost-cutting, executive pay and treatment of creditors to approve the restructuring, according to a July 16 letter from Almunia to Saccomanni. Monte Paschi, controlled by Fondazione Monte dei Paschi di Siena, posted a loss of 279.3 million euros in the second quarter after net interest income dropped. The lender pays 9 percent interest on the bonds it sold to the government in the bailout and must pay with its own stock if it’s unprofitable. Prosecutors are probing whether former managers at Monte Paschi, which piled up losses of 7.9 billion euros in the past two years, obstructed regulators, manipulated the stock and falsified accounts after stretching its finances with the purchase of Banca Antonveneta SpA in 2008. To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net ; Andrew Frye in Rome at afrye@bloomberg.net To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

London Underground Workers Can Strike Today Over Pay, London Judge Says

http://www.bloomberg.com/news/2010-06-23/london-underground-workers-are-set-to-strike-today-in-dispute-over-pay.html

London Underground maintenance workers can go on strike today after a U.K. judge refused to block the walkout. Judge Michael Tugendhat declined to grant an injunction sought by Tube Lines Ltd. to halt the strike, which is scheduled to start today at 7 p.m. in London. Tugendhat didn’t give his reasoning for the decision. About 1,000 workers are scheduled to stage two 48-hour stoppages today and again on July 14. The Piccadilly, Northern and Jubilee Lines will be the worst-affected. Charles Bear, the lawyer for Tube Lines Ltd., argued that the National Union of Rail, Maritime and Transport Workers supplied the company incorrect data on the number of workers in various positions that would participate in the strike. The union ‘is trying to bring the London Underground system to a halt as much as possible,” Bear said. “There is an obvious discrepancy” in the data. A new pay offer from Tube Lines , which maintains and upgrades three London routes, will be considered by union representatives today, the RMT said before the ruling. London Underground said in a statement on its website before the court ruling that it planned to “operate a full service to customers across the whole network, including on the Jubilee, Northern and Piccadilly lines,” throughout the strike. “Safety is London Underground’s top priority and we would never run trains if it was not safe to do so,” a spokesperson, who wasn’t identified, said on the site. To contact the reporter for this story: Lindsay Fortado in London at lfortado@bloomberg.net. To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net About 1,000 London underground workers are scheduled to stage two 48-hour stoppages today and again on July 14. Photographer: Suzanne Plunkett/Bloomberg //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

IEA Oil Release May Lift Tanker Demand, Top Ships CEO Says

http://www.bloomberg.com/news/2011-07-01/iea-oil-release-may-lift-tanker-demand-top-ships-ceo-says.html

The cost of shipping refined oil products in the Mediterranean Sea may rise as stock releases by International Energy Agency members increases tanker demand, Top Ships Inc. said. Italy, France, Spain and Turkey will collectively release about 9.1 million barrels of oil products over 30 days, according to the IEA. That’s about 1.1 million metric tons, or enough cargoes for 37 medium-range tankers. “If the IEA releases an amount of oil products, the number of cargoes will increase while the number of ships will remain the same,” Evangelos Pistiolis, chief executive officer, of Athens-based Top Ships, said by phone today. “Shipping rates are very low because there are far more ships than cargoes. It will help the market during the summer period in July.” IEA members will release 60 million barrels of oil from strategic reserves over 30 days beginning today, to make up for a Libyan production shortfall due to unrest in the country and to curb high prices, the agency said June 23. Half of the crude will come from the U.S. Strategic Petroleum Reserve. The IEA said it would make emergency stocks available in 12 member countries. Charter rates for medium-range tankers shipping cargoes across the Mediterranean Sea, normally carrying 30,000 tons of refined oil products, dropped 0.4 percent today to 137.22 Worldscale points, according to the Baltic Exchange in London. Daily rental income for medium-range tankers, which varies with changes in fuel costs, slid 4.7 percent to $10,052. The price, the lowest since June 17, is down 40 percent since the end of March and down 8.9 percent this year. To contact the reporter on this story: Robert Sheridan in London at rsheridan6@bloomberg.net To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

Illegal Scrap Metal Exports Cost Ghana $40.1 Million Last Year, Times Says

http://www.bloomberg.com/news/2011-02-21/illegal-scrap-metal-exports-cost-ghana-40-1-million-last-year-times-says.html

Illegal exports of scrap metal from Ghana totaled 60 million cedis ($40.1 million) last year, depriving the West African nation’s four steelmakers of their main source of raw material, the Business & Financial Times said. As many as 5,000 shipping containers of used metal left the country last year labeled as shea nuts, cashews, teak wood or other products, the Accra-based newspaper said, citing Mark Tchorly, chief collector in charge of exports at Ghana’s Tema port. Ghana banned scrap metal exports in 2004, the Times said. To contact the reporter on this story: Jason McLure in Accra on jmclure@bloomberg.net To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

London Will Start Hosting Annual Professional Road Cycling Race Next Year

http://www.bloomberg.com/news/2012-01-26/london-to-host-professional-road-cycling-race-starting-in-2013.html

London will host an annual professional cycling road race starting in August 2013. The two-day race will be combined with a mass participation road event, Daniel Ritterband, Mayor of London’s director of marketing and 2012 communications said at a press conference. “This will become one of the biggest cycling events in the world in years to come,” Jonny Clay, British Cycling’s cycle sport and membership director, said in an interview. Organizers are in talks with cycling governing body UCI about adding the London race to its World Tour schedule, which includes Paris-Roubaix and the Tour of Flanders, Clay added. To contact the editor responsible for this story: Bob Bensch at bbensch@bloomberg.net

Blackouts Remain for 4.8 Million as Power Repairs Begin

http://www.bloomberg.com/news/2012-11-01/blackouts-remain-for-4-8-million-as-power-repairs-begin.html

The pace of power restoration following Hurricane Sandy has fallen behind that of last year’s Hurricane Irene , when utilities promised to make improvements after being lambasted by consumers and local lawmakers for their slow response. Four days after the U.S. Energy Department began issuing notices on the storm, 45 percent of U.S. customers who lost electricity have been reconnected, compared with 51 percent in the same period after Hurricane Irene, according to data analyzed by Sam Brothwell , senior utilities analyst for Bloomberg Industries. About 4.5 million homes and businesses in more than a dozen states remained without power as of 2 p.m. local time today, the department reported. That’s after power was restored to 4 million of the estimated 8.5 million customers who lost it during the storm. “Folks are really annoyed and impatient,” Senator Richard Blumenthal , a Connecticut Democrat, said today in a phone interview. “It’s verging on anger at this point.” Full restoration may take as much as two weeks longer in New Jersey, where 1.8 million customers, 45 percent of the state, had no power today. FirstEnergy Corp. (FE) said it will have “the majority” of its customers online in seven days. “Customers in the hardest-hit areas are expected to be restored in an additional seven days,” the Akron, Ohio-based company, owner of Jersey Central Power & Light, said in a statement yesterday. Connecticut Investigation About 350,000 homes and businesses in Connecticut, hit last year both by Irene in August and an unseasonably early snowstorm that downed trees and power lines in October, are without power, according to the Energy Department. “They are watching crews go elsewhere,” Blumenthal said. “They’ve seen this movie.” Connecticut Governor Dan Malloy , also a Democrat, investigated last year’s storm responses by Northeast Utilities (NU) ’ Connecticut Light & Power and United Illuminating, the utility unit of UIL Holdings Corp. (UIL) After the investigation identified failures and weaknesses, the state imposed tighter standards. “The utilities are better prepared,” Blumenthal said. “Whether they are adequately prepared remains to be seen. The proof is in the results.” New York City utility owner Consolidated Edison Inc. (ED) wasn’t prepared for the record 14-foot (4.3-meter) tide, higher than forecast, that overwhelmed lower Manhattan , flooding its underground electrical system, John McAvoy, senior vice president for central operations for Con Edison, told reporters Oct. 30. Sandbagging Substations Public Service Electric & Gas Co., the utility for about three-quarters of New Jersey ’s population, sandbagged electrical substations to avoid a repeat of Irene’s flood damage. It couldn’t prepare for the “wall of water” that arrived with Sandy, Ralph Larossa, the utility’s president, said on a conference call with reporters Oct. 30. Effective storm restoration began about two days after the storm and initially was at a pace slightly faster than that following Irene, according to Brothwell’s chart of Energy Department data. That head start vanished today, he wrote. “By day four, day five, patience will start to run thin,” Gregg Edeson, a Los Angeles-based utility industry consultant and executive at PA Consulting, said in an Oct. 30 interview. “I really do think you’ll see a better coordinated effort, but at the end of the day, it’s going to take some time to get customers restored.” Frustrated Customers “We know people are frustrated because they don’t see crews, but we are coming,” said Chris Eck, a spokesman for Jersey Central Power & Light. Workers have been focused on restoring high-voltage transmission lines, and then moving on to sub-transmission and substations, Eck said in a telephone interview. Once repairs are done at substations, crews will move into neighborhoods. As of 8 a.m. local time, 830,000 Jersey Central customers lacked power, Eck said. The utility has restored power to 370,000 customers. “The storm did massive damage to our entire infrastructure,” Eck said. To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

Apple Urged by China Dissident to Act Against One-Child Rule

http://www.bloomberg.com/news/2012-09-06/apple-urged-by-chinese-dissident-to-act-against-one-child-policy.html

Chen Guangcheng , the Chinese dissident whose flight to the U.S. in April roiled U.S.-China relations , said iPhone-maker Apple Inc. (AAPL) should take a more outspoken role criticizing China for its one-child policy. Apple, which hires manufacturers to assemble products such as the iPhone and iPad in China, can help stop forced abortions and other coercive population control measures, Chen said in an interview this week. The blind human-rights activist is betting that Apple’s presence in China and the popularity of its products there will help draw attention to the issue. “Apple in China should take a very active role,” Chen said. “There’s a huge social responsibility for these international corporations like Apple.” This is the first time since arriving in the U.S. that the civil rights activist is speaking against his country’s forced birth-control policy, the issue that led to his arrest and jail term in China. Chen received a fellowship to study at New York University after seeking help at the U.S. embassy in Beijing just as high-level talks between the two countries got under way in April. Chen and other China human-rights advocates are seeking a meeting with Apple Chief Executive Officer Tim Cook to discuss their concerns. They sent a letter to Cook last week asking Apple to adopt measures to end coercive family planning practices in its factories. The proposals included prohibiting access to factories for government family-planning officials and refusing to report women who are pregnant without birth permits. The group also wants other companies, including Cisco Systems Inc. (CSCO) , to urge the Chinese government to drop its policy. Responsibility Report China’s Foreign Ministry didn’t immediately respond to a faxed request for comment. Cai Feng, an official with the National Population and Family Planning Commission’s news department, directed requests for comment to the agency’s international cooperation department. Calls to that department weren’t answered today. Introduced in the late 1970s and made mandatory in 1980, China’s one-child policy restricts most married couples to having one child in order to control population growth in the country of 1.3 billion. Migrant women must provide certificates showing their childbearing and birth-control status to the provincial government where they work, according to government regulations. Employers are required to play a role in family planning and accept government supervision, the national commission says on its website. Broader Action Apple said in its most recent annual corporate responsibility report that 24 facilities it audited conducted pregnancy tests of female workers and that 56 didn’t have policies and procedures that prohibit discriminatory practices based on pregnancy. Apple said it classified these practices as discrimination, even if permitted by local law, and that the suppliers had stopped the screenings. Apple has said it will stop doing business with suppliers who can’t meet its code of conduct. Apple relies on Foxconn Technology Group, Hon Hai Precision Industry Co. (2317) and others to build its products. Steve Dowling, a spokesman for Apple, declined to comment beyond information provided in the company’s corporate- responsibility report, where it says it considers conducting pregnancy tests discriminatory. State Department Chen and his group didn’t provide any evidence that Apple has been tied to forced abortions or other coercive birth- control measures. John Earnhardt, a spokesman for Cisco, didn’t respond to a call seeking comment on Chen’s assertions. Geng Shuang and Gao Yuan , spokesmen for the Chinese embassy in Washington, didn’t respond to two e-mails and a phone call seeking comment. After more than three decades of strict birth control, China’s Communist Party is tolerating debate on the policy as it risks restraining economic growth as the nation ages and the labor force shrinks. However, in his annual report to lawmakers in March, Premier Wen Jiabao said China will continue to keep its birth rate low. “As a matter of U.S. policy, any coercive measures, including forced abortion, we deplore,” Assistant Secretary of State Michael Posner , who oversees democracy, human rights and labor issues for the State Department, said during a July 25 briefing on the 17th U.S.-China Human Rights Dialogue. Posner said the U.S. would continue to raise the issue when asked about China’s one-child policy by reporters. Role Model Chen’s group said it is working with U.S. lawmakers to craft legislation giving companies a one-time waiver to repatriate cash being held overseas if they chose to move manufacturing from China to the U.S., a tax break they say could be worth about $25 billion for Apple. Chen and his group said they aren’t trying to single out Apple and instead see the company as a potential leader on this issue. Because of its size and appeal among consumers, Apple has a greater responsibility to act, he said. “Apple is in a unique position to take a leadership role in standing up against coercive family planning in China,” Chen and the other activists wrote in the letter to Apple’s CEO. Apple is being targeted first by Chen and fellow activists because it’s the leading company in technology and the world’s largest company by market value, said Andrew Duncan, a film producer and human rights advocate. Duncan is working with Chen, along with Bob Fu, the president of China Aid, and Reggie Littlejohn, who operates Women’s Rights Without Frontiers. Latest Challenge “Give the voiceless a voice -- that’s what we’re asking Apple to do,” said Duncan, a former private-equity executive. “Apple is the leader of corporate America.” Chen, a self-taught lawyer and prominent opponent of forced abortions under China’s one-child policy, praised Google Inc. (GOOG) for shutting down its China website in 2010 after the operator of the world’s largest search engine said it would no longer filter results to comply with Chinese regulations to self-censor content. “The bold step taken by Google showed tremendous courage and had impact on China,” Chen said. Chen’s letter is the latest challenge to Apple’s manufacturing operations in China, which has been a source of criticism, particularly after at least 10 suicides at a Foxconn factory in 2010. China Labor Watch has accused Apple of enabling excessive overtime, poor pay and unsafe working environments. Building Electronics In response, Apple in January partnered with the Fair Labor Association to conduct independent audits of facilities where its products are made. The Fair Labor Association said last month that Foxconn had cut working hours and improved safety at a faster pace than had been scheduled in its agreement with the group. Cook also visited China this year, where he toured factories and met with government officials. Apple isn’t alone in using manufacturers such as Foxconn in China to build some of the world’s leading consumer electronics. Samsung Electronics Co. (005930) , Microsoft Corp. (MSFT) , Dell Inc. (DELL) and Hewlett- Packard Co. (HPQ) also use a network of suppliers in China to manufacture its devices. Last month, Samsung was accused by New York-based China Labor Watch of using underage workers at a Chinese assembler. Samsung said it didn’t find underage workers at the facility. “It is totally unacceptable for these corporations to just concentrate on the financial benefit,” Chen said. “Corporations are made of human beings and we all have a responsibility to take a moral and conscious stand.” To contact the reporters on this story: Sara Forden in Washington at sforden@bloomberg.net ; Adam Satariano in San Francisco at asatariano1@bloomberg.net To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Four People in U.S. Linked to E. Coli Outbreak After Traveling in Germany

http://www.bloomberg.com/news/2011-06-03/four-u-s-e-coli-cases-are-tied-to-outbreak-in-northern-germany-cdc-says.html

Four reported U.S. cases of E. coli infections have been connected to the outbreak in Germany , raising the number from two, according to the Centers for Disease Control and Prevention. All four people were traveling in northern Germany before returning to the U.S. and becoming ill, Chris Braden, the director of the foodborne, waterborne, and environmental diseases division for the Atlanta-based CDC, said today on a conference call. At least 18 people have died and more than 1,800 cases of the infection triggered in Germany have been reported in the deadliest outbreak of the bacteria on record, according to health officials from the U.S. and the World Health Organization in Geneva. The U.S. gets 0.2 percent of its produce from Germany and Spain, because the shelf life of fresh fruits and vegetables is short, David Elder, the Food and Drug Administration’s director of regional operations, said. All produce from Germany and Spain is being checked by inspectors before it is allowed to enter the U.S., he said. “This outbreak has not affected the U.S.,” Elder said during the conference call with reporters. “There’s no reason for Americans to alter” their diets, he said. In addition to the four suspected cases in the U.S., two American military members, believed to be stationed in Germany, may also be ill with related infections, Braden said. To contact the reporter on this story: Elizabeth Lopatto in New York at elopatto@bloomberg.net. To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net .

Arms Deal to Cost South Africa 71 Billion Rand, City Press Says

http://www.bloomberg.com/news/2011-04-10/arms-deal-to-cost-south-africa-71-billion-rand-city-press-says.html

An arms deal announced in 1997 by then deputy president Thabo Mbeki will cost South African taxpayers about 71 billion rand ($10.7 billion) by the end of 2011, City Press said , citing research to be published in a book by former African National Congress member Andrew Feinstein. Defense Minister Lindiwe Sisulu said in January the deal will cost the country about 47 billion rand, the newspaper reported. This amount doesn’t include “hidden” financing costs which total about 49 percent of the total expense, Paul Holden, the book’s lead researcher, was quoted as saying. To contact the reporter on this story: Lauren van der Westhuizen at at lvanderwesth@bloomberg.net. To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net .

Eletropaulo Plans Biggest Brazil Smart Grid to Fight Power Theft

http://www.bloomberg.com/news/2013-04-29/eletropaulo-plans-biggest-brazil-smart-grid-to-fight-power-theft.html

Eletropaulo Metropolitana de Eletricidade de Sao Paulo SA , Brazil ’s biggest power distributor by market value, will invest 72 million reais ($36 million) through 2015 in the country’s largest smart-grid project to help curb electricity theft. Eletropaulo will install 60,000 meters that use wireless technology to remotely monitor power consumption in all residential, commercial and industrial buildings in Barueri, a Sao Paulo suburb, President Britaldo Pedrosa Soares said today at an event announcing the project. The wireless devices will let Eletropaulo identify clients that are stealing power and cut them off remotely, without sending employees to check meters in person, Soares said. The AES Corp. unit, which loses 3.8 percent of its power to thieves, expects the meters to pay for themselves in about eight years. “We did all the studies and this investment made sense,” Sidney Simonaggio, vice president of operations at Eletropaulo, said at the event. “The idea is to replicate this project in other areas.” Eletropaulo, based in Sao Paulo, will invest 37 million reais from funds it’s required under Brazilian law to spend on research and development, Soares said. The rest will come from a rate increase that will be determined later. Eletropaulo hasn’t decided what technology to use. It will announce by the end of June the required technical specifications and plans to begin installing meters next year that let customers manage their power consumption. The company also will install a basic model designed to detect theft for about 2,100 low-income families starting in June. To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Kenya to Crack Down on Illegal Coffee Exports to Boost Output

http://www.bloomberg.com/news/2012-02-17/kenya-to-crack-down-on-illegal-coffee-exports-to-boost-output.html

Kenya ’s coffee board plans to crack down on illegal exports of the beans to boost official production to 51,000 metric tons of the crop this year, Managing Director Loise Wanjira Njeru said. Last year, output was recorded at 36,629 tons in the 12 months through September when the actual figure may have been about 50,000 tons, Njeru said in an interview in Ethiopia ’s capital, Addis Ababa , yesterday. “The biggest next agenda is going to be how we track the coffee moving out,” she said. “We believe that the unofficial channels would account for the balance.” Kenya earned $221.7 million from the crop last year, compared with $171.3 million a year earlier, according to the Kenya Coffee Producers and Traders Association. Output may reach 70,000 tons within the five years as a debt-write off for farmers and investment in inputs such as fertilizers boost productivity, Njeru said. Yields should be at least 5 kilograms (11 pounds) per tree instead of the current 2 kilograms, according to Njeru. “If we have 50 percent of farmers at 5 kilograms we would still be able to make the 70,000 tons” target, she said. “Productivity is our biggest undoing.” Kenya also plans to grow coffee in new areas after plantations were lost to real-estate development, said Njeru. “We will shift to the west of the Rift Valley where we still have huge tracts of land suitable for coffee growing,” she said. To contact the reporter on this story: William Davison in Addis Ababa via Nairobi at pmrichardson@bloomberg.net. To contact the editor responsible for this story: Paul Richardson in Nairobi at pmrichardson@bloomberg.net .

PRIME OIL CHEMIC June Sales Rise 26.64% (Table) : 2904 TT

http://www.bloomberg.com/news/2012-07-09/prime-oil-chemic-june-sales-rise-26-64-table-2904-tt.html

PRIME OIL CHEMIC said unconsolidated sales in June rose 26.64% to NT$48,664,000 from NT$38,428,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 6/2012 6/2011 Sales 48,664 38,428 YOY% 26.64% -----------------Year-to-date----------------- Sales 295,239 211,747 YOY% 39.43% =================================================================

Tunisian Financial Needs ‘In the Billions,’ Nabli Says

http://www.bloomberg.com/news/2011-04-15/tunisian-financial-needs-in-the-billions-nabli-says-1-.html

Tunisia has financial needs “in the billions” for this year and next, said the country’s central bank governor, Mustapha Kamel Nabli. Nabli, speaking to reporters in Washington today, said Tunisia is not in talks with the International Monetary Fund for financing now. He said international financial institutions are bringing “significant” support, citing the World Bank and the African Development Bank. “After this year as we move into a more stable political situation, we expect our economy will get growth and exceed what has been achieved before,” Nabli said. While Tunisia explores funding from financial markets as well as from bilateral contributors, “we need to see a better mix in terms of grants and lending because this is a very costly transition,” he said. Finance ministers from countries including France and the U.S. met yesterday with international financial institutions in Washington to see how they can work together on assisting Middle Eastern and North African countries, “notably Egypt and Tunisia, in their transitions toward more inclusive growth,” the U.S. Treasury said in an e-mailed statement yesterday. Hardship, Corruption The Arab world and North Africa have been shaken by anti- government demonstrations in which protesters have complained about economic hardship and corruption. Tunisian President Zine el Abidine Ben Ali left office on Jan. 14, followed by Egyptian President Hosni Mubarak , in command for three decades, on Feb. 11. The IMF estimates that financing needs from oil importers in the region will reach $100 billion over the next two years, Managing Director Dominique Strauss-Kahn told a panel in Washington today. “Who’s going to provide the money?” he said. “Hopefully, banks, markets, households in different countries.” “But there will be a gap,” Strauss-Kahn said. IMF had technical teams visit Egypt and Tunisia to assess the economic prospects in recent weeks and Strauss-Kahn said earlier this week the institution stands ready to help if needed. The World Bank is working with Tunisia on a $500 million budget support, coming with measures including improvement in access to information and transparency in public procurement, President Robert Zoellick said earlier this week. To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net To contact the editor responsible for this story: Scott Lanman at slanman@bloomberg.net

WAH LEE IND CORP June Sales Rise 24.78% (Table) : 3010 TT

http://www.bloomberg.com/news/2011-07-08/wah-lee-ind-corp-june-sales-rise-24-78-table-3010-tt.html

WAH LEE IND CORP said unconsolidated sales in June rose 24.78% to NT$1,933,382,000 from NT$1,549,395,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 6/2011 6/2010 Sales 1,933,382 1,549,395 YOY% 24.78% -----------------Year-to-date----------------- Sales 12,510,669 8,785,074 YOY% 42.41% =================================================================

BlackRock’s Fink More Bullish on U.S. Stocks Than Bonds as Dollar Weakens

http://www.bloomberg.com/news/2011-05-31/blackrock-s-fink-more-bullish-on-u-s-stocks-than-bonds-as-dollar-weekens.html

BlackRock Inc. (BLK) ’s Chief Executive Officer Laurence D. Fink said he’s more bullish on U.S. equities than bonds because companies are benefiting from the weak dollar and have surplus cash to invest for growth. “We love equities, we love dividend stocks,” Fink said in a Bloomberg Television interview today in Hong Kong. “You own Treasuries because you’re worried about the world and the future, but if you believe the world is a good place to invest for the long cycle, you have to be in equities.” Fink, one of the co-founders of BlackRock in 1988, built what is now the world’s biggest asset manager through acquisitions including the purchase in December 2009 of Barclays Global Investors. He said in a March 3 interview that he’s a “big buyer” of the U.S. dollar , doesn’t see a “ bear market ” in bonds and would buy Treasuries if yields rise above 4 percent. The 10-year Treasury yield was little changed at 3.08 percent as of 12:04 p.m. in Tokyo , according to Bloomberg Bond Trader prices. The rate slid to 3.0516 percent earlier today in Asia , matching the lowest level this year. Yields will advance to 3.84 percent by year-end, according to a Bloomberg survey of financial companies, with the most recent forecasts given the heaviest weightings. “If you just could get a 4 percent growth in equity markets and a 3.5 percent dividend, you’re earning 7.5 percent, basically approaching what your liabilities are,” Fink said today. “Global liabilities are anywhere from 7.5 percent to 8 percent and you can’t earn your liabilities earning 3.5 percent in 10-year Treasuries.” Pimco’s View Fink said he “would not be surprised” to see 10-year Treasuries yielding between 3.5 percent to 3.6 percent by the end of the year. Bill Gross , who runs the world’s biggest bond fund at Pacific Investment Management Co., is increasing his bet against U.S. government debt. Pimco’s $241 billion Total Return Fund had minus 4 percent of its assets in government and related debt at the end of April, versus negative 3 percent in March. Cash and equivalents accounted for 37 percent of holdings, the largest component, the Newport Beach , California-based company said in a portfolio holdings statement on its website. Pimco’s Total Return Fund can have a so-called negative position by using derivatives, futures or by shorting. Shorting is borrowing and selling an asset in anticipation of making a profit by buying it back after its price has fallen. Europe ’s Woes Europe’s financial problems aren’t confined to Greece and a reorganization of the continent’s banking system is necessary, Fink also said in the interview. Europe is going to need a “giant TARP,” Fink said, referring to the Troubled Asset Relief Program that the U.S. introduced to rescue financial firms. BlackRock advised the Federal Reserve on illiquid debt portfolios during the height of the financial crisis. Futures on the S&P 500 indicate shares may extend a three- day rally when markets resume trading today after yesterday’s Memorial Day holiday in the U.S. The gauge dropped in each of the last four weeks, the longest losing streak since February 2010. U.S. economic data this week is forecast to show the increase in U.S. payrolls this month slowed from April and the Institute for Supply Management ’s factory index likely fell to the lowest level since October. “The private sector truly is benefiting from the weak dollar, but still has $2.5 trillion in cash,” Fink said. “U.S. companies are stronger today than they ever have been. Their balance sheets are robust as ever and they’re starting to put that money to work.” Public Sector If the U.S. government were to reduce its deficit by $4 trillion over a 10-year period, economic growth would slow by 1 percent per annum, Fink said, adding he sees no evidence for more quantitative easing. “And so what I’ve told Democrats and Republicans in Washington is that for the first time, the public sector is not going to be the growth engine,” he said. “The public sector will be a destroyer of growth and for the U.S. to grow above trend, the partnership between government and business is even more important. The private sector has the energy and the financial wherewithal to grow above trend.” BlackRock , which manages about $3.65 trillion in its stock, bond and hedge funds , as well as its iShares exchange-traded funds, began as a fixed-income firm. In 2005, it bought State Street Research & Management to add more stock, real estate and hedge funds. In 2006, it purchased Merrill Lynch & Co.’s money- management unit and in 2008 it acquired a division of Quellos Group LLC to add hedge-fund assets. Its $15.2 billion purchase of Barclays Global Investors in 2009 was its largest transaction and added passive funds such as ETFs to its active stock and bond strategies. Asia Plans Fink said BlackRock had “huge plans” to grow in Asia. “Asia is one of our key growth elements over the next three to four years,” he said. “We’ve made a strong living through the exportation of dollar-based assets here to Asia. I believe our future will be much more towards the managing of local-currency products.” As policy makers in Beijing curb lending, “more and more Chinese companies are going to the corporate bond market. We’re going to be the beneficiary as those capital markets grow,” Fink said. To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net ; Rishaad Salamat in Hong Kong at rishaad@bloomberg.net ; Hwee Ann Tan at hatan@bloomberg.net To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

USDA Boxed Beef Cutout Midday Prices for May 24

http://www.bloomberg.com/news/2013-05-24/usda-boxed-beef-cutout-midday-prices-for-may-24-table-.html

May 24 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time. Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska. CHOICE SELECT 600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 209.93 191.11 Change from prior day: (1.44) (0.41) ------------------------------------------------------------------------------- Choice/Select spread: 18.82 Total Load Count (Cuts, Trimmings, Grids): 64 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 320.92 273.74 Primal Chuck 164.94 159.38 Primal Round 162.65 159.19 Primal Loin 319.63 265.87 Primal Brisket 135.35 136.74 Primal Short Plate 141.32 145.02 Primal Flank 113.40 113.20 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/23 60 52 14 19 145 211.37 191.52 05/22 70 74 12 36 192 211.20 192.19 05/21 50 60 12 24 145 210.66 192.97 05/20 53 69 9 14 146 210.25 193.41 05/17 49 38 6 15 108 209.51 192.31 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 210.60 192.48 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included. CURRENT VOLUME - (one load equals 40,000 pounds) Choice Cuts 27.13 loads 1,085,063 pounds Select Cuts 21.00 loads 840,012 pounds Trimmings 0.00 loads 0 pounds Ground Beef 15.68 load 627,125 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 3 2,744 633.68 678.00 668.91 112A 3 Rib, ribeye, bnls, light 4 3,934 697.00 742.00 717.30 112A 3 Rib, ribeye, bnls, heavy 12 8,441 695.00 745.00 724.51 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 6 19,284 205.00 210.00 208.83 114A 3 Chuck, shoulder clod, trmd 11 80,165 206.20 232.50 213.02 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 20 66,644 226.05 245.00 231.11 116B 1 Chuck, chuck tender (IM) 14 50,554 203.00 222.00 210.27 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 87,507 191.00 215.00 201.65 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 13 8,520 390.04 465.00 438.16 130 4 Chuck, short rib 6 24,194 308.00 326.00 314.19 160 1 Round, bone-in 161 1 Round, boneless 3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 21 108,811 216.00 242.00 223.92 168 1 Round, top inside round 17 132,532 195.00 214.00 205.48 168 3 Round, top inside round 6 21,030 215.00 227.00 219.82 169 5 Round, top inside, denuded 8 8,922 248.50 257.00 250.90 3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 2,370 196.00 201.00 199.81 171B 3 Round, outside round 25 119,753 198.50 215.00 202.56 171C 3 Round, eye of round (IM) 14 19,584 205.00 221.50 209.45 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 4 2,922 724.50 744.50 727.85 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 7 11,887 794.00 840.00 830.93 184 1 Loin, top butt, bnls, heavy 16 12,044 315.00 349.00 334.85 184 3 Loin, top butt, boneless 9 49,370 350.31 382.00 374.50 185A 4 Loin, bottom sirloin, flap 15 17,039 516.00 552.00 532.70 185B 1 Loin, ball-tip, bnls, heavy 8 19,272 300.00 300.00 300.00 185C 1 Loin, sirloin, tri-tip (IM) 7 5,505 349.50 365.00 353.27 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 32 60,245 989.00 1075.00 1009.39 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 7,486 445.00 480.00 460.15 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 4 4,426 518.32 535.82 526.00 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 12 21,936 523.85 592.00 568.49 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 0 0 114A 3 Chuck, shoulder clod, trmd 8 18,522 213.00 225.00 217.21 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 3,945 377.00 403.00 394.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 17 172,391 220.00 240.00 223.94 116B 1 Chuck, chuck tender (IM) 3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 10 73,984 195.38 221.00 206.70 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 5 14,883 373.86 465.00 389.79 130 4 Chuck, short rib 160 1 Round, bone-in 161 1 Round, boneless 0 0 3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 14 62,137 213.63 242.00 217.26 168 1 Round, top inside round 10 40,303 195.00 206.00 201.29 168 3 Round, top inside round 11 48,376 202.00 210.00 206.92 169 5 Round, top inside, denuded 3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 171C 3 Round, eye of round (IM) 11 28,955 200.38 209.50 204.52 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 5 2,438 600.93 615.00 609.96 184 1 Loin, top butt, bnls, heavy 4 4,689 269.05 320.00 302.87 184 3 Loin, top butt, boneless 6 9,987 296.00 340.00 304.05 185A 4 Loin, bottom sirloin, flap 7 42,269 495.00 518.00 509.65 185B 1 Loin, ball-tip, bnls, heavy 6 26,119 275.00 286.00 280.29 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 18 51,644 870.00 981.00 875.93 191A 4 Loin, butt tender, trimmed 3 3,650 858.23 921.00 864.43 193 4 Flank, flank steak (IM) 7 13,956 435.00 472.00 463.54 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 47,947 85.00 102.00 89.01 121D 4 Plate, Inside Skirt (IM) 18 66,757 363.00 400.00 387.89 121C 4 Plate, Outside Skirt (IM) 7 14,039 465.00 511.00 478.95 121E 6 Outside Skirt, pld (IM) 4 11,480 655.00 777.05 676.73 Cap, Wedge Meat & (IM) Lean 24 60,159 220.29 250.00 228.75 Pectoral Meat 11 26,078 219.14 240.00 223.70 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 8 70,327 160.58 176.00 166.99 Ground Beef 75% 0 0 Ground Beef 81% 29 500,997 177.00 203.00 177.77 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 3 13,694 220.58 249.86 240.17 Ground Beef Chuck 80% 11 27,274 181.25 212.00 195.46 Ground Beef Round 85% 3 1,753 224.00 224.00 224.00 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% 0 0 Blended Ground Beef 81% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% 0 0 Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. -------------------------------------------------------------------------------- A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

Safaricom of Kenya Jumps to More Than 4-Year High: Nairobi Mover

http://www.bloomberg.com/news/2013-03-11/safaricom-of-kenya-jumps-to-more-than-4-year-high-nairobi-mover.html

Safaricom Ltd. (SAFCOM) climbed to the higest in more than 4 1/2 years on bets earnings per share in the fiscal year ending this month will grow as much as 38 percent, according to Standard Investment Bank. Shares in the mobile-phone carrier, Kenya ’s biggest company by market value, rose 2.5 percent to 6.15 shillings by the 3 p.m. close in Nairobi, the highest since July 2008, according to data compiled by Bloomberg. About 10 million shares were traded, or 66 percent of the three-month daily average. “The market is expecting the company to report good numbers,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank, said by phone today. Safaricom, which is 40 percent owned by Vodafone Plc, said profit in the fiscal first half to Sept. 30 almost doubled to 7.77 billion shillings ($91 million). Income from MPESA, the company’s mobile money-transfer service, grew by a third to 10.4 billion shillings as the number of customers advanced to 15.2 million. Shares in Safaricom have rallied 22 percent this year, outperforming an 18 percent rise in the Nairobi Securities Exchange All-Share Index. To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

China’s SouFun June New Home Prices Jump on Increasing Sales

http://www.bloomberg.com/news/2013-07-01/china-s-june-home-prices-jump-on-increasing-sales-soufun-says.html

China ’s new home prices jumped in June by the most since they reversed declines in December, defying the government’s tightened property curbs as increased sales supported developers’ efforts to avoid price cuts. Prices surged 7.4 percent last month from a year earlier to 10,258 yuan ($1,671) per square meter (10.76 square feet), SouFun Holdings Ltd. (SFUN) , the nation’s biggest real estate website owner, said in a statement after a survey of 100 cities. Last month’s increase was the biggest since December, when prices climbed 0.03 percent, reversing a 0.46 percent fall in November. The Chinese government is facing a dilemma to cool the property market while sustaining growth in the world’s second-largest economy, according to Nomura Holdings Inc. The country stepped up a three-year campaign to cool home prices in March, while only the capital city of Beijing among 35 provincial-level cities issued the toughest measures, according to Centaline Property Agency Ltd., China’s biggest real estate agency. “Sales have been stable, but supplies didn’t increase; prices naturally will trend upwards,” said Dai Fang, a Shanghai-based analyst at Zheshang Securities Co., citing the current demand to own or upgrade first homes after speculators were driven out by government curbs. “The central government will probably still wait and see, as the current price increases are a result of market mechanisms.” ‘Remains Strong’ A gauge tracking property shares rose 1.1 percent at the close of trading in Shanghai, while the benchmark Shanghai Composite Index added 0.8 percent. The value of home sales rose 1.7 percent in May from the previous month to 503 billion yuan , the National Bureau of Statistics reported June 9. “Both new and existing-home transactions gradually stabilized recently in many cities, indicating that home buying demand remains strong,” SouFun said in the statement today. “Driven by the multiple factors including demand and a heated land market, the pressure for home-price increases is still relatively large” for the second-half of this year. China’s economy grew 7.7 percent in the first quarter, less than the 8 percent median forecast in a survey of 41 economists. Home prices rose 0.77 percent last month from May, narrowing by 4 basis points from the previous month on a month-on-month basis as some banks tightened mortgage policy amid a cash crunch, according to the SouFun statement. Changshu, Beijing The city of Changshu in eastern Jiangsu province had the biggest gain last month from May, with prices increasing 3.6 percent, SouFun said. Home values in the capital Beijing jumped 1.6 percent from the previous month, while those in Shanghai , the country’s financial center, added 0.6 percent. China’s property industry was raised to outperform to market perform by Toni Ho, Hong Kong-based analyst at BOCOM International Securities Ltd. last week, because the government’s property policies are “stabilizing measures” rather than radical ones to create a turning point. Sentiment also improved in the land market. Land sales in Beijing as of June 27 hit 66 billion yuan, exceeding the total value of the city last year, China Securities Journal reported on June 28, without citing anyone. To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.net ; Bonnie Cao in Shanghai at bcao4@bloomberg.net To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

Billionaire Chandler Lifts Sino-Forest Stake as Block Prompts Paulson Exit

http://www.bloomberg.com/news/2011-07-20/billionaire-chandler-boosts-sino-forest-stake-to-11-following-share-drop.html

Billionaire Richard Chandler, who became one of New Zealand’s richest men by pushing for reforms at South Korea ’s SK Group , disclosed he’s one of the biggest shareholders in Sino-Forest Corp. (TRE) , the Chinese company targeted by short-seller Carson Block. Chandler’s Mandolin Fund Pte owns 26.7 million shares of the Chinese tree-plantation owner, with the latest purchase made on July 19, the investment company said yesterday in a statement. The 10.85 percent stake makes Chandler’s group the third-largest shareholder in Sino-Forest after Davis Selected Advisers LP and Wellington Management Co., data compiled by Bloomberg show. The investment means that Sino-Forest’s management, grappling with allegations of overstating timber holdings, may now answer to an investor who helped spearhead a two-year campaign against SK’s chairman on grounds his fraud conviction made him unfit to run Korea’s largest oil refiner. By the time Chandler and his brother sold out in 2005, shares in his target had jumped five-fold. “He took a targeted approach to mismanaged assets and while he was unsuccessful in forcing management change in terms of personnel, he was successful in forcing some initiatives and did make money in that process,” said Shaun Cochran , head of Korea research at CLSA Asia-Pacific Markets. “It would be logical for him to repeat that strategy.” Richard Barton, a Hong Kong-based external spokesman for Richard Chandler Corp., declined to comment beyond the statement. Joseph Lo and Siobhan Zheng of Brunswick Group LLC, hired by Sino-Forest to handle public relations, couldn’t be reached for comment immediately. Share Plunge Hong Kong- and Mississauga, Ontario-based Sino-Forest’s shares plunged 83 percent last month after Block’s Muddy Waters LLC published a June 2 report alleging it overstated timber holdings in China. Sino-Forest has denied the allegations and commissioned an independent investigation into the claims. Chandler, estimated by Forbes magazine last year to have a net worth of $3.1 billion, and Wellington bought shares after the Muddy Waters report. By comparison, hedge fund Paulson & Co. last month sold its entire 12.5 percent stake. Paulson, which had been Sino-Forest’s largest shareholder, said in a June letter to clients it lost C$462 million ($487 million) since May 31 on the investment. Sino-Forest rose 31 cents, or 7.2 percent, to C$4.59 yesterday in Toronto Stock Exchange trading. Chandler paid an average of C$4.06 for the shares it bought on July 19, according to the statement. BMO Coverage In 1986, Chandler and his brother Christopher founded emerging-markets investment firm Sovereign Global, which grew to hold $5 billion in assets, according to Institutional Investor. They parted ways amicably and closed Sovereign. Richard started Singapore-based investment firm Orient Global in 2006. In July 2005, Sovereign sold its entire 14.8 percent stake in SK Corp., as it was known at the time. The investment helped make the Chandler brothers top the Forbes list of New Zealand billionaires the following year. The sale ended a dispute where Sovereign failed at two shareholder meetings to oust Chey Tae Won as chairman, arguing he was unfit to run the refiner because of his role in the accounting fraud at an affiliate then known as SK Global. SK Global, later renamed SK Networks, misstated 2001 earnings by 1.5 trillion won, leading to the conviction of Chey and nine other group executives, driving SK Corp.’s shares to a record low in March 2003. Research Suspended Bank of Montreal said July 19 it suspended research coverage of Sino-Forest Corp., leaving the timber company with one analyst rating, according to a Bloomberg survey. Stephen Atkinson, an analyst at the bank, withdrew his recommendation pending the result of the independent probe, David Suma, a spokesman for BMO, said in a telephone interview. Only Andrew Kuske, an analyst at Credit Suisse Group AG in Toronto, still rates the company according to Bloomberg data. He has a “neutral” recommendation. Analysts at Raymond James Financial Inc., Toronto-Dominion Bank, Royal Bank of Canada and Bank of Nova Scotia have withdrawn their ratings on Sino-Forest or put them under review. Richard Kelertas, an analyst at Dundee Securities, suspended coverage on June 20. To contact the reporters on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net. Sungwoo Park in Seoul at spark47@bloomberg.net To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net. James Poole at jpoole4@bloomberg.net

Aberdeen Has $5.2 Billion of Outflows on Emerging Markets

http://www.bloomberg.com/news/2013-07-29/aberdeen-has-5-2-billion-of-outflows-on-emerging-markets.html

Aberdeen Asset Management Plc (ADN) , Scotland ’s largest money manager, posted 3.4 billion pounds ($5.2 billion) of quarterly outflows as investors pulled money from its equity and emerging-market funds. Clients removed about 2.5 billion pounds in June as market volatility increased, the Aberdeen, Scotland-based firm said in a statement today. That helped to cut assets under management to 209.6 billion pounds at the end of June from 212.3 billion pounds at the end of March. “We have delivered resilient figures during the third quarter given the volatile global market conditions,” Chief Executive Officer Martin Gilbert said in the statement. “Recent volatility in markets undoubtedly had an impact on investor sentiment and net flows to our emerging market debt funds turned negative in the last few weeks of the quarter.” The stock fell 2.4 percent to 398.1 pence as of 8:03 a.m. in London trading, for a market value of about 4.8 billion pounds. To contact the reporters on this story: Liam Vaughan in London at lvaughan6@bloomberg.net ; To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net

Baltic Dry Index Climbs to 6-Week High on Higher Capesize Rates

http://www.bloomberg.com/news/2011-05-23/baltic-dry-index-climbs-to-6-week-high-on-higher-capesize-rates.html

The Baltic Dry Index, a measure of commodity-shipping costs, rose to a six-week high on increased rates to charter capesize vessels that mostly haul iron ore to make steel. The index rose 1.5 percent to 1,369 points, data from the Baltic Exchange in London showed. That’s the highest since April 8. Rents for capesizes jumped 4 percent to $8,065 a day and have climbed 43 percent in the past four days. Capesize’s gained “due primarily to a minor shortage of vessels in the Atlantic basin,” Natasha Boyden, a Cantor Fitzgerald LP analyst in New York , said in an e-mailed report. “This is likely just a temporary change and any ballasting of vessels in the Pacific could offset the rise.” Ballasting is sailing a ship empty. Capesizes are the largest ships tracked by the Baltic Dry Index, and the cheapest as fleet expansion pushed rents 60 percent lower this year. Companies ordered too many vessels in 2007 and 2008, when the index averaged 6,730 points. The average then plunged 60 percent over the next two years. Carrying capacity of the capesize fleet will increase 16 percent this year, faster than a 7 percent rise in demand for iron ore according to forecasts from Clarkson Plc (CKN) , the biggest shipbroker. Daily rents for panamaxes that compete with capesizes for cargoes and also transport grains, gained 2.7 percent to $13,724 a day. Supramaxes gained 0.2 percent to $14,804 while handysizes were little changed at $11,649. To contact the reporter on this story: Alistair Holloway in London at aholloway1@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Palm Oil Seen Extending Drop on Falling Biofuel Appeal, Fry Says

http://www.bloomberg.com/news/2012-06-08/palm-oil-seen-extending-drop-on-falling-biofuel-appeal-fry-says.html

Palm oil may extend a decline from its lowest level in seven months as a drop in crude oil prices reduces the appeal of the tropical oil for use in biofuels, according to LMC International Ltd. Futures on the Malaysian Derivatives Exchange may retreat to as low as 2,450 ringgit ($770) a metric ton in the fourth quarter if the Brent crude oil falls to $80 a barrel, LMC Chairman James Fry told a conference in Mumbai. Prices may decline to 2,700 ringgit during July and September, he said. Fry joins Godrej International Director Dorab Mistry in predicting a decline in palm oil prices, which have slumped 19 percent since reaching a 13-month high in April as the deepening European debt crisis and a slowdown in China reduces demand. Prices may tumble to 2,700 ringgit in the absence of fresh stimulus by the U.S. to revive growth, Dorab Mistry, director at Godrej International Ltd., said yesterday. “The basic supply-demand data on petroleum imply that today’s high prices are unjustified and are doing their job of boosting supply and slowing demand,” Fry said. “For that reason, I expect Brent prices to fall further. The market is looking ahead to the time when crude palm oil output picks up for seasonal reasons, while demand weakens because of the new recession.” Palm oil may trade between 2,800 ringgit a ton and 2,900 ringgit in the second half of 2012 if crude oil traded at about $95 a barrel, he said. The August-delivery contract on the Malaysia Derivatives Exchange fell as much as 1.8 percent to 2,922 ringgit a ton today, matching the lowest intraday level for the most-active contract reached on Nov. 2. Brent crude oil prices have declined 8.3 percent this year. Indonesian Taxes Palm oil refining capacity in Indonesia , the largest producer, may exceed 40 million tons within the next two years as a cut in export taxes last year fuel investments, Fry said. Indonesia reduced taxes in October to boost exports of processed oil. Malaysia, the second-largest grower, will take steps to help local refiners stay competitive against Indonesian suppliers, Minister of Plantation Industries & Commodities Bernard Dompok said in Mumbai yesterday. A decline in world food prices may help India to boost the base import rates on refined edible oils to check a surge in processed oil imports, Fry said. India is considering raising the benchmark import price, unchanged since 2006, to protect refiners, a government official said May 28. Refined oils are taxed at 7.5 percent, while there’s no tax on crude oils. To contact the reporter on this story: Swansy Afonso in Mumbai at safonso2@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

Renaissance Said to Start Trading New Fund With $3.5 Billion

http://www.bloomberg.com/news/2012-04-19/renaissance-said-to-start-trading-new-fund-with-3-5-billion.html

Renaissance LLC, the investment firm founded by Jim Simons , started trading its new hedge fund on March 1 with $3.5 billion in assets, mostly employees’ money, according to two people familiar with the matter. The Renaissance Institutional Diversified Alpha Fund is the first that the East Setauket, New York-based firm has started in five years. It climbed 3 percent in March and during the first 13 days of April, according to one of the people briefed on the return, who asked not to be identified because the information is private. Renaissance uses computer models to decide when to buy and sell investments. The firm has said that its new fund, known as RIDA, was to initially start out trading stocks listed on U.S. exchanges as well as futures and forwards, according to a document sent to potential investors in January. Apart from the majority of the assets that came from employees, some of the money for RIDA came from outside clients and a portion was transferred from other funds, the person said. The decision to start the new fund came a little more than a year after Peter Brown and Robert Mercer , co-chief executive officers and former International Business Machines Corp. language-recognition specialists, took over from Simons, 73, who retired in 2010. Renaissance already runs the $7 billion Renaissance Institutional Equities Fund and the $4 billion Renaissance Institutional Futures Fund, along with a third fund that is open only to the firm’s employees. The equities fund, known as RIEF, climbed 11 percent this year through April 13 and 35 percent last year, the person said. Unlike the firm’s equities fund, which is designed to outperform the Standard & Poor’s 500 Index by 4 percentage points to 6 percentage points, the new fund won’t be measured against a benchmark and its swings in performance are also expected to be greater than RIEF’s, according to the document. Jonathan Gasthalter, a spokesman for Renaissance, declined to comment on the firm’s assets or performance. To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

Serbia’s Wheat Harvest Increases 28.4% to 2.09 Million Tons

http://www.bloomberg.com/news/2011-08-22/serbia-s-wheat-harvest-increases-28-4-to-2-09-million-tons.html

Serbia ’s 2011 wheat harvest rose 28.4 percent to 2.093 million metric tons, mostly due to better weather, the state statistics office said. The total beat the office’s own June 20 estimate when it said it expected a 15.1 percent increase to 1.88 million tons. Average yield rose to 4.25 tons per hectare this season from 3.37 tons per hectare in 2010, the statistics office said. The crop was harvested from 492,989 hectares, less than one percent increase from a year ago, according to the report. “With harvest like this, Serbia should be able to export some 500,000 tons of wheat” until the next season, said Vukosav Sakovic, the head of Zita Srbije , the national association of wheat exporters and producers. The estimate is based on expected local annual consumption of 1.6 million tons and the current wheat reserves of about 100,000 tons, he said in a phone interview after the numbers were released. Wheat and other grains, mainly corn, generate around 5 percent of Serbia’s annual exports, while the whole agricultural industry accounts for 11 percent of the nation’s economy. Serbia had a three-month ban on wheat exports earlier this year when a surge in demand abroad threatened to drain domestic supplies. Corn production may decline 4.4 percent this year to 6.89 million tons, the statistic’s office also said in the report, pending final results for the crop next month. The soy bean harvest is seen falling 13.6 percent from a year ago and sugar beets production may decline 19.2 percent, while sunflower seeds harvest will increase 12.8 percent to 4.27 million tons. To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

DNO International Declines on Halt to Iraqi Exports: Oslo Mover

http://www.bloomberg.com/news/2012-04-02/dno-international-declines-on-halt-to-iraqi-exports-oslo-mover.html

DNO International ASA (DNO) fell the most in more than a week in Oslo trading after the Kurdistan Regional Government halted exports from the company’s Tawke field. DNO fell as much as 5 percent, the most since March 22, and was down 2.8 percent at 9.82 kroner as of noon in the Norwegian capital, making it the biggest decliner in the benchmark OBX index. Shipments were halted because the Federal government in Baghdad has not honored its payment commitments for 10 months, the regional authority said in a statement. “We hope this is a temporary measure,” the authority said, adding that oil will be diverted to the local market. The Baghdad government is entangled in a dispute with the regional authorities over crude revenue and refuses to recognize production-sharing agreements signed by the semi-autonomous area with foreign companies. “It’s an illustration that the conflict is still not solved,” Trond Omdal, an analyst at Arctic Securities ASA, said by phone. “We have estimated no export payments this year.” DNO will be able to withstand the export halt because its lifting, or extraction, costs are as low as $2 a barrel and there’s increasing demand from local refineries, said Omdal, who recommends clients to buy the stock. “You could see quite good valuation support only from local sales at these levels,” Omdal said. “Strengthening political ties between Turkey and Kurdistan is also a positive factor and could eventually lead to direct exports from Kurdistan to Turkey independently of Baghdad.” DNO produced 49,000 barrels a day in the Iraqi region in the fourth quarter. DNO, whose shares have gained 32 percent this year, said last month that it plans to drill a further four wells at the Tawke field in 2012 and is seeking to establish sustainable output of 100,000 barrels a day by year end. The company, based in Oslo, posted net income of 653 million kroner ($114 million) last year, compared with a 283 million-krone loss a year earlier, as output more than doubled. To contact the reporter on this story: Stephen Treloar in Oslo at streloar1@bloomberg.net To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

IGas Energy Appoints Greenhill to Help Seek U.K. Shale Partner

http://www.bloomberg.com/news/2012-06-18/igas-energy-appoints-greenhill-to-help-seek-u-k-shale-partner.html

IGas Energy Plc (IGAS) , a U.K. developer of coal-bed methane and shale gas fields, has appointed the investment bank Greenhill & Co. (GHL) to help find an investor in a U.K. shale discovery. The announcement marks the beginning of a formal process to sell part of IGas’s stake in the Bowland Shale prospect in northwest England in the next four to five months. The company also reiterated that it has the potential to double its estimate of gas in place of 4.6 trillion cubic feet, it said in a statement in London. “We have already received a number of expressions of interest from world-class companies to partner with us for what looks to be a highly significant opportunity,” IGas Chief Executive Officer Andrew Austin said in the statement. To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

UBS Declines in Zurich Trading After Reporting Its Third-Quarter Results

http://www.bloomberg.com/news/2010-10-26/ubs-falls-in-zurich-after-reporting-third-quarter-results.html

UBS AG fell as much as 4.2 percent in Zurich trading after reporting results for the third quarter. By 9:02 a.m., Switzerland’s biggest bank was down 66 centimes at 16.98 Swiss francs. To contact the editor responsible for this story: Paul Verschuur at pverschuur@bloomberg.net

India Rupee Fluctuates as Importer Dollar Demand Offsets Inflows

http://www.bloomberg.com/news/2013-11-20/india-rupee-fluctuates-as-importer-dollar-demand-offsets-inflows.html

India ’s rupee swung between gains and losses amid speculation fund inflows into local stocks were countered by oil importers’ dollar purchases. Foreigners will probably add to this month’s net purchases of $750 million of Indian shares, according to FirstRand Ltd., after Federal Reserve Chairman Ben S. Bernanke said the benchmark U.S. interest rate will probably stay near zero long after the central bank’s bond-buying ends. Indian refiners are meeting most of their dollar needs in the local foreign-exchange market as the Reserve Bank of India tapers direct currency supplies to them, Governor Raghuram Rajan said Nov. 13. The rupee slipped 0.1 percent to 62.43 per dollar as of 9:44 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. It swung between gains and losses of 0.2 percent today. The currency climbed as much as 0.9 percent yesterday to a two-week high of 61.8700 before ending just 0.1 percent stronger. “Inflows will probably continue,” said Paresh Nayar , head of currency and money markets at FirstRand in Mumbai. “However, recent price moves show that there will be good demand for the dollar around the 62 level,” and that will limit gains in the Indian currency, he said. One-month implied volatility in the rupee, a gauge of expected moves in the exchange rate used to price options, fell 15 basis points, or 0.15 percentage point, to 11.54 percent. “The target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after” the jobless rate falls below the Fed’s 6.5 percent threshold, Bernanke said yesterday in a speech to economists in Washington. He said a “preponderance of data” would be needed to begin removing accommodation. Three-month offshore non-deliverable rupee forwards fell 0.3 percent to 64.12 per dollar. Forwards are agreements to buy or sell assets at a set price and date. Non-deliverable contracts are settled in dollars. To contact the reporter on this story: Jeanette Rodrigues in Mumbai at jrodrigues26@bloomberg.net To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

Euro Falls Versus Dollar, Yen on Concern Sovereign Debt Crisis Worsening

http://www.bloomberg.com/news/2011-04-17/euro-falls-versus-dollar-yen-on-concern-sovereign-debt-crisis-worsening.html

The euro weakened against the dollar and the yen on speculation Greece will be unable to avoid a default as the region’s debt crisis shows signs of worsening. The euro dropped to $1.4395 as of 8:54 a.m. in Tokyo from $1.4430 last week in New York. The single currency fell 0.3 percent to 119.64 yen. To contact the editor responsible for this story: Nicholas Reynolds at nreynolds2@bloomberg.net

Chilean Stocks: Falabella, Gener, Molymet Gain; Cap and Lan Fall

http://www.bloomberg.com/news/2011-07-25/chilean-stocks-aes-gener-gains-cap-and-lan-airlines-fall.html

The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 4:33 p.m. New York time. The Ipsa index fell 0.2 percent to 4,620.54. AES Gener SA (GENER) , Chile ’s second-largest power generator by installed capacity, rose 0.4 percent to 281.61 pesos. The unit of Arlington, Virginia-based AES Corp. may post a 63 percent increase in second-quarter profits, Santiago-based brokerage firm Celfin Capital SA wrote today in an e-mailed note to clients. Cap SA (CAP) fell 1.9 percent to 21,622 pesos. Chile’s largest steelmaker and iron miner dropped in line with the price of base metals, which retreated on concern the U.S. may default after lawmakers failed to agree on raising the debt ceiling. Lan Airlines SA (LAN) fell 0.1 percent to 13,148 pesos. Latin America ’s largest airline by market value is expected to report “relatively weak margins” for the second quarter due to higher oil prices , the integration of Colombian carrier Aires and a volcano eruption in southern Chile, Bank of America Corp. analysts Sara Delfim and Robert Otero wrote today in a note to clients. Lan will report results tomorrow after the market closes. Molibdenos & Metales SA (MOLYMET CC) rose 2.7 percent to 8,951.1 pesos, the biggest gain since July 15. The world’s largest molybdenum processor was initiated at “buy” at Santiago-based brokerage IM Trust SA Corredores de Bolsa. SACI Falabella (FALAB) rose 2.2 percent to 4,730.7 pesos for the biggest gain in two weeks. The country’s largest retailer by market value led advances in the industry “as its current price represents a buying opportunity and it should expect strong second-quarter results,” Gustavo Fingeret, an analyst at Santiago-based brokerage Celfin Capital SA, said in a phone interview today. To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Standard Chartered Fined by Taiwan After Employee’s Embezzlement

http://www.bloomberg.com/news/2013-02-27/standard-chartered-fined-by-taiwan-after-employee-s-embezzlement.html

Standard Chartered Plc (STAN) was fined NT$5 million ($168,500) for inadequate internal controls after an employee in Taiwan embezzled funds through a credit card business-related loophole. The Financial Supervisory Commission also ordered the bank to fire the employee in the case, according to a statement on its website yesterday. “We respect the regulator’s decision and we take this matter seriously,” Joyce Li, a Hong Kong-based spokeswoman at Standard Chartered, said in an e-mail. “This is an isolated incident and we have taken actions to prevent re-occurrence.” This was the second time in less than a year that Taiwan’s financial regulator penalized the London-based bank. The FSC fined Standard Chartered NT$6 million in August over lax customer data controls, and barred the lender from accepting faxed applications for credit loans for the rest of 2012. Standard Chartered in December agreed to pay $327 million of fines to U.S. authorities after regulators alleged it violated U.S. sanctions with Iran. To contact the reporters on this story: Andrea Wong in Taipei at awong268@bloomberg.net ; Stephanie Tong in Hong Kong at stong17@bloomberg.net To contact the editor responsible for this story: Debra Mao at dmao5@bloomberg.net

Kotak Mahindra’s Pan Says RBI to Stay Hawkish, Lift Rates Again

http://www.bloomberg.com/news/2011-07-25/kotak-mahindra-s-pan-says-rbi-to-stay-hawkish-lift-rates-again.html

Indranil Pan, chief economist at Kotak Mahindra Bank Ltd. in Mumbai, comments on India ’s monetary policy in a report released today. The Reserve Bank of India will raise its benchmark repurchase rate by a quarter percentage point to 7.75 percent at a policy review tomorrow, according to 20 of 22 economists in a Bloomberg survey. Two expect no change. “There has not been any change in the inflation trajectory from June 16, 2011 onwards, when the RBI increased the repo rate by 25 basis points. There is little reason to imagine the RBI would suddenly pull its feet off the accelerator and pause in the policy. “The rhetoric from the RBI is also unlikely to be dovish. Our own inflation estimates indicate that on a provisional basis, headline wholesale-price index inflation could peak at 9.8 percent in August with no further oil-price hikes. History suggests the RBI pauses on a rate-hiking cycle only after the peak for inflation is visible. “We retain our call for another 25-basis point increase in the repo rate to be delivered by the close of the first half of fiscal year 2012.” To contact the reporter responsible for this story: Jeanette Rodrigues in Mumbai at jrodrigues26@bloomberg.net To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net .

U.S. Peanut Prices Received by Farmers for Oct. 8

http://www.bloomberg.com/news/2011-10-14/u-s-peanut-prices-received-by-farmers-for-oct-8-table-.html

Following is a table detailing U.S. peanut prices and sales for the week ending Oct. 8 as reported by the U.S. Department of Agriculture. To contact the reporter on this story: Mike Sebany in Washington at msebany@bloomberg.net To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

BENQ MATERIALS C June Sales Rise 26.60% (Table) : 8215 TT

http://www.bloomberg.com/news/2011-07-10/benq-materials-c-june-sales-rise-26-60-table-8215-tt.html

BENQ MATERIALS C said unconsolidated sales in June rose 26.60% to NT$1,592,836,000 from NT$1,258,172,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 6/2011 6/2010 Sales 1,592,836 1,258,172 YOY% 26.60% -----------------Year-to-date----------------- Sales 10,134,786 8,811,138 YOY% 15.02% =================================================================

AIG Plunges as Sales Decline at Main Units: New York Mover

http://www.bloomberg.com/news/2012-05-04/aig-plunges-as-sales-decline-at-main-units-new-york-mover.html

American International Group Inc. (AIG) , the bailed-out insurer, plunged the most since March after sales declined at its largest units. First-quarter sales at Chartis, which insures commercial property, corporate boards and airplanes, fell 3.8 percent to about $8.82 billion as the company sought to pare risks, AIG said yesterday in a statement. Premiums, deposits and other considerations at the SunAmerica life insurer dropped about 13 percent to $5.6 billion on declines from fixed-annuity contracts amid low interest rates. Net income climbed to $3.21 billion, or $1.71 a share, from $1.3 billion, or 31 cents, a year earlier, as costs declined from catastrophe claims and the New York-based company booked gains from a stake it is divesting in AIA Group Ltd. (1299) “Relatively little of AIG’s outperformance reflected improved earnings potential within core operations,” analysts at Stifel Nicolaus & Co. led by Meyer Shields said in a research note yesterday. AIG dropped 5 percent to $32.42 at 10:38 a.m. in New York , the biggest fall since March. The U.S. owns 70 percent of the insurer and needs to sell shares at an average of $28.72 to break even on its investment. Chief Executive Officer Robert Benmosche , 67, is counting on results at Chartis and SunAmerica to attract private investors as the U.S. government reduces its stake. AIG retreated from Asia with its sale of a majority stake in Hong Kong-based AIA, and has sold more than $50 billion in assets as it works to repay the 2008 government bailout. Chartis is concentrating on the most profitable operations as it seeks to increase the portion of business coming from emerging economies, the company said. Underwriting expenses rose at the unit in the first quarter as the insurer spent to acquire more business, Chartis CEO Peter Hancock said on a conference call with analysts. SunAmerica CEO Jay Wintrob said he is seeking to boost variable annuity sales. Companies including MetLife Inc. (MET) , the largest U.S. life insurer, have scaled back in the business. To contact the reporter on this story: Zachary Tracer in New York at ztracer@bloomberg.net To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

China Stops Pushing Up One-Year Central Bank Yield to Ease Fund Shortage

http://www.bloomberg.com/news/2010-06-17/people-s-bank-one-year-3-year-bill-yields-unchanged-in-sale-traders-say.html

The People’s Bank of China sold one- year bills at an unchanged yield for the first time in three weeks, seeking to ease a shortage of funds and damp speculation of an imminent increase in benchmark interest rates. The yield was 2.09 percent, following a combined increase of 0.17 percentage points in the previous two weekly sales. The yield on the central bank’s three-year bills also remained stable at 2.68 percent, after sliding for four consecutive sales. “The stable one-year bill yield after a two-week gain signaled that the central bank doesn’t want to stir up expectations for an interest-rate increase,” said Jiang Chao , an analyst in Shanghai at Guotai Junan Securities Co., the nation’s largest brokerage by revenue. “Pauses in the three- year bill yield decline reflected tighter funding availability.” Slower growth in China’s industrial output and accelerating inflation, as reflected in economic data for May, will cause a dilemma for central-bank policy makers, according to Jiang. The People’s Bank will seek to keep monetary policy stable and won’t raise interest rates in the third quarter, he predicted. Industrial output rose 16.5 percent in May from a year earlier, the statistics bureau said last week, less than economists’ median forecast of 17 percent and compared with growth of 17.8 percent in the prior month. Consumer prices rose 3.1 percent from a year earlier last month, the quickest pace in 19 months. Money-Market Rates The seven-day repurchase rate , a measure of lending costs between banks, was fixed at 2.61 percent today by the National Interbank Funding Center at 11 a.m. in Shanghai, up from 2.47 percent a week ago. The averaged cost climbed to 2.6 percent this month from 1.9 percent in May. Money-market rates have climbed as Agricultural Bank of China Ltd. prepares to raise at least $23 billion in the world’s largest initial public offering. Banks also gathered funds during a public holiday in the first three days of the week. “Liquidity in China is likely to be tight as the markets open today after a three-day holiday,” Frances Cheung , a senior strategist at Credit Agricole CIB in Hong Kong, wrote in a note. The Agricultural Bank IPO “could potentially lock up trillions of yuan of funds, driving repo rates higher,” the note said. The monetary authority offered 5 billion yuan ($732 million) of one-year notes and 18 billion yuan of securities due in three years at the auction today. -- Belinda Cao. Editor: Sandy Hendry , Ven Ram To contact the Bloomberg news staff on this story: Belinda Cao in Beijing at lcao4@bloomberg.net

Honda Europe Seeks Return to Profit in 2013/14, Reuters Reports

http://www.bloomberg.com/news/2012-02-20/honda-europe-seeks-return-to-profit-in-2013-14-reuters-reports.html

Honda Motor Co. (7267) wants to be profitable in Europe again by the fiscal year 2013/14, Reuters reported, citing Manabu Nishimae, head of the carmaker’s European operations. Honda plans to build more cars in Europe to be less dependent on currency exchange rates, the newswire reported. Nishimae added that the carmaker plans to double production in the U.K. and wants to sell 300,000 cars in Europe in 2014 or 2015, Reuters added. To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net .

Economic History Roundup

http://www.bloomberg.com/news/2013-04-26/economic-history-roundup.html

Read more Echoes online. (Kirsten Salyer is the social media editor of Bloomberg View. Follow her on Twitter.)

Handlowy Profit Falls, Missing Estimates, as Polish Loan Revenue Declines

http://www.bloomberg.com/news/2011-08-09/bank-handlowy-first-half-profit-falls-to-116-2-million-missing-estimates.html

Bank Handlowy SA, the Polish unit of Citigroup Inc. (C) , said second-quarter profit dropped 24 percent as revenue from retail loans declined and costs increased. Net income fell to 151.4 million zloty ($52.8 million), from 198.4 million zloty a year earlier, the Warsaw-based bank said in a regulatory statement today. That missed the 187.2 million-zloty mean estimate of six analysts surveyed by Bloomberg. Net interest income dropped 7 percent to 348.1 million zloty as revenue from personal loans and debt securities held for trading declined, the bank said. Costs rose 5 percent to 353.5 million zloty in the quarter. Handlowy’s provisions for bad loans fell 83 percent to 15.4 million zloty. The bank’s solvency ratio dropped by 0.85 percentage points to 17.96 percent. Handlowy’s first-half profit fell 4.8 percent to 332.6 million zloty from a year earlier. The combined net income of Polish banks rose 44 percent to 7.85 billion zloty in the first six months of the year as the industry benefited from an economy that is expected to grow by about 4 percent this year and next, according to government estimates. To contact the reporter on this story: Marta Waldoch in Warsaw on mwaldoch@bloomberg.net To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Sell Treasuries for TIPS as Inflation Bets Rise, Citigroup Says

http://www.bloomberg.com/news/2012-08-24/sell-treasuries-for-tips-as-inflation-bets-rise-citigroup-says.html

Investors should sell Treasuries and buy inflation-indexed securities, betting expectations for rising prices continue amid speculation the Federal Reserve will add further monetary stimulus, according to Citigroup Inc. Break-even rates, the yield gap between nominal notes and Treasury Inflation Protected Securities, or TIPS, from one to five years are poised to widen after the Fed signaled this week it’s ready to embark on a third round of asset purchases under quantitative easing, said Jabaz Mathai, an interest-rate strategist at Citigroup. Inflation expectations should increase further, he said, reflecting the 23 percent rise in crude-oil prices since June 28. “TIPS are cheap to Treasuries given the fact that QE3 remains on the table, and likely, and that the rally in oil hasn’t fully been priced into the TIPS market,” Mathai said in a telephone interview. “There is more widening to come in break-even rates.” The break-even rate between five-year notes and TIPS has risen to 1.94 percentage points from a low this year off 1.51 percentage points in January. Holders of TIPS receive an adjustment to the principal value of their securities equal to the change in the consumer price index , in addition to a fixed rate of interest that’s smaller than the interest paid to a holder of conventional debt. The difference is the break-even rate. Inflation Protection Demand for inflation protection has pushed an index of TIPS to a 5.4 percent gain this year, according to Bank of America Merrill Lynch Indexes. Conventional Treasuries returned 2 percent. The Fed’s favored bond-market gauge of inflation expectations was 2.55 percent on Aug. 21, up from 2.38 percent on July 26. The five-year, five-year measure shows how much traders anticipate consumer prices will rise during a period of five years starting in 2017. Fed Chairman Ben S. Bernanke is scheduled to speak on Aug. 31 at a Kansas City Fed conference in Jackson Hole , Wyoming , where he may clarify his thinking on the need for stimulus. “There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery,” Bernanke said in a letter dated Aug. 22 to Representative Darrell Issa , a California Republican who chairs the House Oversight and Government Reform Committee. Many policy makers said additional stimulus probably will be needed soon unless the economy shows signs of a durable pickup, according to minutes released Aug. 22 of the central bank’s most recent meeting, on July 31-Aug. 1. The central bank bought $2.3 trillion of debt from 2008 to 2011 in two rounds of a stimulus strategy called quantitative easing. To contact the reporter on this story: Cordell Eddings in New York at ceddings@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

Rakuten to Sell New, Cheaper E-Readers as Amazon Enters

http://www.bloomberg.com/news/2012-11-01/rakuten-to-sell-new-cheaper-e-readers-as-amazon-enters.html

Rakuten Inc. (4755) is introducing new varieties of its Kobo e-reader and cutting prices on its existing version as Japan’s biggest Internet retailer fends off competition from Sony Corp. (6758) and Amazon.com Inc. (AMZN) at home. Rakuten will start selling its Kobo Glo for night-time reading for 7,980 yen ($100) and the Kobo Mini for 6,980 yen in Japan, President Hiroshi Mikitani said at a press conference in Tokyo yesterday. The company is also cutting the price on its existing line called Kobo Touch by 13 percent to 6,980 yen. Rakuten is planning the new lines as Amazon, the largest online retailer and e-book company in the world, enters the Japanese market. The Seattle-based company said last month that it will sell its Kindle Paperwhite for 8,480 yen in Japan. “Kobo’s business is in the red right now. If they can’t expand sales, for example toward the end of the year shopping period, it’s possible that they will have too much inventory. So investors are worried about it,” said Hiroshi Naya, an analyst at Ichiyoshi Research Institute Inc. The stock fell 3.7 percent to close at 687 yen today. The broader Topix index gained 1.2 percent. Sony, which sells a product called Reader, in September cut the price of its cheapest model to 7,980 yen at its stores from the previous 9,980 yen. Rakuten in January bought Canadian e- book company Kobo Inc. to enter the e-reader business. The Glo and Mini are already sold in international markets. “We are launching new devices and they are evolving, so we want to offer a more affordable price,” Mikitani said, denying that Amazon’s plans had forced the price change. To contact the reporter on this story: Yuki Yamaguchi in Tokyo at yyamaguchi10@bloomberg.net To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net

Amer of Egypt to Sell Up to 500 Million Shares in Initial Public Offering

http://www.bloomberg.com/news/2010-11-08/amer-of-egypt-to-sell-up-to-500-million-shares-in-initial-public-offering.html

Amer Group Holding, an Egyptian real- estate company, plans to sell up to 500 million shares in its initial public offering and private placement, Beltone Financial, the investment bank managing the sale, said. Amer will sell the shares at up to 3.6 Egyptian pounds per share, chief executive officer Alaadin Saba said in an e-mailed statement today. The share sale represents 30.7 percent of the company’s capital, he said. The final price will be announced to the stock market on Nov. 22. The company said it plans to sell 80 percent of the offering in a private placement closing Nov. 21 at a range of 2.60 pounds to 3.60 pounds a share. The rest will be sold publicly at the same price, Saba said. The number of shares sold will depend on the price investors are willing to pay. Amer’s share sale, the second in Egypt this year, will follow Juhayna Food Industries, the country’s biggest producer of packaged milk, which went public in June. The global financial crisis halted new offerings in the North African country 2009 as investors retreated from emerging markets. Amer Group announced last month the creation of a joint venture with the Arabtec Holding Co., the biggest publicly traded builder in the United Arab Emirates, and awarded it a $53 million residential project in Egypt. In addition to its flagship Porto resorts on the Egyptian Mediterranean and Red seas, Amer plans to expand to other countries in the Middle East, including an announced $1 billion resort in Syria. To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

CalPERS Largest Holdings in 1st Quarter: 13F Alert

http://www.bloomberg.com/news/2011-04-13/calpers-largest-holdings-in-1st-quarter-13f-alert.html

The following are California Public Employee Retirement - CalPERS top 10 holdings by market value as of March 31, according to a filing with the U.S. Securities and Exchange Commission on 04/12/2011. To contact the reporter on this story: Chris Cappucci in Princeton at ccappucci1@bloomberg.net. To contact the editor responsible for this story: Rodney Yap at ryap@bloomberg.net .

John Hancock Loses Suit Over $560 Million in U.S. Taxes

http://www.bloomberg.com/news/2013-08-06/john-hancock-loses-suit-over-560-million-in-u-s-taxes.html

John Hancock Life Insurance Co. (MFC) ’s bid for deductions on a series of leveraged lease transactions was denied by the U.S. Tax Court in a decision addressing a $560 million tax dispute. Judge Harry Haines accepted arguments by the U.S. Internal Revenue Service that “the substance of the transactions is not consistent with their form,” and denied claims for depreciation, rental and interest expense and transaction costs. “John Hancock did not acquire the benefits and burdens of ownership” Haines wrote of one of the disputed transactions. The ruling yesterday is the latest court victory for the IRS in challenges to lease-in-lease-out and sale-in-lease-out transactions, commonly called LILO and SILO, which the tax agency has determined are vehicles for improper tax avoidance. “There have probably been six or seven of them and they’ve ultimately won all of them,” said Mark Allison, a tax attorney with Caplin & Drysdale Chartered in Washington. In 2008, the IRS gave companies a chance to terminate LILO and SILO transactions in exchange for keeping 20 percent of the savings and getting reductions in some penalties. In LILO and SILO transactions, a bank or other company purchases large assets, such as railroads or utilities, and leases them back to governments or other operating entities. The companies purportedly buying the assets claim tax deductions such as depreciation on the equipment. ‘Sham’ Arrangements The IRS has argued the arrangements are shams designed to produce tax benefits on assets the companies never actually owned. John Hancock , the U.S. unit of Toronto-based Manulife Financial Corp., is considering an appeal of the decision, Roy Anderson, a company spokesman, said in an e-mailed statement. “We continue to believe our position on the tax treatment of our lease investments was appropriate and factually distinguishable from other recent cases addressing the tax treatment of leverage lease investments,” he said. Manulife said in its 2012 annual report it had established provisions for “possible disallowance of the tax treatment and for interest on past due taxes” on lease transactions. ‘Material Impact’ “We do not expect the decision will have a material impact on the Company’s finances,” Anderson said. Based on company reporting, “reserves have been built up even more than we had previously realized such that incremental provisions at this point would be immaterial,” analyst Andre-Philippe Hardy, of RBC Capital Markets in Toronto, wrote in a note this morning. Manulife reports second-quarter earnings Aug. 8 at 6 a.m. with an analyst conference call scheduled for 2 p.m. that day. One of John Hancock’s SILOs scrutinized by Haines involved the company’s purchase of an interest in a high-speed rail line run by Societe Nationale de Chemins de Fer Belges , or SNCB, the owner and operator of the national rail system of Belgium. The transaction resembled a loan from John Hancock, Haines wrote, denying John Hancock’s depreciation deductions. The ruling applies to 27 lease transactions that occurred from 1997 to 2001 and affect John Hancock’s tax liability for those years as well as 1994. Seven Transactions The case examined seven of the transactions, with both parties agreeing to apply a formula to determine any taxes owed in the other cases. Tax deficiencies claimed by the IRS range from $8.86 million in 1994 to $173.5 million in 1998. Tax court decisions can be appealed to the U.S. Court of Appeals. Haines’ ruling was not a blanket dismissal of John Hancock’s arguments. Unlike previous court rulings on lease transactions, Haines did not conclude that the company’s arrangements lacked economic substance, according to Allison. “It’s good for the taxpayer community to know that the court wasn’t blindly following in the footsteps of other courts,” Allison said. The case is John Hancock Life Insurance Co. v. U.S. Internal Revenue Service, 70830-10, U.S. Tax Court (Washington). To contact the reporter on this story: Andrew Zajac in Washington at azajac@bloomberg.net To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

Newedge Names Michael Dann to Head Agriculture Business

http://www.bloomberg.com/news/2011-11-29/newedge-names-prescott-proctor-to-head-cocoa-coffee-and-sugar.html

Newedge Group SA, the brokerage joint venture of Societe Generale (GLE) SA and Credit Agricole SA (ACA) , named Michael Dann as global head of agriculture. Dann, previously head of cocoa, coffee and sugar, takes over from Franck Borgel, acting head of the team in the past six months in addition to his position as chief operating officer of fixed income, currency and commodities, Newedge said in an e- mailed statement today. The S&P GSCI Agriculture Index of agricultural commodities advanced 8.5 percent in the past two years, compared with a 0.5 percent decline for the MSCI All-Country World Index of equities. World food prices tracked by the United Nations ’ Food and Agriculture Organization reached a record in February. “Michael’s experience in the sector, combined with the respect he has earned from colleagues and clients as an established leader within Newedge, positions him and the team well to drive continued success,” John Fay, global head of fixed income, currency and commodities, said in the statement. Dann started his career in 1980 with Marshall French & Lucas in New York , according to the broker. Newedge named Paul Prescott and Jonathan Proctor as joint heads of cocoa, coffee and sugar to replace Dann, spokesman Richard Newmann said by phone today. To contact the reporter on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net .

Aussie Dollar Ends Two-Day Drop Before Jobs Data; New Zealand Dollar Gains

http://www.bloomberg.com/news/2011-07-06/aussie-dollar-ends-two-day-drop-before-jobs-data-new-zealand-dollar-gains.html

The Australian dollar rose, ending two days of declines against the U.S. currency, before a government report tomorrow that economists said will show the nation added the most jobs in three months. The so-called Aussie was at $1.0721 at 12:34 p.m. in Sydney from $1.0693 yesterday in New York. New Zealand ’s dollar bought 82.93 U.S. cents from 82.51 cents. To contact the editor responsible for this story: Naoto Hosoda at nhosoda@bloomberg.net

Flybe Pursuing Two Purchases as It Seeks to Build European Bases, CEO Says

http://www.bloomberg.com/news/2010-09-20/flybe-says-its-pursuing-two-purchases-as-it-seeks-to-build-european-bases.html

Flybe, the U.K.’s biggest domestic carrier since it bought assets of British Airways Plc in 2007, said it’s in talks over two more purchases as Chief Executive Officer Jim French seeks to build bases in continental Europe. The acquisitions being considered are “digestible” rather than “transformational,” according to French, whose 521 million-pound ($811 million) takeover of the BA Connect unit added more than 50 routes and doubled Flybe’s passenger total. Flybe, whose regional planes serve less busy routes than larger jetliners, plans to grow in Europe through a combination of takeovers and agreements with major carriers, French said in an interview. The Exeter, England-based company starts code- sharing with Air France next month and is talks with Finnair Oyj about co-operation on routes to Scandinavia and the Baltic. “We’ve got two projects running with regard to acquisitions,” French said, without disclosing a likely value for the transactions. “We’re looking for regional purchases. I’d describe them as bridgeheads into Europe. We see the next phase of development for Flybe very much to be in continental Europe.” Founded in 1979 as Jersey European Airways -- after the island in the English Channel to which it flew -- the company was renamed British European in 2000 and took on its current identity two years later after switching to a low-cost strategy. While the purchase of BA Connect made Flybe Europe’s largest regional carrier by passenger numbers, all routes are currently to or from the U.K. or entirely domestic. The next growth phase will change that by establishing “bases” overseas at which the company will build networks, French said today. Embraer Order Flybe in July ordered 35 88-seat Embraer 175 regional jets worth $1.3 billion from Brazil’s Empresa Brasileira de Aeronautica SA, together with options for 65 planes and “purchase rights” for a further 40. The contract will allow for expansion, as well as allowing the return of hired aircraft if demand starts to ebb, French said. Flybe operates a fleet of 14 Embraer 195 jets and 54 Bombardier Inc. Q400 turboprops, which are mostly leased. Pretax profit for the year ended March 31 fell 36 percent to 6.8 million pounds as the recession curbed demand for business travel, Flybe said today in a statement, with sales little changed at 570.5 million pounds and passenger numbers maintained at about 7.2 million. Yields, a measure of average fares, have since picked up, with trading “strong,” the carrier said. Closely held Flybe will consider an initial share sale once “the markets are right,” Chief Financial Officer Andrew Knuckey said by telephone, adding that other ways to realize shareholder value will also be considered. To contact the reporter on this story: Steven Rothwell in London at srothwell@bloomberg.net To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net Enlarge image Flybe CEO Jim French Simon Dawson/Bloomberg The purchases being considered are “digestible,” French said by telephone, without disclosing a likely value. The purchases being considered are “digestible,” French said by telephone, without disclosing a likely value. Photographer: Simon Dawson/Bloomberg //<![CDATA[ $(document).ready(function () { $(".view_story #story_content .attachments img.small_img").each(function(){ var self = $(this); if (self.width() != 190){ self.width(190); } }); }); //]]>

Polish Stocks: Drugmaker Krka, Builder PBG Active in Warsaw

http://www.bloomberg.com/news/2012-04-11/polish-stocks-drugmaker-krka-builder-pbg-active-in-warsaw.html

Poland’s WIG20 Index (WIG20) climbed 1.2 percent to 2,251.89 at the close in Warsaw. The following were among the most active stocks on the Warsaw Stock Exchange today. Stock symbols follow company names. Krka Group d.d. (KRK PW), gained as Slovenia’s biggest pharmaceutical company made its debut on the Warsaw Stock Exchange today. The shares closed at 210 zloty, compared with a reference price set by the bourse at 202.1 zloty. The company’s stock in Ljubljana rose 1.2 percent to 49 euros. PBG SA (PBG) , Poland’s third-largest construction company rose 0.8 percent to 33.67 zloty after falling to as low as 31 zloty as it said it expects negative operating cash flow this quarter. To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Postal Union Millions to Democrats Roils Saturday Cuts

http://www.bloomberg.com/news/2013-02-14/postal-union-millions-to-democrats-roils-saturday-cuts.html

All but five of Congress’s 255 Democrats and independents received campaign donations from postal worker union groups in the past six years, raising the political risk of Postmaster General Patrick Donahoe’s move to end Saturday mail delivery. Political action committees for the seven postal unions contributed $9.6 million from 2007 to 2012 to current members of Congress, 91 percent of it to Democrats and two independents who caucus with them, according to data compiled by Bloomberg from the Federal Election Commission and the Center for Responsive Politics, a Washington-based research group. Democrats control the U.S. Senate, which must agree to most of the changes Donahoe says are needed to save the Postal Service from insolvency. Many of his proposals are intended to reduce labor costs accounting for 80 percent of the service’s expenses. That puts Donahoe in conflict with post office unions, which would lose most of the estimated 22,500 jobs that would be cut if Saturday delivery ends, and have spent years making friends on Capitol Hill. “That’s why it’s been so hard to come up with a plan for the Postal Service,” said Bill Allison, editorial director of the Sunlight Foundation, a Washington-based watchdog group. “The obvious thing you want to do is cut back on the number of employees, cut back on services, cut back on benefits. That’s something Democrats haven’t wanted to do in part because of the support they’ve gotten from the unions.” Public Interest Donahoe is trying to cut $20 billion a year in costs after the Postal Service, in the face of declining mail volume due in part to e-mail and online commerce, lost $15.9 billion last fiscal year and an additional $1.3 billion in the quarter that ended Dec. 31. The postmaster general yesterday stood by his position that ending Saturday mail delivery in August is legal, even though appropriations bills for three decades have required six-day mail, with the government operating under temporary funding. A Pew Research Center poll out today showed U.S. adults supporting Donahoe’s proposal, 54 percent to 32 percent. Whites favored the idea, 61 percent to 26 percent, while blacks disapproved, 55 percent to 29 percent. Among those writing letters weekly, 50 percent backed ending Saturday deliveries while 44 percent did not; the percentage in favor grew to 61 percent among those who rarely or never wrote personal letters, with just 21 percent disapproving. The survey of 1,004 adults was taken Feb. 7-10 and had a margin of error of plus or minus 3.7 percentage points. Senate Democrats Senate Democrats including Majority Leader Harry Reid of Nevada insist they, not Donahoe, get to decide on ending Saturday delivery. The Senate passed a measure last year that gave Donahoe some of what he wanted, while blocking him from ending Saturday mail delivery for at least two years. The House didn’t vote on that measure or its own plan. “It may be in the public interest to curtail Saturday mail delivery, but the decision may not be made in economic interests but in the interest of who their friends are,” said Gary Chaison, a labor professor at Clark University in Worcester, Massachusetts. Every elected member of the Senate Democratic caucus has received contributions from postal union political committees, the records show. Of the 55 Senate Democrats, only Brian Schatz of Hawaii and Mo Cowan of Massachusetts, who were both appointed, haven’t received donations from at least one postal union PAC. By comparison, 19 of the Senate’s 45 Republican got postal contributions. Top Recipients Stephen Lynch, a Democratic House member from Massachusetts running in the special election to fill new Secretary of State John Kerry’s Senate seat, received the most among House members in the past six years. Lynch, whose mother was a postal clerk and father was an ironworker, received $175,100 from postal PACs, the records show. A campaign spokesman, Conor Yunits, said the lawmaker has always been close to postal and ironworkers unions because of his parents. “He’s very proud to have that support and these organizations have always been very important to his family,” Yunits said. Senator Chris Murphy, a Connecticut Democrat, received $96,500 in contributions to lead all senators, though his figures also include donations to his House campaigns in 2008 and 2010. A spokesman, Ben Marter, said the contributions have no impact on how he votes. “Chris fights for jobs wherever they are -- factory floors, schools, hospitals, or post offices,” Marter said. Top Republicans Senator Susan Collins of Maine , a co-sponsor last year of the legislation that would have required waiting at least two years to end Saturday mail delivery, received more postal union donations than any Republican in Congress -- $70,500. Telephone calls to Collins’s office over two days weren’t returned. In the House, 197 out of 200 Democrats received postal union PAC donations, compared with 72 of the 232 Republicans. Representative Darrell Issa of California , chairman of the House committee with oversight over the Postal Service, had the most donations among House Republicans, $44,500. Issa, who has said he backs ending Saturday mail delivery, said the union donations don’t affect his position. Biggest Donor The biggest postal-union donor was the National Association of Letter Carriers, which trailed only the American Federation of Teachers among union political committees in campaign giving for the 2012 elections. Democrats say they’re concerned about the impact of postal service changes on employees. Representative Elijah Cummings of Maryland , the top Democrat on Issa’s House Oversight and Government Reform Committee, said 45 percent of Postal Service employees are minorities, 40 percent are women and 21 percent are veterans. Some might not be able to find other work if they lose their jobs, he said. “Our main concern is compassion for those who have given their blood, sweat and tears to make our mail system work,” Cummings said. Union officials including Fredric Rolando, president of the National Association of Letter Carriers, say most proposed cuts aren’t necessary because the Postal Service’s financial woes stem from its legal requirement to prepay costs of future retirees’ health benefits. The service has defaulted on those payments for the past two years, $11.1 billion in all, and last week said it won’t be able to afford this year’s payment. Health Benefits Rolando said his union contributes to candidates regardless from both parties who support the Postal Service. “It’s clear that eliminating Saturday delivery would hurt tens of millions of Americans and countless small businesses while not addressing the financial problems,” Rolando said in an e-mailed statement. Donahoe has asked Congress to restructure or end that requirement, while seeking to close hundreds of post offices and mail-handling plants and to pull postal workers out of the U.S. government employees’ health plan. Lawmakers opposing cuts say they’re voicing constituents’ sentiments. Jon Tester of Montana , who received $65,000 in postal union donations, fourth most among Senate Democrats, yesterday called the Postal Service “absolutely critical” to the rural areas he represents. Postal workers, of which there are 521,000, are among those constituents. The Postal Service’s workforce is larger than that of any publicly traded U.S.-based company other than Wal-Mart Stores Inc. (WMT) ‘Grassroots Tool’ Jeanette Dwyer, president of the National Rural Letter Carriers Association, said the contributions help the union motivate its members to lobby their representatives. “It’s a grassroots tool,” she said. The postal unions are also mobilizing allies including MoveOn.org, which started a petition drive demanding Congress prevent closings of small-town post offices. “The union money is less important than the fact that there are union members everywhere,” said Art Sackler , coordinator of the Coalition for a 21st Century Postal Service, whose members include Bank of America Corp. (BAC) and EBay Inc. (EBAY) and which supports cutting postal costs. “And there are relatives of union members everywhere. And they all care.” Still, Issa said, cutbacks are inevitable. “We’re going to ultimately all get to a numerically smaller Postal Service,” he said. To contact the reporters on this story: Angela Greiling Keane in Washington at agreilingkea@bloomberg.net ; Jonathan D. Salant in Washington at jsalant@bloomberg.net To contact the editor responsible for this story: Bernard Kohn at bkohn2@bloomberg.net

Stocks, Euro Pare Losses on Speculation of EU Agreement

http://www.bloomberg.com/news/2012-06-28/u-s-stocks-pare-losses-on-speculation-of-eu-agreement.html

U.S. stocks and the euro pared losses amid speculation that European leaders were nearing an agreement on plans to halt contagion from the debt crisis. The Standard & Poor’s 500 Index slipped 0.2 percent to 1,329.01 at 4 p.m. in New York after earlier slumping as much as 1.4 percent. The euro slipped less than 0.2 percent to $1.2447 after earlier dropping as much as 0.5 percent. Italy and Spain may get short-term relief to ease financing pressure, Xinhua reported, citing a European Union source at the summit in Brussels. German Chancellor Angela Merkel canceled a press briefing at the summit and her spokesman said talks on a growth accord were ongoing. To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

U.S. Companies Reporting Midmorning EPS, July 23

http://www.bloomberg.com/news/2012-07-23/u-s-companies-reporting-midmorning-eps-july-23.html

The following table lists the 20 U.S. companies that reported quarterly earnings today (end date of the quarter is noted in the last column). Companies are sorted alphabetically by ticker symbol. Earnings estimates provided by Bloomberg. To contact the reporter on this story: Wendy Soong in New York at at csoong@Bloomberg.net. To contact the editor responsible for this story: Alex Tanzi at at atanzi@Bloomberg.net

Concurrent, Glenmark Pharmaceuticals, Oil & Natural: India Equity Preview

http://www.bloomberg.com/news/2010-09-23/concurrent-glenmark-pharmaceuticals-oil-natural-india-equity-preview.html

The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close. The Bombay Stock Exchange Sensitive Index, or Sensex , fell 59.83, or 0.3 percent, to 19,941.72. The S&P CNX Nifty Index on the National Stock Exchange declined 0.3 percent to 5,991. The BSE 200 Index decreased 0.3 percent to 2,520.56. SGX S&P CNX Nifty Index futures for September delivery climbed 0.2 percent to 6,007.0 at 10:19 a.m. in Singapore. Concurrent (India) Infrastructure Ltd. (TLI IN): The Mumbai-based engineering and construction company canceled plans to build a 1.1 billion rupee ($24.1 million) hydropower project in northeast India, the company said yesterday in a statement to the exchange. The stock lost 4.8 percent to 21.05 rupees. DLF Ltd. (DLFU IN): The biggest developer was barred from canceling allotments of residential apartments in Gurgaon by the Competition Commission of India, Business Standard reported, citing an order by the commission. The stock fell 1.4 percent to 353.7 rupees. Glenmark Pharmaceuticals Ltd. (GNP IN): The generic-drug maker was rated new “outperform” by Raghvendra Kumar , an analyst at Indiabulls Securities Ltd. The brokerage set a price estimate of 340 rupees per share. The stock lost 0.7 percent to 284.25 rupees. Oil & Natural Gas Corp. (ONGC IN): India’s biggest energy explorer notified two exploration discoveries to the nation’s Directorate General of Hydrocarbons, the company said in a statement yesterday. ONGC has also started shale gas exploration at a site in the state of West Bengal, it said. The stock fell 0.1 percent to 1,402.65 rupees. Tulip Telecom Ltd. (TTSL IN): The wireless service provider was rated “overweight” in new coverage by Malvika Gupta , an analyst at JPMorgan Services India Pvt., with a price estimate of 215 rupees per share. The stock rose 0.8 percent to 172.3 rupees. To contact the reporters on this story: Madelene Pearson in Mumbai on mpearson1@bloomberg.net ; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net. To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

Iberdrola May Appoint CEO to Fend Off ACS, Reuters Reports

http://www.bloomberg.com/news/2012-03-29/iberdrola-may-appoint-ceo-to-fend-off-acs-reuters-reports.html

Iberdrola SA (IBE) may appoint a Chief Executive Officer alongside Chairman Ignacio Galan to curry favor with institutional investors in its battle against Actividades de Construccion y Servicios SA, Reuters said. The move may help Galan secure the backing of international fund managers at the annual shareholders meeting where he may have to fend off another attempt by ACS, Iberdrola’s biggest shareholder, to secure a seat on the board, Reuters reported, citing three people with knowledge of the process, without identifying them. Chief Financial Officer Jose Sainz Armada and Fernando Becker, another current Iberdrola executive, are the most likely candidates for the job, the agency said. To contact the editor responsible for this story: Ben Sills at bsills@bloomberg.net

AOL’s Temkin Exits Amid Mobile Technology Restructuring

http://www.bloomberg.com/news/2012-11-16/aol-s-temkin-to-leave-as-mobile-technology-restructures.html

AOL Inc. (AOL) Senior Vice President David Temkin, who oversaw technology products including mobile software and e-mail, is leaving the Internet portal amid a restructuring of its technology group. Temkin will depart after the end of the year, the company said yesterday. The move comes as AOL shifts from having a dedicated team of mobile engineers to a structure where developers will work within the company’s various media brands, such as Engadget and Moviefone, to build mobile software. The resignation of Temkin -- the third consumer-technology head to leave in a year -- underscores the challenge AOL, a company focused on media, may be having in keeping technology- oriented staff. Since separating from Time Warner Inc. in 2009, AOL under Chief Executive Officer Tim Armstrong has worked to transform the company from an Internet services provider into ad-based content provider. “It’s time for me to move on to the next thing and go build,” Temkin said in an interview yesterday, without specifying his plans. Temkin was promoted to a top role in AOL’s Palo Alto, California, office in March, following earlier departures by Brad Garlinghouse and Eric van Miltenburg from similar positions. Temkin joined the company in 2010 after stints as an executive at Palm Inc. and as a software engineer at Apple Inc. The move to decentralize AOL’s mobile team follows job cuts announced earlier this year, when as many as 40 people were fired from the consumer-applications group because of the division’s underperformance, three people said at the time. Sol Lipman, a former vice president in AOL’s mobile unit who helped create its Editions news-reading app for Apple’s iPads, left to join the startup Tomfoolery Inc. last month. To contact the reporters on this story: Douglas MacMillan in San Francisco at dmacmillan3@bloomberg.net ; Edmund Lee in New York at elee310@bloomberg.net To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

National Bank’s Allure Fades as Lending Hits Zenith

http://www.bloomberg.com/news/2012-12-14/national-bank-s-allure-fades-as-lending-hits-zenith.html

National Bank of Canada generated the best risk-adjusted returns among Canadian banks through the global financial crisis by focusing on its home market. Some analysts say that strategy is now working against the bank. National Bank’s stock rose 2.6 percent in the five years through today after adjusting for price swings, the top among Canada’s eight-biggest banks, according to a Bloomberg Riskless Return ranking. The lender, based in Montreal , had the highest total return among its peers at 81 percent and less volatility than larger peers Royal Bank of Canada and Canadian Imperial Bank of Commerce. The bank, which operates mostly in Quebec , outperformed larger Canadian lenders which expanded in the U.S., Europe , Latin America and Asia over that period. The domestic concentration sheltered the lender from the turmoil of the U.S. subprime mortgage collapse and financial upheaval as well as Europe’s debt crisis. “Canadian retail banking may have hit its zenith in terms of earnings growth,” John Aiken , an analyst with Barclays Plc, said in an interview. “If we’re going to look at some of the other banks that have access to broader global business lines, National’s performance may not be top-of-class going forward.” Standard & Poor’s yesterday lowered issuer credit ratings on six Canadian lenders including National Bank and Bank of Nova Scotia (BNS) by one level as they face “incremental pressure from headwinds facing the Canadian economy.” Shares Rose National Bank shares fell 0.1 percent to C$76.87 at 4 p.m. in Toronto. The stock has risen 6.6 percent this year, compared to the 11 percent return of the S&P/TSX Financials Index. National Bank’s risk-adjusted return over five years was almost double that of Quebec competitor Laurentian Bank of Canada , the second-best performer with a return of 1.5 percent, and twice the 1.3 percent return of Royal Bank, the country’s largest lender, according to the Bloomberg ranking. National Bank also outperformed CIBC, the Toronto-based lender that sought to reduce risk after taking more writedowns in the financial crisis than any of its Canadian peers. “Our presence in Canada as a super-regional bank has allowed us to keep better results and avoid the more risky areas,” said Jean Dagenais, National’s senior vice president, finance and taxation. “People saw in the bank stock some kind of a refuge, a pure Canadian play.” The risk-adjusted return, which isn’t annualized, is calculated by dividing total return by volatility, or the degree of daily price variation, giving a measure of income per unit of risk. A higher volatility means the price of an asset can swing dramatically in a short period, increasing the potential for unexpected losses. Return Fades National Bank’s performance when considering price swings has faded in the past 12 months relative to its competitors. The Quebec lender’s one-year risk-adjusted return was 1.3 percent, below the 1.7 percent returns of CIBC and Royal Bank, and Bank of Nova Scotia ’s 1.6 percent performance. The bank benefited from strong economic performance in Quebec, Canada’s second-largest economy, compared with other provinces. Since the end of 2007, Quebec’s economy has grown by 4.9 percent, more than three times the 1.5 percent expansion in Ontario and the 4.4 percent growth in British Columbia, according to Statistics Canada. ‘Loyal Customers’ “They have very loyal customers in Quebec,” said David Baskin, president of Toronto-based Baskin Financial Services, which manages about C$450 million including National Bank shares. “That customer loyalty makes for a less competitive environment in Quebec, which obviously leads to higher margins and better profits.” National has had missteps. The bank recorded more than C$1.1 billion of writedowns over two years after the August 2007 collapse of Canada’s market for non-bank administered asset- backed commercial paper. National took the costs after buying back about C$2 billion in frozen short-term debt from its clients. Still, National took fewer writedowns than its larger Canadian lenders during the U.S. subprime collapse in 2008 and subsequent financial crisis. It was the first Canadian lender to raise its dividend in 2010, ending a three-year payout freeze. “They haven’t blown their brains out doing stupid things in the United States ,” Baskin said. “They have less currency risk than the other banks, which also helps. That may tend to reduce the volatility of their earnings a little bit.” World’s Soundest Canadian lenders have been ranked the world’s soundest for the past five years by the Geneva-based World Economic Forum. The eight-biggest banks have outperformed Canada’s benchmark S&P/TSX Composite Index, which has been almost unchanged over five years when accounting for volatility. Canada’s eight-bank S&P/TSX Commercial Banks Index (STCBNK) returned 1.4 percent on a risk-adjusted basis, outperforming the 0.7 percent decline of the 24-company KBW Bank Index in the U.S. on that basis. In spite of its returns, National’s stock is the cheapest of Canada’s six-larger banks based on a ratio of its share price to earnings potential in the next 12 months. “One of the perennial knocks on National’s valuation has been its outsized contribution from capital markets ,” Aiken said. “When you take a look at the earnings performance of National, it’s actually been very steady. What you get is reasonably strong growth with a more stable valuation multiple.” Capital Markets National Bank generated 31 percent of its revenue from financial markets, which includes its investment bank, in the fiscal year ended Oct. 31, more than any other Canadian lender. In comparison, Royal Bank, which has investment-banking operations in the U.S., Europe and Asia, gets 21 percent of revenue from capital markets. Bank of Montreal (BMO) gets 23 percent of revenue from investment banking. “The financial markets are volatile, but we are less volatile than the others,” Chief Financial Officer Ghislain Parent said in a telephone interview. “We’re trading and client driven.” National’s track record isn’t enough to convince money managers such as Caldwell Securities Ltd.’s John Kinsey to invest in the stock. “They have done well, it’s just that it’s more of a regional bank,” Kinsey said in a Nov. 26 interview in Toronto. “With the top five banks, that’s enough for us. You can’t kiss all the girls.” To contact the reporters on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net ; Sean B. Pasternak in Toronto at spasternak@bloomberg.net To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net ; David Scheer at dscheer@bloomberg.net

S&P 500 Index Futures Gain With Dollar as Treasuries Retreat on Jobs Data

http://www.bloomberg.com/news/2012-03-09/u-s-stock-index-futures-extend-gains-after-job-growth-exceeds-estimates.html

U.S. stock futures gained, Treasuries retreated and the dollar rose after government data showed the economy added more jobs than forecast last month, bolstering optimism that the labor market is improving. Futures on the Standard & Poor’s 500 Index expiring in June advanced 0.3 percent to 1,364.2 at 8:38 a.m. in New York. Ten- year U.S. Treasury yields climbed three basis points to 2.04 percent and the Dollar Index added 0.7 percent. The 227,000 increase in payrolls followed a revised 284,000 gain in January that was bigger than first estimated, Labor Department figures showed today in Washington. Job growth over the last six months was the strongest since 2006. The median projection of economists in a Bloomberg News survey called for a 210,000 rise in February employment. Today is the third anniversary of the 2009 bear-market low for the S&P 500. The benchmark gauge has risen 102 percent since closing at 676.53 on March 9, 2009 on speculation the economy would recover from the worst contraction since the Great Depression. The index had tumbled 57 percent from its record high on Oct. 9, 2007, before starting its recovery three years ago. It’s still 13 below its all-team peak. The S&P 500, which closed at an almost four-year high last week, completed its biggest two-day advance of the year yesterday as Greece moved closer to completing the biggest ever debt restructuring. Greece said today it convinced private investors to forgive more than 100 billion euros ($132 billion) of debt, opening the way for a second rescue package. To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net

Tenet Falls on Doubts Community Health Bid Can Seal Takeover

http://www.bloomberg.com/news/2011-05-02/community-health-systems-raises-offer-to-buy-tenet-by-21-to-7-25-a-share.html

Tenet Healthcare Corp. (THC) declined in New York trading as investors bet Community Health Systems Inc. (CYH) ’s $4.07 billion offer for the rival hospital chain won’t result in a takeover. Tenet fell 24 cents, or 3.5 percent, to $6.69 at 4:01 p.m. in New York Stock Exchange composite trading. Franklin, Tennessee-based Community Health said in a statement today that it raised the unsolicited offer for Tenet by 21 percent, to $7.25 a share in cash. Community Health said the bid to create the biggest U.S. hospital chain was its “best and final offer” and would expire unless “good-faith discussions” begin by May 9. Dallas-based Tenet accused its competitor on April 11 of overcharging the U.S. Medicare program at least $280 million in a lawsuit and said a government probe of the allegations would raise questions about whether Community Health could finance the takeover. “People believe this is not going to get done, and without the potential of being acquired by Community Health, you really lose the support for Tenet’s stock,” Michael Wiederhorn, an analyst at Oppenheimer & Co. in New York , said in a telephone interview. Tenet traded as high as $7.70 on April 1. Community Health dropped 51 cents, or 1.7 percent, to $30.22. Today’s offer is 4.6 percent higher than Tenet’s closing price on April 29 and is based on the number of diluted shares. It doesn’t include about $4 billion in net debt on Tenet’s books that Community Health would assume in a deal. Community Health originally offered $5 a share in cash and $1 a share in stock, which Tenet rejected in December. ‘Grossly Undervalued’ Shareholders should take no action while Tenet’s board reviews the offer, the company said in a statement. Past offers had “grossly undervalued” the company, it said. The hospital operator also asked the U.S. District Court to expedite discovery in the lawsuit against Community Health , according to a separate filing with the U.S. Securities and Exchange Commission today. Community Health may have trouble raising the cash for the proposed acquisition and could be “subject to liability and damages of well over $1 billion” for its Medicare practices, Tenet’s lawsuit said. Community Health today reiterated it is confident financing can be obtained. Community Health’s language on financing the deal today was weaker than in past statements, signaling the deal is less likely, said Oppenheimer’s Wiederhorn. In an April 11 statement, Community Health said that financial advisers Credit Suisse and Goldman Sachs Group Inc. “have reaffirmed their confidence in financing the transaction.” Today’s statement said the two were “highly confident that financing for CHS’s offer can be obtained in the capital markets.” Likely Rejected “The $7.25 all cash bid is likely to be rejected,” said Sheryl Skolnick , an analyst with CRT Capital Group LLC in Stamford , Connecticut. “We have serious doubts as to how Community Health would be able to obtain the financing given the unfolding of recent events,” including a U.S. Justice Department probe of the Medicare allegations. Brooke Gordon, a Community Health spokeswoman, didn’t immediately return messages seeking comment on the financing language or Tenet’s legal filing today. Community Health said in an April 15 filing that it had been subpoenaed by the U.S. Department of Health and Human Services in an investigation of its billing of the Medicare and Medicaid insurance programs. The agency has requested documents related to emergency room procedures, including use of a software system that helps make decisions about when patients are admitted to the hospital, Community Health said. Texas Request The Texas Attorney General’s office also requested information about the hospital chain’s emergency rooms in November, Community Health said in the filing. Community Health said in a separate statement that it was buying Mercy Health Partners of Scranton, Pennsylvania in a deal that includes three hospitals. Terms of the acquisition weren’t disclosed. There have been 925 deals in the hospital industry over the last five years, with an average size of $268.9 million and an average premium of 36 percent, according to data compiled by Bloomberg. The largest was the 2006 purchase of HCA Inc. for $32.2 billion by a private-equity group including Bain Capital LLC, KKR & Co. and Merrill Lynch & Co. Inc. -- With assistance from Pat Wechsler in New York. Editors: Chris Staiti, Angela Zimm To contact the reporter on this story: Alex Nussbaum in New York anussbaum1@bloomberg.net. To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

Imperial Oil Reports Flaring at Strathcona Refinery in Alberta

http://www.bloomberg.com/news/2012-03-30/imperial-oil-reports-flaring-at-strathcona-refinery-in-alberta.html

Imperial Oil Ltd. (IMO) reported flaring at its Strathcona (IOSTCRUD) oil refinery in Alberta , according to a message on a community information line. “Neighbors can expect to see intermittent flaring over the next day,” according to the message dated yesterday. “Neighbors can also expect to see and hear increased steam venting.” To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

Korea Finance’s Biggest Dollar Bonds in a Year Rise in Trading

http://www.bloomberg.com/news/2013-08-16/bond-risk-increases-in-asia-pacific-credit-default-swaps-show.html

Korea Finance Corp.’s $500 million of U.S. dollar-denominated bonds, its biggest issue in the currency in more than a year, rose after investors offered to buy seven times the available notes yesterday. The five-year securities, which priced at 99.456 cents on the dollar, were quoted at 99.6 cents as of 11:16 a.m., Royal Bank of Scotland Group Plc prices show. The company paid 145 basis points more than Treasuries to sell the debt, a spread that narrowed to 140 basis points today, according to RBS. Borrowers from Asia’s fourth-largest economy have accounted for 75 percent of dollar issuance from the region outside Japan this month, data compiled by Bloomberg show. South Korea is forecast to expand 2.5 percent this year, up from 2 percent in 2012. In contrast, China and India are struggling with the slowest growth in at least a decade. Investors are “looking for names that are reasonably strong,” said Kaushik Rudra, the Singapore-based global head of credit research at Standard Chartered Plc. “There’s still a lack of clarity around a lot of other jurisdictions in Asia, particularly China and India, so Korea is the one major block that doesn’t really have those fundamental issues.” Investors in the U.S. bought 40 percent of Korea Finance’s bonds, according to a person familiar with the matter. The company received $3.5 billion of orders from 249 accounts, the person said. Chinese electricity generator Meiya Power Co., the last non-Korean issuer to sell dollar debt, by comparison received about $740 million of orders for its $350 million bond sale, a person familiar with the matter said at the time. Suntec Meetings Suntec Real Estate Investment Trust (SUN) plans to meet bond investors from Aug. 19 in Hong Kong, Singapore and London , a separate person with knowledge of the matter said today. The cost of insuring corporate and sovereign bonds from non-payment in the Asia-Pacific region rose, according to credit-default swap traders. The Markit iTraxx Australia index jumped 5 basis points to 120 basis points as of 10:25 a.m. in Sydney, according to Westpac Banking Corp. (WBC) prices. The benchmark is headed for its biggest one-day gain since July 3 and its highest close since Aug. 2, according to data provider CMA data. The Markit iTraxx Japan index increased 4 basis points to 96 as of 9:23 a.m. in Tokyo , Citigroup Inc. prices show. The gauge is also poised for its biggest one-day advance since July 3 and its highest level since since Aug. 8, according to CMA, which is owned by McGraw-Hill Cos. and compiles prices quoted by dealers in the privately negotiated market. The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan climbed 5 basis points to 142 basis points as of 8:26 a.m. in Singapore, Australia & New Zealand Banking Group Ltd. (ANZ) prices show. The measure is on track for its highest close since Aug. 8, CMA data showed. Credit-default swap indexes are benchmarks for insuring bonds against default and traders use them to speculate on credit quality. A drop signals improving perceptions of creditworthiness, while an increase suggests the opposite. The swap contracts pay the buyer face value in exchange for the underlying securities if a borrower fails to meet its debt agreements. To contact the reporter on this story: Rachel Evans in Hong Kong at revans43@bloomberg.net To contact the editor responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net

Apple's Market Crown Is Tribute to Agility: The Ticker

http://www.bloomberg.com/news/2011-08-10/apple-s-market-crown-is-tribute-to-agility-the-ticker.html

How did Apple Inc. do it? The high-tech company that couldn't do anything right in the mid-1990s has emerged as the world's most valuable company, with a stock-market capitalization of about $342 billion. Apple's triumph happened this week amid extreme market turbulence. Shares of Exxon Mobil Corp., which had been number one in stock-market value, tumbled in tandem with falling oil prices. Apple didn't fall as much. Stepping back, though, it's clear that Apple's rise to the top reflects its remarkable agility. Apple is dwarfed by Wal-Mart Stores Inc. in terms of revenue and employee headcount; it lags Exxon Mobil in annual net income. No other big company, however, comes close to Apple's ability to conquer new markets, one after another. Just 14 years ago, Apple's business consisted almost entirely of a small and dwindling share of the personal computer market. Today, as Bloomberg's Adam Satariano points out, Apple gets two-thirds of its revenue from iPhones and iPads, two products that didn't exist five years ago. Apple keeps its growth-stock valuation because investors feel confident that the company hasn't run out of big ideas. As rapidly as Apple retools its product line, it stays loyal to a few core values. It makes easy-to-use, elegant products. It charges premium prices for them. It has enough faith in its own engineering to leap ahead of what customers already like -- on the belief that it can correctly anticipate what they want next. Apple won't always be blunder-free. Every company that becomes a market-cap leader eventually cedes that honor to a newer entrant or a resurgent rival. But Apple's advance should still be seen as a reminder of how much can be accomplished with ingenuity and conviction. (George Anders is a member of the Bloomberg View editorial board.)

MALAYSIA DAYBOOK: China Deals, AirAsia Dividend, Focus Lumber

http://www.bloomberg.com/news/2011-04-27/malaysia-daybook-china-deals-airasia-dividend-focus-lumber.html

Chinese Premier Wen Jiabao will witness as many as eight bi-lateral agreements at 11:40 a.m. after meeting Malaysian Prime Minister Najib Razak in Putrajaya. He will open the Sino-Malaysia Economic & Trade Cooperation Forum in Kuala Lumpur at 4.45 p.m. Wen will also hold private meetings with former Prime Ministers Mahathir Mohamad and Abdullah Ahmad Badawi. WHAT TO WATCH: * AirAsia Bhd. to pay inaugural dividend of 3 sen per share for 2010 financial year. * Focus Lumber Bhd. (FLB MK), a Malaysian plywood manufacturer, will make listing debut on the Kuala Lumpur stock exchange. The company sold shares at 60 sen each in IPO. * World Bank to release report on Malaysia economy and brain drain at 2:30 p.m. * RAM Rating Services Bhd. 2011 default study at 10 a.m. * Sime Darby Bhd.’s motor division briefing at 10:15 a.m. * Malaysia Airports Holdings Bhd. briefing after annual meeting at 11:45 a.m. * Unisem Bhd., a Malaysian semiconductor assembler, said 1Q net income tumbled 88% to 5.1 million ringgit. * NCB Holdings Bhd. (NCB MK) said 1Q profit fell 23% to 21.4 million ringgit. MARKETS: * Malaysia’s FTSE Bursa Malaysia KLCI Index rose 0.2 percent. * The MSCI Asia Pacific Index dropped 0.1 percent. * The Dow Jones Industrial Average gained 0.8 percent. * Palm oil July-delivery futures fell 1.6 percent to 3,277 ringgit a metric ton. To contact the editor responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net

Commodities Gain for a Second Day; Oil Rises on Unrtest in Libya, Bahrain

http://www.bloomberg.com/news/2011-03-17/oil-leads-commodity-losses-as-japan-s-nuclear-crisis-sparks-demand-concern.html

Commodities gained for a second consecutive day, led by oil after fighting in Libya intensified, renewing concern that Middle East supplies may be further threatened in Africa ’s third-largest fuel producer. The Standard & Poor’s GSCI Spot Index of 24 commodity futures gained as much as 1.2 percent after falling 0.4 percent. Prices dropped earlier today amid speculation Japan’s earthquake will curb demand. Crude oil in New York rose as much as 1.3 percent to $99.20 a barrel, reversing an earlier loss of 1.4 percent, taking this year’s gain to 8.4 percent. The fuel climbed as much as 2.5 percent yesterday as violence in Bahrain increased concern that unrest will spill into Saudi Arabia. “Gains were fragile, as Japan tensions remain,” Deutsche Bank AG’s analysts Adam Sieminski and Xiao Fu said in a report today. Crude prices were “underpinned by escalating uncertainties in Libya, Bahrain and Yemen,” they said. Bahraini police arrested at least four opposition leaders a day after imposing a military curfew on parts of the country and forcing protesters from a central roundabout in the capital. Libyan leader Muammar Qaddafi ’s warplanes bombed the Benghazi airport, rebels said, bringing the war to the opposition stronghold for the first time as the United Nations Security Council prepares to debate action. The S&P GSCI has advanced 8.4 percent this year, partly driven by political unrest in the Middle East and North Africa that cut oil output in Libya and threatens disruptions in other producing countries. The increase has been limited by the magnitude-9.0 earthquake that hit Japan on March 11, prompting investors to sell commodities on speculation demand will drop. Nuclear Crisis In Japan, more than 300 workers are racing to prevent a meltdown and spread of radiation at the crippled Fukushima Dai- Ichi power station today, an increase from a core group of 50 engineers yesterday, Tokyo Electric Power Co. said. Japan is the world’s third-largest user of crude, the top importer of corn and second only to China in terms of copper-ore purchases. Workers plan to connect a power line to start damaged cooling systems later today and intend to spray water on a damaged reactor from a cannon used by the police for riot control, Tepco spokesman Kaoru Yoshida said. Helicopters doused 30 metric tons of water on pools used to cool spent fuel rods. No change in radiation levels was reported after four bombing runs, Kyodo News said, citing Tepco. “From the beginning to now, the situation in Japan seems to be getting worse and impacting commodity prices.” Dominic Schnider, director for wealth management research at UBS AG in Singapore, said today by phone. Derailed Recovery Immediate-delivery gold was little changed at $1,397.75 an ounce after dropping as much as 0.9 percent earlier, while copper advanced 0.9 percent to $9,340 a ton on the London Metal Exchange. “Japan is a big economy; if we do have some sort of nuclear meltdown it will have big macro-economic impacts and that could derail the recovery,” Ben Westmore , a minerals and energy economist at National Australia Bank Ltd. in Melbourne , said by phone today. “The commodity markets are jittery and do remain heavily focused on the impacts of the Japan nuclear power plant situation,” Westmore said. Foreign governments including the U.S. and the U.K. advised their citizens to consider leaving Japan, as the Asian nation’s Chief Cabinet Secretary Yukio Edano urged people not to panic. Japan’s Nuclear and Industrial Safety Agency said today there is a possibility of no water at the No. 4 reactor spent- fuel cooling pool. The agency has detected no smoke or steam rising from the reactor, spokesman Hidehiko Nishiyama said. ‘Major’ Disaster “We are somewhere between a disaster and a major disaster,” EU Energy Commissioner Guenther Oettinger told a European Parliament committee yesterday. Spot platinum fell as much as 2.2 percent to $1,657.75 an ounce, the lowest intraday price since Dec. 1, and palladium lost as much as 1.5 percent to $688.25, lowest since Nov. 30. Prices of the metals used for pollution-control devices in cars dropped as Japanese carmakers including Toyota Motor Corp., the world’s largest, halted operations following the quake. Farm products were the biggest gainers. Corn for May delivery climbed as much as 2 percent to $6.2875 a bushel on the Chicago Board of Trade. The price closed at the lowest level in two months yesterday. Wheat for May delivery climbed 2.3 percent to $6.77 a bushel after yesterday dropping to $6.56, the lowest price since Oct. 6. “End-users snapped up purchases after values tumbled, which is helping prices creep up,” said Han Sung Min, a senior trader at Seoul-based Korea Exchange Bank Futures Co. “The rebound may be short-lived because investors remain jittery.” To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

LIH TAI CONST February Sales Fall 1.78% (Table) : 5520 TT

http://www.bloomberg.com/news/2011-03-10/lih-tai-const-february-sales-fall-1-78-table-5520-tt.html

LIH TAI CONST said unconsolidated sales in February fell 1.78% to NT$100,979,000 from NT$102,804,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 2/2011 2/2010 Sales 100,979 102,804 YOY% -1.78% -----------------Year-to-date----------------- Sales 298,013 299,704 YOY% -0.56% =================================================================

Manchester United Draws With Chelsea as Rooney Takes on Suitor

http://www.bloomberg.com/news/2013-08-26/manchester-united-draws-0-0-with-chelsea-in-premier-league.html

Manchester United drew 0-0 with Chelsea as manager David Moyes ’s first competitive home game delivered the only scoreless Premier League match at Old Trafford since May 2009. In a meeting between two of the bookmakers’ favorites for the title, Red Devils striker Danny Welbeck had the best chance last night in the 56th minute, though put his shot from 10 yards (nine meters) just wide. It was the first league game without a goal at United’s stadium in 77 matches. “It was tense,” Chelsea midfielder Frank Lampard said in a televised interview. “People talk about big decider games early in the season and neither team wants to lose. It was a bit of a stalemate in those terms.” The result puts Chelsea a point clear of Liverpool and Tottenham atop the standings with seven points, though the Blues have played a game more. Defending champion United has four points in fourth place after two of 38 matches and visits Liverpool next on Sept. 1. Last night’s match marked the first time Moyes went up against Chelsea’s Jose Mourinho since succeeding the retired Alex Ferguson as manager of record 20-time English champion United. Mourinho in June left Real Madrid and rejoined Chelsea, which he coached to the title in 2005 and 2006. Rooney Plays Moyes picked Wayne Rooney , who’s been the subject of two rejected bids from Chelsea, in the starting lineup and the England forward was cheered throughout by the home fans. Rooney had four of United’s 10 shots. “I was very pleased with Wayne’s performance and very pleased by the reaction from the crowd,” Moyes said in comments on United’s website. “I told him I might only play him for 60 or 70 minutes and see how he was. But he worked back, he tackled and he was great.” Mourinho said Chelsea will wait to see where Rooney sees his future before making a third offer. United has said that the 27-year-old isn’t for sale. “It depends on his reaction, on his feelings,” Mourinho told Sky Sports. “If now he doesn’t want to leave, we are out of the scene. We need to know what is happening.” To contact the reporter on this story: Dan Baynes in Sydney at dbaynes@bloomberg.net To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net

VIA TECH INC January Sales Fall 30.33% (Table) : 2388 TT

http://www.bloomberg.com/news/2012-02-01/via-tech-inc-january-sales-fall-30-33-table-2388-tt.html

VIA TECH INC said unconsolidated sales in January fell 30.33% to NT$302,938,000 from NT$434,829,000, according to a statement filed to the Taiwan Stock Exchange. (Figures are in thousands of New Taiwan dollars) ================================================================= 1/2012 1/2011 Sales 302,938 434,829 YOY% -30.33% -----------------Year-to-date----------------- Sales 302,938 434,829 YOY% -30.33% =================================================================

Fed’s Plosser Says Cost of More Bond Buying Outweighs Benefits

http://www.bloomberg.com/news/2012-08-30/fed-s-plosser-says-cost-of-more-bond-buying-outweighs-benefits.html

Federal Reserve Bank of Philadelphia President Charles Plosser said the potential risks involved with another round of large-scale bond buying outweigh the benefits. “I don’t think it really meets the cost-benefit test right now,” Plosser, who doesn’t have a vote on policy this year, said today in a CNBC interview. “It’s possible they could bring down interest rates somewhat, but we have to remember it’s not that simple given the headwinds that the economy faces.” The Fed has expanded its balance sheet with two rounds of bond purchases, known as quantitative easing. In the first, starting in 2008, the Fed bought $1.25 trillion of mortgage- backed securities, $175 billion of federal agency debt and $300 billion of Treasuries. In the second round, announced in November 2010, the Fed bought $600 billion of Treasuries. “Increasing accommodation creates risks, and we need to balance those,” Plosser said in an interview from the Fed symposium in Jackson Hole , Wyoming. “We have to take into account the size of the risk we are taking, and the size of the balance sheet is a risk.” Uncertainty caused by the U.S. elections and Europe’s debt crisis are making consumers and businesses reluctant to spend and invest, and “monetary policy isn’t going to remove those headwinds,” Plosser said. Fed Chairman Ben S. Bernanke , who speaks on monetary policy tomorrow in Jackson Hole, and the Federal Open Market Committee will discuss at the next meeting Sept. 12-13 how to boost economic growth that’s too weak to cut unemployment. Policy makers said at the last meeting that more action may be needed “fairly soon” without evidence of a “substantial and sustainable” recovery, the minutes released Aug. 22 showed. Plosser, 63, became president of the reserve bank in August 2006 following a career in academia. He was previously dean of the graduate school of business administration at the University of Rochester in New York State. The Philadelphia Fed will get its next vote on policy decisions in 2014. To contact the reporter on this story: Jeff Kearns in Washington at jkearns3@bloomberg.net To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

EU May Increase Imports of Brazilian Ethanol Through 2020, Adviser Says

http://www.bloomberg.com/news/2010-10-13/eu-may-increase-imports-of-brazilian-ethanol-adviser-forecasts.html

The European Union may increase imports of Brazilian ethanol from sugarcane to meet its 2020 environmental targets because supplies of biofuels from plant waste and municipal trash are insufficient, a consultant said. The 27-nation bloc lacks a subsidy system to promote enough production of fuels from waste, said Maelle Soares Pinto, director of the Europe and Africa unit at Hart Energy Consulting , a fuels adviser that has counted BP Plc and U.S. government agencies among its clients. Supplies will lag demand by 2015, she said today at a conference in Copenhagen. “The EU will have to import more Brazilian ethanol,” Pinto said at the International Conference on Lignocellulosic Ethanol. The EU’s Renewable Energy Directive “doesn’t provide subsidies or tell members how to promote these biofuels.” The EU has a target of deriving 10 percent of transportation fuel from biofuels by 2020. It has no target for the so-called second-generation ethanol made from non-food crops by companies such as Spain’s Abengoa SA , Denmark’s Dong Energy A/S and CropEnergies AG of Germany. Under a 2007 law, the U.S. is required to use 36 billion gallons of ethanol in 2022 , with 16 billion of it second- generation biofuels. Second-generation biofuels have the potential to replace 65 percent of gasoline used in the EU by 2020, industry analyst Bloomberg New Energy Finance said in a Sept. 13 study. A business-as-usual approach would see the market achieve only 1.7 percent of its revenue potential, the report said. “The technology is ready for deployment, but it will only be deployed if the framing conditions are right for Europe,” said Steen Riisgaard , chief executive officer of Novozymes A/S, in a speech at the conference. Bagsvaerd, Denmark-based Novozymes makes enzymes used to catalyze reactions in the production of second-generation biofuels. Europe has no market for second-generation biofuels nor the logistics to collect the feedstock, Riisgaard said. Loan guarantees, subsidies for new plants and U.S.-style mandatory blending targets are needed to boost European production, he said. To contact the reporter on this story: Gelu Sulugiuc in Copenhagen at gsulugiuc@bloomberg.net ; To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Vienna Insurance Profit Advances 7% After Premium Income Grows

http://www.bloomberg.com/news/2012-08-22/vienna-insurance-profit-advances-7-after-premium-income-grows.html

Vienna Insurance Group AG (VIG) , eastern Europe ’s biggest insurer, said second-quarter profit climbed 7 percent after premium growth offset weather-related claims. Net income rose to 113.6 million euros ($141 million) from 106 million euros a year earlier, the Vienna-based company said today in a slide presentation. That beat the 109 million-euro average estimate of nine analysts surveyed by Bloomberg. “We fully comply with our target of keeping volatilities low and improving profitability on a sustainable basis,” Peter Hagen, who took over as chief executive officer in June, said in a statement. The insurer didn’t give a specific profit forecast. Vienna Insurance, which derives more than half its earnings from the former communist bloc, reported a 19 percent increase in gross written premiums. The insurer, which has about 1.5 billion euros of excess capital after being outbid in January for KBC Groep NV (KBC) ’s Polish unit, said it doesn’t rule out acquisitions “rounding off the portfolio.” Vienna Insurance climbed 1.6 percent as of 9:24 a.m. in Vienna trading, bringing this year’s gain to 11 percent. That compares with the 19 percent advance in the 32-member STOXX Insurance 600 index of European insurers. To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

U.K. Climate Minister Proposes Delay in Second Phase of Carbon-Reduction

http://www.bloomberg.com/news/2010-11-17/u-k-climate-minister-proposes-delay-in-second-phase-of-carbon-reduction.html

The U.K. government proposed a delay in the second phase of its Carbon Reduction Commitment plan, a move that would exempt 12,000 companies and institutions from submitting data on their emissions. “This will create a window for us to engage in a proper dialogue with participants about what we need to do to improve it,” Energy and Climate Minister Chris Huhne said today in published remarks from a speech later today in London. “We can also reduce the administrative burden on businesses.” The delay would mean that U.K. businesses and institutions that aren’t part of the European Union’s cap-and-trade program wouldn’t need to register for the country’s CO2-reduction plan until 2013. To contact the reporter on this story: Catherine Airlie at cairlie@bloomberg.net To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net

Fukushima to Test Thyroids of 360,000 Children, Kyodo Says

http://www.bloomberg.com/news/2011-09-17/fukushima-to-test-thyroids-of-360-000-children-kyodo-says.html

Fukushima prefectural government will examine the thyroid glands of 360,000 children starting from October, Kyodo News reported. The government will begin examinations on 4,908 children from Namie town, Idate village and Kawamata town, the report said. To contact the reporter on this story: Chris Cooper in Tokyo at ccooper1@bloomberg.net To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net

Yum Profit Rises 23% as U.S. Sales Climb

http://www.bloomberg.com/news/2012-10-09/yum-profit-rises-23-as-u-s-sales-climb.html

Yum! Brands Inc. (YUM) , owner of the Taco Bell and KFC fast-food chains, said third-quarter profit increased 23 percent as sales climbed at U.S. locations. Net income rose to $471 million, or $1 a share, from $383 million, or 80 cents, a year earlier, Louisville, Kentucky-based Yum said today in a statement. Profit excluding some items was 99 cents a share. Analysts projected 97 cents, the average of 22 estimates compiled by Bloomberg. Yum, which has more than 18,000 domestic restaurants, said sales at U.S. stores open at least 12 months advanced 6 percent. Analysts estimated a sales gain of 4.4 percent, the average of projections compiled by Consensus Metrix. Yum rose 3.8 percent to $68.52 at 4:12 p.m. in New York. The shares had gained 12 percent this year through the close of regular trading today. Profit excluding some items will rise to at least $3.24 a share this year, up from a previous forecast for a minimum of $3.22, Yum said today. To contact the reporters on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net ; Sapna Maheshwari in New York at sapnam@bloomberg.net To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

Mexico Central Bank Sells 85.6 Billion Pesos of Cetes

http://www.bloomberg.com/news/2012-06-20/mexico-central-bank-sells-85-6-billion-pesos-of-cetes-correct-.html

(Corrects total amount of notes sold in headline and first paragraph.) Mexico ’s central bank sold 85.6 billion pesos ($6.3 billion) of treasury bills known as Cetes today at auction. The central bank sold 35.6 billion pesos of bills due in 91 days and 50 billion pesos of debt maturing in 357 days, according to a statement on its website. The sales are part of the bank’s effort to manage the amount of cash in the financial system and keep inflation in check. To contact the reporter on this story: Ben Bain in New York at bbain2@bloomberg.net To contact the editor responsible for this story: Jonathan Roeder at jroeder@bloomberg.net

ZKB Precious Metal ETF Asset Holdings as of Sept. 30

http://www.bloomberg.com/news/2011-10-04/zkb-precious-metal-etf-asset-holdings-as-of-sept-30-table-.html

Following is a table detailing Zuercher Kantonalbank’s exchange-traded fund holdings of gold, silver, platinum and palladium, according to a report e-mailed from the company: To contact the reporter on this story: Stephen Rose in Washington at srose31@bloomberg.net To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

Ghana’s Cedi Falls for Second Straight Week as Traders Seek U.S. Dollars

http://www.bloomberg.com/news/2011-09-09/ghana-s-cedi-falls-for-second-straight-week-as-traders-seek-u-s-dollars.html

Ghana ’s cedi headed for its second straight weekly decline against the dollar as traders bought the U.S. currency to import goods for resale in West Africa’s largest economy after Nigeria. The currency of the world’s second-biggest cocoa producer depreciated 0.6 percent to 1.5424 by 11:43 a.m. in Accra, the capital, for a weekly drop of 1 percent, according to data compiled by Bloomberg. “It is running to the end of year so you see the small- and medium-sized enterprises trying to buy the dollars to take stock of goods before Christmas shopping begins,” Abdoulaye Karamoko, a currency trader at the local unit of Standard Chartered Bank Plc, said in a telephone interview today. The cedi may close at 1.5450 today if the central bank refrains from selling dollars, Lourens Harmse, a currency trader at Absa Capital Ltd. in Johannesburg, said by phone. “I see no selling interest,” he said. “There’s actually demand onshore.” To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net .

SunCoke Climbs 6.3% in Debut After IPO Raises $185.6 Million

http://www.bloomberg.com/news/2011-07-21/suncoke-energy-shares-climb-after-ipo-of-sunoco-unit-raises-185-6-million.html

SunCoke Energy Inc., the metallurgical coke-producing unit of Sunoco Inc. (SUN) , climbed 6.3 percent after it raised $185.6 million in an initial public offering. SunCoke, rose $1 to $17 at 4:15 p.m. in New York Stock Exchange composite trading after gaining as much as 13 percent to $18. About 11.6 million shares were sold at $16 each, SunCoke said today in a statement. That was the midpoint of the price range it sought. Sunoco, a Philadelphia-based petroleum refiner, expects to pare its SunCoke stake to 83 percent after the offering. SunCoke, the biggest independent producer of metallurgical coke in the Americas, won’t receive any proceeds from the IPO. The coke is used as a fuel for steelmaking and to reduce the metal’s oxygen content. SunCoke, which sells coke to ArcelorMittal and AK Steel Holding Corp. in the U.S., signed an agreement in May to take a minority stake in India ’s Global Coke Ltd. for $30 million. “Further deals like that could be under consideration,” Chief Executive Office Fritz Henderson said today in an interview on Bloomberg Television’s “InBusiness with Margaret Brennan.” “Outside of the U.S. we see good growth.” SunCoke tapped the bond market yesterday, selling $400 million of debt maturing in August 2019, according to data compiled by Bloomberg. The company was seeking $450 million in loans to support the separation from Sunoco, two people with knowledge of the matter said last month. Net income declined 87 percent to $5.7 million in the three months through March 31 as revenue increased 1.5 percent to $333.3 million, according to a filing with the Securities and Exchange Commission. Credit Suisse Group AG (CSGN) , Bank of America Corp. (BAC) and Goldman Sachs Group Inc. managed the offering. ----With assistance from Margaret Brennan, Sapna Maheshwari, Krista Giovacco and Lee Spears in New York. Editors: Simon Casey, Steven Frank. To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net. To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net .

Obama Says He’s Confident Japan Will Rebuild and Recover

http://www.bloomberg.com/news/2011-03-17/obama-makes-unannounced-stop-at-japan-embassy-to-express-u-s-condolences.html

President Barack Obama said he’s confident Japan will rebuild and recover from the earthquake and nuclear crisis that has shaken the world’s third-largest economy. “I am confident that Japan will rebuild, it has people who are strong, who are resilient, who are dedicated to their country,” Obama said at the Japanese embassy in Washington, where he made an unannounced stop today to sign a condolence book. He said Japan will “emerge even stronger than before” and that the U.S. will act with “great urgency” to provide assistance. The president declined to answer a question about the efforts to control the crippled nuclear reactors in Japan, saying he would address that in remarks later today. The president is scheduled to deliver a statement on Japan at 3:30 p.m. Washington time. Japanese authorities are trying to cool quake-damaged nuclear reactors at a Tokyo Electric Power Co. plant 135 miles (220 kilometers) north of Tokyo following the March 11 earthquake, the country’s worst on record. Obama said the U.S. is “heartbroken” over the tragedy in Japan and he expressed America’s “deepest sympathies” with people there. “We feel a great urgency to provide assistance to those who have been displaced” and those “who are suffering enormously at this moment,” Obama said after signing the condolence book. “We are doing everything we can to stand by our great friend and ally Japan in this hour of need,” he said. Obama was greeted at the embassy by the Ambassador of Japan to the United States Ichiro Fujisaki, who said his country is grateful to the president and the people of the U.S. for their sympathy. In his condolence message Obama wrote, “because of the strength and wisdom if its people, we know that Japan will recover, and indeed will emerge stronger than ever.” The president signed the book, “May god bless the people of Japan.” To contact the reporter on this story: Kate Andersen Brower in Washington at kandersen7@bloomberg.net To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

AgriBank, HTC, LG Hausys, UEM: Asia Ex-Japan Equity Preview

http://www.bloomberg.com/news/2010-10-20/agribank-htc-lg-hausys-uem-asia-ex-japan-equity-preview.html

The following companies may have unusual price changes today in Asian trading , excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise. Agricultural Bank of China Ltd. (601288 CH): The bank’s total assets exceeded 10 trillion yuan ($1.5 billion) at the end of August, according to a statement on its website. The stock was unchanged at 2.94 yuan. China Mobile Ltd. (941 HK): The world’s biggest phone carrier by customers posted nine-month profit of 87.25 billion yuan, the company said in a stock-exchange filing. Profit was expected to be 87.6 billion yuan, according to the average of eight analysts’ estimates gathered by Bloomberg News. The stock fell 1.4 percent to HK$82.25. Hana Financial Group Inc. (086790 KS): Temasek, Singapore’s state-owned investment company, is seeking about $642 million from the sale of 20.4 million shares in South Korea’s Hana Financial Group Inc., terms for the sale show. The shares are being offered at 34,300 won to 35,550 won each, the terms show. Jeffrey Fang , a spokesman for Temasek, declined to comment. The stock rose 1.7 percent to 35,550 won. HTC Corp. (2498 TT): TomTom NV, Europe’s biggest maker of portable navigation devices, said it signed an agreement allowing it to preload maps and navigation content on HTC’s smartphones. HTC increased 5 percent to NT$671. IPVG Corp. (IP PM): The Philippine provider of online games will receive $11.5 million from PCCW Teleservices (Hong Kong) Ltd. as second tranche payment for its acquisition of IP BPO Holdings Ltd., a stock-exchange filing showed. The stock gained 2.6 percent to 1.60 pesos. LG Hausys Ltd. (108670 KS): The South Korean manufacturer of doors, windows and floor coverings posted a 9.13 billion won profit in the third quarter on 550.3 billion won of sales, a stock-exchange filing showed. The stock rose 1 percent to 102,000 won. Nanya Technology Corp. (2408 TT): Taiwan’s second-largest memory-chip maker posted its third consecutive quarterly loss, missing analyst estimates, after prices slumped. The third- quarter net loss was NT$2.27 billion ($73.5 million), compared with NT$3.9 billion a year earlier, the company said in a statement. The average of analyst estimates compiled by Bloomberg was for profit of NT$970 million. The stock rose 4.8 percent to NT$18.75. OZ Minerals Ltd. (OZL AU): The stock was lowered to “hold” from “accumulate” by E.L. & C. Baillieu Stockbroking Ltd. analyst Ray Chantry. The 12-month share price estimate is A$1.64. OZ Minerals fell 2.8 percent to A$1.545. UEM Development Philippines Inc. (MK PM): Philippine businessman Henry Sy Jr., who has offered to buy all of UEM Development, will own 47.1 percent of the company after a shareholder, owning 785,740 shares, accepted his tender offer, a stock-exchange filing showed. The stock rose 14 percent to 80 pesos. Westpac Banking Corp. (WBC AU): Australia’s second-largest bank added A$200 million ($197 million) of bonds to its existing line of floating-rate notes due in April 2013, according to a statement to the stock exchange. The stock fell 0.6 percent to A$22.59. To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

EasyJet Chairman Rake to Leave After Stelios Trims Airline Stake

http://www.bloomberg.com/news/2013-01-28/easyjet-chairman-rake-to-leave-after-stelios-trims-airline-stake.html

EasyJet Plc (EZJ) Chairman Mike Rake said he plans to step down in the middle of 2013, a year after founder and No. 1 investor Stelios Haji Ioannou questioned his ability to oversee the company. Rake will hold his position as chairman and non-executive director until a replacement is found, Luton, England-based EasyJet said in a Jan. 26 statement. The board is reviewing internal and external candidates, according to the airline. “It is the right time for me to stand down,” Rake said in the statement. Chief Executive Officer “Carolyn McCall and her management team have developed and implemented the right strategy for the airline which is already bearing fruit,” the 65-year-old executive said. Rake was appointed chairman of Europe ’s No. 2 discount carrier in January 2010 and also holds board positions at BT Group Plc and Barclays Plc. The connection with Barclays, which was fined 290 million pounds ($456 million) for rigging the benchmark London interbank offered rate, drove Stelios to demand Rake’s resignation in August last year, arguing that his failure to halt or expose the practice called into question his ability to hold top posts. Other shareholders rejected the motion. Stelios has continued to criticize the airline, cutting his family’s holding last week -- to just under 37 percent -- for the first time since 2004 and threatened to sell more shares if EasyJet pursues plans to buy new airplanes. The entrepreneur has said he wants management to target a 10 percent profit margin and boost dividend payouts to 50 percent, up from one-third. Rake “has overseen a more than doubling in the value of the company,” Deputy Chairman Charles Gurassa said in the statement. During his tenure, he oversaw the appointment of McCall as CEO and the introduction of dividend payments. EasyJet fell as much as 3.5 percent, the biggest drop since June 1, 2012. The stock was down 1.5 percent to 930.50 pence at 9:31 a.m. in London. To contact the reporter on this story: Kari Lundgren in London at klundgren2@bloomberg.net To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

EADS, Fiat, GDF, Ipsos, QinetiQ, Swatch: Europe Equity Preview

http://www.bloomberg.com/news/2011-06-05/eads-fiat-gdf-ipsos-qinetiq-swatch-europe-equity-preview.html

The following companies’ shares may be active in European trading. Stock symbols are in parentheses. The Stoxx Europe 600 Index declined 0.4 percent to 273.67. The Stoxx 50 Index fell 0.3 percent to 2,555.85. The Euro Stoxx 50 Index, a benchmark for nations using the euro, rose 0.2 percent to 2,789.11. Aegis Group Plc (AGS) : The London-based media services company held talks with polling company Ipsos (IPS) SA about selling its 500 million-pound ($821 million) market-research unit, Synovate, the Sunday Telegraph reported, without saying where it got the information. The shares advanced 0.4 percent to 141.2 pence. Aer Lingus (AERL) Group Plc: The Dublin-based airline said it “can’t be certain” that it will able to operate its schedule from June 7 because industrial action by some pilots is possible. The stock gained 0.4 percent to 0.81 euros. Air Berlin Plc (AB1) (AB1 GY): The airline’s chief executive officer expects a return to profit this year and next even as unrest in North Africa and the Middle East burdened first- quarter results, Frankfurter Allgemeine reported, citing an interview. The shares gained 0.2 percent to 3 euros. Alcatel-Lucent SA (ALU FP): Ben Verwaayen, the chief executive officer of France ’s largest telecommunications equipment maker, told Finanz und Wirtschaft in an interview he is “optimistic” the company will post a profit in 2011. The shares rose 0.6 percent to 3.82 euros. Anglo American Plc (AAL) : The mining company may sell a stake in an iron ore mine in Brazil , the Independent on Sunday reported, without saying where it got the information. The stock fell 0.3 percent to 2,940 pence. AstraZeneca Plc (AZN) : PAI Partners, Cinven Ltd. and Bridgepoint Capital Ltd. may bid for the medical-devices unit of AstraZeneca Plc’s Astra Tech business, the Sunday Telegraph reported, without saying where it got the information. The stock gained 0.1 percent to 3,129 pence. Credit Suisse Group AG (CSGN) : Switzerland ’s second- largest bank plans to make an offer to some private customers holding structured investment products issued by Lehman Brothers Holdings Inc., Tages-Anzeiger said. Credit Suisse fell 1.4 percent to 35.81 francs. Daimler AG (DAI) : The German car manufacturer and Rolls- Royce Holdings Plc expect to achieve a “clear majority” stake in German engine-maker Tognum AG, Handelsblatt reported, citing an interview with Daimler’s Chief Financial Officer Bodo Uebber. The shares advanced 0.5 percent to 47.57 euros. European Aeronautic Defence and Space Co. NV (EAD FP): The French aircraft maker’s Airbus SAS expects to deliver 36 China- assembled A320 planes this year, 28 with wings supplied by AVIC Xi’an Aircraft Industry Group Co., Shanghai Daily said, citing a company statement. The shares gained 0.6 percent to 21.52 euros. Fiat SpA (F) : Fiat and Chrysler Group LLC Chief Executive Officer Sergio Marchionne said he expects management changes in coming months as part of the carmakers’ integration. The shares climbed 25.5 cents, or 3.6 percent, to 7.36 euros. GDF Suez (GSZ) SA: F2i SpA and Axa Infrastructures are frontrunners to buy GDF Suez’s Italian gas distribution network, La Stampa said, without saying where it got the information. The transaction price may be about 800 million euros, the newspaper said. The shares declined 0.7 percent to 24.61 euros. Ipsos SA (IPS FP): Aegis Group Plc held talks last week with the French polling company about selling its 500 million- pound ($821 million) market research unit, Synovate, the Sunday Telegraph said, without saying where it got the information. The stock fell 0.8 percent to 34.04 euros. QinetiQ Group Plc (QQ/) : A unit of the British science and technology research company protested the award of a $184.5 million contract for information-technology services to a joint venture between a unit of Aecom Technology Corp. and a closely held company. The shares rose 1.7 percent to 116.8 pence. Sacyr Vallehermoso SA (SYV) : Disa Corp. Petrolifera SA boosted its direct stake in Sacyr Vallehermoso to 13.01 percent from 12.9 percent, according to a regulatory filing to Spain ’s stock market regulator. Sacyr shares fell 3 cents, or 0.5 percent, to 7.30 euros. Swatch Group AG (UHR) : Chief Executive Officer Nick Hayek said the Swiss watchmaker is losing 50 million Swiss francs ($60 million) to 60 million francs in revenue a month because of the currency’s ascent, SonntagsZeitung said, citing an interview. Swatch shares fell 1.9 percent to 414 francs. Telecom Italia Media SpA (TME) : The television unit of Telecom Italia SpA may seek a majority investor to take a stake of as much as 40 percent by year-end, il Fatto Quotidiano said, citing Chief Executive Officer Giovanni Stella, who added that Carlo De Benedetti is “one among many options.” The shares increased 0.3 cents, or 1.6 percent, to 19.3 cents. To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Alabama to Play Virginia Tech in 2013 College Football Season Opening Game

http://www.bloomberg.com/news/2011-07-07/alabama-to-play-virginia-tech-in-2013-college-football-season-opening-game.html

The University of Alabama will face Virginia Tech to begin the 2013 college football season. The Crimson Tide and the Hokies , who first faced each other in 1932, will play in the Chick-fil-A Kickoff Game at the Georgia Dome in Atlanta. It will mark the third time Alabama, which went on to win college football’s national title after defeating Virginia Tech in the 2009 season-opener, will play in the game. Alabama beat Clemson in the 2008 contest. Alabama leads the series between the two schools 11-1. The game, which will be televised on either Walt Disney Co. (DIS) ’s ABC or ESPN networks, will take place the same weekend as the planned opening of college football’s hall of fame adjacent to the Georgia Dome. The date of the kickoff game has yet to be decided, Matt Garvey, a spokesman for the game, said in an e- mail. It’s traditionally played on Saturday of Labor Day weekend, which is Aug. 31 in 2013. This year’s kickoff game will feature Boise State against Georgia on Sept. 3 at the Georgia Dome. To contact the reporter on this story: Michael Buteau in Atlanta at mbuteau@bloomberg.net. To contact the editor responsible for this story: Michael Sillup at msilllup@bloomberg.net .

NYSE ‘Threshold’ Securities for Sept. 14

http://www.bloomberg.com/news/2011-09-15/nyse-threshold-securities-for-sept-14-table-.html

The following is a list of “threshold securities” from the New York Stock Exchange, published daily in compliance with the U.S. Securities and Exchange Commission’s Regulation SHO. The list consists of stocks for which sellers failed to deliver 10,000 shares or more in the past five trading days and the level of “fails” is a minimum of 0.5 percent of the shares outstanding. Securities are listed alphabetically by ticker. To contact the reporter on this story: Daniel Petrie in Sydney at dpetrie5@bloomberg.net To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

Greek International Air Arrivals Rise for First Time This Year

http://www.bloomberg.com/news/2012-05-17/greek-international-air-arrivals-rise-for-first-time-this-year.html

International arrivals at Greek airports last month rose the first time this year as the peak tourism season got under way, according to the Association of Greek Tourism Enterprises. The number of people arriving from abroad advanced to 531,734 in April, from 524,842 in the same month a year ago, the association said in a statement on its website. In the first four months of the year international arrivals dropped 3.7 percent to 1.09 million. Thirteen airports providing 95 percent of air arrivals from abroad were surveyed. Athens International Airport had a 12 percent drop in the four months through April 30, to 564,241, with the decline in April at 7.3 percent. Traffic at Greece’s biggest airport has slumped as the economic crisis hits travel spending and protests dent Greece’s image abroad, the airport said in a statement last month. Tourism, Greece ’s biggest industry, accounted for almost 16 percent of gross domestic product and almost one in five jobs in 2011, according to the London-based World Travel and Tourism Council. To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Russia Stocks Rise 2nd Day as Libya, U.S. Lift Oil, Metals

http://www.bloomberg.com/news/2011-02-25/russia-stocks-rise-2nd-day-as-libya-u-s-lift-oil-metals.html

Russian stocks climbed for a second day, pushing the benchmark gauge to its biggest weekly increase in more than two months, as oil and copper rose on better-than- expected U.S. consumer confidence and unrest in the Middle East, bolstering the earnings outlook for producers. OAO Novolipetsk Steel, billionaire Vladimir Lisin ’s steelmaker, rose 5.9 percent. OAO Novatek, the country’s largest non-state gas producer, climbed 5.3 percent, while OAO Sberbank, Russia’s biggest lender, added 3.2 percent. The 30-stock Micex Index gained 1.9 percent to 1,747.72 by 6:45 p.m. in Moscow, giving it a 3.4 percent advance for the past five days, the biggest weekly jump since Dec. 5. Urals oil, Russia’s export blend of crude, rallied as much as 1.3 percent to $110.03 a barrel today after unrest in Libyan production of oil fell because of violence in the coutry. Confidence among U.S. consumers increased in February to the highest level in three years, boosting optimism about the recovery of the world’s biggest economy. “Crude oil is still very much the market vector at present and whatever global markets are doing, Russia is likely to outperform in this environment,” Julian Rimmer, a trader of Russian shares at CF Global Trading in London , said by e-mail today. The market reaction to the central bank’s decision to raise interest rates today was “entirely neutral,” he said. Bank Rossii unexpectedly raised its key refinancing rate 0.25 percentage point, the first increase since December 2008, and boosted reserve requirements for a second month to curb inflation. Fund Flows Funds focused on Russia, the world’s biggest energy exporter, saw “relatively strong inflows” in week through Feb. 23, Chris Weafer , chief strategist at UralSib Financial Corp. in Moscow, wrote in an e-mail today. Russia holdings had $162 million of inflows compared with outflows for China , Brazil and Turkey, he wrote. OAO GMK Norilsk Nickel, the country’s largest miner, added 4.1 percent to 6,853.04 rubles. Copper prices advanced in London. To contact the reporter responsible for this story: Maria Levitov at mlevitov@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Gruesome Cigarette-Pack Warnings Say Too Much: Michael Siegel

http://www.bloomberg.com/news/2011-06-24/gruesome-cigarette-pack-warnings-say-too-much-michael-siegel.html

Over the past few decades, cigarette makers have gradually lost many of the platforms they once used to promote their products. Their advertisements are no longer on TV, in most magazines or on billboards. But the most pervasive and effective advertising placement still exists: the cigarette package itself. Each one bears the brand logo, colorfully designed not only to help smokers distinguish it from the competition, but also to give them a sense that this particular brand can play a special role in their life. In an attempt to counteract the logo’s allure, beginning in September 2012 , federal health officials will require graphic warning labels to cover the top half of all cigarette packs. This week, the Food and Drug Administration unveiled 36 of the new labels -- including images of rotten teeth, cancer-darkened lungs, an infant in an incubator, a man in an oxygen mask, even a corpse. Along with the pictures will be blunt warnings such as “Cigarettes cause fatal lung disease ,” “Cigarettes are addictive” and “Smoking during pregnancy can harm your baby.” It stands to reason that these stark and gruesome messages might persuade smokers to quit. Unfortunately, the scientific evidence suggests it isn’t so simple. In truth, graphic warning labels have only a marginal effect on cigarette smoking. The pictures can be alarming at first, but smokers quickly grow accustomed to them and tune them out. Some evidence suggests that mortality reminders on cigarette packs may actually increase the urge to smoke. Watching the Brain In one study , for example, smokers underwent functional MRI scanning of their brains while they looked at cigarette-pack warning labels. This technique can show how much oxygen and glucose are being used by various parts of the brain, indicating which regions are active. The warning labels clearly activated not the parts of the brain that register alarm or disapproval, but rather the nucleus accumbens , the area that is activated when someone craves something. Other research at New York University involved having smokers watch movies, some containing warnings reminding smokers about the potentially fatal consequences of their habit, and some with warnings that had nothing to do with mortality -- statements such as “Smoking makes you unattractive.” The death-related warnings actually pushed smokers to have more positive attitudes about their habit. A study conducted at the University of Missouri likewise found that students with heavy smoking habits inhaled more deeply on their cigarettes when confronted with reminders of their own mortality. Stress Causes Craving What these studies remind us is that most smokers smoke even though they already know cigarettes pose a grave health risk. By the time they’ve bought a pack of cigarettes, it’s already too late to persuade them not to have one. A warning label, no matter how graphic, is no match for the addiction. It may be just the kind of stress-producer that gives them the urge for another cigarette. Young people, especially adolescents, are undeterred by health warnings because they tend to discount the future consequences of smoking. Many surveys have verified what is fairly obvious: In making decisions regarding their health, young people weigh future effects very little. To the contrary, the risk of danger helps lure many adolescents to experiment with cigarettes in the first place. A further indication that the warning labels might have a minimal effect on smoking rates is that cigarette maker Philip Morris not only supports them but even negotiated and promoted the legislation that imposed them in the first place. Blank Packages A better approach is one that is being proposed in Australia. If the law is passed, then beginning in July of next year, cigarette packs will be required to carry graphic warnings, just as they will a few months later in the U.S. What’s different in Australia is what the law would require for the rest of the pack: It would need to be blank, with only the brand name written in a small, plain font. No logos, no color. Because the pack’s design plays such a critical role in establishing the brand’s identity, the empty half could, over the long term, erode the cigarette makers’ ability to make their brand appealing. Witness how tobacco companies are vigorously opposing Australia’s proposed policy and working to block the regulation. Imperial Tobacco , maker of brands including Davidoff and Gauloises, complained that plain packaging would “seriously harm our brands.” Australia’s regulation -- and the U.S.’s, too -- might be stronger if it dispensed with the scary pictures and required all cigarette packs to be blank, nothing more than a white or tan covering with the brand name in small, nondescript letters. The cancer photos and strong warnings would be little or no loss to anyone. But banishment of the logo would take away the cigarette makers’ last best chance to build their brand. (Michael Siegel is a professor of community health sciences at the Boston University School of Public Health. The opinions expressed are his own.) Read more Bloomberg View columns. To contact the author of this column: Michael Siegel at mbsiegel@bu.edu. To contact the editor responsible for this column: Mary Duenwald at mduenwald@bloomberg.net .

USDA Boxed Beef Cutout Midday Prices for September 26

http://www.bloomberg.com/news/2012-09-26/usda-boxed-beef-cutout-midday-prices-for-september-26-table-.html

September 26 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time. Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska. CHOICE SELECT 600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 192.70 181.74 Change from prior day: 0.02 0.18 ------------------------------------------------------------------------------- Choice/Select spread: 10.96 Total Load Count (Cuts, Trimmings, Grids): 164 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 287.90 250.09 Primal Chuck 167.36 161.85 Primal Round 173.10 169.35 Primal Loin 246.25 225.90 Primal Brisket 136.06 133.87 Primal Short Plate 127.05 132.49 Primal Flank 112.62 107.28 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 09/25 92 69 12 37 209 192.68 181.56 09/24 68 35 18 18 139 192.69 182.43 09/21 70 29 16 21 136 193.34 183.86 09/20 70 49 24 40 184 194.99 184.25 09/19 96 69 19 40 225 194.92 183.96 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.72 183.21 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included. CURRENT VOLUME - (one load equals 40,000 pounds) Choice Cuts 51.31 loads 2,052,485 pounds Select Cuts 56.97 loads 2,278,775 pounds Trimmings 17.41 loads 696,241 pounds Ground Beef 38.23 load 1,529,346 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 12 8,763 587.00 602.56 594.04 112A 3 Rib, ribeye, bnls, light 15 16,733 671.00 735.00 702.93 112A 3 Rib, ribeye, bnls, heavy 54 66,765 656.24 719.00 668.15 113C 1 Chuck, semi-bnls, neck/off 7 3,812 210.00 230.00 218.96 114 1 Chuck, shoulder clod 7 7,781 200.00 217.00 205.34 114A 3 Chuck, shoulder clod, trmd 32 157,533 215.00 235.00 223.03 114D 3 Chuck, clod, top blade 4 10,107 277.75 294.00 284.24 114E 3 Chuck, clod, arm roast 19 71,253 250.00 290.00 262.49 114F 5 Chuck, clod tender (IM) 14 7,964 334.00 387.86 356.36 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 87,341 280.00 297.00 287.23 116B 1 Chuck, chuck tender (IM) 25 21,763 249.00 269.65 258.68 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 49 116,876 207.00 230.00 214.07 120A 3 Brisket, point/off, bnls 14 10,454 338.40 380.00 370.34 123A 3 Short Plate, short rib 32 39,517 313.00 366.00 335.77 130 4 Chuck, short rib 18 23,652 201.50 243.00 221.86 160 1 Round, bone-in 4 8,004 207.00 219.00 212.56 161 1 Round, boneless 3 3,320 217.50 224.00 220.20 3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 60,482 233.00 255.00 247.57 168 1 Round, top inside round 38 59,588 205.00 218.50 208.90 168 3 Round, top inside round 22 87,925 212.00 235.00 218.14 169 5 Round, top inside, denuded 15 20,981 245.00 266.00 246.46 3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 1,589 211.00 220.00 214.70 171B 3 Round, outside round 46 141,234 222.00 244.16 229.48 171C 3 Round, eye of round (IM) 28 20,901 255.00 275.00 269.81 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 19,134 495.00 527.00 510.05 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 17 12,999 435.00 450.00 436.74 180 3 Loin, strip, bnls, 0x1 46 77,535 479.00 545.00 492.81 184 1 Loin, top butt, bnls, heavy 15 11,324 290.00 317.00 293.85 184 3 Loin, top butt, boneless 27 21,693 307.26 329.00 312.91 185A 4 Loin, bottom sirloin, flap 28 90,890 338.00 386.00 357.75 185B 1 Loin, ball-tip, bnls, heavy 25 45,194 226.00 240.00 234.94 185C 1 Loin, sirloin, tri-tip (IM) 14 33,107 239.05 270.50 246.12 185D 4 Loin, tri-tip, pld (IM) 8 19,253 350.00 381.00 354.71 189A 4 Loin, tndrloin, trmd, heavy 46 48,360 975.00 1060.00 998.33 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 16 10,223 500.00 545.00 525.09 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 14 16,725 471.00 511.00 477.38 112A 3 Rib, ribeye, bnls, light 15 11,056 555.00 600.00 587.97 112A 3 Rib, ribeye, bnls, heavy 46 69,284 539.69 590.16 560.63 113C 1 Chuck, semi-bnls, neck/off 11 26,041 210.39 222.00 215.77 114 1 Chuck, shoulder clod 9 17,342 200.00 225.65 213.62 114A 3 Chuck, shoulder clod, trmd 20 69,710 215.00 230.00 225.26 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 12 10,747 290.00 345.03 325.78 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 108,220 266.00 288.00 275.56 116B 1 Chuck, chuck tender (IM) 18 29,595 245.00 255.39 247.69 3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 17 52,604 206.58 225.00 212.89 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 4,146 267.32 320.00 283.17 130 4 Chuck, short rib 5 13,621 201.50 235.00 217.28 160 1 Round, bone-in 161 1 Round, boneless 10 14,381 206.00 234.65 214.00 3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 16 29,742 233.00 255.00 245.70 168 1 Round, top inside round 33 173,616 194.71 215.00 198.49 168 3 Round, top inside round 17 54,209 213.00 219.32 214.80 169 5 Round, top inside, denuded 8 10,069 245.00 259.00 248.92 3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 35 134,941 222.00 240.00 228.65 171C 3 Round, eye of round (IM) 18 43,007 247.00 270.00 259.34 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 27 33,177 405.36 445.30 423.36 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0 1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 26 27,161 376.35 410.00 401.74 184 1 Loin, top butt, bnls, heavy 26 610,007 236.00 275.00 236.30 184 3 Loin, top butt, boneless 38 211,471 258.00 290.00 262.21 185A 4 Loin, bottom sirloin, flap 7 19,367 343.68 365.00 348.87 185B 1 Loin, ball-tip, bnls, heavy 22 64,919 216.00 235.00 228.89 185C 1 Loin, sirloin, tri-tip (IM) 6 4,684 250.00 285.00 263.12 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 28 49,666 871.00 952.65 893.64 191A 4 Loin, butt tender, trimmed 9 4,997 854.00 898.00 884.19 193 4 Flank, flank steak (IM) 12 11,210 468.00 497.65 479.74 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 17,300 96.00 115.00 105.29 121D 4 Plate, Inside Skirt (IM) 26 37,097 346.00 365.00 354.96 121C 4 Plate, Outside Skirt (IM) 9 8,240 543.50 620.00 574.56 121E 6 Outside Skirt, pld (IM) Cap, Wedge Meat & (IM) Lean 51 168,819 249.00 280.00 256.76 Pectoral Meat 24 71,780 255.00 280.00 262.87 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 55 363,643 144.75 171.00 154.04 Ground Beef 75% Ground Beef 81% 82 311,921 172.00 213.16 189.11 Ground Beef 85% Ground Beef 90% Ground Beef 93% 29 80,010 246.00 255.45 252.84 Ground Beef Chuck 80% 47 386,255 184.52 215.00 191.05 Ground Beef Round 85% 35 109,542 211.00 227.00 224.74 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 7 42,449 195.60 202.25 197.82 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 20 650,861 43.00 56.00 49.16 Frozen 50% lean trimmings -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. -------------------------------------------------------------------------------- A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds. Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts. Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

BOJ Has Done All It Can to Overcome Deflation, Cabinet Office's Wada Says

http://www.bloomberg.com/news/2010-12-24/boj-has-done-all-it-can-to-overcome-deflation-cabinet-office-s-wada-says.html

A Japanese government official who attends Bank of Japan policy board meetings said the central bank has provided adequate stimulus and it’s the “government’s turn” to try boosting demand. “The BOJ has pretty much done everything it can do,” Takashi Wada, a parliamentary secretary at the Cabinet Office and a ruling party member, said in an interview in Tokyo on Dec. 22. “It’ll probably be hard for the Bank of Japan to find more effective policy tools. So, it will be the government’s turn to make more of an effort with policy steps.” Wada’s remarks reflect reduced political pressure on the BOJ to further ease credit as the yen retreats from 15-year highs against the dollar and stocks gain. While a group of ruling Democratic Party of Japan politicians last month urged the BOJ to supply more liquidity to eradicate price declines, Wada said instead the government needs to get banks to lend more rather than invest in bonds to overcome deflation. “The central bank has created the right environment” to encourage banks to extend more loans, said Wada, 47. “It’s strange that private banks can’t lend. They are pouring money into government bonds even though they have sufficient funds to extend loans. Their money should go into companies rather than government bonds.” Anti-Deflation Group Prices of corporate debt and real estate investment trusts have climbed since BOJ Governor Masaaki Shirakawa introduced in October a 5 trillion yen ($60 billion) fund to buy those assets as well as government and corporate debt. The BOJ also lowered its target interest rate to between zero and 0.1 percent. The yen has dropped more than 3 percent against the dollar from a 15-year high of 80.22 reached Nov. 1. The Japanese currency traded at 83.05 as of 11:11 a.m. today. The Nikkei 225 Stock Average has gained more than 9 percent this quarter. The DPJ’s anti-deflation group last month said the BOJ should adopt an inflation target to stop price declines and increase employment, and called for the revision of law that guarantees the bank’s independence to ensure the BOJ pursues those policy goals. The group consists of about 150 lawmakers, more than a third of the party’s total members in the diet. Underscoring the deflationary pressure on Japan’s economy, nationwide consumer prices excluding fresh food fell for the 20th straight month in October. Lending Decline Bank lending decreased for a 12th month in November, extending the longest streak of declines since 2005, central bank figures show. Corporate demand for loans has slid for six quarters as some businesses pare investments, according to a Bank of Japan survey of loan officers. Japanese lenders held 278.8 trillion yen of Japanese government debt as of Sept. 30, compared with 270.2 trillion yen as of June 30, according to the Bank of Japan’s flow of funds data released last week. Wada, who worked at the Finance Ministry from 1988 to 2003, said the BOJ’s 5-trillion yen fund will benefit the economy. He has attended BOJ policy board meetings along with Finance Ministry officials as a government representative. To contact the reporters on this story: Tatsuo Ito in Tokyo at tito2@bloomberg.net. Keiko Ujikane in Tokyo at kujikane@bloomberg.net To contact the editor responsible for this story: Chris Anstey at canstey@bloomberg.net .

Strategic Oil Reserve Is for Emergencies, Not Elections

http://www.bloomberg.com/news/2012-08-28/strategic-oil-reserve-is-for-emergencies-and-not-elections-view.html

There are few things a U.S. president hates more than gasoline at $4 a gallon, especially with an election little more than two months away. This might explain why President Barack Obama ’s administration is toying with the idea of releasing oil from the Strategic Petroleum Reserve, an underground reservoir that can store 727 million barrels of crude oil in salt caverns in Texas and Louisiana. Gasoline prices have risen to about $3.75, up 40 cents in the past two months, near the electoral trouble zone. The causes of the rise are varied. Economic sanctions on Iran have reduced world oil supplies, providing one rationale floated this month by the White House for dipping into the reserve. An explosion at a Venezuelan oil refinery provided another before Hurricane Isaac came along to underscore the point. As of Tuesday afternoon, Isaac had temporarily closed refineries representing 6.7 percent of U.S. production. The reserve is supposed to be used only in the event of a “severe energy supply interruption” or “domestic or international energy supply shortages of significant scope or duration.” None of the current disruptions meet either standard. Even the International Energy Agency , which helps manage global energy supplies and usage, said there is no need to tap crude reserves at this point. Little Effect A release would probably be ineffective in any event. The U.S. sold 30 million barrels from the stockpile in mid-2011 to offset global disruptions amid the ouster of Libya ’s Muammar Qaddafi. Gasoline prices retreated after that release, which was coordinated with the 27 other nations in the IEA. But the price at the pump declined by only 2 percent, for just a week, before rising again. Gasoline prices are a tempting target for presidential intervention because so many other economic indicators are stalled or going in the wrong direction. Unemployment remains stuck at more than 8 percent, economic growth this year will probably be a dispiriting 2 percent and housing continues to be the patient that won’t get well. More discouraging news arrived Tuesday: Consumer confidence in August had the biggest decline in 10 months. Obama is understandably concerned that Republicans will use higher gasoline prices as another cudgel with which to batter him at their party’s convention this week. That’s politics. The truth is, no president can do much in the short run about gasoline prices, which rise and fall largely based on global supply and demand. Exploiting the nation’s emergency oil reserves won’t alter that fact. We hope Obama takes his lumps and sits tight. Read more opinion online from Bloomberg View. Subscribe to receive a daily e-mail highlighting new View editorials, columns and op-ed articles. Today’s highlights: the editors on the need for disclosure in natural-gas drilling ; Margaret Carlson on Mitt Romney’s odd sense of humor ; Clive Crook on the foreign policy Romney won’t adopt ; Jonathan Mahler on how the Red Sox and Dodgers ended a baseball era ; John Paul Rollert on Paul Ryan , the salesman who never takes no for an answer. To contact the Bloomberg View editorial board: view@bloomberg.net .

South Africa’s Murder Rate Drops to 31.9 Per 100,000 People in 2010/2011

http://www.bloomberg.com/news/2011-09-08/south-africa-s-murder-rate-drops-to-31-9-per-100-000-people-in-2010-2011.html

South Africa ’s murder rate fell to 31.9 per 100,000 people in the year through March, the Police Service said in a presentation in Pretoria today. The murder rate dropped from 34.1 in the previous year, it said. To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net