BEIJING (XFN-ASIA) – Konka Group Co Ltd (SZA 000016), one of China’s top home appliance manufacturers, has signed a set-top box supply contract with a European digital TV operator, the official Shanghai Securities News reported.Guo Bin, a manager with Konka’s digital business department, declined give financial details of the deal, but added Konka expects to become one of the biggest global set-top box providers in the next two years.
NASA chief not worried about climate
WASHINGTON (AP) – The head of NASA said he was not sure global warming was a problem and added that it would be ‘arrogant’ to assume the world’s climate should not change in the future. Scientists called the remarks ignorant.
‘I have no doubt that global — that a trend of global warming exists,’ NASA Administrator Michael Griffin said in a taped interview that aired Thursday on National Public Radio. ‘I am not sure that it is fair to say that is a problem we must wrestle with.’
‘I guess I would ask which human beings, where and when, are to be accorded the privilege of deciding that this particular climate that we have right here today, right now, is the best climate for all other human beings. I think that’s a rather arrogant position for people to take,’ Griffin said.
On Wednesday, Griffin’s own agency put out a news release about a research paper written by nearly 50 NASA and
Columbia University scientists and published in the journal Atmospheric Chemistry and Physics. The paper shows how ‘human-made greenhouse gases have brought the Earth’s climate close to critical tipping points, with potentially dangerous consequences for the planet.’
Jerry Mahlman, a former top scientist at the National Oceanic and Atmospheric Administration who is now at the National Center for Atmospheric Research, said Griffin’s remarks showed he was either ‘totally clueless’ or ‘a deep anti-global warming ideologue.’
James Hansen, a top NASA climate scientist and lead author of the research paper, said Griffin’s comments showed ‘arrogance and ignorance’ because millions of people will likely be harmed by global warming in the future.
White House science adviser Jack Marburger said he was not disturbed by Griffin’s remarks, but distanced them from President Bush, who on Thursday announced an international global warming proposal.
‘It’s pretty obvious that the NASA administrator was speaking about his own personal views and by no means representing or attempting to represent the administration’s views or broader policy,’ Marburger told The Associated Press. ‘He’s got a very wry sense of humor and is very outspoken.’
In a news briefing Thursday, White House Council on Environmental Quality Chairman James Connaughton also downplayed Griffin’s remarks: ‘We are dedicated to action. And, in fact, I think the conversation’s really moved beyond a statement of the problem.’
NASA spokesman David Mould said the radio interviewer was trying to push Griffin into saying something about global warming. NASA’s position is that it provides scientific data on the issue, but policy makers are the ones who decide, he said.
Hansen, director of the agency’s Goddard Institute of Space Studies, said the consequences of global warming are dire and Griffin should know better.
‘The devastation with sea level rise of several meters, with hundreds of millions of refugees, would dwarf that of New Orleans,’ Hansen wrote in an e-mail to The Associated Press, referring to Hurricane Katrina. ‘Is it arrogant to say that such would be a problem?’
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Mitsubishi Heavy receives orders for wind turbines in US
TOKYO (XFN-ASIA) – Mitsubishi Heavy Industries Ltd said it received in the US orders for wind turbine power generation systems which will have combined capacity of 1,363.4 megawatts, nearly equal the size of Japan’s existing total wind power generation capacity.
A spokesman for the engineering firm declined to reveal the value of the orders but said the market price for wind turbine power generators of that size is estimated at between 1.36 bln and 1.64 bln usd.
Mitsubishi Heavy said it secured orders for 411 units of 2.4-megawatt wind turbines and for 377 units of one-megawatt wind turbines from a total of five major US wind power generation developers.
The wind turbines will be delivered starting later this year until 2009, the company said.
Amid strong demand for wind turbines in the US and other parts of the world, Mitsubishi Heavy said it
is currently in the process of expanding its wind turbine production capacity to 1,200 megawatts a year by March 2009 and plans to boost capacity further in the future.
(1 usd = 121.50 yen)
yumiko.nishitani@xfn.com
yn/mas
Stockholm shares close flat as Husqvarna, AstraZeneca offset weakness UPDATE
STOCKHOLM (Thomson Financial) – The Stockholm index closed flat as gains for Husqvarna and AstraZeneca helped offset weakness elsewhere, amid caution ahead of Friday’s key US jobs data, brokers said.
The OMX Stockholm index closed down 0.18 pct at 416.57, while the OMX Stockholm 30 closed down 0.32 pct at 1,271.01.
Husqvarna sharply outperformed the market closing up 2.17 pct at 106.00 skr on continued positive sentiment following yesterday’s news that Investor AB has bought 3.7 mln A-shares in the company, hiking its share of the voting rights to 20.03 pct from 17.27 pct.
AstraZeneca also had a good session, closing up 0.96 pct to 368 after shares in the Anglo-Swedish pharmaceutical company were upgraded to ‘overweight’ from ‘neutral’ at HSBC, with the broker forecasting the shares will rise up to 10 pct ahead of its earnings report due in July.
Ericsson B closed unchanged at 26.35 skr, and Nokia up 0.27 pct at 182.75.
Ericsson is reviewing its tie-up with China’s ZTE Corp prior to the launch of TD-SCDMA wireless services, the South China Morning Post reported.
Ericsson is ZTE’s partner in developing technology compliant with the Chinese standard for 3G mobile phones. TD-SCDMA is expected to compete with Europe’s WCDMA and US-developed CDMA 2000 with the launch of third-generation mobile services.
The rest of the market lacked direction as concerns over record highs ahead of the summer were countered by continued positive news flow and increased international merger and acquisition activity.
OMX closed down 0.93 pct at 213 on profit taking following yesterday’s 8 pct gains, and after Carnegie said it doubts a bidding war will break out over the company.
SAS closed up 1.29 pct at 156.50. SAS Sweden said the strike by its cabin crew which started last Friday, is now over and its planes will fly as normal from Wednesday.
The Swedish cabin crews will get a 10.3 pct pay raise over 38 months, SAS said.
Among other shares heavily traded, Nordea closed down 0.44 pct at 114.10, Alfa Laval up 1.88 pct at 434.50, Scania B down 0.59 pct at 168.50, Hennes & Mauritz B down 1.37 pct at 433, and SKF B down 1.20 pct at 144.50.
TF.TFN-EuropeStockholm@thomson.com
sjr/cml/sjr/cml
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Shanghai backtracks on reports of maglev train project suspension
SHANGHAI (XFN-ASIA) – Shanghai officials have backtracked on state-media reports that plans to build a high-speed magnetic levitation train linking Shanghai and the eastern city of Hangzhou have been suspended due to health concerns.
Zhang Qing, a spokeswoman of the Shanghai government, said there has been no notice of any suspension of the project.
Separately, an official of the Shanghai Maglev Company, which operates the current maglev line in city, said he was also unaware of any project suspension.
On Sunday, the state-owned Xinhua news agency, citing unnamed Shanghai officials, reported that the 170 km project has been suspended following petitions from residents living along the proposed route worried about possible health problems from the maglev’s high powered magnets.
The maglev uses powerful magnets to drive trains at speeds of up to 430 km per hour.
Xinhua said feasibility is also in question as more than 40 bln yuan invested in the technology may not be recovered.
The project was expected to be completed in time for Shanghai’s hosting of the World Expo in 2010, according to Xinhua.
A spokeswoman for Transrapid International, a consortium between Germany’s Siemens AG and ThyssenKrupp AG that builds the maglev trains, could also not confirm the news report.
In February, news reports said the consortium would likely be awarded a 1.2 bln usd contract to expand by 30 km the maglev line that now runs to the Shanghai Pudong International Airport from the outskirts of the city.
ThyssenKrupp said in a written statement last month that the planning process for a Shanghai extension was have ry advanced.’
The news of a possible suspension came during German President Horst Koehler’s visit to Shanghai.
The plan may also not have central government support.
‘Maglev is inappropriate anywhere in China due to inflexibility,’ said Li Hong, a high-ranking official with Institute of Transport and Communication under the National Development and Reform Commission, the state planning agency.
Li said that the super-high-speed maglev train will consume much more energy than conventional railways, and will result in ‘magnetic pollution.’
China is also developing its own maglev trains, state media have previously reported.
Citing a work blueprint by China’s Ministry of Science and Technology, Xinhua said a 30-km test railway for the maglev train will be built before 2010.
Finmeccanica to win govt order for 14 trainer aircraft – junior minister UPDATE
MILAN (Thomson Financial) – Italy’s armed forces intend to acquire 14 M-346 advanced fighter trainer aircraft from Finmeccanica SpA unit Alenia Aermacchi, said defence under-secretary Lorenzo Forcieri.
Speaking in the margins of a conference, Forcieri said: ‘The defence ministry has written in the last few days to the economic development minister about the request for 14 planes.’
An Aermacchi official said the Italian air force recently carried out tests on the M-346, adding he believed the outcome was positive.
The M-346 two-engine jet trainer exists in the form of two prototypes, while production of the first production model has started, he said.
The range of configurations for the plane make it difficult to give a price, he said, noting previous basic jet trainer planes cost 10 mln eur.
nigel.tutt@thomson.com
nt/lam
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Oil rig count rises by 16
HOUSTON (AP) – The number of rigs actively exploring for oil and natural gas in the United States increased by 16 this week to 1,760.
Of the rigs running nationwide, 1,471 were exploring for natural gas and 287 for oil, Houston-based Baker Hughes Inc. reported Friday. Two were listed as miscellaneous.
A year ago, the rig count stood at 1,649.
Of the major oil- and gas-producing states, Oklahoma gained 12 rigs, Texas gained five, Wyoming gained four and Alaska and New Mexico each gained one. Colorado lost nine rigs and Louisiana lost one. California was unchanged.
Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
National Bank of Greece CEO sees more local M&A; developments in banking system
ATHENS (Thomson Financial) – National Bank of Greece CEO, Takis Arapoglou, said that as the Greek economy matures we should expect more mergers and acquisitions with the aim of achieving economies of scale and exploiting synergies.
Speaking at National’s AGM, the CEO said that in the local banking system we can expect the emergence of even larger banks which will become even more competitive on a European level.
‘Overseas three large banks control 80 pct of the banking system, I expect similar developments here if we don’t become an exception to the rule,’ Arapoglou added.
Source: Euro2day.gr NewsWire
nick.skrekas@thomson.com
ns/bsd
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Danone denies JV with India’s Britannia; to proceed with solo plans – report
MUMBAI (Thomson Financial) – Food producer Groupe Danone has defended its investment in an Indian food ingredient intermediaries manufacturer by denying it has joint venture status with another Indian company in a similar market, something that would make the investment illegal under Indian regulations, the Economic Times reported.
Danone told the Indian government that it is not a joint venture partner with Britannia Industries and its 25 pct shareholding in the Indian snack food maker is through a joint venture with the Wadia Group in the UK, and not in India.
The clarification was in response to a set of government queries, prompted by a complaint from Wadia’s chairman Nusli Wadia, who told the ministry of commerce and industry that Group Danone’s investment in Bangalore-based Avesthagen was in violation of the government’s Press Note 1, 2005.
In a letter dated May 10, the French food giant clarified that it does not have a formal technology transfer or trademark agreement with the Indian company, supporting its argument that it does not need any permission either from Britannia or the Wadias for making investments in India.
The note requires a foreign company to obtain the consent of its Indian joint venture partner before pursuing an independent business in a similar area, and also applies to a joint venture based purely on technical collaboration.
Danone said its 25 pct holding in Britannia is only indirect in nature and does not apply to Press Note 1, and informed the government that it was going ahead with its independent plans for India.
TFN.newsdesk@thomson.com
ran/man/bsd
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Jones Soda chases down Qwest Field deal
SEATTLE (AP) – Cola, diet cola or … grass-stain flavored soda?
That’s a choice Seattle Seahawks fans might be making at home-field concession stands starting in August, thanks to a five-year deal announced Wednesday between Qwest Field and local soft-drink maker Jones Soda Co.
Jones Soda, with annual revenue of $39 million in 2006, unseated The Coca-Cola Co., which sold $24 billion in goods last year, as the sole provider of nonalcoholic beverages at the NFL team’s stadium.
At Qwest Field, fans will be able to buy Jones Soda as a fountain drink, in cans and in plastic bottles the company is developing for the venue.
Jones Soda is known for kooky limited-edition flavors (turkey and gravy — and antacid — from a holiday 2006 collection), bright colors (blue bubble gum) and labels with striking photographs, some submitted by consumers. The company’s soda line started with six flavors in 1996.
Fans will still be able to order a cola at Qwest Field, said Jones Soda’s chief executive officer, Peter van Stolk, but unlike Coke, it will be sweetened with sugar instead of high-fructose corn syrup.
The CEO said he’s also playing around with ideas — including ‘grass stain’ — for a signature Seahawks flavor. (Actually, Qwest Field is covered by FieldTurf, an artificial surface.)
As part of the deal, Jones Soda will be an official sponsor of the Seahawks; van Stolk said the company plans to print photos of team members and fans on plastic bottles sold at the stadium and on glass bottles sold at stores. The ability to customize bottles with photos was a key selling point during negotiations with the stadium and the team, van Stolk said.
‘We want to give the fans a really cool experience. Jones Soda is not Coca-Cola, and we will do things differently,’ van Stolk said in an interview. ‘The Seattle Seahawks are our football team. That’s reality. I care about if they go to the playoffs. I care about what the score is.’
The agreement is set to expire Feb. 28, 2012, and Jones Soda has first right to renew or extend the deal, according to a Securities and Exchange Commission filing.
Qwest Field and the Seahawks did not return calls seeking comment.
Shares of the soda company jumped $1.65, or 8.3 percent, to $21.64 on Wednesday.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
