Home Blog Page 894

Citigroup trying to lure Vikram Pandit via buyout of his hedge fund – report

0

HONG KONG (XFN-ASIA) – Citigroup Inc is looking to bring on board veteran Wall Street executive and former Morgan Stanley official Vikram Pandit for a top job at the financial services group, the Wall Street Journal reported, citing people familiar with the matter.

It said that Citigroup is trying to lure Pandit by buying Old Lane LP, the hedge-fund firm that Pandit launched last year with other Morgan Stanley alumni, in a deal that could exceed 600 mln usd.

The talks are still in progress, and could fall apart without an agreement, the report said.

If the deal is completed, Pandit would become chief executive of Citigroup’s alternative-investments unit, bringing him into Citigroup Chief Executive Charles Prince’s top management team, it said.
Pandit also would join a small circle of Citigroup executives considered strong candidates to one day succeed Prince, the paper noted.

A Citigroup spokeswoman declined to comment, while Pandit and other Old Lane officials were not available for comment, it said.

rc/

China exempts locally incorporated foreign banks from certain taxes – Xinhua

0

BEIJING (XFN-ASIA) – The Ministry of Finance and State Administration of Taxation have jointly issued a circular on taxation exempting locally-incorporated foreign banks from certain taxes, the official Xinhua news agency reported.Xinhua said the circular covers business tax, value-added tax, corporate income tax, stamp tax, and real estate transaction tax.The circular relates to the Regulations on Foreign-funded Banks issued in November 2006, which allow the incorporation in China of foreign banks and the transformation of their branches as wholly-owned foreign banks on the mainland.In the process of transformation, the circular says, the transfer of property rights and equities from a former bank branch to the transformed wholly-owned foreign bank is exempted from business and value-added taxes, according to Xinhua.A transformed wholly-owned foreign bank should continue to enjoy tax holidays which the former bank branch had enjoyed. If the tax holidays expire before the branch’s full transformation, the new wholly-owned foreign bank will cease to enjoy such benefits, according to the circular.

BAA’s Budapest Airport faces 2-day baggage handlers strike – report

0

BUDAPEST (AFX) – Unions at Budapest Airport’s ground handling company Celebi have called a two-day strike from 3.30 pm today to 3.30 pm Saturday, Hungarian news wire MTI reported, citing Attila Csorba, head of air industry union LDFSZ.

Staff at Celebi, which took over ground handling last summer at Ferihegy International airport, which is operated by Grupo Ferrovial unit BAA, have called the strike because of a breakdown in wage talks.
Staff are pushing for a 10 pct wage hike with a further 5 pct performance related rise, while Celebi’s management are offering a 4 pct basic increase with a further 3 pct performance related.
Significant delays are expected but it is not known is flights will be cancelled.

The strike will not affect Malev or SkyEurope flights as the two companies have their own baggage handlers.

edward.krudy@thomson.com

ek1/jlw

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.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

Merrill personnel to be retried on Enron

0

HOUSTON (AP) – Three former Merrill Lynch & Co. executives whose 2004 fraud and conspiracy convictions connected to an Enron Corp. deal were overturned last year will be retried in January, a judge said Wednesday.
James A. Brown, Daniel Bayly and Robert S. Furst were convicted of conspiracy and wire fraud for helping push through Enron’s sham sale of three power barges moored off the coast of Nigeria to the brokerage in 1999.
Jurors also convicted William Fuhs, a fourth Merrill Lynch executive, as well as Dan Boyle, a former Enron finance executive. The jury acquitted in-house Enron accountant Sheila Kahanek.
A three-judge panel of the 5th U.S. Circuit Court of Appeals in New Orleans last year overturned most of the convictions against Brown, Bayly and Furst. The cases were sent back for prosecutors to decide how to proceed.
Fuhs had his convictions erased for lack of evidence and cannot be retried. Boyle did not appeal and is serving a three-year, 10-month prison term.
While federal prosecutors and defense attorneys for Bayly, Brown and Furst said they have been open to some sor24t of plea deal to avoid a second trial, both sides said such discussions have been unsuccessful.
‘We are planning on getting ready for trial,’ said Paul Coggins, Furst’s attorney. ‘Our clients don’t relish the thought of going through another trial. We had hoped it was over.’
Assistant U.S. Attorney Arnold Spencer said prosecutors were still open to some sort of plea deal.
‘But we are committed to going to trial,’ he said.
Dan Cogdell, Brown’s attorney, said he is hoping to resolve the case with a civil resolution through a settlement with the Securities and Exchange Commission.
‘There are going to be some pretty serious attacks on these charges,’ said Thomas Hagemann, an attorney for Bayly.
U.S. District Judge Ewing Werlein Jr. scheduled jury selection for the retrial to begin Jan. 28 in Houston federal court. The retrial was expected to last three to four weeks.
Bayly, Merrill Lynch’s former head of investment banking, and Furst, Merrill’s former Enron relationship manager, are free on bond. Bayly was serving a 2 1/2-year sentence. Furst was serving a sentence of three years and a month.
Brown, originally sentenced to a three-year, 10-month term, remains in prison. The appeals court upheld his convictions of perjury and obstruction of justice for lying to a grand jury about the nature of the deal. His attorneys are appealing that decision.
Bayly, Brown and Furst appealed their convictions on several grounds, including problems with jury instructions and the government’s arguments of criminal liability and deprivation of honest services.
In the first trial, prosecutors argued the sale of the three power barges was really a loan because Enron promised to resell or buy back Merrill’s $7 million interest within six months.
The appeals court said the scheme fell outside the limits of honest-services fraud because the executives acted to ensure that the company benefited and not themselves personally.
Spencer filed a motion Wednesday to remove all references to deprivation of honest services in the indictment, and he said this theory will not be part of the retrial.
‘It will be a much simpler trial than the first time around,’ Spencer said.
But defense attorneys disagreed.
‘I think it’s going to be far more complex than the government thinks,’ Coggins said.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

FInmeccanica wins 80 mln eur German frigate orders

0

MILAN (AFX) – Finmeccanica SpA said its unit Oto Melara has won two contracts for a total value of 80 mln eur from the German defence ministry to supply gun systems for German naval frigates.

The first contract worth 70 mln eur is for the supply of five lightweight naval guns, four of which are to be installed on new F125 frigates and the fifth used for training, it said.

The second 10 mln eur contract is for the supply of remote-controlled naval gun turrets, it said.

Final contracts are expected to be signed in the third quarter, it said.

nigel.tutt@thomson.com

nt/jsa

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.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

Helsinki shares slightly higher at midday led by Nokia

0

HELSINKI (AFX) – Helsinki shares were slightly higher in midday trade led by Nokia amid a lack of market-moving news, brokers said.

At 12.32 pm, the OMX Helsinki 25 was 0.25 pct firmer at 3,125.91 and the OMX Helsinki was up 0.31 pct at 10,425.27 on volume of 471 mln eur.

Nokia was 0.41 pct higher at 17.26 eur, being the most traded share, it led to the market into the black, traders said.

Among industrials, Outokumpu was little changed — down 0.04 pct to 26.13 eur, Wartsila was 0.43 pct lower at 46.45 eur, while Rautaruukki advanced 2.30 pct to 36.01 eur.

Of the paper issues, UPM-Kymmene climbed 0.26 pct to 19.29 eur after it said it has signed an agreement to sell its UPM-Asunnot Oy unit to Finnish-Danish company Waterhouse Real Estate Investment Oy, adding that it will book a 35 mln eur capital gain from the sale.

Peers were also firmer, with Stora Enso up 0.08 pct to 13.06 eur and M-real 0.85 pct lower at 5.83 eur.

Energy stocks were also in positive territories, with Fortum adding 0.32 pct to 22.09 eur and Neste Oil putting on 1.06 pct to 25.69 eur.

Metso — down 2.93 pct to 39.72 eur, Nokian Tyres — 1.31 pct lower at 20.40 eur and Kemira GrowHow — unchanged at 10.00 eur were all trading ex-dividend.

Metso said its Minerals unit has won an 8 mln eur contract to supply France’s GDE Group with a metal recycling plant.

azer.sawiris@thomson.com

afs/rfw

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.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

ITV and ITN sign new six-year contract for ITV news worth over 250 mln stg

0

LONDON (AFX) – ITN said that it has agreed a new contract worth over 250 mln stg with ITV for the production of ITV News until the end of 2012.

As part of the deal, ITV is investing more than 15 mln stg in a technological upgrade of ITN’s operations, said ITN.

newsdesk@afxnews.com

ro

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.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

Australia’s ERA sees reduced uranium production in 07, 08 due to heavy rainfall

0

SYDNEY (XFN-ASIA) – Energy Resources of Australia Ltd said heavy rainfall at its Ranger mine in the Northern Territory in late February and early March will likely result in uranium production in 2007 coming in at 2006 levels, while production in 2008 is likely to be 25-35 pct lower than 2006.

Production from the Ranger mine in 2006 dropped 19.7 pct to 4,748 tons, also due to elevated water levels in the pit from high levels of rainfall over the wet season.

The Rio Tinto majority-owned miner, which was forced to declare force majeure in early March on its sales contracts as a result of the exceptional rainfall, said the shutdown and re-start of the processing plant resulted in the loss of approximately 300 metric tons of uranium oxide production.

Additionally, the elevated water level in the mine resulting from the high rainfall will restrict access to ore in the second half of 2007 and into 2008.

The company said this will have an impact on production in the second half of 2007. For the first half of the year and for some of the second half, ERA plans to process high grade ore that was mined during 2006 and stockpiled on the surface.

Company executives said they have identified a number of potential opportunities to reduce the impact of the weather event including accelerating the treatment and disposal of water, but they noted these options are currently being evaluated and in most cases regulatory approvals will be required.

paul.daniel@xfn.com

Lab gets new attention in pet food case

0

ALBANY, N.Y. (AP) – Tucked away in a nondescript state office park, scientists at the New York State Food Laboratory have for years quietly gone about their business testing products destined for grocery store shelves.

The obscurity, however, ended abruptly last week as the lab, with 10 of its researchers on the case, made a crucial breakthrough in the testing of pet food believed to be responsible for animal deaths across the country. Using sophisticated drug screening panels, the lab determined a banned rodent poison called aminopterin might be killing the household pets.

The lab is part of Food Emergency Response Network, a federally supported group of state and federal facilities with expertise in testing food for chemical, biological, and radiological hazards. With a staff of about 40 chemists, microbiologists and technicians, the lab is one of a few dozen state-level facilities capable of doing such tests and regularly screens foods for pesticides.

Unable to pinpoint what was wrong with the pet food with their own equipment, scientists at Cornell University sent samples of the tainted pet food to Albany. Chemists here quickly got to work, three days before a nationwide recall of 95 pet food brands manufactured by Menu Foods of Ontario, Canada. Numerous tests eliminated hundreds of possibilities, from heavy metals to deadly fungus.

In a matter of days, the researchers zeroed in on aminopterin, a derivative of folic acid that was once used to induce abortions and is also used in cancer research. It can cause cancer and birth defects in humans and kidney damage in dogs and cats.

‘We brought about 100 years of combined expertise to bear on this,’ said lab Director Daniel Rice. ‘Trouble shooting with each other was a real asset in this case.’

Scientists here have long gone about their business with little fanfare, analyzing about 20,000 samples a year in a facility that looks more like a high school chemistry lab than cutting edge workplace. The lab has been around for decades, but became part of FERN after the Sept. 11, 2001, terrorist attacks as part of the government’s effort to protect the nation’s animals and food supply.

Now the lab’s scientists have gotten more attention than they bargained for.

‘It’s been very stressful,’ said Virginia Greene, an associate food chemist. ‘We were triple checking our methodology. There are some skeptics and we have to fend them off. … When you have a result like this, it starts casting more doubt than enthusiasm. It’s bizarre how science works like that.’

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Judge advances global warming lawsuit

0

SAN FRANCISCO (AP) – A federal judge has advanced a lawsuit against the government over its funding of overseas projects that environmental groups claim contribute to climate change.The lawsuit, filed by environmental groups and four U.S. cities, claims that the overseas projects will harm the U.S. environment because the effects of global warming will be felt at home, and seeks to require the same environmental reviews that are required for domestic projects.The Bush administration had argued last year that the ‘alleged impacts of global climate change are too remote and speculative’ to require the reviews.But in allowing the lawsuit to proceed, U.S. District Judge Jeffrey White on Friday cast doubt on the administration’s assertion that disagreements remain about the connection between human activity and climate change. He also cited increased attention on the issue in the news and entertainmentmedia, including Gore’s documentary, ‘An Inconvenient Truth.”It would be difficult for the court to conclude that defendants have created a genuine dispute that (greenhouse gases) do not contribute to global warming,’ White wrote in his ruling.The lawsuit names two agencies — the Overseas Private Investment Corp. and the Export-Import Bank of the United States — that insure billions of dollars of U.S. investors’ money for foreign projects, including power plants that emit greenhouse gases such as carbon dioxide.White accepted the plaintiffs’ argument the National Environmental Policy Act, or NEPA, can apply to the U.S.-backed projects overseas. The law requires environmental assessments of proposed domestic projects. The administration had argued that the agencies were exempt from NEPA.However, White said he did not have enough information to rule on the question of whether the projects at issue constitute a ‘major federal action’ that would significantly affect the environment — an important criteria for NEPA.The projects at issue in the lawsuit include a pipeline from Chad to Cameroon; oil and natural gas projects in Russia, Mexico, Venezuela and Indonesia; and a coal-fired power plant in China. Since the lawsuit was filed in 2002, several of the projects have gotten well under way or have been completed.Plaintiffs, which include Friends of the Earth and Greenpeace, as well as Boulder, Colo., and the California cities of Oakland, Santa Monica and Arcata, claim those projects and dozens of others received more than $32 billion in financial assistance without an evaluation of their global-warming impacts at home.Ronald Shems, a Vermont attorney representing the plaintiffs, said the lawsuit goes on in hopes that it can set ground rules for future overseas projects. If successful, the lawsuit also would promote transparency in NEPA, he said.Spokesmen for the two government agencies did not respond to phone messages Saturday seeking comment.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

  • bitcoinBitcoin (BTC) $ 87,401.00 2.62%
  • ethereumEthereum (ETH) $ 1,637.13 1.48%
  • tetherTether (USDT) $ 0.999996 0%
  • xrpXRP (XRP) $ 2.11 1.45%
  • bnbBNB (BNB) $ 600.17 1.27%
  • solanaSolana (SOL) $ 139.44 1%
  • usd-coinUSDC (USDC) $ 1.00 0.01%
  • tronTRON (TRX) $ 0.244346 0.05%
  • cardanoCardano (ADA) $ 0.636471 0.87%
  • staked-etherLido Staked Ether (STETH) $ 1,634.97 1.42%
  • avalanche-2Avalanche (AVAX) $ 20.01 0.75%
  • the-open-networkToncoin (TON) $ 3.01 1.12%