The Blackstone Group LP (NYSE: BX) will reportedly invest hundreds of millions of dollars in Israel, through a joint venture that it will set up with Markstone Capital Partners Group LLC. Markstone, headed by managing directors Ron Lubash and Amir Kess, will apparently become Blackstone’s exclusive representative in Israel. Markstone will seek Israeli companies in which the two private equity funds will invest.
The deal will be closed in a few weeks. Markstone has declined to respond to the report.
Blackstone, with $166.2 billion in assets under management, is the world’s largest private equity fund, larger than Apax Partners, which has invested billions of shekels in Israel, including the acquisition of the controlling interests in Tnuva Food Industries Ltd. and Psagot Investment House Ltd.
New York-based Blackstone was founded by CEO Stephen Schwarzman in 1985. It has a market cap of $7.66 billion, and posted a net profit of $1.4 billion in 2011.
Markstone has had a mixed track record with its investments in Israel. It founded Prisma Investment House, which went bankrupt. Its investments in Elran (DD) Real Estate Ltd. (TASE:ELRE) and Tomcar Ltd., which developed a commercial off-road utility vehicle, both failed. Successful exits on investments include Golden Pages Ltd., improved seed varieties developer Zeraim Gedera Ltd., and Netafim Ltd.
Markstone raised $800 million in 2003-04 from institutional investors, including California Public Employees’ Retirement System (CalPERS) and New York State Pension Fund in the US, and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) and Menorah Mivtachim Holdings Ltd. (TASE: MORA) in Israel. Markstone chairman Elliot Broidy resigned after a plea bargain for bribery in the US. In September 2010, Markstone reached a settlement with then-New York State Attorney General Andrew Cuomo, in which the Israeli private equity fund paid $18 million.
Published by Globes [online], Israel business news – www.globes-online.com – on February 19, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012http://tourism9.cm/ http://vkins.com/
2012年2月19日星期日
2012年2月8日星期三
S Korea Banks' Household Loans Fall By Record Amount In January
SEOUL -(Dow Jones)- South Korean banks’ lending to households fell the most on record in January because of lower mortgage loans amid sluggish housing transactions, the Bank of Korea said Wednesday.
Banks’ overall household lending stood at KRW452.2 trillion in January, down KRW2.8 trillion from December 2011 and the biggest month-on-month decline on record. Such loans rose KRW1.8 trillion in December from the previous month.
The BOK attributed January’s drop in lending to lower mortgage loans, caused by seasonally weak housing transactions, as well as hefty loans in the previous month, as homebuyers hurried to settle their purchases before the year-end expiry of property acquisition tax benefits.
Mortgage lending to households fell KRW800 billion on month to KRW305.3 trillion in January, the largest monthly fall since a KRW1.2 trillion decline in May 2007. Such loans rose KRW2.5 trillion in December.
“January’s sharp fall in household loans is a one-off, which occurred amid the government’s efforts to reduce such loans,” an official at the BOK’s financial market department said.
Growth in household mortgage loans has slowed in recent months as commercial banks refrained from lending after the government in June tightened rules to curb household debt and prevent potential defaults from destabilizing the economy.
Bank lending to domestic businesses rose sharply last month, as companies resumed borrowing after repaying debt in December to improve their year-end debt ratios. The rise was also due to big firms’ efforts to secure funds amid worsening global funding conditions, the BOK said.
Bank loans to companies rose KRW6.8 trillion to KRW563 trillion in January, compared with a month-on-month decline of KRW9.1 trillion in December.
The lending data for households and businesses don’t include loans by non-bank financial companies.
In a separate statement, the BOK said the country’s broadest measure of money supply, known as L, rose 9.4% in December from a year earlier to KRW2,974.4 trillion, accelerating from a 8.9% gain in November.
The L money supply includes cash, deposits at financial institutions and money-market instruments.
South Korea’s M2 money supply rose 4.4% from a year earlier to KRW1,756.6 trillion, the same pace as in November.
M1, the narrowest gauge of money supply, rose 1.6% from a year earlier to KRW432.6 trillion versus a 2.0% rise in the previous month.
M1 comprises cash in circulation, demand deposits and savings at financial institutions. M2 consists of M1 plus time deposits with maturities of less than two years.
-By In-Soo Nam, Dow Jones Newswires; 822-3700-1902; In-Soo.Nam@dowjones.com
Banks’ overall household lending stood at KRW452.2 trillion in January, down KRW2.8 trillion from December 2011 and the biggest month-on-month decline on record. Such loans rose KRW1.8 trillion in December from the previous month.
The BOK attributed January’s drop in lending to lower mortgage loans, caused by seasonally weak housing transactions, as well as hefty loans in the previous month, as homebuyers hurried to settle their purchases before the year-end expiry of property acquisition tax benefits.
Mortgage lending to households fell KRW800 billion on month to KRW305.3 trillion in January, the largest monthly fall since a KRW1.2 trillion decline in May 2007. Such loans rose KRW2.5 trillion in December.
“January’s sharp fall in household loans is a one-off, which occurred amid the government’s efforts to reduce such loans,” an official at the BOK’s financial market department said.
Growth in household mortgage loans has slowed in recent months as commercial banks refrained from lending after the government in June tightened rules to curb household debt and prevent potential defaults from destabilizing the economy.
Bank lending to domestic businesses rose sharply last month, as companies resumed borrowing after repaying debt in December to improve their year-end debt ratios. The rise was also due to big firms’ efforts to secure funds amid worsening global funding conditions, the BOK said.
Bank loans to companies rose KRW6.8 trillion to KRW563 trillion in January, compared with a month-on-month decline of KRW9.1 trillion in December.
The lending data for households and businesses don’t include loans by non-bank financial companies.
In a separate statement, the BOK said the country’s broadest measure of money supply, known as L, rose 9.4% in December from a year earlier to KRW2,974.4 trillion, accelerating from a 8.9% gain in November.
The L money supply includes cash, deposits at financial institutions and money-market instruments.
South Korea’s M2 money supply rose 4.4% from a year earlier to KRW1,756.6 trillion, the same pace as in November.
M1, the narrowest gauge of money supply, rose 1.6% from a year earlier to KRW432.6 trillion versus a 2.0% rise in the previous month.
M1 comprises cash in circulation, demand deposits and savings at financial institutions. M2 consists of M1 plus time deposits with maturities of less than two years.
-By In-Soo Nam, Dow Jones Newswires; 822-3700-1902; In-Soo.Nam@dowjones.com
(END) Dow Jones Newswires 02-07-122214ET Copyright (c) 2012 Dow Jones & Company, Inc.http://tourism9.com/ http://vkins.com/
2012年2月6日星期一
Tanzania: U.S. Energy Investors Set to Pay Dar a Visit
New York — Executives from some leading US energy companies are scheduled to arrive in the country on Wednesday to explore opportunities in power-generation and fuel-supply projects, a State Department official said on Saturday.
The public-private energy trade mission is led by Johnnie Carson, the US assistant secretary of state for African Affairs, and is co-sponsored by the Corporate Council on Africa, a grouping of American businesses with interests in Africa.
The delegation will discuss “specific challenges to the attraction of private investment for energy infrastructure projects,” according to a State Department briefing paper.
A series of talks with Tanzanian government officials is planned for the two-day visit, which is part of a larger trip that begins in Mozambique on February 6 and includes stops in Kenya, Nigeria and Ghana.
“Implementation of large projects is crucial to meeting the two goals of addressing huge African generation capacity needs and providing the lowest per unit cost of electricity possible,” the State Department briefing adds.
“The historical impediments to such private sector involvement include uncertain legal and regulatory regimes, inconsistent support of cost reflective electricity pricing, and insufficient availability of long-term, limited recourse financing from private financial institutions.”
Currently, one of the US-based companies, Symbion, has been contracted by Tanesco to produce power as part of an emergency plan to address electricity shortage in the country.
The company, which bought another controversial firm, Dowans, is producing power from its Ubungo base as well as in Dodoma.
Copyright © 2012 The Citizen. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.The public-private energy trade mission is led by Johnnie Carson, the US assistant secretary of state for African Affairs, and is co-sponsored by the Corporate Council on Africa, a grouping of American businesses with interests in Africa.
The delegation will discuss “specific challenges to the attraction of private investment for energy infrastructure projects,” according to a State Department briefing paper.
A series of talks with Tanzanian government officials is planned for the two-day visit, which is part of a larger trip that begins in Mozambique on February 6 and includes stops in Kenya, Nigeria and Ghana.
“Implementation of large projects is crucial to meeting the two goals of addressing huge African generation capacity needs and providing the lowest per unit cost of electricity possible,” the State Department briefing adds.
“The historical impediments to such private sector involvement include uncertain legal and regulatory regimes, inconsistent support of cost reflective electricity pricing, and insufficient availability of long-term, limited recourse financing from private financial institutions.”
Currently, one of the US-based companies, Symbion, has been contracted by Tanesco to produce power as part of an emergency plan to address electricity shortage in the country.
The company, which bought another controversial firm, Dowans, is producing power from its Ubungo base as well as in Dodoma.
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2012年1月27日星期五
Israeli start ups raised $2.14b in 2011
Israeli start ups raised $2.14 billion in 2011, an 11-year high, and 70% more than the $1.26 billion raised in 2010, and 91% more than the $1.12 billion raised in 2009, according to the IVC Research Center and KPMG Somekh Chaikin Quarterly Survey. 546 start ups raised capital in 2011, up from 391 companies that raised capital in 2010.
The average financing round rose to $3.92 million in 2011 from $3.23 million in 2010 and $2.51 million in 2009.
Despite the good year, IVC is pessimistic about the future, “As predicted, 2011 numbers were impressive, but our forecast for 2012 is not as optimistic,” said IVC CEO Koby Simana. “As local venture capital funds have found it increasingly difficult to raise new capital and maintain a satisfactory level of first investments in early stage companies, foreign investors have been upping their investments, which more than doubled in the past year.
“However, with Israeli VCs continuing to downsize their investments and with the world economy still very much unsettled, foreign investors can no longer be counted on to fill in the gap. We believe annual investment can fall to as low as $1.5 billion if there is no dramatic recovery in the next few months.”
124 start-ups raised $569 million from Israeli and foreign venture capital funds in the fourth quarter of 2011, 9% more than the $522 million raised by 137 start-ups in the third quarter, and 65% more than $344 million raised by 100 start-ups in the corresponding quarter of 2010.
77 start-ups raised more than $1 million each during the fourth quarter, including five start-ups that each raised more than $20 million, and thirteen start-ups that raised $10-20 million each.
Israeli venture capital funds invested $525 million in Israeli companies in 2011, 42% more than the amount invested in 2010 and 28% more than in 2009. However, Israeli venture capital funds accounted for just 25% of total investment in 2011 – the lowest level in the past decade, in which the average proportion was 40%. First investments accounted for 31% of total investment by Israeli venture capital funds in 2011, up from 29% in 2010 and 2009, and the average first investment was $2.21 million, and the average follow-on investment was $1.06 million.
In 2011, the internet sector attracted the largest share of investments for the first time in the last decade, with 115 internet start-ups raising $482 million, 23% of total investment, more than double the $222 million, 18% of total investment, raised in 2010, and $147 million, 13% of total investment, raised in 2009.
The communications sector was in 2nd place, with 88 start-ups raising $432 million, 20% of total investment in 2011, 82% more than in 2010. The software sector was in third place, with start ups raising $415 million, 19% of total investment, in 2011, nearly triple the amount raised in 2010.
Mid-stage start ups raised the most capital in 2011, raising $903 million, 42% of total investment. Early stage start-ups accounted for 26% of total investment, and seed-stage start-ups raised 5% of total capital. Mid and late-stage companies raised $1.48 billion altogether – 90% more than the $781 million raised in 2010.
KPMG Somekh Chaikin partner Technology Group, Ofer Sela said, “Mobile solutions and applications are the primary factor behind the significant increase in communication company investments in the past two years. Israeli companies have traditionally excelled in the communications sector, and the high quality of such companies is expected to attract foreign investors in the future.”
He added, “The substantial increase in late stage investments indicates the strength of Israel’s technology industry, as well as its attractiveness to foreign investors. An impressive number of mature Israeli companies have reached substantial sales. A decade ago, such companies would most likely have gone the IPO route, raising funds publicly. Today, due to changed conditions in IPO markets, these companies are relying principally on both existing and late-stage investors. As a result, we expect a large portion of these companies to be sold over the coming 24-month period.”
Published by Globes [online], Israel business news – www.globes-online.com – on January 24, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
http://tourism9.com/ http://vkins.com/
The average financing round rose to $3.92 million in 2011 from $3.23 million in 2010 and $2.51 million in 2009.
Despite the good year, IVC is pessimistic about the future, “As predicted, 2011 numbers were impressive, but our forecast for 2012 is not as optimistic,” said IVC CEO Koby Simana. “As local venture capital funds have found it increasingly difficult to raise new capital and maintain a satisfactory level of first investments in early stage companies, foreign investors have been upping their investments, which more than doubled in the past year.
“However, with Israeli VCs continuing to downsize their investments and with the world economy still very much unsettled, foreign investors can no longer be counted on to fill in the gap. We believe annual investment can fall to as low as $1.5 billion if there is no dramatic recovery in the next few months.”
124 start-ups raised $569 million from Israeli and foreign venture capital funds in the fourth quarter of 2011, 9% more than the $522 million raised by 137 start-ups in the third quarter, and 65% more than $344 million raised by 100 start-ups in the corresponding quarter of 2010.
77 start-ups raised more than $1 million each during the fourth quarter, including five start-ups that each raised more than $20 million, and thirteen start-ups that raised $10-20 million each.
Israeli venture capital funds invested $525 million in Israeli companies in 2011, 42% more than the amount invested in 2010 and 28% more than in 2009. However, Israeli venture capital funds accounted for just 25% of total investment in 2011 – the lowest level in the past decade, in which the average proportion was 40%. First investments accounted for 31% of total investment by Israeli venture capital funds in 2011, up from 29% in 2010 and 2009, and the average first investment was $2.21 million, and the average follow-on investment was $1.06 million.
In 2011, the internet sector attracted the largest share of investments for the first time in the last decade, with 115 internet start-ups raising $482 million, 23% of total investment, more than double the $222 million, 18% of total investment, raised in 2010, and $147 million, 13% of total investment, raised in 2009.
The communications sector was in 2nd place, with 88 start-ups raising $432 million, 20% of total investment in 2011, 82% more than in 2010. The software sector was in third place, with start ups raising $415 million, 19% of total investment, in 2011, nearly triple the amount raised in 2010.
Mid-stage start ups raised the most capital in 2011, raising $903 million, 42% of total investment. Early stage start-ups accounted for 26% of total investment, and seed-stage start-ups raised 5% of total capital. Mid and late-stage companies raised $1.48 billion altogether – 90% more than the $781 million raised in 2010.
KPMG Somekh Chaikin partner Technology Group, Ofer Sela said, “Mobile solutions and applications are the primary factor behind the significant increase in communication company investments in the past two years. Israeli companies have traditionally excelled in the communications sector, and the high quality of such companies is expected to attract foreign investors in the future.”
He added, “The substantial increase in late stage investments indicates the strength of Israel’s technology industry, as well as its attractiveness to foreign investors. An impressive number of mature Israeli companies have reached substantial sales. A decade ago, such companies would most likely have gone the IPO route, raising funds publicly. Today, due to changed conditions in IPO markets, these companies are relying principally on both existing and late-stage investors. As a result, we expect a large portion of these companies to be sold over the coming 24-month period.”
Published by Globes [online], Israel business news – www.globes-online.com – on January 24, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
http://tourism9.com/ http://vkins.com/
2012年1月2日星期一
Private equity players, venture capitalists cautious about 2012
Private equity players and venture capitalists are cautiously optimistic about the prospects of their businesses, yet are hopeful of clinching more deals in the New Year, say industry experts.
“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.
He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
© Copyright 2011 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
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2011年12月30日星期五
Help your pet prepare for air travel
Make sure you have proper travel gear to make air travel as safe as possible for your pet.
STORY HIGHLIGHTS
- Before you book a ticket for your pet, do research about your destination and any scheduled stops along the way
- Buy the best travel gear for your pet, and then reinforce it for an even safer flight
- Seek pet-friendly airports and watch your pet board and de-plane
“They were very nonchalant about it,” says Lombardi, co-owner of The Trip Chicks travel agency, about the incident that occurred nearly five years ago. “I’m sure that’s not as widespread as it used to be. But, if at all possible, I feel more comfortable avoiding pets flying as cargo. If it’s drivable, and the person has to take their pet, that’s better.”
The American Pet Products Association estimates that more than 60 percent of U.S. households have pets. Those kittens, pooches — even snakes and gerbils — need to leave the nest, eventually. Some of those pets take family vacations, and commercial airlines have met that demand by opening their cargo bins and their cabins to our furry companions.
Most pets reach their destinations without incident each day. But horror stories — such as the pug that died in cargo during a trans-Atlantic flight or the baggage handler who lost her job over her refusal to load an emaciated dog on a plane — cause pet lovers like Lombardi to reconsider air travel. Before you book a ticket for your pet, do research about your destination and any scheduled stops along the way. Here are a few tips for a fun, safe and pet-friendly trip that includes airline travel.
MNN: Top 10 tips for flying with pets
Work the ‘Net
After struggling to find hotels that would accommodate his dog Ruggles, travel agent Jerry Hatfield created PetTravel.com. His team works with commercial airlines to deliver guidelines about travel-worthy crates, pet-friendly hotel listings and tips on clearing airport security. Also check BringFido.com and FidoFriendly.com for travel tips — and don’t forget to ask friends for recommendations. They may lead you to hidden treasures, like the fun, funky and dog-friendly Thunderbird Inn that I discovered in Savannah, Georgia.
Consider the season
Temperatures in the cargo hold can be dramatically different from passenger cabins. Some airlines even refuse to fly pets as cargo when temperatures hit extreme highs and lows. “Try not to travel with your pet in cargo during the cold winter or hot summer,” says PetTravel.com President Susan Smith. “Depending on where you are flying, you cut down risk to the pet.”
Get the best gear, and reinforce it
If your pet does fly in the cargo hold, purchase a sturdy carrier. The International Air Transport Association (IATA), which comprises about 230 airlines, offers online tips to select the right crate for your pet. Cable ties add another level of security. “At end of the day, you want to make sure your pet does not get out of that crate,” Smith says.
A cat named Jack gained international recognition after being lost — then found 61 days later — inside JFK airport in New York. According to the American Airlines incident report filed with the Department of Transportation, Jack escaped when a clerk placed the cat’s kennel on another kennel and it fell, opening on impact. He eventually was euthanized because he was so malnourished and dehydrated that his skin tore easily, making him prone to severe infection and organ dysfunction.
“A lot more airlines are requiring the use of steel nuts and bolts as opposed to plastic [crate] fasteners,” Smith says, adding that Boston Logan International Airport has a training program for its baggage handlers. “If you put on metal or steel hardware, the chances of keeping your pet safe are higher.”
MNN: How to prepare for an emergency — pets included
Watch your pet board — and de-plane
Pets are always boarded last, Smith notes. If at all possible, watch airport staff load your pet onto the plane. “If that’s not available, I would not get on a plane until I received word that my pet has been boarded,” she says. “Tell the captain you are traveling with a pet and say, ‘Please be sensitive about pressurizing the cargo hold.’ It’s good to be a squeaky wheel. It’s good that they know this is your pet.”
Seek pet-friendly airports
In 2009, the Department of Transportation required U.S. airports to provide pet relief areas that help service animals stretch their legs between flights. PetFriendlyTravel.com lists pet relief areas for airports across the country, including the Poochie Park at Hartsfield-Jackson International in Atlanta. Many airports and airlines have begun to upgrade these areas with fun features.
“KLM and Air France in Amsterdam have 24-hour-a-day service,” Lombardi says. “Airline personnel will take your pet from one carrier to another, and they have dog walkers that take the dog from the kennel, clean the kennel, put ice cubes in the dish and pet the dog.”
MNN: How to help elderly relatives keep their beloved pets
Stateside, Lombardi and Smith give Bush Intercontinental Airport high marks for its on-site kennel with more than 1,000 square feet of pet runs. Run by Continental, it’s the only on-site kennel run by a commercial airline. The facility charges $100 for the first night and $15 each additional night.
“You can take the dog around, or airline personnel can take the dog around, and then put the dog in a nice spacious kennel area,” Ann says. “It’s considered the cream of the crop.”
While pet relief areas typically exist outside the terminal, Lombardi also credits Washington-Dulles airport with providing a relief area inside, closer to departure gates. Overseas, carriers offer even more perks.
“The airlines have realized that the transport of pets is a very good thing for them in terms of the bottom line,” Smith says, noting that Baby Boomers fuel the pet travel trend. “Baby Boomers are a mobile society — and they are taking their pets with them.”
© Copyright 2011 Mother Nature Network
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