GHENT, BELGIUM–(Marketwire -02/13/12)- Remedent, Inc. (“Remedent” or the “Company”) (OTC.BB: REMI.OB – News), an international company specializing in research, development, and the manufacturing of oral care and cosmetic products, announced today the closing of a strategic financing with IDG-Accel China Growth Fund III L.P. (“IDG-Accel Fund”), IDG-Accel China III Investors L.P. (“IDG-Accel Investors Fund”), Crown Link Group Limited (“Crown Link”) (IDG-Accel Fund, IDG-Accel Investors Fund and Crown Link collectively referred to as the “IDG-Accel Investors”) and GlamSmile Dental Technologies Ltd. (“GlamSmile Asia”), an entity in which Remedent owns approximately 29%. On February 10, 2012 the IDG-Accel Investors acquired a 31.4% equity stake in GlamSmile Asia for $7 million in cash. As a result of the strategic investment, Remedent owns 29.4% of GlamSmile Asia while IDG-Accel Investors and Gallant Network Limited (“Gallant”), a BVI-based entity owned and controlled by GlamSmile’s CEO David Lok, own 31.4% and 39.2%, respectively. Both GlamSmile Asia and Remedent plan to use the proceeds from the financing to open new GlamSmile dental clinics in China and to invest in new cutting edge dental technologies repectively.
The details of the transaction are as follows:
1. IDG-Accel Investors acquired 11.4% ownership interest of GlamSmile Asia from Remedent for $2,000,000.
2. IDG-Accel Investors directly acquired 20% ownership interest of GlamSmile Asia for $5,000,000.
3. Mr. Hugo Shong, the Founding Partner of IDG Capital Partners, was appointed to the board of directors of GlamSmile Asia to serve on the board with Mr. Guy De Vreese and Mr. David Lok
IDG-Accel Fund, a prominent private equity investment firm managed by IDG Capital Partners, is a joint venture between media giant International Data Group and venture capital firm Accel Partners. IDG, a media firm that has invested in China since the early 1990s, has benefited from its early presence in China. And Accel, the first venture firm to invest serious capital into Facebook, brings its Silicon Valley expertise to the table. Since 1992, IDG Capital Partners has invested in over 200 emerging growth companies such as Baidu, Sohu, Soufun, Ctrip, and Kanghui. GlamSmile Asia believes that IDG’s involvement will provide its expertise and relationships to help GlamSmile Asia improve operational efficiencies, find strategic partners, accelerate growth in Asia, and overcome regulatory hurdles.
GlamSmile Asia intends to use the proceeds from this investment to open several directly owned clinics in China, and Remedent plans to launch it ex-China GlamSmile franchise clinic expansion, and develop new dental technologies.
“We could not be happier with our strategic relationship with IDG,” said Mr. Guy De Vreese, Chairman and CEO of Remedent. “An investment from a trusted and experienced investor like IDG significantly enhances our profile and resources in China and validates the significant value in both GlamSmile Asia and Remedent branded technologies. We look forward to working with Mr. Shong, founding partner of IDG, and his talented team to further expand our dental business in China.”
About Remedent
Remedent, Inc. specializes in the research, development and manufacturing and the marketing of oral care and cosmetic dental products. The Company serves the professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and tooth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 55 countries in the worldwide. For more information, go to www.remedent.com.
About IDG
IDG-Accel Fund is a private equity investment fund formed in limited partnership in the Cayman Islands. The Fund focuses on investment in various sectors, such as TMT, medicare, consumer, energy, and others. The Fund is managed by IDG Capital Partners, a leading investment management team in China with over 18-years of investment experience and industry knowledge, who was among the first to introduce foreign venture capital investment into China in early 1990s and has since then invested in around 200 successful portfolios, such as Baidu, Sohu, Tencent, Soufun, Ctrip, Home Inns, Hanting, Kanghui and etc. Over 60 of its portfolios have successfully completed IPO or M&A.
About MZ Group
MZ Group (www.mz-ir.com) is a wholly owned subsidiary of @titude Global (www.attitude-global.com) in North America. MZ Group is the world’s largest independent global investor relations and corporate communications firm, providing innovative, customized services to domestic and multinational companies through a unique, fully integrated “one-stop-shop” business model. With offices in New York, Chicago, San Diego, São Paulo, Beijing, Shanghai, Hong Kong and Taipei, MZ Group has 300+ professionals serving more than 530 clients located throughout 10 countries.
Forward-Looking Statements
Statements in this press release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” “projects,” “project,” to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent’s ability to achieve the synergies and value creation contemplated by the recent financing and proposed business plans. For further information regarding risks and uncertainties associated with Remedent’s business, please refer to the risk factors described in Remedent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
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2012年2月13日星期一
2012年1月27日星期五
UnitedHealth Group Provides $15 Million to Help Fund Connections Housing Residential Community in San Diego
SAN DIEGO–(BUSINESS WIRE)– UnitedHealth Group (NYSE:UNH – News) announced $15 million in financing to help build Connections Housing, an integrated service and residential community in San Diego that will provide permanent supportive housing to homeless people in the region.
The investment is part of UnitedHealth Group’s partnership with Enterprise Community Investment, Inc. (Enterprise), a national leader in the affordable-housing and community-development industry, to provide up to $50 million to finance affordable-housing projects in targeted communities throughout the United States.
The Connections Housing community development project includes acquiring, rehabilitating and converting the historic World Trade Center in Downtown San Diego to create a permanent year-round shelter, housing and an array of services for homeless people. Affirmed Housing Group (AHG) and PATH Ventures are the co-developers and general partners for the project, with Family Health Centers of San Diego and People Assisting the Homeless (PATH) as community partners.
The multi-use project will serve as a one-stop service center and housing for homeless people. The residential portion will consist of 73 studio units of permanent supportive housing, 16 “transitional” housing units and 134 additional transitional housing beds. The project will also provide resources a person needs to break the cycle of homelessness. This includes a primary health care clinic, a multiservice homeless center, a large commercial kitchen, related dining facilities and administrative offices, among other amenities.
“UnitedHealth Group is grateful for the opportunity to work with Enterprise and the many state and local organizations to give hope and new beginnings to San Diegans in need,” said Steven Henry, director for community investment management, UnitedHealth Group. “The UnitedHealth Group Affordable Housing Investment Program is just one example of how the private and public sectors work together to build stronger communities and make a difference in the lives of people most vulnerable.”
The UnitedHealth Group Affordable Housing Investment Program invests in projects that qualify for federal Low Income Housing Tax Credits (Housing Credit) or Historic Rehabilitation Tax Credits. Through Enterprise, the program provides critical equity for the development of affordable rental housing developments to which housing tax credits have been allocated. UnitedHealth Group’s $50 million commitment supports efforts to strengthen local community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs and the growing population of aging adults.
“Enterprise is proud to partner with UnitedHealth Group to provide much-needed Housing Credits for the development of an important resource for homeless people in San Diego,” said Raoul Moore, senior vice president of Syndication at Enterprise Community Investment. “Connections Housing is a national model for reversing homelessness, and Enterprise is pleased to be a part of the development team.”
UnitedHealth Group’s UnitedHealthcare business offers health benefits, including commercial and Medicare health plans, to more than 2.3 million Californians and partners with about 50,000 physicians across the state. OptumHealth provides behavioral health administrative services for Medicaid members in San Diego County and operates the county’s Access and Crisis line.
Enterprise helps communities build and preserve affordable housing and has a history of financing good-quality homes and apartment buildings that are specifically intended to be affordable to low- and modest-income people and families.
The UnitedHealth Group Affordable Housing Investment Program is one of several company initiatives that provide millions of dollars each year to help fund local infrastructure projects to improve the quality of life for residents in communities where UnitedHealth Group conducts business. For example, the California Health Care Investment Program has provided more than $200 million in total capital to 29 health care organizations statewide that serve low-income, underserved and underinsured communities and populations.
About Enterprise Community Investment, Inc.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH – News) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide. Visit UnitedHealth Group at www.unitedhealthgroup.com for more information.
http://tourism9.com/ http://vkins.com/
The investment is part of UnitedHealth Group’s partnership with Enterprise Community Investment, Inc. (Enterprise), a national leader in the affordable-housing and community-development industry, to provide up to $50 million to finance affordable-housing projects in targeted communities throughout the United States.
The Connections Housing community development project includes acquiring, rehabilitating and converting the historic World Trade Center in Downtown San Diego to create a permanent year-round shelter, housing and an array of services for homeless people. Affirmed Housing Group (AHG) and PATH Ventures are the co-developers and general partners for the project, with Family Health Centers of San Diego and People Assisting the Homeless (PATH) as community partners.
The multi-use project will serve as a one-stop service center and housing for homeless people. The residential portion will consist of 73 studio units of permanent supportive housing, 16 “transitional” housing units and 134 additional transitional housing beds. The project will also provide resources a person needs to break the cycle of homelessness. This includes a primary health care clinic, a multiservice homeless center, a large commercial kitchen, related dining facilities and administrative offices, among other amenities.
“UnitedHealth Group is grateful for the opportunity to work with Enterprise and the many state and local organizations to give hope and new beginnings to San Diegans in need,” said Steven Henry, director for community investment management, UnitedHealth Group. “The UnitedHealth Group Affordable Housing Investment Program is just one example of how the private and public sectors work together to build stronger communities and make a difference in the lives of people most vulnerable.”
The UnitedHealth Group Affordable Housing Investment Program invests in projects that qualify for federal Low Income Housing Tax Credits (Housing Credit) or Historic Rehabilitation Tax Credits. Through Enterprise, the program provides critical equity for the development of affordable rental housing developments to which housing tax credits have been allocated. UnitedHealth Group’s $50 million commitment supports efforts to strengthen local community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs and the growing population of aging adults.
“Enterprise is proud to partner with UnitedHealth Group to provide much-needed Housing Credits for the development of an important resource for homeless people in San Diego,” said Raoul Moore, senior vice president of Syndication at Enterprise Community Investment. “Connections Housing is a national model for reversing homelessness, and Enterprise is pleased to be a part of the development team.”
UnitedHealth Group’s UnitedHealthcare business offers health benefits, including commercial and Medicare health plans, to more than 2.3 million Californians and partners with about 50,000 physicians across the state. OptumHealth provides behavioral health administrative services for Medicaid members in San Diego County and operates the county’s Access and Crisis line.
Enterprise helps communities build and preserve affordable housing and has a history of financing good-quality homes and apartment buildings that are specifically intended to be affordable to low- and modest-income people and families.
The UnitedHealth Group Affordable Housing Investment Program is one of several company initiatives that provide millions of dollars each year to help fund local infrastructure projects to improve the quality of life for residents in communities where UnitedHealth Group conducts business. For example, the California Health Care Investment Program has provided more than $200 million in total capital to 29 health care organizations statewide that serve low-income, underserved and underinsured communities and populations.
About Enterprise Community Investment, Inc.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH – News) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide. Visit UnitedHealth Group at www.unitedhealthgroup.com for more information.
http://tourism9.com/ http://vkins.com/
Quiznos Completes Restructuring of Debt and Strengthens Financial Position
DENVER, Jan. 24, 2012 /PRNewswire/ – Quiznos, one of the nation’s premier quick-service restaurant chains and pioneer of the toasted sandwich, today announced that the Company has successfully completed its previously announced financial restructuring on an out-of-court basis. The agreement eliminates one-third – or approximately $300 million – of the company’s outstanding debt, and provides a significant infusion of $150 million in new equity from Avenue Capital Group, a global investment firm, to position Quiznos for future growth.
“Improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer experience,” said Greg MacDonald, Quiznos Chief Executive Officer. “We look forward to working alongside the Avenue Capital Group team and appreciate the support of all of our lenders during this restructuring process. Along with our dedicated franchise owners and employees, we can now focus primarily on the customer experience and our fresh, high-quality products. This is an exciting time for all of us here.”
Following the successful closing of an exchange offer launched by Quiznos on December 23, 2011, Avenue Capital Group has become the majority owner of the Company through its $150 million equity infusion and the conversion of its debt to equity.
Marc Lasry, CEO of Avenue Capital Group, said, “We are excited to be part of the Quiznos team and look forward to partnering with management in the weeks and months ahead.”
One hundred percent of the aggregate principal amount of the first- and second-lien loans were tendered in the exchange offer. The holders of approximately $650 million in first-lien loans were repaid $75 million in cash and the maturity of the balance of their loans was extended until the five-year anniversary of the closing. Certain lenders also exchanged approximately $150 million of their existing first-lien loans for new second-lien loans, and holders of approximately $225 million of second-lien loans exchanged their loans for a pro rata share of 40 percent of the new equity of the recapitalized Quiznos. In addition, the Company received significant concessions from certain other creditors and stakeholders. Former equity owners Consumer Capital Partners facilitated the restructuring process and provided certain concessions to allow the restructuring to be completed out of court.
Quiznos’ financial advisor for the restructuring was Moelis & Company and its legal advisor was Paul, Weiss, Rifkind, Wharton & Garrison L.L.P. Vinson & Elkins L.L.P acted as the company’s financing counsel. The financial advisor for Avenue Capital and certain other lenders was Lazard and the legal advisor was Akin Gump Strauss Hauer & Feld LLP. The financial advisor for first-lien lenders was Blackstone Advisory Partners L.P. and the legal advisor was Willkie Farr & Gallagher LLP.
About QuiznosNow in its 30th year, Denver-based Quiznos is a national chain designed for today’s busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast-food restaurants. Using premium ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads.
CNN Money ranked toasty sub pioneer Quiznos as the No. 2 most popular franchise of the past decade in 2010. In 2009, Quiznos’ Toasty Torpedoes® earned a spot as one of the top 10 new product introductions from the Most Memorable New Product Launch Survey. Also in 2009, QSR Magazine ranked Quiznos No. 19 overall in its Top 50 Chains in system-wide sales. In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association’s (MSPA) 2007 Wait Time Study. In May 2007, Zagat’s consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. For further information, please visit www.quiznos.com.
About Avenue Capital GroupAvenue Capital Group is a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia. The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia. As of November 30, 2011, Avenue manages approximately $12.1 billion of assets under management, on behalf of a sophisticated global base of institutional investors, the majority of which is pension funds, and also includes family offices, foundations, insurance companies and sovereign wealth funds. Avenue was founded in 1995 and draws on the skills and experience of approximately 300 employees worldwide.
Forward-looking StatementsThis press release contains “forward-looking statements,” within the meaning of the federal securities laws that involve risks and uncertainties. All statements herein that address activities, events, conditions or developments that the Company expects or anticipates will or may occur in the future are generally forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
http://tourism9.com/ http://vkins.com/
“Improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer experience,” said Greg MacDonald, Quiznos Chief Executive Officer. “We look forward to working alongside the Avenue Capital Group team and appreciate the support of all of our lenders during this restructuring process. Along with our dedicated franchise owners and employees, we can now focus primarily on the customer experience and our fresh, high-quality products. This is an exciting time for all of us here.”
Following the successful closing of an exchange offer launched by Quiznos on December 23, 2011, Avenue Capital Group has become the majority owner of the Company through its $150 million equity infusion and the conversion of its debt to equity.
Marc Lasry, CEO of Avenue Capital Group, said, “We are excited to be part of the Quiznos team and look forward to partnering with management in the weeks and months ahead.”
One hundred percent of the aggregate principal amount of the first- and second-lien loans were tendered in the exchange offer. The holders of approximately $650 million in first-lien loans were repaid $75 million in cash and the maturity of the balance of their loans was extended until the five-year anniversary of the closing. Certain lenders also exchanged approximately $150 million of their existing first-lien loans for new second-lien loans, and holders of approximately $225 million of second-lien loans exchanged their loans for a pro rata share of 40 percent of the new equity of the recapitalized Quiznos. In addition, the Company received significant concessions from certain other creditors and stakeholders. Former equity owners Consumer Capital Partners facilitated the restructuring process and provided certain concessions to allow the restructuring to be completed out of court.
Quiznos’ financial advisor for the restructuring was Moelis & Company and its legal advisor was Paul, Weiss, Rifkind, Wharton & Garrison L.L.P. Vinson & Elkins L.L.P acted as the company’s financing counsel. The financial advisor for Avenue Capital and certain other lenders was Lazard and the legal advisor was Akin Gump Strauss Hauer & Feld LLP. The financial advisor for first-lien lenders was Blackstone Advisory Partners L.P. and the legal advisor was Willkie Farr & Gallagher LLP.
About QuiznosNow in its 30th year, Denver-based Quiznos is a national chain designed for today’s busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast-food restaurants. Using premium ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads.
CNN Money ranked toasty sub pioneer Quiznos as the No. 2 most popular franchise of the past decade in 2010. In 2009, Quiznos’ Toasty Torpedoes® earned a spot as one of the top 10 new product introductions from the Most Memorable New Product Launch Survey. Also in 2009, QSR Magazine ranked Quiznos No. 19 overall in its Top 50 Chains in system-wide sales. In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association’s (MSPA) 2007 Wait Time Study. In May 2007, Zagat’s consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. For further information, please visit www.quiznos.com.
About Avenue Capital GroupAvenue Capital Group is a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia. The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia. As of November 30, 2011, Avenue manages approximately $12.1 billion of assets under management, on behalf of a sophisticated global base of institutional investors, the majority of which is pension funds, and also includes family offices, foundations, insurance companies and sovereign wealth funds. Avenue was founded in 1995 and draws on the skills and experience of approximately 300 employees worldwide.
Forward-looking StatementsThis press release contains “forward-looking statements,” within the meaning of the federal securities laws that involve risks and uncertainties. All statements herein that address activities, events, conditions or developments that the Company expects or anticipates will or may occur in the future are generally forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
http://tourism9.com/ http://vkins.com/
2012年1月14日星期六
Hunt on for Roshan Vikas directors
Depositors lodge complaint against women’s SHG after they find its office to be closed
Failure of borrowers to repay loans and administrative overheads exceeding the revenue resulted in the financial crisis in women’s self-help group, Roshan Vikas, in the old city, leading to registration of a criminal case, investigators said.The Hussaini Alam police registered a cheating and misappropriation of funds case against the board of directors of Roshan Vikas in the last week of December following a complaint lodged by 15 depositors. This self-help group was started by some voluntary organisations to support women belonging to the lower economic strata in the old city.
Problems galore
Women’s groups, each comprising 15 members or more, were formed in each locality and each member of the group would contribute Rs. 30 to Rs. 50 a month.Twenty-five per cent of the sum collected over a specific period of time would be deposited with the main group controlled by the board of directors. The remaining amount would be disbursed among members as loans.
The board of directors tied up with some banks and also secured some group loans ranging from Rs. 50,000 to Rs. 1,00,000.
“However, of late the loan repayment dipped and administrative overheads such as expenses for meetings of the directors and collection and depositing money increased, forcing use of money from the principal amount,” the Hussaini Alam Inspector, J. Venkat Reddy, said.
The controversy over some employees of micro-finance companies forcibly collecting money from borrowers and the government’s direction not to use force for recovering money had an indirect impact on this self-help group’s transactions. Some borrowers stopped clearing their loan amounts, adding to its financial woes, the police said.
Depositors worried
The board of directors is reconstituted every three years.Interestingly, most of the group members are unaware who the directors are since the field officers deal with them during disbursal of loans and collection of deposits.
Closure of the Roshan Vikas group office at Charminar bus-stop created fears of cheating among the depositors some of whom approached the Hussaini Alam police.
Police are on the lookout for Qutsia Begum of Falaknuma, a director, and believe that her arrest could help in the arrest of the remaining directors.
Meanwhile, the police top brass reportedly decided to transfer the case to the Central Crime Station.
2012年1月2日星期一
Korean tycoons to take on crisis with investment
Leaders of some of South Korea’s largest conglomerates have pledged to invest more in their businesses in the New Year to tide over economic woes as the eurozone debt crisis persists.
Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
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Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
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Jun Group Secures $2.5 Million From Western Technology Investment (WTI)
NEW YORK, NY–(Marketwire -12/13/11)- Jun Group (www.jungroup.com), the premier social video platform, today announced that it has secured $2.5 million in financing from Western Technology Investment (WTI) (www.westerntech.com). Jun Group joins WTI’s portfolio of social Internet companies, including Kosmix, myYearbook, Plaxo, StumbleUpon, Ustream, Youku, and, most notably, Facebook.
“Since we founded Jun Group in 2005, we have grown the company into a leader in one of digital advertising’s hottest areas — online video — and pioneered the new category of social video,” said Mitchell Reichgut, founder and CEO of Jun Group. “The opportunity to change online video advertising from the interruptive model of yesterday by putting people in control is significant and partnering with WTI will enable us to drive the category of social video forward.”
The financing from WTI provides Jun Group with the capital to accelerate its strong growth in the social video space. Today, the Jun Group social video platform delivers millions of monthly opt-in video views across social networks, mobile devices, and YouTube. Jun Group has tripled its revenue since 2009 by working with a roster of Fortune 500 brands, major entertainment companies, and media and creative agencies.
“Online video advertising is a significant and rapidly growing opportunity, but, most importantly, it is ripe for innovation,” said Dan Holman, investment partner at WTI. “Jun Group is a clear leader in the space. They’ve set the standard for opt-in, performance-based video, and our partnership delivers the financing to aggressively capitalize on this opportunity.”
Jun Group will put the financing from WTI to work by continuing to build its sales, business development, and client services team, which tripled in 2011. The company will also aggressively advance its industry leading distribution and analytics technology.
About Western Technology Investment (WTI)For more than 30 years, WTI has provided financing facilities to high-growth public and private companies, including 3Par Data, Brocade, Cerent, Facebook, Google, IDEC Pharmaceuticals, IronPort, Juniper Networks, Postini, Transmeta and Youku.
About Jun GroupJun Group is the premier social video platform. The company’s distribution technology delivers millions of monthly opt-in video views across social networks, mobile devices, premium content sites, and YouTube. Jun Group distributes videos from 15 seconds to 3 minutes-long with exceptionally high completion rates and significant post-view activity, such as web site visits, coupon downloads, and store locator usage. The company’s analytics dashboard, Voyeur, provides real time data about views, shares, likes, tweets, ratings, comments, and geographic dispersal down to the state and town. Founded in 2005, Jun Group’s clients include Fortune 500 brands, major entertainment companies, and media and creative agencies. For more information, visit http://www.jungroup.com/.
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“Since we founded Jun Group in 2005, we have grown the company into a leader in one of digital advertising’s hottest areas — online video — and pioneered the new category of social video,” said Mitchell Reichgut, founder and CEO of Jun Group. “The opportunity to change online video advertising from the interruptive model of yesterday by putting people in control is significant and partnering with WTI will enable us to drive the category of social video forward.”
The financing from WTI provides Jun Group with the capital to accelerate its strong growth in the social video space. Today, the Jun Group social video platform delivers millions of monthly opt-in video views across social networks, mobile devices, and YouTube. Jun Group has tripled its revenue since 2009 by working with a roster of Fortune 500 brands, major entertainment companies, and media and creative agencies.
“Online video advertising is a significant and rapidly growing opportunity, but, most importantly, it is ripe for innovation,” said Dan Holman, investment partner at WTI. “Jun Group is a clear leader in the space. They’ve set the standard for opt-in, performance-based video, and our partnership delivers the financing to aggressively capitalize on this opportunity.”
Jun Group will put the financing from WTI to work by continuing to build its sales, business development, and client services team, which tripled in 2011. The company will also aggressively advance its industry leading distribution and analytics technology.
About Western Technology Investment (WTI)For more than 30 years, WTI has provided financing facilities to high-growth public and private companies, including 3Par Data, Brocade, Cerent, Facebook, Google, IDEC Pharmaceuticals, IronPort, Juniper Networks, Postini, Transmeta and Youku.
About Jun GroupJun Group is the premier social video platform. The company’s distribution technology delivers millions of monthly opt-in video views across social networks, mobile devices, premium content sites, and YouTube. Jun Group distributes videos from 15 seconds to 3 minutes-long with exceptionally high completion rates and significant post-view activity, such as web site visits, coupon downloads, and store locator usage. The company’s analytics dashboard, Voyeur, provides real time data about views, shares, likes, tweets, ratings, comments, and geographic dispersal down to the state and town. Founded in 2005, Jun Group’s clients include Fortune 500 brands, major entertainment companies, and media and creative agencies. For more information, visit http://www.jungroup.com/.
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Swan Forecasts Record Investment as Australia’s Economy ‘Growing Solidly’
Australia’s economy is “growing solidly” and capital expenditure by businesses is forecast to rise 32 percent to a record A$158 billion ($161 billion) this financial year, Treasurer Wayne Swan said yesterday.
“That spending, although a drag on productivity now, will increase our economy’s capacity down the track,” Swan said in his weekly economic note. His office also released for public comment an interim report on the tax treatment of losses, in a move he said could “encourage investment in businesses that are struggling or that are just starting up.”
Australia, the only economy in the Group of 10 to avoid a recession during the global credit crisis, expanded 1 percent in the third quarter, faster than earlier estimated. Still, the country’s central bank cut its benchmark interest rate on Dec. 6 for a second straight month, citing Europe’s “much more difficult” financing conditions.
The cut marked the RBA’s first consecutive easing since the depths of the world financial crisis in 2009 and reflected a worsening global outlook that’s weighing on Australia’s exports.
“There’s no doubt the global instability is hitting our economy and our budget,” Swan said. “European leaders made progress during the week on addressing the sovereign debt crisis, but clearly the world now wants to see the talk turned into action. The global community and international financial markets need to see the full details and swift implementation of Europe’s plans.”
Swan said the government intends to boost productivity in Australia, which has declined following “a decade of neglect of investment in critical infrastructure and skills.”
To contact the reporter on this story: Soraya Permatasari in Melbourne at soraya@bloomberg.net
To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net
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“That spending, although a drag on productivity now, will increase our economy’s capacity down the track,” Swan said in his weekly economic note. His office also released for public comment an interim report on the tax treatment of losses, in a move he said could “encourage investment in businesses that are struggling or that are just starting up.”
Australia, the only economy in the Group of 10 to avoid a recession during the global credit crisis, expanded 1 percent in the third quarter, faster than earlier estimated. Still, the country’s central bank cut its benchmark interest rate on Dec. 6 for a second straight month, citing Europe’s “much more difficult” financing conditions.
The cut marked the RBA’s first consecutive easing since the depths of the world financial crisis in 2009 and reflected a worsening global outlook that’s weighing on Australia’s exports.
“There’s no doubt the global instability is hitting our economy and our budget,” Swan said. “European leaders made progress during the week on addressing the sovereign debt crisis, but clearly the world now wants to see the talk turned into action. The global community and international financial markets need to see the full details and swift implementation of Europe’s plans.”
Swan said the government intends to boost productivity in Australia, which has declined following “a decade of neglect of investment in critical infrastructure and skills.”
To contact the reporter on this story: Soraya Permatasari in Melbourne at soraya@bloomberg.net
To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net
http://tourism9.com/
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