COPENHAGEN, DENMARK–(Marketwire -01/30/12)- Steen Jakobsen, Chief Economist at Saxo Bank A/S, the online trading and investment specialist, will be visiting Dubai to discuss with financial media and professional investors of Saxo Bank (Dubai) Ltd, a wholly owned subsidiary of Saxo Bank A/S, the current market status in light of the recent crisis and the Bank’s outlook for the first quarter of 2012.
Saxo Bank’s quarterly outlook takes a deeper look at what 2012 holds for various asset classes including; foreign exchange, commodities and equities and the state of the macro economy and how it will be impacted by policy amendments, monetary policy and the current market turmoil. The bank has forecasted that world growth is to slow further in 2012 to 3 percent. Mr. Jakobsen says: “Our common theme for this quarter is a Perfect Storm. Pressures in the Eurozone, public sector austerity and social tensions will all conspire to create the storm, in which no nation will be left untouched”.
He believes 2012 could be the most pivotal year by far since the global financial crisis of 2008 and notes that a perfect storm in the Middle East and North Africa (MENA) area is based on good underlying fundamentals combined with almost imperfect visibility on geopolitical risk.
Mr. Jakobsen says: “We feel confident that MENA will stand stronger on both accounts at the end of 2012 but first we may need to go through a period of increased volatility. This leads us to a very defensive investment outlook not from a fear of the future rather from a high probability of seeing better entry levels during the course of the year.”
Steen Jakobsen, a regular guest host and commentator on CNBC, Bloomberg and other networks, has more than 20 years of experience within the fields of proprietary trading and alternative investment. In 1997, he became Global Head of Trading, FX and Options at Christiania (now Nordea) in New York until he joined UBS in New York in 1999 as the Executive Director in the Global Proprietary Trading Group. He joined Saxo Bank in 2000 and after a brief departure to Limus Capital Partners, where he was Chief Investment Officer for two years, he returned to the bank in 2011 as Chief Economist.
About Saxo Bank (Dubai) LtdSaxo Bank (Dubai) Limited is a wholly owned subsidiary of Saxo Bank A/S. Saxo Bank (Dubai) Limited is pleased to offer access to Saxo Bank A/S’s award-winning trading platforms here in the Middle East. Saxo Bank (Dubai) Ltd is regulated by the Dubai Financial Services Authority (DFSA) and services Professional Clients only.
About Saxo Bank A/SSaxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
http://tourism9.com/ http://vkins.com/
2012年1月2日星期一
Le Château enters into long-term financing arrangement
MONTREAL , January 2, 2012 /CNW Telbec/ – Le Château Inc. (TSX: CTU-A.TO – News) has entered into an agreement with a Corporation controlled by Herschel Segal , the founder of Le Château and a Director and majority shareholder of the Company, for long-term financing of $10 million . The financing is in the form of a four year, unsecured loan which bears interest at a rate of 7.5%, is repayable by way of equal monthly instalments of principal and interest, commencing in February 2013 , and may be prepaid without penalty. The purpose of the loan is for the financing of ongoing capital expenditures and other investment purposes. The loan is in addition to other financing sources the Company has in place or may have in place in the future. The loan will provide the Company with additional capital and operational flexibility as all of its existing credit and other facilities remain in place.
As at the date hereof, the Company has an operating line of credit totaling $20 million under which $2.4 million of letters of credit are currently outstanding. In addition, the Company has an import line of credit of $25 million , which includes a $1 million loan facility, under which $5.3 million of letters of credit are currently outstanding. The Company uses such facilities and lines of credit from time to time in the ordinary course of its business.
The loan from Mr. Segal was approved by the Board of Directors of the Company (with Mr. Segal and Jane Segal abstaining from the vote) and is exempt from the requirements to obtain an independent valuation or minority approval under the related party transaction rules of applicable securities legislation.
Profile
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company’s 244 retail locations, of which 242 are located in Canada . The Company’s outlets are primarily found in major urban shopping malls, as well as street-front locations with high pedestrian traffic. In addition, the Company has 7 stores under license in the Middle East . Le Château’s web-based marketing is further broadening the Company’s customer base among Internet shoppers in both Canada and the United States . With its 52-year tradition of vertical integration, emphasizing a design and manufacturing approach to retailing, Le Château is unique among Canadian fashion merchants.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company’s expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company’s control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; customer preferences towards product offerings; seasonal weather patterns; fluctuations in foreign currency exchange rates; changes in the Company’s relationship with its suppliers; interest rate fluctuations and other changes in borrowing costs; and changes in laws, rules and regulations applicable to the Company.
http://tourism9.com/
As at the date hereof, the Company has an operating line of credit totaling $20 million under which $2.4 million of letters of credit are currently outstanding. In addition, the Company has an import line of credit of $25 million , which includes a $1 million loan facility, under which $5.3 million of letters of credit are currently outstanding. The Company uses such facilities and lines of credit from time to time in the ordinary course of its business.
The loan from Mr. Segal was approved by the Board of Directors of the Company (with Mr. Segal and Jane Segal abstaining from the vote) and is exempt from the requirements to obtain an independent valuation or minority approval under the related party transaction rules of applicable securities legislation.
Profile
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company’s 244 retail locations, of which 242 are located in Canada . The Company’s outlets are primarily found in major urban shopping malls, as well as street-front locations with high pedestrian traffic. In addition, the Company has 7 stores under license in the Middle East . Le Château’s web-based marketing is further broadening the Company’s customer base among Internet shoppers in both Canada and the United States . With its 52-year tradition of vertical integration, emphasizing a design and manufacturing approach to retailing, Le Château is unique among Canadian fashion merchants.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company’s expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company’s control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; customer preferences towards product offerings; seasonal weather patterns; fluctuations in foreign currency exchange rates; changes in the Company’s relationship with its suppliers; interest rate fluctuations and other changes in borrowing costs; and changes in laws, rules and regulations applicable to the Company.
http://tourism9.com/
Investment in developing world to rise -World Bank
WASHINGTON (Reuters) – Investors are cautiously optimistic about their investment plans in developing countries over the next 12 months despite increased concerns about the euro zone debt crisis, a survey by the World Bank’s political risk insurance agency found on Thursday.
In a survey of 275 global investors by the Multilateral Investment Guarantee Agency (MIGA), more than half of corporate investors said they expect to increase investments in developing countries over the next 12 months.
Nearly three quarters of respondents said they planned to moderately or substantially increase investments in developing countries over the next three years.
Just 10 percent of respondents said they planned to decrease investments, and just 8 percent planned to cut back on investments over the medium term.
MIGA chief economist Ravi Vish told Reuters that even though the survey was conducted six months ago and may not capture the growing concern over the euro zone crisis, investors remain upbeat about developing countries’ prospects.
Vish said investors were concerned about spillover effects from the euro zone crisis and a possible liquidity freeze by banks, which would impact project financing.
European banks have been the largest investors in emerging market project finance, Vish added.
He said investors in developing economies were mainly drawn by oil, gas and mining sectors, with growing interest in banking and infrastructure development.
“We are seeing some caution over the next one year but long-term investment planning,” said Vish, pointing to growth rates of more than 6 percent in many developing economies.
“Notwithstanding everything that is happening, investors are still seeing the potential for growth in emerging markets over the long term,” he added.
The MIGA survey found that demand for political risk insurance had increased as perceptions of global risk have worsened.
The survey found that the principal worry of investors in developing countries was breach of contract by governments, regulatory changes and nationalization – a bigger concern than political violence or conflict.
MIGA said the potential for disputes between governments and foreign investors were increased by an economic shock and/or significant political shifts in a country.
Evidence also shows that investor disputes are more likely to be resolved by democratically elected governments than by non-democratic regimes.
‘ARAB SPRING’ AFTERMATH
MIGA said popular uprisings in the Middle East and North Africa have hurt foreign direct investment plans in the region. A significant number of corporate investors surveyed said have adopted a “wait-and-see” approach to investment in the region.
“Stability is critical for persuading investors to resume investment,” the report said.
Protests across the Middle East and North Africa this year toppled veteran rulers in Tunisia, Egypt and Libya, and forced Yemen’s president to sign away his powers. In Syria, the government is grappling with protests, and Bahrain is still dealing with the fallout from its crackdown on pro-democracy demonstrations in March.
The World Bank has forecast that foreign direct investment flows into the region will decline in 2011 and 2012, but expects growth to resume in 2013.
“With Europe under economic strain and uncertainties surrounding the political environment in Egypt, Libya and Tunisia, FDI into North Africa is likely to slump for longer and rebound more slowly than the rest of the region,” MIGA said.
http://tourism9.com/
In a survey of 275 global investors by the Multilateral Investment Guarantee Agency (MIGA), more than half of corporate investors said they expect to increase investments in developing countries over the next 12 months.
Nearly three quarters of respondents said they planned to moderately or substantially increase investments in developing countries over the next three years.
Just 10 percent of respondents said they planned to decrease investments, and just 8 percent planned to cut back on investments over the medium term.
MIGA chief economist Ravi Vish told Reuters that even though the survey was conducted six months ago and may not capture the growing concern over the euro zone crisis, investors remain upbeat about developing countries’ prospects.
Vish said investors were concerned about spillover effects from the euro zone crisis and a possible liquidity freeze by banks, which would impact project financing.
European banks have been the largest investors in emerging market project finance, Vish added.
He said investors in developing economies were mainly drawn by oil, gas and mining sectors, with growing interest in banking and infrastructure development.
“We are seeing some caution over the next one year but long-term investment planning,” said Vish, pointing to growth rates of more than 6 percent in many developing economies.
“Notwithstanding everything that is happening, investors are still seeing the potential for growth in emerging markets over the long term,” he added.
The MIGA survey found that demand for political risk insurance had increased as perceptions of global risk have worsened.
The survey found that the principal worry of investors in developing countries was breach of contract by governments, regulatory changes and nationalization – a bigger concern than political violence or conflict.
MIGA said the potential for disputes between governments and foreign investors were increased by an economic shock and/or significant political shifts in a country.
Evidence also shows that investor disputes are more likely to be resolved by democratically elected governments than by non-democratic regimes.
‘ARAB SPRING’ AFTERMATH
MIGA said popular uprisings in the Middle East and North Africa have hurt foreign direct investment plans in the region. A significant number of corporate investors surveyed said have adopted a “wait-and-see” approach to investment in the region.
“Stability is critical for persuading investors to resume investment,” the report said.
Protests across the Middle East and North Africa this year toppled veteran rulers in Tunisia, Egypt and Libya, and forced Yemen’s president to sign away his powers. In Syria, the government is grappling with protests, and Bahrain is still dealing with the fallout from its crackdown on pro-democracy demonstrations in March.
The World Bank has forecast that foreign direct investment flows into the region will decline in 2011 and 2012, but expects growth to resume in 2013.
“With Europe under economic strain and uncertainties surrounding the political environment in Egypt, Libya and Tunisia, FDI into North Africa is likely to slump for longer and rebound more slowly than the rest of the region,” MIGA said.
http://tourism9.com/
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